UHAL

U-Haul Holding is the clear leader in North American do-it-yourself moving and self-storage, operating over 2,400 retail centers, 11 manufacturing facilities and a vast self-storage network across the U.S. and Canada. The franchise and brand are durable. The problem is the trajectory of profitability: net income collapsed 77.4% to $83.1M in FY2026 (year ended March 2026), the latest step in a steep multi-year decline from $1.12B (FY2022) to $924M, $629M, $367M and now $83.1M. That has crushed returns — ROE is just 1.1% — and the stock reflects it, with the performance graph showing UHAL falling from $110.72 (FY2024) to $78.33 (FY2026) per $100 invested.

The decline is partly self-inflicted in a constructive way: U-Haul is in a heavy investment cycle. Capital expenditures were $3.15B and long-term debt rose 12.4% to $8.12B as the company expands its rental fleet and storage footprint. That spend drives large depreciation that suppresses reported net income, but the cash engine remains strong — operating cash flow grew 23.4% to $1.79B, and the company sits on $1.12B of cash within a $21.5B asset base and $7.61B of equity (liabilities/equity 1.82x).