Is UHAL a Buy or a Sell? The Bull and Bear Case (2026)

That depends on which case you find more convincing, and both are on this page. The bull case rests on The used-truck resale cycle, with revenue (ttm) at ~$6.09B. The bear case rests on reported earnings have collapsed relative to the share price, leaving a trailing price-to-earnings ratio around ~210x that offers no support if the depreciation cycle lasts longer than management expects. Analysts covering it are spread from $73.85 to $99.00, which is itself a signal that this is genuinely contested. If you believe the thesis, the real questions become sizing and overlap rather than timing. Walnut is not an investment adviser and this is not a recommendation.

Nobody can answer that for you, and the honest version of the question is narrower: has anything changed in the reason you bought it? The bear case on this page is the place to check. Reported earnings have collapsed relative to the share price, leaving a trailing price-to-earnings ratio around ~210x that offers no support if the depreciation cycle lasts longer than management expects. If that risk is what you were worried about and it is now playing out, that is a real signal. If the price simply fell while the thesis held, that is a different situation entirely. The most pessimistic published target is $73.85, +6.3% from the $69.47 price, which is one analyst's downside case rather than a floor. Walnut is not an investment adviser.

The used-truck resale cycle. U-Haul buys trucks, rents them for years, then sells them, and the resale price sets how much of the fleet's cost lands in earnings. The most optimistic analyst target on UHAL is $99.00, +42.5% from the $69.47 price. That figure is only reachable if this thesis works close to its best case.

Reported earnings have collapsed relative to the share price, leaving a trailing price-to-earnings ratio around ~210x that offers no support if the depreciation cycle lasts longer than management expects. The self-storage development pipeline of roughly ~12 million square feet adds cost immediately and revenue slowly, and same-store occupancy has fallen for several quarters while the industry absorbs a national supply wave. Rising interest expense against about ~$8.15 billion of debt compounds that pressure. Demand for moving equipment is tied to housing turnover, which has stayed weak, and used-vehicle prices remain outside the company's control. The Shoen family controls about ~50.1% of the voting stock, so minority holders of UHAL have limited practical influence and related-party arrangements with entities such as SAC Holdings and Mercury are a standing feature. The most pessimistic published target is $73.85, +6.3% from the current price, which is roughly what the stock is worth if these risks bite rather than the drivers.

Parent of U-Haul, the do-it-yourself moving business, with a rental truck fleet, a large self-storage portfolio and two insurance subsidiaries.

Decide that in advance, because it is far harder to think clearly once a position is moving against you. The concrete tripwires here: the driver behind the bull case (The used-truck resale cycle) stalling in the reported numbers rather than in the narrative, the risk above (reported earnings have collapsed relative to the share price, leaving a trailing price-to-earnings ratio around ~210x that offers no support if the depreciation cycle lasts longer than management expects) turning from a possibility into a reported fact, or the position growing large enough that a bad outcome would matter to your whole portfolio regardless of who is right.

It is the parent of U-Haul International, which rents moving trucks, trailers and towing equipment through more than ~25,000 locations in the United States and Canada, operates self-storage facilities, sells propane and moving supplies, and offers U-Box portable containers. Two insurance companies, Oxford Life and Repwest, and a property company, Amerco Real Estate, sit under the same holding company. Moving and Storage generated about ~$5.69 billion of fiscal 2026 revenue out of roughly ~$6.04 billion in total.

UHAL is the voting common stock, about ~19.5 million shares, and UHAL.B is the Series N non-voting common stock, about ~176.3 million shares, roughly ~9 non-voting shares for every voting share. Under the two-class method, undistributed earnings are allocated about ~10% to the voting stock and ~90% to the non-voting stock, matching those share counts, so underlying earnings per share are nearly identical. What separates them is that only UHAL carries a vote while only UHAL.B receives the quarterly dividend, and UHAL.B is far more liquid. During the June 2026 quarter the company repurchased voting shares at roughly ~$62.83 each and non-voting shares at roughly ~$55.45 each, so the voting class has traded at a premium.

The voting stock does not. U-Haul states plainly that it has no formal dividend policy for UHAL and no cash dividend has been declared on it. The non-voting UHAL.B does have a stated policy of about ~$0.05 per share each quarter, or roughly ~$0.20 annually, which cost about ~$35.3 million in fiscal 2026. Anyone holding UHAL for income would be holding the class that receives none of it.