U-Haul Holding Company
UHALNYSEUSD
- 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.
- $56.74 Prior regular-session close from the quote source.
- $55.94–$56.88 Regular-session low and high so far today.
- 157.6K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 3 projected Projected for 2027-02-03 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $41.95–$76.45 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 UHAL if U-Haul’s durable value comes from a ubiquitous, vertically integrated DIY moving & storage network (rental fleet, dealer network, self-storage affiliates) plus insurance underwriting that generates large, recurring operating cash flow which funds growth and.
UHAL price history
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Investment thesis
What must happen next
U-Haul’s geographic density, dealer and affiliate network plus its digital booking/Truck Share capabilities keep DIY mover demand stable and support continued revenue growth without loss of unit economics.StrengtheningMateriality: High
Revenue rose from $5,625,674,000 (FY2023) and $5,824,665,000 (FY2024) to $6,037,819,000 (FY2025), showing multi-year top-line resilience. If true, revenue will remain resilient and support asset utilization and incremental dealer expansion; if false, top-line weakens and fleet investments will underperform.
Watch: A sustained decline in U.S. household mobility or major competitor national expansion (e.g., Penske/Hertz/Enterprise deploying a much larger, cheaper DIY rental footprint or digital marketplace entrants aggregating local providers) that captures share in key local markets.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Revenue rose from $5,625,674,000 (FY2023) and $5,824,665,000 (FY2024) to $6,037,819,000 (FY2025), showing multi-year top-line resilience.
Open source ↗Operating profit and margins are materially driven by Property & Casualty Insurance underwriting results; adverse loss trends or higher claims materially compress operating_income.StrengtheningMateriality: High
Operating income declined markedly from $1,445,583,000 (FY2022) / $977,789,000 (FY2023) to $716,154,000 (FY2024) and $432,621,000 (FY2025), indicating margin pressure consistent with underwriting/operating cost deterioration. A return to prior underwriting performance would restore operating_income and justify the valuation; continued adverse loss experience would permanently depress margins despite stable revenue.
Watch: A multi-year rise in insurance loss ratios (e.g., from increased claims frequency/severity or catastrophic events) or regulatory constraints on rates that prevent adequate premium increases.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating income declined markedly from $1,445,583,000 (FY2022) / $977,789,000 (FY2023) to $716,154,000 (FY2024) and $432,621,000 (FY2025), indicating margin pressure consistent.
Open source ↗U-Haul’s operations historically convert into high operating cash flow which funds fleet renewal and dealer expansion without dilutive equity issuance.StrengtheningMateriality: Medium
Operating cash flow has been steady and large: $1,729,610,000 (FY2022), $1,452,756,000 (FY2023), $1,454,429,000 (FY2024) and $1,794,584,000 (FY2025) despite falling GAAP net income. If operating_cash_flow remains robust, the company can grow or maintain its footprint and service levels without external financing; if cash flow weakens, capital strain will force asset sales or dilution.
Watch: A sustained rise in capital expenditures for fleet replacement or expansion beyond historical levels, or materially higher working capital needs that outstrip operating cash flow.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating cash flow has been steady and large: $1,729,610,000 (FY2022), $1,452,756,000 (FY2023), $1,454,429,000 (FY2024) and $1,794,584,000 (FY2025) despite falling GAAP.
Open source ↗U-Haul’s large asset base, equity and cash provide resilience to underwriting and fleet cycles and allow opportunistic investment when needed.HoldingMateriality: Medium
Total assets grew to $21,502,789,000 (period end 2026-03-31) with equity of $7,611,651,000 and cash of $1,120,147,000, providing liquidity and capital base. A strong balance sheet lets management absorb shocks (insurance losses, seasonal demand swings) and finance fleet/dealer expansion; a weakening balance sheet would constrain strategy and increase refinancing risk.
Watch: Rapid growth in liabilities or materially reduced cash (e.g., from underwriting losses, large claim payouts, or aggressive share buybacks) that meaningfully increases leverage.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Total assets grew to $21,502,789,000 (period end 2026-03-31) with equity of $7,611,651,000 and cash of $1,120,147,000, providing liquidity and capital.
Open source ↗
Full investment case & evidence
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Original research
U-Haul’s geographic density, dealer and affiliate network plus its digital booking/Truck Share capabilities keep DIY mover demand stable and support continued revenue growth without loss of unit economics. If true, revenue will remain resilient and support asset utilization and incremental dealer expansion; if false, top-line weakens and fleet investments will underperform.
Operating profit and margins are materially driven by Property & Casualty Insurance underwriting results; adverse loss trends or higher claims materially compress operating_income. A return to prior underwriting performance would restore operating_income and justify the valuation; continued adverse loss experience would permanently depress margins despite stable revenue.
U-Haul’s operations historically convert into high operating cash flow which funds fleet renewal and dealer expansion without dilutive equity issuance. If operating_cash_flow remains robust, the company can grow or maintain its footprint and service levels without external financing; if cash flow weakens, capital strain will force asset sales or dilution.
U-Haul’s large asset base, equity and cash provide resilience to underwriting and fleet cycles and allow opportunistic investment when needed. A strong balance sheet lets management absorb shocks (insurance losses, seasonal demand swings) and finance fleet/dealer expansion; a weakening balance sheet would constrain strategy and increase refinancing risk.
All standing thesis claims
Original report summary
U-Haul’s durable value comes from a ubiquitous, vertically integrated DIY moving & storage network (rental fleet, dealer network, self-storage affiliates) plus insurance underwriting that generates large, recurring operating cash flow which funds growth and.
Bull case and bear case
Bull case and bear case for U-Haul Holding Co
Where the evidence on U-Haul Holding Co stands: Holding on the latest evidence (Nov 7, 2026). Of its 4 thesis points, 3 strengthening and 1 holding.
Bull case: what the evidence supports
U-Haul’s geographic density, dealer and affiliate network plus its digital booking/Truck Share capabilities keep DIY mover demand stable and support continued revenue growth without loss of unit economics.
Operating profit and margins are materially driven by Property & Casualty Insurance underwriting results; adverse loss trends or higher claims materially compress operating_income.
U-Haul’s operations historically convert into high operating cash flow which funds fleet renewal and dealer expansion without dilutive equity issuance.
U-Haul’s large asset base, equity and cash provide resilience to underwriting and fleet cycles and allow opportunistic investment when needed.
Bear case: what would count against it
A sustained decline in U.S. household mobility or major competitor national expansion (e.g., Penske/Hertz/Enterprise deploying a much larger, cheaper DIY rental footprint or digital marketplace entrants aggregating local providers) that captures share in key local markets.
A multi-year rise in insurance loss ratios (e.g., from increased claims frequency/severity or catastrophic events) or regulatory constraints on rates that prevent adequate premium increases.
A sustained rise in capital expenditures for fleet replacement or expansion beyond historical levels, or materially higher working capital needs that outstrip operating cash flow.
Thesis-Break Engine
Thesis-break watch · U-Haul Holding Co
No break has crossed U-Haul Holding Co’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
U-Haul Holding Co filed an SEC 8-K on 2026-11-04: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
U-Haul Holding Co filed an SEC 8-K on 2026-08-05: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
U-Haul Holding Co filed an SEC 8-K on 2026-05-27: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- A sustained decline in U.S. household mobility or major competitor national expansion (e.g., Penske/Hertz/Enterprise deploying a much larger, cheaper DIY rental footprint or digital marketplace entrants aggregating local providers) that captures share in key local markets.
- A multi-year rise in insurance loss ratios (e.g., from increased claims frequency/severity or catastrophic events) or regulatory constraints on rates that prevent adequate premium increases.
- A sustained rise in capital expenditures for fleet replacement or expansion beyond historical levels, or materially higher working capital needs that outstrip operating cash flow.
- Rapid growth in liabilities or materially reduced cash (e.g., from underwriting losses, large claim payouts, or aggressive share buybacks) that meaningfully increases leverage.
UHAL news
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Financial statements
UHAL income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
UHAL: quick answers
- When does U-Haul Holding Co (UHAL) report earnings next?
- U-Haul Holding Co's next results are projected for February 3, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 4, 2026. Earnings calendar
- What is UHAL's short interest?
- As of October 30, 2026, 1.7M UHAL shares were sold short, 9.05% of its shares outstanding, up 0.4% from the count before. At the stock's average daily volume that is 12 days to cover. FINRA publishes the count twice a month. UHAL short interest history
- Have members of Congress traded UHAL?
- 11 trades in UHAL have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed UHAL trade