AMERCO (UHAL): History, Ownership, Mission, How It Works & Makes Money

When you see those iconic orange and white trucks everywhere, have you ever stopped to analyze how AMERCO (UHAL), the dominant force in North American do-it-yourself moving, maintains its massive scale and financial engine?

The company's unique, vertically integrated model-combining equipment rental, self-storage, and insurance-delivered a Moving and Storage earnings before interest, taxes, depreciation, and amortization (EBITDA) of over $1.619 billion for the fiscal year ending March 31, 2025, with self-storage revenues alone climbing 8.0% year-over-year.

Still, the reported net earnings of $367.1 million for FY2025 were defintely impacted by increased fleet depreciation and reduced gains from equipment sales, which is a key near-term risk that every investor needs to see clearly.

Understanding this push-pull-the consistent operational growth versus the significant capital expenditure drag-is crucial, so let's break down the history, concentrated Shoen family ownership, mission, and precise mechanics of how this moving titan works and makes money.

AMERCO (UHAL) History

You're looking for the bedrock of AMERCO's enduring business model, and it starts with a simple, unmet need right after World War II. The company's origin story is a classic American tale of entrepreneurship, but it's also one marked by intense family conflict and a Chapter 11 bankruptcy that it ultimately overcame to become the giant it is today.

Given Company's Founding Timeline

Year established

1945

Original location

Ridgefield, Washington

Founding team members

Leonard Samuel 'L.S.' Shoen and Anna Mary Carty Shoen

Initial capital/funding

The Shoens launched the U-Haul Trailer Rental System with an initial investment often cited around $5,000, which was their savings at the time.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The trajectory of AMERCO (UHAL) wasn't a smooth, upward line; it was a series of defintely high-stakes moments that reshaped its structure and strategy. The biggest shifts weren't just market-driven; they were deeply personal and legal.

• The One-Way Rental Innovation (1945): This was the foundational moment. L.S. Shoen couldn't rent a trailer one-way for his own move, so he created the system. That simple idea-rent it here, leave it there-immediately gave U-Haul a massive, self-reinforcing network advantage that competitors still struggle to match.
• The Self-Storage Diversification (1974): By establishing company-owned U-Haul Centers and entering self-storage, the company moved from being purely a rental service to a real estate operator. This created a dual-revenue engine and a stable, high-margin income stream that now complements the cyclical rental business.
• The Shoen Family Feud (1986-1995): The internal power struggle that saw L.S. Shoen lose control to his sons, Joe and Mark, was tumultuous. It led to years of litigation, including a jury returning a massive $1.47 billion judgment in 1994, later reduced to $461.8 million, which AMERCO had to shoulder. This period tested the company's financial stability but ultimately installed the current long-term management team.
• The Chapter 11 Filing (2003): Filing for bankruptcy protection was a necessary, though painful, step to restructure debt stemming from the family litigation and accounting issues. It allowed the company to refinance its debt and emerge in 2004 with a cleaner balance sheet, enabling the sustained growth we see today.

To understand how these historical moves translate to current market strength and valuation, you should review Breaking Down AMERCO (UHAL) Financial Health: Key Insights for Investors. That's where the historical strategy maps directly to the balance sheet.

AMERCO (UHAL) Ownership Structure

The control of AMERCO (UHAL) is a classic example of a dual-class stock structure, where the founding family maintains control despite having a smaller economic stake than institutional investors. The company, which is now formally U-Haul Holding Company, is publicly traded on the NYSE, but the Shoen family's grip on the voting power is what defintely matters for strategic decisions.

This structure means that while institutional funds hold the majority of the total shares, the Shoen family holds a disproportionate amount of the voting common stock (UHAL), giving them the final say on the board and major corporate actions.

Given Company's Current Status

AMERCO is the former name of the current parent company, U-Haul Holding Company, which trades publicly on the New York Stock Exchange (NYSE) under the symbols UHAL and UHAL.B. The company underwent a name change and a 10-for-1 stock split in late 2022, but the underlying business-moving, storage, and insurance-remains the same. The key distinction for investors is the two classes of stock: the Common Stock (UHAL) carries voting rights, while the Series N Non-Voting Common Stock (UHAL.B) does not.

As of May 28, 2025, there were approximately 19,607,788 shares of Common Stock outstanding and 176,470,092 shares of Series N Non-Voting Common Stock outstanding, a clear mechanism for concentrating power in the hands of the voting shareholders. The company reported net earnings available to shareholders for the fiscal year ended March 31, 2025, of $367.1 million, demonstrating the economic scale of the business under this governance model. You can read more about the core values that drive these decisions in the Mission Statement, Vision, & Core Values of AMERCO (UHAL).

Given Company's Ownership Breakdown

The overall share distribution reflects a significant public float, but the concentration of voting power is the real story here. Here is a breakdown of the total outstanding shares based on recent institutional and public filings:

Given Company's Leadership

The company is steered by a leadership team deeply rooted in the founding family, which is typical for a family-controlled enterprise with a dual-class structure. This team manages a vast operation that saw Moving and Storage earnings before interest, taxes, depreciation, and amortization (EBITDA) increase to $1,619.7 million for the full fiscal year ended March 31, 2025.

The key executives, as of November 2025, are:

• Edward J. Shoen: Chairman and President of U-Haul Holding Company, and Chief Executive Officer of U-Haul International, Inc. He has been in a top leadership role for decades.
• Samuel J. Shoen: Vice Chairman of the Board and U-Box Project Manager.
• Jason A. Berg: Chief Financial Officer of U-Haul Holding Company.
• John C. Taylor: President of U-Haul International, Inc.
• Maria L. Bell: Chief Accounting Officer of U-Haul Holding Company.

This core group is responsible for the day-to-day operations and capital allocation decisions, including the $1.325 billion in capital expenditures for new rental equipment in the first half of the fiscal year, a clear sign of their commitment to fleet expansion. The board of directors also includes several independent members like James Acridge and John Brogan, but the influence of the Shoen family is clearly the primary driver of the long-term strategy.

AMERCO (UHAL) Mission and Values

AMERCO, the parent company of U-Haul International, Inc., anchors its operations not just on profit, but on a clear social and economic mandate: facilitating mobility for the average person. This core commitment to the do-it-yourself mover is the cultural defintely DNA that drives its strategic decisions, from fleet investment to property development.

You're looking for the long-term strategic compass, and for AMERCO, that compass points toward a Primary Service Objective-a concept that blends mission and value into one actionable goal. This focus explains why the company is willing to commit significant capital, like the $1.325 billion in capital expenditures for new rental equipment during the first half of fiscal year 2026, which is a massive investment in product quality.

Given Company's Core Purpose

The company's purpose extends beyond simply renting trucks; it's about enabling geographic mobility in a way that respects the customer's wallet and the environment. This is a critical distinction, especially for a company that reported approximately $6.87 billion in revenue for fiscal year 2024. Their commitment to sustainability (environmental protection, social responsibility, and economic efficiency) is the bedrock of their corporate social responsibility (CSR) framework.

• Improve human lives by providing quality self-move and self-storage services.
• Integrate responsible environmental practices into daily operations for health and safety.
• Achieve financial prudence and stability through consistent revenue growth and efficient operations.

Official mission statement

While AMERCO does not publish a single, formal mission statement in the traditional sense, the operating subsidiary, U-Haul, defines its primary responsibility as a multi-faceted commitment to its customers and the planet.

• Develop products and services to help people move and store their household and commercial goods in an economically, environmentally and socially responsible manner.
• Continually improve the environmental, social, and economic performance of all products and activities.
• Pursue proactive solutions for pollution prevention, energy conservation, and waste reduction.

You can see how this commitment plays out in their adaptive reuse program, which converts abandoned big-box retail stores into self-storage facilities, putting existing real estate back to work. Anyway, this is a great example of economic efficiency in action. For more detail on these guiding principles, review the Mission Statement, Vision, & Core Values of AMERCO (UHAL).

Vision statement

The vision is a future where the company maintains its market leadership while adhering to a triple bottom line-a focus on people, planet, and profit. This is a long-term view that prioritizes sustainability over short-term gains.

• Commitment to sustainability through environmental protection, social responsibility, and economic efficiency.
• Work to meet the needs of people today without diminishing the ability of future generations to meet their own needs.
• Maintain and strengthen market leadership through an extensive network of locations and a large, modern fleet.

Given Company slogan/tagline

The most precise, action-oriented statement that functions as a core slogan for the company is its long-established Primary Service Objective (PSO). It's simple, but it drives everything.

• Primary Service Objective: To provide a better and better product and service to more and more people at a lower and lower cost.

This PSO is essentially the company's operating mantra, ensuring that all product innovations, like the three-across seating in some moving trucks to reduce the number of vehicles on the road, directly translate into lower costs for the customer and less environmental impact.

AMERCO (UHAL) How It Works

AMERCO, the parent company of U-Haul International, Inc., operates by providing a comprehensive, integrated platform for do-it-yourself (DIY) moving and self-storage, effectively monetizing its massive real estate footprint and equipment fleet across North America. The core business leverages a vast network of company-owned stores and independent dealers to offer convenient, localized access to moving essentials, plus a growing insurance component for financial stability.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

The company's operational strength comes from tightly managing its three reportable segments: Moving & Storage, Property & Casualty Insurance, and Life Insurance. The Moving & Storage segment is the engine, driving the majority of revenue, which increased by $100.8 million in self-moving equipment rental revenues in fiscal 2025. This growth is fueled by a hybrid distribution model.

• Fleet Management: They continuously cycle the rental fleet, though high replacement costs impacted fiscal 2025, leading to reduced gains on equipment sales and increased depreciation expense. This is a defintely key cost area to watch.
• Real Estate Expansion: AMERCO Real Estate Company acquires and develops properties, converting existing buildings into self-storage and U-Haul centers, adding significant net rentable square feet annually.
• Integrated Digital Platform: Investments in online platforms and mobile apps streamline customer reservations, account management, and service access, improving operational efficiency.
• U-Box Logistics: The U-Box program is a major growth driver, expanding its breadth and reach through additional warehouse space, containers, and delivery equipment.

Given Company's Strategic Advantages

AMERCO's market success isn't just about trucks; it's about controlling the physical and logistical infrastructure of DIY moving. Their total consolidated revenue for fiscal 2025 was approximately $5.83 billion, demonstrating their scale. The company dominates the DIY moving market because of three core advantages.

• Unmatched Proximity and Network Density: With over 24,000 rental locations, the sheer density of their network-combining company-owned stores and independent dealers-offers a level of convenience and availability competitors can't easily replicate.
• Real Estate as an Asset: The self-storage portfolio, which saw revenues increase by 8.0% in fiscal 2025, is a high-margin, low-incremental-capital-expenditure business. This massive, owned real estate base provides a significant asset-backed foundation and a built-in cross-selling opportunity for moving customers.
• Financial Stability and Fixed Debt: The company's debt metrics as of March 31, 2025, show total debt of $7.23 billion, but a high percentage of that is fixed debt (93.9%), which provides a strong hedge against rising interest rates.

For a deeper dive into who is betting on this model, you should check out Exploring AMERCO (UHAL) Investor Profile: Who's Buying and Why?

AMERCO (UHAL) How It Makes Money

AMERCO, primarily operating through its U-Haul subsidiary, generates the vast majority of its revenue by renting out its iconic orange-and-white self-moving equipment and by providing stable, recurring income from its expansive self-storage facilities.

AMERCO's Revenue Breakdown

For the fiscal year ended March 31, 2025, AMERCO reported consolidated revenue of approximately $5.83 billion. The business is heavily weighted toward the moving side, but the storage segment is a critical growth engine and stabilizing force. Here is the breakdown of the two largest core revenue streams, which account for nearly 80% of the total revenue:

The remaining revenue, about 20.7%, comes from ancillary services. This includes sales of self-moving and self-storage products, like boxes and packing materials, which generated $327.5 million. It also includes other moving and storage revenue-largely the growing U-Box portable storage program-which was up 8.5% to $506.3 million in the fiscal year. Plus, the insurance and investment income segments contribute the rest, offering a financial cushion.

Business Economics

The economic engine of AMERCO is a classic high-fixed-cost, high-utilization model, blending a cyclical rental business with a stable real estate portfolio. The entire operation is capital-intensive, requiring continuous investment in a truck fleet and new self-storage properties.

• Dynamic Pricing on Rentals: The self-moving equipment rental segment uses dynamic pricing, meaning rates for trucks and trailers constantly shift based on demand, location (especially one-way vs. in-town), and seasonality. You pay a premium during peak summer moving season, but less in the winter.
• Recurring Storage Revenue: Self-storage provides a stable, annuity-like income stream, with revenues climbing 8.0% in FY2025. While same-store occupancy saw a slight dip of 0.5% to 91.9%, the average revenue per occupied square foot still improved by 1.5%, showing pricing power. That stability defintely helps smooth out the volatility of the moving business.
• High Depreciation Costs: A major headwind in FY2025 was the increased cost of replacing the fleet. Higher prices paid for new trucks over the last thirty months led to increased fleet depreciation expense, which rose by $128.1 million for the full fiscal year compared to FY2024.
• Losses on Equipment Sales: The flip side of high acquisition costs is reduced gains on the sale of retired rental equipment, which decreased earnings by another $140.2 million in FY2025. This is a clear example of how macro supply chain issues directly impact the bottom line.

AMERCO's Financial Performance

AMERCO's financial results for fiscal year 2025 show a business that is growing its top-line revenue but facing significant pressure on net earnings due to higher costs of capital assets.

• Net Earnings Decline: Net earnings available to shareholders for FY2025 dropped to $367.1 million, a sharp decline from the $628.7 million reported in the prior fiscal year. The cost of fleet replacement and increased depreciation are the primary culprits here.
• Moving and Storage EBITDA: Despite the net income pressure, the core business is still generating strong cash flow. Moving and Storage EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the full year increased by $51.7 million to a strong $1,619.7 million. This metric shows the operational strength before non-cash charges like depreciation hit.
• Debt Structure: The company maintains a significant debt load, reporting total debt of $7.23 billion as of March 31, 2025. However, the net debt to EBITDA ratio sits at a manageable 3.9x, and a high percentage (93.9%) of that debt is fixed, which provides insulation against rising interest rates.
• Expansion: The company continues to invest heavily in its future, adding approximately 6.5 million net rentable square feet of self-storage capacity during FY2025. This expansion is a long-term play for compounding growth in the high-margin storage segment.

To get a deeper look into the balance sheet and liquidity, you should read Breaking Down AMERCO (UHAL) Financial Health: Key Insights for Investors.

AMERCO (UHAL) Market Position & Future Outlook

AMERCO, primarily through its U-Haul brand, maintains a dominant position in the North American do-it-yourself moving and self-storage markets, largely due to its unparalleled distribution network. The company is poised for continued top-line growth, but near-term earnings will remain pressured by high fleet replacement costs, a trend clearly visible in the fiscal year 2025 results.

Total revenues for fiscal year 2025 (ending March 31, 2025) increased 3.6% to approximately $5.83 billion, driven by the Moving & Storage segment. Still, net earnings available to shareholders dropped significantly to $367.1 million, down from $628.7 million in the prior year, a direct result of increased depreciation and reduced gains on equipment sales.

Competitive Landscape

In the consumer truck rental space, AMERCO holds a commanding lead, making it difficult for competitors to match its scale and neighborhood accessibility. The company's primary competitive advantage is its massive network of over 25,000 rental locations, which dwarfs its rivals.

Opportunities & Challenges

The company's strategy is clear: double down on its integrated moving and storage model. The biggest opportunity lies in cross-selling, but the immediate challenge is managing the cost of its massive fleet. Here's the quick math: fleet replacement costs alone were budgeted at $1.211 billion in fiscal 2025.

Industry Position

AMERCO's dual-segment model gives it a unique and defintely strong industry standing. It is the undisputed leader in the do-it-yourself moving segment, which is a high-barrier-to-entry business due to the capital required for fleet and real estate.

• Self-Moving Dominance: The company is the largest self-moving operator in North America, with its fleet and dealer network providing a competitive moat (economic barrier).
• Self-Storage Powerhouse: U-Haul is recognized as the third largest self-storage operation in North America, a crucial complementary business.
• U-Box Growth: The portable storage and moving container segment is a high-growth area, with management continuing to expand its breadth and reach through additional warehouse space and containers.

The Moving and Storage segment's adjusted EBITDA increased by $51.7 million to $1,619.7 million for the full fiscal year 2025, showing the core business is operationally efficient despite the high depreciation costs. For a deeper dive into who is backing this strategy, consider Exploring AMERCO (UHAL) Investor Profile: Who's Buying and Why?