U-Haul (UHAL) Financials

$60.75 -0.58 (-0.95%)

As of 06/25/2025 03:59 PM Eastern

Annual Income Statements for U-Haul

This table shows U-Haul's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	357	489	398	765	371	442	611	1,124	924	629	367
Consolidated Net Income / (Loss)	357	489	398	791	371	442	611	1,124	924	629	367
Net Income / (Loss) Continuing Operations	357	489	398	765	371	442	611	1,124	924	629	367
Total Pre-Tax Income	561	769	628	638	478	378	797	1,477	1,219	840	478
Total Operating Income	663	867	743	765	621	540	961	1,646	1,446	978	716
Total Gross Profit	2,928	3,130	3,269	3,441	3,607	3,815	4,328	5,480	5,602	5,384	5,595
Total Revenue	3,075	3,275	3,422	3,601	3,769	3,979	4,542	5,740	5,865	5,626	5,829
Operating Revenue	2,914	3,123	3,250	3,417	3,549	3,739	4,250	5,308	5,386	5,160	5,322
Other Revenue	160	152	172	184	219	240	292	431	479	466	506
Total Cost of Revenue	146	145	152	160	162	164	214	260	263	242	234
Operating Cost of Revenue	146	145	152	160	162	164	214	260	263	242	234
Total Operating Expenses	2,265	2,264	2,526	2,675	2,986	3,275	3,367	3,842	4,156	4,406	4,878
Selling, General & Admin Expense	1,729	1,733	1,834	2,084	2,270	2,405	2,517	3,106	3,441	3,511	3,683
Depreciation Expense	278	291	449	543	554	637	610	483	487	664	958
Amortization Expense	20	23	26	25	29	31	28	34	28	24	18
Other Operating Expenses / (Income)	239	217	220	219	133	202	208	220	195	200	203
Other Special Charges / (Income)	-	-0.55	-3.59	-195	-0.04	-0.76	3.28	-	5.60	7.91	16
Total Other Income / (Expense), net	-102	-98	-115	0.00	-143	-162	-164	-170	-226	-138	-239
Interest Expense	102	98	114	0.00	142	161	164	168	225	256	296
Interest & Investment Income	-	-	-	-	-	-	-	0.00	0.00	120	59
Other Income / (Expense), net	-	-	-0.90	0.00	-1.01	-1.05	-0.99	-1.12	-1.22	-1.46	-1.49
Income Tax Expense	205	280	230	0.00	107	-64	186	352	295	211	110
Basic Earnings per Share	-	-	$20.34	$40.36	$18.93	$22.55	$0.00	$12.66	$0.00	$3.04	$0.00
Weighted Average Basic Shares Outstanding	19.59M	19.60M	19.59M	19.59M	19.59M	19.60M	392.16M	392.16M	392.16M	392.16M	392.16M
Diluted Earnings per Share	-	-	$20.34	$40.36	$18.93	$22.55	$0.00	$12.66	$0.00	$3.04	$0.00
Weighted Average Diluted Shares Outstanding	19.59M	19.60M	19.59M	19.59M	19.59M	19.60M	19.61M	196.08M	196.08M	196.08M	176.47M
Basic & Diluted Earnings per Share	-	-	$20.34	$40.36	$18.93	$22.55	$0.00	-	$0.00	$3.04	$0.00
Weighted Average Basic & Diluted Shares Outstanding	19.59M	19.60M	19.59M	19.59M	19.59M	19.60M	19.61M	19.61M	196.08M	19.61M	196.08M

This table shows U-Haul's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	12/31/2021	3/31/2022	6/30/2022	9/30/2022	12/31/2023	3/31/2023	6/30/2023	9/30/2023	12/31/2024	3/31/2024
Net Income / (Loss) Attributable to Common Shareholders	281	88	338	350	99	37	257	274	67	-0.86
Consolidated Net Income / (Loss)	281	-1,576	338	350	99	37	257	274	67	-0.86
Net Income / (Loss) Continuing Operations	281	-1,576	338	350	99	37	257	274	67	-0.86
Total Pre-Tax Income	371	112	445	461	130	52	339	358	89	14
Total Operating Income	417	156	496	520	198	110	400	422	151	-42
Total Gross Profit	1,347	-532	1,518	1,630	1,340	1,133	1,540	1,583	1,389	1,043
Total Revenue	1,404	-466	1,598	1,703	1,340	1,189	1,540	1,650	1,389	1,096
Operating Revenue	1,304	-548	1,462	1,535	1,237	1,111	1,416	1,492	1,277	1,014
Other Revenue	100	82	136	167	102	78	124	158	112	82
Total Cost of Revenue	57	66	80	73	0.00	56	0.00	67	0.00	53
Operating Cost of Revenue	57	66	80	73	-	56	-	67	-	53
Total Operating Expenses	931	984	1,023	1,110	1,142	1,022	1,141	1,161	1,238	1,085
Selling, General & Admin Expense	763	791	852	937	910	823	941	947	930	835
Depreciation Expense	104	122	114	117	174	142	138	154	246	198
Amortization Expense	7.95	10	7.67	6.97	4.16	6.30	8.05	6.83	4.49	5.21
Other Operating Expenses / (Income)	55	57	47	47	54	56	54	51	57	49
Total Other Income / (Expense), net	-45	-45	-50	-58	-68	-58	-61	-64	-61	55
Interest Expense	45	45	50	58	67	58	61	64	77	64
Other Income / (Expense), net	-0.28	-0.28	-0.30	-0.30	-0.37	-0.30	-0.37	-0.36	-0.37	-0.36
Income Tax Expense	90	24	107	112	31	14	82	85	22	15
Basic Earnings per Share	$0.00	($25.84)	$0.00	$0.00	$0.97	$8.16	$2.58	$0.00	$0.65	$2.07
Weighted Average Basic Shares Outstanding	392.16M	392.16M	392.16M	392.16M	392.16M	392.16M	392.16M	392.16M	392.16M	392.16M
Diluted Earnings per Share	$0.00	($25.84)	$0.00	$0.00	$0.97	$8.16	$2.58	$0.00	$0.65	$2.07
Weighted Average Diluted Shares Outstanding	19.61M	196.08M	19.61M	-	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M
Weighted Average Basic & Diluted Shares Outstanding	19.61M	19.61M	19.61M	-	196.08M	196.08M	196.08M	196.08M	196.08M	19.61M

This table details how cash moves in and out of U-Haul's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2022	2023	2024	2025
Period end date	3/31/2014	3/31/2015	3/31/2016	3/31/2017	3/31/2018	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Net Change in Cash & Equivalents	31	-53	159	97	62	1,102	-729	-458	-546
Net Cash From Operating Activities	734	759	1,045	1,058	936	1,946	1,730	1,453	1,454
Net Cash From Continuing Operating Activities	688	723	1,045	1,058	936	1,536	1,632	1,521	1,412
Net Income / (Loss) Continuing Operations	342	357	489	398	791	1,124	924	629	367
Consolidated Net Income / (Loss)	342	357	489	398	791	1,124	924	629	367
Depreciation Expense	293	353	389	482	555	697	734	818	972
Amortization Expense	20	23	27	30	28	25	50	47	5.70
Non-Cash Adjustments To Reconcile Net Income	-16	-61	-84	-15	-176	-139	-243	-107	78
Changes in Operating Assets and Liabilities, net	95	88	225	163	-261	-171	167	134	-11
Net Cash From Investing Activities	-847	-755	-1,260	-1,183	-897	1,867	-2,421	-2,046	-2,891
Net Cash From Continuing Investing Activities	-847	-755	-1,260	-1,183	-897	-1,867	-2,421	-2,046	-2,900
Purchase of Property, Plant & Equipment	-1,000	-1,042	-1,509	-1,420	-1,364	-2,137	-2,724	-2,993	-3,452
Purchase of Investments	-608	-569	-1,020	-1,179	-542	-887	-842	-520	-675
Sale of Property, Plant & Equipment	319	454	588	603	740	623	701	739	662
Sale and/or Maturity of Investments	443	401	686	850	237	543	434	724	561
Other Investing Activities, net	-	-	-4.36	-38	31	-9.33	9.30	2.98	3.98
Net Cash From Financing Activities	144	-46	389	224	17	1,433	60	67	895
Net Cash From Continuing Financing Activities	144	-46	389	224	17	1,433	60	67	930
Repayment of Debt	-385	-781	-720	-735	-840	-688	-1,142	-1,343	-1,349
Payment of Dividends	-20	-20	-78	-59	-29	-29	-20	0.00	0.00
Issuance of Debt	431	658	838	743	498	1,969	1,018	1,186	1,856
Other Financing Activities, net	118	97	349	274	388	181	203	223	423

This table details how cash moves in and out of U-Haul's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q4 2023	Q1 2024	Q4 2024
Period end date	12/31/2021	3/31/2022	6/30/2022	3/31/2023	6/30/2023	3/31/2024
Net Change in Cash & Equivalents	-103	-31	394	-479	317	-262
Net Cash From Operating Activities	270	157	651	214	466	213
Net Cash From Continuing Operating Activities	258	-231	651	205	454	225
Net Income / (Loss) Continuing Operations	281	88	334	37	257	-0.86
Consolidated Net Income / (Loss)	281	88	334	37	257	-0.86
Depreciation Expense	175	178	178	190	193	214
Amortization Expense	-14	12	14	6.23	5.85	5.36
Non-Cash Adjustments To Reconcile Net Income	-41	-37	-47	-18	-24	-7.68
Changes in Operating Assets and Liabilities, net	-153	-472	172	-10	22	14
Net Cash From Investing Activities	-435	3,314	-478	4,293	-289	3,756
Net Cash From Continuing Investing Activities	-435	-420	-478	-568	-288	-340
Purchase of Property, Plant & Equipment	-613	-484	-646	-647	-774	-592
Purchase of Investments	-68	-267	-102	-140	-66	-116
Sale of Property, Plant & Equipment	178	111	192	168	193	141
Sale and/or Maturity of Investments	60	234	74	61	358	228
Other Investing Activities, net	8.04	-15	4.79	-9.14	0.36	-1.94
Net Cash From Financing Activities	62	637	225	-115	137	-145
Net Cash From Continuing Financing Activities	62	637	221	-115	137	-145
Repayment of Debt	-216	-40	-244	-205	-353	-412
Issuance of Debt	215	767	393	42	445	149
Other Financing Activities, net	72	-90	82	47	51	118

This table presents U-Haul's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Total Assets	6,872	8,109	9,406	10,747	11,892	13,438	14,652	17,300	18,101	19,059	20,479
Total Current Assets	2,623	3,006	3,342	3,897	3,927	5,560	6,193	7,551	6,107	5,804	5,255
Cash & Equivalents	442	601	698	759	674	494	1,194	2,704	2,061	1,535	989
Short-Term Investments	1,574	1,803	2,032	2,319	2,536	2,853	3,185	3,437	3,285	3,076	3,158
Accounts Receivable	190	175	178	194	225	187	224	229	189	274	276
Inventories, net	69	80	82	90	104	101	106	159	151	151	163
Prepaid Expenses	126	134	125	166	174	563	469	237	242	246	282
Other Current Assets	222	214	228	370	215	1,362	1,015	785	180	522	387
Plant, Property, & Equipment, net	4,108	5,018	5,977	6,817	7,934	7,843	8,331	9,626	11,350	13,135	15,113
Plant, Property & Equipment, gross	2,551	3,175	3,777	4,601	11,022	10,556	11,414	13,358	15,660	18,186	21,005
Accumulated Depreciation	1,940	2,134	2,384	2,721	3,088	2,713	3,083	3,733	4,310	5,051	5,892
Total Noncurrent Assets	142	86	86	33	31	35	128	122	643	120	112
Other Noncurrent Operating Assets	142	86	86	33	31	35	128	122	169	120	112
Total Liabilities & Shareholders' Equity	6,872	8,109	9,406	10,747	11,892	13,438	14,652	17,300	18,101	19,059	20,479
Total Liabilities	4,988	5,858	6,786	7,339	8,199	9,217	9,800	11,414	11,597	11,886	12,981
Total Current Liabilities	514	525	479	545	592	586	688	727	813	834	874
Accounts Payable	496	503	451	511	557	554	646	678	761	783	821
Current Deferred Revenue	18	23	29	34	35	32	43	49	52	51	53
Total Noncurrent Liabilities	4,473	5,333	6,307	6,793	7,607	8,631	9,112	10,687	10,783	11,052	12,107
Long-Term Debt	2,191	2,647	3,263	3,513	4,163	4,621	4,669	6,022	6,108	6,271	7,194
Noncurrent Deferred & Payable Income Tax Liabilities	527	654	835	658	751	1,094	1,178	1,265	1,329	1,447	1,490
Other Noncurrent Operating Liabilities	1,756	2,032	2,209	2,622	2,693	2,916	3,264	3,400	3,346	3,334	3,423
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,884	2,251	2,620	2,721	3,692	4,221	4,852	5,885	7,075	7,619	7,957
Total Preferred & Common Equity	1,884	2,251	2,620	3,409	3,692	4,221	4,852	5,885	6,504	7,172	7,498
Preferred Stock	-152	-152	-152	0.00	0.00	0.00	-	-	0.00	0.00	0.00
Total Common Equity	2,036	2,403	2,761	2,721	3,692	4,221	4,852	5,885	7,075	7,619	7,957
Common Stock	460	462	452	453	464	464	464	464	464	473	473
Retained Earnings	2,143	2,534	2,893	3,636	3,977	4,399	4,958	6,052	7,003	7,600	7,932
Treasury Stock	-526	-526	-526	-1,355	-678	-678	-678	-678	-678	-678	-678
Accumulated Other Comprehensive Income / (Loss)	-34	-61	-51	-4.62	-67	35	107	46	286	223	229

This table presents U-Haul's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q3 2024
Period end date	12/31/2021	6/30/2022	12/31/2024
Total Assets	16,588	17,832	20,330
Total Current Assets	7,249	7,693	5,170
Cash & Equivalents	2,327	3,098	1,017
Short-Term Investments	3,398	3,227	3,243
Accounts Receivable	230	220	239
Inventories, net	167	165	155
Prepaid Expenses	211	232	266
Other Current Assets	915	751	249
Plant, Property, & Equipment, net	9,283	10,021	14,875
Plant, Property & Equipment, gross	12,827	13,912	20,544
Accumulated Depreciation	3,545	3,891	5,669
Total Noncurrent Assets	56	118	285
Other Noncurrent Operating Assets	56	118	285
Total Liabilities & Shareholders' Equity	16,588	17,832	20,330
Total Liabilities	10,773	11,758	12,699
Total Current Liabilities	635	786	847
Accounts Payable	635	723	799
Current Deferred Revenue	-	64	47
Total Noncurrent Liabilities	10,522	10,971	11,852
Long-Term Debt	5,398	6,233	6,897
Noncurrent Deferred & Payable Income Tax Liabilities	1,301	1,292	1,508
Other Noncurrent Operating Liabilities	3,395	3,447	3,447
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5,815	6,074	8,006
Total Preferred & Common Equity	5,815	6,074	7,631
Preferred Stock	0.00	-	0.00
Total Common Equity	5,815	6,074	8,006
Common Stock	464	464	473
Retained Earnings	5,965	6,376	8,023
Treasury Stock	-678	-678	-678
Accumulated Other Comprehensive Income / (Loss)	63	-89	187

This table displays calculated financial ratios and metrics derived from U-Haul's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	3/31/2014	3/31/2015	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.81%	8.44%	6.54%	4.47%	5.24%	4.65%	5.58%	14.15%	26.37%	2.18%	-4.08%
EBITDA Growth	21.40%	10.17%	23.42%	-2.23%	7.55%	-10.83%	0.40%	32.39%	48.11%	-6.84%	-17.58%
EBIT Growth	26.25%	5.21%	30.71%	-14.35%	3.10%	-18.98%	-13.05%	78.11%	71.32%	-12.19%	-32.40%
NOPAT Growth	24.10%	4.95%	30.82%	-14.50%	62.40%	-36.98%	30.93%	16.71%	70.08%	-12.56%	-33.24%
Net Income Growth	29.35%	4.19%	37.07%	-18.52%	92.07%	-53.09%	19.20%	38.19%	84.06%	-17.78%	-31.99%
EPS Growth	0.00%	0.00%	0.00%	0.00%	98.43%	-53.10%	19.12%	-100.00%	0.00%	-19.75%	-70.08%
Operating Cash Flow Growth	10.95%	3.42%	37.71%	1.22%	-11.51%	0.00%	0.00%	0.00%	0.00%	-11.13%	-16.01%
Free Cash Flow Firm Growth	-125.70%	46.87%	326.50%	-261.72%	140.22%	-526.88%	32.14%	601.85%	-42.37%	-164.41%	-106.08%
Invested Capital Growth	45.61%	29.75%	21.16%	26.35%	21.89%	20.88%	18.27%	-6.43%	12.16%	26.02%	21.54%
Revenue Q/Q Growth	1.34%	1.35%	1.25%	0.78%	1.36%	-0.84%	2.47%	5.54%	-21.00%	39.30%	-1.62%
EBITDA Q/Q Growth	1.98%	-2.68%	6.58%	-2.95%	-1.85%	-0.72%	102.24%	7.28%	9.19%	10.93%	3.31%
EBIT Q/Q Growth	1.59%	-6.63%	9.02%	-7.80%	-5.16%	3.89%	-4.83%	15.71%	1.55%	-3.04%	-13.36%
NOPAT Q/Q Growth	0.05%	-6.56%	8.94%	-7.83%	-18.15%	4.58%	149.80%	-10.59%	1.32%	-3.53%	-14.55%
Net Income Q/Q Growth	0.39%	-7.69%	9.66%	-9.75%	-3.05%	-39.03%	374.91%	-7.37%	-59.48%	233.90%	-5.53%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.17%	0.00%	0.00%	0.00%	0.00%	127.84%	395.15%
Operating Cash Flow Q/Q Growth	13.53%	9.24%	-4.21%	-5.72%	-3.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow Firm Q/Q Growth	-716.58%	67.26%	-63.80%	-89.57%	-39.76%	-107.41%	70.54%	3.21%	-14.03%	-106.11%	89.21%
Invested Capital Q/Q Growth	13.86%	2.96%	14.06%	12.71%	6.52%	10.00%	5.39%	3.21%	5.07%	0.00%	2.90%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	95.51%	95.25%	95.57%	95.54%	95.54%	95.70%	95.88%	95.29%	95.48%	95.52%	95.71%
EBITDA Margin	33.27%	33.80%	39.16%	36.65%	37.45%	31.91%	30.34%	35.19%	41.24%	37.60%	32.31%
Operating Margin	22.23%	21.57%	26.46%	21.72%	21.25%	16.48%	13.57%	21.16%	28.68%	24.65%	17.38%
EBIT Margin	22.23%	21.57%	26.46%	21.69%	21.25%	16.45%	13.55%	21.14%	28.66%	24.63%	17.35%
Profit (Net Income) Margin	12.08%	11.60%	14.93%	11.64%	21.25%	9.84%	11.11%	13.45%	19.59%	15.76%	11.18%
Tax Burden Percent	63.70%	63.54%	63.60%	63.41%	120.02%	77.66%	116.91%	76.68%	76.15%	75.81%	74.83%
Interest Burden Percent	85.29%	84.68%	88.72%	84.65%	83.32%	77.02%	70.14%	82.97%	89.76%	84.42%	86.05%
Effective Tax Rate	36.30%	36.46%	36.40%	36.59%	0.00%	22.34%	-16.91%	23.32%	23.85%	24.19%	25.17%
Return on Invested Capital (ROIC)	29.98%	23.10%	24.20%	16.68%	21.87%	11.36%	12.45%	13.86%	22.98%	16.82%	9.09%
ROIC Less NNEP Spread (ROIC-NNEP)	179.69%	-31.74%	-5.43%	-2.04%	21.87%	-4.69%	-4.55%	-2.28%	-128.25%	-453.62%	-5.56%
Return on Net Nonoperating Assets (RNNOA)	-5.14%	-2.19%	-0.55%	-0.33%	3.51%	-0.92%	-1.28%	-0.39%	-2.04%	-2.55%	-0.53%
Return on Equity (ROE)	24.84%	20.91%	23.65%	16.36%	25.39%	10.45%	11.17%	13.47%	20.94%	14.27%	8.56%
Cash Return on Invested Capital (CROIC)	-7.16%	-2.79%	5.06%	-6.60%	2.14%	-7.54%	-4.28%	20.50%	11.52%	-6.21%	-10.36%
Operating Return on Assets (OROA)	11.15%	10.30%	11.57%	8.48%	7.59%	5.48%	4.26%	6.84%	10.30%	8.16%	5.25%
Return on Assets (ROA)	6.06%	5.54%	6.53%	4.55%	7.59%	3.28%	3.49%	4.35%	7.04%	5.22%	3.38%
Return on Common Equity (ROCE)	27.58%	22.78%	25.39%	17.34%	25.98%	10.45%	11.17%	13.47%	20.94%	14.27%	8.56%
Return on Equity Simple (ROE_SIMPLE)	22.42%	18.93%	21.72%	15.21%	22.45%	10.04%	10.47%	12.59%	19.10%	14.21%	8.77%
Net Operating Profit after Tax (NOPAT)	401	421	551	471	765	482	631	737	1,253	1,096	732
NOPAT Margin	14.16%	13.70%	16.83%	13.77%	21.25%	12.80%	15.87%	16.23%	21.84%	18.69%	13.01%
Net Nonoperating Expense Percent (NNEP)	-149.70%	54.84%	29.63%	18.72%	0.00%	16.05%	17.01%	16.14%	151.24%	470.44%	14.65%
Cost of Revenue to Revenue	4.49%	4.75%	4.43%	4.46%	4.46%	4.30%	4.12%	4.71%	4.52%	4.48%	4.29%
SG&A Expenses to Revenue	54.35%	56.24%	52.90%	53.61%	57.86%	60.22%	60.46%	55.42%	54.12%	58.67%	62.40%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	73.28%	73.68%	69.12%	73.82%	74.29%	79.22%	82.30%	74.13%	66.94%	70.87%	78.33%
Earnings before Interest and Taxes (EBIT)	630	663	867	742	765	620	539	960	1,645	1,444	976
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	943	1,039	1,283	1,254	1,349	1,203	1,207	1,598	2,367	2,205	1,818
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	25.80	30.43	28.21	26.40	19.47	19.46	13.36	2.47	19.85	1.65	1.74
Price to Tangible Book Value (P/TBV)	25.80	30.43	28.21	26.40	19.47	19.46	13.36	2.47	19.85	1.65	1.74
Price to Revenue (P/Rev)	15.28	20.15	20.70	21.30	18.43	19.07	14.17	2.63	20.35	1.99	2.35
Price to Earnings (P/E)	126.57	173.69	138.63	182.97	86.73	193.77	127.56	19.58	103.91	12.65	21.06
Dividend Yield	0.45%	0.32%	1.45%	0.81%	0.59%	0.55%	0.52%	0.41%	0.59%	0.00%	0.00%
Earnings Yield	0.79%	0.58%	0.72%	0.55%	1.15%	0.52%	0.78%	5.11%	0.96%	7.90%	4.75%
Enterprise Value to Invested Capital (EV/IC)	27.24	30.09	27.20	23.24	17.38	15.67	10.49	2.38	20.24	1.71	1.69
Enterprise Value to Revenue (EV/Rev)	15.25	20.16	20.72	21.42	18.55	19.32	14.49	2.70	20.33	2.12	2.65
Enterprise Value to EBITDA (EV/EBITDA)	45.84	59.64	52.92	58.43	49.53	60.55	47.76	7.66	49.30	5.65	8.20
Enterprise Value to EBIT (EV/EBIT)	68.62	93.49	78.33	98.72	87.30	117.45	106.97	12.76	70.95	8.63	15.26
Enterprise Value to NOPAT (EV/NOPAT)	107.72	147.13	123.17	155.51	87.30	150.98	91.32	16.62	93.11	11.37	20.37
Enterprise Value to Operating Cash Flow (EV/OCF)	58.92	81.66	64.94	69.25	71.35	0.00	0.00	0.00	59.97	7.20	10.26
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	588.77	0.00	890.80	0.00	0.00	11.24	185.76	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.27	1.16	1.18	1.25	1.03	1.13	1.09	0.96	1.02	0.86	0.82
Long-Term Debt to Equity	1.27	1.16	1.18	1.25	1.03	1.13	1.09	0.96	1.02	0.86	0.82
Financial Leverage	-0.03	0.07	0.10	0.16	0.16	0.20	0.28	0.17	0.02	0.01	0.10
Leverage Ratio	4.10	3.77	3.62	3.60	3.34	3.19	3.20	3.10	2.98	2.73	2.53
Compound Leverage Factor	3.50	3.19	3.21	3.04	2.79	2.46	2.25	2.57	2.67	2.31	2.18
Debt to Total Capital	55.98%	53.76%	54.04%	55.47%	50.75%	53.00%	52.27%	49.04%	50.58%	46.33%	45.15%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	55.98%	53.76%	54.04%	55.47%	50.75%	53.00%	52.27%	49.04%	50.58%	46.33%	45.15%
Preferred Equity to Total Capital	-4.38%	-3.73%	-3.10%	-2.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	48.40%	49.97%	49.06%	46.94%	49.25%	47.00%	47.73%	50.96%	49.42%	53.67%	54.85%
Debt to EBITDA	2.06	2.11	2.06	2.60	2.60	3.46	3.83	2.92	2.54	2.77	3.45
Net Debt to EBITDA	0.06	0.17	0.19	0.43	0.32	0.79	1.06	0.18	-0.05	0.35	0.91
Long-Term Debt to EBITDA	2.06	2.11	2.06	2.60	2.60	3.46	3.83	2.92	2.54	2.77	3.45
Debt to NOPAT	4.84	5.20	4.80	6.92	4.59	8.63	7.32	6.34	4.80	5.57	8.57
Net Debt to NOPAT	0.15	0.42	0.44	1.13	0.57	1.98	2.02	0.39	-0.09	0.70	2.27
Long-Term Debt to NOPAT	4.84	5.20	4.80	6.92	4.59	8.63	7.32	6.34	4.80	5.57	8.57
Altman Z-Score	7.54	9.02	8.50	7.87	6.85	6.55	5.00	2.18	7.75	2.09	1.98
Noncontrolling Interest Sharing Ratio	-11.03%	-8.91%	-7.35%	-6.03%	-2.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	5.10	5.72	6.97	7.63	6.63	9.49	9.00	10.39	7.51	6.54
Quick Ratio	0.00	4.29	4.91	6.07	6.40	5.80	6.03	6.69	8.76	6.80	5.79
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-96	-51	115	-186	75	-320	-217	1,090	628	-405	-834
Operating Cash Flow to CapEx	107.78%	129.12%	113.46%	129.60%	150.16%	0.00%	0.00%	0.00%	128.61%	85.52%	64.46%
Free Cash Flow to Firm to Interest Expense	-1.03	-0.50	1.18	-1.64	0.00	-2.25	-1.35	6.67	3.73	-1.80	-3.26
Operating Cash Flow to Interest Expense	7.92	7.47	10.70	9.29	0.00	0.00	0.00	0.00	11.56	7.69	5.67
Operating Cash Flow Less CapEx to Interest Expense	0.57	1.68	1.27	2.12	0.00	0.00	0.00	0.00	2.57	-1.30	-3.13
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.50	0.48	0.44	0.39	0.36	0.33	0.31	0.32	0.36	0.33	0.30
Accounts Receivable Turnover	12.30	15.80	17.95	19.37	19.38	18.02	19.34	22.10	25.30	28.00	27.75
Inventory Turnover	2.06	2.14	1.94	1.88	1.86	1.68	1.60	2.07	1.96	1.70	1.60
Fixed Asset Turnover	0.92	0.82	0.72	0.62	0.56	0.51	0.50	0.56	0.64	0.56	0.46
Accounts Payable Turnover	0.00	0.00	0.29	0.32	0.33	0.30	0.30	0.36	0.39	0.37	0.31
Days Sales Outstanding (DSO)	29.68	23.10	20.34	18.84	18.83	20.26	18.87	16.52	14.43	13.03	13.15
Days Inventory Outstanding (DIO)	176.97	170.53	187.83	194.12	195.95	217.66	227.64	176.19	185.93	215.34	228.47
Days Payable Outstanding (DPO)	0.00	0.00	1,257.33	1,140.68	1,093.55	1,202.08	1,236.44	1,023.02	930.38	998.32	1,166.58
Cash Conversion Cycle (CCC)	206.65	193.63	-1,049.16	-927.72	-878.76	-964.16	-989.93	-830.31	-730.02	-769.95	-924.96
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,587	2,060	2,496	3,153	3,843	4,646	5,495	5,141	5,766	7,267	8,833
Invested Capital Turnover	2.12	1.69	1.44	1.21	1.03	0.89	0.78	0.85	1.05	0.90	0.70
Increase / (Decrease) in Invested Capital	497	472	436	658	690	802	849	-353	625	1,501	1,566
Enterprise Value (EV)	43,243	61,985	67,882	73,280	66,805	72,814	57,663	12,250	116,711	12,459	14,903
Market Capitalization	43,335	61,961	67,790	72,898	66,370	71,861	56,389	11,961	116,830	11,696	13,243
Book Value per Share	$85.65	$103.85	$122.57	$140.82	$173.84	$188.31	$215.26	$247.45	$300.15	$36.08	$38.86
Tangible Book Value per Share	$85.65	$103.85	$122.57	$140.82	$173.84	$188.31	$215.26	$247.45	$300.15	$36.08	$38.86
Total Capital	3,470	4,075	4,899	5,883	6,922	7,856	8,842	9,521	11,908	13,183	13,890
Total Debt	1,942	2,191	2,647	3,263	3,513	4,163	4,621	4,669	6,022	6,108	6,271
Total Long-Term Debt	1,942	2,191	2,647	3,263	3,513	4,163	4,621	4,669	6,022	6,108	6,271
Net Debt	60	175	244	533	435	953	1,274	289	-119	763	1,660
Capital Expenditures (CapEx)	681	588	921	816	624	0.00	0.00	0.00	1,513	2,023	2,254
Debt-free, Cash-free Net Working Capital (DFCFNWC)	538	93	77	134	308	125	1,627	1,125	683	-51	12
Debt-free Net Working Capital (DFNWC)	2,420	2,108	2,481	2,863	3,386	3,335	4,974	5,505	6,825	5,294	4,623
Net Working Capital (NWC)	2,420	2,108	2,481	2,863	3,386	3,335	4,974	5,505	6,825	5,294	4,623
Net Nonoperating Expense (NNE)	59	65	62	73	0.00	111	189	126	129	171	103
Net Nonoperating Obligations (NNO)	60	175	244	533	435	953	1,274	289	-119	192	1,214
Total Depreciation and Amortization (D&A)	313	376	416	512	583	583	668	638	722	761	841
Debt-free, Cash-free Net Working Capital to Revenue	18.97%	3.02%	2.37%	3.91%	8.55%	3.32%	40.88%	24.78%	11.90%	-0.87%	0.21%
Debt-free Net Working Capital to Revenue	85.36%	68.57%	75.74%	83.67%	94.03%	88.49%	125.02%	121.20%	118.90%	90.27%	82.17%
Net Working Capital to Revenue	85.36%	68.57%	75.74%	83.67%	94.03%	88.49%	125.02%	121.20%	118.90%	90.27%	82.17%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$1.89	$2.26	$3.12	$5.73	$0.00	$3.04
Adjusted Weighted Average Basic Shares Outstanding	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M	392.16M	392.16M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$1.89	$2.26	$3.12	$5.73	$0.00	$3.04
Adjusted Weighted Average Diluted Shares Outstanding	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$1.89	$2.26	$3.12	$5.73	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	195.59M	195.87M	195.96M	195.87M	195.89M	195.92M	196.04M	196.08M	196.08M	196.08M	19.61M
Normalized Net Operating Profit after Tax (NOPAT)	401	421	551	469	399	482	378	739	1,253	1,096	732
Normalized NOPAT Margin	14.16%	13.70%	16.82%	13.70%	11.08%	12.80%	9.49%	16.28%	21.84%	18.69%	13.01%
Pre Tax Income Margin	18.96%	18.26%	23.47%	18.36%	17.71%	12.67%	9.50%	17.54%	25.73%	20.79%	14.93%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.80	6.53	8.87	6.52	0.00	4.35	3.35	5.87	9.77	6.42	3.81
NOPAT to Interest Expense	4.33	4.15	5.64	4.14	0.00	3.39	3.92	4.51	7.44	4.87	2.86
EBIT Less CapEx to Interest Expense	-0.55	0.74	-0.56	-0.65	0.00	0.00	0.00	0.00	0.78	-2.57	-4.99
NOPAT Less CapEx to Interest Expense	-3.02	-1.64	-3.79	-3.03	0.00	0.00	0.00	0.00	-1.54	-4.12	-5.94
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	5.72%	5.49%	16.03%	14.75%	3.84%	0.00%	0.00%	0.00%	2.62%	2.12%	0.00%
Augmented Payout Ratio	5.72%	5.49%	16.03%	14.75%	3.84%	0.00%	0.00%	0.00%	2.62%	2.12%	0.00%

This table displays calculated financial ratios and metrics derived from U-Haul's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	12/31/2021	3/31/2022	6/30/2022	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	20.03%	-143.96%	8.49%	-48.84%	-2.07%	355.10%	-3.60%	-3.11%	-2.60%	-7.80%
EBITDA Growth	31.67%	17.49%	1.67%	-16.11%	-23.71%	-11.66%	-20.70%	-9.47%	-14.87%	-42.16%
EBIT Growth	46.79%	19.14%	0.26%	-10.16%	-23.23%	-29.68%	-19.37%	-18.79%	-38.31%	-138.41%
NOPAT Growth	46.82%	14.14%	0.34%	-10.45%	-22.68%	-35.57%	-19.48%	-18.15%	-38.13%	-96.67%
Net Income Growth	53.82%	-2,236.66%	-1.98%	-83.13%	-29.35%	102.37%	-24.09%	-21.82%	-50.10%	-102.31%
EPS Growth	-100.00%	0.00%	-100.00%	-100.00%	0.00%	131.58%	0.00%	0.00%	-51.50%	-74.63%
Operating Cash Flow Growth	-27.84%	0.00%	-17.99%	0.00%	0.00%	36.19%	0.00%	0.00%	0.00%	-0.57%
Free Cash Flow Firm Growth	-142.62%	-208.84%	-176.38%	857.26%	3,108.47%	-183.17%	1,112.38%	-94.07%	-247.12%	-9.98%
Invested Capital Growth	10.16%	12.16%	20.01%	0.00%	0.00%	26.02%	0.00%	0.00%	0.00%	21.54%
Revenue Q/Q Growth	-57.81%	-133.18%	442.92%	6.57%	-19.23%	-13.57%	29.58%	7.11%	-18.81%	-18.18%
EBITDA Q/Q Growth	-24.77%	-40.07%	139.54%	-6.33%	-31.58%	-30.60%	112.57%	6.93%	-35.67%	-52.85%
EBIT Q/Q Growth	-28.00%	-62.50%	219.31%	4.94%	-38.48%	-65.65%	268.55%	5.68%	-53.26%	-121.38%
NOPAT Q/Q Growth	-28.26%	-60.98%	208.40%	4.72%	-38.06%	-67.49%	291.37%	6.46%	-53.17%	-98.25%
Net Income Q/Q Growth	-86.43%	-660.08%	121.45%	3.41%	-43.16%	-81.19%	614.73%	6.49%	-63.72%	-100.87%
EPS Q/Q Growth	-100.00%	0.00%	100.00%	0.00%	0.00%	308.00%	100.00%	0.00%	0.00%	113.40%
Operating Cash Flow Q/Q Growth	-62.75%	-41.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow Firm Q/Q Growth	-133.55%	-163.42%	-23.39%	975.89%	5.43%	-124.79%	541.55%	-94.87%	-2,713.88%	81.47%
Invested Capital Q/Q Growth	8.83%	5.07%	3.72%	-100.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	2.90%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	95.94%	0.00%	95.01%	95.74%	96.03%	95.28%	95.41%	95.96%	96.15%	95.19%
EBITDA Margin	41.12%	0.00%	43.02%	37.81%	32.03%	25.72%	35.39%	35.33%	28.00%	16.13%
Operating Margin	29.67%	0.00%	31.01%	30.53%	23.27%	9.26%	25.95%	25.60%	14.75%	-3.82%
EBIT Margin	29.65%	0.00%	30.99%	30.52%	23.25%	9.24%	25.92%	25.58%	14.72%	-3.85%
Profit (Net Income) Margin	20.04%	0.00%	21.18%	20.55%	14.46%	3.15%	16.67%	16.58%	7.41%	-0.08%
Tax Burden Percent	75.78%	-1,413.83%	75.96%	75.81%	76.30%	72.09%	75.83%	76.39%	76.46%	-6.32%
Interest Burden Percent	89.19%	71.40%	89.94%	88.81%	81.52%	47.25%	84.82%	84.85%	65.80%	-32.39%
Effective Tax Rate	24.22%	21.24%	24.04%	24.19%	23.70%	27.91%	24.17%	23.61%	23.54%	106.32%
Return on Invested Capital (ROIC)	31.21%	0.00%	25.20%	0.00%	0.00%	6.01%	0.00%	0.00%	15.03%	0.17%
ROIC Less NNEP Spread (ROIC-NNEP)	97.90%	0.00%	59.73%	0.00%	0.00%	-109.15%	0.00%	0.00%	3.23%	-0.33%
Return on Net Nonoperating Assets (RNNOA)	-0.95%	0.00%	-1.18%	0.00%	0.00%	-0.61%	0.00%	0.00%	0.37%	-0.03%
Return on Equity (ROE)	30.26%	0.00%	24.02%	0.00%	0.00%	5.40%	0.00%	0.00%	15.39%	0.14%
Cash Return on Invested Capital (CROIC)	13.96%	11.52%	4.68%	0.00%	0.00%	-6.21%	0.00%	0.00%	-180.05%	-10.36%
Operating Return on Assets (OROA)	13.88%	0.00%	11.03%	0.00%	0.00%	3.06%	0.00%	0.00%	4.43%	-1.17%
Return on Assets (ROA)	9.38%	0.00%	7.54%	0.00%	0.00%	1.04%	0.00%	0.00%	2.23%	-0.02%
Return on Common Equity (ROCE)	30.26%	0.00%	24.02%	0.00%	0.00%	5.40%	0.00%	0.00%	15.39%	0.14%
Return on Equity Simple (ROE_SIMPLE)	47.71%	0.00%	18.38%	0.00%	0.00%	0.00%	0.00%	0.00%	9.39%	0.00%
Net Operating Profit after Tax (NOPAT)	316	123	376	394	244	79	303	323	151	2.64
NOPAT Margin	22.49%	0.00%	23.56%	23.15%	17.75%	6.68%	19.68%	19.56%	11.28%	0.24%
Net Nonoperating Expense Percent (NNEP)	-66.69%	1,991.55%	-34.53%	0.00%	0.00%	115.16%	0.00%	0.00%	11.80%	0.50%
Cost of Revenue to Revenue	4.06%	0.00%	4.99%	4.26%	3.97%	4.72%	4.59%	4.04%	3.85%	4.81%
SG&A Expenses to Revenue	54.35%	0.00%	53.30%	55.02%	60.31%	69.22%	56.49%	57.41%	64.08%	76.17%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	66.26%	0.00%	64.00%	65.20%	72.76%	86.01%	69.47%	70.36%	81.40%	99.00%
Earnings before Interest and Taxes (EBIT)	416	156	495	520	320	110	399	422	197	-42
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	577	346	687	644	441	306	545	583	375	177
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.44	19.85	1.54	0.00	0.00	1.65	0.00	0.00	1.83	1.74
Price to Tangible Book Value (P/TBV)	2.44	19.85	1.54	0.00	0.00	1.65	0.00	0.00	1.83	1.74
Price to Revenue (P/Rev)	1.96	20.35	1.60	2.36	2.80	1.99	1.87	1.86	2.46	2.35
Price to Earnings (P/E)	12.80	103.91	8.39	9.45	12.12	12.65	12.89	13.98	21.15	21.06
Dividend Yield	0.48%	0.59%	0.42%	0.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	7.81%	0.96%	11.92%	10.58%	8.25%	7.90%	7.76%	7.15%	4.73%	4.75%
Enterprise Value to Invested Capital (EV/IC)	2.60	20.24	1.55	0.00	0.00	1.71	0.00	0.00	1.81	1.69
Enterprise Value to Revenue (EV/Rev)	1.96	20.33	1.58	0.00	0.00	2.12	0.00	0.00	2.72	2.65
Enterprise Value to EBITDA (EV/EBITDA)	6.58	49.30	4.31	0.00	0.00	5.65	0.00	0.00	8.85	8.20
Enterprise Value to EBIT (EV/EBIT)	8.81	70.95	5.64	0.00	0.00	8.63	0.00	0.00	13.82	15.26
Enterprise Value to NOPAT (EV/NOPAT)	11.54	93.11	7.40	0.00	0.00	11.37	0.00	0.00	18.19	20.37
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	59.97	0.00	0.00	0.00	7.20	0.00	0.00	0.00	10.26
Enterprise Value to Free Cash Flow (EV/FCFF)	19.53	185.76	36.16	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.99	1.02	1.03	0.00	0.00	0.86	0.00	0.00	0.84	0.82
Long-Term Debt to Equity	0.99	1.02	1.03	0.00	0.00	0.86	0.00	0.00	0.84	0.82
Financial Leverage	-0.01	0.02	-0.02	0.00	0.00	0.01	0.00	0.00	0.11	0.10
Leverage Ratio	2.94	2.98	2.95	0.00	0.00	2.73	0.00	0.00	2.47	2.53
Compound Leverage Factor	2.62	2.12	2.65	0.00	0.00	1.29	0.00	0.00	1.62	-0.82
Debt to Total Capital	49.86%	50.58%	50.64%	0.00%	0.00%	46.33%	0.00%	0.00%	45.52%	45.15%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	49.86%	50.58%	50.64%	0.00%	0.00%	46.33%	0.00%	0.00%	45.52%	45.15%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	50.14%	49.42%	49.36%	0.00%	0.00%	53.67%	0.00%	0.00%	54.48%	54.85%
Debt to EBITDA	2.67	2.54	2.90	0.00	0.00	2.77	0.00	0.00	3.66	3.45
Net Debt to EBITDA	0.03	-0.05	-0.04	0.00	0.00	0.35	0.00	0.00	0.85	0.91
Long-Term Debt to EBITDA	2.67	2.54	2.90	0.00	0.00	2.77	0.00	0.00	3.66	3.45
Debt to NOPAT	4.67	4.80	4.97	0.00	0.00	5.57	0.00	0.00	7.52	8.57
Net Debt to NOPAT	0.05	-0.09	-0.07	0.00	0.00	0.70	0.00	0.00	1.75	2.27
Long-Term Debt to NOPAT	4.67	4.80	4.97	0.00	0.00	5.57	0.00	0.00	7.52	8.57
Altman Z-Score	2.29	7.47	1.86	0.00	0.00	1.84	0.00	0.00	1.92	1.81
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	11.42	10.39	9.78	0.00	0.00	7.51	0.00	0.00	7.43	6.54
Quick Ratio	9.38	8.76	8.32	0.00	0.00	6.80	0.00	0.00	6.69	5.79
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-191	-502	-621	5,437	5,732	-1,421	6,284	323	-8,433	-1,563
Operating Cash Flow to CapEx	62.08%	42.21%	143.28%	0.00%	0.00%	44.59%	0.00%	0.00%	0.00%	47.17%
Free Cash Flow to Firm to Interest Expense	-4.23	-11.24	-12.46	93.49	97.01	-24.54	103.70	5.05	-125.03	-24.35
Operating Cash Flow to Interest Expense	6.00	3.52	13.08	0.00	0.00	3.69	0.00	0.00	0.00	3.31
Operating Cash Flow Less CapEx to Interest Expense	-3.67	-4.82	3.95	0.00	0.00	-4.59	0.00	0.00	0.00	-3.71
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.47	0.36	0.36	0.00	0.00	0.33	0.00	0.00	0.30	0.30
Accounts Receivable Turnover	31.94	25.30	25.91	0.00	0.00	28.00	0.00	0.00	23.37	27.75
Inventory Turnover	1.83	1.96	1.91	0.00	0.00	1.70	0.00	0.00	1.58	1.60
Fixed Asset Turnover	0.84	0.64	0.63	0.00	0.00	0.56	0.00	0.00	0.45	0.46
Accounts Payable Turnover	0.40	0.39	0.38	0.00	0.00	0.37	0.00	0.00	0.34	0.31
Days Sales Outstanding (DSO)	11.43	14.43	14.09	0.00	0.00	13.03	0.00	0.00	15.62	13.15
Days Inventory Outstanding (DIO)	199.26	185.93	191.45	0.00	0.00	215.34	0.00	0.00	231.21	228.47
Days Payable Outstanding (DPO)	915.15	930.38	961.77	0.00	0.00	998.32	0.00	0.00	1,086.82	1,166.58
Cash Conversion Cycle (CCC)	-704.47	-730.02	-756.23	0.00	0.00	-769.95	0.00	0.00	-839.99	-924.96
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,488	5,766	5,981	0.00	0.00	7,267	0.00	0.00	8,584	8,833
Invested Capital Turnover	1.39	1.05	1.07	0.00	0.00	0.90	0.00	0.00	1.33	0.70
Increase / (Decrease) in Invested Capital	506	625	997	-5,043	-5,488	1,501	-5,981	0.00	8,584	1,566
Enterprise Value (EV)	14,270	116,711	9,275	0.00	0.00	12,459	0.00	0.00	15,575	14,903
Market Capitalization	14,213	116,830	9,368	9,985	11,802	11,696	10,847	10,700	14,078	13,243
Book Value per Share	$296.59	$300.15	$309.77	$0.00	$0.00	$36.08	$0.00	$0.00	$39.30	$38.86
Tangible Book Value per Share	$296.59	$300.15	$309.77	$0.00	$0.00	$36.08	$0.00	$0.00	$39.30	$38.86
Total Capital	11,598	11,908	12,306	0.00	0.00	13,183	0.00	0.00	14,142	13,890
Total Debt	5,782	6,022	6,233	0.00	0.00	6,108	0.00	0.00	6,437	6,271
Total Long-Term Debt	5,782	6,022	6,233	0.00	0.00	6,108	0.00	0.00	6,437	6,271
Net Debt	57	-119	-93	0.00	0.00	763	0.00	0.00	1,496	1,660
Capital Expenditures (CapEx)	435	372	455	0.00	0.00	480	0.00	0.00	0.00	451
Debt-free, Cash-free Net Working Capital (DFCFNWC)	889	683	581	0.00	0.00	-51	0.00	0.00	39	12
Debt-free Net Working Capital (DFNWC)	6,614	6,825	6,906	0.00	0.00	5,294	0.00	0.00	4,980	4,623
Net Working Capital (NWC)	6,614	6,825	6,906	0.00	0.00	5,294	0.00	0.00	4,980	4,623
Net Nonoperating Expense (NNE)	34	1,700	38	44	45	42	46	49	52	3.50
Net Nonoperating Obligations (NNO)	-327	-119	-93	0.00	0.00	192	0.00	0.00	879	1,214
Total Depreciation and Amortization (D&A)	161	190	192	124	121	196	146	161	178	219
Debt-free, Cash-free Net Working Capital to Revenue	12.23%	11.90%	9.90%	0.00%	0.00%	-0.87%	0.00%	0.00%	0.68%	0.21%
Debt-free Net Working Capital to Revenue	91.03%	118.90%	117.76%	0.00%	0.00%	90.27%	0.00%	0.00%	87.09%	82.17%
Net Working Capital to Revenue	91.03%	118.90%	117.76%	0.00%	0.00%	90.27%	0.00%	0.00%	87.09%	82.17%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.44	($2.58)	$1.70	$1.80	$0.00	$8.16	$0.00	$0.00	$0.97	$2.07
Adjusted Weighted Average Basic Shares Outstanding	196.08M	3.92B	196.08M	196.08M	392.16M	392.16M	392.16M	392.16M	392.16M	392.16M
Adjusted Diluted Earnings per Share	$1.44	($2.58)	$1.70	$1.80	$0.00	$8.16	$0.00	$0.00	$0.97	$2.07
Adjusted Weighted Average Diluted Shares Outstanding	196.08M	1.96B	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M
Adjusted Basic & Diluted Earnings per Share	$1.44	$0.00	$1.70	$1.80	$0.00	$0.00	$0.00	$0.00	$0.97	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M	19.61M
Normalized Net Operating Profit after Tax (NOPAT)	317	123	378	396	244	79	304	324	151	-29
Normalized NOPAT Margin	22.54%	0.00%	23.67%	23.23%	17.75%	6.68%	19.73%	19.63%	11.28%	-2.67%
Pre Tax Income Margin	26.45%	0.00%	27.88%	27.10%	18.95%	4.37%	21.99%	21.70%	9.69%	1.25%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.25	3.50	9.94	8.94	5.41	1.90	6.59	6.60	2.92	-0.66
NOPAT to Interest Expense	7.02	2.76	7.56	6.78	4.13	1.37	5.00	5.05	2.24	0.04
EBIT Less CapEx to Interest Expense	-0.41	-4.84	0.82	0.00	0.00	-6.39	0.00	0.00	0.00	-7.68
NOPAT Less CapEx to Interest Expense	-2.65	-5.57	-1.57	0.00	0.00	-6.91	0.00	0.00	0.00	-6.98
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	2.62%	0.00%	0.00%	0.00%	2.12%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	2.62%	0.00%	0.00%	0.00%	2.12%	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

U-Haul reported softer results in Q4 2024, with total revenue of $1.10 billion down 7.8% year-over-year, turning to a slight net loss of $0.9 million and a negative operating margin of 3.8%. Despite the top-line weakness and heavy capital spending in the quarter, the company generated solid operating cash flow and maintains a very strong liquidity position with conservative leverage metrics.

Strong Q4 operating cash flow of $212.7 million
Robust liquidity with current ratio of 6.54 and quick ratio of 5.79
Low net debt to EBITDA at 0.91x indicates manageable leverage
Reasonable EV/EBITDA multiple of 8.2x compared to peers
Market cap around $13.2 billion with P/E of 21.1x
High days payable (~1,167 days) contributes to negative cash conversion cycle
Q4 revenue declined ~7.8% year-over-year to $1.10 billion
Negative operating margin of -3.8% in Q4
Net loss of $0.9 million in Q4 versus a profit of $37.4 million a year ago
Significant CapEx of $591.9 million led to negative free cash flow to firm of $1.56 billion

06/26/25 07:39 AMAI Generated. May Contain Errors.

Frequently Asked Questions About U-Haul's Financials

When does U-Haul's fiscal year end?

According to the most recent income statement we have on file, U-Haul's financial year ends in March. Their financial year 2025 ended on March 31, 2025.

How has U-Haul's net income changed over the last 10 years?

U-Haul's net income appears to be on an upward trend, with a most recent value of $367.09 million in 2025, rising from $356.74 million in 2015. The previous period was $628.71 million in 2024.

What is U-Haul's operating income?

U-Haul's total operating income in 2025 was $716.15 million, based on the following breakdown:

Total Gross Profit: $5.59 billion
Total Operating Expenses: $4.88 billion

How has U-Haul's revenue changed over the last 10 years?

Over the last 10 years, U-Haul's total revenue changed from $3.07 billion in 2015 to $5.83 billion in 2025, a change of 89.6%.

How much debt does U-Haul have?

U-Haul's total liabilities were at $12.98 billion at the end of 2025, a 9.2% increase from 2024, and a 160.3% increase since 2015.

How much cash does U-Haul have?

In the past 10 years, U-Haul's cash and equivalents has ranged from $441.85 million in 2015 to $2.70 billion in 2022, and is currently $988.83 million as of their latest financial filing in 2025.

How has U-Haul's book value per share changed over the last 10 years?

Over the last 10 years, U-Haul's book value per share changed from 85.65 in 2014 to 38.86 in 2024, a change of -54.6%.

Related Companies

This page (NYSE:UHAL) was last updated on 6/26/2025 by MarketBeat.com Staff

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U-Haul (UHAL) Financials

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U-Haul (UHAL) Financials

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