EquipmentShare.com Inc (EQPT)

Price$19.12Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because fast growth offsets weak cash generation and heavy debt.

At the recent market value of about $4.5 billion, trailing net income of $62 million implies roughly 73 times earnings. Using June net debt near $4.18 billion gives enterprise value, meaning stock-market value plus net debt, near $8.7 billion, about 12 times trailing earnings before interest, tax, depreciation and amortization from the supplied history. That looks expensive. Yet management’s custom adjusted profit measure makes the multiple near 4.5 times, which looks cheap, though it adds back $837 million of recurring OWN payouts. The conflicting signals leave little clear margin of safety but no obvious valuation extreme.

Big pictureGrowth is real, but debt and heavy fleet spending still absorb most operating cash.

The supplied history shows debt rising from $3.249 billion at 2024 year-end to $4.184 billion in 2025 and $4.622 billion by June 2026, while cash was $443 million. Operating cash flow was $264 million in 2025 against $1.819 billion of capital spending; bridging the supplied periods puts trailing operating cash near $249 million against about $2.034 billion of spending. Free cash flow means cash left after running and investing in the business, and it remains deeply negative. Much spending funds expansion, but a construction slowdown could reduce equipment utilization while debt and fleet costs remain.

Business strengthFast rental growth and mature-site margins show a strong franchise, but profit must turn into cash.

Second-quarter rental-segment revenue was $908 million, up 39% from a year earlier; mature rental sites posted 55% adjusted margins before interest, tax, depreciation and amortization, and 23 locations opened, bringing the network to 430. The company reported $1.424 billion of available liquidity, while net leverage—debt after cash relative to its adjusted operating-profit measure—was 3.0 times, so near-term funding is not distressed. The bull case is that young branches mature and profit rises faster than fleet spending. OWN reduces company-funded fleet needs, but payouts to those owners reached $837 million over the latest twelve months.

What could change the storySustained cash generation and clearer founder-deal disclosures could justify upside; more borrowing or new problems would not.

Management raised the 2026 rental-growth midpoint to 33%, targeted roughly $2.0 billion on its custom adjusted profit measure, and authorized up to $500 million of share repurchases, meaning purchases of its own stock. The January initial public offering issued 30.5 million new shares, while the supplied history shows stock compensation rising to $45 million in the first half of 2026 from $2 million a year earlier. A rerating needs stronger ordinary cash flow and net leverage near 2.5 times or lower. Founder-linked disclosure allegations are the other hinge. Debt-funded repurchases would weaken the thesis.

AI: News

Founder-deal allegationsA critical research report alleged hidden founder-linked deals, shaking trust and coinciding with a sharp two-day selloff.

On June 24, Umibōzu Research alleged that undisclosed related-party transactions had benefited entities tied to EquipmentShare’s founders by at least $77 million. The claims are allegations, not established facts. Shares fell 6.6% that day and another 11.7% in the next session. The business-value concern is disclosure quality: if OWN-related economics are less arm’s-length than investors assumed, investors may demand a larger valuation discount and scrutinize reported profitability more heavily.

Guidance and buybackHigher growth guidance and a plan to buy back shares signaled confidence after the founder-deal controversy.

On July 9, EquipmentShare raised the midpoint of 2026 rental-segment revenue growth to 33% from 29% and authorized up to $500 million to buy back its own shares through 2028. The next trading session rose 16.6%; that timing is consistent with a positive reaction but does not prove the announcement caused the move. The event matters because faster growth can improve branch economics, while buying shares can support per-share value if funded without stretching an already heavily indebted balance sheet.

Second-quarter resultsSecond-quarter rental growth stayed strong, reinforcing the bull case that newer branches can mature profitably.

On August 12, EquipmentShare reported second-quarter rental-segment revenue of $908 million, up 39% year over year, net income of $19 million, and $531 million on its adjusted Core profit measure. It had 430 locations and reported net leverage of 3.0 times. Shares rose about 3.5% in the next session; the timing suggests investors welcomed the results, but it does not establish causation. The key value mechanism is whether strong branch growth eventually converts into durable cash after fleet investment.

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Revenue

2022

2023

2024

2025

Net income

2022

2023

2024

2025

Free cash flow

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2023

2024

2025

Financial statements

	2025	2024	2023	2022
Revenue	$2.04B	$1.98B	$1.11B	$1.73B
Gross profit	$1.24B	$946.0M	$759.0M	$542.9M
Gross margin	60.74%	47.85%	68.38%	31.33%
Operating expenses	$942.0M	$728.0M	$509.0M	$372.8M
Operating income	$297.0M	$218.0M	$250.0M	$170.1M
Operating margin	14.56%	11.03%	22.52%	9.82%
EBITDA	$662.0M	$550.0M	$545.0M	$399.9M
EBITDA margin	32.45%	27.82%	49.10%	23.08%
Net income	$40.0M	$3.0M	$17.0M	$49.5M
Net profit margin	1.96%	0.15%	1.53%	2.86%
Basic EPSper basic share	$0.01	-$0.48	-$0.20	$0.05
Diluted EPSper diluted share	$0.01	-$0.48	-$0.20	$0.05

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈23.65%of listed shares

Chheda Neil / Romulus EquipmentShare Growth III L.P. / Romulus Capital II, L.P. / Romulus Capital Partners II LLC / Romulus EquipmentShare Growth L.P. / Romulus Capital III, L.P.50.84M shares · Jan 22, 2026

View holders

Top 20 reported holders of EQPT
Holder	% owned
Chheda Neil / Romulus EquipmentShare Growth III L.P. / Romulus Capital II, L.P. / Romulus Capital Partners II LLC / Romulus EquipmentShare Growth L.P. / Romulus Capital III, L.P.	≈23.65%50.84M shares
Anchorage Capital Group, L.L.C.	8.27%17.77M shares
Schlacks William J.	≈6.68%14.36M shares
Schlacks Jabbok	≈6.68%14.36M shares
Insight Holdings Group, LLC	6.29%13.53M shares
BDT CAPITAL PARTNERS, LLC	4.91%10.55M shares
WELLINGTON MANAGEMENT GROUP LLP	3.98%8.56M shares
PRICE T ROWE ASSOCIATES INC /MD/	3.84%8.27M shares
TIGER GLOBAL MANAGEMENT LLC	2.13%4.58M shares
AMERICAN CENTURY COMPANIES INC	1.84%3.95M shares
Capital World Investors	1.82%3.92M shares
Anchorage Capital Advisors, L.P.	1.45%3.11M shares
MILLENNIUM MANAGEMENT LLC	1.24%2.66M shares
MORGAN STANLEY	1.03%2.21M shares
FEDERATED HERMES, INC.	0.93%1.99M shares
JPMORGAN CHASE & CO	0.87%1.86M shares
Interval Partners, LP	0.69%1.49M shares
VANGUARD CAPITAL MANAGEMENT LLC	0.64%1.39M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	0.54%1.15M shares
ACK Asset Management LLC	0.50%1.06M shares

Percentages use 215M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 3 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys6$2.98M disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 15, 2026Form 4	Schlacks JabbokCo-Founder & CEO	BuyClass A Common Stock	21.7K	$21.50	$466.6K	50.0K
Jun 15, 2026Form 4	Schlacks JabbokCo-Founder & CEO	BuyClass A Common Stock	28.3K	$20.83	$589.5K	28.3K
Jun 15, 2026Form 4	Schlacks William J.Co-Founder & President	BuyClass A Common Stock	50.0K	$21.47	$1.07M	50.0K
May 19, 2026Form 4	HILL W BRYANDirector	BuyClass A Common Stock	21.8K	$22.89	$499.1K	35.8K
May 15, 2026Form 4	BHATIA NAVEENDirector	BuyClass A Common Stock	10.0K	$24.22	$242.2K	312.0K

Review ownership filings at SEC.gov ↗

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EquipmentShare.com Inc (EQPT)

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