# Rental & Leasing Services — company-by-company sector analysis

> Rental & Leasing Services: Avis Budget Group, Inc. owns the largest revenue base; Herc Holdings Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Rental & Leasing Services has outperformed S&P 500 by 9.9% over 52 weeks and 1.7% over 13 weeks. 10 of 16 covered companies beat the S&P 500 on Mansfield relative strength, while 7 of 16 beat the sector itself. Avis Budget Group, Inc. leads with revenue of $11,752 million, based on 14 of 18 comparable companies through Mar 2026.

### Is the Rental & Leasing Services sector outperforming S&P 500?

Rental & Leasing Services has outperformed S&P 500 by 9.9% over 52 weeks and 1.7% over 13 weeks. 10 of 16 covered companies beat the S&P 500 on Mansfield relative strength, while 7 of 16 beat the sector itself.

### Which Rental & Leasing Services company is largest by revenue?

Avis Budget Group, Inc. leads with revenue of $11,752 million, based on 14 of 18 comparable companies through Mar 2026.

### Which Rental & Leasing Services company is growing fastest?

Herc Holdings Inc. has the fastest current revenue growth at 28.4%, across 14 of 18 comparable companies.

### Which Rental & Leasing Services company has the strongest 4-Factor Sector Score?

Willis Lease Finance Corporation ranks first at 64.9/100 with 57.3% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Rental & Leasing Services company reports the most CAPEX?

GATX Corporation reports the largest latest CAPEX at $4,524 million, with 18 of 18 companies comparable.

### Which Rental & Leasing Services company has the least gross debt?

McGrath RentCorp has the lowest comparable gross debt at $546 million. AerCap Holdings N.V. has the highest at $43,042 million.

### Which Rental & Leasing Services company has the lowest comparable PEG?

McGrath RentCorp has the lowest comparable Guarded PEG at 0.37, among 5 of 18 companies that pass the metric’s comparability rules.

### How much history does this Rental & Leasing Services comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Rental & Leasing Services has outperformed S&P 500 by 9.9% over the last 52 weeks. Over 13 weeks the gap is a lead of 1.7%. 10 of 16 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Vestis Corporation is the strongest against the sector itself at +61.2%.

13-week sector return versus NIFTY 500: 1.7%
52-week sector return versus NIFTY 500: 9.9%
Stocks leading NIFTY: 10/16
Stocks leading sector: 7/16

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 18
Combined market value: ₹1.9 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Willis Lease Finance Corporation (WLFC): 65/100 — Thin evidence · provisional; evidence 57%
   - Growth & earnings 22.4/35 | Capital efficiency 12.0/25 | Valuation 13.5/20 | Relative strength 17.0/20
   - Exact sum: 22.4 + 12 + 13.5 + 17 = 64.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. AerCap Holdings N.V. (AER): 60/100 — Thin evidence · provisional; evidence 57%
   - Growth & earnings 22.2/35 | Capital efficiency 12.7/25 | Valuation 15.5/20 | Relative strength 9.3/20
   - Exact sum: 22.2 + 12.7 + 15.5 + 9.3 = 59.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. PROG Holdings, Inc. (PRG): 59/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 13.4/35 | Capital efficiency 15.5/25 | Valuation 12.6/20 | Relative strength 17.9/20
   - Exact sum: 13.4 + 15.5 + 12.6 + 17.9 = 59.4
   - Decision use: Price leads the evidence: RS versus the benchmark is 24.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. United Rentals, Inc. (URI): 58/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 19.5/35 | Capital efficiency 15.9/25 | Valuation 9.6/20 | Relative strength 12.7/20
   - Exact sum: 19.5 + 15.9 + 9.6 + 12.7 = 57.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. Vestis Corporation (VSTS): 56/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 17.2/35 | Capital efficiency 9.5/25 | Valuation 9.1/20 | Relative strength 20.0/20
   - Exact sum: 17.2 + 9.5 + 9.1 + 20 = 55.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. McGrath RentCorp (MGRC): 52/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 11.8/35 | Capital efficiency 17.7/25 | Valuation 15.4/20 | Relative strength 6.6/20
   - Exact sum: 11.8 + 17.7 + 15.4 + 6.6 = 51.5
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
7. Custom Truck One Source, Inc. (CTOS): 51/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 20.8/35 | Capital efficiency 7.7/25 | Valuation 9.4/20 | Relative strength 13.4/20
   - Exact sum: 20.8 + 7.7 + 9.4 + 13.4 = 51.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Ryder System, Inc. (R): 51/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 17.2/35 | Capital efficiency 11.9/25 | Valuation 10.0/20 | Relative strength 11.7/20
   - Exact sum: 17.2 + 11.9 + 10 + 11.7 = 50.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9. U-Haul Holding Company (UHAL): 50/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 13.7/35 | Capital efficiency 9.3/25 | Valuation 8.9/20 | Relative strength 17.9/20
   - Exact sum: 13.7 + 9.3 + 8.9 + 17.9 = 49.8
   - Decision use: Price leads the evidence: RS versus the benchmark is 23.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
10. Herc Holdings Inc. (HRI): 48/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 22.9/35 | Capital efficiency 8.0/25 | Valuation 8.5/20 | Relative strength 9.0/20
   - Exact sum: 22.9 + 8 + 8.5 + 9 = 48.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. GATX Corporation (GATX): 45/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 18.1/35 | Capital efficiency 12.4/25 | Valuation 10.3/20 | Relative strength 3.8/20
   - Exact sum: 18.1 + 12.4 + 10.3 + 3.8 = 44.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. WillScot Holdings Corporation (WSC): 40/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 6.9/35 | Capital efficiency 10.4/25 | Valuation 10.6/20 | Relative strength 12.0/20
   - Exact sum: 6.9 + 10.4 + 10.6 + 12 = 39.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Avis Budget Group, Inc. (CAR): 40/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 20.9/35 | Capital efficiency 4.0/25 | Valuation 10.9/20 | Relative strength 4.1/20
   - Exact sum: 20.9 + 4 + 10.9 + 4.1 = 39.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Hertz Global Holdings, Inc. (HTZ): 38/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 18.8/35 | Capital efficiency 4.8/25 | Valuation 11.3/20 | Relative strength 3.0/20
   - Exact sum: 18.8 + 4.8 + 11.3 + 3 = 37.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15. Sunbelt Rentals Holdings, Inc. (SUNB): 38/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 10.6/35 | Capital efficiency 13.9/25 | Valuation 9.8/20 | Relative strength 3.4/20
   - Exact sum: 10.6 + 13.9 + 9.8 + 3.4 = 37.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Alta Equipment Group Inc. (ALTG): 26/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 9.4/35 | Capital efficiency 3.5/25 | Valuation 9.3/20 | Relative strength 3.6/20
   - Exact sum: 9.4 + 3.5 + 9.3 + 3.6 = 25.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
17. Neutron Holdings, Inc. (LIME): 51/100 — Thin evidence · provisional; evidence 19%
   - Growth & earnings 16.8/35 | Capital efficiency 13.9/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 16.8 + 13.9 + 10 + 10 = 50.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
18. EquipmentShare.com Inc. (EQPT): 48/100 — Thin evidence · provisional; evidence 45%
   - Growth & earnings 22.4/35 | Capital efficiency 7.0/25 | Valuation 8.7/20 | Relative strength 10.0/20
   - Exact sum: 22.4 + 7 + 8.7 + 10 = 48.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Avis Budget Group, Inc. is the scale leader at $11,752 million, 5.4% ahead of Sunbelt Rentals Holdings, Inc.. Herc Holdings Inc.'s growth is 28.4% from a $4,654 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Avis Budget Group, Inc. is the scale benchmark; Herc Holdings Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Avis Budget Group, Inc.'s growth falls below Herc Holdings Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Avis Budget Group, Inc. · $11,752 million | 5.4% versus #2 · Sunbelt Rentals Holdings, Inc. | 2/8 recent comparable periods | 14/18 companies · 311 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Avis Budget Group, Inc. (CAR): ₹11.8K Cr
2. Sunbelt Rentals Holdings, Inc. (SUNB): ₹11.2K Cr
3. AerCap Holdings N.V. (AER): ₹8.9K Cr
4. Hertz Global Holdings, Inc. (HTZ): ₹8.7K Cr
5. U-Haul Holding Company (UHAL): ₹6.0K Cr

### Revenue growth — fastest growers
1. Herc Holdings Inc. (HRI): 28%
2. Willis Lease Finance Corporation (WLFC): 26%
3. EquipmentShare.com Inc. (EQPT): 24%
4. GATX Corporation (GATX): 17%
5. Custom Truck One Source, Inc. (CTOS): 9.4%

### 20-quarter Revenue history
- URI: Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹4.1K Cr | Mar 2025 ₹3.7K Cr | Jun 2025 ₹3.9K Cr | Sep 2025 ₹4.2K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 —
- SUNB: Sep 2021 ₹1.9K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 ₹2.8K Cr
- AER: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- UHAL: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- R: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 —
- GATX: Sep 2021 ₹314 Cr | Dec 2021 ₹321 Cr | Mar 2022 ₹317 Cr | Jun 2022 ₹313 Cr | Sep 2022 ₹321 Cr | Dec 2022 ₹323 Cr | Mar 2023 ₹339 Cr | Jun 2023 ₹343 Cr | Sep 2023 ₹360 Cr | Dec 2023 ₹369 Cr | Mar 2024 ₹380 Cr | Jun 2024 ₹387 Cr | Sep 2024 ₹405 Cr | Dec 2024 ₹414 Cr | Mar 2025 ₹422 Cr | Jun 2025 ₹431 Cr | Sep 2025 ₹439 Cr | Dec 2025 ₹449 Cr | Mar 2026 ₹584 Cr | Jun 2026 —
- CAR: Sep 2021 ₹3.0K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- HRI: Sep 2021 ₹550 Cr | Dec 2021 ₹578 Cr | Mar 2022 ₹568 Cr | Jun 2022 ₹640 Cr | Sep 2022 ₹745 Cr | Dec 2022 ₹787 Cr | Mar 2023 ₹740 Cr | Jun 2023 ₹802 Cr | Sep 2023 ₹908 Cr | Dec 2023 ₹832 Cr | Mar 2024 ₹804 Cr | Jun 2024 ₹848 Cr | Sep 2024 ₹965 Cr | Dec 2024 ₹951 Cr | Mar 2025 ₹861 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- EQPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹717 Cr | Jun 2024 ₹717 Cr | Sep 2024 ₹776 Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹716 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹944 Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹989 Cr | Jun 2026 —
- WSC: Sep 2021 ₹461 Cr | Dec 2021 ₹377 Cr | Mar 2022 ₹451 Cr | Jun 2022 ₹523 Cr | Sep 2022 ₹578 Cr | Dec 2022 ₹591 Cr | Mar 2023 ₹565 Cr | Jun 2023 ₹582 Cr | Sep 2023 ₹605 Cr | Dec 2023 ₹612 Cr | Mar 2024 ₹587 Cr | Jun 2024 ₹605 Cr | Sep 2024 ₹601 Cr | Dec 2024 ₹603 Cr | Mar 2025 ₹560 Cr | Jun 2025 ₹589 Cr | Sep 2025 ₹567 Cr | Dec 2025 ₹566 Cr | Mar 2026 ₹549 Cr | Jun 2026 —
- MGRC: Sep 2021 ₹173 Cr | Dec 2021 ₹176 Cr | Mar 2022 ₹125 Cr | Jun 2022 ₹153 Cr | Sep 2022 ₹174 Cr | Dec 2022 ₹183 Cr | Mar 2023 ₹164 Cr | Jun 2023 ₹203 Cr | Sep 2023 ₹244 Cr | Dec 2023 ₹222 Cr | Mar 2024 ₹188 Cr | Jun 2024 ₹213 Cr | Sep 2024 ₹267 Cr | Dec 2024 ₹244 Cr | Mar 2025 ₹195 Cr | Jun 2025 ₹236 Cr | Sep 2025 ₹256 Cr | Dec 2025 ₹257 Cr | Mar 2026 ₹199 Cr | Jun 2026 —
- CTOS: Sep 2021 ₹357 Cr | Dec 2021 ₹356 Cr | Mar 2022 ₹366 Cr | Jun 2022 ₹362 Cr | Sep 2022 ₹358 Cr | Dec 2022 ₹487 Cr | Mar 2023 ₹452 Cr | Jun 2023 ₹457 Cr | Sep 2023 ₹434 Cr | Dec 2023 ₹522 Cr | Mar 2024 ₹411 Cr | Jun 2024 ₹423 Cr | Sep 2024 ₹447 Cr | Dec 2024 ₹521 Cr | Mar 2025 ₹422 Cr | Jun 2025 ₹511 Cr | Sep 2025 ₹482 Cr | Dec 2025 ₹528 Cr | Mar 2026 ₹462 Cr | Jun 2026 —
- VSTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹701 Cr | Mar 2023 ₹699 Cr | Jun 2023 ₹709 Cr | Sep 2023 ₹716 Cr | Dec 2023 ₹718 Cr | Mar 2024 ₹705 Cr | Jun 2024 ₹698 Cr | Sep 2024 ₹684 Cr | Dec 2024 ₹684 Cr | Mar 2025 ₹665 Cr | Jun 2025 ₹674 Cr | Sep 2025 — | Dec 2025 ₹712 Cr | Mar 2026 ₹663 Cr | Jun 2026 ₹659 Cr
- PRG: Sep 2021 ₹650 Cr | Dec 2021 ₹647 Cr | Mar 2022 ₹710 Cr | Jun 2022 ₹649 Cr | Sep 2022 ₹626 Cr | Dec 2022 ₹612 Cr | Mar 2023 ₹655 Cr | Jun 2023 ₹593 Cr | Sep 2023 ₹583 Cr | Dec 2023 ₹508 Cr | Mar 2024 ₹642 Cr | Jun 2024 ₹592 Cr | Sep 2024 ₹606 Cr | Dec 2024 ₹559 Cr | Mar 2025 ₹668 Cr | Jun 2025 ₹605 Cr | Sep 2025 ₹595 Cr | Dec 2025 ₹525 Cr | Mar 2026 ₹743 Cr | Jun 2026 —
- LIME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹129 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹170 Cr | Jun 2026 —
- WLFC: Sep 2021 ₹71 Cr | Dec 2021 ₹76 Cr | Mar 2022 ₹69 Cr | Jun 2022 ₹78 Cr | Sep 2022 ₹77 Cr | Dec 2022 ₹88 Cr | Mar 2023 ₹90 Cr | Jun 2023 ₹109 Cr | Sep 2023 ₹106 Cr | Dec 2023 ₹114 Cr | Mar 2024 ₹119 Cr | Jun 2024 ₹151 Cr | Sep 2024 ₹146 Cr | Dec 2024 ₹153 Cr | Mar 2025 ₹158 Cr | Jun 2025 ₹196 Cr | Sep 2025 ₹183 Cr | Dec 2025 ₹194 Cr | Mar 2026 ₹194 Cr | Jun 2026 —
- HTZ: Sep 2021 ₹2.2K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- ALTG: Sep 2021 ₹295 Cr | Dec 2021 ₹356 Cr | Mar 2022 ₹332 Cr | Jun 2022 ₹407 Cr | Sep 2022 ₹405 Cr | Dec 2022 ₹429 Cr | Mar 2023 ₹421 Cr | Jun 2023 ₹468 Cr | Sep 2023 ₹466 Cr | Dec 2023 ₹522 Cr | Mar 2024 ₹442 Cr | Jun 2024 ₹488 Cr | Sep 2024 ₹449 Cr | Dec 2024 ₹498 Cr | Mar 2025 ₹423 Cr | Jun 2025 ₹481 Cr | Sep 2025 ₹423 Cr | Dec 2025 ₹509 Cr | Mar 2026 ₹411 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- URI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 18% | Dec 2022 19% | Mar 2023 30% | Jun 2023 28% | Sep 2023 23% | Dec 2023 13% | Mar 2024 6.1% | Jun 2024 6.2% | Sep 2024 6.0% | Dec 2024 9.8% | Mar 2025 6.7% | Jun 2025 4.5% | Sep 2025 5.9% | Dec 2025 2.8% | Mar 2026 7.2% | Jun 2026 —
- SUNB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 22% | Dec 2022 25% | Mar 2023 21% | Jun 2023 18% | Sep 2023 19% | Dec 2023 13% | Mar 2024 9.5% | Jun 2024 7.5% | Sep 2024 2.2% | Dec 2024 2.2% | Mar 2025 -3.4% | Jun 2025 -3.8% | Sep 2025 1.7% | Dec 2025 0.7% | Mar 2026 2.7% | Jun 2026 8.9%
- AER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 38% | Sep 2022 22% | Dec 2022 28% | Mar 2023 6.0% | Jun 2023 15% | Sep 2023 9.3% | Dec 2023 4.8% | Mar 2024 8.4% | Jun 2024 1.6% | Sep 2024 3.1% | Dec 2024 8.1% | Mar 2025 2.8% | Jun 2025 -2.8% | Sep 2025 18% | Dec 2025 9.9% | Mar 2026 8.9% | Jun 2026 —
- UHAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.5% | Sep 2022 2.3% | Dec 2022 -2.1% | Mar 2023 -0.8% | Jun 2023 -3.6% | Sep 2023 -3.1% | Dec 2023 -2.6% | Mar 2024 -7.8% | Jun 2024 0.5% | Sep 2024 0.5% | Dec 2024 3.7% | Mar 2025 13% | Jun 2025 5.3% | Sep 2025 3.7% | Dec 2025 1.9% | Mar 2026 3.1% | Jun 2026 —
- R: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 23% | Dec 2022 19% | Mar 2023 3.4% | Jun 2023 -4.9% | Sep 2023 -3.7% | Dec 2023 -2.1% | Mar 2024 5.0% | Jun 2024 10% | Sep 2024 8.3% | Dec 2024 5.5% | Mar 2025 1.1% | Jun 2025 0.2% | Sep 2025 0.1% | Dec 2025 -0.4% | Mar 2026 -0.2% | Jun 2026 —
- GATX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.3% | Sep 2022 2.2% | Dec 2022 0.6% | Mar 2023 6.9% | Jun 2023 9.6% | Sep 2023 12% | Dec 2023 14% | Mar 2024 12% | Jun 2024 13% | Sep 2024 13% | Dec 2024 12% | Mar 2025 11% | Jun 2025 11% | Sep 2025 8.4% | Dec 2025 8.5% | Mar 2026 38% | Jun 2026 —
- CAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 37% | Sep 2022 18% | Dec 2022 7.9% | Mar 2023 5.1% | Jun 2023 -3.7% | Sep 2023 0.5% | Dec 2023 -0.3% | Mar 2024 -0.2% | Jun 2024 -2.4% | Sep 2024 -2.4% | Dec 2024 -2.0% | Mar 2025 -4.7% | Jun 2025 -0.3% | Sep 2025 1.1% | Dec 2025 -1.7% | Mar 2026 4.1% | Jun 2026 —
- HRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 35% | Dec 2022 36% | Mar 2023 30% | Jun 2023 25% | Sep 2023 22% | Dec 2023 5.7% | Mar 2024 8.7% | Jun 2024 5.7% | Sep 2024 6.3% | Dec 2024 14% | Mar 2025 7.1% | Jun 2025 18% | Sep 2025 35% | Dec 2025 27% | Mar 2026 32% | Jun 2026 —
- EQPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -0.1% | Jun 2025 60% | Sep 2025 22% | Dec 2025 1.2% | Mar 2026 38% | Jun 2026 —
- WSC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 25% | Dec 2022 57% | Mar 2023 25% | Jun 2023 11% | Sep 2023 4.7% | Dec 2023 3.6% | Mar 2024 3.9% | Jun 2024 4.0% | Sep 2024 -0.7% | Dec 2024 -1.5% | Mar 2025 -4.6% | Jun 2025 -2.6% | Sep 2025 -5.7% | Dec 2025 -6.1% | Mar 2026 -2.0% | Jun 2026 —
- MGRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.8% | Sep 2022 0.6% | Dec 2022 4.0% | Mar 2023 31% | Jun 2023 33% | Sep 2023 40% | Dec 2023 21% | Mar 2024 15% | Jun 2024 4.9% | Sep 2024 9.4% | Dec 2024 9.9% | Mar 2025 3.7% | Jun 2025 11% | Sep 2025 -4.1% | Dec 2025 5.3% | Mar 2026 2.1% | Jun 2026 —
- CTOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.5% | Sep 2022 0.3% | Dec 2022 37% | Mar 2023 24% | Jun 2023 26% | Sep 2023 21% | Dec 2023 7.2% | Mar 2024 -9.1% | Jun 2024 -7.4% | Sep 2024 3.0% | Dec 2024 -0.2% | Mar 2025 2.7% | Jun 2025 21% | Sep 2025 7.8% | Dec 2025 1.3% | Mar 2026 9.5% | Jun 2026 —
- VSTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.4% | Mar 2024 0.9% | Jun 2024 -1.6% | Sep 2024 -4.5% | Dec 2024 -4.7% | Mar 2025 -5.7% | Jun 2025 -3.4% | Sep 2025 — | Dec 2025 4.1% | Mar 2026 -0.3% | Jun 2026 -2.2%
- PRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.7% | Sep 2022 -3.7% | Dec 2022 -5.4% | Mar 2023 -7.8% | Jun 2023 -8.6% | Sep 2023 -6.9% | Dec 2023 -17% | Mar 2024 -2.0% | Jun 2024 -0.2% | Sep 2024 4.0% | Dec 2024 10% | Mar 2025 4.1% | Jun 2025 2.2% | Sep 2025 -1.8% | Dec 2025 -6.1% | Mar 2026 11% | Jun 2026 —
- LIME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 32% | Jun 2026 —
- WLFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 8.5% | Dec 2022 16% | Mar 2023 30% | Jun 2023 40% | Sep 2023 38% | Dec 2023 30% | Mar 2024 32% | Jun 2024 39% | Sep 2024 38% | Dec 2024 34% | Mar 2025 33% | Jun 2025 30% | Sep 2025 25% | Dec 2025 27% | Mar 2026 23% | Jun 2026 —
- HTZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 12% | Dec 2022 4.4% | Mar 2023 13% | Jun 2023 4.0% | Sep 2023 8.3% | Dec 2023 7.3% | Mar 2024 1.6% | Jun 2024 -3.5% | Sep 2024 -4.7% | Dec 2024 -6.6% | Mar 2025 -13% | Jun 2025 -7.1% | Sep 2025 -3.8% | Dec 2025 -0.6% | Mar 2026 11% | Jun 2026 —
- ALTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 39% | Sep 2022 37% | Dec 2022 21% | Mar 2023 27% | Jun 2023 15% | Sep 2023 15% | Dec 2023 22% | Mar 2024 5.0% | Jun 2024 4.3% | Sep 2024 -3.7% | Dec 2024 -4.6% | Mar 2025 -4.3% | Jun 2025 -1.4% | Sep 2025 -5.8% | Dec 2025 2.2% | Mar 2026 -2.8% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: GATX Corporation leads opm at 53.8%; Avis Budget Group, Inc. leads margin change at +14.7 percentage points.

Investor read: GATX Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: GATX Corporation · 53.8% | 145.7% versus #2 · McGrath RentCorp | 6/8 recent comparable periods | 16/18 companies · 273 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. GATX Corporation (GATX): 54%
2. McGrath RentCorp (MGRC): 22%
3. United Rentals, Inc. (URI): 22%
4. WillScot Holdings Corporation (WSC): 18%
5. Sunbelt Rentals Holdings, Inc. (SUNB): 15%

### Margin change — fastest expanders
1. Avis Budget Group, Inc. (CAR): +14.7 pp
2. Hertz Global Holdings, Inc. (HTZ): +9.4 pp
3. Neutron Holdings, Inc. (LIME): +7.3 pp
4. Custom Truck One Source, Inc. (CTOS): +3.9 pp
5. Herc Holdings Inc. (HRI): +2.8 pp

### 20-quarter OPM history
- URI: Sep 2021 26% | Dec 2021 27% | Mar 2022 23% | Jun 2022 26% | Sep 2022 30% | Dec 2022 31% | Mar 2023 23% | Jun 2023 26% | Sep 2023 29% | Dec 2023 29% | Mar 2024 24% | Jun 2024 27% | Sep 2024 28% | Dec 2024 27% | Mar 2025 22% | Jun 2025 25% | Sep 2025 26% | Dec 2025 25% | Mar 2026 22% | Jun 2026 —
- SUNB: Sep 2021 26% | Dec 2021 28% | Mar 2022 23% | Jun 2022 21% | Sep 2022 26% | Dec 2022 29% | Mar 2023 25% | Jun 2023 24% | Sep 2023 26% | Dec 2023 28% | Mar 2024 22% | Jun 2024 16% | Sep 2024 25% | Dec 2024 27% | Mar 2025 21% | Jun 2025 20% | Sep 2025 23% | Dec 2025 24% | Mar 2026 19% | Jun 2026 15%
- UHAL: Sep 2021 35% | Dec 2021 30% | Mar 2022 13% | Jun 2022 31% | Sep 2022 31% | Dec 2022 23% | Mar 2023 9.3% | Jun 2023 26% | Sep 2023 26% | Dec 2023 15% | Mar 2024 -3.6% | Jun 2024 20% | Sep 2024 18% | Dec 2024 11% | Mar 2025 -3.0% | Jun 2025 16% | Sep 2025 13% | Dec 2025 2.5% | Mar 2026 -5.8% | Jun 2026 —
- R: Sep 2021 9.4% | Dec 2021 11% | Mar 2022 11% | Jun 2022 13% | Sep 2022 13% | Dec 2022 11% | Mar 2023 8.7% | Jun 2023 11% | Sep 2023 15% | Dec 2023 133% | Mar 2024 6.5% | Jun 2024 8.8% | Sep 2024 9.0% | Dec 2024 9.0% | Mar 2025 8.0% | Jun 2025 8.8% | Sep 2025 9.1% | Dec 2025 8.9% | Mar 2026 7.2% | Jun 2026 —
- GATX: Sep 2021 26% | Dec 2021 23% | Mar 2022 26% | Jun 2022 26% | Sep 2022 27% | Dec 2022 28% | Mar 2023 27% | Jun 2023 28% | Sep 2023 29% | Dec 2023 51% | Mar 2024 30% | Jun 2024 29% | Sep 2024 55% | Dec 2024 53% | Mar 2025 56% | Jun 2025 32% | Sep 2025 55% | Dec 2025 54% | Mar 2026 54% | Jun 2026 —
- CAR: Sep 2021 42% | Dec 2021 34% | Mar 2022 31% | Jun 2022 35% | Sep 2022 41% | Dec 2022 206% | Mar 2023 69% | Jun 2023 22% | Sep 2023 24% | Dec 2023 32% | Mar 2024 -2.3% | Jun 2024 5.8% | Sep 2024 12% | Dec 2024 2.0% | Mar 2025 -24% | Jun 2025 6.4% | Sep 2025 17% | Dec 2025 67% | Mar 2026 -8.9% | Jun 2026 —
- HRI: Sep 2021 21% | Dec 2021 20% | Mar 2022 16% | Jun 2022 19% | Sep 2022 23% | Dec 2022 23% | Mar 2023 17% | Jun 2023 20% | Sep 2023 22% | Dec 2023 23% | Mar 2024 18% | Jun 2024 18% | Sep 2024 24% | Dec 2024 2.4% | Mar 2025 6.2% | Jun 2025 3.8% | Sep 2025 13% | Dec 2025 13% | Mar 2026 9.0% | Jun 2026 —
- EQPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2.4% | Jun 2024 2.4% | Sep 2024 8.0% | Dec 2024 7.8% | Mar 2025 -1.4% | Jun 2025 5.5% | Sep 2025 6.9% | Dec 2025 11% | Mar 2026 0.1% | Jun 2026 —
- WSC: Sep 2021 20% | Dec 2021 19% | Mar 2022 -13% | Jun 2022 22% | Sep 2022 25% | Dec 2022 29% | Mar 2023 27% | Jun 2023 29% | Sep 2023 29% | Dec 2023 29% | Mar 2024 22% | Jun 2024 -0.9% | Sep 2024 -5.9% | Dec 2024 29% | Mar 2025 21% | Jun 2025 22% | Sep 2025 21% | Dec 2025 -33% | Mar 2026 18% | Jun 2026 —
- MGRC: Sep 2021 21% | Dec 2021 24% | Mar 2022 20% | Jun 2022 22% | Sep 2022 23% | Dec 2022 27% | Mar 2023 12% | Jun 2023 23% | Sep 2023 27% | Dec 2023 25% | Mar 2024 28% | Jun 2024 26% | Sep 2024 28% | Dec 2024 26% | Mar 2025 23% | Jun 2025 24% | Sep 2025 26% | Dec 2025 29% | Mar 2026 22% | Jun 2026 —
- CTOS: Sep 2021 -1.5% | Dec 2021 2.8% | Mar 2022 2.7% | Jun 2022 5.2% | Sep 2022 6.5% | Dec 2022 11% | Mar 2023 8.8% | Jun 2023 8.7% | Sep 2023 8.8% | Dec 2023 10% | Mar 2024 4.5% | Jun 2024 4.2% | Sep 2024 5.2% | Dec 2024 13% | Mar 2025 2.9% | Jun 2025 5.5% | Sep 2025 6.8% | Dec 2025 9.8% | Mar 2026 6.8% | Jun 2026 —
- VSTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 6.3% | Mar 2023 7.1% | Jun 2023 9.4% | Sep 2023 8.1% | Dec 2023 6.6% | Mar 2024 6.1% | Jun 2024 5.4% | Sep 2024 4.4% | Dec 2024 4.4% | Mar 2025 -1.3% | Jun 2025 3.7% | Sep 2025 — | Dec 2025 2.5% | Mar 2026 2.5% | Jun 2026 4.1%
- PRG: Sep 2021 12% | Dec 2021 8.8% | Mar 2022 7.0% | Jun 2022 5.7% | Sep 2022 5.9% | Dec 2022 10% | Mar 2023 12% | Jun 2023 10% | Sep 2023 9.4% | Dec 2023 7.0% | Mar 2024 6.2% | Jun 2024 9.4% | Sep 2024 8.1% | Dec 2024 8.9% | Mar 2025 8.4% | Jun 2025 10% | Sep 2025 9.0% | Dec 2025 6.9% | Mar 2026 8.8% | Jun 2026 —
- LIME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -24% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -17% | Jun 2026 —
- HTZ: Sep 2021 36% | Dec 2021 30% | Mar 2022 30% | Jun 2022 32% | Sep 2022 23% | Dec 2022 36% | Mar 2023 1.3% | Jun 2023 22% | Sep 2023 17% | Dec 2023 -15% | Mar 2024 -22% | Jun 2024 -17% | Sep 2024 -54% | Dec 2024 -15% | Mar 2025 -14% | Jun 2025 0.5% | Sep 2025 4.0% | Dec 2025 -8.2% | Mar 2026 -4.1% | Jun 2026 —
- ALTG: Sep 2021 -23% | Dec 2021 2.3% | Mar 2022 -25% | Jun 2022 3.2% | Sep 2022 3.4% | Dec 2022 2.2% | Mar 2023 2.9% | Jun 2023 3.5% | Sep 2023 3.0% | Dec 2023 2.3% | Mar 2024 -0.2% | Jun 2024 2.1% | Sep 2024 1.5% | Dec 2024 0.5% | Mar 2025 0.2% | Jun 2025 2.6% | Sep 2025 1.1% | Dec 2025 1.0% | Mar 2026 -1.4% | Jun 2026 —

### 20-quarter Margin change history
- URI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.8 pp | Sep 2022 +4.0 pp | Dec 2022 +4.3 pp | Mar 2023 −0.2 pp | Jun 2023 +0.2 pp | Sep 2023 −1.0 pp | Dec 2023 −2.6 pp | Mar 2024 +1.9 pp | Jun 2024 +0.6 pp | Sep 2024 −1.1 pp | Dec 2024 −2.0 pp | Mar 2025 −2.8 pp | Jun 2025 −1.2 pp | Sep 2025 −1.8 pp | Dec 2025 −1.5 pp | Mar 2026 +0.2 pp | Jun 2026 —
- SUNB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 +1.0 pp | Mar 2023 +2.6 pp | Jun 2023 +2.1 pp | Sep 2023 −0.2 pp | Dec 2023 −1.6 pp | Mar 2024 −2.9 pp | Jun 2024 −7.6 pp | Sep 2024 −1.1 pp | Dec 2024 −0.7 pp | Mar 2025 −1.5 pp | Jun 2025 +4.5 pp | Sep 2025 −2.1 pp | Dec 2025 −3.3 pp | Mar 2026 −2.0 pp | Jun 2026 −5.5 pp
- UHAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.1 pp | Sep 2022 −4.2 pp | Dec 2022 −6.4 pp | Mar 2023 −3.5 pp | Jun 2023 −5.1 pp | Sep 2023 −4.9 pp | Dec 2023 −8.4 pp | Mar 2024 −12.9 pp | Jun 2024 −6.0 pp | Sep 2024 −7.3 pp | Dec 2024 −3.8 pp | Mar 2025 +0.6 pp | Jun 2025 −4.3 pp | Sep 2025 −5.5 pp | Dec 2025 −8.6 pp | Mar 2026 −2.8 pp | Jun 2026 —
- R: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.6 pp | Sep 2022 +3.3 pp | Dec 2022 +0.7 pp | Mar 2023 −2.1 pp | Jun 2023 −2.1 pp | Sep 2023 +2.6 pp | Dec 2023 +122.1 pp | Mar 2024 −2.2 pp | Jun 2024 −1.7 pp | Sep 2024 −6.3 pp | Dec 2024 −124.4 pp | Mar 2025 +1.5 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 −0.1 pp | Mar 2026 −0.8 pp | Jun 2026 —
- GATX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.7 pp | Sep 2022 +1.8 pp | Dec 2022 +5.1 pp | Mar 2023 +1.7 pp | Jun 2023 +1.4 pp | Sep 2023 +1.3 pp | Dec 2023 +23.3 pp | Mar 2024 +2.6 pp | Jun 2024 +1.0 pp | Sep 2024 +26.3 pp | Dec 2024 +2.2 pp | Mar 2025 +26.4 pp | Jun 2025 +3.4 pp | Sep 2025 −0.3 pp | Dec 2025 +0.7 pp | Mar 2026 −2.6 pp | Jun 2026 —
- CAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −32.4 pp | Sep 2022 −1.2 pp | Dec 2022 +172.2 pp | Mar 2023 +38.1 pp | Jun 2023 −13.5 pp | Sep 2023 −17.5 pp | Dec 2023 −173.9 pp | Mar 2024 −71.7 pp | Jun 2024 −15.7 pp | Sep 2024 −11.2 pp | Dec 2024 −29.9 pp | Mar 2025 −21.3 pp | Jun 2025 +0.6 pp | Sep 2025 +4.4 pp | Dec 2025 +64.7 pp | Mar 2026 +14.7 pp | Jun 2026 —
- HRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.3 pp | Sep 2022 +1.3 pp | Dec 2022 +2.7 pp | Mar 2023 +1.1 pp | Jun 2023 +0.4 pp | Sep 2023 −0.2 pp | Dec 2023 −0.2 pp | Mar 2024 +0.7 pp | Jun 2024 −1.2 pp | Sep 2024 +1.3 pp | Dec 2024 −20.1 pp | Mar 2025 −11.3 pp | Jun 2025 −14.6 pp | Sep 2025 −10.5 pp | Dec 2025 +10.8 pp | Mar 2026 +2.8 pp | Jun 2026 —
- EQPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −3.8 pp | Jun 2025 +3.1 pp | Sep 2025 −1.1 pp | Dec 2025 +3.6 pp | Mar 2026 +1.5 pp | Jun 2026 —
- WSC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +6.5 pp | Sep 2022 +5.2 pp | Dec 2022 +9.8 pp | Mar 2023 +39.6 pp | Jun 2023 +6.8 pp | Sep 2023 +4.4 pp | Dec 2023 −0.1 pp | Mar 2024 −4.7 pp | Jun 2024 −29.5 pp | Sep 2024 −35.3 pp | Dec 2024 0.0 pp | Mar 2025 −0.8 pp | Jun 2025 +22.4 pp | Sep 2025 +26.9 pp | Dec 2025 −61.4 pp | Mar 2026 −3.7 pp | Jun 2026 —
- MGRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.4 pp | Sep 2022 +2.2 pp | Dec 2022 +2.3 pp | Mar 2023 −8.2 pp | Jun 2023 +1.8 pp | Sep 2023 +4.4 pp | Dec 2023 −1.6 pp | Mar 2024 +15.6 pp | Jun 2024 +2.2 pp | Sep 2024 +0.7 pp | Dec 2024 +0.8 pp | Mar 2025 −4.4 pp | Jun 2025 −1.3 pp | Sep 2025 −2.0 pp | Dec 2025 +3.0 pp | Mar 2026 −1.4 pp | Jun 2026 —
- CTOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +16.8 pp | Sep 2022 +8.0 pp | Dec 2022 +7.8 pp | Mar 2023 +6.1 pp | Jun 2023 +3.5 pp | Sep 2023 +2.3 pp | Dec 2023 −0.4 pp | Mar 2024 −4.3 pp | Jun 2024 −4.5 pp | Sep 2024 −3.6 pp | Dec 2024 +2.7 pp | Mar 2025 −1.6 pp | Jun 2025 +1.3 pp | Sep 2025 +1.6 pp | Dec 2025 −3.1 pp | Mar 2026 +3.9 pp | Jun 2026 —
- VSTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +0.3 pp | Mar 2024 −1.0 pp | Jun 2024 −4.0 pp | Sep 2024 −3.7 pp | Dec 2024 −2.2 pp | Mar 2025 −7.4 pp | Jun 2025 −1.7 pp | Sep 2025 — | Dec 2025 −1.9 pp | Mar 2026 +3.8 pp | Jun 2026 +0.4 pp
- PRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −8.3 pp | Sep 2022 −6.1 pp | Dec 2022 +1.4 pp | Mar 2023 +4.6 pp | Jun 2023 +4.3 pp | Sep 2023 +3.5 pp | Dec 2023 −3.2 pp | Mar 2024 −5.4 pp | Jun 2024 −0.6 pp | Sep 2024 −1.3 pp | Dec 2024 +1.9 pp | Mar 2025 +2.2 pp | Jun 2025 +0.6 pp | Sep 2025 +0.9 pp | Dec 2025 −2.0 pp | Mar 2026 +0.4 pp | Jun 2026 —
- LIME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 +7.3 pp | Jun 2026 —
- HTZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +34.6 pp | Sep 2022 −13.7 pp | Dec 2022 +6.2 pp | Mar 2023 −29.0 pp | Jun 2023 −9.5 pp | Sep 2023 −5.5 pp | Dec 2023 −50.7 pp | Mar 2024 −22.9 pp | Jun 2024 −39.6 pp | Sep 2024 −71.1 pp | Dec 2024 +0.1 pp | Mar 2025 +8.1 pp | Jun 2025 +17.8 pp | Sep 2025 +58.0 pp | Dec 2025 +6.7 pp | Mar 2026 +9.4 pp | Jun 2026 —
- ALTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +27.3 pp | Sep 2022 +26.8 pp | Dec 2022 −0.1 pp | Mar 2023 +27.7 pp | Jun 2023 +0.3 pp | Sep 2023 −0.4 pp | Dec 2023 +0.1 pp | Mar 2024 −3.1 pp | Jun 2024 −1.4 pp | Sep 2024 −1.5 pp | Dec 2024 −1.8 pp | Mar 2025 +0.4 pp | Jun 2025 +0.5 pp | Sep 2025 −0.4 pp | Dec 2025 +0.5 pp | Mar 2026 −1.6 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: AerCap Holdings N.V. leads with $3,926 million of TTM profit, 108.7% above Sunbelt Rentals Holdings, Inc.. AerCap Holdings N.V. shows 83.7% growth from a $3,926 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: AerCap Holdings N.V. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: AerCap Holdings N.V. · $3,926 million | 108.7% versus #2 · Sunbelt Rentals Holdings, Inc. | 4/8 recent comparable periods | 14/18 companies · 311 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. AerCap Holdings N.V. (AER): ₹3.9K Cr
2. Sunbelt Rentals Holdings, Inc. (SUNB): ₹1.9K Cr
3. GATX Corporation (GATX): ₹221 Cr
4. McGrath RentCorp (MGRC): ₹155 Cr
5. PROG Holdings, Inc. (PRG): ₹125 Cr

### Profit growth — fastest growers
1. AerCap Holdings N.V. (AER): 84%
2. Willis Lease Finance Corporation (WLFC): 15%
3. GATX Corporation (GATX): 10.0%
4. Sunbelt Rentals Holdings, Inc. (SUNB): -13%
5. McGrath RentCorp (MGRC): -35%

### 20-quarter Net profit history
- URI: Sep 2021 ₹409 Cr | Dec 2021 ₹481 Cr | Mar 2022 ₹367 Cr | Jun 2022 ₹493 Cr | Sep 2022 ₹606 Cr | Dec 2022 ₹639 Cr | Mar 2023 ₹451 Cr | Jun 2023 ₹591 Cr | Sep 2023 ₹703 Cr | Dec 2023 ₹679 Cr | Mar 2024 ₹542 Cr | Jun 2024 ₹636 Cr | Sep 2024 ₹708 Cr | Dec 2024 ₹689 Cr | Mar 2025 ₹518 Cr | Jun 2025 ₹622 Cr | Sep 2025 ₹701 Cr | Dec 2025 ₹653 Cr | Mar 2026 ₹531 Cr | Jun 2026 —
- SUNB: Sep 2021 ₹527 Cr | Dec 2021 ₹594 Cr | Mar 2022 ₹488 Cr | Jun 2022 ₹476 Cr | Sep 2022 ₹658 Cr | Dec 2022 ₹821 Cr | Mar 2023 ₹630 Cr | Jun 2023 ₹585 Cr | Sep 2023 ₹722 Cr | Dec 2023 ₹838 Cr | Mar 2024 ₹552 Cr | Jun 2024 ₹-539 Cr | Sep 2024 ₹685 Cr | Dec 2024 ₹819 Cr | Mar 2025 ₹325 Cr | Jun 2025 ₹329 Cr | Sep 2025 ₹648 Cr | Dec 2025 ₹717 Cr | Mar 2026 ₹290 Cr | Jun 2026 ₹226 Cr
- AER: Sep 2021 ₹441 Cr | Dec 2021 ₹90 Cr | Mar 2022 ₹-2.0K Cr | Jun 2022 ₹341 Cr | Sep 2022 ₹441 Cr | Dec 2022 ₹498 Cr | Mar 2023 ₹435 Cr | Jun 2023 ₹497 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹604 Cr | Jun 2024 ₹448 Cr | Sep 2024 ₹375 Cr | Dec 2024 ₹671 Cr | Mar 2025 ₹643 Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹633 Cr | Mar 2026 ₹818 Cr | Jun 2026 —
- UHAL: Sep 2021 ₹410 Cr | Dec 2021 ₹281 Cr | Mar 2022 ₹87 Cr | Jun 2022 ₹338 Cr | Sep 2022 ₹350 Cr | Dec 2022 ₹199 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹257 Cr | Sep 2023 ₹274 Cr | Dec 2023 ₹99 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹195 Cr | Sep 2024 ₹187 Cr | Dec 2024 ₹67 Cr | Mar 2025 ₹-82 Cr | Jun 2025 ₹142 Cr | Sep 2025 ₹106 Cr | Dec 2025 ₹-37 Cr | Mar 2026 ₹-128 Cr | Jun 2026 —
- R: Sep 2021 ₹139 Cr | Dec 2021 ₹182 Cr | Mar 2022 ₹176 Cr | Jun 2022 ₹240 Cr | Sep 2022 ₹247 Cr | Dec 2022 ₹200 Cr | Mar 2023 ₹140 Cr | Jun 2023 ₹-18 Cr | Sep 2023 ₹160 Cr | Dec 2023 ₹124 Cr | Mar 2024 ₹85 Cr | Jun 2024 ₹126 Cr | Sep 2024 ₹143 Cr | Dec 2024 ₹135 Cr | Mar 2025 ₹98 Cr | Jun 2025 ₹132 Cr | Sep 2025 ₹139 Cr | Dec 2025 ₹133 Cr | Mar 2026 ₹93 Cr | Jun 2026 —
- GATX: Sep 2021 ₹37 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹79 Cr | Jun 2022 ₹-8 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹57 Cr | Jun 2023 ₹49 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹55 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹63 Cr | Dec 2024 ₹52 Cr | Mar 2025 ₹54 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹61 Cr | Mar 2026 ₹58 Cr | Jun 2026 —
- CAR: Sep 2021 ₹674 Cr | Dec 2021 ₹381 Cr | Mar 2022 ₹527 Cr | Jun 2022 ₹774 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹424 Cr | Mar 2023 ₹312 Cr | Jun 2023 ₹436 Cr | Sep 2023 ₹627 Cr | Dec 2023 ₹260 Cr | Mar 2024 ₹-113 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹238 Cr | Dec 2024 ₹-2.0K Cr | Mar 2025 ₹-504 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹360 Cr | Dec 2025 ₹-856 Cr | Mar 2026 ₹-234 Cr | Jun 2026 —
- HRI: Sep 2021 ₹72 Cr | Dec 2021 ₹72 Cr | Mar 2022 ₹58 Cr | Jun 2022 ₹73 Cr | Sep 2022 ₹101 Cr | Dec 2022 ₹98 Cr | Mar 2023 ₹67 Cr | Jun 2023 ₹76 Cr | Sep 2023 ₹113 Cr | Dec 2023 ₹91 Cr | Mar 2024 ₹65 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹122 Cr | Dec 2024 ₹-46 Cr | Mar 2025 ₹-18 Cr | Jun 2025 ₹-35 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹-24 Cr | Jun 2026 —
- EQPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-24 Cr | Jun 2024 ₹-24 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹50 Cr | Mar 2025 ₹-48 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹65 Cr | Mar 2026 ₹-29 Cr | Jun 2026 —
- WSC: Sep 2021 ₹57 Cr | Dec 2021 ₹40 Cr | Mar 2022 ₹39 Cr | Jun 2022 ₹60 Cr | Sep 2022 ₹78 Cr | Dec 2022 ₹99 Cr | Mar 2023 ₹76 Cr | Jun 2023 ₹88 Cr | Sep 2023 ₹92 Cr | Dec 2023 ₹86 Cr | Mar 2024 ₹56 Cr | Jun 2024 ₹-47 Cr | Sep 2024 ₹-70 Cr | Dec 2024 ₹89 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹-187 Cr | Mar 2026 ₹28 Cr | Jun 2026 —
- MGRC: Sep 2021 ₹23 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹149 Cr | Dec 2024 ₹39 Cr | Mar 2025 ₹28 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹27 Cr | Jun 2026 —
- CTOS: Sep 2021 ₹-21 Cr | Dec 2021 ₹-4 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹-2 Cr | Dec 2022 ₹31 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹-14 Cr | Jun 2024 ₹-24 Cr | Sep 2024 ₹-17 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹-18 Cr | Jun 2025 ₹-28 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹-4 Cr | Jun 2026 —
- VSTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹33 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹49 Cr | Sep 2023 ₹94 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-28 Cr | Jun 2025 ₹-1 Cr | Sep 2025 — | Dec 2025 ₹-13 Cr | Mar 2026 ₹-6 Cr | Jun 2026 ₹3 Cr
- PRG: Sep 2021 ₹57 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹27 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹37 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹84 Cr | Dec 2024 ₹58 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹36 Cr | Jun 2026 —
- LIME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-56 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹-61 Cr | Jun 2026 —
- WLFC: Sep 2021 ₹3 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹-21 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹43 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹25 Cr | Jun 2026 —
- HTZ: Sep 2021 ₹608 Cr | Dec 2021 ₹-262 Cr | Mar 2022 ₹426 Cr | Jun 2022 ₹940 Cr | Sep 2022 ₹577 Cr | Dec 2022 ₹116 Cr | Mar 2023 ₹196 Cr | Jun 2023 ₹139 Cr | Sep 2023 ₹629 Cr | Dec 2023 ₹-348 Cr | Mar 2024 ₹-186 Cr | Jun 2024 ₹-865 Cr | Sep 2024 ₹-1.3K Cr | Dec 2024 ₹-479 Cr | Mar 2025 ₹-443 Cr | Jun 2025 ₹-294 Cr | Sep 2025 ₹184 Cr | Dec 2025 ₹-194 Cr | Mar 2026 ₹-333 Cr | Jun 2026 —
- ALTG: Sep 2021 ₹0 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹-1 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-12 Cr | Jun 2024 ₹-12 Cr | Sep 2024 ₹-28 Cr | Dec 2024 ₹-11 Cr | Mar 2025 ₹-21 Cr | Jun 2025 ₹-6 Cr | Sep 2025 ₹-42 Cr | Dec 2025 ₹-12 Cr | Mar 2026 ₹-20 Cr | Jun 2026 —

### 20-quarter Profit growth history
- URI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 68% | Sep 2022 48% | Dec 2022 33% | Mar 2023 23% | Jun 2023 20% | Sep 2023 16% | Dec 2023 6.3% | Mar 2024 20% | Jun 2024 7.6% | Sep 2024 0.7% | Dec 2024 1.5% | Mar 2025 -4.4% | Jun 2025 -2.2% | Sep 2025 -1.0% | Dec 2025 -5.2% | Mar 2026 2.5% | Jun 2026 —
- SUNB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 25% | Dec 2022 38% | Mar 2023 29% | Jun 2023 23% | Sep 2023 9.7% | Dec 2023 2.1% | Mar 2024 -12% | Jun 2024 -192% | Sep 2024 -5.1% | Dec 2024 -2.3% | Mar 2025 -41% | Jun 2025 — | Sep 2025 -5.4% | Dec 2025 -12% | Mar 2026 -11% | Jun 2026 -31%
- AER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 0.0% | Dec 2022 453% | Mar 2023 — | Jun 2023 46% | Sep 2023 151% | Dec 2023 122% | Mar 2024 39% | Jun 2024 -9.9% | Sep 2024 -66% | Dec 2024 -39% | Mar 2025 6.5% | Jun 2025 181% | Sep 2025 224% | Dec 2025 -5.7% | Mar 2026 27% | Jun 2026 —
- UHAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2.0% | Sep 2022 -15% | Dec 2022 -29% | Mar 2023 -57% | Jun 2023 -24% | Sep 2023 -22% | Dec 2023 -50% | Mar 2024 -103% | Jun 2024 -24% | Sep 2024 -32% | Dec 2024 -32% | Mar 2025 — | Jun 2025 -27% | Sep 2025 -43% | Dec 2025 -155% | Mar 2026 — | Jun 2026 —
- R: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 60% | Sep 2022 78% | Dec 2022 9.9% | Mar 2023 -20% | Jun 2023 -108% | Sep 2023 -35% | Dec 2023 -38% | Mar 2024 -39% | Jun 2024 — | Sep 2024 -11% | Dec 2024 8.9% | Mar 2025 15% | Jun 2025 4.8% | Sep 2025 -2.8% | Dec 2025 -1.5% | Mar 2026 -5.1% | Jun 2026 —
- GATX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -122% | Sep 2022 -41% | Dec 2022 -21% | Mar 2023 -28% | Jun 2023 — | Sep 2023 77% | Dec 2023 40% | Mar 2024 -3.5% | Jun 2024 -35% | Sep 2024 62% | Dec 2024 24% | Mar 2025 -1.8% | Jun 2025 88% | Sep 2025 -33% | Dec 2025 17% | Mar 2026 7.4% | Jun 2026 —
- CAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 94% | Sep 2022 53% | Dec 2022 11% | Mar 2023 -41% | Jun 2023 -44% | Sep 2023 -39% | Dec 2023 -39% | Mar 2024 -136% | Jun 2024 -97% | Sep 2024 -62% | Dec 2024 -853% | Mar 2025 — | Jun 2025 -67% | Sep 2025 51% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 55% | Sep 2022 40% | Dec 2022 36% | Mar 2023 16% | Jun 2023 4.1% | Sep 2023 12% | Dec 2023 -7.1% | Mar 2024 -3.0% | Jun 2024 -7.9% | Sep 2024 8.0% | Dec 2024 -151% | Mar 2025 -128% | Jun 2025 -150% | Sep 2025 -75% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- EQPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 500% | Dec 2025 30% | Mar 2026 — | Jun 2026 —
- WSC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 200% | Sep 2022 37% | Dec 2022 148% | Mar 2023 95% | Jun 2023 47% | Sep 2023 18% | Dec 2023 -13% | Mar 2024 -26% | Jun 2024 -153% | Sep 2024 -176% | Dec 2024 3.5% | Mar 2025 -23% | Jun 2025 — | Sep 2025 — | Dec 2025 -310% | Mar 2026 -35% | Jun 2026 —
- MGRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 17% | Dec 2022 25% | Mar 2023 -33% | Jun 2023 17% | Sep 2023 48% | Dec 2023 -8.6% | Mar 2024 92% | Jun 2024 -25% | Sep 2024 273% | Dec 2024 22% | Mar 2025 22% | Jun 2025 71% | Sep 2025 -72% | Dec 2025 28% | Mar 2026 -3.6% | Jun 2026 —
- CTOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -14% | Sep 2023 — | Dec 2023 -48% | Mar 2024 -200% | Jun 2024 -300% | Sep 2024 -289% | Dec 2024 75% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -25% | Mar 2026 — | Jun 2026 —
- VSTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -64% | Mar 2024 -84% | Jun 2024 -90% | Sep 2024 -102% | Dec 2024 -92% | Mar 2025 -567% | Jun 2025 -120% | Sep 2025 — | Dec 2025 -1,400% | Mar 2026 — | Jun 2026 —
- PRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -72% | Sep 2022 -72% | Dec 2022 -5.3% | Mar 2023 78% | Jun 2023 95% | Sep 2023 119% | Dec 2023 -47% | Mar 2024 -54% | Jun 2024 -8.1% | Sep 2024 140% | Dec 2024 205% | Mar 2025 59% | Jun 2025 12% | Sep 2025 -61% | Dec 2025 -69% | Mar 2026 2.9% | Jun 2026 —
- WLFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 100% | Dec 2022 600% | Mar 2023 — | Jun 2023 133% | Sep 2023 150% | Dec 2023 -21% | Mar 2024 425% | Jun 2024 207% | Sep 2024 60% | Dec 2024 91% | Mar 2025 -19% | Jun 2025 40% | Sep 2025 0.0% | Dec 2025 -43% | Mar 2026 47% | Jun 2026 —
- HTZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -5.1% | Dec 2022 — | Mar 2023 -54% | Jun 2023 -85% | Sep 2023 9.0% | Dec 2023 -400% | Mar 2024 -195% | Jun 2024 -722% | Sep 2024 -312% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ALTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -67% | Sep 2023 40% | Dec 2023 — | Mar 2024 -1,300% | Jun 2024 -700% | Sep 2024 -500% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: GATX Corporation reports $4,524 million of CAPEX; GATX Corporation has the highest covered intensity at 774.7%. Coverage is only 18 of 18 companies and 313 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: GATX Corporation · $4,524 million | 24.6% versus #2 · Hertz Global Holdings, Inc. | 8/8 recent comparable periods | 18/18 companies · 313 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. GATX Corporation (GATX): ₹4.5K Cr
2. Hertz Global Holdings, Inc. (HTZ): ₹3.6K Cr
3. Avis Budget Group, Inc. (CAR): ₹3.5K Cr
4. United Rentals, Inc. (URI): ₹2.1K Cr
5. AerCap Holdings N.V. (AER): ₹1.5K Cr

### CAPEX intensity — highest reinvestment intensity
1. GATX Corporation (GATX): 775%
2. Hertz Global Holdings, Inc. (HTZ): 181%
3. Avis Budget Group, Inc. (CAR): 139%
4. AerCap Holdings N.V. (AER): 65%
5. U-Haul Holding Company (UHAL): 43%

### 20-quarter CAPEX history
- URI: Sep 2021 ₹1.2K Cr | Dec 2021 ₹748 Cr | Mar 2022 ₹537 Cr | Jun 2022 ₹940 Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹870 Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹725 Cr | Mar 2024 ₹569 Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹683 Cr | Mar 2025 ₹745 Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹679 Cr | Mar 2026 ₹833 Cr | Jun 2026 ₹2.1K Cr
- SUNB: Sep 2021 ₹60 Cr | Dec 2021 ₹96 Cr | Mar 2022 ₹111 Cr | Jun 2022 ₹133 Cr | Sep 2022 ₹119 Cr | Dec 2022 ₹127 Cr | Mar 2023 ₹134 Cr | Jun 2023 ₹130 Cr | Sep 2023 ₹133 Cr | Dec 2023 ₹210 Cr | Mar 2024 ₹178 Cr | Jun 2024 ₹139 Cr | Sep 2024 ₹138 Cr | Dec 2024 ₹168 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹270 Cr | Sep 2025 ₹112 Cr | Dec 2025 ₹87 Cr | Mar 2026 ₹79 Cr | Jun 2026 ₹475 Cr
- AER: Sep 2021 ₹313 Cr | Dec 2021 ₹976 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹685 Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹945 Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹470 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- UHAL: Sep 2021 ₹531 Cr | Dec 2021 ₹613 Cr | Mar 2022 ₹484 Cr | Jun 2022 ₹646 Cr | Sep 2022 ₹689 Cr | Dec 2022 ₹741 Cr | Mar 2023 ₹647 Cr | Jun 2023 ₹774 Cr | Sep 2023 ₹891 Cr | Dec 2023 ₹737 Cr | Mar 2024 ₹592 Cr | Jun 2024 ₹963 Cr | Sep 2024 ₹964 Cr | Dec 2024 ₹936 Cr | Mar 2025 ₹589 Cr | Jun 2025 ₹917 Cr | Sep 2025 ₹998 Cr | Dec 2025 ₹688 Cr | Mar 2026 ₹552 Cr | Jun 2026 —
- R: Sep 2021 ₹523 Cr | Dec 2021 ₹513 Cr | Mar 2022 ₹584 Cr | Jun 2022 ₹611 Cr | Sep 2022 ₹722 Cr | Dec 2022 ₹714 Cr | Mar 2023 ₹641 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹805 Cr | Dec 2023 ₹777 Cr | Mar 2024 ₹686 Cr | Jun 2024 ₹638 Cr | Sep 2024 ₹598 Cr | Dec 2024 ₹761 Cr | Mar 2025 ₹514 Cr | Jun 2025 ₹689 Cr | Sep 2025 ₹527 Cr | Dec 2025 ₹405 Cr | Mar 2026 ₹427 Cr | Jun 2026 ₹405 Cr
- GATX: Sep 2021 ₹230 Cr | Dec 2021 ₹239 Cr | Mar 2022 ₹370 Cr | Jun 2022 ₹314 Cr | Sep 2022 ₹203 Cr | Dec 2022 ₹368 Cr | Mar 2023 ₹387 Cr | Jun 2023 ₹487 Cr | Sep 2023 ₹364 Cr | Dec 2023 ₹428 Cr | Mar 2024 ₹379 Cr | Jun 2024 ₹442 Cr | Sep 2024 ₹505 Cr | Dec 2024 ₹349 Cr | Mar 2025 ₹311 Cr | Jun 2025 ₹219 Cr | Sep 2025 ₹362 Cr | Dec 2025 ₹440 Cr | Mar 2026 ₹4.5K Cr | Jun 2026 —
- CAR: Sep 2021 ₹1.9K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹3.9K Cr | Jun 2023 ₹5.1K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹5.0K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 —
- HRI: Sep 2021 ₹218 Cr | Dec 2021 ₹163 Cr | Mar 2022 ₹300 Cr | Jun 2022 ₹284 Cr | Sep 2022 ₹339 Cr | Dec 2022 ₹349 Cr | Mar 2023 ₹365 Cr | Jun 2023 ₹415 Cr | Sep 2023 ₹439 Cr | Dec 2023 ₹257 Cr | Mar 2024 ₹211 Cr | Jun 2024 ₹328 Cr | Sep 2024 ₹341 Cr | Dec 2024 ₹329 Cr | Mar 2025 ₹220 Cr | Jun 2025 ₹281 Cr | Sep 2025 ₹457 Cr | Dec 2025 ₹296 Cr | Mar 2026 ₹313 Cr | Jun 2026 —
- EQPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹442 Cr | Jun 2024 ₹442 Cr | Sep 2024 ₹330 Cr | Dec 2024 ₹568 Cr | Mar 2025 ₹343 Cr | Jun 2025 ₹572 Cr | Sep 2025 ₹580 Cr | Dec 2025 ₹534 Cr | Mar 2026 ₹376 Cr | Jun 2026 —
- WSC: Sep 2021 ₹64 Cr | Dec 2021 ₹110 Cr | Mar 2022 ₹106 Cr | Jun 2022 ₹140 Cr | Sep 2022 ₹145 Cr | Dec 2022 ₹96 Cr | Mar 2023 ₹54 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹69 Cr | Dec 2023 ₹66 Cr | Mar 2024 ₹79 Cr | Jun 2024 ₹71 Cr | Sep 2024 ₹73 Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹77 Cr | Jun 2025 ₹92 Cr | Sep 2025 ₹85 Cr | Dec 2025 ₹88 Cr | Mar 2026 ₹106 Cr | Jun 2026 —
- MGRC: Sep 2021 ₹30 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹45 Cr | Jun 2022 ₹57 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹64 Cr | Mar 2023 ₹85 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹86 Cr | Mar 2024 ₹104 Cr | Jun 2024 ₹72 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹56 Cr | Sep 2025 ₹53 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹53 Cr | Jun 2026 —
- CTOS: Sep 2021 ₹75 Cr | Dec 2021 ₹47 Cr | Mar 2022 ₹48 Cr | Jun 2022 ₹91 Cr | Sep 2022 ₹108 Cr | Dec 2022 ₹128 Cr | Mar 2023 ₹119 Cr | Jun 2023 ₹115 Cr | Sep 2023 ₹90 Cr | Dec 2023 ₹83 Cr | Mar 2024 ₹92 Cr | Jun 2024 ₹100 Cr | Sep 2024 ₹122 Cr | Dec 2024 ₹124 Cr | Mar 2025 ₹116 Cr | Jun 2025 ₹118 Cr | Sep 2025 ₹139 Cr | Dec 2025 ₹116 Cr | Mar 2026 ₹107 Cr | Jun 2026 —
- VSTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹14 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹15 Cr | Sep 2025 — | Dec 2025 ₹15 Cr | Mar 2026 ₹9 Cr | Jun 2026 ₹13 Cr
- PRG: Sep 2021 ₹2 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- LIME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹52 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹57 Cr | Jun 2026 —
- WLFC: Sep 2021 ₹107 Cr | Dec 2021 ₹37 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹59 Cr | Sep 2022 ₹142 Cr | Dec 2022 ₹67 Cr | Mar 2023 ₹57 Cr | Jun 2023 ₹58 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹63 Cr | Jun 2024 ₹260 Cr | Sep 2024 ₹168 Cr | Dec 2024 ₹355 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹135 Cr | Sep 2025 ₹162 Cr | Dec 2025 ₹222 Cr | Mar 2026 ₹61 Cr | Jun 2026 —
- HTZ: Sep 2021 ₹1.1K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹3.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹3.7K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹3.6K Cr | Jun 2026 —
- ALTG: Sep 2021 ₹12 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹9 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- URI: Sep 2021 46% | Dec 2021 27% | Mar 2022 21% | Jun 2022 34% | Sep 2022 38% | Dec 2022 32% | Mar 2023 27% | Jun 2023 38% | Sep 2023 30% | Dec 2023 19% | Mar 2024 16% | Jun 2024 39% | Sep 2024 35% | Dec 2024 17% | Mar 2025 20% | Jun 2025 40% | Sep 2025 37% | Dec 2025 16% | Mar 2026 21% | Jun 2026 —
- SUNB: Sep 2021 3.2% | Dec 2021 4.7% | Mar 2022 5.5% | Jun 2022 6.4% | Sep 2022 5.3% | Dec 2022 5.0% | Mar 2023 5.5% | Jun 2023 5.3% | Sep 2023 4.9% | Dec 2023 7.3% | Mar 2024 6.7% | Jun 2024 5.3% | Sep 2024 5.0% | Dec 2024 5.7% | Mar 2025 2.9% | Jun 2025 11% | Sep 2025 4.0% | Dec 2025 2.9% | Mar 2026 3.0% | Jun 2026 17%
- AER: Sep 2021 22% | Dec 2021 67% | Mar 2022 59% | Jun 2022 40% | Sep 2022 67% | Dec 2022 51% | Mar 2023 92% | Jun 2023 68% | Sep 2023 81% | Dec 2023 81% | Mar 2024 79% | Jun 2024 82% | Sep 2024 87% | Dec 2024 77% | Mar 2025 118% | Jun 2025 24% | Sep 2025 43% | Dec 2025 90% | Mar 2026 65% | Jun 2026 —
- UHAL: Sep 2021 32% | Dec 2021 44% | Mar 2022 40% | Jun 2022 40% | Sep 2022 41% | Dec 2022 54% | Mar 2023 54% | Jun 2023 50% | Sep 2023 54% | Dec 2023 55% | Mar 2024 54% | Jun 2024 62% | Sep 2024 58% | Dec 2024 67% | Mar 2025 48% | Jun 2025 56% | Sep 2025 58% | Dec 2025 49% | Mar 2026 43% | Jun 2026 —
- R: Sep 2021 21% | Dec 2021 20% | Mar 2022 21% | Jun 2022 20% | Sep 2022 24% | Dec 2022 23% | Mar 2023 22% | Jun 2023 35% | Sep 2023 28% | Dec 2023 26% | Mar 2024 22% | Jun 2024 20% | Sep 2024 19% | Dec 2024 24% | Mar 2025 16% | Jun 2025 22% | Sep 2025 17% | Dec 2025 13% | Mar 2026 14% | Jun 2026 —
- GATX: Sep 2021 73% | Dec 2021 75% | Mar 2022 117% | Jun 2022 100% | Sep 2022 63% | Dec 2022 114% | Mar 2023 114% | Jun 2023 142% | Sep 2023 101% | Dec 2023 116% | Mar 2024 100% | Jun 2024 114% | Sep 2024 125% | Dec 2024 84% | Mar 2025 74% | Jun 2025 51% | Sep 2025 83% | Dec 2025 98% | Mar 2026 775% | Jun 2026 —
- CAR: Sep 2021 62% | Dec 2021 80% | Mar 2022 114% | Jun 2022 110% | Sep 2022 49% | Dec 2022 96% | Mar 2023 154% | Jun 2023 162% | Sep 2023 107% | Dec 2023 97% | Mar 2024 162% | Jun 2024 94% | Sep 2024 37% | Dec 2024 66% | Mar 2025 157% | Jun 2025 165% | Sep 2025 82% | Dec 2025 133% | Mar 2026 139% | Jun 2026 —
- HRI: Sep 2021 40% | Dec 2021 28% | Mar 2022 53% | Jun 2022 44% | Sep 2022 46% | Dec 2022 44% | Mar 2023 49% | Jun 2023 52% | Sep 2023 48% | Dec 2023 31% | Mar 2024 26% | Jun 2024 39% | Sep 2024 35% | Dec 2024 35% | Mar 2025 26% | Jun 2025 28% | Sep 2025 35% | Dec 2025 25% | Mar 2026 28% | Jun 2026 —
- EQPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 62% | Jun 2024 62% | Sep 2024 43% | Dec 2024 37% | Mar 2025 48% | Jun 2025 50% | Sep 2025 61% | Dec 2025 34% | Mar 2026 38% | Jun 2026 —
- WSC: Sep 2021 14% | Dec 2021 29% | Mar 2022 24% | Jun 2022 27% | Sep 2022 25% | Dec 2022 16% | Mar 2023 9.6% | Jun 2023 10% | Sep 2023 11% | Dec 2023 11% | Mar 2024 14% | Jun 2024 12% | Sep 2024 12% | Dec 2024 13% | Mar 2025 14% | Jun 2025 16% | Sep 2025 15% | Dec 2025 16% | Mar 2026 19% | Jun 2026 —
- MGRC: Sep 2021 17% | Dec 2021 14% | Mar 2022 36% | Jun 2022 37% | Sep 2022 23% | Dec 2022 35% | Mar 2023 52% | Jun 2023 27% | Sep 2023 20% | Dec 2023 39% | Mar 2024 55% | Jun 2024 34% | Sep 2024 11% | Dec 2024 12% | Mar 2025 8.2% | Jun 2025 24% | Sep 2025 21% | Dec 2025 24% | Mar 2026 27% | Jun 2026 —
- CTOS: Sep 2021 21% | Dec 2021 13% | Mar 2022 13% | Jun 2022 25% | Sep 2022 30% | Dec 2022 26% | Mar 2023 26% | Jun 2023 25% | Sep 2023 21% | Dec 2023 16% | Mar 2024 22% | Jun 2024 24% | Sep 2024 27% | Dec 2024 24% | Mar 2025 28% | Jun 2025 23% | Sep 2025 29% | Dec 2025 22% | Mar 2026 23% | Jun 2026 —
- VSTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.0% | Mar 2023 2.7% | Jun 2023 2.8% | Sep 2023 3.5% | Dec 2023 2.4% | Mar 2024 1.8% | Jun 2024 3.0% | Sep 2024 4.1% | Dec 2024 2.2% | Mar 2025 2.1% | Jun 2025 2.2% | Sep 2025 — | Dec 2025 2.1% | Mar 2026 1.4% | Jun 2026 2.0%
- PRG: Sep 2021 0.3% | Dec 2021 0.5% | Mar 2022 0.3% | Jun 2022 0.5% | Sep 2022 0.3% | Dec 2022 0.3% | Mar 2023 0.3% | Jun 2023 0.5% | Sep 2023 0.5% | Dec 2023 0.6% | Mar 2024 0.3% | Jun 2024 0.3% | Sep 2024 0.3% | Dec 2024 0.4% | Mar 2025 0.3% | Jun 2025 0.3% | Sep 2025 0.7% | Dec 2025 0.6% | Mar 2026 0.4% | Jun 2026 —
- LIME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 40% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 34% | Jun 2026 —
- WLFC: Sep 2021 151% | Dec 2021 49% | Mar 2022 36% | Jun 2022 76% | Sep 2022 184% | Dec 2022 76% | Mar 2023 63% | Jun 2023 53% | Sep 2023 30% | Dec 2023 19% | Mar 2024 53% | Jun 2024 172% | Sep 2024 115% | Dec 2024 232% | Mar 2025 23% | Jun 2025 69% | Sep 2025 89% | Dec 2025 114% | Mar 2026 31% | Jun 2026 —
- HTZ: Sep 2021 49% | Dec 2021 102% | Mar 2022 167% | Jun 2022 134% | Sep 2022 73% | Dec 2022 137% | Mar 2023 140% | Jun 2023 156% | Sep 2023 67% | Dec 2023 57% | Mar 2024 93% | Jun 2024 159% | Sep 2024 88% | Dec 2024 132% | Mar 2025 158% | Jun 2025 141% | Sep 2025 78% | Dec 2025 119% | Mar 2026 181% | Jun 2026 —
- ALTG: Sep 2021 4.1% | Dec 2021 3.7% | Mar 2022 5.1% | Jun 2022 4.4% | Sep 2022 3.0% | Dec 2022 7.0% | Mar 2023 4.3% | Jun 2023 4.5% | Sep 2023 4.1% | Dec 2023 3.3% | Mar 2024 3.8% | Jun 2024 4.3% | Sep 2024 4.2% | Dec 2024 2.8% | Mar 2025 3.3% | Jun 2025 2.9% | Sep 2025 3.8% | Dec 2025 1.6% | Mar 2026 2.2% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: McGrath RentCorp has the clearest covered balance-sheet capacity with $544 million and gross debt of $546 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: McGrath RentCorp · $546 million | 41.7% versus #2 · PROG Holdings, Inc. | 0/8 recent comparable periods | 18/18 companies · 315 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. McGrath RentCorp (MGRC): ₹546 Cr
2. PROG Holdings, Inc. (PRG): ₹936 Cr
3. Neutron Holdings, Inc. (LIME): ₹1.0K Cr
4. Alta Equipment Group Inc. (ALTG): ₹1.2K Cr
5. Vestis Corporation (VSTS): ₹1.4K Cr

### Net debt — lowest net debt
1. McGrath RentCorp (MGRC): ₹544 Cr
2. Neutron Holdings, Inc. (LIME): ₹780 Cr
3. PROG Holdings, Inc. (PRG): ₹867 Cr
4. Alta Equipment Group Inc. (ALTG): ₹1.2K Cr
5. Vestis Corporation (VSTS): ₹1.3K Cr

### 20-quarter Gross debt history
- URI: Sep 2021 ₹10.7K Cr | Dec 2021 ₹10.3K Cr | Mar 2022 ₹10.1K Cr | Jun 2022 ₹10.5K Cr | Sep 2022 ₹10.5K Cr | Dec 2022 ₹12.0K Cr | Mar 2023 ₹12.5K Cr | Jun 2023 ₹12.8K Cr | Sep 2023 ₹12.9K Cr | Dec 2023 ₹12.4K Cr | Mar 2024 ₹13.4K Cr | Jun 2024 ₹13.9K Cr | Sep 2024 ₹14.4K Cr | Dec 2024 ₹14.5K Cr | Mar 2025 ₹14.0K Cr | Jun 2025 ₹14.5K Cr | Sep 2025 ₹15.2K Cr | Dec 2025 ₹15.4K Cr | Mar 2026 ₹15.0K Cr | Jun 2026 ₹15.4K Cr
- SUNB: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹10.2K Cr | Jun 2025 ₹10.2K Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹10.4K Cr
- AER: Sep 2021 ₹27.5K Cr | Dec 2021 ₹50.2K Cr | Mar 2022 ₹48.9K Cr | Jun 2022 ₹47.9K Cr | Sep 2022 ₹47.4K Cr | Dec 2022 ₹46.5K Cr | Mar 2023 ₹46.3K Cr | Jun 2023 ₹46.3K Cr | Sep 2023 ₹47.5K Cr | Dec 2023 ₹44.9K Cr | Mar 2024 ₹45.7K Cr | Jun 2024 ₹45.7K Cr | Sep 2024 ₹48.4K Cr | Dec 2024 ₹45.3K Cr | Mar 2025 ₹46.2K Cr | Jun 2025 ₹46.1K Cr | Sep 2025 ₹44.0K Cr | Dec 2025 ₹43.6K Cr | Mar 2026 ₹43.0K Cr | Jun 2026 —
- UHAL: Sep 2021 ₹5.4K Cr | Dec 2021 ₹5.5K Cr | Mar 2022 ₹6.1K Cr | Jun 2022 ₹6.3K Cr | Sep 2022 ₹6.4K Cr | Dec 2022 ₹6.3K Cr | Mar 2023 ₹6.2K Cr | Jun 2023 ₹6.3K Cr | Sep 2023 ₹6.5K Cr | Dec 2023 ₹6.5K Cr | Mar 2024 ₹6.3K Cr | Jun 2024 ₹6.3K Cr | Sep 2024 ₹6.8K Cr | Dec 2024 ₹6.9K Cr | Mar 2025 ₹7.2K Cr | Jun 2025 ₹7.3K Cr | Sep 2025 ₹7.7K Cr | Dec 2025 ₹8.1K Cr | Mar 2026 ₹8.1K Cr | Jun 2026 —
- R: Sep 2021 ₹6.0K Cr | Dec 2021 ₹6.6K Cr | Mar 2022 ₹6.8K Cr | Jun 2022 ₹6.6K Cr | Sep 2022 ₹6.3K Cr | Dec 2022 ₹6.4K Cr | Mar 2023 ₹6.3K Cr | Jun 2023 ₹6.5K Cr | Sep 2023 ₹6.6K Cr | Dec 2023 ₹7.1K Cr | Mar 2024 ₹7.5K Cr | Jun 2024 ₹7.5K Cr | Sep 2024 ₹7.6K Cr | Dec 2024 ₹7.8K Cr | Mar 2025 ₹7.8K Cr | Jun 2025 ₹7.7K Cr | Sep 2025 ₹7.9K Cr | Dec 2025 ₹7.6K Cr | Mar 2026 ₹7.7K Cr | Jun 2026 ₹7.5K Cr
- GATX: Sep 2021 ₹6.3K Cr | Dec 2021 ₹6.2K Cr | Mar 2022 ₹6.5K Cr | Jun 2022 ₹6.3K Cr | Sep 2022 ₹6.6K Cr | Dec 2022 ₹6.7K Cr | Mar 2023 ₹6.6K Cr | Jun 2023 ₹7.0K Cr | Sep 2023 ₹7.1K Cr | Dec 2023 ₹7.6K Cr | Mar 2024 ₹7.9K Cr | Jun 2024 ₹8.5K Cr | Sep 2024 ₹8.5K Cr | Dec 2024 ₹8.4K Cr | Mar 2025 ₹8.9K Cr | Jun 2025 ₹9.0K Cr | Sep 2025 ₹9.0K Cr | Dec 2025 ₹12.7K Cr | Mar 2026 ₹12.6K Cr | Jun 2026 —
- CAR: Sep 2021 ₹16.6K Cr | Dec 2021 ₹17.3K Cr | Mar 2022 ₹18.7K Cr | Jun 2022 ₹20.6K Cr | Sep 2022 ₹19.5K Cr | Dec 2022 ₹20.4K Cr | Mar 2023 ₹21.3K Cr | Jun 2023 ₹24.6K Cr | Sep 2023 ₹25.6K Cr | Dec 2023 ₹25.9K Cr | Mar 2024 ₹26.9K Cr | Jun 2024 ₹27.0K Cr | Sep 2024 ₹26.2K Cr | Dec 2024 ₹25.4K Cr | Mar 2025 ₹25.8K Cr | Jun 2025 ₹28.6K Cr | Sep 2025 ₹27.9K Cr | Dec 2025 ₹27.9K Cr | Mar 2026 ₹27.0K Cr | Jun 2026 —
- HRI: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.4K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹4.0K Cr | Jun 2023 ₹4.3K Cr | Sep 2023 ₹4.5K Cr | Dec 2023 ₹4.5K Cr | Mar 2024 ₹4.6K Cr | Jun 2024 ₹4.8K Cr | Sep 2024 ₹5.2K Cr | Dec 2024 ₹5.1K Cr | Mar 2025 ₹5.0K Cr | Jun 2025 ₹9.9K Cr | Sep 2025 ₹9.8K Cr | Dec 2025 ₹9.7K Cr | Mar 2026 ₹9.6K Cr | Jun 2026 —
- EQPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹3.3K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹4.7K Cr | Dec 2025 ₹4.4K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 —
- WSC: Sep 2021 ₹2.9K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹3.7K Cr | Sep 2024 ₹3.9K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹4.0K Cr | Sep 2025 ₹3.9K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 —
- MGRC: Sep 2021 ₹459 Cr | Dec 2021 ₹426 Cr | Mar 2022 ₹424 Cr | Jun 2022 ₹441 Cr | Sep 2022 ₹419 Cr | Dec 2022 ₹414 Cr | Mar 2023 ₹659 Cr | Jun 2023 ₹673 Cr | Sep 2023 ₹668 Cr | Dec 2023 ₹763 Cr | Mar 2024 ₹799 Cr | Jun 2024 ₹794 Cr | Sep 2024 ₹609 Cr | Dec 2024 ₹590 Cr | Mar 2025 ₹559 Cr | Jun 2025 ₹573 Cr | Sep 2025 ₹552 Cr | Dec 2025 ₹515 Cr | Mar 2026 ₹546 Cr | Jun 2026 —
- CTOS: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- VSTS: Sep 2021 ₹182 Cr | Dec 2021 ₹182 Cr | Mar 2022 — | Jun 2022 ₹182 Cr | Sep 2022 ₹182 Cr | Dec 2022 ₹195 Cr | Mar 2023 ₹195 Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 — | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 ₹1.4K Cr
- PRG: Sep 2021 ₹76 Cr | Dec 2021 ₹615 Cr | Mar 2022 ₹614 Cr | Jun 2022 ₹614 Cr | Sep 2022 ₹613 Cr | Dec 2022 ₹612 Cr | Mar 2023 ₹611 Cr | Jun 2023 ₹610 Cr | Sep 2023 ₹609 Cr | Dec 2023 ₹608 Cr | Mar 2024 ₹608 Cr | Jun 2024 ₹607 Cr | Sep 2024 ₹605 Cr | Dec 2024 ₹655 Cr | Mar 2025 ₹604 Cr | Jun 2025 ₹603 Cr | Sep 2025 ₹603 Cr | Dec 2025 ₹602 Cr | Mar 2026 ₹936 Cr | Jun 2026 —
- LIME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹890 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹1.0K Cr | Jun 2026 —
- WLFC: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- HTZ: Sep 2021 ₹10.1K Cr | Dec 2021 ₹12.4K Cr | Mar 2022 ₹13.6K Cr | Jun 2022 ₹14.9K Cr | Sep 2022 ₹14.6K Cr | Dec 2022 ₹15.7K Cr | Mar 2023 ₹16.7K Cr | Jun 2023 ₹18.6K Cr | Sep 2023 ₹18.1K Cr | Dec 2023 ₹17.8K Cr | Mar 2024 ₹17.8K Cr | Jun 2024 ₹19.5K Cr | Sep 2024 ₹19.0K Cr | Dec 2024 ₹18.4K Cr | Mar 2025 ₹18.9K Cr | Jun 2025 ₹19.9K Cr | Sep 2025 ₹19.7K Cr | Dec 2025 ₹19.3K Cr | Mar 2026 ₹20.6K Cr | Jun 2026 —
- ALTG: Sep 2021 ₹507 Cr | Dec 2021 ₹679 Cr | Mar 2022 ₹728 Cr | Jun 2022 ₹749 Cr | Sep 2022 ₹802 Cr | Dec 2022 ₹922 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —

### 20-quarter Net debt history
- URI: Sep 2021 ₹10.4K Cr | Dec 2021 ₹10.2K Cr | Mar 2022 ₹10.0K Cr | Jun 2022 ₹10.4K Cr | Sep 2022 ₹10.5K Cr | Dec 2022 ₹11.9K Cr | Mar 2023 ₹12.4K Cr | Jun 2023 ₹12.6K Cr | Sep 2023 ₹12.6K Cr | Dec 2023 ₹12.1K Cr | Mar 2024 ₹12.9K Cr | Jun 2024 ₹13.4K Cr | Sep 2024 ₹13.9K Cr | Dec 2024 ₹14.0K Cr | Mar 2025 ₹13.5K Cr | Jun 2025 ₹13.9K Cr | Sep 2025 ₹14.7K Cr | Dec 2025 ₹14.9K Cr | Mar 2026 ₹14.9K Cr | Jun 2026 ₹15.3K Cr
- SUNB: Sep 2021 ₹-30 Cr | Dec 2021 ₹-15 Cr | Mar 2022 ₹-35 Cr | Jun 2022 ₹-15 Cr | Sep 2022 ₹-28 Cr | Dec 2022 ₹-30 Cr | Mar 2023 ₹-37 Cr | Jun 2023 ₹-30 Cr | Sep 2023 ₹-25 Cr | Dec 2023 ₹-26 Cr | Mar 2024 ₹-22 Cr | Jun 2024 ₹-21 Cr | Sep 2024 ₹-17 Cr | Dec 2024 ₹-24 Cr | Mar 2025 ₹10.2K Cr | Jun 2025 ₹10.2K Cr | Sep 2025 ₹-23 Cr | Dec 2025 ₹-40 Cr | Mar 2026 — | Jun 2026 ₹10.4K Cr
- AER: Sep 2021 ₹26.2K Cr | Dec 2021 ₹48.5K Cr | Mar 2022 ₹47.7K Cr | Jun 2022 ₹46.7K Cr | Sep 2022 ₹46.3K Cr | Dec 2022 ₹44.9K Cr | Mar 2023 ₹45.2K Cr | Jun 2023 ₹45.1K Cr | Sep 2023 ₹45.1K Cr | Dec 2023 ₹43.1K Cr | Mar 2024 ₹44.4K Cr | Jun 2024 ₹44.3K Cr | Sep 2024 ₹44.6K Cr | Dec 2024 ₹44.1K Cr | Mar 2025 ₹45.1K Cr | Jun 2025 ₹43.4K Cr | Sep 2025 ₹42.2K Cr | Dec 2025 ₹42.2K Cr | Mar 2026 ₹41.6K Cr | Jun 2026 —
- UHAL: Sep 2021 ₹-427 Cr | Dec 2021 ₹-248 Cr | Mar 2022 ₹-44 Cr | Jun 2022 ₹-20 Cr | Sep 2022 ₹138 Cr | Dec 2022 ₹512 Cr | Mar 2023 ₹760 Cr | Jun 2023 ₹879 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.7K Cr | Mar 2026 ₹3.9K Cr | Jun 2026 —
- R: Sep 2021 ₹5.8K Cr | Dec 2021 ₹6.3K Cr | Mar 2022 ₹6.6K Cr | Jun 2022 ₹6.1K Cr | Sep 2022 ₹5.9K Cr | Dec 2022 ₹6.1K Cr | Mar 2023 ₹6.1K Cr | Jun 2023 ₹6.3K Cr | Sep 2023 ₹6.5K Cr | Dec 2023 ₹6.9K Cr | Mar 2024 ₹7.3K Cr | Jun 2024 ₹7.4K Cr | Sep 2024 ₹7.4K Cr | Dec 2024 ₹7.6K Cr | Mar 2025 ₹7.6K Cr | Jun 2025 ₹7.5K Cr | Sep 2025 ₹7.7K Cr | Dec 2025 ₹7.4K Cr | Mar 2026 ₹7.5K Cr | Jun 2026 ₹7.2K Cr
- GATX: Sep 2021 ₹5.8K Cr | Dec 2021 ₹5.8K Cr | Mar 2022 ₹5.9K Cr | Jun 2022 ₹6.1K Cr | Sep 2022 ₹6.0K Cr | Dec 2022 ₹6.3K Cr | Mar 2023 ₹6.5K Cr | Jun 2023 ₹6.7K Cr | Sep 2023 ₹6.9K Cr | Dec 2023 ₹7.2K Cr | Mar 2024 ₹7.4K Cr | Jun 2024 ₹7.6K Cr | Sep 2024 ₹8.0K Cr | Dec 2024 ₹8.0K Cr | Mar 2025 ₹8.2K Cr | Jun 2025 ₹8.3K Cr | Sep 2025 ₹8.3K Cr | Dec 2025 ₹11.9K Cr | Mar 2026 ₹11.9K Cr | Jun 2026 —
- CAR: Sep 2021 ₹15.8K Cr | Dec 2021 ₹16.8K Cr | Mar 2022 ₹18.2K Cr | Jun 2022 ₹20.0K Cr | Sep 2022 ₹18.9K Cr | Dec 2022 ₹19.8K Cr | Mar 2023 ₹20.8K Cr | Jun 2023 ₹24.0K Cr | Sep 2023 ₹25.0K Cr | Dec 2023 ₹25.3K Cr | Mar 2024 ₹26.3K Cr | Jun 2024 ₹26.5K Cr | Sep 2024 ₹25.6K Cr | Dec 2024 ₹24.9K Cr | Mar 2025 ₹25.3K Cr | Jun 2025 ₹28.1K Cr | Sep 2025 ₹27.4K Cr | Dec 2025 ₹27.4K Cr | Mar 2026 ₹26.5K Cr | Jun 2026 —
- HRI: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹3.4K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹3.9K Cr | Jun 2023 ₹4.2K Cr | Sep 2023 ₹4.4K Cr | Dec 2023 ₹4.4K Cr | Mar 2024 ₹4.6K Cr | Jun 2024 ₹4.7K Cr | Sep 2024 ₹5.0K Cr | Dec 2024 ₹5.0K Cr | Mar 2025 ₹5.0K Cr | Jun 2025 ₹9.8K Cr | Sep 2025 ₹9.7K Cr | Dec 2025 ₹9.6K Cr | Mar 2026 ₹9.6K Cr | Jun 2026 —
- EQPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹3.0K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹4.3K Cr | Dec 2025 ₹4.0K Cr | Mar 2026 ₹3.9K Cr | Jun 2026 —
- WSC: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹3.7K Cr | Sep 2024 ₹3.9K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹3.9K Cr | Sep 2025 ₹3.9K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 —
- MGRC: Sep 2021 ₹457 Cr | Dec 2021 ₹425 Cr | Mar 2022 ₹422 Cr | Jun 2022 ₹440 Cr | Sep 2022 ₹417 Cr | Dec 2022 ₹413 Cr | Mar 2023 ₹658 Cr | Jun 2023 ₹671 Cr | Sep 2023 ₹666 Cr | Dec 2023 ₹762 Cr | Mar 2024 ₹797 Cr | Jun 2024 ₹785 Cr | Sep 2024 ₹605 Cr | Dec 2024 ₹589 Cr | Mar 2025 ₹556 Cr | Jun 2025 ₹572 Cr | Sep 2025 ₹545 Cr | Dec 2025 ₹515 Cr | Mar 2026 ₹544 Cr | Jun 2026 —
- CTOS: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- VSTS: Sep 2021 ₹141 Cr | Dec 2021 ₹141 Cr | Mar 2022 — | Jun 2022 ₹158 Cr | Sep 2022 ₹158 Cr | Dec 2022 ₹185 Cr | Mar 2023 ₹185 Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 — | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 ₹1.3K Cr
- PRG: Sep 2021 ₹-53 Cr | Dec 2021 ₹445 Cr | Mar 2022 ₹430 Cr | Jun 2022 ₹487 Cr | Sep 2022 ₹391 Cr | Dec 2022 ₹480 Cr | Mar 2023 ₹361 Cr | Jun 2023 ₹357 Cr | Sep 2023 ₹314 Cr | Dec 2023 ₹453 Cr | Mar 2024 ₹355 Cr | Jun 2024 ₹357 Cr | Sep 2024 ₹383 Cr | Dec 2024 ₹564 Cr | Mar 2025 ₹391 Cr | Jun 2025 ₹381 Cr | Sep 2025 ₹310 Cr | Dec 2025 ₹293 Cr | Mar 2026 ₹867 Cr | Jun 2026 —
- LIME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹646 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹780 Cr | Jun 2026 —
- WLFC: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- HTZ: Sep 2021 ₹6.7K Cr | Dec 2021 ₹9.8K Cr | Mar 2022 ₹11.5K Cr | Jun 2022 ₹13.3K Cr | Sep 2022 ₹13.1K Cr | Dec 2022 ₹14.2K Cr | Mar 2023 ₹15.5K Cr | Jun 2023 ₹17.5K Cr | Sep 2023 ₹17.1K Cr | Dec 2023 ₹16.6K Cr | Mar 2024 ₹16.9K Cr | Jun 2024 ₹18.5K Cr | Sep 2024 ₹18.1K Cr | Dec 2024 ₹17.3K Cr | Mar 2025 ₹17.9K Cr | Jun 2025 ₹18.8K Cr | Sep 2025 ₹18.2K Cr | Dec 2025 ₹18.2K Cr | Mar 2026 ₹19.4K Cr | Jun 2026 —
- ALTG: Sep 2021 ₹506 Cr | Dec 2021 ₹677 Cr | Mar 2022 ₹726 Cr | Jun 2022 ₹748 Cr | Sep 2022 ₹800 Cr | Dec 2022 ₹919 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 — | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 — | Mar 2026 ₹1.2K Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Neutron Holdings, Inc. leads ROCE at 35.6%, 31.2 percentage points above United Rentals, Inc.. Avis Budget Group, Inc. has the strongest latest improvement at +1.2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Neutron Holdings, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Neutron Holdings, Inc. · 35.6% | 709.1% versus #2 · United Rentals, Inc. | Not enough history | 16/18 companies · 274 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Neutron Holdings, Inc. (LIME): 36%
2. United Rentals, Inc. (URI): 4.4%
3. PROG Holdings, Inc. (PRG): 4.1%
4. McGrath RentCorp (MGRC): 2.9%
5. Ryder System, Inc. (R): 2.2%

### ROCE change — fastest improvers
1. Avis Budget Group, Inc. (CAR): +1.2 pp
2. EquipmentShare.com Inc. (EQPT): +0.9 pp
3. Hertz Global Holdings, Inc. (HTZ): +0.8 pp
4. Custom Truck One Source, Inc. (CTOS): +0.7 pp
5. United Rentals, Inc. (URI): +0.3 pp

### 20-quarter ROCE history
- URI: Sep 2021 4.0% | Dec 2021 4.4% | Mar 2022 3.4% | Jun 2022 4.0% | Sep 2022 5.0% | Dec 2022 5.2% | Mar 2023 3.7% | Jun 2023 4.6% | Sep 2023 5.3% | Dec 2023 4.9% | Mar 2024 3.7% | Jun 2024 4.4% | Sep 2024 4.8% | Dec 2024 4.6% | Mar 2025 3.4% | Jun 2025 4.1% | Sep 2025 4.4% | Dec 2025 4.1% | Mar 2026 3.5% | Jun 2026 4.4%
- SUNB: Sep 2021 — | Dec 2021 4.3% | Mar 2022 3.3% | Jun 2022 3.3% | Sep 2022 4.0% | Dec 2022 4.8% | Mar 2023 3.7% | Jun 2023 3.4% | Sep 2023 3.9% | Dec 2023 4.2% | Mar 2024 3.0% | Jun 2024 2.1% | Sep 2024 3.3% | Dec 2024 3.7% | Mar 2025 2.5% | Jun 2025 2.5% | Sep 2025 2.9% | Dec 2025 3.2% | Mar 2026 4.8% | Jun 2026 2.0%
- UHAL: Sep 2021 5.1% | Dec 2021 3.6% | Mar 2022 1.3% | Jun 2022 4.0% | Sep 2022 4.0% | Dec 2022 2.4% | Mar 2023 0.8% | Jun 2023 2.8% | Sep 2023 2.9% | Dec 2023 1.4% | Mar 2024 -0.3% | Jun 2024 2.1% | Sep 2024 2.0% | Dec 2024 1.0% | Mar 2025 -0.3% | Jun 2025 1.6% | Sep 2025 1.3% | Dec 2025 0.2% | Mar 2026 -0.5% | Jun 2026 —
- R: Sep 2021 2.2% | Dec 2021 2.6% | Mar 2022 2.9% | Jun 2022 3.7% | Sep 2022 3.7% | Dec 2022 3.2% | Mar 2023 2.4% | Jun 2023 2.7% | Sep 2023 3.9% | Dec 2023 35% | Mar 2024 1.7% | Jun 2024 2.3% | Sep 2024 2.3% | Dec 2024 2.2% | Mar 2025 1.9% | Jun 2025 2.1% | Sep 2025 2.1% | Dec 2025 2.1% | Mar 2026 1.7% | Jun 2026 2.2%
- GATX: Sep 2021 0.9% | Dec 2021 1.1% | Mar 2022 0.8% | Jun 2022 0.9% | Sep 2022 0.9% | Dec 2022 0.9% | Mar 2023 0.9% | Jun 2023 1.0% | Sep 2023 1.0% | Dec 2023 1.8% | Mar 2024 1.1% | Jun 2024 1.0% | Sep 2024 2.0% | Dec 2024 1.9% | Mar 2025 2.0% | Jun 2025 1.1% | Sep 2025 1.9% | Dec 2025 1.6% | Mar 2026 2.1% | Jun 2026 —
- CAR: Sep 2021 6.9% | Dec 2021 4.8% | Mar 2022 4.1% | Jun 2022 5.3% | Sep 2022 7.0% | Dec 2022 26% | Mar 2023 7.8% | Jun 2023 2.6% | Sep 2023 3.2% | Dec 2023 3.3% | Mar 2024 -0.2% | Jun 2024 0.6% | Sep 2024 1.4% | Dec 2024 0.2% | Mar 2025 -2.0% | Jun 2025 0.6% | Sep 2025 2.0% | Dec 2025 6.5% | Mar 2026 -0.8% | Jun 2026 —
- HRI: Sep 2021 3.3% | Dec 2021 3.2% | Mar 2022 2.4% | Jun 2022 3.0% | Sep 2022 3.8% | Dec 2022 3.8% | Mar 2023 2.5% | Jun 2023 2.9% | Sep 2023 3.5% | Dec 2023 3.1% | Mar 2024 2.3% | Jun 2024 2.4% | Sep 2024 3.3% | Dec 2024 0.3% | Mar 2025 0.8% | Jun 2025 0.4% | Sep 2025 1.7% | Dec 2025 1.6% | Mar 2026 1.0% | Jun 2026 —
- EQPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 1.5% | Dec 2024 3.0% | Mar 2025 — | Jun 2025 — | Sep 2025 1.4% | Dec 2025 3.9% | Mar 2026 0.0% | Jun 2026 —
- WSC: Sep 2021 1.8% | Dec 2021 1.4% | Mar 2022 -1.1% | Jun 2022 2.2% | Sep 2022 2.8% | Dec 2022 3.3% | Mar 2023 2.9% | Jun 2023 3.2% | Sep 2023 3.3% | Dec 2023 3.3% | Mar 2024 2.4% | Jun 2024 -0.1% | Sep 2024 -0.6% | Dec 2024 3.2% | Mar 2025 2.2% | Jun 2025 2.3% | Sep 2025 2.2% | Dec 2025 -3.4% | Mar 2026 1.8% | Jun 2026 —
- MGRC: Sep 2021 3.9% | Dec 2021 4.6% | Mar 2022 2.7% | Jun 2022 3.5% | Sep 2022 4.1% | Dec 2022 4.8% | Mar 2023 1.9% | Jun 2023 4.5% | Sep 2023 6.2% | Dec 2023 5.0% | Mar 2024 4.6% | Jun 2024 4.7% | Sep 2024 6.0% | Dec 2024 4.9% | Mar 2025 3.5% | Jun 2025 4.3% | Sep 2025 4.7% | Dec 2025 5.0% | Mar 2026 2.9% | Jun 2026 —
- CTOS: Sep 2021 -0.4% | Dec 2021 0.7% | Mar 2022 0.7% | Jun 2022 0.8% | Sep 2022 1.0% | Dec 2022 2.3% | Mar 2023 1.7% | Jun 2023 1.7% | Sep 2023 1.6% | Dec 2023 2.2% | Mar 2024 0.8% | Jun 2024 0.7% | Sep 2024 0.9% | Dec 2024 2.7% | Mar 2025 0.5% | Jun 2025 1.1% | Sep 2025 1.3% | Dec 2025 2.1% | Mar 2026 1.2% | Jun 2026 —
- VSTS: Sep 2021 — | Dec 2021 0.0% | Mar 2022 — | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 3.2% | Mar 2023 3.6% | Jun 2023 2.4% | Sep 2023 2.1% | Dec 2023 1.7% | Mar 2024 1.6% | Jun 2024 1.4% | Sep 2024 1.1% | Dec 2024 1.2% | Mar 2025 -0.3% | Jun 2025 1.0% | Sep 2025 — | Dec 2025 0.7% | Mar 2026 0.7% | Jun 2026 1.1%
- PRG: Sep 2021 4.2% | Dec 2021 4.3% | Mar 2022 3.7% | Jun 2022 2.8% | Sep 2022 2.8% | Dec 2022 4.5% | Mar 2023 5.6% | Jun 2023 4.5% | Sep 2023 4.2% | Dec 2023 2.7% | Mar 2024 3.0% | Jun 2024 4.3% | Sep 2024 3.7% | Dec 2024 3.7% | Mar 2025 4.3% | Jun 2025 4.7% | Sep 2025 3.9% | Dec 2025 2.5% | Mar 2026 4.1% | Jun 2026 —
- LIME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 36% | Jun 2026 —
- HTZ: Sep 2021 5.7% | Dec 2021 4.6% | Mar 2022 4.1% | Jun 2022 4.3% | Sep 2022 3.2% | Dec 2022 4.0% | Mar 2023 0.1% | Jun 2023 2.6% | Sep 2023 2.2% | Dec 2023 -1.6% | Mar 2024 -2.1% | Jun 2024 -1.8% | Sep 2024 -6.5% | Dec 2024 -1.5% | Mar 2025 -1.2% | Jun 2025 0.1% | Sep 2025 0.5% | Dec 2025 -0.9% | Mar 2026 -0.4% | Jun 2026 —
- ALTG: Sep 2021 -18% | Dec 2021 1.7% | Mar 2022 -19% | Jun 2022 2.5% | Sep 2022 2.3% | Dec 2022 1.3% | Mar 2023 1.7% | Jun 2023 2.2% | Sep 2023 1.7% | Dec 2023 1.4% | Mar 2024 -0.1% | Jun 2024 1.1% | Sep 2024 0.7% | Dec 2024 0.3% | Mar 2025 0.1% | Jun 2025 1.3% | Sep 2025 0.5% | Dec 2025 0.6% | Mar 2026 -0.7% | Jun 2026 —

### 20-quarter ROCE change history
- URI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 +0.8 pp | Mar 2023 +0.3 pp | Jun 2023 +0.6 pp | Sep 2023 +0.3 pp | Dec 2023 −0.3 pp | Mar 2024 0.0 pp | Jun 2024 −0.2 pp | Sep 2024 −0.5 pp | Dec 2024 −0.3 pp | Mar 2025 −0.3 pp | Jun 2025 −0.3 pp | Sep 2025 −0.4 pp | Dec 2025 −0.5 pp | Mar 2026 +0.1 pp | Jun 2026 +0.3 pp
- SUNB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.5 pp | Mar 2023 +0.4 pp | Jun 2023 +0.1 pp | Sep 2023 −0.1 pp | Dec 2023 −0.6 pp | Mar 2024 −0.7 pp | Jun 2024 −1.3 pp | Sep 2024 −0.6 pp | Dec 2024 −0.5 pp | Mar 2025 −0.5 pp | Jun 2025 +0.4 pp | Sep 2025 −0.4 pp | Dec 2025 −0.5 pp | Mar 2026 +2.3 pp | Jun 2026 −0.5 pp
- UHAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 −1.2 pp | Mar 2023 −0.5 pp | Jun 2023 −1.2 pp | Sep 2023 −1.1 pp | Dec 2023 −1.0 pp | Mar 2024 −1.1 pp | Jun 2024 −0.7 pp | Sep 2024 −0.9 pp | Dec 2024 −0.4 pp | Mar 2025 0.0 pp | Jun 2025 −0.5 pp | Sep 2025 −0.7 pp | Dec 2025 −0.8 pp | Mar 2026 −0.2 pp | Jun 2026 —
- R: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.5 pp | Dec 2022 +0.6 pp | Mar 2023 −0.5 pp | Jun 2023 −1.0 pp | Sep 2023 +0.2 pp | Dec 2023 +31.5 pp | Mar 2024 −0.7 pp | Jun 2024 −0.4 pp | Sep 2024 −1.6 pp | Dec 2024 −32.5 pp | Mar 2025 +0.2 pp | Jun 2025 −0.2 pp | Sep 2025 −0.2 pp | Dec 2025 −0.1 pp | Mar 2026 −0.2 pp | Jun 2026 +0.1 pp
- GATX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −0.2 pp | Mar 2023 +0.1 pp | Jun 2023 +0.1 pp | Sep 2023 +0.1 pp | Dec 2023 +0.9 pp | Mar 2024 +0.2 pp | Jun 2024 0.0 pp | Sep 2024 +1.0 pp | Dec 2024 +0.1 pp | Mar 2025 +0.9 pp | Jun 2025 +0.1 pp | Sep 2025 −0.1 pp | Dec 2025 −0.3 pp | Mar 2026 +0.1 pp | Jun 2026 —
- CAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +21.4 pp | Mar 2023 +3.7 pp | Jun 2023 −2.7 pp | Sep 2023 −3.8 pp | Dec 2023 −22.9 pp | Mar 2024 −8.0 pp | Jun 2024 −2.0 pp | Sep 2024 −1.8 pp | Dec 2024 −3.1 pp | Mar 2025 −1.8 pp | Jun 2025 0.0 pp | Sep 2025 +0.6 pp | Dec 2025 +6.3 pp | Mar 2026 +1.2 pp | Jun 2026 —
- HRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 +0.6 pp | Mar 2023 +0.1 pp | Jun 2023 −0.1 pp | Sep 2023 −0.3 pp | Dec 2023 −0.7 pp | Mar 2024 −0.2 pp | Jun 2024 −0.5 pp | Sep 2024 −0.2 pp | Dec 2024 −2.8 pp | Mar 2025 −1.5 pp | Jun 2025 −2.0 pp | Sep 2025 −1.6 pp | Dec 2025 +1.3 pp | Mar 2026 +0.2 pp | Jun 2026 —
- EQPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +1.5 pp | Dec 2024 +3.0 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −0.1 pp | Dec 2025 +0.9 pp | Mar 2026 — | Jun 2026 —
- WSC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 +1.9 pp | Mar 2023 +4.0 pp | Jun 2023 +1.0 pp | Sep 2023 +0.5 pp | Dec 2023 0.0 pp | Mar 2024 −0.5 pp | Jun 2024 −3.3 pp | Sep 2024 −3.9 pp | Dec 2024 −0.1 pp | Mar 2025 −0.2 pp | Jun 2025 +2.4 pp | Sep 2025 +2.8 pp | Dec 2025 −6.6 pp | Mar 2026 −0.4 pp | Jun 2026 —
- MGRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.2 pp | Mar 2023 −0.8 pp | Jun 2023 +1.0 pp | Sep 2023 +2.1 pp | Dec 2023 +0.2 pp | Mar 2024 +2.7 pp | Jun 2024 +0.2 pp | Sep 2024 −0.2 pp | Dec 2024 −0.1 pp | Mar 2025 −1.1 pp | Jun 2025 −0.4 pp | Sep 2025 −1.3 pp | Dec 2025 +0.1 pp | Mar 2026 −0.6 pp | Jun 2026 —
- CTOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.4 pp | Dec 2022 +1.6 pp | Mar 2023 +1.0 pp | Jun 2023 +0.9 pp | Sep 2023 +0.6 pp | Dec 2023 −0.1 pp | Mar 2024 −0.9 pp | Jun 2024 −1.0 pp | Sep 2024 −0.7 pp | Dec 2024 +0.5 pp | Mar 2025 −0.3 pp | Jun 2025 +0.4 pp | Sep 2025 +0.4 pp | Dec 2025 −0.6 pp | Mar 2026 +0.7 pp | Jun 2026 —
- VSTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +3.2 pp | Mar 2023 — | Jun 2023 +2.4 pp | Sep 2023 +2.1 pp | Dec 2023 −1.5 pp | Mar 2024 −2.0 pp | Jun 2024 −1.0 pp | Sep 2024 −1.0 pp | Dec 2024 −0.5 pp | Mar 2025 −1.9 pp | Jun 2025 −0.4 pp | Sep 2025 — | Dec 2025 −0.5 pp | Mar 2026 +1.0 pp | Jun 2026 +0.1 pp
- PRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.4 pp | Dec 2022 +0.2 pp | Mar 2023 +1.9 pp | Jun 2023 +1.7 pp | Sep 2023 +1.4 pp | Dec 2023 −1.8 pp | Mar 2024 −2.6 pp | Jun 2024 −0.2 pp | Sep 2024 −0.5 pp | Dec 2024 +1.0 pp | Mar 2025 +1.3 pp | Jun 2025 +0.4 pp | Sep 2025 +0.2 pp | Dec 2025 −1.2 pp | Mar 2026 −0.2 pp | Jun 2026 —
- HTZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.5 pp | Dec 2022 −0.6 pp | Mar 2023 −4.0 pp | Jun 2023 −1.7 pp | Sep 2023 −1.0 pp | Dec 2023 −5.6 pp | Mar 2024 −2.2 pp | Jun 2024 −4.4 pp | Sep 2024 −8.7 pp | Dec 2024 +0.1 pp | Mar 2025 +0.9 pp | Jun 2025 +1.9 pp | Sep 2025 +7.0 pp | Dec 2025 +0.6 pp | Mar 2026 +0.8 pp | Jun 2026 —
- ALTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +20.7 pp | Dec 2022 −0.4 pp | Mar 2023 +20.7 pp | Jun 2023 −0.3 pp | Sep 2023 −0.6 pp | Dec 2023 +0.1 pp | Mar 2024 −1.8 pp | Jun 2024 −1.1 pp | Sep 2024 −1.0 pp | Dec 2024 −1.1 pp | Mar 2025 +0.2 pp | Jun 2025 +0.2 pp | Sep 2025 −0.2 pp | Dec 2025 +0.3 pp | Mar 2026 −0.8 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: McGrath RentCorp has the lowest comparable Guarded PEG at 0.37×, 17.8% below AerCap Holdings N.V.. Only 5 of 18 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: McGrath RentCorp · 0.37× | 17.8% versus #2 · AerCap Holdings N.V. | 0/8 recent comparable periods | 5/18 companies · 50 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. McGrath RentCorp (MGRC): 0.4
2. AerCap Holdings N.V. (AER): 0.5
3. Willis Lease Finance Corporation (WLFC): 0.8
4. PROG Holdings, Inc. (PRG): 0.9
5. GATX Corporation (GATX): 1.0

### P/E — lowest P/E
1. AerCap Holdings N.V. (AER): 6.0
2. Hertz Global Holdings, Inc. (HTZ): 7.5
3. PROG Holdings, Inc. (PRG): 7.8
4. Avis Budget Group, Inc. (CAR): 8.0
5. Willis Lease Finance Corporation (WLFC): 10.3

### 20-quarter Guarded PEG history
- URI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.3 | Jun 2023 0.4 | Sep 2023 0.5 | Dec 2023 0.9 | Mar 2024 1.1 | Jun 2024 1.1 | Sep 2024 1.9 | Dec 2024 1.9 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.5 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- R: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 2.1 | Dec 2024 0.5 | Mar 2025 0.3 | Jun 2025 1.7 | Sep 2025 1.5 | Dec 2025 1.9 | Mar 2026 3.3 | Jun 2026 —
- GATX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.0 | Sep 2023 0.4 | Dec 2023 — | Mar 2024 0.3 | Jun 2024 3.0 | Sep 2024 1.5 | Dec 2024 2.3 | Mar 2025 1.6 | Jun 2025 0.5 | Sep 2025 1.4 | Dec 2025 1.1 | Mar 2026 1.0 | Jun 2026 —
- CAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.2 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.3 | Jun 2023 0.4 | Sep 2023 0.5 | Dec 2023 1.2 | Mar 2024 1.9 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- WSC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.3 | Dec 2023 0.4 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MGRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.3 | Mar 2024 — | Jun 2024 — | Sep 2024 0.4 | Dec 2024 0.4 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CTOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.8 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.4 | Sep 2023 — | Dec 2023 — | Mar 2024 2.2 | Jun 2024 — | Sep 2024 1.3 | Dec 2024 0.2 | Mar 2025 — | Jun 2025 — | Sep 2025 0.9 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- WLFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.3 | Sep 2025 0.5 | Dec 2025 — | Mar 2026 0.8 | Jun 2026 —
- HTZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.2 | Sep 2023 0.6 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- URI: Sep 2021 21.2 | Dec 2021 17.5 | Mar 2022 16.7 | Jun 2022 10.0 | Sep 2022 9.9 | Dec 2022 12.0 | Mar 2023 12.7 | Jun 2023 13.6 | Sep 2023 12.9 | Dec 2023 16.3 | Mar 2024 19.5 | Jun 2024 17.1 | Sep 2024 21.2 | Dec 2024 18.2 | Mar 2025 16.2 | Jun 2025 19.5 | Sep 2025 24.6 | Dec 2025 21.0 | Mar 2026 18.6 | Jun 2026 27.2
- SUNB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 24.3
- AER: Sep 2021 8.0 | Dec 2021 9.8 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 8.0 | Jun 2023 8.2 | Sep 2023 5.8 | Dec 2023 5.4 | Mar 2024 5.7 | Jun 2024 6.0 | Sep 2024 7.5 | Dec 2024 8.9 | Mar 2025 9.1 | Jun 2025 7.3 | Sep 2025 5.7 | Dec 2025 6.8 | Mar 2026 6.0 | Jun 2026 —
- UHAL: Sep 2021 12.5 | Dec 2021 11.9 | Mar 2022 8.4 | Jun 2022 7.3 | Sep 2022 7.6 | Dec 2022 10.3 | Mar 2023 10.8 | Jun 2023 12.0 | Sep 2023 14.5 | Dec 2023 22.2 | Mar 2024 22.2 | Jun 2024 22.7 | Sep 2024 24.5 | Dec 2024 32.7 | Mar 2025 38.7 | Jun 2025 29.3 | Sep 2025 37.3 | Dec 2025 105.0 | Mar 2026 199.1 | Jun 2026 —
- R: Sep 2021 12.2 | Dec 2021 8.5 | Mar 2022 6.6 | Jun 2022 5.1 | Sep 2022 4.7 | Dec 2022 4.9 | Mar 2023 5.4 | Jun 2023 7.4 | Sep 2023 10.6 | Dec 2023 13.2 | Mar 2024 15.7 | Jun 2024 11.4 | Sep 2024 13.6 | Dec 2024 14.2 | Mar 2025 12.6 | Jun 2025 13.5 | Sep 2025 16.0 | Dec 2025 16.0 | Mar 2026 17.0 | Jun 2026 21.5
- GATX: Sep 2021 32.2 | Dec 2021 26.2 | Mar 2022 24.4 | Jun 2022 19.0 | Sep 2022 18.2 | Dec 2022 24.5 | Mar 2023 25.0 | Jun 2023 21.2 | Sep 2023 16.2 | Dec 2023 16.9 | Mar 2024 19.1 | Jun 2024 20.4 | Sep 2024 17.7 | Dec 2024 19.9 | Mar 2025 19.7 | Jun 2025 17.6 | Sep 2025 20.4 | Dec 2025 18.6 | Mar 2026 18.3 | Jun 2026 —
- CAR: Sep 2021 9.4 | Dec 2021 10.7 | Mar 2022 8.1 | Jun 2022 3.5 | Sep 2022 2.8 | Dec 2022 2.9 | Mar 2023 3.5 | Jun 2023 4.5 | Sep 2023 3.9 | Dec 2023 4.2 | Mar 2024 3.9 | Jun 2024 5.0 | Sep 2024 8.0 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HRI: Sep 2021 26.4 | Dec 2021 21.2 | Mar 2022 20.4 | Jun 2022 10.0 | Sep 2022 10.4 | Dec 2022 12.1 | Mar 2023 10.1 | Jun 2023 11.8 | Sep 2023 9.8 | Dec 2023 12.3 | Mar 2024 13.9 | Jun 2024 11.2 | Sep 2024 13.0 | Dec 2024 25.6 | Mar 2025 29.9 | Jun 2025 153.1 | Sep 2025 — | Dec 2025 4,946.0 | Mar 2026 — | Jun 2026 —
- EQPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 226.3 | Jun 2026 —
- WSC: Sep 2021 93.3 | Dec 2021 59.2 | Mar 2022 44.5 | Jun 2022 29.0 | Sep 2022 27.8 | Dec 2022 29.5 | Mar 2023 20.3 | Jun 2023 19.8 | Sep 2023 18.2 | Dec 2023 18.9 | Mar 2024 28.7 | Jun 2024 40.0 | Sep 2024 341.8 | Dec 2024 223.0 | Mar 2025 308.9 | Jun 2025 45.7 | Sep 2025 17.5 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MGRC: Sep 2021 19.1 | Dec 2021 21.9 | Mar 2022 23.2 | Jun 2022 19.5 | Sep 2022 20.0 | Dec 2022 21.0 | Mar 2023 14.0 | Jun 2023 13.5 | Sep 2023 13.8 | Dec 2023 16.8 | Mar 2024 24.1 | Jun 2024 22.6 | Sep 2024 11.5 | Dec 2024 11.9 | Mar 2025 11.5 | Jun 2025 11.3 | Sep 2025 19.9 | Dec 2025 16.5 | Mar 2026 17.5 | Jun 2026 —
- CTOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 583.0 | Dec 2022 39.5 | Mar 2023 29.5 | Jun 2023 29.3 | Sep 2023 22.1 | Dec 2023 29.4 | Mar 2024 58.2 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VSTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 11.8 | Dec 2023 14.5 | Mar 2024 15.7 | Jun 2024 13.6 | Sep 2024 94.4 | Dec 2024 192.0 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PRG: Sep 2021 11.5 | Dec 2021 12.3 | Mar 2022 10.0 | Jun 2022 7.7 | Sep 2022 9.6 | Dec 2022 8.9 | Mar 2023 10.3 | Jun 2023 11.5 | Sep 2023 10.1 | Dec 2023 10.4 | Mar 2024 14.1 | Jun 2024 14.3 | Sep 2024 13.4 | Dec 2024 9.3 | Mar 2025 5.5 | Jun 2025 5.8 | Sep 2025 8.2 | Dec 2025 8.2 | Mar 2026 7.8 | Jun 2026 —
- WLFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 178.8 | Mar 2023 12.5 | Jun 2023 7.0 | Sep 2023 6.2 | Dec 2023 7.9 | Mar 2024 5.7 | Jun 2024 5.4 | Sep 2024 10.6 | Dec 2024 13.5 | Mar 2025 10.8 | Jun 2025 8.5 | Sep 2025 8.2 | Dec 2025 8.8 | Mar 2026 10.3 | Jun 2026 —
- HTZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10.2 | Sep 2022 9.3 | Dec 2022 4.6 | Mar 2023 5.3 | Jun 2023 7.8 | Sep 2023 6.3 | Dec 2023 7.5 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ALTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 179.4 | Sep 2022 52.4 | Dec 2022 66.0 | Mar 2023 58.7 | Jun 2023 115.5 | Sep 2023 57.4 | Dec 2023 68.7 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: PROG Holdings, Inc. leads ev/ebitda at 1.13×; Vestis Corporation leads p/bv at 1.19×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: PROG Holdings, Inc. · 1.13× | 62% versus #2 · Avis Budget Group, Inc. | 0/8 recent comparable periods | 15/18 companies · 238 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. PROG Holdings, Inc. (PRG): 1.1
2. Avis Budget Group, Inc. (CAR): 3.0
3. Ryder System, Inc. (R): 5.2
4. Sunbelt Rentals Holdings, Inc. (SUNB): 7.3
5. Herc Holdings Inc. (HRI): 7.6

### P/BV — lowest P/BV
1. Vestis Corporation (VSTS): 1.2
2. AerCap Holdings N.V. (AER): 1.2
3. U-Haul Holding Company (UHAL): 1.2
4. PROG Holdings, Inc. (PRG): 1.5
5. Willis Lease Finance Corporation (WLFC): 1.7

### 20-quarter EV/EBITDA history
- URI: Sep 2021 9.0 | Dec 2021 8.0 | Mar 2022 7.9 | Jun 2022 5.7 | Sep 2022 5.7 | Dec 2022 6.7 | Mar 2023 6.9 | Jun 2023 7.0 | Sep 2023 6.6 | Dec 2023 7.7 | Mar 2024 9.1 | Jun 2024 8.3 | Sep 2024 9.8 | Dec 2024 8.6 | Mar 2025 7.8 | Jun 2025 8.9 | Sep 2025 10.7 | Dec 2025 9.3 | Mar 2026 8.4 | Jun 2026 11.6
- SUNB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 7.3
- UHAL: Sep 2021 5.5 | Dec 2021 5.9 | Mar 2022 4.8 | Jun 2022 3.9 | Sep 2022 4.3 | Dec 2022 5.5 | Mar 2023 5.6 | Jun 2023 5.5 | Sep 2023 5.8 | Dec 2023 8.0 | Mar 2024 8.1 | Jun 2024 8.0 | Sep 2024 10.3 | Dec 2024 9.6 | Mar 2025 9.3 | Jun 2025 8.7 | Sep 2025 8.6 | Dec 2025 8.4 | Mar 2026 8.1 | Jun 2026 —
- R: Sep 2021 3.9 | Dec 2021 4.0 | Mar 2022 3.6 | Jun 2022 3.1 | Sep 2022 2.9 | Dec 2022 2.9 | Mar 2023 3.0 | Jun 2023 2.9 | Sep 2023 3.1 | Dec 2023 3.8 | Mar 2024 1.7 | Jun 2024 1.8 | Sep 2024 1.9 | Dec 2024 4.3 | Mar 2025 4.1 | Jun 2025 4.2 | Sep 2025 4.6 | Dec 2025 4.5 | Mar 2026 4.7 | Jun 2026 5.2
- GATX: Sep 2021 13.4 | Dec 2021 14.1 | Mar 2022 15.0 | Jun 2022 13.6 | Sep 2022 12.9 | Dec 2022 14.1 | Mar 2023 14.3 | Jun 2023 15.3 | Sep 2023 14.1 | Dec 2023 10.2 | Mar 2024 10.4 | Jun 2024 10.3 | Sep 2024 10.3 | Dec 2024 12.4 | Mar 2025 11.2 | Jun 2025 10.9 | Sep 2025 11.4 | Dec 2025 14.4 | Mar 2026 13.0 | Jun 2026 —
- CAR: Sep 2021 2.5 | Dec 2021 6.3 | Mar 2022 4.4 | Jun 2022 4.1 | Sep 2022 3.6 | Dec 2022 3.9 | Mar 2023 2.2 | Jun 2023 2.3 | Sep 2023 2.1 | Dec 2023 4.3 | Mar 2024 4.4 | Jun 2024 2.7 | Sep 2024 5.6 | Dec 2024 8.4 | Mar 2025 2.9 | Jun 2025 3.5 | Sep 2025 8.6 | Dec 2025 7.3 | Mar 2026 3.0 | Jun 2026 —
- HRI: Sep 2021 8.6 | Dec 2021 8.2 | Mar 2022 7.9 | Jun 2022 5.8 | Sep 2022 5.9 | Dec 2022 6.2 | Mar 2023 5.7 | Jun 2023 6.1 | Sep 2023 5.6 | Dec 2023 6.1 | Mar 2024 6.4 | Jun 2024 5.8 | Sep 2024 6.3 | Dec 2024 7.7 | Mar 2025 6.0 | Jun 2025 9.8 | Sep 2025 10.8 | Dec 2025 9.7 | Mar 2026 7.6 | Jun 2026 —
- EQPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 13.5 | Jun 2026 —
- WSC: Sep 2021 15.5 | Dec 2021 19.5 | Mar 2022 28.8 | Jun 2022 23.0 | Sep 2022 15.5 | Dec 2022 14.8 | Mar 2023 13.8 | Jun 2023 13.2 | Sep 2023 11.8 | Dec 2023 12.1 | Mar 2024 12.5 | Jun 2024 12.8 | Sep 2024 16.8 | Dec 2024 15.6 | Mar 2025 13.9 | Jun 2025 11.3 | Sep 2025 8.1 | Dec 2025 11.9 | Mar 2026 11.9 | Jun 2026 —
- MGRC: Sep 2021 9.5 | Dec 2021 10.3 | Mar 2022 10.2 | Jun 2022 9.2 | Sep 2022 9.8 | Dec 2022 10.9 | Mar 2023 11.6 | Jun 2023 11.0 | Sep 2023 10.7 | Dec 2023 12.4 | Mar 2024 11.6 | Jun 2024 10.1 | Sep 2024 9.2 | Dec 2024 9.5 | Mar 2025 9.6 | Jun 2025 9.9 | Sep 2025 10.1 | Dec 2025 8.8 | Mar 2026 9.3 | Jun 2026 —
- CTOS: Sep 2021 32.9 | Dec 2021 21.2 | Mar 2022 16.6 | Jun 2022 10.9 | Sep 2022 10.7 | Dec 2022 10.3 | Mar 2023 10.2 | Jun 2023 9.8 | Sep 2023 9.3 | Dec 2023 9.4 | Mar 2024 9.9 | Jun 2024 9.8 | Sep 2024 9.7 | Dec 2024 9.8 | Mar 2025 9.5 | Jun 2025 9.5 | Sep 2025 9.9 | Dec 2025 9.6 | Mar 2026 9.6 | Jun 2026 —
- VSTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 4.7 | Dec 2023 12.3 | Mar 2024 11.6 | Jun 2024 9.8 | Sep 2024 11.2 | Dec 2024 11.9 | Mar 2025 11.6 | Jun 2025 10.0 | Sep 2025 — | Dec 2025 9.9 | Mar 2026 11.7 | Jun 2026 10.5
- PRG: Sep 2021 1.2 | Dec 2021 1.4 | Mar 2022 0.9 | Jun 2022 0.6 | Sep 2022 0.6 | Dec 2022 0.7 | Mar 2023 0.8 | Jun 2023 1.0 | Sep 2023 1.0 | Dec 2023 1.0 | Mar 2024 1.0 | Jun 2024 1.0 | Sep 2024 1.3 | Dec 2024 1.2 | Mar 2025 0.8 | Jun 2025 0.8 | Sep 2025 0.9 | Dec 2025 0.8 | Mar 2026 1.1 | Jun 2026 —
- HTZ: Sep 2021 10.1 | Dec 2021 12.0 | Mar 2022 6.9 | Jun 2022 6.1 | Sep 2022 5.7 | Dec 2022 6.4 | Mar 2023 5.9 | Jun 2023 6.5 | Sep 2023 5.7 | Dec 2023 6.2 | Mar 2024 5.9 | Jun 2024 6.2 | Sep 2024 6.2 | Dec 2024 11.7 | Mar 2025 7.2 | Jun 2025 8.4 | Sep 2025 8.8 | Dec 2025 10.1 | Mar 2026 8.9 | Jun 2026 —
- ALTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 20.4 | Mar 2023 9.3 | Jun 2023 9.5 | Sep 2023 8.5 | Dec 2023 8.3 | Mar 2024 9.0 | Jun 2024 8.4 | Sep 2024 8.3 | Dec 2024 8.7 | Mar 2025 8.4 | Jun 2025 8.5 | Sep 2025 9.1 | Dec 2025 8.4 | Mar 2026 8.9 | Jun 2026 —

### 20-quarter P/BV history
- URI: Sep 2021 4.6 | Dec 2021 4.0 | Mar 2022 4.2 | Jun 2022 2.8 | Sep 2022 3.0 | Dec 2022 3.5 | Mar 2023 3.8 | Jun 2023 4.1 | Sep 2023 3.9 | Dec 2023 4.7 | Mar 2024 5.9 | Jun 2024 5.2 | Sep 2024 6.2 | Dec 2024 5.3 | Mar 2025 4.6 | Jun 2025 5.4 | Sep 2025 6.8 | Dec 2025 5.7 | Mar 2026 5.1 | Jun 2026 7.7
- SUNB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 4.2
- AER: Sep 2021 0.8 | Dec 2021 1.0 | Mar 2022 0.8 | Jun 2022 0.7 | Sep 2022 0.7 | Dec 2022 0.9 | Mar 2023 0.8 | Jun 2023 0.9 | Sep 2023 0.8 | Dec 2023 1.1 | Mar 2024 1.0 | Jun 2024 1.1 | Sep 2024 1.1 | Dec 2024 1.0 | Mar 2025 1.1 | Jun 2025 1.2 | Sep 2025 1.1 | Dec 2025 1.3 | Mar 2026 1.2 | Jun 2026 —
- UHAL: Sep 2021 2.3 | Dec 2021 2.5 | Mar 2022 2.0 | Jun 2022 1.5 | Sep 2022 1.6 | Dec 2022 1.8 | Mar 2023 1.8 | Jun 2023 1.6 | Sep 2023 1.5 | Dec 2023 2.0 | Mar 2024 1.9 | Jun 2024 1.7 | Sep 2024 2.0 | Dec 2024 1.8 | Mar 2025 1.7 | Jun 2025 1.6 | Sep 2025 1.4 | Dec 2025 1.3 | Mar 2026 1.2 | Jun 2026 —
- R: Sep 2021 1.8 | Dec 2021 1.6 | Mar 2022 1.5 | Jun 2022 1.3 | Sep 2022 1.3 | Dec 2022 1.3 | Mar 2023 1.4 | Jun 2023 1.3 | Sep 2023 1.5 | Dec 2023 1.7 | Mar 2024 1.7 | Jun 2024 1.7 | Sep 2024 2.0 | Dec 2024 2.1 | Mar 2025 2.0 | Jun 2025 2.1 | Sep 2025 2.5 | Dec 2025 2.5 | Mar 2026 2.8 | Jun 2026 3.5
- GATX: Sep 2021 1.6 | Dec 2021 1.8 | Mar 2022 2.1 | Jun 2022 1.7 | Sep 2022 1.6 | Dec 2022 1.9 | Mar 2023 1.9 | Jun 2023 2.1 | Sep 2023 1.8 | Dec 2023 1.9 | Mar 2024 2.1 | Jun 2024 2.0 | Sep 2024 1.9 | Dec 2024 2.3 | Mar 2025 2.2 | Jun 2025 2.1 | Sep 2025 2.3 | Dec 2025 2.2 | Mar 2026 2.2 | Jun 2026 —
- CAR: Sep 2021 -32.3 | Dec 2021 -52.7 | Mar 2022 -14.6 | Jun 2022 -10.9 | Sep 2022 -12.5 | Dec 2022 -9.1 | Mar 2023 -17.5 | Jun 2023 -69.3 | Sep 2023 -207.2 | Dec 2023 -18.1 | Mar 2024 -8.5 | Jun 2024 -7.7 | Sep 2024 -12.9 | Dec 2024 -1.2 | Mar 2025 -1.0 | Jun 2025 -2.2 | Sep 2025 -2.3 | Dec 2025 -1.4 | Mar 2026 -1.5 | Jun 2026 —
- HRI: Sep 2021 5.3 | Dec 2021 4.8 | Mar 2022 4.9 | Jun 2022 2.5 | Sep 2022 2.8 | Dec 2022 3.4 | Mar 2023 3.0 | Jun 2023 3.5 | Sep 2023 2.8 | Dec 2023 3.3 | Mar 2024 3.6 | Jun 2024 2.8 | Sep 2024 3.1 | Dec 2024 3.9 | Mar 2025 2.8 | Jun 2025 2.3 | Sep 2025 2.0 | Dec 2025 2.5 | Mar 2026 1.8 | Jun 2026 —
- EQPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 4.3 | Jun 2026 —
- WSC: Sep 2021 3.6 | Dec 2021 4.6 | Mar 2022 4.4 | Jun 2022 4.0 | Sep 2022 5.1 | Dec 2022 6.0 | Mar 2023 6.1 | Jun 2023 6.6 | Sep 2023 6.1 | Dec 2023 6.7 | Mar 2024 6.7 | Jun 2024 5.9 | Sep 2024 6.7 | Dec 2024 6.0 | Mar 2025 5.0 | Jun 2025 4.8 | Sep 2025 3.6 | Dec 2025 4.0 | Mar 2026 3.6 | Jun 2026 —
- MGRC: Sep 2021 2.5 | Dec 2021 2.7 | Mar 2022 2.8 | Jun 2022 2.5 | Sep 2022 2.6 | Dec 2022 3.0 | Mar 2023 2.7 | Jun 2023 2.6 | Sep 2023 2.7 | Dec 2023 3.1 | Mar 2024 3.2 | Jun 2024 2.7 | Sep 2024 2.4 | Dec 2024 2.4 | Mar 2025 2.4 | Jun 2025 2.5 | Sep 2025 2.4 | Dec 2025 2.1 | Mar 2026 2.2 | Jun 2026 —
- CTOS: Sep 2021 2.7 | Dec 2021 2.3 | Mar 2022 2.4 | Jun 2022 1.6 | Sep 2022 1.7 | Dec 2022 1.8 | Mar 2023 1.9 | Jun 2023 1.8 | Sep 2023 1.7 | Dec 2023 1.6 | Mar 2024 1.6 | Jun 2024 1.2 | Sep 2024 1.0 | Dec 2024 1.3 | Mar 2025 1.2 | Jun 2025 1.4 | Sep 2025 1.9 | Dec 2025 1.6 | Mar 2026 1.9 | Jun 2026 —
- VSTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0 | Dec 2023 3.1 | Mar 2024 2.8 | Jun 2024 1.8 | Sep 2024 2.2 | Dec 2024 2.3 | Mar 2025 1.5 | Jun 2025 0.9 | Sep 2025 — | Dec 2025 0.8 | Mar 2026 1.0 | Jun 2026 1.2
- PRG: Sep 2021 2.6 | Dec 2021 3.8 | Mar 2022 2.5 | Jun 2022 1.5 | Sep 2022 1.3 | Dec 2022 1.4 | Mar 2023 1.9 | Jun 2023 0.9 | Sep 2023 2.5 | Dec 2023 2.3 | Mar 2024 2.5 | Jun 2024 0.9 | Sep 2024 1.1 | Dec 2024 2.7 | Mar 2025 1.6 | Jun 2025 1.7 | Sep 2025 1.8 | Dec 2025 1.6 | Mar 2026 1.5 | Jun 2026 —
- WLFC: Sep 2021 0.7 | Dec 2021 0.7 | Mar 2022 0.6 | Jun 2022 0.7 | Sep 2022 0.6 | Dec 2022 1.0 | Mar 2023 0.9 | Jun 2023 0.6 | Sep 2023 0.7 | Dec 2023 0.7 | Mar 2024 0.7 | Jun 2024 1.0 | Sep 2024 2.1 | Dec 2024 2.5 | Mar 2025 2.1 | Jun 2025 1.8 | Sep 2025 1.6 | Dec 2025 1.4 | Mar 2026 1.7 | Jun 2026 —
- HTZ: Sep 2021 2.2 | Dec 2021 3.8 | Mar 2022 3.4 | Jun 2022 2.1 | Sep 2022 2.0 | Dec 2022 1.9 | Mar 2023 1.9 | Jun 2023 2.0 | Sep 2023 1.1 | Dec 2023 1.0 | Mar 2024 0.9 | Jun 2024 0.6 | Sep 2024 1.5 | Dec 2024 7.3 | Mar 2025 -4.6 | Jun 2025 -4.2 | Sep 2025 -6.7 | Dec 2025 -3.5 | Mar 2026 -1.9 | Jun 2026 —
- ALTG: Sep 2021 3.3 | Dec 2021 3.5 | Mar 2022 3.0 | Jun 2022 2.1 | Sep 2022 2.5 | Dec 2022 3.0 | Mar 2023 3.7 | Jun 2023 4.0 | Sep 2023 2.7 | Dec 2023 2.7 | Mar 2024 3.1 | Jun 2024 2.1 | Sep 2024 2.3 | Dec 2024 2.8 | Mar 2025 2.8 | Jun 2025 4.6 | Sep 2025 80.3 | Dec 2025 -16.8 | Mar 2026 -6.2 | Jun 2026 —

## Market action

Vestis Corporation has the strongest one-year price move in Rental & Leasing Services at +168.1%. It also leads on Mansfield relative strength against the S&P 500 at +76.5%. 10 of 16 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Vestis Corporation (VSTS): 168%
2. Custom Truck One Source, Inc. (CTOS): 68%
3. Willis Lease Finance Corporation (WLFC): 56%
4. Ryder System, Inc. (R): 50%
5. PROG Holdings, Inc. (PRG): 48%

### Strongest relative strength versus NIFTY 500
1. Vestis Corporation (VSTS): 77%
2. Custom Truck One Source, Inc. (CTOS): 31%
3. PROG Holdings, Inc. (PRG): 24%
4. U-Haul Holding Company (UHAL): 23%
5. Willis Lease Finance Corporation (WLFC): 17%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- United Rentals, Inc. (URI) — market value ₹67.9K Cr; latest fundamentals Jun 2026
- Sunbelt Rentals Holdings, Inc. (SUNB) — market value ₹30.9K Cr; latest fundamentals Jun 2026
- AerCap Holdings N.V. (AER) — market value ₹24.3K Cr; latest fundamentals Mar 2026
- U-Haul Holding Company (UHAL) — market value ₹14.3K Cr; latest fundamentals Mar 2026
- Ryder System, Inc. (R) — market value ₹10.0K Cr; latest fundamentals Jun 2026
- GATX Corporation (GATX) — market value ₹6.6K Cr; latest fundamentals Mar 2026
- Avis Budget Group, Inc. (CAR) — market value ₹5.9K Cr; latest fundamentals Mar 2026
- Herc Holdings Inc. (HRI) — market value ₹5.0K Cr; latest fundamentals Mar 2026
- EquipmentShare.com Inc. (EQPT) — market value ₹4.9K Cr; latest fundamentals Mar 2026
- WillScot Holdings Corporation (WSC) — market value ₹4.7K Cr; latest fundamentals Mar 2026
- McGrath RentCorp (MGRC) — market value ₹2.9K Cr; latest fundamentals Mar 2026
- Custom Truck One Source, Inc. (CTOS) — market value ₹2.4K Cr; latest fundamentals Mar 2026
- Vestis Corporation (VSTS) — market value ₹2.0K Cr; latest fundamentals Jun 2026
- PROG Holdings, Inc. (PRG) — market value ₹1.8K Cr; latest fundamentals Mar 2026
- Neutron Holdings, Inc. (LIME) — market value ₹1.7K Cr; latest fundamentals Mar 2026
- Willis Lease Finance Corporation (WLFC) — market value ₹1.5K Cr; latest fundamentals Mar 2026
- Hertz Global Holdings, Inc. (HTZ) — market value ₹557 Cr; latest fundamentals Mar 2026
- Alta Equipment Group Inc. (ALTG) — market value ₹207 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Rental & Leasing Services company is the biggest?

Avis Budget Group, Inc. is the largest, with trailing-twelve-month revenue of $11,752 million, ahead of Sunbelt Rentals Holdings, Inc. at $11,154 million. That covers 14 of 18 companies with comparable reporting through Mar 2026.

### Which Rental & Leasing Services company is growing fastest?

Herc Holdings Inc. has the fastest revenue growth at 28.4% year on year, across 14 of 18 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Rental & Leasing Services company has the best profit margins?

GATX Corporation has the highest operating margin at 53.8%, from 16 of 18 comparable companies. Avis Budget Group, Inc. shows the biggest recent improvement, at +14.7 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Rental & Leasing Services company makes the most profit?

AerCap Holdings N.V. earns the most, at $3,926 million of trailing-twelve-month net profit, from 14 of 18 comparable companies. AerCap Holdings N.V. has the fastest profit growth at 83.7%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Rental & Leasing Services company earns the highest return on capital?

Neutron Holdings, Inc. leads on return on capital employed at 35.6%, across 16 of 18 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Rental & Leasing Services stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — McGrath RentCorp screens cheapest at 0.37×. Only 5 of 18 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Rental & Leasing Services company has the strongest balance sheet?

McGrath RentCorp carries the lowest comparable gross debt at $546 million, from 18 of 18 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Rental & Leasing Services company is investing most in new capacity?

GATX Corporation reports the largest capital spending at $4,524 million, across 18 of 18 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Rental & Leasing Services sector beating the market?

Rental & Leasing Services has outperformed S&P 500 by 9.9% over the last 52 weeks and 1.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 10 of 16 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Rental & Leasing Services stock has the strongest price momentum?

Vestis Corporation has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Rental & Leasing Services company scores highest for research priority?

Willis Lease Finance Corporation scores 64.9 out of 100 with 57.3% evidence confidence, from 22.4 points on growth and earnings, 12 on capital efficiency, 13.5 on valuation and 17 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Rental & Leasing Services companies does this comparison cover, and over what period?

It compares 18 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Rental & Leasing Services sector?

The 18 Rental & Leasing Services companies on this page carry $187,522 million of combined market value. United Rentals, Inc. is the largest at $67,923 million, about 36% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Rental & Leasing Services sector's P/E ratio?

The median price-to-earnings ratio across the 18 Rental & Leasing Services companies on this page is 21.5×, measured on the 17 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Rental & Leasing Services sector performing?

10 of the 16 covered Rental & Leasing Services companies are beating S&P 500 on Mansfield relative strength. The sector itself is 9.9% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Rental & Leasing Services stocks are listed in the US?

This comparison covers 18 listed Rental & Leasing Services companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/rental-leasing-services