EquipmentShare.com Touts T3 Tech, OWN Model and 27% 2026 Rental Growth Outlook at Oppenheimer Event

Key Points

• T3 telematics is a key differentiator: EquipmentShare says it owns the largest manufacturer of off‑highway telematics devices, delivers a “single pane of glass” for operators, and reports engaged T3 users spend six times more and see 10%–20% jobsite efficiency gains.
• Strong operating performance: the company grew 34% year‑over‑year (2024–2025), reports 54% margins at mature stores versus industry ~45%–48%, and a ROIC of 16.5% with a long‑term target above 20%.
• Capital model and growth outlook: EquipmentShare emphasizes organic store expansion and an oversubscribed OWN Program as capital advantages (opening 160 stores estimated at ~$450M vs. multibillion acquisition values) and projects ~27% rental revenue growth for 2026 at the midpoint.

EquipmentShare.com NASDAQ: EQPT is positioning its technology platform and capital model as key differentiators in an equipment rental market it describes as both large and increasingly complex, according to comments made at an Oppenheimer-hosted event featuring Founder and CEO Jabbok Schlacks and VP of Investor Relations Rhett Butler.

Oppenheimer Senior Industrial Services Analyst Scott Schneeberger said EquipmentShare has “rapidly grown organically over the past decade” to become “the fourth-largest competitor in the $84 billion U.S. equipment rental industry,” citing the company’s T3 telematics offering and its OWN Program equipment funding model as pillars supporting market share gains.

Company origin and focus on “first principles”

Schlacks said EquipmentShare was founded nearly 11 years ago out of frustration with “the lack of actual tools to do our jobs” in construction, a sector he described as fragmented by “hundreds and hundreds of walled gardens that don’t actually communicate.” He framed the company’s mission as building a common operating system that connects equipment, people, and materials to improve jobsite transparency and productivity.

He pointed to studies indicating construction productivity has declined over decades compared with other industries, contrasting agriculture’s efficiency gains with construction, where he said workers are “actually less productive.” Schlacks said the industry “lose[s] about $1 trillion–$2 trillion” from productivity shortfalls that could be improved with a common system of record.

Growth, margins, and ROIC highlighted as “guardrails”

Schlacks emphasized what he called “guardrails” pairing growth with profitability and capital returns. He said EquipmentShare grew 34% year over year from 2024 to 2025 in an industry that typically grows around 3% to 4%. He also cited 54% margins at mature stores compared with an industry range of about 45% to 48%.

On returns, Schlacks said EquipmentShare’s return on invested capital is 16.5%, comparing that with peers he described as generally in the “high single digits to the low teens.” He added the company views ROIC as a long-term metric “moving to 20%+.”

In describing scale, Schlacks cited “$8.8 billion OEC under management,” 385 locations, 8,206 employees, and $4.4 billion of revenue, along with a “41% four-year CAGR.”

T3 platform and telematics strategy

Schlacks described the equipment rental industry as inherently commodity-like and argued EquipmentShare’s response has been to “de-commoditize” service through its T3 technology platform. He compared construction’s lack of standardized off-highway telematics to the “common language” created by OBD2 requirements for on-highway vehicles, calling off-highway telematics “literally the Wild West” due to disparate manufacturer systems.

He said EquipmentShare owns “the largest manufacturer of telematics devices” and installs devices directly on equipment via the CAN bus, aiming to deliver a “single pane of glass” rather than requiring customers to log into “40 different portals.” Schlacks characterized the company’s system as a “sensor to server environment” that pulls from “7 billion points of information every day” to help customers understand utilization, operator behavior, and total cost of ownership.

Schlacks also said customer engagement with T3 is associated with increased spend, citing “six times more spend from a customer that’s actually engaged in utilizing T3.” He added that customer feedback cited “10%–20% improvements on overall job site efficiency,” which he said often comes from labor savings.

Organic expansion and the OWN Program

Schlacks said EquipmentShare’s store growth strategy is organic, focused on selecting the “right locations,” the “right fleet,” and the “right people.” He argued organic expansion allows better site selection and greater visibility into fleet total cost of ownership compared with acquisitions that may include older equipment.

To illustrate capital efficiency, Schlacks referenced the H&E acquisition by Herc and said the transaction reflected $5.3 billion of value, including roughly $2 billion tied to equipment and other assets and about $3.3 billion tied to goodwill and intangibles for approximately 160 stores. He contrasted that with EquipmentShare’s approach, saying it costs the company about $2.5 million in intangible costs to open a store and that opening 160 stores would cost about $450 million—an approach he described as “about eight times more efficient than an acquisition model.”

Schlacks also discussed the company’s OWN Program, describing it as “dramatically oversubscribed” and “one of the premier asset classes across all asset classes,” attributing demand to the mobility of equipment and the ability to deploy assets to the “best job sites.”

On expansion cadence, Schlacks pointed to a long-term footprint buildout and said the company sees significant “pull-through” when entering new markets, noting that 75% of activity tied to organic store growth comes from existing customers.

Market conditions and 2026 rental outlook

Schlacks described the current environment as a construction “super cycle,” beginning around 2021–2022, with larger and more complex projects driving demand for equipment and systems that can serve as a “digital twin” for job sites. He also said there are “only four companies in the world in the U.S. market” that can deploy “a couple thousand machines in 6–8 weeks,” and claimed customers view EquipmentShare as “a one of one” once they fully adopt T3.

He said EquipmentShare currently serves “90% of the top 50 general contractors” to some degree. He also described a “K-recovery” dynamic in construction, with substantial capital flowing to large projects such as data centers and stadiums while single-family housing remains pressured by interest rates—an environment he said allows the company to deploy its mobile fleet to higher-return projects.

Looking ahead, Schlacks said the company is projecting 2026 rental segment revenue growth of 27% year over year at the midpoint of its range.

• 2024–2025 growth: Schlacks said EquipmentShare grew 34% year over year.
• Mature location margins: Schlacks cited 54% versus an industry range of about 45%–48%.
• ROIC: Schlacks cited 16.5%, with a long-term view toward 20%+.
• 2026 rental outlook: Schlacks said the company projects 27% year-over-year rental segment revenue growth (midpoint).

Butler opened the presentation by directing listeners to the company’s safe harbor disclosures in its SEC filings and to a March 18 presentation associated with fourth-quarter earnings.

About EquipmentShare.com NASDAQ: EQPT

EquipmentShare.com Inc provides integrated, full-service construction solutions across equipment rental, sales and technology. EquipmentShare.com Inc is based in Columbia, Missouri.

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