James Wilen's questions to U-Haul Holding Co (UHAL) leadership • Q4 2025
Question
James Wilen of Wilen Investment Management highlighted a perceived valuation gap, asking about share repurchases, the reason for a decline in P&C operating profit, and the possibility of selling the insurance business to unlock value.
Answer
Chairman & CEO Edward Joe Shoen acknowledged the valuation comment but is not currently pushing for a buyback, citing liquidity needs. CFO Jason Berg explained the P&C profit decline was due to mark-to-market losses on its stock portfolio. Shoen called selling the insurance business a "valid consideration" that is discussed internally.