MeritValue

U-Haul Holding Co /NV/

UHALdata completeness 100%17 fiscal years on file

Data notes: no data for concept 'epsDiluted'

The thesis, from the filings

U-Haul Holding Co /NV/ earns about 7% on invested capital, but has diluted owners by 900% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $33.23 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$699.4M1$746.4M2$714.4M3$735M3$761.5M3
Net income$1.12B4$924.5M5$628.7M6$367.1M6$83.1M6
Operating cash flow$1.95B7$1.73B8$1.45B9$1.45B9$1.79B9
Capital expenditure$2.14B10$2.72B11$2.99B12$3.45B12$3.15B12
Free cash flow (derived)−$190.3M7−$994.3M8−$1.54B9−$2B9−$1.36B9
Total debt$6.06B13$6.14B14$6.3B15$7.23B16$8.12B17
Cash & equivalents$2.7B18$2.06B19$1.53B20$988.8M21$1.12B21
Diluted shares19.6M—196.1M196.1M196.1M

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
$388.2
your share of equity
Profit it earned you last year
$4.24
Free cash flow it threw off
−$69.35
Debt you’d be carrying
$414.37

10 shares is a claim on $388.2 of net worth that earned you $4.24 and generated −$69.35 of cash last year, against $414.37 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
7% avg · 5y
FY22 13%FY23 10%FY24 7%FY25 4%FY26 2%

It earned an average 7% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+900% shares · 5y

Share count is up 900% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 34% over the same window.

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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$33.23
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$628.7M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-03-31 · accession 0000950170-24-066736 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0000950170-25-078451 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001193125-26-241850 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-03-31 · accession 0000950170-24-066736 (NetIncomeLoss)
  5. 10-K · period ending 2023-03-31 · accession 0000950170-25-078451 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-31 · accession 0001193125-26-241850 (NetIncomeLoss)
  7. 10-K · period ending 2022-03-31 · accession 0000950170-24-066736 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-03-31 · accession 0000950170-25-078451 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0001193125-26-241850 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-03-31 · accession 0000950170-24-066736 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-03-31 · accession 0000950170-25-078451 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-03-31 · accession 0001193125-26-241850 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-03-31 · accession 0000004457-22-000041 (LongTermDebt)
  14. 10-K · period ending 2023-03-31 · accession 0000004457-23-000052 (LongTermDebt)
  15. 10-K · period ending 2024-03-31 · accession 0000950170-24-066736 (LongTermDebt)
  16. 10-K · period ending 2025-03-31 · accession 0000950170-25-078451 (LongTermDebt)
  17. 10-K · period ending 2026-03-31 · accession 0001193125-26-241850 (LongTermDebt)
  18. 10-K · period ending 2022-03-31 · accession 0000004457-23-000052 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-03-31 · accession 0000950170-24-066736 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-03-31 · accession 0000950170-25-078451 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2025-03-31 · accession 0001193125-26-241850 (CashAndCashEquivalentsAtCarryingValue)