U-haul Holding Co key statistics and ratios

In fiscal 2026, U-haul Holding Co had return on equity of 1.1%, an operating margin of 7.2% and debt equal to 106.7% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

U-haul Holding Co: financial ratios, annual
Fiscal year	2010Mar 2010	2011Mar 2011	2012Mar 2012	2013Mar 2013	2014Mar 2014	2015Mar 2015	2016Mar 2016	2017Mar 2017	2018Mar 2018	2019Mar 2019	2020Mar 2020	2021Mar 2021	2022Mar 2022	2023Mar 2023	2024Mar 2024	2025Mar 2025	2026Mar 2026	LTMJun 2026
Gross margin	—	—	—	—	—	—	—	95.5%	95.5%	95.7%	95.9%	95.3%	95.5%	95.5%	95.7%	96.0%	95.9%	96.0%
Operating margin	9.7%	16.8%	16.6%	19.5%	22.2%	21.6%	26.5%	21.7%	21.3%	16.5%	13.6%	21.2%	28.7%	24.6%	17.4%	12.3%	7.2%	7.0%
Net margin	3.3%	8.2%	8.2%	10.3%	12.1%	11.6%	14.9%	11.6%	22.0%	9.8%	11.1%	13.4%	19.6%	15.8%	11.2%	6.3%	1.4%	2.3%
Free-cash-flow margin	7.1%	4.1%	3.2%	0.2%	−9.4%	−9.2%	−14.2%	−10.5%	−11.8%	−23.7%	−31.0%	2.1%	−3.3%	−17.0%	−27.4%	−34.3%	−22.5%	−20.3%
Return on equity	8.1%	20.3%	20.2%	23.4%	24.8%	20.9%	23.6%	16.4%	26.2%	10.4%	10.4%	12.5%	20.7%	14.8%	9.2%	5.0%	1.1%	1.8%
Return on assets	—	4.4%	4.6%	5.3%	6.1%	5.6%	6.5%	4.5%	7.8%	3.3%	3.3%	4.2%	7.0%	5.2%	3.4%	1.9%	0.4%	0.6%
Asset turnover	—	0.54	0.57	0.51	0.50	0.48	0.44	0.39	0.36	0.33	0.30	0.31	0.36	0.33	0.30	0.29	0.29	0.28
Debt to equity	0.0%	140.8%	143.5%	—	127.2%	116.3%	118.6%	125.5%	103.8%	113.5%	96.0%	95.5%	101.8%	94.5%	87.9%	96.4%	106.7%	106.4%
Interest cover (operating income ÷ interest)	2.1x	4.3x	4.6x	5.5x	6.8x	6.8x	8.9x	6.6x	6.0x	4.4x	3.4x	5.9x	9.8x	6.5x	3.8x	2.4x	1.2x	1.1x
Effective tax rate	34.5%	36.5%	36.9%	35.2%	36.3%	36.5%	36.4%	36.6%	−24.0%	22.3%	−16.9%	23.3%	23.9%	24.2%	25.2%	23.1%	26.2%	28.3%
Capital spending as % of revenue	13.0%	21.3%	23.5%	25.6%	35.3%	33.9%	46.1%	41.5%	37.9%	49.6%	58.0%	31.7%	37.2%	46.4%	53.2%	59.2%	52.2%	50.3%
Free cash flow ÷ net income	218.0%	50.4%	39.0%	2.1%	−77.8%	−79.3%	−94.8%	−90.4%	−53.9%	−241.2%	−279.1%	15.4%	−16.9%	−107.6%	−245.0%	−544.3%	<−999%	−896.1%
Dividends ÷ net income	0.0%	0.0%	9.5%	36.8%	5.7%	5.5%	16.0%	14.7%	3.7%	10.6%	6.7%	8.0%	2.6%	2.1%	0.0%	—	—	—
Dividends and buybacks ÷ free cash flow	0.0%	0.0%	24.3%	>999%	—	—	—	—	—	—	—	52.2%	—	—	—	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

U-haul Holding Co: financial ratios, quarterly
Quarter	2025 Q2Sept 2024	2025 Q3Dec 2024	2025 Q4Mar 2025	2026 Q1Jun 2025	2026 Q2Sept 2025	2026 Q3Dec 2025	2026 Q4Mar 2026	2027 Q1Jun 2026
Gross margin	96.2%	96.2%	95.7%	95.6%	96.1%	96.4%	95.6%	95.7%
Operating margin	18.2%	10.9%	−3.5%	15.8%	12.7%	2.4%	−6.0%	14.9%
Net margin	11.3%	4.8%	−6.7%	8.7%	6.1%	2.6%	−10.0%	7.3%
Free-cash-flow margin	−26.1%	−47.9%	−31.7%	−19.5%	−25.9%	−31.6%	−11.6%	−11.4%
Debt to equity	90.4%	90.8%	96.4%	—	99.5%	104.1%	106.7%	106.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 5 checks passed · June 30, 2026

Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $1.1bn of cash against $8.1bn of debt.
Debt below 40% of shareholders' equity Debt is 106% of equity.
Debt burden no higher than five years ago Debt to equity moved from 81% to 106% over five years.
A year's operating cash flow covers at least 20% of debt $1.8bn of operating cash flow against $8.1bn of debt.
Operating profit covers interest at least five times over Operating income of $426m against $380m of interest.

From U-haul Holding Co's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

41 /100

Weak moat

How hard U-haul Holding's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 3 / 20

Net income has been a median 3.4% of total assets over 10 years.
Pricing power 20 / 20

Gross margin has been a median 95.7%, moving by 0.2 percentage points (standard deviation) across 9 years.
Durability 11 / 20

Operating margin has been a median 18.3%; its worst year was 7.0%.
Cash conversion 1 / 20

Free cash flow was positive in 1 of 10 years, at a median -19.0% of revenue.
Discipline 12 / 20

The diluted share count rose 0.1% over five years.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (46 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from U-haul Holding Co's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to U-haul Holding Co.