# U-Haul Holding (UHAL-B.US)

Canonical: https://gigainvestors.com/s/UHAL-B

Analysis as of: 2026-10-16T07:32:41.189Z. Financial observations: FY1997–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: $51.26 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.30×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.22×

- FY2018: 0.21×

- FY2019: 0.16×

- FY2020: 0.14×

- FY2021: 0.21×

- FY2022: 0.25×

- FY2023: 0.25×

- FY2024: 0.17×

- FY2025: 0.12×

- FY2026: 0.08×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.1%

- ROIC, second-lowest year: 4.2%

- Typical minus recent gross margin: -1.0 pp

- Typical gross margin (annual median): 84.8%

- Recent gross margin (lower of latest and 3-year median): 85.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 48.0%

- ROIC including acquisitions, ten-year median: -8.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 9.3%

- FY2018: 12.3%

- FY2019: 6.3%

- FY2020: 5.3%

- FY2021: 7.7%

- FY2022: 10.4%

- FY2023: 11.0%

- FY2024: 6.4%

- FY2025: 4.2%

- FY2026: 2.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -1.44×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$4.3B

- Net income, five-year total: $3.0B

- Return on incremental invested capital: -1.4%

- Working capital / revenue, annual change: 1.3 pp

- Working capital / revenue, change between three-year averages: 8.6 pp

- Working capital / revenue, final three-year average: 2.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: -0.92×

- FY2024: -2.60×

- FY2025: -5.11×

- FY2026: -16.79×

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 9.3% vs 4.2%

- Per-share earnings: 2.50 to 1.69 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: -0.0%

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: -0.0%

- Per-share value growth: -4.7%

- Per-share value change: -$0.80

- Per-share value, starting three-year median: $2.50

- Per-share value, ending three-year median: $1.69

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: $0

- Cumulative net income, 10 years: $5.6B

- ROIC, first three-year median: 9.3%

- ROIC, last three-year median: 4.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: $2.03

- FY2018: $4.04

- FY2019: $1.89

- FY2020: $2.25

- FY2021: $3.12

- FY2022: $5.73

- FY2023: $4.54

- FY2024: $3.04

- FY2025: $1.69

- FY2026: $0.42

### accounting: pass

- Sloan accruals: -7.8%

- Receivables to sales index (DSRI): 0.56×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 21.59×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -6.6%

- FY2018: -1.4%

- FY2019: -5.1%

- FY2020: -4.7%

- FY2021: -6.3%

- FY2022: -4.8%

- FY2023: -4.6%

- FY2024: -4.5%

- FY2025: -5.5%

- FY2026: -7.8%

## Holders

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

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

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

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

## Price story

Down 29% since Sep 2024 · "UHAL Q3 Deep Dive: Depreciation Pressures Weigh on Profit as Dealer Expansion Ramps Up" (finance.yahoo.com, Nov 2025) · sales +3.6%

Story as of 2026-10-16T09:59:45.419Z; price observation 2026-10-15.

- 2025-11-07: UHAL Q3 Deep Dive: Depreciation Pressures Weigh on Profit as Dealer Expansion Ramps Up ([finance.yahoo.com](https://finance.yahoo.com/news/uhal-q3-deep-dive-depreciation-000552626.html))

### Sales · FY2025–2026

sales +3.6%; source https://www.sec.gov/Archives/edgar/data/4457/000119312526241850/uhal-20260331.htm; observed 2026-05-27.

- FY2017: $3.4B 

- FY2018: $3.6B 

- FY2019: $3.8B 

- FY2020: $4.0B 

- FY2021: $4.5B 

- FY2022: $5.7B 

- FY2023: $5.9B 

- FY2024: $5.6B 

- FY2025: $5.8B 

- FY2026: $6.0B 

### Gross margin · FY2026

gross margin 85.8%; source https://www.sec.gov/Archives/edgar/data/4457/000119312526241850/uhal-20260331.htm; observed 2026-05-27.

- FY2017: 82.4% 

- FY2018: 82.7% 

- FY2019: 85.4% 

- FY2020: 84.2% 

- FY2021: 84.1% 

- FY2022: 25.4% 

- FY2023: 85.6% 

- FY2024: 85.9% 

- FY2025: 85.9% 

- FY2026: 85.8% 

## Owner memo

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

### How it makes money

Operates in rental & leasing services; annual sales are USD 6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/4457/000119312526241850/uhal-20260331.htm (filed 2026-05-27); FY2026: revenue 6037819000; grossProfit 5182531000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UHAL-B.US: U-Haul Holding Company operates as a do-it-yourself moving and storage operator for household and commercial goods in the United States and Canada. It operates through three segments: Moving and Storage, Property and Casualty Insurance, and Life Insurance. It rents trucks, trailers, fixed and portable moving and storage units, specialty rental items, and self-storage spaces primarily to the household movers; and sells moving supplies, towing accessories, and propane. The company provides uhaul.com, an online marketplace that connects consumers to independent moving help service providers and independent self-storage affiliates; auto transport and toy hauler, and tow dolly options to transport the vehicles; and specialty boxes for dishes, computers, flat screen television, tapes, security locks, and packing supplies. In addition, it rents self-moving products and services through a network of managed retail stores and independent U-Haul dealers, and rents equipment. Further, the company provides moving and storage protection packages, such as Safemove and Safetow packages, which offer moving and towing customers with a damage waiver, cargo protection, and medical and life insurance coverage; Safestor that protects storage and U-Box customers from loss on their goods in storage; Safehaul, which protect customers' belongings in transit through its U-Box portable moving and storage units; Safemove Plus, which provides rental customers with a layer of primary liability protection; Safetrip, a supplemental roadside protection for the customers equipment; and loss adjusting and claims handling services. Additionally, it offers life and health insurance products to senior market through direct writing and reinsuring of life insurance, Medicare supplement, and annuity policies. The company was formerly known as AMERCO and changed its name to U-Haul Holding Company in December 2022. U-Haul Holding Company was founded in 1945 and is based in Reno, Nevada.

### Why customers stay

Margins ranged from 85.8% to 85.9% during 2024–26; it earns 7.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2024: grossProfit / revenue = 85.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2025: grossProfit / revenue = 85.9%.

- Source: https://www.sec.gov/Archives/edgar/data/4457/000119312526241850/uhal-20260331.htm (filed 2026-05-27); FY2026: grossProfit / revenue = 85.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); 10-year return on capital observations [[2017,0.09344065355054647],[2018,0.12328666486441377],[2019,0.0625797794072799],[2020,0.05316836409099755],[2021,0.07717682854193418],[2022,0.10434273215274063],[2023,0.1104500566261006],[2024,0.06397570643480714],[2025,0.04222169967771975],[2026,0.02327264924743797]]; median 0.07057626748837066. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2018: growth capex 276351648.7904217; upkeep 1087393351.2095783; owner earnings 258258648.79042172. Growth capex / owner earnings = 1.070057673130175.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2021: growth capex 777474000; upkeep 664001000; owner earnings 610856000. Growth capex / owner earnings = 1.2727615018924263.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2022: growth capex 1439582000; upkeep 696955000; owner earnings 1123286000. Growth capex / owner earnings = 1.2815810043034455.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); Dividend observations: [[2017,58757000],[2018,29380000],[2019,39179000],[2020,29404000],[2021,49019000],[2022,29412000],[2023,33725000],[2024,31765000],[2025,35294000],[2026,35294000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 43.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UHAL-B.US SharesStats.PercentInsiders = 43.125 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.7 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); Closing price 51.26 USD; reporting-to-trading FX 1; FY2026 annual sales per share 30.792963489813335; price multiple 1.6646660207601451. FY2026 cash earnings/share -7.116917980448279. Closing-price date 2026-10-15.

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

- 2022-11: $63.17 per share

- 2022-12: $54.98 per share

- 2023-01: $61.79 per share

- 2023-02: $55.63 per share

- 2023-03: $51.85 per share

- 2023-04: $54.10 per share

- 2023-05: $46.29 per share

- 2023-06: $50.67 per share

- 2023-07: $57.21 per share

- 2023-08: $53.24 per share

- 2023-09: $52.39 per share

- 2023-10: $47.21 per share

- 2023-11: $54.15 per share

- 2023-12: $70.44 per share

- 2024-01: $63.87 per share

- 2024-02: $63.57 per share

- 2024-03: $66.68 per share

- 2024-04: $61.32 per share

- 2024-05: $60.79 per share

- 2024-06: $60.02 per share

- 2024-07: $63.73 per share

- 2024-08: $68.35 per share

- 2024-09: $72.00 per share

- 2024-10: $68.26 per share

- 2024-11: $62.44 per share

- 2024-12: $64.05 per share

- 2025-01: $64.74 per share

- 2025-02: $61.55 per share

- 2025-03: $59.18 per share

- 2025-04: $54.80 per share

- 2025-05: $57.04 per share

- 2025-06: $54.37 per share

- 2025-07: $52.00 per share

- 2025-08: $52.24 per share

- 2025-09: $50.90 per share

- 2025-10: $48.49 per share

- 2025-11: $48.11 per share

- 2025-12: $46.74 per share

- 2026-01: $51.31 per share

- 2026-02: $47.16 per share

- 2026-03: $44.67 per share

- 2026-04: $47.69 per share

- 2026-05: $52.02 per share

- 2026-06: $57.70 per share

- 2026-07: $62.58 per share

- 2026-08: $59.67 per share

- 2026-09: $52.85 per share

- 2026-10: $51.26 per share

## Annual estimated value (USD per share)

- FY2022: low $41.90 per share, central $54.13 per share, high $61.26 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/4457/000119312526241850/uhal-20260331.htm); period 2026-03-31, filed 2026-05-27.

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

- [David Abrams](https://gigainvestors.com/abc): 3,251,469 UHAL.B shares; USD 187,610,000 reported position value; 3.42% of portfolio; hold; quarter 2026 Q2.
- [David Abrams](https://gigainvestors.com/abc): 36,401 UHAL shares; USD 2,382,000 reported position value; 0.04% of portfolio; hold; quarter 2026 Q2.
- [Martin Whitman](https://gigainvestors.com/TA): 283,872 UHAL.B shares; USD 16,379,000 reported position value; 2.62% of portfolio; reduce; quarter 2026 Q2.
- [William Browne](https://gigainvestors.com/TB): 462,827 UHAL.B shares; USD 26,705,000 reported position value; 2.02% of portfolio; reduce; quarter 2026 Q2.
- [Donald Yacktman](https://gigainvestors.com/YAM): 6,197,210 UHAL.B shares; USD 357,579,000 reported position value; 4.42% of portfolio; add; quarter 2026 Q2.
- [Donald Yacktman](https://gigainvestors.com/YAM): 325,376 UHAL shares; USD 21,293,000 reported position value; 0.26% of portfolio; add; quarter 2026 Q2.

# UHAL.B — U Haul Holding Co Non Voting

Held by 4 investors · USD 588,273,000 total · 2026 Q2 · reported price USD 57.70 (split-adjusted).
Page: https://gigainvestors.com/s/UHAL.B

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Donald Yacktman (https://gigainvestors.com/YAM) | USD 357,579,000 | 4.4% | add +2.46% |
| David Abrams (https://gigainvestors.com/abc) | USD 187,610,000 | 3.4% | hold |
| William Browne (https://gigainvestors.com/TB) | USD 26,705,000 | 2.0% | reduce -0.11% |
| Martin Whitman (https://gigainvestors.com/TA) | USD 16,379,000 | 2.6% | reduce -0.18% |

## Total held by quarter

- 2022 Q4: USD 587,623,051 · 3 holders · USD 54.98
- 2023 Q1: USD 558,576,784 · 3 holders · USD 51.85
- 2023 Q2: USD 551,620,121 · 3 holders · USD 50.67
- 2023 Q3: USD 596,650,107 · 3 holders · USD 52.39
- 2023 Q4: USD 799,924,811 · 3 holders · USD 70.44
- 2024 Q1: USD 771,031,909 · 4 holders · USD 66.68
- 2024 Q2: USD 744,361,017 · 5 holders · USD 60.02
- 2024 Q3: USD 838,634,256 · 5 holders · USD 72.00
- 2024 Q4: USD 723,650,478 · 5 holders · USD 64.05
- 2025 Q1: USD 656,972,448 · 5 holders · USD 59.18
- 2025 Q2: USD 560,599,610 · 5 holders · USD 54.37
- 2025 Q3: USD 497,707,948 · 4 holders · USD 50.90
- 2025 Q4: USD 456,384,598 · 4 holders · USD 46.74
- 2026 Q1: USD 448,822,137 · 4 holders · USD 44.67
- 2026 Q2: USD 588,273,000 · 4 holders · USD 57.70