AMERCO (UHAL): Business Model Canvas [Dec-2025 Updated]

You're looking to dissect the engine room of the do-it-yourself moving giant, and honestly, the Business Model Canvas for AMERCO (UHAL) reveals a masterclass in asset-heavy, network-driven growth. As someone who's spent two decades mapping these complex systems, what stands out is how they blend a massive, depreciating fleet-with capital expenditure budgeted at $1.295 billion for FY2026-with a sticky, high-margin real estate play, evidenced by self-storage revenue climbing 8.0% in FY2025. This model hinges on over 20,100 independent dealers and a digital front door, UHAUL.com, that handles the bulk of transactions, all while maintaining liquidity near $1.348 billion in the Moving and Storage segment as of FY2025. If you want to see how a company manages high CapEx while growing ancillary services like U-Box, which grew 8.6% in FY2025, dig into the nine blocks below.

AMERCO (UHAL) - Canvas Business Model: Key Partnerships

You're looking at the backbone of AMERCO (UHAL)'s massive operation, the external relationships that keep the orange and white fleet moving and the storage doors opening. These partnerships aren't just nice-to-haves; they are critical infrastructure that allows AMERCO (UHAL) to maintain its market dominance without owning every single piece of the puzzle.

The independent dealer network is a huge force multiplier for AMERCO (UHAL). Instead of building costly, company-owned centers everywhere, they rely on these partners for cost-effective market coverage, especially in smaller or more remote areas. As of the second quarter of fiscal 2025, the network included more than 23,000 U-Haul rental locations across all 50 states and 10 Canadian provinces, a figure that significantly exceeds the 20,100 number you mentioned. That scale is tough to beat. It's a classic shared-use model that benefits everyone.

For the physical labor component of moving, AMERCO (UHAL) partners with independent Moving Help providers. This service connects customers directly with local labor for loading and unloading. While a total nationwide count isn't public, we see the density in high-growth areas as of 2025 estimates. For example, the Moving Help Marketplace shows substantial provider bases in key markets:

• Texas: 730+ Service Providers.
• Florida: 760+ Service Providers.
• North Carolina: 360+ Service Providers.
• South Carolina: 170+ Service Providers.

Acquiring and maintaining the fleet requires deep ties with Truck Original Equipment Manufacturers (OEMs). AMERCO (UHAL) relies on these manufacturers for its core assets. As of March 31, 2025, the rental fleet was substantial, giving them significant purchasing power, though recent supply chain issues have been noted. Here's a look at the fleet scale that these partnerships support:

Chairman Joe Shoen noted in fiscal 2025 commentary that the company was hoping automakers would return to offering reliable, fairly priced trucks in quantity, suggesting ongoing negotiation and dependency on OEM production schedules. The company invested $1,506.5 million in capital expenditures in fiscal 2025, a significant portion of which goes toward fleet renewal.

Financing this massive asset base-both the fleet and the real estate for storage-requires strong relationships with Lenders and financial institutions. AMERCO (UHAL) funds capital expenditures through internally generated funds, debt financing, and lease financing. As of March 31, 2025, the company held $988.8 million in cash and cash equivalents, but still carries significant leverage, with a reported Debt / equity ratio around 99.61x based on recent data. These institutions provide the necessary liquidity and long-term capital to support growth initiatives, like the 1.5 million net rentable square feet (NRSF) added through new developments and expansions in the fourth quarter of fiscal 2025 alone.

The captive insurance subsidiaries are a unique and vital part of the partnership ecosystem, managing risk for the core business and generating ancillary revenue. Repwest Insurance Company handles property and casualty for U-Haul customers and dealers, while Oxford Life Insurance Company targets the senior market with life insurance and annuities. AM Best affirmed Repwest's Financial Strength Rating at A (Excellent) and its Long-Term ICR at "a+" (Excellent). For Oxford Group, AM Best noted that internal control deficiencies found in the 2023 audit were substantially remediated, with an expectation of a clean 2025 audit opinion. These segments contribute directly to the top line, as shown by their FY2024 revenue contributions:

Overall, the consolidated net earnings available to shareholders for the year ended March 31, 2025, were $367.1 million, down from $628.7 million the prior year, illustrating the financial impact of fleet replacement costs on the bottom line, even with these strong partnerships in place.

Finance: draft 13-week cash view by Friday.

AMERCO (UHAL) - Canvas Business Model: Key Activities

You're looking at the core engine of AMERCO (UHAL) as of the close of its 2025 fiscal year. These are the day-to-day, heavy-lifting activities that drive revenue and asset management for the company.

Managing and maintaining the large rental truck and trailer fleet is central, involving significant capital expenditure and depreciation management. The company is actively refreshing this fleet, which impacts the bottom line through higher depreciation. For the full fiscal year 2025, total capital expenditures on all self-moving rental equipment were $1.863 billion.

The fleet size as of the end of the fiscal year on March 31, 2025, consisted of approximately:

Developing and expanding self-storage real estate holdings is a major ongoing activity, complementing the moving business. During fiscal 2025, AMERCO added approximately 6.5 million net rentable square feet (NRSF) of self-storage. The total portfolio of occupied rooms grew by 35,441 units, or 6.2%, compared to the prior year. As of March 31, 2025, the company offered 1,079,000 rentable storage units across approximately 7 million square feet of storage space at owned and managed facilities.

Operating the extensive network of 24,000+ rental locations is the physical backbone of the service delivery. This network is composed of two main channels:

• Company-operated retail-moving centers.
• Independent U-Haul dealers.

The company surpassed 24,000 rental locations across the U.S. and Canada over the fiscal year. Specifically, this comprised about 2,300 company-operated centers and roughly 21,000 independent dealers as of March 31, 2025.

Managing the U-Box portable storage and logistics program is a growing area of focus, showing strong top-line improvement. Other revenue, which is predominantly driven by the U-Box program, increased by $39.4 million, or 8.5%, for the full fiscal year 2025 compared with fiscal 2024. The U-Box business specifically improved by 9.3% in the third quarter of fiscal 2025.

Selling retired rental equipment to manage fleet turnover is a necessary, though sometimes financially challenging, activity. Reduced gains from the sale of rental equipment, combined with increased fleet depreciation expense, decreased earnings by nearly $260 million for fiscal 2025 compared to fiscal 2024. For the third quarter of fiscal 2025 alone, earnings from operations decreased partly due to reduced gains from rental equipment disposal.

AMERCO (UHAL) - Canvas Business Model: Key Resources

You're looking at the core assets AMERCO (UHAL) relies on to run its massive moving and storage operation as of late 2025. These aren't just line items; they are the physical and intangible foundations of the entire business.

The rental fleet is the most visible key resource. This equipment is the engine of the Moving and Storage segment, which accounted for approximately 94.2% of consolidated net revenue in fiscal 2025. You need to see the scale of this physical asset base.

Also critical is the real estate footprint supporting the self-storage business. This provides a more stable, recurring revenue stream to balance the cyclical nature of equipment rentals.

The self-storage portfolio numbers as of March 31, 2025, look like this:

Financially, AMERCO (UHAL) maintains significant financial flexibility. The liquidity position at the end of the fiscal year is a major resource for funding ongoing capital expenditures, like the $1.863 billion spent on the rental equipment fleet during FY2025.

For the Moving and Storage segment specifically, cash and credit availability stood at $1,347.5 million as of March 31, 2025. That's a strong buffer, honestly.

The brand itself is an intangible asset of immense value. The U-Haul brand name is dominant in the consumer self-moving business. This recognition supports a vast physical network.

• Network of Company-Operated and Independent Locations (As of March 31, 2025): 24,000
• Geographic Reach: All 50 United States and 10 Canadian provinces

Finally, the proprietary technology underpins the logistics and customer experience. You see this in the U-Haul Truck Share 24/7 service, which uses the patented Live Verify technology for customer dispatch access to trucks every hour of every day.

Finance: draft 13-week cash view by Friday.

AMERCO (UHAL) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose AMERCO (UHAL) over competitors. It's about convenience, scale, and trust, all backed by hard numbers from the fiscal year ending March 31, 2025, unless otherwise noted.

Convenient, one-stop-shop for moving, storage, and supplies.

AMERCO (UHAL) bundles nearly everything you need for a move or storage project under one roof. This integration is key, as the Moving and Storage segment drove approximately 94.2% of consolidated net revenue in fiscal 2025, which totaled $5.83 billion. You can get your truck, your boxes, and your labor help all in one transaction flow. For supplies alone, 2023 figures showed sales of Moving boxes at $62 million, Packing supplies at $54 million, and Furniture pads and moving accessories at $60 million. The physical footprint supporting this convenience includes over 24,000 rental locations across the U.S. and Canada as of July 2025.

Largest do-it-yourself moving and storage network in North America.

Being the largest means you're likely to find what you need, where you need it. AMERCO (UHAL) is the largest 'do-it-yourself' moving and storage operator in North America. This scale is supported by a massive fleet. As of March 31, 2025, the rental fleet consisted of approximately 192,100 trucks, 137,500 trailers, and 39,700 towing devices. This scale is what helps them maintain a market share in the Moving Industry estimated at 44.3% (based on 2023 data). That's a lot of orange equipment out there.

Affordable, value-priced self-storage with a consistent strategy.

AMERCO (UHAL) sticks to a value-pricing strategy for self-storage, avoiding the dynamic pricing many competitors use based on supply levels. This consistency is reflected in the numbers: self-storage revenues increased by 8.0% for the full fiscal year 2025 compared to fiscal 2024. Revenue per occupied foot rose approximately 3.0% in the fourth quarter of fiscal 2025. The network is extensive, operating almost 1,079,000 rentable storage units across approximately 7 million square feet as of March 31, 2025. They also aggressively expanded capacity, adding 6.5 million net rentable square feet during fiscal 2025.

Here's a quick look at the storage footprint as of March 31, 2025:

Portable storage solution via the growing U-Box program.

The U-Box program is a clear growth driver, offering portability for both moving and storage. In Q1 2025, U-Box segment revenue surged by over 20% year-over-year. For the full fiscal year 2025, the 'Other revenue' line, which is primarily driven by U-Box transactions, finished up 8.5%. Management is betting big on this, increasing covered storage capacity for U-Box by nearly 25% during fiscal 2025.

Insurance and protection packages (Safemove, Safestor) for peace of mind.

Peace of mind comes from protection options like Safemove Plus and Safestor. While specific revenue contribution for these packages isn't broken out granularly, the insurance subsidiaries are a recognized part of the offering. For context, the life insurance segment revenue accounted for approximately 1.4% of total AMERCO (UHAL) revenues in fiscal 2025. The Property and Casualty Insurance business, which covers the moving and storage operations, is structured via a group captive insurer, ARCOA.

You should check the Q2 FY2026 results when they drop to see if the 9.7% self-storage revenue growth seen then is sustainable.

AMERCO (UHAL) - Canvas Business Model: Customer Relationships

You're looking at how AMERCO (UHAL) keeps its customer interactions flowing, and honestly, it's built around speed and scale. The relationship is largely transactional, leaning heavily on the customer handling their own needs through digital channels.

The automated digital booking and reservation system, primarily through UHAUL.com and the mobile app, is central to this. This digital front door facilitates the U-Haul Truck Share 24/7 service, letting customers use self-dispatch and self-return options anytime using the patented Live Verify technology. This focus on friction reduction is key for a high-volume, on-demand service like moving equipment rental.

To give you a sense of the scale these digital and physical touchpoints manage, here's a look at the operational footprint as of mid-2025:

Still, the physical presence matters for complex transactions or customer support. In-person support is delivered through the extensive network of locations, which are a mix of company-operated stores and independent dealer locations. When you rent from a dealer, you're directly supporting one of those more than 21,000 partner businesses, which helps maintain that widespread market coverage.

The entire system is engineered to reduce customer friction, making the start and end of a rental as painless as possible. This means the digital tools must work flawlessly, or the customer immediately shifts to needing in-person help, which can slow things down.

• Automated digital booking via UHAUL.com.
• Mobile self-dispatch and return via Truck Share 24/7.
• In-person assistance at company-operated centers.
• Support provided by independent dealer partners.
• Focus on transaction speed for local and one-way rentals.

The company's financial results for the fiscal year ended March 31, 2025, showed U-Move revenues increased by $100.8 million, indicating that these transactional relationships are driving top-line growth.

Finance: draft 13-week cash view by Friday.

AMERCO (UHAL) - Canvas Business Model: Channels

You're looking at how AMERCO (UHAL) gets its value proposition-the do-it-yourself moving and storage solutions-into the hands of the customer. This is a massive, multi-pronged distribution network, blending digital reach with unparalleled physical density across North America.

The digital front door is UHAUL.com, which, based on 2023 data, handled a significant portion of the business, specifically 67% of online reservations. This digital presence is heavily supported by the mobile application, which allows for self-service functions like U-Haul Truck Share 24/7, enabling pickup and return anytime using a smartphone, with the app itself being updated as recently as November 26, 2025, on Google Play.

The physical footprint is where AMERCO (UHAL) truly dominates. The company maintains a vast, hybrid network:

• Company-Operated Retail Moving Stores: The core, managed locations number approximately 2,065.
• Independent U-Haul Dealer Locations: These agents expand reach dramatically, totaling 20,100 locations.

This combination provides a network of over 24,000 rental locations across the U.S. and Canada as of mid-2025.

Beyond rentals, these physical channels are crucial for direct sales of ancillary products. The Moving & Storage segment, which includes these sales, contributed significantly to the $5.83 billion in total consolidated revenue for fiscal year 2025. Specifically, sales of self-moving and self-storage products and services reached $70,407,000 for the quarter ended December 31, 2024.

Here is a breakdown of the scale of the physical distribution network, using the most specific figures available:

The mobile application is a key enabler for the self-service aspect of these channels, allowing customers to manage reservations and access equipment 24/7, which helps reduce friction at the counter, a stated goal by Chairman Joe Shoen. The direct sales component, which includes moving supplies and propane refills, flows through this entire network, acting as a high-frequency touchpoint alongside the core rental business.

AMERCO (UHAL) - Canvas Business Model: Customer Segments

You're looking at the core customer base for AMERCO (UHAL) as of late 2025, which is heavily segmented across moving, storage, and ancillary retail services. Honestly, the data shows a clear reliance on the do-it-yourself mover, but the storage segment is a significant and growing component of the overall picture.

The primary customer groups driving the business are:

• Household movers (local and one-way, do-it-yourself).
• Small businesses and commercial goods movers.
• General public needing short-term or long-term self-storage.
• Customers requiring portable storage (U-Box).
• Vehicle owners needing towing accessories and propane.

The self-moving equipment rental business, the company's foundation, saw its revenue increase by 2.8%, or $100.8 million, for the full fiscal year 2025 compared with fiscal 2024. For the first quarter of fiscal 2026 (ended June 30, 2025), self-moving equipment rental revenue was $1.06 billion (GAAP), a 4.3% rise year-over-year. The U-Haul Growth Index, which tracks one-way transactions, is compiled from well over 2.5 million one-way truck, trailer, and U-Box transactions annually.

The self-storage customer base is substantial; AMERCO (UHAL) is the third largest self-storage operator in North America. For the full fiscal year 2025, self-storage revenues grew by 8.0%, or $66.8 million. By the end of fiscal 2025, the total portfolio of average occupied rooms increased by 35,441 rooms, or 6.2% compared to March 31, 2024. In the first quarter of fiscal 2026, GAAP self-storage revenues surpassed $234 million, even as same-store occupancy dipped slightly to 92.8%.

The U-Box portable storage segment is a key growth driver. 'Other revenue' for the Moving and Storage segment, primarily driven by U-Box, increased by 8.5% (or $39.4 million) for the full fiscal year 2025. Management noted that U-Box moving transactions were growing at above 20% for fiscal 2025.

Here is a look at the operational scale across the key customer-facing segments based on the latest available full-year and quarterly data:

The overall Moving and Storage segment EBITDA for the full year ended March 31, 2025, was $1,619.7 million, an increase of $51.7 million compared with fiscal 2024. For the second quarter of fiscal 2026, the Moving and Storage EBITDA rose to $542.6 million, up $31.6 million year-over-year.

Regarding geographic movement, which defines a large portion of the one-way household mover segment, the 2025 Midyear Migration Trends report showed a robust inflow to the nation's 35 largest metros. Top origin states for arriving one-way customers in the first half of 2025 included South Carolina, Florida, Georgia, Virginia, and Tennessee. California experienced the greatest net loss of do-it-yourself movers in U-Haul equipment in 2024.

AMERCO (UHAL) - Canvas Business Model: Cost Structure

You're looking at the major drains on AMERCO (UHAL)'s cash flow, which is heavily weighted toward physical assets. The cost structure here is dominated by the sheer scale of the fleet and the real estate footprint. It's capital-intensive, plain and simple.

The fleet is the engine, and keeping it running and modern is a massive ongoing expense. For the full fiscal year ended March 31, 2025, fleet depreciation expense was up by a significant $128.1 million compared to fiscal 2024. That jump reflects the higher cost of replacement equipment AMERCO (UHAL) had to absorb over the preceding thirty months. To be fair, management noted that the truck acquisition and sale market is showing improvement, which might ease this pressure going forward. This is a direct result of the capital AMERCO (UHAL) pours into its assets.

On the flip side of depreciation, fleet maintenance and repair costs actually saw a reduction for the full year ended March 31, 2025, declining by $43.1 million year-over-year. That's a positive swing in operating expenses, even as the depreciation charge bites harder. Here's the quick math: the fleet is huge, with over 24,000 rental locations across the U.S. and Canada.

The self-storage side of the business, managed by AMERCO Real Estate Company, also demands substantial capital outlay for growth. This entity focuses on acquiring existing buildings for conversion, existing storage facilities, and bare land for development. While the requested budget figure for FY2026 capital expenditure wasn't located, the scale of investment is clear from past activity; for example, one reported acquisition in Kingman, Arizona, cost $3,540,000. This segment is growing its footprint, having added 6,500,000 net rentable square feet during the fiscal year ending March 31, 2024.

Operating costs are spread across this enormous network. You have to factor in the personnel needed to run things. Personnel expenses are a key driver across the vast network of company-owned stores and independent dealers.

Here's a snapshot of the key cost-related financial movements for the full fiscal year ended March 31, 2025, compared to FY2024:

The cost structure is clearly being shaped by two major forces right now:

• The impact of paying high prices for fleet replacements over the last thirty months.
• Ongoing capital deployment for self-storage expansion, evidenced by 6.5 million NRSF added in FY2024.
• The sheer overhead of maintaining operations across more than 24,000 locations.

Finance: draft 13-week cash view by Friday.

AMERCO (UHAL) - Canvas Business Model: Revenue Streams

You're looking at the core ways AMERCO (UHAL) brings in cash, which is a mix of rentals, real estate, and financial services. Honestly, the business model is deeply tied to the movement and storage needs of individuals and small businesses.

The primary engine remains self-moving equipment rental fees for trucks, trailers, and towing devices. For the full fiscal year ended March 31, 2025, self-moving equipment rental revenues increased by $100.8 million, representing a 2.8% increase compared to fiscal 2024. You saw growth in the second quarter of fiscal 2025 of 1.7% year-over-year for these revenues, and in the third quarter, the increase was 4.6%, or $38.8 million.

Self-storage rental income is a major, resilient component. For the full fiscal year ended March 31, 2025, self-storage revenues grew by $66.8 million, which is an 8.0% increase over fiscal 2024. This segment showed strength even when other parts lagged, with Q3 FY2025 revenue up 7.9% (or $16.6 million) year-over-year, and Q2 FY2025 revenue up 7.5%.

The U-Box portable storage and related logistics fees are a high-growth area. For the full year, this 'Other revenue for Moving and Storage' increased by $39.4 million, or 8.5%, compared with fiscal 2024. In the third quarter of fiscal 2025, this line item saw a significant jump of 9.6% (or $9.6 million).

Here's a quick look at the key revenue growth drivers for the full fiscal year ended March 31, 2025:

Beyond rentals, AMERCO (UHAL) generates revenue from several other sources. You have sales of moving supplies, boxes, and propane; AMERCO (UHAL) is the largest retailer of propane in the U.S. Also contributing are revenues from the insurance segment, which includes Oxford Life Insurance Company and Repwest Insurance Company, and sales of retired rental equipment. Keep in mind that reduced gains from rental equipment disposal have been a factor impacting earnings, though the fleet continues to be a source of capital through sales.

You should track the following ancillary and related revenue points:

• Largest retailer of propane in the U.S.
• Revenue from Oxford Life Insurance Company.
• Revenue from Repwest Insurance Company.
• Gains from sales of retired rental equipment.
• Revenue per transaction increased in both In-Town and One-Way markets in Q1 FY2026 compared to Q1 FY2025.

Finance: draft 13-week cash view by Friday.