“BUILDING THE FUTURE OF CONSTRUCTION”

EquipmentShare is a technology-driven construction equipment rental and solutions provider that serves contractors, builders, and equipment owners across the United States. Founded in 2015 and headquartered in Columbia, Missouri, the company offers a comprehensive range of heavy equipment and tooling rental services, from excavators and aerial work platforms to material handlers and specialized construction machinery. What differentiates EquipmentShare is its proprietary T3 platform, a centralized telematics and fleet management system that provides real-time insights into equipment location, utilization, and maintenance needs. The company competes with established players like United Rentals and Herc Rentals while positioning itself as an innovative, technology-first alternative in a traditionally low-tech, asset-heavy sector.

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Business Model

EquipmentShare generates revenue through three primary channels: equipment rentals, technology subscriptions, and equipment sales. Its core rental business offers daily, weekly, and four-week rental rates through a nationwide network of locations. The company has developed a unique capital-light financing structure called the OWN program, under which it sells rental equipment to third-party investors who immediately lease the equipment back to EquipmentShare.

This model allows the company to maintain operational control while sharing rental income with equipment owners, enabling rapid fleet expansion without heavily burdening its balance sheet. As of March 2025, over 50% of its total fleet under management (representing $3.6 billion in original equipment cost) is funded through the OWN program. Beyond rentals, EquipmentShare monetizes its T3 technology platform through software subscriptions and generates additional revenue through equipment sales, parts, and tools.

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Scale and Growth

• Revenue: $3.76B in 2024 revenue, up 47.22% YoY, significantly outpacing industry growth
• Market Position: One of the largest U.S. equipment rental provider by revenue
• Footprint: 373 locations across 45 states, with plans to expand to 600 branches
• IPO: Filed for a Nasdaq IPO under ticker EQPT in December 2024
• Growth Drivers: Geographic expansion, tech-enabled rentals, and $3.6B OWN-funded fleet
• Thin profitability: $2.4M net income in 2024, down from $17.4M in 2023, reflecting margin compression during rapid expansion

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Competitive Edge

The construction equipment market is split between traditional, asset-heavy rental providers and asset-light, technology-driven platforms:

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• Traditional Rental Giants: United Rentals, Herc Rentals, and Sunbelt Rentals dominate with extensive owned fleets.
• Pure Software Players: Samsara and Fleetio offer fleet management technology without equipment ownership.
• Marketplace Platforms: BigRentz, Dozr, and klarx connect equipment owners with renters.
• EquipmentShare's Position: Combines owned fleet with T3 telematics, bridging traditional rental and technology models.

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Targeted Impact

EquipmentShare empowers construction with technology-driven solutions to boost efficiency, sustainability, and community impact.

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What Comes Next?

EquipmentShare is expanding cloud telematics and digital tools as it prepares for a Nasdaq IPO after filing to go public.

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Who will benefit?

Construction contractors and job site managers seek efficient equipment rental, fleet management, and technology solutions.

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EquipmentShare's Timeline

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Bull and Bear Case

Prominent News

EquipmentShare: $2.75 Billion Credit Facility Secured For Construction Technology, December 10, 2025 - EquipmentShare closed a $2.75 billion senior secured credit facility to strengthen its capital base and support technology and nationwide expansion. Click here to read more.

EquipmentShare.com files for IPO, plans Nasdaq listing under ticker EQPT, December 9, 2025 - EquipmentShare filed for an IPO, seeking a Nasdaq listing under EQPT after rapid nationwide expansion and strong revenue growth.Click here to read more

EquipmentShare faces lawsuit from former board member alleging fraud, undisclosed related-party deals, October 23, 2025 - An early investor sued EquipmentShare in Texas alleging fraud, undisclosed related-party deals, and seeking reinstatement. Click here to read more.‍

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Revenue

The graph below displays the revenue and revenue growth of EquipmentShare from 2019 to 2025.

• EquipmentShare's revenue decreased 0.53% year-over-year to $3.74 billion in 2025

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Return on Investment (ROI)

The graph below displays EquipmentShare's ROI over the past 180, 90, and 30 days, computed as of December 15, 2025.

• 180D: ↑ +159.35% since June 19, 2025‍
• 90D: ↑ +71.68% since September 17, 2025‍
• 30D: ↑ +33.43% since November 16, 2025

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Funding Round in USD

• Primary Funding Round: EquipmentShare raised $99.75 million in Series E on May 04, 2022, at a $4.1B valuation and a share price of $15.48
• Investors:  Series E saw participation from ‍‍
• Secondary Market Valuation: $9.37 billion on December 15, 2025, according to PM Insights‍

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Primary Round Valuation

<span class="date">2022-05-04</span>
<span class="value">$4.1B</span>

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Secondary Market Valuation

<span class="date">2025-12-15</span>
<span class="value">$9.37B<span>

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Valuation Change

<span class="date">primary → secondary</span>
<span class="value green">+128.54%<span>

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Quarterly Bid-to-Ask Volume Ratio

PM Insights presents the quarterly bid-to-ask volume ratio of EquipmentShare from Q1 2024 to QTD 2025. The stacked bar chart below shows total quarterly bid and ask volumes alongside their relative ratios, illustrating market activity.

• Highest volume: $254.52 million in Q3 2024‍
• Lowest volume: $48.05 million in‍ Q1 2025‍
• Largest bid-side activity: 75%of $254.52 million in Q3 2024
• Largest ask-side activity: 98% of $48.05 million in Q1 2025
• QTD 2025 activity: 85%of $35.26 million were bids between October 1, 2025 and December 15, 2025

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Volatility of Composite Price

The volatility of the composite price is calculated based on price movements within a 90-day rolling window ending on each respective date. The graph below illustrates the trend in volatility of composite price for EquipmentShare for a one year period from December 16, 2024 until December 15, 2025.

• Volatility started at 14.57% in early December 2024 and declined to the 9.64% during mid-January
• It continued gradually decling until May, reaching a cycle low of 4.46% in early May 2025
• Volatility stepped up sharply to 19.20% and remained stable through late July
• A sudden spike in late July pushed volatility to 37.22%
• From August through October, volatility stayed elevated but stable around 32–37%
• In late October, volatility declined sharply to 13.43%
• Volatility rose to 19.45% in November, briefly dipped, and ended at a cycle high of 38.13% in December 2025

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