Forensic Analysis · General / Diversified · as of Jun 27, 2026
HERC HOLDINGS INC (HRI)
A forensic read on HERC HOLDINGS INC built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Distress
Financial health
0.4
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-0.3%
ROE
$5.1B
Market cap
1.82%
Dividend yield
HERC HOLDINGS INC earns a B (Sound & dependable) forensic quality grade, and its Altman Z-score is 0.4, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+59.2%Accruals ratio.Net operating assets grew +59.2% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -14% of net operating assets.
0%Return on invested capital.Return on invested capital is 0% and slipping from 6% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+1.3%/yrShare-count dilution.Diluted share count changed +4% over the last 3 years to FY2025 (+1.3%/yr). The count is GROWING — existing holders are being diluted. That's ~1.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~4%.
Key fundamentals
Net Margin0.0%
Debt / Equity4.13x
Free Cash Flow$928.0M
Latest Revenue$4.38B
Return on Equity0.1%
Revenue Growth YoY+22.6%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on HERC HOLDINGS INC:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about HRI's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown