One margin dip fully recovered; the remaining variation meets the limit, and no loss years were recorded (limit 2).
- 10y median
- 4.5%
- Worst year
- 1.9%
- Latest · 2025
- 5.3%
# Rush Enterprises A (RUSHA.US) Canonical: https://gigainvestors.com/s/RUSHA Analysis as of: 2026-10-16T07:31:43.248Z. Financial observations: FY1996–FY2025. Listing currency: USD. Reporting currency: USD. ## Verdict Not a wonderful business Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no. Share price: $44.90 per share; close as of 2026-10-15. ## Checklist ### understandable: pass - FY2020 operating-margin dip fully recovered the next year and stayed recovered; holding that year at the preceding margin meets the existing variation limit. Raw variation still determines the price discount. - 4 revenue declines in the last 10 years (informational) - Financial history: 10 years - Years with declining revenue: 4 - Years with a net loss: 0 - Operating margin variation: 0.35× - One fully recovered margin dip: Yes - Variation with recovered dip held at prior margin: 0.34 - Recovered dip fiscal year: FY2020 Chart: Operating margin; fiscal year observations. - FY2016: 0.02× - FY2017: 0.03× - FY2018: 0.04× - FY2019: 0.04× - FY2020: 0.03× - FY2021: 0.06× - FY2022: 0.07× - FY2023: 0.06× - FY2024: 0.06× - FY2025: 0.05× ### moat: fail - ROIC median below threshold - ROIC worst years below threshold (more than 1 bad year allowed) - ROIC, median of available years: 8.4% - ROIC, second-lowest year: 6.2% - Typical minus recent gross margin: -0.1 pp - Typical gross margin (annual median): 18.6% - Recent gross margin (lower of latest and 3-year median): 18.7% - Years with nonpositive capital: 0 - Capital spending / revenue: 4.6% - ROIC including acquisitions, ten-year median: 6.0% Chart: ROIC excluding acquisitions; fiscal year observations. - FY2016: 2.9% - FY2017: 7.1% - FY2018: 6.6% - FY2019: 6.6% - FY2020: 6.2% - FY2021: 11.3% - FY2022: 15.2% - FY2023: 12.5% - FY2024: 11.1% - FY2025: 9.8% ### economics: fail - owner earnings cash conversion below threshold - Owner earnings / net income, 5-yr: 0.78× - Cash conversion uses consolidated totals: No - Owner earnings, five-year total: $1.2B - Net income, five-year total: $1.5B - Return on incremental invested capital: 18.1% - Working capital / revenue, annual change: -0.1 pp - Working capital / revenue, change between three-year averages: -0.3 pp - Working capital / revenue, final three-year average: 23.2% Chart: Annual owner cash / profit; fiscal year observations. - FY2021: 1.01× - FY2022: 1.00× - FY2023: 1.00× - FY2024: 0.35× - FY2025: 0.44× ### management: pass - Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years) - potential debt-funded buybacks (informational) - buybacks leaned toward cheaper years (informational) - ROIC first 3 years vs last 3 years: 6.6% vs 11.1% - Per-share earnings: 0.71 to 2.48 (three-year endpoint medians) - Management verdict uses per-share economic progress: Yes - Ordinary dilution, 10-year annual growth: 2.7% - Ordinary dilution, 5-year annual growth: -0.9% - Market cap gain: $3.6B - Cumulative retained earnings: $1.3B - Diluted shares, 10-year annual growth: 2.7% - Diluted shares, 5-year annual growth: -0.9% - $1 test, starting fiscal year: FY2016 - $1 test, ending fiscal year: FY2025 - Per-share value growth: 16.8% - Per-share value change: $1.76 - Per-share value, starting three-year median: $0.71 - Per-share value, ending three-year median: $2.48 - Buybacks concentrated in cheaper years (correlation): 0.15 - Average buyback yield: 1.5% - Buyback history: 10 years - Debt-funded buybacks: Yes - Acquisition spending: $139M - Cumulative net income, 10 years: $2.2B - ROIC, first three-year median: 6.6% - ROIC, last three-year median: 11.1% Chart: Earnings per share; fiscal year observations. - FY2016: $0.44 - FY2017: $1.87 - FY2018: $1.02 - FY2019: $1.12 - FY2020: $0.91 - FY2021: $1.85 - FY2022: $3.04 - FY2023: $2.76 - FY2024: $2.48 - FY2025: $2.18 ### accounting: pass - Sloan accruals: -16.0% - Receivables to sales index (DSRI): 0.86× - Restructuring years, last five: 0 - Stock compensation / operating cash flow: 3.3% - Earnings backed by cash: Yes - Operating cash / earnings: 3.69× - Accounting red flags: 0 - Goodwill and intangibles / equity: 0.20× Chart: Sloan accruals; fiscal year observations. - FY2016: -18.5% - FY2017: 0.7% - FY2018: -2.4% - FY2019: -8.2% - FY2020: -21.7% - FY2021: -5.8% - FY2022: 2.5% - FY2023: 1.2% - FY2024: -6.8% - FY2025: -16.0% ## Holders - [Steven Romick](https://gigainvestors.com/FPA): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Ron Muhlenkamp](https://gigainvestors.com/MUHL): tracked 13F investor; follow the investor page for holding quarter and amounts. ## Price story Down 44% since Jul 2026 · sales -4.7% Story as of 2026-10-16T09:59:32.292Z; price observation 2026-10-15. - 2025-07-31: Rush A earnings beat by $0.13, revenue topped estimates ([investing.com](https://www.investing.com/news/earnings/rush-a-earnings-beat-by-013-revenue-topped-estimates-4161571)) - 2026-02-18: RUSHA Q4 Deep Dive: Truck Orders Recover as Regulatory Clarity Boosts Market Confidence ([finance.yahoo.com](https://finance.yahoo.com/news/rusha-q4-deep-dive-truck-194055581.html)) ### Sales · FY2024–2025 sales -4.7%; source https://www.sec.gov/Archives/edgar/data/1012019/000143774926005424/rusha20251231_10k.htm; observed 2026-02-25. - FY2016: $4.2B - FY2017: $4.7B - FY2018: $5.5B - FY2019: $5.8B - FY2020: $4.7B - FY2021: $5.1B - FY2022: $7.1B - FY2023: $7.9B - FY2024: $7.8B - FY2025: $7.4B ### Gross margin · FY2025 gross margin 18.7%; source https://www.sec.gov/Archives/edgar/data/1012019/000143774926005424/rusha20251231_10k.htm; observed 2026-02-25. - FY2016: 17.0% - FY2017: 17.6% - FY2018: 17.8% - FY2019: 17.7% - FY2020: 18.5% - FY2021: 21.3% - FY2022: 20.9% - FY2023: 20.1% - FY2024: 19.6% - FY2025: 18.7% ## Owner memo Memo as of 2026-10-16T08:06:05.509Z. ### How it makes money Operates in auto & truck dealerships; annual sales are USD 7.4 billion. - Source: https://www.sec.gov/Archives/edgar/data/1012019/000143774926005424/rusha20251231_10k.htm (filed 2026-02-25); FY2025: revenue 7434195000; grossProfit 1389528000; margin = grossProfit / revenue. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RUSHA.US: Rush Enterprises, Inc., through its subsidiaries, operates as an integrated retailer of commercial vehicles and related services in the United States and Canada. The company operates a network of commercial vehicle dealerships under the Rush Truck Centers name. Its Rush Truck Centers primarily sell commercial vehicles manufactured by Peterbilt, International, Hino, Ford, Isuzu, IC Bus, Blue Bird, Blue Arc and Battle Motors. The company also engages in the retail sale of new and used commercial vehicles, and aftermarket parts, as well as provision of service and repair, financing, and leasing and rental services; and offers property and casualty insurance, including collision and liability insurance on commercial vehicles, cargo insurance, and credit life insurance products. In addition, it provides equipment installation and repair, parts installation, and paint and body repair services; new vehicle pre-delivery inspection, truck modification, and natural gas fuel system installation services, body, chassis upfitting, and component installation services; parts and collision repair; CNG fuel systems; and vehicle telematics products, as well as sells new and used trailers, and tires for commercial vehicles. The company serves regional and national fleets, local and state governments, corporations, and owner-operators. Rush Enterprises, Inc. was incorporated in 1965 and is headquartered in New Braunfels, Texas. ### Why customers stay Margins ranged from 18.7% to 20.1% during 2023–25; it earns 8.4% on its capital. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: grossProfit / revenue = 20.1%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: grossProfit / revenue = 19.6%. - Source: https://www.sec.gov/Archives/edgar/data/1012019/000143774926005424/rusha20251231_10k.htm (filed 2026-02-25); FY2025: grossProfit / revenue = 18.7%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on capital observations [[2016,0.028522461359504054],[2017,0.07089243260740126],[2018,0.06589511121158896],[2019,0.06572332197046414],[2020,0.06214690526094584],[2021,0.11322784629186616],[2022,0.1520465738071797],[2023,0.1254814933714069],[2024,0.11144162433157057],[2025,0.09762854274499179]]; median 0.08426048767619652. ROIC follows the displayed moat series; financial companies use return on tangible equity. ### Can it raise prices Kept about a 21% gross margin through 2022 cost inflation. - Source: https://www.sec.gov/Archives/edgar/data/1012019/000143774926005424/rusha20251231_10k.htm (filed 2026-02-25); Gross margin observations: [[2021,0.21308383575796377],[2022,0.20940975854974955],[2023,0.20102021142144175]]; range within 2 percentage points. ### Where the cash goes Reinvests 20.8% of cash earnings; earns 18.1% on new investment. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2016: growth capex 0; upkeep 196965000; owner earnings 1244000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2017: growth capex 51966000; upkeep 157951000; owner earnings 172129000. Growth capex / owner earnings = 0.30190148086609464. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2018: growth capex 53138000; upkeep 185122000; owner earnings 139062000. Growth capex / owner earnings = 0.3821173289611828. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2019: growth capex 72646669.5790664; upkeep 220846330.4209336; owner earnings 96220669.5790664. Growth capex / owner earnings = 0.7550006656248761. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2020: growth capex 0; upkeep 136200000; owner earnings 156034000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2021: growth capex 0; upkeep 167177000; owner earnings 243735000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2022: growth capex 43911000; upkeep 199149000; cash acquisitions 0; owner earnings 391382000. Growth capex plus acquisitions / owner earnings = 0.11219473557802863. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: growth capex 147740000; upkeep 221141000; cash acquisitions 16050000; owner earnings 347055000. Growth capex plus acquisitions / owner earnings = 0.471942487501981. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: growth capex 0; upkeep 433047000; cash acquisitions 16364000; owner earnings 107207000. Growth capex plus acquisitions / owner earnings = 0.15263928661374723. - Source: https://www.sec.gov/Archives/edgar/data/1012019/000143774926005424/rusha20251231_10k.htm (filed 2026-02-25); FY2025: growth capex 0; upkeep 399831000; cash acquisitions 24314000; owner earnings 116790000. Growth capex plus acquisitions / owner earnings = 0.20818563233153523. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Incremental return on capital 0.18055629267654622, from the economics test's unchanged annual inputs. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,121188000],[2017,279891000],[2018,9332000],[2019,18317000],[2020,22461000],[2021,41060000],[2022,44556000],[2023,50582000],[2024,55508000],[2025,58331000]]. Zero only counted when supported by a complete cash-flow statement. - Source: https://www.sec.gov/Archives/edgar/data/1012019/000143774926005424/rusha20251231_10k.htm (filed 2026-02-25); FY2025: cash repurchases 194915000 USD. ### Are managers owners Insiders own 1.4% of the company. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RUSHA.US SharesStats.PercentInsiders = 1.353 percentage points; cache date 2026-10-16. ### What the price says The price is 0.7 times annual sales. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Closing price 44.9 USD; reporting-to-trading FX 1; FY2025 annual sales per share 61.39447018308847; price multiple 0.731336224029636. FY2025 cash earnings/share 0.9644971880187301. Closing-price date 2026-10-15. ## Monthly share-price history (USD per share) - 2016-10: $26.25 per share - 2016-11: $30.25 per share - 2016-12: $31.90 per share - 2017-01: $32.75 per share - 2017-02: $34.48 per share - 2017-03: $33.08 per share - 2017-04: $37.75 per share - 2017-05: $35.85 per share - 2017-06: $37.18 per share - 2017-07: $43.13 per share - 2017-08: $40.99 per share - 2017-09: $46.29 per share - 2017-10: $50.78 per share - 2017-11: $48.71 per share - 2017-12: $50.81 per share - 2018-01: $54.05 per share - 2018-02: $42.51 per share - 2018-03: $42.49 per share - 2018-04: $40.83 per share - 2018-05: $43.03 per share - 2018-06: $43.38 per share - 2018-07: $45.09 per share - 2018-08: $42.96 per share - 2018-09: $39.31 per share - 2018-10: $35.39 per share - 2018-11: $38.10 per share - 2018-12: $34.48 per share - 2019-01: $38.25 per share - 2019-02: $41.92 per share - 2019-03: $41.81 per share - 2019-04: $42.41 per share - 2019-05: $35.27 per share - 2019-06: $36.52 per share - 2019-07: $37.66 per share - 2019-08: $36.11 per share - 2019-09: $38.58 per share - 2019-10: $43.69 per share - 2019-11: $45.82 per share - 2019-12: $46.50 per share - 2020-01: $43.00 per share - 2020-02: $41.92 per share - 2020-03: $31.92 per share - 2020-04: $37.50 per share - 2020-05: $41.62 per share - 2020-06: $41.46 per share - 2020-07: $47.58 per share - 2020-08: $48.32 per share - 2020-09: $50.54 per share - 2020-10: $35.84 per share - 2020-11: $38.33 per share - 2020-12: $41.42 per share - 2021-01: $41.99 per share - 2021-02: $42.43 per share - 2021-03: $49.83 per share - 2021-04: $49.36 per share - 2021-05: $47.80 per share - 2021-06: $43.24 per share - 2021-07: $46.99 per share - 2021-08: $44.10 per share - 2021-09: $45.16 per share - 2021-10: $52.08 per share - 2021-11: $50.96 per share - 2021-12: $55.64 per share - 2022-01: $52.82 per share - 2022-02: $51.94 per share - 2022-03: $50.91 per share - 2022-04: $50.88 per share - 2022-05: $50.98 per share - 2022-06: $48.20 per share - 2022-07: $48.19 per share - 2022-08: $47.06 per share - 2022-09: $43.86 per share - 2022-10: $49.89 per share - 2022-11: $51.53 per share - 2022-12: $52.28 per share - 2023-01: $53.81 per share - 2023-02: $56.68 per share - 2023-03: $54.60 per share - 2023-04: $53.11 per share - 2023-05: $52.27 per share - 2023-06: $60.74 per share - 2023-07: $64.68 per share - 2023-08: $41.41 per share - 2023-09: $40.83 per share - 2023-10: $35.58 per share - 2023-11: $39.67 per share - 2023-12: $50.30 per share - 2024-01: $44.91 per share - 2024-02: $48.70 per share - 2024-03: $53.52 per share - 2024-04: $43.92 per share - 2024-05: $45.13 per share - 2024-06: $41.87 per share - 2024-07: $51.01 per share - 2024-08: $52.70 per share - 2024-09: $52.83 per share - 2024-10: $56.58 per share - 2024-11: $61.95 per share - 2024-12: $54.79 per share - 2025-01: $60.75 per share - 2025-02: $58.32 per share - 2025-03: $53.41 per share - 2025-04: $50.99 per share - 2025-05: $49.65 per share - 2025-06: $51.51 per share - 2025-07: $54.14 per share - 2025-08: $57.40 per share - 2025-09: $53.47 per share - 2025-10: $49.41 per share - 2025-11: $52.06 per share - 2025-12: $53.94 per share - 2026-01: $64.19 per share - 2026-02: $70.97 per share - 2026-03: $66.11 per share - 2026-04: $74.03 per share - 2026-05: $69.33 per share - 2026-06: $72.99 per share - 2026-07: $79.79 per share - 2026-08: $76.83 per share - 2026-09: $45.81 per share - 2026-10: $44.90 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/1012019/000143774926005424/rusha20251231_10k.htm); period 2025-12-31, filed 2026-02-25. 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.
RUSHA · US
Not a wonderful business
2 quality tests fail. A lower price would not fix the business.
One margin dip fully recovered; the remaining variation meets the limit, and no loss years were recorded (limit 2).
Capital return excluding acquisitions: median 8.4% (minimum 15%), and the second-worst year 6.2% (minimum 10%).
Each $1 of profit left $0.78 for owners over five years (minimum $0.80).
Per-share value rose from 0.71 to 2.48, comparing three-year medians at each end (must rise and stay positive).
Profits were backed by cash: accruals were -16% of assets (limit 10%).
Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 4.7%, three-year average owner earnings per share 1.53 USD.