EquipmentShare.com (EQPT)
Market Price (6/11/2026): $18.45 | Market Cap: $3.9 BilSector: Industrials | Industry: Diversified Support Services
EquipmentShare.com (EQPT)
Market Price (6/11/2026): $18.45Market Cap: $3.9 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 -79%, 3Y Excs Rtn is -113% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 96% Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 34x, P/EPrice/Earnings or Price/(Net Income) is 65x Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -43% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.7% 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 -79%, 3Y Excs Rtn is -113% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 96% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 34x, P/EPrice/Earnings or Price/(Net Income) is 65x |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -43% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.7% |
| Key risksEQPT key risks include [1] a significant debt load and unprofitability driven by its capital-intensive growth strategy, Show more. |
Qualitative Assessment
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Updated on 6/1/2026
EquipmentShare.com (EQPT) stock has lost about 35% since 2/28/2026 because of the following key factors:
1. "Sell the News" Reactions Despite Strong Financial Performance.
EquipmentShare's stock experienced declines following both its Q4 2025 and Q1 2026 earnings reports, despite reporting strong results and raising guidance. After the Q4 2025 results were released on March 18, 2026, the stock declined by 7.33%. Similarly, on May 13, 2026, Q1 2026 earnings showed an EPS of -$0.11, beating estimates of -$0.26 by $0.15, and revenue surged 38.1% year-over-year to $989 million, exceeding estimates by $97.6 million. The company also raised its full-year 2026 guidance for total revenue to $5.15-$5.58 billion and Adjusted Core EBITDA to $1.88-$2.00 billion. However, the stock still tumbled sharply, around 5.6% to 6%, in a "sell-the-news" reaction.
2. Macroeconomic Headwinds and Construction Industry Uncertainty.
The broader economic environment and specific challenges within the construction sector have exerted downward pressure on the stock. The construction industry is projected to see "cautious, uneven, and low single-digit growth" in 2026. Key headwinds include persistent labor shortages, rising material costs, and regulatory changes, which continue to challenge contractors and impact demand for equipment rental. Furthermore, macroeconomic factors such as surging bond yields and rising oil prices above $110/barrel contributed to negative sentiment for capital-intensive industrial growth companies like EquipmentShare following its Q1 earnings.
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EquipmentShare.com (EQPT) stock has lost about 35% since 2/28/2026 because of the following key factors:
1. "Sell the News" Reactions Despite Strong Financial Performance.
EquipmentShare's stock experienced declines following both its Q4 2025 and Q1 2026 earnings reports, despite reporting strong results and raising guidance. After the Q4 2025 results were released on March 18, 2026, the stock declined by 7.33%. Similarly, on May 13, 2026, Q1 2026 earnings showed an EPS of -$0.11, beating estimates of -$0.26 by $0.15, and revenue surged 38.1% year-over-year to $989 million, exceeding estimates by $97.6 million. The company also raised its full-year 2026 guidance for total revenue to $5.15-$5.58 billion and Adjusted Core EBITDA to $1.88-$2.00 billion. However, the stock still tumbled sharply, around 5.6% to 6%, in a "sell-the-news" reaction.
2. Macroeconomic Headwinds and Construction Industry Uncertainty.
The broader economic environment and specific challenges within the construction sector have exerted downward pressure on the stock. The construction industry is projected to see "cautious, uneven, and low single-digit growth" in 2026. Key headwinds include persistent labor shortages, rising material costs, and regulatory changes, which continue to challenge contractors and impact demand for equipment rental. Furthermore, macroeconomic factors such as surging bond yields and rising oil prices above $110/barrel contributed to negative sentiment for capital-intensive industrial growth companies like EquipmentShare following its Q1 earnings.
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Stock Movement Drivers
Fundamental Drivers
The -36.4% change in EQPT stock from 2/28/2026 to 6/10/2026 was primarily driven by a 0.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282026 | 6102026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.02 | 18.45 | -36.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | � | 0.0% |
| Net Income Margin (%) | � | � | 0.0% |
| P/E Multiple | � | � | 0.0% |
| Shares Outstanding (Mil) | 226 | 226 | 0.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2026 to 6/10/2026| Return | Correlation | |
|---|---|---|
| EQPT | -36.4% | |
| Market (SPY) | 6.0% | 26.3% |
| Sector (XLI) | -4.0% | 47.2% |
Fundamental Drivers
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Market Drivers
11/30/2025 to 6/10/2026| Return | Correlation | |
|---|---|---|
| EQPT | ||
| Market (SPY) | 6.8% | 25.0% |
| Sector (XLI) | 11.1% | 41.8% |
Fundamental Drivers
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Market Drivers
5/31/2025 to 6/10/2026| Return | Correlation | |
|---|---|---|
| EQPT | ||
| Market (SPY) | 24.5% | 25.0% |
| Sector (XLI) | 20.4% | 41.8% |
Fundamental Drivers
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Market Drivers
5/31/2023 to 6/10/2026| Return | Correlation | |
|---|---|---|
| EQPT | ||
| Market (SPY) | 80.4% | 25.0% |
| Sector (XLI) | 83.2% | 41.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| EQPT Return | - | - | - | - | - | -39% | -39% |
| Peers Return | 60% | -3% | 23% | 9% | -1% | 43% | 198% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| EQPT Win Rate | - | - | - | - | - | 17% | |
| Peers Win Rate | 70% | 50% | 57% | 57% | 53% | 63% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| EQPT Max Drawdown | - | - | - | - | - | - | |
| Peers Max Drawdown | -23% | -37% | -33% | -30% | -41% | -29% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 6/10/2026 (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 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.8% | -18.8% |
| % Gain to Breakeven | 18.8% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -11.7% | -9.5% |
| % Gain to Breakeven | 13.2% | 10.5% |
| Time to Breakeven | 45 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -20.1% | -24.5% |
| % Gain to Breakeven | 25.1% | 32.4% |
| Time to Breakeven | 125 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.6% | -33.7% |
| % Gain to Breakeven | 71.2% | 50.9% |
| Time to Breakeven | 231 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.7% | -19.2% |
| % Gain to Breakeven | 31.1% | 23.8% |
| Time to Breakeven | 120 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -11.1% | -12.2% |
| % Gain to Breakeven | 12.5% | 13.9% |
| Time to Breakeven | 51 days | 62 days |
In The Past
State Street Industrial Select Sector SPDR ETF's stock fell -15.8% during the 2025 US Tariff Shock. Such a loss loss requires a 18.8% gain to breakeven.
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Asset Allocation
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EQPT has limited trading history. Below is the Industrials sector ETF (XLI) in its place.
| Event | XLI | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -20.1% | -24.5% |
| % Gain to Breakeven | 25.1% | 32.4% |
| Time to Breakeven | 125 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.6% | -33.7% |
| % Gain to Breakeven | 71.2% | 50.9% |
| Time to Breakeven | 231 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.7% | -19.2% |
| % Gain to Breakeven | 31.1% | 23.8% |
| Time to Breakeven | 120 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -22.5% | -17.9% |
| % Gain to Breakeven | 29.0% | 21.8% |
| Time to Breakeven | 114 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -60.5% | -53.4% |
| % Gain to Breakeven | 153.2% | 114.4% |
| Time to Breakeven | 700 days | 1085 days |
In The Past
State Street Industrial Select Sector SPDR ETF's stock fell -15.8% during the 2025 US Tariff Shock. Such a loss loss requires a 18.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About EquipmentShare.com (EQPT)
We are building the platform to connect the construction industry Founded in 2015, EquipmentShare is a digitally-native equipment rental platform servicing the largest jobsites nationwide. As lifelong contractors, Co-Founders Jabbok and Willy Schlacks knew the jobsite didn’t break down from lack of effort, but from lack of connection. There was no holistic operating system to bring the moving parts of a complex jobsite together in real time. Lost or stolen equipment, phone-tag coordination, and underutilized fleets were the norm. Their answer was to build T3, a proprietary, interoperable, vertically integrated software platform that connects assets, materials, and people. Combined with world-class operations and a nationwide footprint, EquipmentShare serves customers with an integrated solution designed to make their jobsites more efficient, safer, and lower cost. The engine behind our growth is a three-part flywheel: --- 1. T3 technology generates customer demand. All of our assets are managed and operated on our T3 platform, giving our customers and branch teams real-time location, health, utilization, and insights to reduce downtime. We believe that there is no other rental-integrated technology platform like it in the industry. We believe it is our advantage driving our market share gains. 2. Customer demand seeds organic site expansion. Our customers pull us into new markets, where we open locations organically as we believe this is the most effective way to scale our rental operations financially and operationally. On average, 75% of new site revenue is generated from our existing customers in the first year of operation. As of September 30, 2025, we have 342 full-service rental locations nationwide, nearly all of which we started organically. 3. Organic site expansion enabled by capital-light fleet growth. The OWN Program, our innovative capital-light fleet growth model, leverages third-party capital and supplies more than half of our rental equipment, as of September 30, 2025. This allows us to preserve balance-sheet strength while achieving year-over-year site growth at multiples of the industry average to meet our customer demand. The OWN Program is enabled by T3, which manages third-party assets seamlessly. In return, owners get real-time data on usage, health, and performance of the machines rented exclusively by EquipmentShare and re-rented to our customers. Designing the telematics hardware, writing the platform software, and owning physical distribution of machines end to end allows us to optimize uptime, reduce misuse and theft, and lower total cost of operation for contractors compared to incumbent solutions. We believe our scale and vertically integrated tech platform have positioned us to excel on the largest, most demanding projects in the country, as evidenced by our deep involvement with megaprojects. We currently rent to over 80% of active megaprojects inside our serviceable footprint. For example, on one hyperscale datacenter project, a customer replaced an incumbent provider with EquipmentShare and expanded from less than 20 to over 2,000 machines within four months. This expansion reflected both the customer’s underlying project growth and its adoption of our T3 platform, which the customer cited as a factor in its decision to transition from the prior provider. While this is among our larger customer engagements and is not representative of all customer experiences, we believe it is illustrative of similar dynamics we see with other national customers. T3 coordinates thousands of machines across trades, unlocking efficiency on complex jobs. Approximately 140% Compound Annual Revenue Growth Rate Since Founding We have grown rapidly by meeting customer demand through disciplined, organic expansion. As of September 30, 2025, nearly 100% of our 342 full-service rental locations across 45 states were built from the ground up by leveraging a proven, repeatable playbook, and we estimate that 98% of our rental revenue since our founding has been driven by organic site growth. We aim to launch new sites across high-potential markets in response to existing customer demand and long-term trends. Our locations are close to megaprojects with over $5 trillion in active and planned spend expected over the next decade. To support this growth, we developed the OWN Program, a first-of-its-kind, capital-light fleet growth model. Participants in the OWN Program including institutional investors and ABS entities, as well as high-net-worth individuals, family offices, and other third parties, purchase equipment from EquipmentShare. We then exclusively deploy, operate, and service equipment seamlessly through our rental platform pursuant to the terms of a lease to us for such equipment. In return for their participation, OWN Program participants receive a share of rental revenue, while EquipmentShare retains control of customer relationships, equipment rental pricing, and operations throughout the entire life of the lease. There are no minimum payments in the program and revenue sharing payments are only paid when the machine rents. T3 platform’s flexibility and robustness empowers the OWN Program, allowing us to manage OWN equipment seamlessly alongside company-owned assets. As of September 30, 2025, OWN represented $4.2 billion of our OEC, or 52% of our total equipment rental fleet. The OWN Program has expanded and diversified our access to equipment, while maintaining lifetime cash flows substantially similar to on balance sheet equipment. This three-part flywheel differentiates our business model and has enabled us to realize exceptional financial performance. In 2024, we generated approximately $3.8 billion in revenue, up from $1.7 billion in 2022, reflecting a two-year revenue CAGR of 47% highlighting our ability to capture market share in excess of the 10.6% market average and the 15.6% average of our top equipment rental peers. For the years ended December 31, 2024, 2023, and 2022, our consolidated net income was $2.4 million, $17.4 million, and $49.6 million, respectively, with our mature sites contributing Equipment Rental Segment Adjusted EBITDA margins greater than 50% for the same periods. For all sites, Equipment Rental Segment Adjusted EBITDA margins were 40.1%, 46.3%, and 41.8% for these periods, reflecting the impact of significant new site openings as new sites typically have lower margins due to associated start-up costs. Premium Financial Profile at Scale The combination of our T3 platform, OWN Program, and organic growth site expansion drives a powerful economic engine built on strong site-level growth, durable margins, and attractive returns on capital. Since December 31, 2021, we have launched 240 rental sites, representing the majority of our 342-location network as of September 30, 2025. These sites are still in the early stages of maturity, and we expect them to follow a historically proven ramp pattern of growing customer density, expanding margins, and increasing cash flow. As younger sites scale, they consistently contribute substantial incremental earnings. We believe this represents a structural advantage and provides a clear runway for continued margin expansion and cash generation. Our principal executive office is located in Columbia, MO.
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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.
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- 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.
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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.
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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.
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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.
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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.
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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.
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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.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Buying EQPT at a Discount? You Are Getting Paid to Do It | 04/28/2026 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 83.92 |
| Mkt Cap | 4.7 |
| Rev LTM | 4,629 |
| Op Inc LTM | 537 |
| FCF LTM | 110 |
| FCF 3Y Avg | -150 |
| CFO LTM | 969 |
| CFO 3Y Avg | 1,146 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.0% |
| Rev Chg 3Y Avg | 6.3% |
| Rev Chg Q | 8.2% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Inc Chg LTM | 1.6% |
| Op Inc Chg 3Y Avg | 1.9% |
| Op Mgn LTM | 10.8% |
| Op Mgn 3Y Avg | 16.5% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 22.9% |
| CFO/Rev 3Y Avg | 30.3% |
| FCF/Rev LTM | 0.2% |
| FCF/Rev 3Y Avg | -1.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.7 |
| P/S | 1.1 |
| P/Op Inc | 11.3 |
| P/EBIT | 13.4 |
| P/E | -24.5 |
| P/CFO | 7.4 |
| Total Yield | 1.7% |
| Dividend Yield | 0.9% |
| FCF Yield 3Y Avg | -3.7% |
| D/E | 0.9 |
| Net D/E | 0.9 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 4.4% |
| 3M Rtn | 36.5% |
| 6M Rtn | 26.9% |
| 12M Rtn | 33.2% |
| 3Y Rtn | 35.5% |
| 1M Excs Rtn | 6.4% |
| 3M Excs Rtn | 29.2% |
| 6M Excs Rtn | 25.9% |
| 12M Excs Rtn | 13.7% |
| 3Y Excs Rtn | -22.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Equipment Rental and Services Operations | 2,035 | 1,632 | 1,150 |
| Equipment Sales | 1,676 | 879 | 564 |
| All Other | 53 | 45 | 19 |
| Total | 3,764 | 2,556 | 1,733 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Equipment Rental and Services Operations | 816 | 756 | 480 |
| Equipment Sales | 247 | 124 | 112 |
| All Other | -8 | -15 | -25 |
| Amortization expense on capitalized software and intangible assets | -12 | -6 | -2 |
| Depreciation expense on property and other fixed assets | -27 | -9 | -4 |
| Equipment operating lease expense | -85 | -111 | -90 |
| Depreciation expense on rental equipment | -293 | -280 | -205 |
| OWN Program payouts | -420 | -209 | -96 |
| Total | 218 | 250 | 170 |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 5/13/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 OEC | 10.15 Bil | 10.68 Bil | 11.20 Bil | 1.7% | Raised | Guidance: 10.50 Bil for 2026 | |
| 2026 Full-Service Rental Locations | 427 | 431 | 435 | 1.4% | Raised | Guidance: 425 for 2026 | |
| 2026 Total Revenue | 5.15 Bil | 5.36 Bil | 5.58 Bil | 1.9% | Raised | Guidance: 5.26 Bil for 2026 | |
| 2026 Rental Segment Revenue | 3.37 Bil | 3.50 Bil | 3.64 Bil | 1.6% | Raised | Guidance: 3.45 Bil for 2026 | |
| 2026 OWN Program Payouts | 906.00 Mil | 934.00 Mil | 962.00 Mil | 1.6% | Raised | Guidance: 919.00 Mil for 2026 | |
| 2026 Adjusted Core EBITDA | 1.88 Bil | 1.94 Bil | 2.00 Bil | 3.7% | Raised | Guidance: 1.87 Bil for 2026 | |
| 2026 Gross Rental Capex | 2.28 Bil | 2.39 Bil | 2.50 Bil | 7.9% | Raised | Guidance: 2.22 Bil for 2026 | |
| 2026 Net Rental Capex | 839.00 Mil | 879.00 Mil | 919.00 Mil | 10.0% | Raised | Guidance: 799.00 Mil for 2026 | |
| 2026 OWN Program % of OEC | 0.55 | 0.57 | 0.6 | 0 | 0 | Affirmed | Guidance: 0.57 for 2026 |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Diversified Support Services Resources |
| Facilities Management Journal (FMJ) |
| Supply Chain Brain |
| Corporate Services News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 6/10/2026