UHAL-B

UHAL-B is the non-voting common stock of U-Haul Holding, the dominant North American do-it-yourself moving and self-storage franchise. The underlying economics are identical to the voting shares: FY2026 (year ended March 2026) revenue grew 3.6% to $761M, but net income collapsed 77.4% to $83.1M — the latest step in a steep multi-year decline from $1.12B (FY2022) through $924M, $629M and $367M. That has driven ROE down to just 1.1%. The decline largely reflects heavy depreciation from an aggressive investment cycle rather than operating failure: capital expenditures were $3.15B and long-term debt rose 12.4% to $8.12B as U-Haul expands its rental fleet and self-storage footprint, while operating cash flow actually grew 23.4% to $1.79B.

What distinguishes the B class is the deal for shareholders. UHAL-B trades at $54.84 versus the voting line's higher price, and it is the class that carries an explicit dividend policy — a $0.05 quarterly cash dividend per the filing — whereas the voting stock has no formal dividend policy. For an investor who does not need voting control, the non-voting shares offer the same asset-heavy franchise, a $21.5B asset base and $7.61B of equity (liabilities/equity 1.82x), at a lower price and with a defined (if token) income stream.