EquipmentShare.com Inc "Model updates post Q1" (Neutral) Fisher

Research evidence excerpt

EquipmentShare.com Inc "Model updates post Q1" (Neutral) Fisher

Global Research

28 May 2026ab

EquipmentShare.com Inc Equities

United StatesModel updates post Q1

Industrial Services

12-month rating Neutral

Expect strong organic growth, but balanced by inflationary pressures

EQPT continues to outgrow the rental market and peers as they make progress on their 12m price target US$24.00

plan to double their branches in the next five years. In the near term, we expect Prior : US$36.00

continued outgrowth. We think this optimism is balanced by the breadth of execution

Price (28 May 2026) US$22.92

factors that need to be met, as EQPT is making more aggressive investments relative to

the industry. RIC: EQPT.O BBG: EQPT US

One incremental risk factor in recent months is the additional inflationary Trading data and key metrics

pressures and other macroeconomic factors/interest rates. The broad growth 52-wk range US$34.63-18.40

investments EQPT is making in this environment adds a higher degree of cost Market cap. US$6.10b

uncertainty. Also the model is more financially levered, due to the growth, which Shares o/s 266m (COM)

adds an element of risk as interest rates rise. Free float 12%

We are seeking broader evidence of EQPT gaining share amongst key markets and Avg. daily volume ('000) 1,943

customers, while delivering returns and delevering. Avg. daily value (m) US$43.5

Common s/h equity (12/26E) US$1.35b

Weighing the balance of the growth vs. these factors, we remain Neutral rated. P/BV (12/26E) 3.5x

The bull case is that EQPT executes their organic growth program broadly well, Net debt to EBITDA (12/26E) 2.2x

and exceeds expectations, taking share from the largest rental companies. The

EPS (UBS, diluted) (USD)

case also reflects improving returns and cash flow over time.