What are the investment strengths of Hertz Global Holdings Inc (HTZ)?

Trading at 0.22x P/S vs industry 1.25x - if margins normalize to even 5% net, stock reprices dramatically from 1.9B market cap. 15.6B PPE (fleet) provides asset backing; orderly liquidation value likely exceeds current equity value.

What are the investment risks for Hertz Global Holdings Inc (HTZ)?

Interest expense of 1.2B TTM exceeds operating income by 1.9B - company cannot service debt from operations without asset sales. Negative equity (-317M) and -4.2B tangible book value signal insolvency risk; debt covenants likely under pressure.

Hertz Global Holdings Inc

HTZ

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Hertz Global Holdings Inc AI Insights

Informational only. Not investment advice.

As of 2025-12-16

Snapshot

Negative equity of -317M with 19.7B debt (8x EV/EBITDA) - balance sheet in distress requiring restructuring or dilution.[Total Equity]
FCF of -8.7B TTM driven by 10.6B capex (fleet purchases) - burning cash despite 2.5B EBITDA.[Free Cash Flow TTM]
Gross margin 3% TTM vs industry median 38% - fleet depreciation/costs consuming nearly all revenue.[Gross Margin TTM]

Watch Triggers

Quarterly Capex: Falls below 1.5B/quarter sustained — Signals fleet investment normalization - path to FCF positive
Gross Margin TTM: Rises above 10% — Indicates fleet depreciation/utilization improving - operating leverage kicks in
Total Debt: Any covenant breach or refinancing announcement — Debt restructuring could wipe equity or trigger dilutive capital raise

Bull Case

Trading at 0.22x P/S vs industry 1.25x - if margins normalize to even 5% net, stock reprices dramatically from 1.9B market cap.

P/S RatioMarket Cap TTMNet Margin TTM

15.6B PPE (fleet) provides asset backing; orderly liquidation value likely exceeds current equity value.

PPEEnterprise ValueTotal Debt

Bear Case

Interest expense of 1.2B TTM exceeds operating income by 1.9B - company cannot service debt from operations without asset sales.

Interest Expense TTMOperating Income TTMTotal Debt

Negative equity (-317M) and -4.2B tangible book value signal insolvency risk; debt covenants likely under pressure.

Total EquityTangible Book ValueCurrent Liabilities

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

25%

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Forward Thesis

Fleet rationalization could restore positive FCF within 18 months if capex normalizes to 2-3B annually.

1-3ylow

Capex of 10.6B TTM is unsustainable
EBITDA of 2.5B provides base cash generation
EV fleet transition costs should peak

Operating cash flow 1.8B TTM positiveInterest expense 1.2B manageable vs EBITDAIndustry capex median -929M

Valuation Context

Caveats

Public Strategies Rankings

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HTZ Fundamentals

Real Estate and Rental and Leasing → Rental and Leasing Services

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$1.81B		—
Enterprise Value	$20.41B		—
P/E Ratio	0.00		—
Total Revenue - TTM	$8.52B	-7.4%	—
Earnings Per Share (diluted) - TTM	$-5.25		—
Operating Margin - TTM	-7.95%	-2.1%	—
Net Margin - TTM	-12.1%	+17.6%	—
Free Cash Flow - TTM	$-8.71B		—
Return on Common Equity - TTM	0.00		—
Beta 5Y (Monthly)	unknown		—

HTZ Dividend History

No dividends

HTZ Stock Splits

No stock splits

HTZ SEC Filings

Filing Date	Report Date	Report Type	Filing Link
11/04/25	09/30/25	10-Q	0001657853-25-000134
08/07/25	06/30/25	10-Q	0001657853-25-000094
05/12/25	03/31/25	10-Q	0001657853-25-000057
02/18/25	12/31/24	Unknown	0001657853-25-000015
11/12/24	09/30/24	10-Q	0001657853-24-000136
08/01/24	06/30/24	10-Q	0001657853-24-000105
04/25/24	03/31/24	10-Q	0001657853-24-000058
02/12/24	12/31/23	10-K	0001657853-24-000022
10/26/23	09/30/23	10-Q	0001657853-23-000152
07/27/23	06/30/23	10-Q	0001657853-23-000103
04/27/23	03/31/23	10-Q	0001657853-23-000075
02/07/23	12/31/22	10-K	0001657853-23-000039
10/27/22	09/30/22	10-Q	0001657853-22-000089
07/28/22	06/30/22	10-Q	0001657853-22-000076
04/27/22	03/31/22	10-Q	0001657853-22-000045
02/23/22	12/31/21	10-K	0001657853-22-000012
10/28/21	09/30/21	10-Q	0001657853-21-000092
08/09/21	06/30/21	10-Q	0001657853-21-000074
05/07/21	03/31/21	10-Q	0001657853-21-000013
02/26/21	12/31/20	10-K	0001657853-21-000006
11/09/20	09/30/20	10-Q	0001657853-20-000114
08/10/20	06/30/20	10-Q	0001657853-20-000077
05/11/20	03/31/20	10-Q	0001657853-20-000049
02/25/20	12/31/19	10-K	0001657853-20-000007
11/05/19	09/30/19	10-Q	0001657853-19-000146
08/07/19	06/30/19	10-Q	0001657853-19-000134
05/07/19	03/31/19	10-Q	0001657853-19-000047
02/25/19	12/31/18	10-K	0001657853-19-000005
11/08/18	09/30/18	10-Q	0001657853-18-000104
08/06/18	06/30/18	10-Q	0001657853-18-000057
05/07/18	03/31/18	10-Q	0001657853-18-000035
02/27/18	12/31/17	10-K	0001657853-18-000016
11/09/17	09/30/17	10-Q	0001657853-17-000047
08/08/17	06/30/17	10-Q	0001657853-17-000038
05/08/17	03/31/17	10-Q	0001657853-17-000013
03/06/17	12/31/16	10-K	0001657853-17-000010
11/08/16	09/30/16	10-Q	0001657853-16-000057
08/08/16	06/30/16	10-Q	0001657853-16-000047
05/09/16	03/31/16	10-Q	0001364479-16-000058
02/29/16	12/31/15	10-K	0001364479-16-000045
11/09/15	09/30/15	10-Q	0001364479-15-000034
08/10/15	06/30/15	10-Q	0001364479-15-000017
07/16/15	03/31/15	10-Q	0001364479-15-000014
07/16/15	12/31/14	10-K	0001364479-15-000013
11/09/15	09/30/14	10-Q	0001364479-15-000034
11/09/15	06/30/14	10-Q/A	0001364479-15-000032
07/16/15	03/31/14	10-Q	0001364479-15-000014
03/19/14	12/31/13	10-K	0001364479-14-000006
11/07/13	09/30/13	10-Q	0001364479-13-000011
08/02/13	06/30/13	10-Q	0001364479-13-000006
05/02/13	03/31/13	10-Q	0001445305-13-001076
03/04/13	12/31/12	10-K	0001445305-13-000446
11/02/12	09/30/12	10-Q	0001445305-12-003378
08/03/12	06/30/12	10-Q	0001047469-12-007702
05/04/12	03/31/12	10-Q	0001047469-12-005385
03/20/14	12/31/11	10-K/A	0001364479-14-000008
02/27/12	12/31/11	10-K	0001047469-12-001623
11/07/11	09/30/11	10-Q	0001047469-11-009145
08/05/11	06/30/11	10-Q	0001047469-11-007031
05/06/11	03/31/11	10-Q	0001047469-11-004720
02/25/11	12/31/10	10-K	0001047469-11-001397
11/09/10	09/30/10	10-Q	0001047469-10-009492
08/06/10	06/30/10	10-Q	0001047469-10-007159
05/05/10	03/31/10	10-Q	0001047469-10-004833
02/26/10	12/31/09	10-K	0001047469-10-001542
11/06/09	09/30/09	10-Q	0001047469-09-009736
08/07/09	06/30/09	10-Q	0001047469-09-007407
05/08/09	03/31/09	10-Q	0001047469-09-005266
03/03/09	12/31/08	10-K	0001047469-09-002182
11/07/08	09/30/08	10-Q	0001047469-08-011835
08/08/08	06/30/08	10-Q	0001047469-08-009061
05/09/08	03/31/08	10-Q	0001047469-08-006310
02/29/08	12/31/07	10-K	0001047469-08-002092
11/14/07	09/30/07	10-Q	0001047469-07-009150
08/14/07	06/30/07	10-Q	0001104659-07-061986
05/11/07	03/31/07	10-Q	0001104659-07-038968
03/30/07	12/31/06	10-K	0001104659-07-024236
09/30/06	09/30/06	Unknown	--
08/14/07	06/30/06	10-Q	0001104659-07-061986
05/11/07	03/31/06	10-Q	0001104659-07-038968