U-Haul Holding Company (UHAL-B) · 10+ Years of Financial Ratios

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	0.05	5.58	16.07	16.34	18.77	20.69	17.98	20.82	14.63	24.14	9.72	10.53	13.03	20.24	14.04
Return on Assets (%)	0.35	1.73	4.62	4.65	5.32	6.06	5.54	6.53	4.55	7.85	3.28	3.49	4.35	7.03	5.21
Return on Capital (%)	2.24	5.28	9.72	9.68	10.75	11.4	9.94	10.9	8	- -	6.02	- -	6.96	10.34	8.21
Return on Invested Capital (%)	1.19	8.33	9.81	9.76	11.58	12.85	11.09	11.9	8.73	- -	6.57	- -	7.35	10.71	8.67
Gross Margin (%)	30.54	33.65	77.9	74.17	80.75	81.97	81.97	82.44	82.39	82.71	85.38	84.24	84.08	84.74	85.59
EBITDA Margin (%)	16.11	27.16	26.63	26.26	30.37	33.27	33.68	39.04	36.45	31.92	32.65	31.03	36.48	41.32	37.71
Operating Margin (%)	3.26	15.39	17.2	17.11	20.19	22.93	22.2	27.15	22.38	16.5	17.23	14.34	21.86	29.18	25.2
Incremental Operating Margin (%)	402.35	1,336.29	28.96	16.35	186.34	48.3	13.58	102.85	-84.46	-95.6	32.91	-37.55	74.96	56.94	-157.75
Pretax Margin (%)	1.17	5.13	12.85	12.96	15.97	18.96	18.26	23.47	18.36	17.71	12.67	9.5	17.54	25.71	20.77
Profit Margin (%)	0.69	3.36	8.15	8.18	10.35	12.08	11.6	14.93	11.64	21.95	9.84	11.11	13.45	19.57	15.74
Net Income to Common Margin (%)	0.02	2.72	7.6	8.06	10.35	12.08	11.6	14.93	11.64	21.95	9.84	11.11	13.45	19.57	15.74
Effective Tax Rate (%)	40.61	34.5	36.55	36.93	35.2	36.3	36.46	36.4	36.59	- -	22.34	- -	23.32	23.87	24.22
Dvd Payout Ratio (%)	- -	0.73	- -	9.62	36.8	5.72	5.49	16.03	14.75	3.72	10.56	6.65	8.02	2.62	3.65
Sustainable Growth Rate (%)	0.05	5.54	16.07	14.77	11.86	19.51	16.99	17.48	12.47	23.24	8.69	9.83	11.98	19.71	13.53

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	1,546	1,348	1,398	1,486	1,662	2,032	2,381	2,994	3,263	3,568	4,693	5,814	5,831	7,192	6,166
ST Debt	- -	- -	- -	24	- -	90	190	347	85	55	530	1,086	1,070	1,095	- -
LT Debt	1,546	1,348	1,398	1,462	1,662	1,942	2,191	2,647	3,178	3,513	4,163	4,728	4,761	6,097	6,166
Total Debt/EBITDA	4.96	2.54	2.33	2.25	2.14	2.15	2.3	2.34	2.62	3.1	3.81	4.71	3.52	3.03	2.79
Net Debt/EBITDA	4.19	2.08	1.71	1.54	1.19	1.19	1.29	1.35	1.35	1.59	2.42	3.3	2.04	1.31	1.16
Total Debt/EBIT	24.54	4.48	3.61	3.46	3.22	3.13	3.49	3.37	4.26	6	7.23	10.19	5.87	4.29	4.17
Net Debt/EBIT	20.72	3.67	2.64	2.37	1.79	1.72	1.96	1.94	2.2	3.07	4.58	7.15	3.41	1.86	1.74
EBITDA to Interest Expense	3.16	5.68	7.13	7.67	8.98	10.58	11.01	13.53	11.34	9.36	8.87	7.87	10.52	14.65	10.16
EBITDA-CapEx/Interest Expense	-0.86	2.9	1.42	0.81	1.4	-0.64	-0.07	-2.44	-1.57	-1.74	-4.61	-6.85	1.37	1.45	-2.35
EBIT to Interest Expense	0.64	3.22	4.6	5	5.97	7.29	7.26	9.41	6.96	4.84	4.68	3.64	6.3	10.35	6.79
Interest Expense	98	93	84	86	87	89	94	94	110	123	139	157	158	162	218
Common Equity/Total Assets	24.22	26.03	27.55	28.52	28.14	30.27	31.33	31.37	30.87	33.92	33.53	32.82	33.91	35.43	38.73
Long-Term Debt/Equity (%)	215.5	165.78	140.77	141.17	135.19	127.17	116.27	117.59	121.3	103.06	112.75	112.01	98.14	102.42	94.46
Long-Term Debt/Capital (%)	62.54	57.91	54.85	51.97	52.67	50.48	48.32	47.8	51.54	48.7	47.96	46.24	44.09	45.77	46.77
Long-Term Debt/Total Assets (%)	40.43	35.82	33.47	31.42	31.32	32.38	31.88	32.65	33.79	32.69	35.01	35.18	32.5	35.24	34.02
Total Debt/Equity (%)	215.5	165.78	140.77	143.48	135.19	133.04	126.35	133	124.55	104.68	127.11	137.74	120.19	120.82	94.46
Total Debt/Capital (%)	62.54	57.91	54.85	52.82	52.67	52.81	52.51	54.06	52.91	49.46	54.07	56.87	53.99	53.99	46.77
Total Debt/Total Assets (%)	40.43	35.82	33.47	31.93	31.32	33.87	34.65	36.93	34.69	33.2	39.47	43.26	39.8	41.57	34.02
Net Debt to Equity	181.97	135.75	102.95	98.35	75.22	73.34	70.93	76.44	64.44	53.52	80.62	96.65	69.81	52.35	39.34
Net Debt/Capital (%)	58.5	52.98	47.05	41.47	34.36	33.41	32.66	34.85	30.87	28.27	37.18	41.93	35.26	29.35	23.09
EBITDA	312	530	600	660	777	943	1,035	1,279	1,247	1,149	1,231	1,235	1,657	2,372	2,212
EBITDA-CapEx	-85	271	119	70	121	-57	-6	-230	-172	-214	-639	-1,075	215	235	-512
Operating Income (Loss)	63	300	387	430	517	650	683	889	766	594	649	571	993	1,675	1,478

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.63	0.64	0.69	0.27	0.34	0.37	0.31	0.4	0.43	0.43	0.42	0.32	0.71	1.69	1.23
Current Ratio	1.16	1.13	1.17	0.74	0.71	0.69	0.65	0.72	0.75	0.73	0.79	0.9	1.24	2.14	1.63
Quick Ratio	0.97	0.95	0.98	0.66	0.63	0.62	0.52	0.56	0.59	0.56	0.58	0.46	0.87	1.86	1.37
CFO/Avg Current Liab	0.18	0.25	0.34	0.4	0.44	0.49	0.5	0.66	0.65	0.54	0.57	0.67	0.94	1.18	1.05
Common Equity/Total Assets	24.22	26.03	27.55	28.52	28.14	30.27	31.33	31.37	30.87	33.92	33.53	32.82	33.91	35.43	38.73
Long-Term Debt/Equity (%)	215.5	165.78	140.77	141.17	135.19	127.17	116.27	117.59	121.3	103.06	112.75	112.01	98.14	102.42	94.46
Long-Term Debt/Capital (%)	62.54	57.91	54.85	51.97	52.67	50.48	48.32	47.8	51.54	48.7	47.96	46.24	44.09	45.77	46.77
Long-Term Debt/Total Assets (%)	40.43	35.82	33.47	31.42	31.32	32.38	31.88	32.65	33.79	32.69	35.01	35.18	32.5	35.24	34.02
Total Debt/Equity (%)	215.5	165.78	140.77	143.48	135.19	133.04	126.35	133	124.55	104.68	127.11	137.74	120.19	120.82	94.46
Total Debt/Capital (%)	62.54	57.91	54.85	52.82	52.67	52.81	52.51	54.06	52.91	49.46	54.07	56.87	53.99	53.99	46.77
Total Debt/Total Assets (%)	40.43	35.82	33.47	31.93	31.32	33.87	34.65	36.93	34.69	33.2	39.47	43.26	39.8	41.57	34.02
CFO/Total Liabilities	8.83	13.65	18	18.51	16.22	16.41	15.22	17.85	15.61	12.78	11.9	11.67	15.67	17.15	14.92
CFO/CapEx	0.69	1.55	1.19	1.14	1.01	0.73	0.73	0.69	0.75	0.69	0.52	0.47	1.07	0.91	0.63
Altman's Z-Score	0.97	1.21	1.31	1.14	1.09	1.16	1.11	1.14	1.01	0.94	0.93	0.88	1.04	1.27	1.73

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	97.03	106.73	119.6	16.16	9.49	12.77	16.27	18.52	19.73	19.75	18.4	20.04	22.94	25.5	28.02
Days Sales Outstanding	3.76	3.42	3.05	22.59	38.47	28.58	22.43	19.71	18.5	18.48	19.83	18.22	15.91	14.32	13.03
Inventory Turnover	19.74	20.96	8.82	10.94	8.56	8.29	8.12	7.71	7.43	7.23	5.7	6.13	7	6.62	5.44
Days Inventory Outstanding	18.49	17.41	41.37	33.38	42.65	44.05	44.93	47.36	49.14	50.52	64.07	59.53	52.15	55.11	67.04
Accounts Payable Turnover	9.22	- -	- -	3.86	1.41	1.46	1.3	1.17	1.27	1.31	1.06	1.12	1.21	1.4	1.16
Accounts Payable Turnover Days	39.58	- -	- -	94.48	258.25	250.52	279.95	311.45	287.45	278.6	345.3	324.6	300.94	259.94	313.54
Cash Conversion Cycle	-17.33	20.83	44.42	-38.52	-177.13	-177.88	-212.6	-244.38	-219.81	-209.6	-261.4	-246.85	-232.88	-190.51	-233.48
Inventory to Cash Days	-14.72	-13.99	-38.32	-10.79	-4.18	-15.47	-22.5	-27.65	-30.63	-32.03	-44.24	-41.31	-36.24	-40.79	-54.01
Inventories	71	53	60	59	56	67	69	80	82	90	104	101	106	159	151
Raw Materials	84	67	74	60	58	70	71	77	81	93	105	100	109	165	169
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	14	15	14	15	17	18	19	20	23	20	33	31
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	10,120
- Cash & Cash Equivalents	241	244	375	357	464	495	442	601	698	759	674	494	1,194	2,704	2,061
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	1,546	1,348	1,398	1,486	1,662	2,032	2,381	2,994	3,263	3,568	4,693	5,814	5,831	7,192	6,166
Enterprise Value	559	327	161	1,079	1,155	1,492	1,891	2,359	2,550	2,798	4,014	5,312	4,630	4,457	14,210
Total Capital	2,473	2,327	2,548	2,814	3,155	3,848	4,534	5,539	6,166	7,214	8,681	10,224	10,800	13,322	13,186
Total Debt/Capital (%)	62.54	57.91	54.85	52.82	52.67	52.81	52.51	54.06	52.91	49.46	54.07	56.87	53.99	53.99	46.77
Total Debt / EV	2.77	4.12	8.7	1.38	1.44	1.36	1.26	1.27	1.28	1.28	1.17	1.09	1.26	1.61	0.43
EV/Sales	0.29	0.17	0.07	0.43	0.45	0.53	0.62	0.72	0.75	0.78	1.07	1.34	1.02	0.78	2.42
EV/EBITDA	1.79	0.62	0.27	1.64	1.49	1.58	1.83	1.84	2.04	2.43	3.26	4.3	2.79	1.88	6.43
EV/EBIT	8.87	1.09	0.41	2.51	2.24	2.29	2.77	2.65	3.33	4.71	6.18	9.31	4.66	2.66	9.62
EV/Cash Flow to Firm	1.68	0.7	0.26	1.49	1.61	1.89	2.31	2.13	2.26	2.57	3.71	4.22	2.8	2.15	7.5
EV/Free Cash Flow to Firm	0.77	0.45	0.15	0.82	0.84	0.83	1.02	0.9	1	1.14	1.36	1.49	1.49	1.06	3.08
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	10,120
Diluted Enterprise Value	1,306	1,104	1,022	1,129	1,198	1,537	1,939	2,394	2,565	2,809	4,020	5,319	4,637	4,488	14,225
EV per Share	2.85	1.67	0.82	5.5	5.89	7.61	9.65	12.03	13	14.27	20.47	27.09	23.61	22.73	72.47
TTM Sales	1,934	1,952	2,251	2,512	2,559	2,835	3,075	3,275	3,422	3,601	3,769	3,979	4,542	5,740	5,865
TTM EBITDA	312	530	600	660	777	943	1,035	1,279	1,247	1,149	1,231	1,235	1,657	2,372	2,212
TTM Operating Income	63	300	387	430	517	650	683	889	766	594	649	571	993	1,675	1,478
TTM Cash Flow to Firm	333	464	626	724	718	791	819	1,105	1,129	1,090	1,083	1,259	1,656	2,069	1,895
TTM Free Cash Flow to Firm	730	723	1,107	1,314	1,374	1,791	1,861	2,615	2,549	2,454	2,953	3,568	3,098	4,206	4,619

Multiples	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	10.96
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	12.13
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	13.54
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	10.34
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.44
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.6
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.78
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.36
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.55
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.72
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.91
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.46
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.73
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.91
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.13
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.63
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	5.85
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.47
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7.23
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	5.52
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.27
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.51
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.81
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.14
EV/Sales	0.29	0.17	0.07	0.43	0.45	0.53	0.62	0.72	0.75	0.78	1.07	1.34	1.02	0.78	2.42
EV/Sales Average	0.68	0.57	0.45	0.45	0.47	0.54	0.63	0.73	0.75	0.78	1.07	1.34	1.02	0.78	2.61
EV/Sales High	0.68	0.57	0.45	0.45	0.47	0.54	0.63	0.73	0.75	0.78	1.07	1.34	1.02	0.78	2.83
EV/Sales Low	0.68	0.57	0.45	0.45	0.47	0.54	0.63	0.73	0.75	0.78	1.07	1.34	1.02	0.78	2.33
EV/EBITDA	1.79	0.62	0.27	1.64	1.49	1.58	1.83	1.84	2.04	2.43	3.26	4.3	2.79	1.88	6.43
EV/EBITDA Average	4.19	2.08	1.71	1.71	1.54	1.63	1.87	1.87	2.06	2.44	3.27	4.31	2.8	1.89	6.92
EV/EBITDA High	4.19	2.08	1.71	1.71	1.54	1.63	1.87	1.87	2.06	2.44	3.27	4.31	2.8	1.89	7.51
EV/EBITDA Low	4.19	2.08	1.71	1.71	1.54	1.63	1.87	1.87	2.06	2.44	3.27	4.31	2.8	1.89	6.17
EV/EBIT	8.87	1.09	0.41	2.51	2.24	2.29	2.77	2.65	3.33	4.71	6.18	9.31	4.66	2.66	9.62
EV/EBIT Average	20.72	3.67	2.64	2.63	2.32	2.36	2.84	2.69	3.35	4.73	6.19	9.32	4.67	2.68	10.36
EV/EBIT High	20.72	3.67	2.64	2.63	2.32	2.36	2.84	2.69	3.35	4.73	6.19	9.32	4.67	2.68	11.24
EV/EBIT Low	20.72	3.67	2.64	2.63	2.32	2.36	2.84	2.69	3.35	4.73	6.19	9.32	4.67	2.68	9.23
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	51.61
High Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	63.74
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	48.65
Enterprise Value	559	327	161	1,079	1,155	1,492	1,891	2,359	2,550	2,798	4,014	5,312	4,630	4,457	14,210
Enterprise Value Average	1,306	1,104	1,022	1,129	1,198	1,537	1,939	2,394	2,565	2,809	4,020	5,319	4,637	4,488	15,303
Enterprise Value High	1,306	1,104	1,022	1,129	1,198	1,537	1,939	2,394	2,565	2,809	4,020	5,319	4,637	4,488	16,604
Enterprise Value Low	1,306	1,104	1,022	1,129	1,198	1,537	1,939	2,394	2,565	2,809	4,020	5,319	4,637	4,488	13,645

Per Share Data Items	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	196	196	196	196	196	196	196	196	196	196	196	196	196	196	196
Diluted Weighted Avg Shares	194	194	194	195	195	196	196	196	196	196	196	196	196	196	196
Basic Weighted Avg Shares	194	194	194	195	195	196	196	196	196	196	196	196	196	196	196
Revenue per Share	10	10.07	11.59	12.9	13.11	14.5	15.7	16.71	17.47	18.38	19.24	20.3	23.16	29.27	29.91
EBITDA per Share	1.61	2.73	3.09	3.39	3.98	4.82	5.29	6.53	6.37	5.87	6.28	6.3	8.45	12.1	11.28
Operating Income per Share	0.33	1.55	1.99	2.21	2.65	3.32	3.49	4.54	3.91	3.03	3.32	2.91	5.06	8.54	7.54
Basic EPS, GAAP	- -	0.27	0.88	1.04	1.36	1.75	1.82	2.5	2.03	4.04	1.89	2.25	3.12	5.73	4.71
Basic EPS from Cont Ops	0.07	0.34	0.94	1.05	1.36	1.75	1.82	2.5	2.03	4.04	1.89	2.25	3.12	5.73	4.71
Diluted EPS, GAAP	- -	0.27	0.88	1.04	1.36	1.75	1.82	2.5	2.03	4.04	1.89	2.25	3.12	5.73	4.71
Diluted EPS from Cont Ops	0.07	0.34	0.94	1.05	1.36	1.75	1.82	2.5	2.03	4.04	1.89	2.25	3.12	5.73	4.71
Dividend per Share	0.07	0.07	0.06	0.11	0.5	0.1	0.1	0.4	0.3	0.15	0.2	0.15	0.25	0.15	0.17
Cash Flow per Share	1.42	2.08	2.95	3.44	3.39	3.75	3.88	5.33	5.41	4.79	4.98	5.49	7.83	9.93	8.82
Free Cash Flow per Basic Share	-0.63	0.74	0.48	0.41	0.03	-1.36	-1.44	-2.37	-1.84	-2.18	-4.57	-6.29	0.48	-0.97	-5.07
Cash & Equivalents per Share	5.03	5.21	6.31	2.08	2.59	2.75	2.5	3.24	3.64	3.93	3.46	2.56	6.13	13.95	10.59
Book Value per Share	4.72	5	5.87	6.77	7.61	9.26	10.98	12.98	14.81	18.59	20.34	22.49	25.34	31.26	35.8
Tangible Book Value per Share	3.66	4.15	5.06	5.28	6.27	7.79	9.61	11.48	13.36	17.38	18.83	21.53	24.74	30.36	33.29

U-Haul Holding Company

UHAL-B US

61.08

61.08