HRI vs R: Herc and Ryder System compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Ryder System is the larger company, worth $9.3B, about 2.4 times Herc.
- Herc grew revenue faster over the last year (+20.2% vs +5.0%).
- Ryder System's price assumes faster free cash flow growth: about 5% a year, against -17% for Herc (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | HRI | R |
|---|---|---|
| Market cap | $3.9B | $9.3B |
| Share price | $123.46 | $238.55 |
| Revenue (last fiscal year) | $4.4B | $12.7B |
| Free cash flow (last fiscal year) | $928M | $459M |
| Revenue growth, last year | +20.2% | +5.0% |
| Revenue growth per year, last 5 fiscal years | +20.5% | +7.0% |
| Operating margin | — | — |
| Net margin | 1.0% | 3.9% |
| Return on equity | 2.6% | 17.2% |
| P/E (trailing) | — | 19.9x |
| Price / free cash flow | — | 20.2x |
| EV / EBITDA | 38.5x | 5.51x |
| FCF growth the price implies | -16.8% | 5.1% |
| Dividend yield | 2.3% | 1.5% |
| Debt / equity | 6.26x | 4.59x |
| Fundamental grade | C | C |
| Superinvestors holding it | 8 | 3 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Herc
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.1B | $696M | — |
| 2022 | $2.7B | $813M | — |
| 2023 | $3.3B | $930M | — |
| 2024 | $3.6B | $1.1B | — |
| 2025 | $4.4B | $928M | — |
Ryder System
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9.7B | $234M | — |
| 2022 | $12.0B | -$321M | — |
| 2023 | $11.8B | -$881M | — |
| 2024 | $12.6B | -$418M | — |
| 2025 | $12.7B | $459M | — |
Where the revenue comes from
Herc · by products, 2025
Sales of rental equipment$509M59%
Equipment rental$256M30%
Sales of new equipment, parts and supplies$63M7%
Service and other revenue$34M4%
Ryder System · by segments, 2025
FMS$5.8B43%
SCS$5.5B40%
DTS$2.3B17%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open HRI in InvestinglyQuestions
Which is bigger, Herc or Ryder System?
Ryder System (R), at $9.3B against $3.9B.
Which grows faster, HRI or R?
Herc: revenue grew +20.2% over the last year, against +5.0%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.