Sunbelt Rentals (SUNB)
Market Price (9/1/2026): $67.09 | Market Cap: $28.0 BilSector: Industrials | Industry: Diversified Support Services
Sunbelt Rentals (SUNB)
Market Price (9/1/2026): $67.09Market Cap: $28.0 BilSector: IndustrialsIndustry: Diversified Support Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%, FCF Yield is 6.1% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 22% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 3.8 Bil Stock buyback supportStock Buyback 3Y Total is 1.6 Bil Megatrend and thematic driversMegatrends include Sustainable Infrastructure, and Water Infrastructure. Themes include Renewable Energy Equipment, Waste Management Solutions, Show more. | Key risksSUNB key risks include [1] a significant antitrust lawsuit alleging the company participated in a price-fixing cartel to artificially inflate rental prices. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%, FCF Yield is 6.1% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 22% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 3.8 Bil |
| Stock buyback supportStock Buyback 3Y Total is 1.6 Bil |
| Megatrend and thematic driversMegatrends include Sustainable Infrastructure, and Water Infrastructure. Themes include Renewable Energy Equipment, Waste Management Solutions, Show more. |
| Key risksSUNB key risks include [1] a significant antitrust lawsuit alleging the company participated in a price-fixing cartel to artificially inflate rental prices. |
Qualitative Assessment
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Sunbelt Rentals (SUNB) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Margin compression and a cautious profit outlook for fiscal year 2027 weighed on investor sentiment. Ashtead Group plc, the parent company of Sunbelt Rentals, reported its fourth quarter and full fiscal year 2026 results on June 23, 2026. Despite achieving record revenue of $11.2 billion for fiscal year 2026 (up 3.4% year-over-year) and a record $2.8 billion for Q4 (up 8.9%), the company's adjusted EBITDA margin declined by 210 basis points to 41.9% for the full year. Investors reacted negatively to this profitability pressure, with the stock falling 8.72% immediately after the earnings release. Furthermore, guidance for fiscal year 2027 projected broadly flat margins, indicating continued challenges in maintaining profitability despite revenue growth.
2. Rising depreciation expenses from ongoing fleet investment and an aging fleet contributed to profitability concerns. Sunbelt Rentals projects significant gross fleet capital expenditure, spending $2.2 billion in fiscal 2026, with plans to increase this to $2.3 billion in fiscal 2027 and nearly $2.6 billion by fiscal 2029. This substantial investment leads to increased depreciation expenses, which in fiscal 2025 accounted for 23% of group rental revenues. The average fleet age also increased to 53 months by April 2026, up from 49 months in April 2025, suggesting higher maintenance costs that further impact operating margins.
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Sunbelt Rentals (SUNB) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Margin compression and a cautious profit outlook for fiscal year 2027 weighed on investor sentiment. Ashtead Group plc, the parent company of Sunbelt Rentals, reported its fourth quarter and full fiscal year 2026 results on June 23, 2026. Despite achieving record revenue of $11.2 billion for fiscal year 2026 (up 3.4% year-over-year) and a record $2.8 billion for Q4 (up 8.9%), the company's adjusted EBITDA margin declined by 210 basis points to 41.9% for the full year. Investors reacted negatively to this profitability pressure, with the stock falling 8.72% immediately after the earnings release. Furthermore, guidance for fiscal year 2027 projected broadly flat margins, indicating continued challenges in maintaining profitability despite revenue growth.
2. Rising depreciation expenses from ongoing fleet investment and an aging fleet contributed to profitability concerns. Sunbelt Rentals projects significant gross fleet capital expenditure, spending $2.2 billion in fiscal 2026, with plans to increase this to $2.3 billion in fiscal 2027 and nearly $2.6 billion by fiscal 2029. This substantial investment leads to increased depreciation expenses, which in fiscal 2025 accounted for 23% of group rental revenues. The average fleet age also increased to 53 months by April 2026, up from 49 months in April 2025, suggesting higher maintenance costs that further impact operating margins.
3. Broader macroeconomic headwinds, particularly in residential construction and rising financing costs, created a challenging market backdrop. The overall construction industry outlook for 2026 suggests cautious, uneven, and low single-digit growth. While non-residential sectors like data centers and power projects show strong demand, residential construction remains a drag, with single-family spending down 2% as of March 2026 due to tightening affordability and mortgage rates climbing to 6.22%. Elevated interest rates and financing costs are also causing project cancellations, delays, or scaling back of projects across the construction sector. These factors contribute to a cautious tone in the industrial equipment rental market, influencing demand trends for Sunbelt Rentals.
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Stock Movement Drivers
Fundamental Drivers
The -6.4% change in SUNB stock from 5/31/2026 to 8/31/2026 was primarily driven by a -6.4% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 8312026 | Change |
|---|---|---|---|
| Stock Price ($) | 77.25 | 72.28 | -6.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,930 | 10,930 | 0.0% |
| Net Income Margin (%) | 12.6% | 12.6% | 0.0% |
| P/E Multiple | 23.4 | 21.9 | -6.4% |
| Shares Outstanding (Mil) | 418 | 418 | 0.0% |
| Cumulative Contribution | -6.4% |
Market Drivers
5/31/2026 to 8/31/2026| Return | Correlation | |
|---|---|---|
| SUNB | -6.4% | |
| Market (SPY) | 1.4% | 45.3% |
| Sector (XLI) | 1.2% | 62.1% |
Fundamental Drivers
nullnull
Market Drivers
2/28/2026 to 8/31/2026| Return | Correlation | |
|---|---|---|
| SUNB | ||
| Market (SPY) | 12.1% | 43.9% |
| Sector (XLI) | -0.9% | 60.6% |
Fundamental Drivers
nullnull
Market Drivers
8/31/2025 to 8/31/2026| Return | Correlation | |
|---|---|---|
| SUNB | ||
| Market (SPY) | 19.9% | 43.9% |
| Sector (XLI) | 16.4% | 60.6% |
Fundamental Drivers
nullnull
Market Drivers
8/31/2023 to 8/31/2026| Return | Correlation | |
|---|---|---|
| SUNB | ||
| Market (SPY) | 76.3% | 43.9% |
| Sector (XLI) | 68.5% | 60.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SUNB Return | - | - | - | - | - | 0% | 0% |
| Peers Return | 36% | 1% | 24% | 12% | -16% | 972% | 1618% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| SUNB Win Rate | - | - | - | - | - | 50% | |
| Peers Win Rate | 52% | 32% | 50% | 40% | 30% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SUNB Max Drawdown | - | - | - | - | - | - | |
| Peers Max Drawdown | -10% | -19% | -13% | -15% | -28% | -31% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: UHAL, CBZ, LIME, CTAS, TRI.
[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 8/31/2026 (YTD)
How Low Can It Go
SUNB 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.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
SUNB 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 Sunbelt Rentals (SUNB)
Sunbelt Rentals Holdings, Inc. (SUNB) is a prominent equipment rental company operating across the United States, the United Kingdom, and Canada. The company specializes in providing a comprehensive range of construction, industrial, and general equipment for various sectors, playing a vital role in supporting diverse projects and operations.
Its main products and services include the rental of essential equipment such as pumps, power generation and climate control solutions (heating and cooling), scaffolding, traffic management tools, temporary flooring, structures and fencing, trench shoring systems, and various lifting solutions. These offerings cater to a wide array of operational needs, from foundational work to event infrastructure.
Sunbelt Rentals serves an extensive and diversified customer base across numerous markets. Its primary clients include the construction industry (ranging from airports and highways to data centers and residential projects), maintenance, repair, and operations (MRO) for commercial and industrial facilities, and the entertainment and special events sector. Furthermore, the company provides critical equipment for emergency response and restoration efforts following natural disasters or health crises, and supports state and local government facilities for public works and infrastructure maintenance.
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Here are a few brief analogies for Sunbelt Rentals:
- Enterprise Rent-A-Car for construction and industrial equipment.
- Like Home Depot's rental department, but for large-scale construction and industrial projects.
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- Pumps: Rental of various pumps for fluid transfer and management across different industries.
- Power Generation: Rental of generators and related equipment to provide temporary or supplemental electrical power.
- Heating and Cooling: Rental of HVAC equipment, including heaters and air conditioners, for climate control solutions.
- Scaffolding: Rental of scaffolding systems to provide safe elevated work platforms for construction and maintenance.
- Traffic Management: Rental of equipment and solutions for controlling and directing traffic flow, often used in roadworks or events.
- Temporary Flooring: Rental of modular flooring systems for ground protection and access at events or construction sites.
- Structures and Fencing: Rental of temporary structures and fencing for site security, event spaces, or storage.
- Trench Shoring: Rental of equipment designed to support the walls of excavations and prevent trench collapses.
- Lifting Solutions: Rental of various lifting equipment, such as forklifts, cranes, and aerial work platforms, for material handling and access.
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Sunbelt Rentals primarily serves businesses, governmental entities, and organizations. Based on the provided description, its major customers fall into the following categories:
- Construction and Infrastructure Development: This extensive category includes customers involved in projects such as airports, highways and bridges, office buildings, data centers, schools, universities, shopping centers, residential and remodeling projects, manufacturing plants, and green energy applications.
- Industrial, Commercial, and Institutional Operations: This covers clients needing equipment for maintenance, repair, and operations (MRO) of existing facilities like office and apartment complexes, data and shopping centers, golf courses, as well as various industrial, entertainment, and conference venues.
- Special Events, Emergency Response, and Government Services: Sunbelt Rentals provides solutions for large-scale entertainment and special events (e.g., national sporting events, concerts, film and television production, festivals), emergency response and restoration efforts (e.g., fire, hurricanes, flooding, health emergencies), and various state and local government facilities and departments (e.g., hospitals, parks and recreation, schools, pavement/kerb repairs).
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Brendan Horgan was appointed as Chief Executive Officer of Sunbelt Rentals in February 2025 and previously served as Chief Executive of Ashtead Group plc, Sunbelt Rentals' parent company, from May 2019 to March 2026. He joined the board of Ashtead in January 2011 and the board of Sunbelt in February 2025. Mr. Horgan has nearly 30 years of experience with Sunbelt and Ashtead, having held positions of increasing responsibility including Chief Operating Officer of North America from 2003 and Chief Executive Officer of North America from 2011 until his appointment as Chief Executive of Ashtead. He initially joined Sunbelt Rentals in 1996.
Alex Pease, Chief Financial OfficerAlex Pease serves as Chief Financial Officer of Sunbelt Rentals. Before this, he was Chief Financial Officer (from March 2025 to March 2026) and Chief Financial Officer Designate (from October 2024 to March 2025) of Ashtead Group plc. Prior to joining Ashtead in October 2024, Mr. Pease served as Chief Financial Officer of WestRock Company from November 2021 until its merger with Smurfit Kappa Group plc in July 2024. His previous CFO roles include positions at CommScope, Snyder's-Lance, and EnPro Industries. Mr. Pease began his career as a Navy Seal in the U.S. Navy before transitioning to consulting at McKinsey & Company, where he became a partner. He brings over 20 years of experience in finance, corporate strategy, M&A, capital markets, portfolio optimization, and business transformation.
John Washburn, Chief Operating OfficerJohn Washburn serves as Chief Operating Officer of Sunbelt Rentals and also manages the North America – General Tool segment. He previously held the role of Chief Operating Officer of Sunbelt Rentals North America from December 2023 to March 2026 and Executive Vice President of Sales and Marketing of Sunbelt Rentals from June 1994 to December 2023. Mr. Washburn joined Sunbelt in 1994.
Brad Lull, Executive Vice President, Strategy and Business DevelopmentBrad Lull is the Executive Vice President, Strategy and Business Development of Sunbelt Rentals. Before his current position, he was the Executive Vice President, Strategy and Business Development of Sunbelt Rentals North America from November 2017 to March 2026. Mr. Lull joined Sunbelt Rentals North America in October 1997 as Marketing Director and has held various roles of increasing responsibility, including District Manager, Vice President of Business Development, and Executive Vice President of Central Operations.
Monica Ziegler, Executive Vice President & Chief People OfficerMonica Ziegler was promoted to Executive Vice President and Chief People Officer of Sunbelt Rentals in March 2023. In this role, she is part of the executive committee and is responsible for advancing the organization's strategy and culture. From 2021, Ms. Ziegler served as the Vice President of Talent and Development for Sunbelt Rentals, focusing on succession planning and leadership development. Prior to joining Sunbelt Rentals, she held several leadership roles at a large automotive parts company.
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Here are the key risks to Sunbelt Rentals Holdings, Inc.:
- Antitrust Litigation and Price Collusion Allegations: Sunbelt Rentals is currently facing a significant antitrust lawsuit alongside other major construction equipment rental companies. The lawsuit alleges that these companies engaged in an unlawful cartel through a shared pricing and data platform (Rouse Services) to artificially inflate rental prices for equipment such as lifts, dozers, excavators, and loaders across the United States. This ongoing litigation could result in substantial financial penalties, including treble damages, and significant reputational harm, directly impacting Sunbelt Rentals' financial performance and market standing.
- Sensitivity to Economic Downturns and Construction/Industrial Activity: The demand for Sunbelt Rentals' services is closely tied to the health of the construction, industrial, and general equipment markets in the United States, the United Kingdom, and Canada. While the equipment rental industry can sometimes gain market share during economic downturns as companies opt to rent instead of purchase, a significant or prolonged slowdown in non-residential construction, infrastructure projects, or industrial activity could lead to decreased demand for equipment rentals, impacting revenue growth and profitability.
- Supply Chain Disruptions and Rising Operating Costs: Sunbelt Rentals faces risks related to supply chain bottlenecks, particularly due to its reliance on specific Original Equipment Manufacturers (OEMs) like Caterpillar and John Deere for heavy equipment. Delays from single-source suppliers can hinder fleet expansion and impact equipment availability. Additionally, the company is susceptible to rising operating costs, including higher repair and maintenance expenses, general inflationary pressures, increased capital expenditures for fleet investment, and the ongoing scarcity of skilled labor, all of which can compress profit margins.
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Sunbelt Rentals (SUNB) operates in several significant addressable markets across the United States, the United Kingdom, and Canada for its construction, industrial, and general equipment rental services.
United States
- The U.S. construction equipment rental market was valued at approximately USD 39.2 billion in 2022 and is projected to grow to USD 54.17 billion by 2029, with a compound annual growth rate (CAGR) of 4.73% during this period. Another estimate places the U.S. construction equipment rental market at USD 75.6 billion in revenue in 2025.
- The industrial equipment rental and leasing market in the U.S. was valued at USD 54.7 billion in 2025 and is projected to reach USD 56.1 billion in 2026. Industry revenue for industrial equipment rental is estimated to climb at a CAGR of 6.7% to USD 56.6 billion through the end of 2025.
- The heavy equipment rental industry in the United States is projected to reach USD 57.7 billion in 2026.
- The U.S. event rental market revenue is expected to reach USD 5.5 billion in 2025, with a forecast of USD 5.7 billion in 2026. The party supply rental market in the U.S. is expected to grow at a CAGR of 10.8% from 2024 to 2030.
- The tool and equipment rental industry in the United States reached USD 5.7 billion in 2025.
United Kingdom
- The UK construction equipment rental market generated a revenue of USD 4,123.0 million in 2025 and is expected to reach USD 5,656.5 million by 2033, demonstrating a CAGR of 4.2% from 2026 to 2033. Other data indicates the UK construction equipment rental market size was USD 3.82 billion in 2022 and is expected to reach USD 5.57 billion by 2029. The construction equipment rental and leasing market in the UK was £9.4 billion in 2025 and is projected to be £9.5 billion in 2026.
Canada
- The Canada construction equipment rental market generated a revenue of USD 6,709.4 million in 2025 and is expected to reach USD 7,800.3 million by 2033, growing at a CAGR of 2% from 2026 to 2033.
- The industrial equipment rental and leasing market in Canada was USD 6.5 billion in 2025.
- The overall Canadian equipment rental industry is expected to reach an estimated USD 9.5 billion by 2028. Commercial and industrial machinery and equipment rental and leasing in Canada generated USD 18.1 billion in operating revenue in 2024.
- Canadian event rental revenue is expected to reach USD 270 million in 2025 and USD 280 million in 2026.
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Sunbelt Rentals (SUNB) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Mega Projects and Large Strategic Accounts: Sunbelt Rentals anticipates continued revenue growth from sustained demand in large-scale infrastructure projects and an expanding base of major strategic customer accounts.
- Expansion of Specialty Business: The company's North American specialty segment is a significant driver of growth, demonstrating strong rental revenue increases. Sunbelt Rentals has a strategic focus on this segment, with a goal to reach $10 billion in specialty revenue.
- Diversification into Non-Construction End Markets: To broaden its addressable market and mitigate softness in local non-residential construction, Sunbelt Rentals is expanding its offerings to various non-construction sectors, including maintenance, entertainment, emergency response, government, agriculture, and defense.
- Strategic Investments in Fleet and Market Presence: The company is committed to fueling growth through significant capital expenditures for rental fleet investment, new greenfield location openings, and strategic bolt-on acquisitions. These investments aim to enhance fleet density and market penetration.
- Market Share Gains and Industry Structural Progression: Sunbelt Rentals is actively capitalizing on favorable industry trends and secular tailwinds, consistently gaining market share within the North American rental market. The company's "Sunbelt 4.0 strategy" is designed to leverage these structural shifts for long-term growth.
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Share Repurchases
- Sunbelt Rentals Holdings, Inc. has an ongoing $1.5 billion share buyback program, having completed a previous $1.5 billion program in February 2026 and initiating the new one on March 2, 2026.
- For the nine months ended January 31, 2026, the company's total share buybacks amounted to $1,047 million.
- S&P Global Ratings expects $1.0 billion in share repurchases for fiscal year 2026.
Share Issuance
- On February 27, 2026, Sunbelt Rentals Holdings, Inc. issued 413,963,685 shares of common stock on a one-for-one basis to former Ashtead Group plc shareholders as part of its transition to a U.S. primary listing.
Outbound Investments
- Year-to-date (as of January 31, 2026), Sunbelt Rentals invested $162 million, including acquired borrowings, in ten bolt-on acquisitions.
- S&P Global Ratings anticipates a run rate of $500 million to $1 billion per year for bolt-on acquisitions.
Capital Expenditures
- Sunbelt Rentals Holdings, Inc. raised its full-year fiscal 2026 gross capital expenditures outlook to a range of $2.2 billion to $2.3 billion, an increase from the previous $1.8 billion to $2.2 billion.
- For the nine months ended January 31, 2026, year-to-date gross capital expenditures were $1,783 million, with net capital expenditures (after disposal proceeds) at $1,470 million.
- Approximately 75% of capital expenditures in fiscal years 2026 and 2027 are expected to be allocated to rental fleet investment, supporting mega project wins, advanced fleet replacement, and growth in specialty segments.
Peer Outperformance in Diversified Support Services
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 15.3% | 103.8% | 188.4% | CDNL 2745% · FIX 2011% · STRL 1949% |
| Marine Transportation | 4 | 58.0% | 56.2% | 151.3% | MATX 198% · KEX 162% · SFL 140% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 12.3% | 53.5% | 109.1% | CAT 318% · ALSN 257% · WAB 232% |
| Aerospace & Defense | 55 | -0.7% | 58.4% | 77.7% | ATI 1057% · FTAI 868% · HWM 679% |
| Passenger Ground Transportation | 3 | -6.8% | 37.0% | 66.6% | UBER 86% · CAR 67% · LYFT -65% |
| Rail Transportation | 7 | 32.2% | 72.0% | 50.9% | FSTR 126% · CSX 66% · UNP 55% |
| Industrial Machinery & Supplies & Components | 71 | 6.7% | 43.3% | 45.9% | CRS 1402% · PSIX 843% · GHM 622% |
| Cargo Ground Transportation | 16 | 38.2% | 2.1% | 38.5% | XPO 267% · R 249% · CVLG 206% |
| Trading Companies & Distributors | 19 | 1.5% | 30.3% | 33.0% | DXPE 535% · AIT 286% · URI 210% |
| Diversified Support Services ← | 33 | 10.7% | 30.8% | 27.0% | LIME 4595% · TH 368% · WLFC 354% |
| Electrical Components & Equipment | 41 | 17.3% | 47.0% | 20.1% | POWL 2196% · ELVA 896% · BE 842% |
| Building Products | 33 | -9.5% | 3.7% | 20.0% | LMB 440% · GFF 389% · PPIH 291% |
| Research & Consulting Services | 13 | -8.6% | -18.3% | -2.4% | HURN 223% · CRAI 96% · GRNQ 58% |
| Environmental & Facilities Services | 29 | -9.8% | 15.8% | -5.2% | CECO 844% · ADUR 556% · NVRI 344% |
| Industrial Conglomerates | 17 | 12.5% | 7.3% | -6.6% | RCMT 706% · CSW 143% · CSL 75% |
| Agricultural & Farm Machinery | 17 | 4.3% | -8.4% | -17.2% | BLBD 179% · DE 86% · GENC 61% |
| Data Processing & Outsourced Services | 6 | -30.1% | -11.3% | -24.7% | EXLS 55% · BR 16% · G -21% |
| Passenger Airlines | 11 | 1.2% | -4.8% | -27.8% | LTM 2230% · UAL 134% · SKYW 106% |
| Office Services & Supplies | 9 | 11.5% | 17.2% | -29.0% | PBI 178% · TILE 165% · HNI 51% |
| Human Resource & Employment Services | 22 | 8.1% | -18.9% | -35.7% | BBSI 89% · ADP 54% · KFY 33% |
| Air Freight & Logistics | 12 | -9.3% | -26.3% | -37.3% | CHRW 89% · FDX 70% · EXPD 63% |
| Security & Alarm Services | 10 | -32.6% | 10.8% | -42.9% | CIX 103% · MG 78% · BCO 47% |
| Airport Services | 3 | -68.9% | -75.9% | -59.8% | JOBY -45% · ASLE -60% · UP -100% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| How One Project Funnel Reframes The Sunbelt Rentals Stock Story | 06/27/2026 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | - |
| Mkt Cap | 21.7 |
| Rev LTM | 6,961 |
| Op Inc LTM | 1,302 |
| FCF LTM | 1,051 |
| FCF 3Y Avg | 562 |
| CFO LTM | 2,051 |
| CFO 3Y Avg | 2,170 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.0% |
| Rev Chg 3Y Avg | 5.7% |
| Rev Chg Q | 3.2% |
| QoQ Delta Rev Chg LTM | 0.9% |
| Op Inc Chg LTM | 0.4% |
| Op Inc Chg 3Y Avg | 4.8% |
| Op Mgn LTM | 14.7% |
| Op Mgn 3Y Avg | 22.5% |
| QoQ Delta Op Mgn LTM | -0.5% |
| CFO/Rev LTM | 25.1% |
| CFO/Rev 3Y Avg | 27.5% |
| FCF/Rev LTM | 13.3% |
| FCF/Rev 3Y Avg | 7.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| General Tool | 6,397 | 6,721 | |||
| Specialty | 3,487 | 3,250 | |||
| United Kingdom (UK) | 907 | 888 | |||
| Central costs | 0 | 0 | |||
| Rental of equipment | 9,667 | 7,962 | 6,639 | ||
| Total | 10,792 | 10,859 | 9,667 | 7,962 | 6,639 |
| $ Mil | 2025 | 2024 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|
| General Tool | 2,093 | 2,394 | |||
| Specialty | 1,134 | 968 | |||
| United Kingdom (UK) | 69 | 71 | |||
| Non-recurring costs | -15 | 0 | |||
| Amortisation | -114 | -121 | |||
| Central costs | -610 | -659 | |||
| Amortization | -77 | -66 | -60 | ||
| Group central costs | -19 | ||||
| Sunbelt Canada | 40 | 41 | 23 | ||
| Sunbelt UK | 45 | ||||
| Sunbelt US | 1,536 | 1,531 | 1,331 | ||
| A-Plant | 81 | 97 | |||
| Corporate | -19 | -22 | |||
| Total | 2,557 | 2,654 | 1,526 | 1,568 | 1,369 |
| $ Mil | 2025 | 2024 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|
| General Tool | 10,082 | 10,016 | |||
| Central costs | 6,772 | 6,660 | |||
| Specialty | 3,595 | 3,733 | |||
| United Kingdom (UK) | 1,198 | 1,163 | |||
| Taxation assets | 23 | 58 | 41 | 33 | 33 |
| Cash | 21 | 21 | 301 | 17 | 26 |
| Corporate | 9 | 0 | 1 | ||
| Sunbelt Canada | 968 | 615 | 474 | ||
| Sunbelt UK | 1,042 | ||||
| Sunbelt US | 10,774 | 9,041 | 7,583 | ||
| A-Plant | 1,101 | 1,167 | |||
| Total | 21,692 | 21,651 | 13,134 | 10,807 | 9,284 |
Price Behavior
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.01 | 1.30 | 1.53 | -0.01 | -0.65 | 0.29 |
| Up Beta | 4.45 | 2.71 | 1.37 | -0.35 | -0.10 | -0.53 |
| Down Beta | 6.27 | -0.01 | 1.30 | 1.28 | 0.08 | -0.20 |
| Up Capture | 153% | 96% | 155% | 145% | 66% | 6% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 8 | 17 | 27 | 57 | 57 | 57 |
| Down Capture | 238% | 121% | 175% | 155% | 97% | 54% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 13 | 25 | 37 | 69 | 69 | 69 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SUNB | |
|---|---|---|---|---|
| SUNB | -1.0% | 47.6% | 0.10 | - |
| Sector ETF (XLI) | 15.4% | 17.1% | 0.67 | 60.6% |
| Equity (SPY) | 19.3% | 12.8% | 1.11 | 43.9% |
| Gold (GLD) | 29.8% | 29.0% | 0.89 | 28.5% |
| Commodities (DBC) | 41.3% | 20.4% | 1.58 | -23.8% |
| Real Estate (VNQ) | 9.2% | 13.7% | 0.40 | 20.6% |
| Bitcoin (BTCUSD) | -30.9% | 43.7% | -0.72 | 11.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SUNB | |
|---|---|---|---|---|
| SUNB | -0.2% | 47.6% | 0.10 | - |
| Sector ETF (XLI) | 12.7% | 17.6% | 0.56 | 60.6% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 43.9% |
| Gold (GLD) | 19.4% | 18.7% | 0.84 | 28.5% |
| Commodities (DBC) | 11.0% | 19.5% | 0.44 | -23.8% |
| Real Estate (VNQ) | 1.9% | 18.9% | -0.00 | 20.6% |
| Bitcoin (BTCUSD) | 9.5% | 52.7% | 0.36 | 11.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SUNB | |
|---|---|---|---|---|
| SUNB | -0.1% | 47.6% | 0.10 | - |
| Sector ETF (XLI) | 13.4% | 20.0% | 0.59 | 60.6% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 43.9% |
| Gold (GLD) | 12.3% | 16.3% | 0.62 | 28.5% |
| Commodities (DBC) | 7.6% | 18.1% | 0.34 | -23.8% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 20.6% |
| Bitcoin (BTCUSD) | 63.4% | 66.2% | 1.03 | 11.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 01/31/2026 | 03/12/2026 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 01/31/2026 | 03/12/2026 | 10-Q |
Recent Forward Guidance
Updated 7/27/2026Latest: Q4 2026 Earnings Reported 6/23/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Total Revenue Growth | Reported | 4.5% | 6.0% | 7.5% | ||||
| 2027 Rental Revenue Growth | Reported | 5.0% | 6.5% | 8.0% | 160.0% | 4.0% | Higher New | Guidance: 2.5% for 2026 |
| 2027 Adjusted EBITDA | Reported | 4.85 Bil | 4.95 Bil | 5.05 Bil | ||||
| 2027 Net Rental Equipment Capital Expenditures | Reported | 2.05 Bil | 2.25 Bil | 2.45 Bil | ||||
| 2027 Gross Rental Capital Expenditures | Reported | 2.45 Bil | 2.65 Bil | 2.85 Bil | 17.8% | Higher New | Guidance: 2.25 Bil for 2026 | |
Investor Activity (13F)
Updated Sep 1, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Abrams Bison Investments, LLC | $817.6 Mil | 35.4% | 11 | New | 13F |
| LFL Advisers, LLC | $42.7 Mil | 12.8% | 9 | New | 13F |
| Dorsey Asset Management, LLC | $143.5 Mil | 11.4% | 11 | New | 13F |
| Metropolis Capital Ltd | $308.2 Mil | 10.4% | 16 | New | 13F |
| Rothschild & Co Wealth Management UK Ltd | $534.4 Mil | 8.2% | 25 | New | 13F |
| Broad Run Investment Management, LLC | $44.2 Mil | 7.8% | 24 | New | 13F |
| BloombergSen Inc. | $66.4 Mil | 7.4% | 27 | New | 13F |
| Ruane, Cunniff & Goldfarb L.P. | $357.2 Mil | 5.9% | 50 | New | 13F |
| Crow's Nest Holdings LP | $24.3 Mil | 5.7% | 11 | New | 13F |
| Turtle Creek Asset Management Inc. | $143.3 Mil | 5.4% | 39 | New | 13F |
| Goodnow Investment Group, LLC | $47.8 Mil | 5.2% | 29 | New | 13F |
| Central Securities Corp | $39.1 Mil | 3.2% | 30 | New | 13F |
| Unisphere Establishment | $151.7 Mil | 1.3% | 50 | New | 13F |
| Black Creek Investment Management Inc. | $14.6 Mil | 0.8% | 25 | New | 13F |
| PineStone Asset Management Inc. | $95.8 Mil | 0.7% | 44 | New | 13F |
| Lyrical Asset Management LP | $12.4 Mil | 0.2% | 39 | New | 13F |
| Loews Corp | $20.8 Mil | 0.2% | 25 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Abrams Bison Investments, LLC | $817.6 Mil | 35.4% | 11 | New | 13F |
| Rothschild & Co Wealth Management UK Ltd | $534.4 Mil | 8.2% | 25 | New | 13F |
| Ruane, Cunniff & Goldfarb L.P. | $357.2 Mil | 5.9% | 50 | New | 13F |
| Metropolis Capital Ltd | $308.2 Mil | 10.4% | 16 | New | 13F |
| Unisphere Establishment | $151.7 Mil | 1.3% | 50 | New | 13F |
| Dorsey Asset Management, LLC | $143.5 Mil | 11.4% | 11 | New | 13F |
| Turtle Creek Asset Management Inc. | $143.3 Mil | 5.4% | 39 | New | 13F |
| PineStone Asset Management Inc. | $95.8 Mil | 0.7% | 44 | New | 13F |
| BloombergSen Inc. | $66.4 Mil | 7.4% | 27 | New | 13F |
| Goodnow Investment Group, LLC | $47.8 Mil | 5.2% | 29 | New | 13F |
| Broad Run Investment Management, LLC | $44.2 Mil | 7.8% | 24 | New | 13F |
| LFL Advisers, LLC | $42.7 Mil | 12.8% | 9 | New | 13F |
| Central Securities Corp | $39.1 Mil | 3.2% | 30 | New | 13F |
| Crow's Nest Holdings LP | $24.3 Mil | 5.7% | 11 | New | 13F |
| Loews Corp | $20.8 Mil | 0.2% | 25 | New | 13F |
| Black Creek Investment Management Inc. | $14.6 Mil | 0.8% | 25 | New | 13F |
| Lyrical Asset Management LP | $12.4 Mil | 0.2% | 39 | New | 13F |
| Active Manager |
|---|
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Abrams Bison Investments, LLC | $817.6 Mil | 35.4% | 11 | New | 13F |
| Rothschild & Co Wealth Management UK Ltd | $534.4 Mil | 8.2% | 25 | New | 13F |
| Ruane, Cunniff & Goldfarb L.P. | $357.2 Mil | 5.9% | 50 | New | 13F |
| Metropolis Capital Ltd | $308.2 Mil | 10.4% | 16 | New | 13F |
| Unisphere Establishment | $151.7 Mil | 1.3% | 50 | New | 13F |
| Dorsey Asset Management, LLC | $143.5 Mil | 11.4% | 11 | New | 13F |
| Turtle Creek Asset Management Inc. | $143.3 Mil | 5.4% | 39 | New | 13F |
| PineStone Asset Management Inc. | $95.8 Mil | 0.7% | 44 | New | 13F |
| BloombergSen Inc. | $66.4 Mil | 7.4% | 27 | New | 13F |
| Goodnow Investment Group, LLC | $47.8 Mil | 5.2% | 29 | New | 13F |
| Broad Run Investment Management, LLC | $44.2 Mil | 7.8% | 24 | New | 13F |
| LFL Advisers, LLC | $42.7 Mil | 12.8% | 9 | New | 13F |
| Central Securities Corp | $39.1 Mil | 3.2% | 30 | New | 13F |
| Crow's Nest Holdings LP | $24.3 Mil | 5.7% | 11 | New | 13F |
| Loews Corp | $20.8 Mil | 0.2% | 25 | New | 13F |
| Black Creek Investment Management Inc. | $14.6 Mil | 0.8% | 25 | New | 13F |
| Lyrical Asset Management LP | $12.4 Mil | 0.2% | 39 | New | 13F |
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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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