UHALU-Haul Holding Co /NV/

Services-Auto Rental & Leasing (no Drivers)

Revenue: $761M; 3.6% YoY
Operating margin: 56.8%; 42% YoY
EBITDA: $1.6B; 4.3% YoY
Market cap: $1.1B
Employees: 32,600; $23K revenue each
Net debt / EBITDA: 4.4×; $7.0B net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
22× net income
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$23K per employee
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 19th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$5M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$699M	$746M	$714M	$735M	$761M	3.6%
Operating income	$1.6B	$1.4B	$978M	$716M	$433M	40%
Net income	$1.1B	$924M	$629M	$367M	$83M	77%
Operating cash flow	$1.9B	$1.7B	$1.5B	$1.5B	$1.8B	23%
Capex	$2.1B	$2.7B	$3.0B	$3.5B	$3.2B	8.6%
Dividends	$29M	$20M	$0	—	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 28, 2023	SHOEN EDWARD J	SC 13D/A	50.1%	Passive
Dec 12, 2022	SHOEN EDWARD J	SC 13D/A	49.8%	Passive
Dec 1, 2022	SHOEN EDWARD J	SC 13D/A	48.5%	Passive
Nov 21, 2022	SHOEN EDWARD J	SC 13D/A	46.1%	Passive
Nov 14, 2022	SHOEN EDWARD J	SC 13D/A	84.7%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $5M · 5
Net: −$5M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$1.0B	$993M	—	127190
FY2025	$1.0B	$1.0B	—	100780
FY2024	$1.0B	$1.0B	—	110800
FY2023	$1.0B	$1.0B	—	98680
FY2022	$1.0B	$1.0B	—	111290