UHAL · Other(services-auto rental & leasing (no drivers)) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2026-03-31
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U-Haul Holding Co reported revenue of $761.5 million in fiscal 2026, after shrinking 15.4% a year over the previous 9 years. Its operating margin widened from 21.7% in 2017 to 56.8%, and it earned 2.0% on its invested capital in the latest year. Of the $14.0 billion its operations generated over 10 years, 163.8% went back into the business. On the accounting screens, it passes 3 of 7 Piotroski tests; 1 of the six cross-checks between its statements fires.
Revenue, fiscal 2026761.5M-15.4% a year over 9 years
Operating margin56.8%gross margin 67.6%
Return on invested capital2.0%6.1% on average over 5 years
Free cash flow-1.4B-178.6% of revenue
Net debt ÷ EBITDA4.3×net debt 7.0B
Piotroski F-score3/7tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
02.0B4.0B6.0B
2017Revenue 3.4BOperating income 743.2M
2018Revenue 3.6BOperating income 765.2M
2019Revenue 3.8BOperating income 621.0M
2020Revenue 4.0BOperating income 540.1M
2021Revenue 4.5BOperating income 961.1M
2022Revenue 699.4MOperating income 1.6B
2023Revenue 746.4MOperating income 1.4B
2024Revenue 714.4MOperating income 977.8M
2025Revenue 735.0MOperating income 716.2M
2026Revenue 761.5MOperating income 432.6M
2017201820192020202120222023202420252026
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+0.7%
-30.0%
-15.4%
Operating income
-33.1%
-14.8%
-5.8%
Net income
-55.2%
-32.9%
-16.0%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Needs a cost of capital, which comes from the valuation below.
Return on equity
1.1%
Return on assets
0.4%
Asset turnover
0.04×
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-2.0B-1.0B01.0B2.0B
2017Net income 398.4MFree cash flow -360.1M
2018Net income 790.6MFree cash flow -426.1M
2019Net income 370.9MFree cash flow -894.4M
2020Net income 442.0MFree cash flow -1.2B
2021Net income 610.9MFree cash flow 93.9M
2022Net income 1.1BFree cash flow -190.3M
2023Net income 924.5MFree cash flow -994.3M
2024Net income 628.7MFree cash flow -1.5B
2025Net income 367.1MFree cash flow -2.0B
2026Net income 83.1MFree cash flow -1.4B
2017201820192020202120222023202420252026
Where 10 years of operating cash went, 2017–2026
14.0B generated by the business. Each band is its share of that total.
Reinvested in the business 164%22.9B
Acquisitions 0%0
Dividends 2%254.8M
Share buybacks 0%0
More than it generated: funded with cash or new debt -66%-9.2B
Per share
Shares outstanding
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
02.0B4.0B6.0B8.0B
2017
2018Net debt 2.8B
2019Net debt 3.5B
2020Net debt 4.2B
2021Net debt 3.5B
2022Net debt 3.4B
2023Net debt 4.1B
2024Net debt 4.8B
2025Net debt 6.2B
2026Net debt 7.0B
2017201820192020202120222023202420252026
Net debt ÷ EBITDA
4.3×
Interest coverage
1× operating income ÷ interest
Current ratio
— current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
3of 7 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✕Profitability improvedReturn on assets higher than a year beforefailed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✕Less long-term debtLong-term debt as a share of assets fellfailed
–More liquidCurrent ratio higher than a year before — not reportedno data
–No new sharesShare count did not grow — not reportedno data
✕Better gross marginGross margin higher than a year beforefailed
✕Sells more per assetAsset turnover higher than a year beforefailed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
The accounts lack a line it needs (retained earnings, current assets or liabilities).
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Net debt is 4.3 times EBITDA.
Benign
A stable sector with predictable cash flows and comfortable maturities.
Worrying
Little room if earnings fall; the maturity schedule is what to check.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 1 filings by 1 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market—none in the period
Under pre-arranged plans—of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
