Sunbelt Rentals Holdings, Inc. (SUNB)

Sunbelt Rentals, operating under the Sunbelt Rentals brand and formerly organized as Ashtead Group plc prior to a 2026 redomiciliation and U.S. listing on the NYSE (with a secondary LSE listing), is one of the largest international equipment rental companies by rental revenue, operating a network of 1,611 stores across North America (1,428 stores across all 50 U.S. states, eight Canadian provinces, and one Bahamas location) and the United Kingdom (183 stores, including operations in Ireland, Germany, and the Netherlands) as of April 30, 2026. The company generated $11,154 million in revenue and $2,181 million in operating income for fiscal 2026, up from $10,791 million in revenue and $2,499 million in operating income in fiscal 2025. Its rental fleet, with an original cost of $19,231 million and averaging approximately 53 months in age, spans a broad range of construction, industrial and general-purpose equipment—including mobile elevating work platforms, skid steers, forklifts, excavators, lighting equipment and small tools—complemented by Specialty business lines such as power and HVAC, climate control, scaffold services, flooring solutions, pump solutions, trench safety, industrial tools, film and television equipment, temporary structures, ground protection, temporary fencing and temporary walls.

The company serves a highly diversified customer base ranging from multinational corporations to local contractors, individual do-it-yourselfers, service and facility management businesses, emergency response organizations, event organizers, and government entities, with approximately 800,000 U.S. customers and no single customer representing more than 1% of total revenue. The business is organized into three reportable segments: North America – General Tool (58% of fiscal 2026 revenue), which provides general construction and industrial equipment to U.S. and Canadian customers through a clustered-market approach; North America – Specialty (33% of revenue), focused on product lines with lower rental penetration in largely non-construction markets; and United Kingdom (9% of revenue), delivering a full range of General Tool and Specialty products primarily in the U.K., with limited operations in Ireland, Germany and the Netherlands. The company differentiates itself through geographic scale, a diversified and standardized rental fleet, significant purchasing power with equipment manufacturers, decentralized and incentivized local management, strong customer service capabilities supported by technology (including its Sunbelt Edge™ platform), and an established brand reputation.

Its current five-year strategic plan, Sunbelt 4.0 – Runway for Success (launched April 2024, following the prior Sunbelt 3.0 plan), focuses on five components—Customer, Growth, Performance, Sustainability and Investment—aimed at expanding fleet density and store networks (including 300–400 planned greenfield North American locations), improving operational efficiency through centralized logistics and service programs, advancing sustainability goals including a targeted 50% reduction in Scope 1 and 2 greenhouse gas intensity by 2034 and Net Zero by 2050, and maintaining disciplined capital allocation across organic growth, bolt-on acquisitions, and shareholder returns via dividends and share repurchases.