Jul. 3 at 12:50 AM
Started a position in
$HTZ today.
I'm not buying because the chart looks good.
Here's what caught my attention
Market cap has fallen to roughly
$665M after the recent selloff.
Revenue grew to
$2.0B in Q1 2026 — the strongest year-over-year growth in three years.
Adjusted Corporate EBITDA improved to -
$161M, nearly a 50% improvement versus the prior year.
Depreciation per unit fell dramatically from 2024 levels and was approximately
$312 per vehicle per month, a key turnaround metric.
Fleet utilization remained around 79%.
The market erased roughly
$900M of equity value following the financing announcement and weaker outlook while the company sought to raise about
$100M in common equity. Whether that proves to be an overreaction or a fair repricing is what I'm betting on.
The next major checkpoint is the August earnings report. If EBITDA, depreciation, fleet utilization, and profitability continue improving, I'll look to add. If the operational thesis weakens, I'll reassess.
