Hertz Global Holdings Inc HTZ

IndustrialsPassenger Transportation ServicesUnited States of America

Last close 1.95 USD on Nov 2, 2026, −62.1% year to date

Quant rating

Quant rating D Rank 390 of 486 in Industrials

Growth B 133 of 486
Valuation D 349 of 486
Quality D 395 of 486
Revisions D 350 of 486
Momentum D 355 of 486

Wall Street consensus Hold (3.33)Average target 2.13 USD +9.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 695M
Enterprise value: 18.8B
52-week range: 1.46 – 8.18
3-year range: 1.46 – 10.65
Dividend yield: –
Beta (5 years): 2.19
Shares outstanding: 356M
Next earnings: Nov 5, 2026

About the company

Hertz Global Holdings, Inc. is a car rental and mobility solutions provider. The Company's subsidiaries and licensees operate the Hertz, Dollar, Thrifty and Firefly vehicle rental brands with more than 11,000 rental locations in 160 countries around the globe, as well as the Hertz Car Sales brand, which offers a range of used cars for sale online and at locations across the United States, and the Hertz 24/7 car sharing business in Europe. The Company's segments include Americas RAC and International RAC. Its Americas RAC segment includes rental of vehicles, as well as sales of vehicles and value-added services, in the United States, Canada, Latin America and the Caribbean. The Company's International RAC segment includes rental of vehicles, as well as sales of vehicles and value-added services, in locations other than the United States, Canada, Latin America and the Caribbean. The Company has franchisees and partners that operate rental locations under its brands.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	8,504	9,049	9,371	8,685	7,336	–
Revenue growth	−6.0%	−3.4%	7.9%	18.4%	39.5%	10.1%
EPS (basic, normalized)	−2.05	−4.77	0.53	3.74	4.39	–
EPS growth	–	–	−85.8%	−14.8%	–	–
Gross margin	35.5%	37.1%	41.8%	44.6%	46.6%	41.1%
Net margin	−8.8%	−31.6%	6.6%	23.7%	−1.1%	−2.3%
ROE	–	−176.4%	21.5%	73.2%	24.1%	−14.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	631
Current ratio	–
Long-term debt (mil)	18,747
Net debt (mil)	18,116
Total equity (mil)	−628
Net debt / equity	−28.85x
Net debt / EBITDA	−53.44x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	8,504	−6.0%	2.2x	−339	+74.4%	−55.5x	−2.05	+57.0%	−1.0x
2026	9,174	+7.9%	2.1x	230	+167.7%	82.0x	−0.81	+60.7%	−2.4x
2027	9,518	+3.7%	2.0x	559	+143.5%	33.7x	−0.11	+85.8%	−17.0x
2028	9,807	+3.0%	1.9x	701	+25.4%	26.9x	0.27	+336.2%	7.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	9,174	−0.1%	+0.8%	+3.7%	−0.81	−4.5%	+10.4%	−7.7%
2027	9,518	−0.2%	+1.1%	+3.7%	−0.11	−108.1%	+4.4%	−160.2%
2028	9,807	−0.3%	+0.7%	+5.3%	0.27	−4.5%	−45.9%	−38.2%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	2,080	2,353	2,576	2,040	1,813	2,185	2,478	2,028	2,004	2,396
Sales mean (mil)	2,039	2,461	2,696	2,116	2,001	2,166	2,400	2,000	1,885	2,280
Surprise	+2.0%	−4.4%	−4.4%	−3.6%	−9.4%	+0.9%	+3.3%	+1.4%	+6.3%	+5.1%
EPS reported	−1.28	−1.44	−0.68	−1.18	−1.12	−0.34	0.12	−0.63	−0.72	−0.11
EPS mean	−0.44	−0.90	−0.50	−0.71	−1.03	−0.41	0.02	−0.52	−0.73	−0.24
Surprise	−191.7%	−60.2%	−35.6%	−66.4%	−8.6%	+17.2%	+479.4%	−22.3%	+1.7%	+55.1%

Peer comparison Passenger Transportation Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
HTZ Hertz Global Holdings Inc	695M	−53.44x	−8.8%	−1.11x	−2.4x	−17.0x	82.0x	33.7x
RENT3 Localiza Rent a Car S.A.	5.8B	2.58x	4.5%	1.07x	6.5x	6.1x	4.2x	3.9x
CAR Avis Budget Group Inc	3.9B	34.06x	−7.6%	−1.15x	98.5x	17.7x	34.9x	31.4x
SIXG Sixt SE	3.7B	3.08x	6.7%	1.70x	10.9x	10.0x	5.2x	4.9x
RYDE Ryde Group Ltd	115M	0.64x	−141.5%	3.13x	–	–	–	–
ZCAR Zoomcar Holdings Inc	5M	–	−159.7%	−0.00x	–	–	–	–
Mean		−2.62x	−51.1%	0.61x	28.4x	4.2x	31.6x	18.5x
Median		2.58x	−8.2%	0.53x	8.7x	8.1x	20.0x	18.1x

Technical analysis

1M+10.8%
3M+23.0%
1Y−62.0%
3Y−78.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Hertz Global Holdings Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	8,504	9,049	9,371	8,685	7,336	5,258
Cost of revenue	5,489	5,689	5,455	4,808	3,920	3,627
Gross profit	3,015	3,360	3,916	3,877	3,416	1,631
Selling, general & administrative expenses	957	819	962	959	688	664
Research & development	–	–	–	–	–	–
Depreciation/amortization	2,044	3,750	2,188	843	693	2,032
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−130	1,340	–	0	277	388
Other operating expenses	41.0	−271	−151	−702	606	65.0
Operating income	103	−2,278	917	2,777	1,152	−1,518
Net interest income (expense)	−1,077	−959	−793	−328	−469	−534
Gain (loss) on sale of assets	144	0	162	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	−830	−3,237	286	2,449	683	−2,052
Provision for taxes	−83.0	−375	−330	390	318	−329
Minority interest	–	–	–	0	1.0	9.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−747	−2,862	616	2,059	366	−1,714
Extraordinary items	–	–	–	–	–	–
Net income	−747	−2,862	616	2,059	366	−1,714
EBIT, normalized	70.0	−872	934	2,990	1,505	−1,081
EBITDA, normalized	2,335	3,251	3,505	3,941	2,301	1,403
Basic EPS, normalized	−2.05	−4.77	0.53	3.74	4.39	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Hertz Global Holdings Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	565	592	764	943	2,258	1,096
Receivables	1,110	1,205	1,191	974	758	777
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	15,349	14,674	17,575	15,019	11,400	8,403
Goodwill	1,045	1,044	1,044	1,044	1,045	1,045
Intangibles	2,858	2,852	2,863	2,887	2,912	2,992
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	3,059	3,232	3,123	3,547	4,426	4,468
Total assets	22,311	21,802	24,605	22,497	19,783	16,908
Liabilities
Accounts payable	859	642	701	657	572	418
Payable/accrued	–	–	–	–	–	–
Accrued expenses	3,506	3,247	3,002	2,713	2,373	2,395
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	17,054	16,335	15,691	13,863	10,907	6,267
Minority interest	–	–	–	–	0	37.0
Other liabilities	5,716	5,314	5,822	5,989	5,899	10,548
Total liabilities	22,770	21,649	21,513	19,852	16,806	16,852
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	5.0	5.0	5.0	5.0	5.0	2.0
Additional paid-in capital	6,447	6,396	6,405	6,326	6,209	3,047
Retained earnings (accumulated deficit)	−3,249	−2,502	360	−256	−2,315	−2,681
Treasury stock	−3,430	−3,430	−3,430	−3,136	−708	−100
Other equity	−232	−316	−248	−294	−214	−212
Total equity	−459	153	3,092	2,645	2,977	56.0
Total liabilities & shareholders' equity	22,311	21,802	24,605	22,497	19,783	16,908

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Hertz Global Holdings Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−747	−2,862	616	2,059	365	−1,723
Depreciation, depletion & amortization	2,265	4,122	2,571	951	796	2,484
Deferred taxes	−132	−459	−380	301	270	−353
Non-cash items	166	943	38.0	−569	793	358
Changes in working capital	73.0	480	−371	−204	−418	187
Cash from operations	1,625	2,224	2,474	2,538	1,806	953
Investing activities
Capital expenditures	−10,280	−10,629	−9,702	−10,746	−7,225	−5,640
Other investing cash flows	8,285	7,700	5,678	6,513	3,681	10,231
Cash from investing	−1,995	−2,929	−4,024	−4,233	−3,544	4,591
Financing activities
Financing cash flow items	−93.0	−68.0	−50.0	−68.0	−232	−152
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	465	726	1,363	555	3,077	−5,220
Cash from financing	372	658	1,313	487	2,845	−5,372
Foreign exchange effects	32.0	−26.0	25.0	−25.0	−34.0	46.0
Net change in cash	34.0	−73.0	−212	−1,233	1,073	218
Free cash flow	−8,655	−8,405	−7,228	−8,208	−5,419	−4,687

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.