Hertz Global Holdings Inc.: Fundamentals showing clear progress, but liquidity remains in focus

Research evidence excerpt

Hertz Global Holdings Inc.: Fundamentals showing clear progress, but liquidity remains in focus

Equity Research

U.S. Autos & Mobility

11 May 2026

Hertz Global Holdings Inc.

Fundamentals showing clear

progress, but liquidity remains in

HTZ UNDERWEIGHTfocus

Unchanged

Key takes: 1. 1Q EBITDA beat amidst +ve pricing trends, U.S. Autos & Mobility NEUTRAL

industry/internal; 2. '26 margin guide of 3-6% reaffirmed with Unchanged

RPD growth to offset lower rental days and fleet growth, 2Q Price Target UnchangedUSD 3.00

y/y RPD growth to exceed 1Q; 3. Liquidity questions continue, Price (11-May-26) USD 6.19

corporate debt remains key overhang. Reiterate UW and $3 Potential Upside/Downside -51.5% Source: Bloomberg, Barclays Research

PT

Market Cap (USD mn) 1950

HTZ's 1Q result reminded us of the ongoing contrasting dynamics facing the company. Shares Outstanding (mn) 315.05

Free Float (%) 38.39

On one hand, fundamentals are trending positively – reflecting not only improved market 52 Wk Avg Daily Volume (mn) 9.3

dynamics, but also signs that HTZ's strategic turnaround is making clear progress. HTZ posted Dividend Yield (%) N/A

its first positive quarter on pricing in three years, and its best pricing quarter in four years. Return on Equity TTM (%) N/A

Moreover, the trends are likely to continue – HTZ expects RPD improvement to accelerate in 2Q, Current BVPS (USD) -2.50

and we assume the rental industry is likely to benefit from the World Cup in 2Q/3Q. And Source: Bloomberg

alongside improved DPU / strength in residual values, there is potential for EBITDA trajectory to

improve. Price Performance Exchange-Nasdaq

52 Week range USD 8.44-3.77

Yet we believe the question remains around liquidity. HTZ noted that its liquidity is limiting its

vehicle capacity growth for now.