SUNBSunbelt Rentals Holdings, Inc.

Services-Equipment Rental & Leasing, NEC

Revenue: $2.5B; 4.4% YoY
Operating margin: 86.9%; 16% YoY
EBITDA: $4.5B; 5.5% YoY
Market cap: $34.3B
Employees: —
Net debt / EBITDA: 1.9×; $8.5B net debt
AI in 10-K: 1.3; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 1 years
3+ of last 5 years
High CEO pay despite TSRNo
$15M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
2855849× net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
50% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
16% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 42nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$34.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$476K net
Net sales over $10M in 12 months

Financials

Metric	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$2.8B	$2.4B	$2.5B	4.4%
Operating income	$2.5B	$2.5B	$2.2B	13%
Net income	$1.6B	$1.6B	$1K	100%
Operating cash flow	$3.7B	$3.8B	$3.8B	1.6%
Stock-based comp	$92M	−$9M	$80M	989%
Buybacks	$78M	$342M	$1.4B	313%
Dividends	$436M	$544M	$464M	15%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $2K · 1
Open-market sells, 12 mo: $478K · 2
Net: −$476K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$15M	$20M	104	98