Filing Flows › U-Haul Holding (UHAL) › Takeover & LBO
Is U-Haul Holding (UHAL) a takeover target?
A leveraged buyout at today's price plus 30% ($73.92 a share) would return a loss of all the money the buyer puts in to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. Historically 3.5% of companies with its figures were bought within a year (0.69× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $73.92 | today's $56.86 plus 30% |
| × shares | 194.0 million | |
| = Equity value | $14.3B | |
| + Debt refinanced | $8K | |
| − Cash | $1.0B | |
| = Enterprise value | $13.3B | 8.0× EBITDA of $1.7B |
| Fees | $267M | 2% of the price |
| New debt | $8.7B | 5.2× EBITDA at 7.65% a year; the limit that binds: 65% of the price |
| Buyer's own money | $4.9B | 36% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $6.3B | $1.7B | $663M | −$1.8B | $10.5B |
| Year 2 | $6.5B | $1.8B | $803M | −$2.0B | $12.5B |
| Year 3 | $6.7B | $1.8B | $955M | −$2.2B | $14.7B |
| Year 4 | $6.9B | $1.9B | $1.1B | −$2.4B | $17.1B |
| Year 5 | $7.1B | $1.9B | $1.3B | −$2.6B | $19.7B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 6.0× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $11.6B | |
| − Debt left | $19.7B | |
| = Buyer's equity | −$8.1B | |
| Money multiple | -1.64× | on $4.9B put in |
| Buyer's yearly return (IRR) | −100.0% |
Price against return
What the buyer makes at other premiums over today's $56.86.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $62.55 | −100.0% |
| 20% | $68.23 | −100.0% |
| 30% | $73.92 | −100.0% |
| 40% | $79.60 | −100.0% |
| 50% | $85.29 | −100.0% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $6.1B | |
| EBITDA, last 12 months | $1.7B | 27.3% of revenue |
| Depreciation and amortization | $1.2B | |
| Capital spending | $2.8B | |
| Debt | $8K | |
| Cash | $1.0B | |
| Share price | $56.86 | on Nov 6, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 2.8% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 26% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, U-Haul Holding would cost about $75.34 a share, $14.6B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $68.23 | $13.2B |
| Median | 32.5% | $75.34 | $14.6B |
| High end (a quarter paid more) | 51.8% | $86.31 | $16.7B |
The odds, from history
Historically 3.5% of companies with its figures were bought within a year (0.69× the average). Its figures put it in decile 3 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
U-Haul Holding's latest quarter
U-Haul Holding, Q2 FY27: revenue $1.8B (+3% year over year), operating margin 15.0%, net earnings $137M, operating cash flow $379M. The chart follows the revenue to costs, profit and cash.
Questions
Is U-Haul Holding being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy U-Haul Holding?
A leveraged buyout at today's price plus 30% ($73.92 a share) would return a loss of all the money the buyer puts in to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
What would a takeover of U-Haul Holding cost?
Takeovers on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, U-Haul Holding would cost about $75.34 a share, $14.6B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.