UHALB — U-Haul Hldg.B · XVARY Snapshot

XVARY Composite Score

49

/ 100

Below Average

Combines growth, value, risk, and momentum factors into a single institutional-grade score.

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What it is

U-Haul makes money by renting moving equipment, selling storage space, and running small insurance businesses.

How it gets paid

Last year U-Haul Hldg.B made ~$5.83B in revenue. Moving and Storage was the main engine at ~$5.49B, or 94% of sales.

What just happened

Quarter ended Dec 31, 2025: company revenue ~$1.42B; UHAL.B EPS ~ vs. ~$0.35 in the prior-year quarter.

At a Glance

B+ balance sheet — decent shape, but not bulletproof

50/100 earnings predictability — expect surprises

74.0x trailing p/e — you're paying up for this one

0.4% dividend yield — cash in your pocket every quarter

4.5% return on capital — nothing to write home about

XVARY composite: 49/100 — below average

What They Do

U-Haul makes money by renting moving equipment, selling storage space, and running small insurance businesses.

When you need a truck fast, you rent the truck that is there. Moving and Storage is ~94% of consolidated FY2025 revenue, so Amerco wins by being everywhere you look when your life is in boxes—then self-storage and insurance sit around the edges.

moving-trucks self-storage large-cap housing-linked fleet-cycle

How They Make Money

~$5.83B FY2025 consolidated revenue (Amerco Form 10-K, year ended Mar 31, 2025). Segment lines are from the segment note; rounding and eliminations can leave small residuals vs. consolidated.

Moving and Storage

~$5.49B

~+3.7%

Property & Casualty Insurance

~$125M

Life Insurance

~$222M

The Products That Matter

Truck, trailer, and U-Box rental

Moving and Storage

~$5.49B FY2025 segment revenue · ~94% of consolidated

This is the core: one-way moves, local rentals, and related operating income. When fleet acquisition costs and depreciation bite, GAAP earnings can look worse than how busy the lots feel.

core

Monthly rent on owned/operated storage

Self-storage

embedded in Moving and Storage · cited as a growth offset in recent quarters

Management highlights self-storage revenue growth in earnings commentary as a partial offset to fleet and disposal headwinds—still subordinate to the truck cycle in dollar terms.

recurring

Captive coverage tied to rentals

Property & Casualty Insurance

~$125M FY2025 segment revenue

Real line item, small versus Moving and Storage. Demand is linked to rental activity, but it is not the company’s revenue center.

adjacent

Key Numbers

$1.85

fy2027 eps est

$7B

fy2027 rev est

74.0x

trailing p/e

Trailing multiples can spike when GAAP earnings are depressed by fleet depreciation and equipment disposal losses—compare to FY2025 full-year earnings power and the latest quarter (UHAL.B), not just the headline ratio.

0.4%

dividend yield

Financial Health

B+

Strength

balance sheet grade B+ — solid but not elite
risk rank 3 — safer than 50% of stocks
price stability 70 / 100
net profit margin 8.0% — keeps 8 cents of every dollar in revenue
return on equity 6% — $0.06 profit for every $1 investors have put in

B+ — functional but not a standout on the balance sheet.

Total Return vs. Market

same standard. no invented return math.

source: institutional data · return history unavailable

What Just Happened

Q3 FY2026

Quarter ended Dec 31, 2025: company revenue ~$1.42B; UHAL.B EPS ~($0.18) vs. ~$0.35 in the prior-year quarter.

The company cited pressure in Moving and Storage operating earnings from higher depreciation and equipment disposal losses (expensive 2023–2024 van/pickup acquisitions cycling through). Nine-month FY2026 UHAL.B EPS was ~$1.09 vs. ~$2.31 in the prior-year nine months per the Feb 2026 release.

~$1.42B

Q3 FY2026 revenue

~($0.18)

UHAL.B EPS

~$5.83B

FY2025 consolidated rev.

the number that mattered

Fleet economics showed up in GAAP: disposal losses plus depreciation overwhelmed the top line even when demand and storage pieces still had bright spots.

U-haul holding company is facing near-term challenges.

the well-known moving and storage outfit has been contending with peak depreciation expense hitting the income statement as expensive pandemic-era fleet purchases fully cycle through.
What’s more, the housing market remained sluggish in late 2025, with mortgage rates persistently elevated (about 6%+) and existing home sales weak due to suppressed moving activity.

equipment disposal losses likely worsened in the recent december period, as used truck values deteriorated amid softer demand.
While storage occupancy has remained strong (approximately 85%-90%), it was probably not enough to offset increased quarterly depreciation, especially with constricted equipment gains.
These factors have compressed margins, despite top-line resilience.

With FY2025 already filed and Q3 FY2026 reported (Feb 2026), the debate is timing: when depreciation and disposal losses stop dominating GAAP relative to rental demand.
Management has pointed to model-year 2023–2024 van/pickup acquisition costs as a key GAAP headwind—and expects that pressure to abate as those fleets age through.

sources: Amerco Form 10-K FY2025 (SEC, year ended Mar 31, 2025) · U-Haul Holding Q3 FY2026 results (Feb 2026, investors.uhaul.com / Business Wire)

What Could Go Wrong

The #1 risk is pandemic-era fleet depreciation colliding with weaker used truck values.

∘

Med

Depreciation stays high longer than expected

the whole normalization case assumes depreciation peaks in early fiscal 2026. if that peak slides, earnings stay pinned down while the stock still trades at 74.0x trailing profit.

∘

Med

Used truck resale values keep falling

equipment disposal results matter more than you want in a premium-multiple stock. if resale values stay soft, the expected earnings cleanup gets delayed even if operating demand holds.

∘

Med

Housing turnover stays weak

U-Haul's broader moving and storage activity depends on people relocating. if turnover stays muted, the captive insurance line has less natural support from the operating side of the business.

∘

Med

Valuation compresses before margins recover

A very high trailing P/E on depressed GAAP earnings can compress the moment the market stops believing the fleet cycle will normalize—especially if revenue growth is only modest.

The dominant risk is still the moving/truck fleet: depreciation and used-equipment disposal can move GAAP earnings faster than revenue. Insurance is real but small on the consolidated revenue line.

Source: institutional data · regulatory filings · risk analysis

Pay Attention To

Metric

Depreciation expense

this is the swing factor. if depreciation peaks in early fiscal 2026, the recovery story has something real behind it.

Trend

Used truck values

resale prices feed straight into equipment disposal gains or losses. weak truck pricing can cancel out the benefit of easing depreciation.

Risk

Housing and moving demand

Less moving activity means less traffic through the rental network. That hits the ~94% revenue center first—even when insurance and storage lines matter at the margin.

Calendar

Storage occupancy

occupancy in the 85%–90% range has been the steadier part of the story. if that slips, one of the cleaner offsets disappears.

Analyst Rankings

short-term outlook

below average

momentum score 4 — in human-speak, analysts expect this stock to lag from here.

risk profile

average

stability score 3 means typical risk relative to the broader market. not a bunker stock, not a chaos trade.

chart momentum

bottom 5%

technical score 5 is the weakest rank. the chart is not making the bull case for you.

earnings predictability

50 / 100

earnings are middling on predictability. with a 5.6% net margin, small cost moves create larger EPS swings than you would expect from a stable-looking business.

Source: institutional data

Institutional Activity

institutions have been net buying for 3 consecutive quarters — 160 buyers vs. 159 sellers in 3q2025. total institutional holdings: 70.3M shares. net buying for 3 quarters.

source: institutional data · 1q2025-3q2025

Source: institutional data

Price Targets

3-5 year target range

$43 $72

$52 Current price

$58 Target midpoint · +12% from current · 3-5yr high: $65 (+25% · 6% ann'l return)

source: institutional data · analyst targets

The Deep Dive

UHALB

XVARY Deep Dive

uhalb

The full analysis is in the works.

What you'll get

DCF valuation model

Bull / base / bear scenarios

Competitive moat breakdown

Quarterly earnings tracker

Operating model projections

Risk matrix with kill criteria

Original price target + conviction

Updated with every earnings

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