Apparatus apartment corporate EquipmentShare has formally filed for an preliminary public providing at the NASDAQ, revealing new information about its price range and enabling first-time comparisons with its business opponents.
The submitting, dated December 9, gives an in depth evaluation of the corporate’s efficiency during the last a number of years and a pitch for its plans for growth within the building marketplace. The collection of to be had stocks and their set value have no longer but been made up our minds.
A commentary throughout the submitting from EquipmentShare Co-Founders Jabbok and Willy Schlacks illustrates how the capital raised from the IPO will gas expansion:
“We see a transparent trail to increase our footprint to 700 apartment places, increase our adoption of our era and jobsite answers, and place EquipmentShare to seize alternative from $7 trillion of U.S. tasks within the pipeline lately.”
As soon as the IPO starts, which can see EquipmentShare indexed below the ticker “EQPT”, the corporate will sign up for the ranks of fellow apparatus apartment powerhouses United Leases, Herc Leases, and Sunbelt Leases in going public.
The total IPO submitting, coming in at over 200 pages, can also be discovered right here.
Stable Earnings Expansion
A big promoting level for the IPO is EquipmentShare’s income expansion. Since opening its first location in 2015, the corporate has reported constant year-over-year income expansion, culminating in a 47% build up to $3.8 billion for EquipmentShare’s 2024 fiscal yr.
A notable portion of that $3.8 billion in 2024 general income got here from apparatus gross sales, which rose 91% year-over-year to $1.7 billion. On the identical time, apparatus apartment income rose 24% to $1.9 billion that yr.
For the primary 9 months of its 2025 fiscal yr, EquipmentShare reported $2.8 billion in general income, up 27% from the similar duration ultimate yr.
EquipmentShare’s gross benefit has risen from $542.9 million in 2022 to $945.6 million in 2024. Web source of revenue, on the other hand, has fallen in the similar duration from $49.6 million to $2.4 million, along a rising detrimental affect from passion expense.
So far in 2025, EquipmentShare has reported a $25.2 million lack of web source of revenue, underneath the $47.2 million loss it used to be reporting on the identical time ultimate yr.
Sizing Up the Pageant
Right here’s a have a look at how EquipmentShare’s now-public price range and trade operations evaluate to its competition.
Observe: the next research will account for Sunbelt Leases’/Ashtead Workforce’s distinctive monetary calendar that concludes its fiscal yr on April 30 as an alternative of December 31.
Figures reported for United Leases come with the small portion of its trade performed outdoor North The united states.
2024 General Earnings
- United Leases*: $15.4 billion (+7.1%)
- Sunbelt Leases*: $10.8 billion (–0.6%)
- EquipmentShare: $3.8 billion (+47.2%)
- Herc Leases: $3.6 billion (+8.7%)
*comprises income from outdoor North The united states and uniqueness apartment income outdoor the apparatus business
2024 Apparatus Condominium Earnings
- United Leases: $9 billion (+1.6%)
- Sunbelt Leases*: $4.9 billion (+1.1%)
- Herc Leases: $3.2 billion (+11.1%)
- EquipmentShare: $1.9 billion (+23.5%)
*North American apparatus apartment best
Selection of North American Places
- United Leases: 1,639 (as of December 18, 2025)
- Sunbelt Leases*: 781 (as of July 24, 2025)
- Herc Leases: 612 (as of September 30, 2025)
- EquipmentShare: 373 (as of September 30, 2025)
*Apparatus apartment places best
Selection of Workers (approximate)
- United Leases: 27,900 (as of December 18, 2025)
- Sunbelt Leases: 12,695 (as of July 24, 2025)
- Herc Leases: 9,900 (as of September 30, 2025)
- EquipmentShare: 7,768 (as of September 30, 2025)
Fleet Unique Apparatus Price (OEC)
- United Leases: $22.8 billion (as of September 30, 2025)
- Sunbelt Leases (reported as North The united states “fleet measurement”): $12.5 billion (as of July 24, 2025)
- EquipmentShare: $8.1 billion (as of September 30, 2025)
- Herc Leases: $7 billion (as of December 31, 2024)
