Is U-Haul Holding Co. overvalued or undervalued?

As of 30 June 2025, U-Haul Holding Co. has moved from an expensive to a very expensive valuation grade. The company is currently overvalued based on its high P/E ratio of 42, a price-to-book value of 1.86, and an EV to EBITDA ratio of 11.89. In comparison, peers such as H&E Equipment Services, Inc. have a P/E of 34.29 and Enova International, Inc. shows a more attractive P/E of 14.65, indicating that U-Haul's valuation is significantly higher than its industry counterparts.
Recent stock performance further underscores this valuation concern, as U-Haul has underperformed against the S&P 500 across multiple time frames, with a year-to-date return of -18.22% compared to the S&P 500's 12.22%. This trend, along with the company's low ROCE of 5.24% and ROE of 4.43%, suggests that investors may be paying a premium without adequate justification from financial performance.