Avis Budget Group
CAR on Nasdaq. Avis Budget Group rents cars and trucks to travelers and businesses. Market value $3.8bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Industrials stocks on the list
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 45 cents a year. Above 10 is good.
Quality score: 70 of 100. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$112.65 a share, 31% above its 1-year low
Over the past year the price has ranged from $85.96 to $847.70.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $9.3bn | $12.0bn | $12.0bn | $11.8bn | $11.7bn |
| Operating margin | |||||
| Operating margin | 20.7% | 32.4% | 18.4% | -19.2% | -4.4% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.04bn | 0.04bn | 0.04bn | 0.04bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)2 of 7 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsStrong, 16.6% a year
- Buying back its own sharesYes, 15% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $3 billion last quarter, about the same as a year ago.
- Profit: $35 million, up 775% on a year ago.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $5.5 billion more than cash, about the same as a year ago.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $3.5bn |
| December 2024 | $2.7bn |
| March 2025 | $2.4bn |
| June 2025 | $3.0bn |
| September 2025 | $3.5bn |
| December 2025 | $2.7bn |
| March 2026 | $2.5bn |
| June 2026 | $3.0bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $237m |
| December 2024 | -$2.0bn |
| March 2025 | -$505m |
| June 2025 | $4m |
| September 2025 | $359m |
| December 2025 | -$747m |
| March 2026 | -$283m |
| June 2026 | $35m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 19 February 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 302 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Manhattan Co.First Manhattan partners | $2m | <0.1% | Cut |
Largest holders overall
- SRS Investment Management$2.6bn
- UBS Group AG$375mCut
- Pentwater Capital Management LP$372mCut
- Morgan Stanley$300mCut
- HSBC Holdings$248m
- BlackRock$245m
- Nomura Holdings$237mAdded
- National Bank of Canada$209mAdded
- Vanguard Capital Management$117mAdded
- Vanguard Portfolio Management$112mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- Pentwater Capital Management LPPassive investorat least 7.3%−14.9 pts(filed with 1 related holder)Since 30 April 2026
- Morgan StanleyPassive investor5.6%Since 31 December 2025
- THE GOLDMAN SACHS GROUP, INC.Passive investorat least 4.3%−3.3 pts(filed with 1 related holder)Since 30 September 2025
- G1 Execution Services, LLCPassive investorat least 3.6%−2.8 pts(filed with 5 related holders)Since 31 December 2025
- FMR LLCPassive investorat least 3.1%−3.2 pts(filed with 1 related holder)Since 30 June 2025
- BlackRock, Inc.Passive investorSold down below 5%Since 31 March 2025
- NOMURA HOLDINGS INCPassive investorSold down below 5%Since 31 December 2025
- JANE STREET GROUP, LLCPassive investorSold down below 5%Since 31 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Pentwater Capital Management LP Passive investor | at least 7.3%−14.9 pts (filed with 1 related holder) | 30 April 2026 | |
Morgan Stanley Passive investor | 5.6% | 31 December 2025 | |
THE GOLDMAN SACHS GROUP, INC. Passive investor | at least 4.3%−3.3 pts (filed with 1 related holder) | 30 September 2025 | |
G1 Execution Services, LLC Passive investor | at least 3.6%−2.8 pts (filed with 5 related holders) | 31 December 2025 | |
FMR LLC Passive investor | at least 3.1%−3.2 pts (filed with 1 related holder) | 30 June 2025 | |
BlackRock, Inc. Passive investor | Sold down below 5% | 31 March 2025 | |
NOMURA HOLDINGS INC Passive investor | Sold down below 5% | 31 December 2025 | |
JANE STREET GROUP, LLC Passive investor | Sold down below 5% | 31 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 3 sold $3m.
- Simhambhatla RaviEVP, CDIO - see remarksSold
- Date
- 7 August 2026
- Shares
- 4,702
- Price
- $138.79
- Value
- $652,575
- Simhambhatla RaviEVP, CDIO - see remarksSold
- Date
- 30 April 2026
- Shares
- 3,469
- Price
- $184.09
- Value
- $638,608
- Linnen Edward PEVP, Chief HR OfficerSold
- Date
- 30 April 2026
- Shares
- 9,483
- Price
- $182.32
- Value
- $2m
- KROMINGA LYNNDirectorSold
- Date
- 20 February 2026
- Shares
- 1,950
- Price
- $91.54
- Value
- $178,503
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 7 August 2026 | Simhambhatla Ravi EVP, CDIO - see remarks | Sold | 4,702 | $138.79 | $652,575 |
| 30 April 2026 | Simhambhatla Ravi EVP, CDIO - see remarks | Sold | 3,469 | $184.09 | $638,608 |
| 30 April 2026 | Linnen Edward P EVP, Chief HR Officer | Sold | 9,483 | $182.32 | $2m |
| 20 February 2026 | KROMINGA LYNN Director | Sold | 1,950 | $91.54 | $178,503 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 Feb 2026, plus the 10-Q filed 29 Jul 2026 and 14 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.