# Herc Holdings Inc. (HRI)

> Source: Nexqual · https://nexqual.com/HRI · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Herc Holdings Inc. (HRI), nexqual.com/HRI" · informational, not investment advice.

**Price:** USD 173.95 (+4.68% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 166.17 · day 166–174.42 · 52w 88.45–188.35 · market cap $5.82B · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $4.92B, net income $123M (2.5% margin), free cash flow $1.13B (SEC filings).
- Valuation: P/E 47.3x (avg 1565.7x at the last 3 fiscal year-ends), net debt $7.96B.
- 3 of 80 tracked superinvestors hold HRI (13F, Q2 2026): 0 new, 1 added, 0 reduced, 2 unchanged.
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $503K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.27 on a 1–5 scale) (11 analysts), mean target USD 199.25 (range 145–240).
- Total return with dividends: 1Y +23.4% vs S&P 500 +14.8%; 5Y +4.6% vs S&P 500 +79.1%.
- Latest earnings report: 2026-10-27 (next date not yet announced).
- Dividend: USD 2.8 a year (yield 1.69%), paid quarterly; latest ex-dividend date 2026-09-02; annual dividends grew 6.8% a year 2022–2025.
- Short interest: 11.76% of float (as of 2026-10-15), 3.5 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.07B | $2.74B | $3.28B | $3.57B | $4.38B | $4.92B |
| Net income | $224M | $330M | $347M | $211M | $1.0M | $123M |
| EPS (diluted) | $7.37 | $10.92 | $12.09 | $7.40 | $0.03 | — |
| Free cash flow | $696M | $813M | $930M | $1.06B | $928M | $1.13B |
| Net margin | 10.8% | 12.0% | 10.6% | 5.9% | 0.0% | 2.5% |
| Revenue growth | +16.4% | +32.2% | +19.8% | +8.7% | +22.6% | — |
| Cash + short-term investments | $35.1M | $54.0M | $71.0M | $83.0M | $52.0M | — |
| Total debt | $1.93B | $2.93B | $3.69B | $4.09B | $8.05B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 47.3x · P/S 1.2x · EV/Sales 2.8x · P/FCF 5.2x · P/B 2.9x · FCF yield 19.33% · Earnings yield 2.11% · Dividend yield (paid, TTM) 1.61% · Net debt $7.96B · EV $13.8B
P/E at fiscal year-ends: Dec 2025 4659.1x, Dec 2024 25.6x, Dec 2023 12.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold HRI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.04% | $22.3M | Added +56.8% |
| Thomas Russo | Gardner Russo & Quinn | 0.01% | $925K | Unchanged |
| Bill Nygren | Oakmark Funds | <0.01% | $644K | Unchanged |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $503K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-21 | Olsson Erik | Director | 3,085 | $503K | 163 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.27 on a 1–5 scale), 11 analysts; mean target USD 199.25 (low 145, high 240).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-29 | Barclays | Target raised | Overweight | $175 → $200 |
| 2026-10-28 | Citigroup | Target raised | Buy | $150 → $180 |
| 2026-10-28 | JP Morgan | Target raised | Overweight | $165 → $230 |
| 2026-10-28 | BNP Paribas | Target raised | Neutral | $165 → $176 |
| 2026-10-28 | Wells Fargo | Target raised | Overweight | $176 → $200 |
| 2026-10-28 | Baird | Target raised | Outperform | $220 → $240 |
| 2026-10-12 | Citigroup | Target lowered | Buy | $175 → $150 |
| 2026-10-08 | Wells Fargo | Target lowered | Overweight | $218 → $176 |
| 2026-09-10 | JP Morgan | Upgrade | Neutral → Overweight | $165 → $175 |
| 2026-08-17 | Wells Fargo | Target raised | Overweight | $176 → $218 |
| 2026-07-29 | BNP Paribas | Target raised | Neutral | $160 → $165 |
| 2026-07-29 | Keybanc | Target raised | Overweight | $165 → $185 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +23.4% | +4.6% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +23.5% | +0.9% |
| Volatility (annualized) | 60.7% | 52.7% |
| Max drawdown | -49.5% (Feb 2026→Apr 2026) | -59.9% (Nov 2024→Mar 2026) |

## Dividends
Annual dividend rate USD 2.80 per share, yield 1.69% at the current price. Paid over the last 12 months: USD 2.80 in 4 payments (quarterly).
Most recent ex-dividend date: Sep 2, 2026; payment date: Sep 16, 2026. To receive a dividend, shares must be owned before the ex-dividend date.
Latest change: raised 5.3% to USD 0.70 per payment from USD 0.665, starting with the Feb 18, 2025 ex-dividend date.
Payout ratio 75% of earnings · 5-year average yield 1.32% · annual dividends grew 6.8% a year from 2022 to 2025.
| Ex-dividend date | Amount per share |
|---|---|
| 2026-09-02 | USD 0.70 |
| 2026-05-29 | USD 0.70 |
| 2026-02-18 | USD 0.70 |
| 2025-12-15 | USD 0.70 |
| 2025-08-22 | USD 0.70 |
| 2025-05-30 | USD 0.70 |
| 2025-02-18 | USD 0.70 |
| 2024-12-16 | USD 0.665 |
Total by calendar year: 2022 USD 2.30 · 2023 USD 2.532 · 2024 USD 2.66 · 2025 USD 2.80.

## Short interest
2,934,889 shares sold short, 11.76% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 2,433,857 shares (+20.6%). Days to cover: 3.5 (short shares ÷ average daily volume).

## Peers (Rental & Leasing Services)
GATX (GATX Corporation) USD 180.47 +6.87% · EQPT (EquipmentShare.com Inc) USD 18.18 +1.39% · CAR (Avis Budget Group, Inc.) USD 108.16 +6.31% · WSC (WillScot Holdings Corporation) USD 18.57 +3.28% · R (Ryder System, Inc.) USD 280.68 +1.84% · UHAL (U-Haul Holding Company) USD 56.8 +2.99%

## More
Full page: https://nexqual.com/HRI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name HRI in their own reports (relationship from HRI's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | HERTZ GLOBAL HOLDINGS, INC (HTZ) | 10-K 2026-02-26 | "In connection with the separation of the car rental business in 2016, the Company executed an agreement with Herc Holdings Inc. that contains mutual indemnification clauses and a customary indemnifica…" |

## Company outlook (8-K filed 2026-10-27)

- "As a result, we are raising our full-year 2026 revenue, adjusted EBITDA and capex guidance for the second time this year," Silber added. "Our ability to serve these complex projects and deliver for our customers reflects our increased scale and ongoing technological innovation, as well as the hard work, expertise and dedication of Team Herc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.96 | $2.35 | +25.9% | $1.36B | 9 |
| Next quarter (ends 2027-03-31) | $2.06 | $0.81 | +153.7% | $1.29B | 6 |
| Current fiscal year (ends 2026-12-31) | $8.81 | $7.50 | +17.5% | $5.40B | 10 |
| Next fiscal year (ends 2027-12-31) | $11.70 | $10.11 | +15.8% | $5.51B | 11 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Sep 30, 2026 | $3.91 | $2.92 | Beat +33.9% | — |
| — | Quarter ended Jun 30, 2026 | $1.43 | $0.73 | Beat +95.9% | — |
| — | Quarter ended Mar 31, 2026 | $0.21 | −$0.21 | Beat +$0.42 | — |
| — | Quarter ended Dec 31, 2025 | $2.07 | $1.87 | Beat +10.7% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-27 | 10-Q | Quarterly report · period ended Sep 30, 2026 | https://www.sec.gov/Archives/edgar/data/1364479/000162828026067396/0001628280-26-067396-index.htm |
| 2026-10-27 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1364479/000162828026067391/0001628280-26-067391-index.htm |
| 2026-10-26 | 8-K | Director or executive officer change, or pay arrangement — “On October 23, 2026, the Board of Directors (the "Board") of Herc Holdings Inc. (the "Company") appointed Lawrence H. Silber, the Company's Chief Executive Officer since 2015, as Executive Chairman, effective as of January 1, 2027 ("Effective Date"). As part of a planned succession, the Board appointed Aaron Birnbaum, President of the Company, to succeed Mr. Silber as the Company's Chief Executive Officer, effective as of the Effective Date. Additionally, Michael A. Kelly, who currently serves as a director and…” | https://www.sec.gov/Archives/edgar/data/1364479/000162828026067160/0001628280-26-067160-index.htm |
| 2026-10-05 | Schedule 13G/A | BlackRock, Inc.: 14.0% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1364479/000201238326003320/0002012383-26-003320-index.htm |
| 2026-09-03 | 8-K | Entered a material agreement — “As previously disclosed, on September 17, 2018, Herc Rentals Inc. (together with its subsidiaries, the "Company"), as the servicer and performance guarantor, entered into a receivables financing agreement (as amended, the "RFA"), with Herc Receivables U.S. LLC, a special purpose vehicle wholly-owned by the Company (the "Receivables Subsidiary"), the lenders from time to time party thereto (the "Lenders"), and Credit Agricole Corporate and Investment Bank ("CACIB"), as Administrative Agent, pursuant to which the…” | https://www.sec.gov/Archives/edgar/data/1364479/000162828026060440/0001628280-26-060440-index.htm |
| 2026-08-19 | 8-K | Director or executive officer change, or pay arrangement — “On August 18, 2026, the Board elected Erik Olsson to serve as a director on the Board, effective immediately. Mr. Olsson is the former Chairman of the Board, President and Chief Executive Officer of Mobile Mini. Prior to Mobile Mini, Mr. Olsson served as President and Chief Executive Officer of RSC Holdings. The Board has determined that Mr. Olsson is an independent director under the New York Stock Exchange listing standards and the Company's Corporate Governance Guidelines. Mr. Olsson will serve as a member of…” | https://www.sec.gov/Archives/edgar/data/1364479/000136447926000112/0001364479-26-000112-index.htm |
| 2026-08-17 | Schedule 13G/A | Coliseum Capital Management, LLC, Coliseum Capital, LLC: 3.3% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1364479/000119312526353184/0001193125-26-353184-index.htm |
| 2026-07-28 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1364479/000136447926000109/0001364479-26-000109-index.htm |
| 2026-07-28 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1364479/000136447926000108/0001364479-26-000108-index.htm |
| 2026-07-07 | Schedule 13G/A | Invesco Ltd.: 0.1% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1364479/000091420826000204/0000914208-26-000204-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.