MeritValue

Sunbelt Rentals Holdings, Inc.

SUNBdata completeness 88%3 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'interestExpense'

The thesis, from the filings

Sunbelt Rentals Holdings, Inc. earns about 12% on invested capital, and has bought back 4% of its shares over 3 years. The applicable estimate puts fair value near $38.23 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2024FY 2025FY 2026
Revenue$2.8B1$2.4B1$2.51B1
Net income$1.57B2$1.55B2$1.33B2
Operating cash flow$3.66B3$3.84B3$3.78B3
Capital expenditure———
Free cash flow (derived)———
Total debt—$15B4$15.2B4
Cash & equivalents$21M5$21M6$29M6
Diluted shares439.3M437.0M421.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$175.98
your share of equity
Profit it earned you last year
$31.47
Free cash flow it threw off
—
Debt you’d be carrying
$360.23

10 shares is a claim on $175.98 of net worth that earned you $31.47 last year, against $360.23 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
12% avg · 3y
FY24 22%FY25 7%FY26 6%

It earned an average 12% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−4% shares · 3y

Share count is down 4% over 3 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$38.23
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.55B
  • growthAssumed0.0%
Graham Number
$35.32
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2024-04-30 · accession 0001628280-26-044888 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-04-30 · accession 0001628280-26-044888 (NetIncomeLoss)
  3. 10-K · period ending 2024-04-30 · accession 0001628280-26-044888 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2025-04-30 · accession 0001628280-26-044888 (LongTermDebtNoncurrent)
  5. 10-K · period ending 2024-04-30 · accession 0001628280-26-044888 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  6. 10-K · period ending 2025-04-30 · accession 0001628280-26-044888 (CashAndCashEquivalentsAtCarryingValue)