Here are a few analogies for U-Haul:

• The Hertz of DIY moving and storage.

• Enterprise Rent-A-Car for moving trucks and Public Storage for self-storage units, rolled into one company.

• Moving and Storage Rentals: Rental of trucks, trailers, portable moving and storage units, and self-storage spaces for household and commercial goods.
• Moving Supplies and Accessories Sales: Sale of various moving supplies, specialty boxes, packing materials, towing accessories, and propane.
• Moving Help and Storage Marketplace: An online platform (uhaul.com) connecting consumers with independent Moving Help service providers and self-storage affiliates.
• Property & Casualty Insurance Packages: Protection packages such as Safemove and Safestor, offering damage waivers, cargo protection, and liability coverage for moving and storage customers.
• Life and Health Insurance Products: Direct writing and reinsuring of life insurance, Medicare supplement, and annuity policies, primarily targeting the senior market.

U-Haul (UHAL) primarily serves individual consumers and small businesses rather than other large companies. Its major customer categories include:

1. Individuals Undertaking Do-It-Yourself Household Moves: This is the core customer base, consisting of individuals and families who rent trucks, trailers, and other equipment to relocate their homes. They also purchase moving supplies and often utilize vehicle transport options.

2. Individuals and Small Businesses Requiring Self-Storage Solutions: Customers in this category seek secure, temporary, or long-term storage spaces for personal belongings, household goods, or business inventory, often independent of a full-scale move.

3. Customers of Ancillary Moving and Towing Services and Products: This category includes individuals and small businesses who purchase moving supplies (such as boxes, tape, and security locks), towing accessories, propane, and various protection packages (like Safemove, Safetow, and Safestor) offered by U-Haul, sometimes without engaging in a full truck or storage rental.

• Ford Motor Company (F)
• General Motors Company (GM)

Edward J. Shoen, Chairman and President of U-Haul Holding Company, Chief Executive Officer of U-Haul International, Inc.

Edward J. Shoen is the third son of U-Haul co-founder L. S. Shoen. He earned an MBA from Harvard Business School in 1973, where his thesis focused on the self-storage industry, and a Juris Doctor from Arizona State University in 1981. In 1986, he led a shareholder coup to take control of AMERCO from his father, becoming chairman and president. Before this, he owned Space Age Paints from 1980 to 1987 while practicing law. His leadership is recognized for the expansion of U-Haul in the self-moving sector.

Jason A. Berg, Chief Financial Officer of U-Haul Holding Company

Jason A. Berg joined AMERCO subsidiary Oxford Life Insurance Company in 1996, where he served as treasurer, secretary, and vice president, overseeing accounting, financial reporting, and tax operations. Prior to joining Oxford Life, he was employed with the Internal Revenue Service. He was appointed principal accounting officer for AMERCO in 2005 and became the Chief Financial Officer in 2016. He is also the Treasurer & Director at Amerco Real Estate Co. and Chief Accounting Officer at U-Haul International, Inc., both subsidiaries of AMERCO. He is a Certified Public Accountant.

Samuel J. Shoen, Vice Chairman of the Board and U-Box Project Manager

Samuel J. Shoen serves as the Vice Chairman of the Board and is involved as the U-Box Project Manager. He is the son of Edward J. Shoen.

John C. Taylor, President of U-Haul International, Inc.

John C. Taylor holds the position of President of U-Haul International, Inc.

Maria L. Bell, Chief Accounting Officer of U-Haul Holding Company

Maria L. Bell serves as the Chief Accounting Officer of U-Haul Holding Company.

Key Risks to U-Haul's Business

1. Dependence on Housing Market and Economic Conditions: U-Haul's core moving and storage business is directly tied to the health of the housing market and overall economic activity. Economic downturns or slowdowns in the housing market, characterized by fewer home sales and reduced relocation activity, can significantly decrease demand for U-Haul's trucks, trailers, and self-storage units. The company's filings acknowledge the impact of economic downturns on operations, leading to reduced demand and pricing pressure. Recent reports have linked declines in U-Haul's earnings and stock price to fewer one-way moves, indicating a direct correlation with broader economic and housing market shifts.
2. Operational Costs and Fleet Management: Operating a vast fleet of approximately 176,000 trucks and 127,000 trailers exposes U-Haul to substantial operational costs. These include significant expenses related to fuel, maintenance, and depreciation of its fleet. Fuel price volatility can directly impact profit margins, as U-Haul trucks typically have lower fuel efficiency, averaging around 10 miles per gallon. Additionally, the company faces challenges with fleet depreciation and underutilized capacity, and the uncertainty of the truck resale market can affect net capital investment.
3. High Debt Levels: U-Haul carries a significant amount of debt, which poses a financial risk. With $13.51 billion of debt exceeding $1.44 billion of cash on its balance sheet and a high net-debt-to-EBITDA ratio of 7x, the company is considered overleveraged. High debt levels can limit financial flexibility, increase borrowing costs, and make the company more vulnerable to adverse market conditions or declining profitability, potentially impacting its ability to invest in growth or manage unexpected challenges.

U-Haul (UHAL), operating as AMERCO, primarily serves the do-it-yourself moving and storage market, and also offers property and casualty insurance and life insurance products. The addressable market sizes for its main products and services in the United States are as follows:

Do-It-Yourself Moving and Storage

• Self-Storage: The U.S. self-storage market was valued at an estimated USD 44 billion in 2023, with projections to grow from USD 45.34 billion in 2025 to USD 47.28 billion in 2026, and further to USD 57.79 billion by 2031. Other estimates place the total revenue at over $40 billion (as of May 23, 2025). As of March 9, 2026, the overall self-storage industry is valued between $44.3 billion.
• Moving Truck Rental: The market size for truck rentals in the U.S. was estimated at USD 34.8 billion in 2024. This market is projected to be USD 34.4 billion in 2025 and is expected to reach USD 28,124.1 million by 2030, with a compound annual growth rate (CAGR) of 4.2% from 2025 to 2030. Another source indicates the U.S. truck rental market size was estimated at USD 21.5 billion in 2024 and is projected to grow from USD 23.71 billion in 2025 to USD 63.12 billion by 2035, exhibiting a CAGR of 10.2% during this forecast period.

Property and Casualty Insurance

• Moving and Storage Protection Packages: A specific addressable market size for moving and storage protection packages within the U.S. is not readily available. While the broader U.S. logistics insurance market had a revenue of USD 11.3 million in 2023, expected to reach USD 13.0 million by 2030, this figure likely does not fully encompass U-Haul's specialized Safemove, Safetow, and Safestor offerings for household and commercial goods.

Life Insurance Segment

• Life and Health Insurance Products (including Annuities): The U.S. life insurance and annuities market was sized at USD 819 billion in 2024, with projections to reach USD 1100.2 billion by 2032 at a CAGR of 3.9% from 2025 to 2032. Separately, US individual annuity sales reached $461.3 billion in 2025.
• Medicare Supplement Health Insurance: The U.S. Medicare Supplement Health Insurance market size was valued at USD 26.97 billion in 2022 and accounted for USD 30.55 billion in 2025. It is expected to grow at a CAGR of 5.0% from 2023 to 2030, reaching USD 39.26 billion by 2030, and is estimated to achieve USD 50.33 billion by 2035.

U-Haul (UHAL) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Self-Storage Expansion: U-Haul is actively expanding its self-storage portfolio by adding new units and developing additional properties. The company anticipates significant revenue growth from these non-same-store locations once they achieve stabilized occupancy rates, as well as from numerous projects currently under development.
2. Optimization and Growth of Truck Rental Business: Despite some fluctuations in truck transactions, U-Haul aims to increase revenue through improved fleet utilization and management, reduced maintenance costs, and an increase in rental transactions. The expansion of its network with new company-operated locations and independent dealers is expected to facilitate better distribution of its fleet and boost transaction volumes.
3. Expansion of U-Box Container Services: The company is growing its flexible U-Box moving and storage container services. This segment contributes to "other revenue" through an increase in moving transactions and a greater number of containers kept in storage by customers.
4. Growth in Ancillary Product and Service Sales: U-Haul enhances its revenue by selling a variety of moving supplies, towing accessories, propane, specialty boxes, tapes, and security locks. Additionally, moving and storage protection packages like Safemove, Safetow, Safestor, and Safestor Mobile contribute to overall revenue.

Share Repurchases

• No significant share repurchases have been made by U-Haul (UHAL) over the last 3-5 years, with quarterly buybacks reported at $0.00 for December 31, 2025.

Share Issuance

• In 2022, U-Haul Holding Company issued a stock dividend that created non-voting Class B Common Stock (UHALB), designed to be more accessible to retail investors while offering the same economic interest as voting shares.
• As of May 28, 2025, there were 19,607,788 shares of Voting Common Stock (UHAL) and 176,470,092 shares of Series N Non-Voting Common Stock (UHAL.B) outstanding.

Capital Expenditures

• U-Haul's Capital Expenditure for the Last Twelve Months (LTM) was $774 million as of November 24, 2025.
• The company is primarily focused on expanding its self-storage properties and the U-Box portable storage fleet.
• During the third quarter of fiscal 2026 (ending December 31, 2025), U-Haul added 16 new storage locations and 1.5 million net rentable square feet, with approximately 12.9 million net rentable square feet in development or pending.