# Hertz Global Holdings, Inc. (HTZ)

> Source: Nexqual · https://nexqual.com/HTZ · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Hertz Global Holdings, Inc. (HTZ), nexqual.com/HTZ" · informational, not investment advice.

**Price:** USD 2.18 (+5.31% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 2.07 · day 2.03–2.45 · 52w 1.45–8.18 · market cap $777M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $8.91B, net income -$279M (-3.1% margin) (SEC filings).
- 1 of 80 tracked superinvestors hold HTZ (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $248K; 1 not under a Rule 10b5-1 plan ($248K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Sell (mean 3.56 on a 1–5 scale) (9 analysts), mean target USD 2.13 (range 1–2.8).
- Total return with dividends: 1Y -58.0% vs S&P 500 +14.9%; 5Y -91.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.25, revenue estimate $2.62B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $7.34B | $8.69B | $9.37B | $9.05B | $8.50B | $8.91B |
| Net income | $366M | $2.06B | $616M | -$2.86B | -$747M | -$279M |
| EPS (diluted) | -$0.27 | $3.36 | $1.39 | -$9.34 | -$2.43 | — |
| Net margin | 5.0% | 23.7% | 6.6% | -31.6% | -8.8% | -3.1% |
| Revenue growth | +39.5% | +18.4% | +7.9% | -3.4% | -6.0% | — |
| Cash + short-term investments | $2.26B | $943M | $764M | $592M | $565M | — |
| Total debt | $10.9B | $13.9B | $15.7B | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.1x · EV/Sales 2.2x · Earnings yield -35.90% · Net debt $18.4B · EV $19.2B
P/E at fiscal year-ends: Dec 2023 5.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold HTZ. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Ackman | Pershing Square | 0.17% | $34.0M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-11 | Moore Michael S. | EVP, Chief Operating Officer | 40,919 | $248K | 3.5% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
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 Sell (mean 3.56 on a 1–5 scale), 9 analysts; mean target USD 2.13 (low 1, high 2.8).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Morgan Stanley | Target lowered | Equal-Weight | $3 → $2.5 |
| 2026-09-11 | Morgan Stanley | Target lowered | Equal-Weight | $3.5 → $3 |
| 2026-08-10 | Susquehanna | Target lowered | Neutral | $5.5 → $2.5 |
| 2026-07-28 | Barclays | Target lowered | Underweight | $3 → $1 |
| 2026-07-24 | Goldman Sachs | Target lowered | Sell | $3 → $2 |
| 2026-06-30 | Morgan Stanley | Target lowered | Equal-Weight | $5 → $3.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -58.0% | -91.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -58.1% | -38.4% |
| Volatility (annualized) | 101.6% | 80.8% |
| Max drawdown | -80.7% (Apr 2026→Aug 2026) | -95.4% (Nov 2021→Jul 2026) |

## Peers (Rental & Leasing Services)
WLFC (Willis Lease Finance Corporatio) USD 40.3 +3.04% · PRG (PROG Holdings, Inc.) USD 31.83 +3.85% · LIME (Neutron Holdings, Inc.) USD 26.83 -2.98% · VSTS (Vestis Corporation) USD 14.55 -1.89% · CTOS (Custom Truck One Source, Inc.) USD 8.87 -5.13% · MGRC (McGrath RentCorp) USD 116.81 +2.22%

## More
Full page: https://nexqual.com/HTZ · 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)

Named in HTZ's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1657853/000165785326000008/htz-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Amazon (AMZN) | "We have also launched Hertz Car Sales nationwide on Amazon Autos further allowing us to meet customers where they are with a faster, more convenient car buying experience on one of the leading digital marketplaces." |
| Partner | HERC HOLDINGS INC (HRI) | "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 indemnification provision with …" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas RAC | $1.92B | 80.1% | +10.4% |
| International RAC | $478.0M | 19.9% | +6.9% |
| Total revenue | $2.40B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. | $1.84B | 76.6% | +11.1% |
| International | $560.0M | 23.4% | +5.3% |
| Total revenue | $2.40B | 100% | — |

## Company outlook (8-K filed 2026-08-06)

- "Hertz's U.S. core fleet now consists of approximately 94% model year 2025 and 2026 vehicles. • Adjusted Direct Operating Expense (DOE) per Day increased 4% year over year; slightly higher than the Company's expectations, due primarily to higher revenue-related variable costs and higher expenses related to sale leaseback transactions."
- "Continued commercial momentum drove RPU above both the Company's expectations and its North Star target, increasing 8% year over year despite elevated recalls."
- "As a result of this continued momentum, backed by a more balanced industry supply-demand environment, Hertz's full-year RPU is expected to trend above its North Star target of $1,500."
- "The Company produced Net DPU in line with its revised expectations at $302."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.25 | $0.44 | -43.0% | $2.62B | 8 |
| Next quarter (ends 2026-12-31) | $-0.27 | $-0.28 | -2.6% | $2.18B | 8 |
| Current fiscal year (ends 2026-12-31) | $-0.81 | $-0.71 | +14.6% | $9.19B | 8 |
| Next fiscal year (ends 2027-12-31) | $-0.14 | $-0.00 | +41336.4% | $9.55B | 8 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-05): ±31.4%; earnings reaction alone ±11.4%; last 8 reports averaged ±15.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 160.5% | ±19.2% |
| 2026-11-06 | 14 | 170.3% | ±31.4% |
| 2026-11-13 | 21 | 158.2% | ±29.1% |
| 2026-11-20 | 28 | 146.0% | ±31.4% |
| 2026-11-27 | 35 | 141.0% | ±33.6% |
| 2026-12-04 | 42 | 138.3% | ±35.9% |
| 2026-12-18 | 56 | 127.0% | ±38.5% |
| 2027-01-15 | 84 | 118.5% | ±42.3% |