Sunbelt Rentals Holdings
SUNBNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $81.37 Prior regular-session close from the quote source.
- $81.01–$83.92 Regular-session low and high so far today.
- 2.0M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $61.03–$86.68 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own SUNB if its 1,611-store rental network keeps making rented equipment a better answer than ownership, but the stock case depends on margin recovery and disciplined fleet financing, not revenue growth alone.
SUNB price history
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Investment thesis
What must happen next
Contractors and industrial customers continue preferring access to Sunbelt’s scaled rental network over equipment ownership or small local fleets, so project demand keeps converting into rental revenue.StrengtheningMateriality: High
Item 1/profile describes Sunbelt as one of the largest international equipment rental companies by rental revenue, with 1,611 stores across North America and the United Kingdom as of April 30, 2026. If rental penetration and network preference hold, Sunbelt has a durable demand engine; if customers revert to ownership or local alternatives, the scale thesis weakens.
Watch: A sustained slowdown in nonresidential construction, infrastructure or industrial maintenance would reduce the urgency of renting equipment.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Item 1/profile describes Sunbelt as one of the largest international equipment rental companies by rental revenue, with 1,611 stores across.
Open source ↗Sunbelt’s scale should support fleet-level economics through utilization, purchasing leverage and disciplined rental pricing, but that advantage is currently being tested.HoldingMateriality: High
GAAP annual gross profit remained large at $4.290 billion in FY2026. Gross margin is where the rental model shows whether fleet scale is producing pricing power or merely adding capital-intensive volume.
Watch: United Rentals, Herc Rentals or regional independents overbuilding fleet and cutting rates would directly pressure rental yields.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross profit remained large at $4.290 billion in FY2026.
Open source ↗Branch density and centralized logistics should convert incremental rental demand into operating leverage once utilization normalizes, but recent results show the fixed-cost base is not yet scaling.WeakeningMateriality: Medium
GAAP annual operating income was still substantial at $2.181 billion in FY2026. The equity case needs revenue to become higher operating income, not just more fleet and branch expense.
Watch: A prolonged utilization downturn would leave branch labor, logistics and depreciation underabsorbed.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income was still substantial at $2.181 billion in FY2026.
Open source ↗The rental model continues to generate enough operating cash flow to refresh fleet and absorb cycles without relying solely on external capital.StrengtheningMateriality: Medium
GAAP annual operating cash flow was $3.784 billion in FY2026. Strong operating cash flow gives Sunbelt strategic flexibility; if it weakens, fleet growth, maintenance quality and balance-sheet resilience all suffer.
Watch: A sharp increase in replacement equipment costs would consume more cash to maintain fleet quality.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow was $3.784 billion in FY2026.
Open source ↗Sunbelt’s scale advantage depends on continued access to asset-backed financing through the cycle; high capital intensity makes credit availability a core part of the moat.HoldingMateriality: Medium
Total liabilities were $14.859 billion at April 30, 2026, against $22.268 billion of assets and $7.409 billion of equity. If financing remains available, Sunbelt can keep refreshing fleet when weaker competitors pull back; if credit tightens, the same capital intensity can force defensive behavior.
Watch: A credit-market tightening or higher refinancing spreads could make fleet growth uneconomic.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Total liabilities were $14.859 billion at April 30, 2026, against $22.268 billion of assets and $7.409 billion of equity.
Open source ↗
Full investment case & evidence
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Original research
Contractors and industrial customers continue preferring access to Sunbelt’s scaled rental network over equipment ownership or small local fleets, so project demand keeps converting into rental revenue. If rental penetration and network preference hold, Sunbelt has a durable demand engine; if customers revert to ownership or local alternatives, the scale thesis weakens.
Sunbelt’s scale should support fleet-level economics through utilization, purchasing leverage and disciplined rental pricing, but that advantage is currently being tested. Gross margin is where the rental model shows whether fleet scale is producing pricing power or merely adding capital-intensive volume.
Branch density and centralized logistics should convert incremental rental demand into operating leverage once utilization normalizes, but recent results show the fixed-cost base is not yet scaling. The equity case needs revenue to become higher operating income, not just more fleet and branch expense.
The rental model continues to generate enough operating cash flow to refresh fleet and absorb cycles without relying solely on external capital. Strong operating cash flow gives Sunbelt strategic flexibility; if it weakens, fleet growth, maintenance quality and balance-sheet resilience all suffer.
Sunbelt’s scale advantage depends on continued access to asset-backed financing through the cycle; high capital intensity makes credit availability a core part of the moat. If financing remains available, Sunbelt can keep refreshing fleet when weaker competitors pull back; if credit tightens, the same capital intensity can force defensive behavior.
All standing thesis claims
Original report summary
its 1,611-store rental network keeps making rented equipment a better answer than ownership, but the stock case depends on margin recovery and disciplined fleet financing, not revenue growth alone.
Bull case and bear case
Bull case and bear case for Sunbelt Rentals Holdings
Where the evidence on Sunbelt Rentals Holdings disagrees: Mixed on the latest evidence (Oct 16, 2026). Of its 5 thesis points, 2 strengthening, 2 holding and 1 weakening.
Bull case: what the evidence supports
Contractors and industrial customers continue preferring access to Sunbelt’s scaled rental network over equipment ownership or small local fleets, so project demand keeps converting into rental revenue.
Sunbelt’s scale should support fleet-level economics through utilization, purchasing leverage and disciplined rental pricing, but that advantage is currently being tested.
The rental model continues to generate enough operating cash flow to refresh fleet and absorb cycles without relying solely on external capital.
Sunbelt’s scale advantage depends on continued access to asset-backed financing through the cycle; high capital intensity makes credit availability a core part of the moat.
Bear case: what the evidence questions
Branch density and centralized logistics should convert incremental rental demand into operating leverage once utilization normalizes, but recent results show the fixed-cost base is not yet scaling.
Thesis-Break Engine
Thesis-break watch · Sunbelt Rentals Holdings
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Sunbelt Rentals Holdings filed an SEC 8-K on 2026-09-09: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedEntered a material definitive agreement.
Sunbelt Rentals Holdings filed an SEC 8-K on 2026-07-15: Entered a material definitive agreement. It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Sunbelt Rentals Holdings filed an SEC 8-K on 2026-07-13: Director or principal officer change. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- A sustained slowdown in nonresidential construction, infrastructure or industrial maintenance would reduce the urgency of renting equipment.
- United Rentals, Herc Rentals or regional independents overbuilding fleet and cutting rates would directly pressure rental yields.
- A prolonged utilization downturn would leave branch labor, logistics and depreciation underabsorbed.
- A sharp increase in replacement equipment costs would consume more cash to maintain fleet quality.
- A credit-market tightening or higher refinancing spreads could make fleet growth uneconomic.
SUNB news
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Financial statements
SUNB income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
SUNB: quick answers
- Which well-known investors own SUNB?
- 2 of the 37 well-known funds tracked here reported SUNB shares in their latest 13F filings. By share of the fund's portfolio: Markel Group (Tom Gayner), 0.6%; Soros Fund Management (George Soros), 0.5%. Fund portfolios
SUNB in well-known investors’ portfolios
2 of 37 funds reported SUNB shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Tom GaynerMarkel Group | 0.56% | $72.0M | +0.9% | Q3 2026 |
| George SorosSoros Fund Management | 0.47% | $38.6M | −5.5% | Q2 2026 |