# Hertz Global Holdings (HTZ.US)

Canonical: https://gigainvestors.com/s/HTZ

Analysis as of: 2026-10-16T07:29:10.605Z. Financial observations: FY2001–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $1.83 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 6

- Operating margin variation: 2.12×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.06×

- FY2019: 0.08×

- FY2020: -0.17×

- FY2021: 0.28×

- FY2022: 0.24×

- FY2023: 0.08×

- FY2024: -0.06×

- FY2025: 0.00×

- LTM to Jun 2026: 0.03×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 6.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 3.4%

- ROIC, second-lowest year: -2.6%

- Typical minus recent gross margin: 6.5 pp

- Typical gross margin (annual median): 17.9%

- Recent gross margin (lower of latest and 3-year median): 11.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 119.2%

- ROIC including acquisitions, ten-year median: -53.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.8%

- FY2017: 2.3%

- FY2018: 3.0%

- FY2019: 9.1%

- FY2020: -16.6%

- FY2021: 32.2%

- FY2022: 10.7%

- FY2023: 4.0%

- FY2024: -2.6%

- FY2025: 0.1%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$29B

- Net income, five-year total: -$568M

- Return on incremental invested capital: -0.7%

- Working capital / revenue, annual change: -1.0 pp

- Working capital / revenue, change between three-year averages: -5.3 pp

- Working capital / revenue, final three-year average: 3.8%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$4.5B

- FY2022: -$135M

- FY2023: -$5.9B

- FY2024: -$9.4B

- FY2025: -$8.8B

### management: fail

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.0% vs 0.1%

- Per-share earnings: 2.61 to -2.32 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 11.9%

- Ordinary dilution, 5-year annual growth: 16.5%

- Diluted shares, 10-year annual growth: 11.9%

- Diluted shares, 5-year annual growth: 16.5%

- Per-share value change: -$4.93

- Per-share value, starting three-year median: $2.61

- Per-share value, ending three-year median: -$2.32

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 27.3%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: $7.0M

- Cumulative net income, 10 years: -$2.7B

- ROIC, first three-year median: 3.0%

- ROIC, last three-year median: 0.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$5.08

- FY2017: $3.44

- FY2018: -$2.34

- FY2019: -$0.50

- FY2020: -$11.43

- FY2021: $1.16

- FY2022: $5.11

- FY2023: $1.89

- FY2024: -$9.35

- FY2025: -$2.32

### accounting: pass

- Sloan accruals: -10.6%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.9%

- Earnings backed by cash: Yes

- Accounting red flags: 0

Chart: Sloan accruals; fiscal year observations.

- FY2016: -15.8%

- FY2017: -10.3%

- FY2018: -13.0%

- FY2019: -12.0%

- FY2020: -15.8%

- FY2021: -7.3%

- FY2022: -2.1%

- FY2023: -7.6%

- FY2024: -23.3%

- FY2025: -10.6%

## Holders

- [Bill Ackman](https://gigainvestors.com/psc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 94% since Oct 2021 · "Hertz Slides After Warning Used Car ‘Softness’ Is Hurting Profit" (finance.yahoo.com, Jun 2026) · sales +4.7%

Story as of 2026-10-16T09:58:54.807Z; price observation 2026-10-15.

- 2025-07-02: Hertz Global (HTZ) Falls on New $685-Million Debt Issuance ([finance.yahoo.com](https://finance.yahoo.com/news/hertz-global-htz-falls-685-142925787.html))

- 2025-09-30: Hertz Global breaks into selling cars online to retail customers; Carvana and CarMax dip ([seekingalpha.com](https://seekingalpha.com/news/4500201-hertz-global-breaks-into-selling-cars-online-to-retail-customers-carvana-and-carmax-dip?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-02-26: Hertz down 5% after wider Q4 loss on govt. shutdown, flight cancellations ([finance.yahoo.com](https://finance.yahoo.com/news/hertz-down-5-wider-q4-141445401.html))

- 2026-06-24: Hertz Slides After Warning Used Car ‘Softness’ Is Hurting Profit ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/hertz-slides-warning-used-car-124125099.html))

- 2026-07-09: Hertz Global Holdings (HTZ) Could Be 91% Undervalued Following Its Guidance Cut And Financing ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/hertz-global-holdings-htz-could-121401016.html))

- 2026-08-06: Hertz Announces Q2 2026 Results, Highlights Strong Commercial Momentum and Continued Transformation Progress ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/hertz-announces-q2-2026-results-120000880.html))

### Sales · FY2025–2026

sales +4.7%; source https://www.sec.gov/Archives/edgar/data/1657853/000165785326000008/htz-20251231.htm; observed 2026-02-26.

- FY2017: $8.8B 

- FY2018: $9.5B 

- FY2019: $9.8B 

- FY2020: $5.3B 

- FY2021: $7.3B 

- FY2022: $8.7B 

- FY2023: $9.4B 

- FY2024: $9.0B 

- FY2025: $8.5B 

- FY2026: $8.9B 

### Gross margin · FY2025

gross margin 11.4%; source https://www.sec.gov/Archives/edgar/data/1657853/000165785326000008/htz-20251231.htm; observed 2026-02-26.

- FY2016: 18.2% 

- FY2017: 15.8% 

- FY2018: 18.2% 

- FY2019: 17.7% 

- FY2021: 37.3% 

- FY2022: 34.9% 

- FY2023: 18.4% 

- FY2024: 3.1% 

- FY2025: 11.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in rental & leasing services; annual sales are USD 8.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1657853/000165785326000008/htz-20251231.htm (filed 2026-02-26); FY2025: revenue 8504000000; grossProfit 971000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); HTZ.US: Hertz Global Holdings, Inc. operates as a vehicle rental company. It operates through two segments: Americas RAC and International RAC. The company offers vehicle rental services under the Hertz, Dollar, and Thrifty brands from company-operated, licensee, and franchisee locations in the United States, Africa, Asia, Australia, Canada, the Caribbean, Europe, Latin America, the Middle East, and New Zealand. It also sells vehicles and value-added services. The company was founded in 1918 and is headquartered in Estero, Florida.

### Why customers stay

Margins ranged from 3.1% to 18.4% during 2023–25; it earns 3.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 18.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 3.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1657853/000165785326000008/htz-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 11.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,0.037888198757763975],[2017,0.02281889099725912],[2018,0.030402635914332784],[2019,0.09092333210468116],[2020,-0.16631578947368422],[2021,0.32219424460431656],[2022,0.10687735120228938],[2023,0.04048752419312654],[2024,-0.026232200886262925],[2025,0.0006692484569768849]]; median 0.03414541733604838. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 6 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,0],[2017,0],[2018,239000000],[2019,239000000],[2020,239000000],[2021,239000000],[2022,3000000],[2023,0],[2024,7000000],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); HTZ.US SharesStats.PercentInsiders = 1.127 percentage points; cache date 2026-10-05.

### What the price says

The price is 0.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Closing price 1.83 USD; reporting-to-trading FX 1; FY2025 annual sales per share 26.40993788819876; price multiple 0.06929209783631232. FY2025 cash earnings/share -27.211180124223603. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2021-07: $18.75 per share

- 2021-08: $16.80 per share

- 2021-09: $19.55 per share

- 2021-10: $31.02 per share

- 2021-11: $24.16 per share

- 2021-12: $24.99 per share

- 2022-01: $19.26 per share

- 2022-02: $20.32 per share

- 2022-03: $22.15 per share

- 2022-04: $20.06 per share

- 2022-05: $20.07 per share

- 2022-06: $15.84 per share

- 2022-07: $21.42 per share

- 2022-08: $18.46 per share

- 2022-09: $16.28 per share

- 2022-10: $18.40 per share

- 2022-11: $17.20 per share

- 2022-12: $15.39 per share

- 2023-01: $18.02 per share

- 2023-02: $18.51 per share

- 2023-03: $16.29 per share

- 2023-04: $16.68 per share

- 2023-05: $15.68 per share

- 2023-06: $18.39 per share

- 2023-07: $16.85 per share

- 2023-08: $16.95 per share

- 2023-09: $12.25 per share

- 2023-10: $8.43 per share

- 2023-11: $8.34 per share

- 2023-12: $10.39 per share

- 2024-01: $8.35 per share

- 2024-02: $7.85 per share

- 2024-03: $7.83 per share

- 2024-04: $4.55 per share

- 2024-05: $4.36 per share

- 2024-06: $3.53 per share

- 2024-07: $4.08 per share

- 2024-08: $3.04 per share

- 2024-09: $3.30 per share

- 2024-10: $2.78 per share

- 2024-11: $4.92 per share

- 2024-12: $3.66 per share

- 2025-01: $4.13 per share

- 2025-02: $4.17 per share

- 2025-03: $3.94 per share

- 2025-04: $6.82 per share

- 2025-05: $6.55 per share

- 2025-06: $6.83 per share

- 2025-07: $6.41 per share

- 2025-08: $5.73 per share

- 2025-09: $6.80 per share

- 2025-10: $5.13 per share

- 2025-11: $5.24 per share

- 2025-12: $5.14 per share

- 2026-01: $4.90 per share

- 2026-02: $4.54 per share

- 2026-03: $4.61 per share

- 2026-04: $6.36 per share

- 2026-05: $5.40 per share

- 2026-06: $2.27 per share

- 2026-07: $1.59 per share

- 2026-08: $2.27 per share

- 2026-09: $1.67 per share

- 2026-10: $1.83 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1657853/000165785326000008/htz-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Bill Ackman](https://gigainvestors.com/psc): 14,991,599 HTZ shares; USD 33,956,000 reported position value; 0.17% of portfolio; reduce; quarter 2026 Q2.

# HTZ — Hertz Global Hldgs Inc.

Held by 1 investor · USD 33,956,000 total · 2026 Q2 · reported price USD 2.27 (split-adjusted).
Page: https://gigainvestors.com/s/HTZ

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Bill Ackman (https://gigainvestors.com/psc) | USD 33,956,000 | 0.2% | reduce -1.64% |

## Total held by quarter

- 2008 Q4: USD 65,019,049 · 1 holder · USD 9.37
- 2009 Q1: USD 94,698,880 · 1 holder · USD 8.48
- 2009 Q2: USD 317,647,515 · 1 holder · USD 18.39
- 2009 Q3: USD 463,335,424 · 1 holder · USD 26.63
- 2009 Q4: USD 485,036,300 · 1 holder · USD 26.31
- 2010 Q1: USD 465,238,900 · 1 holder · USD 25.23
- 2010 Q2: USD 386,295,664 · 1 holder · USD 30.49
- 2010 Q3: USD 91,740,353 · 1 holder · USD 22.84
- 2010 Q4: USD 0 · 0 holders
- 2011 Q1: USD 0 · 0 holders
- 2011 Q2: USD 0 · 0 holders
- 2011 Q3: USD 0 · 0 holders
- 2011 Q4: USD 0 · 0 holders
- 2012 Q1: USD 0 · 0 holders
- 2012 Q2: USD 0 · 0 holders
- 2012 Q3: USD 0 · 0 holders
- 2012 Q4: USD 0 · 0 holders
- 2013 Q1: USD 0 · 0 holders
- 2013 Q2: USD 0 · 0 holders
- 2013 Q3: USD 0 · 0 holders
- 2013 Q4: USD 171,720,000 · 1 holder · USD 76.82
- 2014 Q1: USD 159,840,000 · 1 holder · USD 71.51
- 2014 Q2: USD 161,172,500 · 1 holder · USD 75.24
- 2014 Q3: USD 985,132,000 · 1 holder · USD 68.15
- 2014 Q4: USD 1,400,939,781 · 2 holders · USD 66.95
- 2015 Q1: USD 1,125,677,740 · 1 holder · USD 58.19
- 2015 Q2: USD 940,833,979 · 1 holder · USD 48.64
- 2015 Q3: USD 868,661,836 · 1 holder · USD 44.91
- 2015 Q4: USD 906,580,208 · 1 holder · USD 38.20
- 2016 Q1: USD 670,856,612 · 1 holder · USD 28.27
- 2016 Q2: USD 569,298,224 · 1 holder · USD 23.62
- 2016 Q3: USD 519,614,015 · 1 holder · USD 21.56
- 2016 Q4: USD 630,929,016 · 1 holder · USD 21.56
- 2017 Q1: USD 513,288,262 · 1 holder · USD 17.54
- 2017 Q2: USD 336,534,494 · 1 holder · USD 11.50
- 2017 Q3: USD 654,340,111 · 1 holder · USD 22.36
- 2017 Q4: USD 646,731,505 · 1 holder · USD 22.10
- 2018 Q1: USD 580,887,800 · 1 holder · USD 19.85
- 2018 Q2: USD 448,907,750 · 1 holder · USD 15.34
- 2018 Q3: USD 477,878,981 · 1 holder · USD 16.33
- 2018 Q4: USD 399,451,812 · 1 holder · USD 13.65
- 2019 Q1: USD 421,463,405 · 1 holder · USD 17.37
- 2019 Q2: USD 387,251,349 · 1 holder · USD 15.96
- 2019 Q3: USD 579,831,160 · 1 holder · USD 13.84
- 2019 Q4: USD 691,832,169 · 1 holder · USD 15.75
- 2020 Q1: USD 342,014,234 · 1 holder · USD 6.18
- 2020 Q2: USD 0 · 0 holders
- 2020 Q3: USD 0 · 0 holders
- 2020 Q4: USD 0 · 0 holders
- 2021 Q1: USD 0 · 0 holders
- 2021 Q2: USD 0 · 0 holders
- 2021 Q3: USD 0 · 0 holders
- 2021 Q4: USD 514,521,892 · 2 holders · USD 24.99
- 2022 Q1: USD 474,340,855 · 2 holders · USD 22.15
- 2022 Q2: USD 282,875,139 · 2 holders · USD 15.84
- 2022 Q3: USD 257,526,466 · 2 holders · USD 16.28
- 2022 Q4: USD 182,371,500 · 2 holders · USD 15.39
- 2023 Q1: USD 184,844,259 · 2 holders · USD 16.29
- 2023 Q2: USD 152,999,780 · 2 holders · USD 18.39
- 2023 Q3: USD 104,061,557 · 2 holders · USD 12.25
- 2023 Q4: USD 10,390,000 · 1 holder · USD 10.39
- 2024 Q1: USD 7,830,000 · 1 holder · USD 7.83
- 2024 Q2: USD 0 · 0 holders
- 2024 Q3: USD 0 · 0 holders
- 2024 Q4: USD 46,533,105 · 1 holder · USD 3.66
- 2025 Q1: USD 59,100,000 · 1 holder · USD 3.94
- 2025 Q2: USD 104,096,897 · 1 holder · USD 6.83
- 2025 Q3: USD 103,639,664 · 1 holder · USD 6.80
- 2025 Q4: USD 78,339,393 · 1 holder · USD 5.14
- 2026 Q1: USD 70,261,595 · 1 holder · USD 4.61
- 2026 Q2: USD 33,956,000 · 1 holder · USD 2.27