Sunbelt Rentals Holdings (SUNB) — Company Research

Last Updated: 12 July 2026

Sunbelt Rentals Holdings, Inc. (NYSE: SUNB) is the second-largest equipment rental company in North America and the former Ashtead Group plc — the FTSE 100 stalwart that traded on the London Stock Exchange as AHT until it completed its US redomiciliation and moved its primary listing to the New York Stock Exchange on 2 March 2026 (it retains a secondary LSE listing under SUNB). The business rents general construction tools and a fast-growing range of Specialty equipment from over 1,600 locations, with almost all operating profit generated in North America. This research covers the fundamentals, financial health, valuation and key dates — no analyst opinions, just facts from primary sources.

1. Company Snapshot

Field	Value
Company	Sunbelt Rentals Holdings, Inc. (formerly Ashtead Group plc)
Ticker / Exchange	SUNB / NYSE (primary, since 2 Mar 2026); secondary listing LSE: SUNB
Sector	Industrials — equipment rental and services
Headquarters	Fort Mill, South Carolina, USA
Employees	26,016 (30 Apr 2026, per FY2026 results)
CEO	Brendan Horgan
Fiscal year end	30 April
Revenue (FY2026, ended 30 Apr 2026)	$11,154m (record; rental revenue $10,320m)
Net income (FY2026)	$1,325m (GAAP); adjusted EBITDA $4,677m
Market cap	~$30.8bn (10 July 2026)
Dividend	FY2026 total $1.125/share (+4%); final $0.75 payable 24 Jul 2026; moving to quarterly dividends in fiscal 2027
Network / fleet	1,611 rental locations; rental fleet of $19.2bn at original equipment cost

2. Bull Case / Bear Case

Bull Case

• Structural growth in rental penetration and mega projects: Sunbelt targets a growing North American mega-project pipeline (data centres, semiconductors, LNG — projected by management to exceed $1.3 trillion across FY26–FY28) and ended FY2026 with momentum: fourth-quarter rental revenue up 8%, including +15.1% in North America Specialty.
• Specialty expansion and the Reliant/Aries deal: The $650m acquisition of Reliant Asset Management (closed 1 May 2026, trading as Aries Building Systems) adds modular space solutions as a new Specialty vertical, is expected to be EPS-accretive in year one, and extends a record of 13 bolt-ons and 51 greenfields opened in FY2026 alone.
• Through-the-cycle cash generation and shareholder returns: FY2026 free cash flow was $2,055m, funding $1,413m of buybacks and $464m of dividends ($1.88bn total returns); a fresh $1.5bn buyback programme began 2 March 2026 and net leverage sits at 1.6x, comfortably inside the 1–2x target.
• Constructive FY2027 outlook: Guidance calls for total revenue growth of 4.5–7.5%, rental revenue growth of 5–8% and adjusted EBITDA of $4.85–5.05bn, with gross rental capex stepping up to $2.45–2.85bn — a reacceleration of fleet investment after two restrained years.

Bear Case

• Margin compression: FY2026 adjusted EBITDA margin fell 210bps to 41.9% (Q4: down 400bps to 38.7%) on a higher mix of lower-margin Specialty and ancillary revenue, internal repair and repositioning costs, and growth investment; adjusted operating profit margin dropped 180bps to 22.4%.
• Earnings went backwards: FY2026 GAAP EPS fell 11.5% to $3.15 and adjusted EPS slipped 1.6% to $3.72, weighed by restructuring and relisting costs, higher stock-compensation expense and a higher effective tax rate.
• Soft local construction and an ageing fleet: General Tool rental revenue grew just 2.1% for the year as local non-residential construction completions outpaced starts, and average fleet age rose to 53 months (from 49), which can raise repair costs and eventual replacement capex.
• UK drag and interest burden: The UK segment earned only a 6.3% adjusted operating margin (restructuring announced December 2025), while total debt of $7.6bn at ~5% average cost keeps net interest expense near $390m a year; the debt-to-net-income ratio rose to 5.7x as earnings dipped.

3. Business Segments

Sunbelt reports three segments. FY2026 revenue split from the results release:

Segment	% of revenue	What it is
North America — General Tool	58.3% ($6,507m)	Core construction and industrial equipment rental (aerial work platforms, forklifts, earthmoving, tools) across the US and Canada; 814 stores
North America — Specialty	33.3% ($3,715m)	Higher-growth niches: Power & HVAC (incl. load banks), climate control, flooring, temporary fencing, structures and walls, trench safety, scaffold, film & TV and, from May 2026, modular space (Aries); 614 stores
United Kingdom	8.4% ($932m)	Sunbelt Rentals UK equipment rental; 183 stores; under operational restructuring to lift returns

4. How They Make Money

Renting a $19bn fleet at high dollar utilization. Sunbelt buys equipment at scale, rents it out and earns back a multiple of the purchase price over the asset's life. Group dollar utilization (trailing rental revenue over original equipment cost) was 55% in FY2026 — 47% in General Tool and 75% in Specialty — with rental rates described as stable. Equipment rental generated $10.3bn of the $11.2bn of FY2026 revenue; the balance came from selling used fleet, new equipment, merchandise and consumables.

Scale advantages in a fragmented market. As the number-two player in North American equipment rental, Sunbelt clusters stores in metro markets, cross-sells Specialty lines to General Tool customers (management noted almost 50% of revenue comes from customers renting both General Tool and three or more Specialty lines), and uses its balance sheet to buy bolt-ons and open greenfields that smaller rivals cannot match.

Capital allocation drives per-share growth. Free cash flow after fleet capex funds bolt-on M&A, a progressive dividend (moving to quarterly payments in fiscal 2027) and buybacks — the share count fell ~3.6% in FY2026 — while net leverage is held between 1x and 2x adjusted EBITDA.

5. Financial Health

Figures from company results announcements (Ashtead Group IFRS reporting through FY2025; US GAAP from FY2026, with FY2025 comparatives restated under US GAAP where shown). The fiscal year ends 30 April. Revenue dipped slightly in FY2025 on lower used-equipment sales before returning to a record in FY2026.

Fiscal Year	Revenue	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2022	$7,962m	+19.9%	$2.81¹	$3.07	$0.80	$5,180m²
FY2023	$9,667m	+21.4%	$3.68¹	$3.89	$1.00	$6,595m²
FY2024	$10,859m	+12.3%	$3.66¹	$3.87	$1.05	$7,995m²
FY2025	$10,791m	−0.6%	$3.56³	$3.78³	$1.08	$7,500m
FY2026	$11,154m	+3.4%	$3.15	$3.72	$1.125	$7,033m

¹ FY2022–FY2024 EPS are statutory basic EPS under IFRS as reported by Ashtead Group plc (280.9¢, 368.4¢, 365.8¢); adjusted EPS excludes intangible amortisation and exceptional/non-recurring items. ² FY2022–FY2024 long-term debt is non-current borrowings (senior secured bank debt plus senior notes, excluding lease liabilities) per the annual results. ³ FY2025 as restated under US GAAP in the FY2026 release ($3.56 basic EPS; as originally reported under IFRS: statutory basic EPS 346.5¢, adjusted EPS 369.5¢).

Quarterly disclosure begins with the US listing; figures below are from the FY2026 fourth-quarter release (most recent first):

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q4 FY2026 (Feb–Apr 2026)	$2,754m	$0.74	$0.55
Q4 FY2025 (comparative)	$2,529m	$0.81	$0.76
FY2026 total	$11,154m	$3.72	$3.15

Balance sheet at 30 April 2026: long-term debt $7,033m plus $550m of short-term debt and current maturities (total debt $7,583m), cash $29m, net debt $7,554m, net leverage 1.6x adjusted EBITDA. Stockholders' equity was $7,409m. FY2026 operating cash flow was $3,784m; gross capital expenditure was $2,194m ($1,842m rental fleet + $352m non-rental), and depreciation and amortisation was $2,309m. Free cash flow (company definition, after $465m of disposal proceeds) was $2,055m. Availability under the senior secured credit facility was $3,540m, with facilities committed for an average of five years at ~5% cost.

6. Valuation Snapshot

Raw metrics, July 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$30.8bn (share price ~$75.22, 10 July 2026)
Enterprise value	~$38.4bn (market cap ~$30.8bn + total debt $7,583m − cash $29m per FY2026 balance sheet)
Trailing P/E (GAAP)	~23.9x (price ~$75.22 / FY2026 GAAP EPS $3.15; ~20.2x on adjusted EPS of $3.72)
P/E (forward)	n/a — the company guides FY2027 revenue and adjusted EBITDA, not EPS
P/S (TTM)	~2.8x (market cap ~$30.8bn / FY2026 revenue $11.15bn)
EV/EBITDA (TTM)	~8.5x on GAAP EBITDA (EV ~$38.4bn / FY2026 EBITDA $4,497m); ~8.2x on adjusted EBITDA of $4,677m
P/FCF	~15.0x (market cap ~$30.8bn / FY2026 free cash flow $2,055m; FCF = operating CF $3,784m − gross capex $2,194m + equipment disposal proceeds $465m per the FY2026 cash flow statement)
52-week high	$86.68
52-week low	$60.42
Short interest (% of float)	— not published for this period; the stock only began NYSE trading on 2 Mar 2026 and consolidated figures are not yet widely reported (verify at nasdaq.com/market-activity/stocks/sunb or MarketBeat)
Days to cover	— see short interest note above
Dividend yield	~1.5% ($1.125 FY2026 dividend at ~$75)

7. What Are They Building

The Sunbelt 4.0 strategy is about densifying the North American network and tilting the mix toward Specialty. In FY2026 the company opened 51 greenfield locations, completed 13 bolt-on acquisitions for $238m, and then closed the $650m Reliant Asset Management deal on 1 May 2026 — its entry into modular space solutions (mobile offices, classrooms, storage) under the Aries Building Systems brand, opening a new Specialty vertical with cross-sell potential into its existing customer base.

Fleet investment is reaccelerating: FY2027 guidance calls for gross rental capex of $2.45–2.85bn (up from $1.84bn in FY2026) to serve mega projects — data centres, semiconductor fabs and LNG facilities — where management sees the pipeline growing from ~$840bn (FY23–FY25) to more than $1.3 trillion (FY26–FY28). In the UK, a restructuring announced in December 2025 aims to lift segment returns through operational efficiency and rate improvement. The March 2026 NYSE primary listing itself is part of the build: a US-domiciled, US GAAP, dollar-reporting company positioned for potential inclusion in major US indices and a deeper investor base, with a new $1.5bn buyback running alongside.

8. Competitive Landscape

North American equipment rental remains fragmented, with the top players gaining share. Key listed peers:

Peer	Market cap (July 2026)	Key 2025 metric
United Rentals (URI)	~$68bn	Industry number one by revenue; market cap roughly double Sunbelt's (~C$94.7bn quoted July 2026)
Herc Holdings (HRI)	~$5.0bn	Third-largest US rental player; market cap up from ~$4.4bn in May 2026 after absorbing the H&E Equipment acquisition
WillScot Holdings (WSC)	~$4.8bn (2 Jul 2026)	Modular space and storage leader — the incumbent Sunbelt now challenges directly via Aries Building Systems

Sunbelt (~$30.8bn market cap) sits firmly second behind United Rentals in North America, with its Specialty mix (75% dollar utilization) as the key differentiator against both URI and smaller regional players.

9. Leadership & Insider Activity

Brendan Horgan has been chief executive officer since 2019, having run the Sunbelt US business; Alex Pease is chief financial officer. The board and reporting structure transitioned to US-domiciled Sunbelt Rentals Holdings, Inc. on 2 March 2026. Section 16 insider filings since the NYSE listing show equity-compensation activity rather than open-market trades:

Name	Date	Type	Shares	Price	Value	Plan Type
Brendan Horgan (CEO)	27 Feb 2026	Grant — common stock and deferred stock units (listing transition of existing awards)	469,979 + 12,890 DSUs	$0.00 (award)	—	Equity compensation
Brendan Horgan (CEO)	02 Mar 2026	Grant — common stock	257,422	$0.00 (award)	—	Equity compensation
Barbara Clark (SVP & Chief Accounting Officer)	19–20 Jun 2026	Disposition — shares withheld for tax on vested PSUs/RSUs	2,362	$86.06	~$0.20m	Tax withholding

Note: these filings reflect equity awards carried over in the redomiciliation and routine tax withholding; there has been no material insider open-market buying or selling by CEO Brendan Horgan or other executives since the NYSE listing began in March 2026.

10. Risks

• Construction cycle exposure (Macro): Rental demand tracks non-residential construction; local commercial construction remains soft with completions outpacing starts, and a downturn in mega-project activity (data centres, semiconductors, LNG) would remove the main growth engine.
• Margin pressure (Operational): Adjusted EBITDA margin fell 210bps in FY2026 on mix shift, repair and repositioning costs and growth investment; if utilization or rates weaken while the cost base grows, margins could compress further before scale benefits return.
• Acquisition and integration risk (Operational): The strategy leans on continuous bolt-ons plus the $650m Reliant deal in a new vertical (modular space) where incumbents like WillScot are entrenched; overpaying or mis-integrating acquisitions would depress returns on the $17.6bn adjusted net asset base.
• Leverage and interest costs (Financial): Total debt of $7.6bn at ~5% average cost consumed $387m of net interest in FY2026, and the debt-to-net-income ratio rose to 5.7x; while net leverage of 1.6x adjusted EBITDA is within target, a demand shock plus committed capex would test that flexibility.
• Fleet economics (Operational): Average fleet age rose to 53 months from 49; older fleet raises maintenance costs, and catching up on replacement capex ($2.45–2.85bn guided for FY2027) reduces free cash flow at the same time used-equipment values normalise.
• UK segment underperformance (Operational): The UK earns just a 6.3% adjusted operating margin with local-currency rental revenue declining; the December 2025 restructuring carries execution risk and further impairment charges are possible.
• Index and flow transition (Financial): Following the FTSE 100 exit, the shareholder register is still rotating toward US investors; until potential inclusion in major US indices, the stock may see lighter passive demand than comparable US large caps.

11. Recent Developments

• 23 Jun 2026 — FY2026 results: record revenue, margins pressured. Revenue of $11,154m (+3.4%) with Q4 rental revenue up 8.0%; FY GAAP EPS $3.15 (−11.5%), adjusted EPS $3.72 (−1.6%); adjusted EBITDA $4,677m at a 41.9% margin (−210bps). FY2027 guidance: revenue +4.5–7.5%, adjusted EBITDA $4.85–5.05bn. A final dividend of $0.75 was declared (FY total $1.125, +4%), with a move to quarterly dividends planned for fiscal 2027.
• 23 Jun 2026 — Reliant Asset Management acquisition announced. Sunbelt disclosed it closed the $650m purchase on 1 May 2026; Reliant (trading as Aries Building Systems) rents and sells modular structures, mobile offices, classrooms and storage, adding a new Specialty vertical expected to be EPS-accretive in year one.
• 02 Mar 2026 — NYSE primary listing began. Shares commenced trading as SUNB on the New York Stock Exchange, completing the US redomiciliation from Ashtead Group plc (one SUNB share per Ashtead share); a new $1.5bn share buyback programme started the same day, and the LSE listing became secondary.
• 24 Feb 2026 — $1.5bn buyback completed. The buyback programme launched in December 2024 completed, with $1,413m repurchased across the two programmes during fiscal 2026.
• Dec 2025 — UK restructuring announced. Operational restructure of the UK segment to improve returns on capital; FY2026 restructuring costs (UK plus relisting) totalled $134m before tax across staff, impairment and other items.

12. Key Dates & What to Watch

• 24 Jul 2026 — final dividend of $0.75 per share paid (record date 10 Jul 2026) — the last payment under the semi-annual scheme.
• Expected Sep 2026 — fiscal Q1 2027 results (quarter ending 31 July 2026); watch General Tool growth versus the 5–8% FY2027 rental revenue guide and the first contribution from Aries Building Systems.
• Expected Oct 2026 — details of the first quarterly dividend under the new fiscal 2027 quarterly-payment policy.
• Expected Dec 2026 — fiscal Q2 2027 results and progress on the new $1.5bn buyback programme.
• TBC — potential inclusion in major US equity indices following the March 2026 redomiciliation; timing depends on index providers' eligibility reviews.

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