EquipmentShare.com (EQPT)
Market Price (3/30/2026): $20.05 | Market Cap: $5.0 BilSector: Industrials | Industry: Diversified Support Services
EquipmentShare.com (EQPT)
Market Price (3/30/2026): $20.05Market Cap: $5.0 BilSector: IndustrialsIndustry: Diversified Support Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Megatrend and thematic driversMegatrends include E-commerce & DTC Adoption, Cloud Computing, and Sustainable Resource Management. Themes include Supply Chain Digitization, Show more. | Weak multi-year price returns2Y Excs Rtn is -60%, 3Y Excs Rtn is -100% | Key risksEQPT key risks include [1] a significant debt load and unprofitability driven by its capital-intensive growth strategy, Show more. |
| Megatrend and thematic driversMegatrends include E-commerce & DTC Adoption, Cloud Computing, and Sustainable Resource Management. Themes include Supply Chain Digitization, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -60%, 3Y Excs Rtn is -100% |
| Key risksEQPT key risks include [1] a significant debt load and unprofitability driven by its capital-intensive growth strategy, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Post-IPO Price Correction Following Initial Surge and Valuation Concerns.
EquipmentShare.com (EQPT) experienced significant volatility after its IPO on January 23, 2026, pricing at $24.50 per share and closing its first day of trading at $32.56, a 32.9% gain. The stock reached an all-time high closing price of $34.63 on January 28, 2026. The subsequent decline to approximately $21.80 by March 20, 2026, represents a drop of about 37% from its peak, indicating a potential market correction after an initial overvaluation.
2. Persistent Profitability Challenges Despite Revenue Growth.
EquipmentShare was not profitable at the time of its IPO. While the company reported total revenue of $4.38 billion for the full year 2025, up 16% from 2024, its net income for the same period was only $40 million. This thin profitability was further impacted by a 8% decrease in equipment sales revenue for the full year 2025 compared to 2024, and $252 million in new market startup costs incurred in 2025. Despite beating Q4 2025 EPS estimates, the stock still declined by 1.1% the day after its earnings report on March 18, 2026, and continued to drift lower by 10.6% in the following days.
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Stock Movement Drivers
Fundamental Drivers
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Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| EQPT | ||
| Market (SPY) | -5.3% | 25.5% |
| Sector (XLI) | 3.9% | 32.0% |
Fundamental Drivers
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Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| EQPT | ||
| Market (SPY) | 0.6% | 25.5% |
| Sector (XLI) | 5.5% | 32.0% |
Fundamental Drivers
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Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| EQPT | ||
| Market (SPY) | 9.8% | 25.5% |
| Sector (XLI) | 18.4% | 32.0% |
Fundamental Drivers
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Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| EQPT | ||
| Market (SPY) | 69.4% | 25.5% |
| Sector (XLI) | 65.1% | 32.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| EQPT Return | - | - | - | - | - | -37% | -37% |
| Peers Return | 60% | -3% | 23% | 9% | -1% | -4% | 101% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| EQPT Win Rate | - | - | - | - | - | 0% | |
| Peers Win Rate | 70% | 50% | 57% | 57% | 53% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| EQPT Max Drawdown | - | - | - | - | - | -38% | |
| Peers Max Drawdown | -4% | -32% | -18% | -21% | -34% | -11% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: URI, HRI, R, WSC, CTOS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)
How Low Can It Go
EQPT has limited trading history. Below is the Industrials sector ETF (XLI) in its place.
| Event | XLI | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -22.6% | -25.4% |
| % Gain to Breakeven | 29.2% | 34.1% |
| Time to Breakeven | 273 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -42.8% | -33.9% |
| % Gain to Breakeven | 74.8% | 51.3% |
| Time to Breakeven | 232 days | 148 days |
| 2018 Correction | ||
| % Loss | -24.6% | -19.8% |
| % Gain to Breakeven | 32.6% | 24.7% |
| Time to Breakeven | 312 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -63.3% | -56.8% |
| % Gain to Breakeven | 172.8% | 131.3% |
| Time to Breakeven | 1,463 days | 1,480 days |
Compare to URI, HRI, R, WSC, CTOS
In The Past
SPDR Select Sector Fund's stock fell -22.6% during the 2022 Inflation Shock from a high on 1/4/2022. A -22.6% loss requires a 29.2% gain to breakeven.
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About EquipmentShare.com (EQPT)
AI Analysis | Feedback
1. The Tesla of construction equipment rental, emphasizing its digitally-native, tech-first approach to a traditional industry.
2. Imagine Salesforce for managing construction projects and assets, that also happens to rent you all the heavy equipment you need.
AI Analysis | Feedback
- Equipment Rental: EquipmentShare provides a nationwide rental service for heavy construction and industrial equipment, managed through its proprietary T3 platform.
- T3 Software Platform: A proprietary, vertically integrated software that offers real-time telematics, asset tracking, utilization insights, and jobsite management to enhance efficiency and reduce costs for customers.
- OWN Program: A capital-light fleet growth model where EquipmentShare manages and operates third-party owned equipment, sharing rental revenue with the owners, leveraging the T3 platform for seamless integration and data.
AI Analysis | Feedback
EquipmentShare.com (EQPT) primarily sells to other companies in the construction industry. The provided background information does not list the names of specific customer companies.
Based on the description, EquipmentShare.com serves the following categories of business customers:
- Construction Companies and Contractors: EquipmentShare is described as a platform connecting the construction industry and servicing "jobsites," catering to the needs of contractors.
- Companies Managing Megaprojects: The company emphasizes its deep involvement with and rental services to over 80% of active "megaprojects" within its serviceable footprint, such as hyperscale datacenter projects.
- National Customers: The text mentions "national customers" with whom EquipmentShare sees similar dynamics in expanding their adoption of the T3 platform.
AI Analysis | Feedback
nullAI Analysis | Feedback
Jabbok Schlacks, Co-Founder, Chief Executive Officer
Jabbok Schlacks co-founded EquipmentShare in 2015 and has served as a member of its board of directors since then. He oversees the company's overall business strategy and direction. Prior to co-founding EquipmentShare, he spent more than 25 years in the construction industry with Schlacks Construction. He is a serial entrepreneur, having founded 5 or more companies and raised significant institutional capital throughout his career. He also sits on the Wall Street Journal's Chief Executive Officer Council.
David Marquardt, Chief Financial Officer and Chief Accounting Officer
David Marquardt assumed the role of Chief Financial Officer and Chief Accounting Officer at EquipmentShare in 2025, where he leads the finance and accounting functions. He joined EquipmentShare in 2021. Prior to his tenure at EquipmentShare, David served as a Managing Director at Riveron Consulting, an accounting advisory firm, and as a Partner at Ernst & Young LLP, a professional services firm, in the Assurance & Advisory Services practice. He has over 36 years of experience in financial and accounting services.
Willy Schlacks, Co-Founder, President and Chief Product Officer
Willy Schlacks co-founded EquipmentShare in 2015 and has been a member of its board of directors since then. He oversees the development and design of EquipmentShare's technology and products. With over 25 years in the construction industry with Schlacks Construction, he is a serial entrepreneur who has founded more than 5 companies (some sources suggest over 9 companies), including MachineLINK, Tiger Storage, and NASS. He was recognized as one of the Most Exceptional Entrepreneurs by Goldman Sachs in 2024. He is also a Managing Partner and General Partner at Redbud VC.
Mark Wopata, Chief Data Officer and EVP of Finance
Mark Wopata joined EquipmentShare in 2019 and serves as the Chief Data Officer and EVP of Finance. In this role, he oversees financial strategy, financial planning and analysis, analytics, information technology, and corporate operations functions. Before joining EquipmentShare, he held various financial planning and analysis roles at Humana Inc.
Paul Wright, Chief Technology Officer
Paul Wright is the Chief Technology Officer (CTO) at EquipmentShare.
AI Analysis | Feedback
The public company EquipmentShare.com (symbol: EQPT) faces several key risks to its business model and financial performance:
- Reliance on the OWN Program and Third-Party Capital: EquipmentShare's capital-light fleet growth model, the OWN Program, supplied more than half of its rental equipment as of September 30, 2025. This program relies on third-party participants, including institutional investors and high-net-worth individuals, to purchase equipment that EquipmentShare then exclusively deploys and rents out. Any disruption to the attractiveness of this program, changes in financing terms, or difficulty in attracting new participants could significantly impede EquipmentShare's ability to expand its fleet and meet growing customer demand, thereby impacting its core rental operations and growth strategy.
- Execution and Maturation Risk of Rapid Organic Site Expansion: A significant portion of EquipmentShare's recent growth comes from its rapid organic site expansion, with 240 rental sites launched since December 31, 2021, representing the majority of its 342-location network as of September 30, 2025. These new sites are in early stages of maturity and typically incur lower margins due to associated start-up costs. While the company expects them to follow a historically proven ramp pattern of growing customer density and expanding margins, a failure for these numerous younger sites to mature as anticipated, or a slowdown in customer adoption in new markets, could continue to suppress overall consolidated net income and cash flow, despite strong revenue growth.
- Dependence on and Competition in Technology (T3 Platform): EquipmentShare's competitive advantage and operational efficiency are heavily reliant on its proprietary T3 software platform, which connects assets, materials, and people, and manages the rental fleet. The company's ability to optimize uptime, reduce misuse and theft, and lower total cost of operation for contractors is attributed to this vertically integrated tech platform. However, the construction technology landscape is evolving, and the risk exists that competitors could develop similar or superior integrated technology solutions, or that unforeseen issues, vulnerabilities, or a failure to continuously innovate within the T3 platform could erode EquipmentShare's differentiation and market position.
AI Analysis | Feedback
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AI Analysis | Feedback
The addressable market for EquipmentShare.com's main products and services is the U.S. construction equipment rental market. This market was estimated to have surpassed USD 64.76 billion in 2024. It is projected to reach approximately USD 98.29 billion by 2034, growing at a compound annual growth rate (CAGR) of 4.26% from 2025 to 2034.
Another estimate indicates the U.S. construction equipment rental market generated revenue of USD 57,505.4 million in 2025 and is expected to reach USD 82,463.9 million by 2033, with a CAGR of 4.7% from 2026 to 2033.
AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for EquipmentShare.com (EQPT) over the next 2-3 years:
- Organic Site Expansion into New Markets: EquipmentShare plans to continue launching new full-service rental locations across high-potential markets, driven by existing customer demand and long-term trends. As of September 30, 2025, 342 full-service rental locations were active, with the majority launched since December 31, 2021, indicating a clear strategy for continued geographical expansion. This organic growth model has historically contributed 98% of rental revenue since the company's founding and is expected to continue as customers pull them into new areas, particularly those with active and planned megaprojects.
- Maturity and Scaling of Younger Sites: A significant portion of EquipmentShare's network (240 out of 342 sites as of September 30, 2025) are still in early stages of maturity. These younger sites are expected to follow a historically proven ramp pattern of growing customer density, expanding margins, and increasing cash flow. As these sites scale, they are anticipated to consistently contribute substantial incremental earnings and drive continued revenue growth.
- Increased Adoption and Utilization of the T3 Platform: The proprietary T3 software platform is a core differentiator, connecting assets, materials, and people, and generating customer demand. Increased adoption of T3 by new and existing customers, particularly on large, complex jobs like hyperscale data centers, drives higher equipment utilization and expanded engagements. The platform's ability to optimize uptime, reduce misuse and theft, and lower total cost of operation for contractors is a key factor in attracting and retaining customers, leading to revenue growth.
- Expansion of the OWN Program: The innovative capital-light OWN Program, which leverages third-party capital for fleet growth, supplied over half of EquipmentShare's rental equipment as of September 30, 2025, representing $4.2 billion of its OEC. This program enables the company to expand its equipment fleet rapidly to meet customer demand without solely relying on its balance sheet. Further expansion of the OWN Program will allow EquipmentShare to increase its rental capacity and serve more customers and larger projects, directly contributing to revenue growth.
- Deep Involvement with Megaprojects: EquipmentShare currently rents to over 80% of active megaprojects within its serviceable footprint. The scale and vertically integrated tech platform position the company to excel on these large, demanding projects. Continued deep involvement and expansion of services on megaprojects, which have over $5 trillion in active and planned spend expected over the next decade, will be a significant driver of revenue growth.
AI Analysis | Feedback
Inbound Investments
- The OWN Program, a capital-light fleet growth model, leverages third-party capital, accounting for over half of EquipmentShare's rental equipment as of September 30, 2025.
- As of September 30, 2025, the OWN Program represented $4.2 billion of the company's Original Equipment Cost (OEC), constituting 52% of its total equipment rental fleet.
- Participants in the OWN Program, including institutional investors and ABS entities, purchase equipment from EquipmentShare for deployment and operation through its rental platform.
Capital Expenditures
- Since December 31, 2021, EquipmentShare has launched 240 rental sites, which make up the majority of its 342-location network as of September 30, 2025, demonstrating significant capital investment in organic site expansion.
- The primary focus of these capital expenditures is the organic expansion into new, high-potential markets driven by existing customer demand and long-term trends.
- These newly established sites are in early stages of maturity and are expected to contribute to growing customer density, expanding margins, and increasing cash flow.
Trade Ideas
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 60.20 |
| Mkt Cap | 3.4 |
| Rev LTM | 4,328 |
| Op Inc LTM | 622 |
| FCF LTM | 420 |
| FCF 3Y Avg | -181 |
| CFO LTM | 1,085 |
| CFO 3Y Avg | 1,132 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.9% |
| Rev Chg 3Y Avg | 7.7% |
| Rev Chg Q | 1.4% |
| QoQ Delta Rev Chg LTM | 0.4% |
| Op Mgn LTM | 14.4% |
| Op Mgn 3Y Avg | 17.1% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 25.1% |
| CFO/Rev 3Y Avg | 29.7% |
| FCF/Rev LTM | 3.6% |
| FCF/Rev 3Y Avg | -2.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 3.4 |
| P/S | 0.8 |
| P/EBIT | 11.3 |
| P/E | 15.8 |
| P/CFO | 4.0 |
| Total Yield | 2.6% |
| Dividend Yield | 1.7% |
| FCF Yield 3Y Avg | -4.1% |
| D/E | 1.3 |
| Net D/E | 1.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -16.7% |
| 3M Rtn | -12.1% |
| 6M Rtn | -15.5% |
| 12M Rtn | -4.1% |
| 3Y Rtn | -4.9% |
| 1M Excs Rtn | -10.8% |
| 3M Excs Rtn | -3.3% |
| 6M Excs Rtn | -12.7% |
| 12M Excs Rtn | -17.4% |
| 3Y Excs Rtn | -65.1% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 |
|---|---|---|
| Equipment Rental and Services Operations | 1,632 | 1,150 |
| Equipment Sales | 879 | 564 |
| All Other | 45 | 19 |
| Total | 2,556 | 1,733 |
| $ Mil | 2024 | 2023 |
|---|---|---|
| Equipment Rental and Services Operations | 756 | 480 |
| Equipment Sales | 124 | 112 |
| Amortization expense on capitalized software | -6 | -2 |
| Depreciation expense on property and other fixed assets | -9 | -4 |
| All Other | -15 | -25 |
| Equipment operating lease expense | -111 | -90 |
| OWN Program payouts | -209 | -96 |
| Depreciation expense on rental equipment | -280 | -205 |
| Total | 250 | 170 |
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/18/2026 | -7.3% | -15.1% | |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 1 | 1 | 0 |
| Median Positive | |||
| Median Negative | -7.3% | -15.1% | |
| Max Positive | |||
| Max Negative | -7.3% | -15.1% | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Marquardt, David | CFO & Chief Accounting Officer | Direct | Buy | 1272026 | 24.50 | 4,285 | 104,982 | 1,574,982 | Form |
External Quote Links
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| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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