Latest Ratios: P/E Ratio -0.9x · EV/EBITDA 8.2x · ROE N/A. (2005–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $647M | $1.7B | $1.1B | $3.4B | $6.2B | $7.9B | — | — | — | — | — |
| Enterprise Value | $18.7B | $19.7B | $18.9B | $20.5B | $20.9B | $10.1B | — | — | — | — | — |
| P/E Ratio → | -0.85 | — | — | 7.47 | 4.58 | — | — | — | — | — | — |
| P/S Ratio | 0.08 | 0.19 | 0.12 | 0.36 | 0.71 | 1.07 | — | — | — | — | — |
| P/B Ratio | — | — | 7.32 | 1.10 | 2.34 | 2.64 | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 0.40 | 1.02 | 0.50 | 1.37 | 2.44 | 4.36 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.31 | 2.09 | 2.18 | 2.41 | 1.38 | — | — | — | — | — |
| EV / EBITDA | 8.20 | 8.64 | 5.32 | 6.12 | 6.94 | 3.53 | — | — | — | — | — |
| EV / EBIT | 1334.09 | 79.70 | — | 19.06 | 7.21 | 8.78 | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 11.4% | 11.4% | 3.1% | 18.4% | 34.9% | 37.3% | -7.2% | 17.7% | 18.2% | 15.8% | 18.2% |
| Operating Margin | 0.2% | 0.2% | -6.2% | 8.3% | 23.9% | 28.2% | -17.0% | 7.8% | 6.1% | 4.7% | 6.9% |
| Net Profit Margin | -8.8% | -8.8% | -31.6% | 6.6% | 23.7% | 5.0% | -32.6% | -0.6% | -2.4% | 3.7% | -5.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | -176.4% | 21.5% | 73.2% | 23.8% | -173.0% | -3.8% | -16.7% | 25.2% | -31.7% |
| ROA | -3.4% | -3.4% | -12.3% | 2.6% | 9.7% | 2.0% | -8.3% | -0.3% | -1.1% | 1.7% | -2.3% |
| ROIC | 0.1% | 0.1% | -2.2% | 3.1% | 13.8% | 29.4% | -11.2% | 5.0% | 2.8% | 2.1% | 2.9% |
| ROCE | 0.1% | 0.1% | -2.8% | 3.8% | 10.9% | 13.0% | -5.2% | 3.8% | 3.2% | 2.4% | 3.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 120.31 | 5.77 | 5.92 | 1.51 | 67.98 | 2.95 | 13.85 | 9.78 | 12.60 |
| Debt / EBITDA | 8.42 | 8.42 | 5.17 | 5.33 | 5.20 | 1.57 | 3.97 | 1.48 | 4.88 | 4.74 | 4.19 |
| Net Debt / Equity | — | — | 116.44 | 5.52 | 5.57 | 0.75 | 56.19 | 2.49 | 12.89 | 9.07 | 11.84 |
| Net Debt / EBITDA | 7.91 | 7.91 | 5.00 | 5.10 | 4.88 | 0.78 | 3.28 | 1.25 | 4.54 | 4.40 | 3.93 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 0.23 | 0.23 | -2.37 | 1.36 | 6.38 | 2.46 | -2.38 | 1.02 | 0.64 | 0.08 | 0.17 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.55 | 0.55 | 0.74 | 0.77 | 0.87 | 2.76 | 1.33 | 1.03 | 1.51 | 1.48 | 1.28 |
| Quick Ratio | 0.55 | 0.55 | 0.74 | 0.77 | 0.87 | 2.76 | 1.33 | 1.03 | 1.40 | 1.30 | 1.16 |
| Cash Ratio | 0.21 | 0.21 | 0.19 | 0.25 | 0.34 | 1.42 | 0.33 | 0.23 | 0.44 | 0.45 | 0.35 |
| Asset Turnover | — | 0.38 | 0.42 | 0.38 | 0.39 | 0.37 | 0.31 | 0.40 | 0.44 | 0.44 | 0.46 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 27.48 | 17.15 | 25.91 |
| Days Sales Outstanding | — | 47.64 | 48.60 | 46.39 | 40.93 | 37.71 | 53.94 | 68.68 | 60.95 | 56.60 | 53.20 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 0.6% | — | — | 3.0% | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | 65.3% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 13.4% | 21.8% | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 9.3% | 39.7% | 8.3% | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.6% | 9.3% | 39.7% | 11.3% | — | — | — | — | — |
| Shares Outstanding | — | $322M | $306M | $326M | $403M | $315M | $150M | $117M | $96M | $95M | $96M |
Fleet Residual Value Volatility
According to current market data, Hertz trades at a P/S ratio of 0.10, which, when viewed alongside a negative TTM P/E of -1.10, suggests that investors are heavily discounting the company's future earnings potential due to persistent concerns regarding its capital-intensive business model and debt load.
The current EV/EBITDA multiple of 8.28 appears to reflect a market pricing in significant risk rather than growth, especially when compared to the broader industrial sector. This valuation suggests that the market remains skeptical of the company's ability to achieve sustainable profitability, viewing the current earnings profile as structurally impaired rather than cyclical.
Based on reported financial statements, Hertz's ROIC has struggled to remain positive, oscillating between -1.2% and 1.8% over the last ten quarters, which indicates that the company is failing to generate returns that exceed its cost of capital in a highly competitive rental environment.
The inability to consistently generate positive ROIC suggests that the core rental operations are not effectively compounding capital. This trend warrants further investigation into whether the current fleet procurement strategy is fundamentally misaligned with the actual revenue-generating capacity of the assets deployed.
As indicated by recent quarterly filings, Hertz's asset turnover ratio has remained stagnant at approximately 0.09 to 0.11, highlighting a persistent inefficiency in utilizing its massive vehicle fleet to drive top-line revenue growth relative to the scale of its capital investment.
The DSO figures, which have fluctuated between 44 and 60 days, suggest that the company faces challenges in optimizing its cash conversion cycle. This inefficiency appears to be a structural drag on liquidity, as the company must carry significant working capital to support its high-volume, low-margin rental operations.
According to the latest balance sheet data, the company's interest coverage ratio has frequently dipped into negative territory, reaching -0.21 in 2026Q1, which signals that the current debt load is becoming increasingly difficult to service given the company's volatile operating income.
The extreme volatility in interest coverage suggests that the company's financial health is highly sensitive to interest rate fluctuations and operational performance. Investors should monitor the company's ability to refinance its debt obligations, as the current leverage profile leaves little room for error in a softening travel market.
As reported in financial analysis literature, the P/E ratio is a fundamentally flawed metric for Hertz, as it obscures the massive non-cash depreciation charges that dominate the income statement and fail to capture the true cash-generating capacity of the company's vehicle fleet.
Analysts should instead focus on 'Net Depreciation Per Unit' and 'Adjusted EBITDA' to better understand the underlying profitability of the rental business. Relying on P/E in this context may lead to a misinterpretation of the company's earnings power, as it ignores the critical role of residual value management in the firm's long-term solvency.
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying HTZ stock.
Hertz Global Holdings, Inc.'s current P/E ratio is -0.9x. The historical average is 6.0x.
Hertz Global Holdings, Inc.'s current EV/EBITDA is 8.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.1x.
Based on historical data, Hertz Global Holdings, Inc. is trading at a P/E of -0.9x. Compare with industry peers and growth rates for a complete picture.
Hertz Global Holdings, Inc. has 11.4% gross margin and 0.2% operating margin.
Hertz Global Holdings, Inc.'s Debt/EBITDA ratio is 8.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.