Ashtead Group (LON:AHT) Extends $1.5bn Buyback as US Listing Nears

Ashtead Group plc, the FTSE 100 owner of Sunbelt Rentals, has kicked off Wednesday’s trading session with yet another share buyback announcement, underlining how central capital returns have become to the investment case ahead of its planned New York primary listing.

Ashtead share price today: steady after four-day winning streak

Ashtead shares were trading around 4,750–4,760p in London late morning on 26 November 2025, modestly above Tuesday’s close of 4,747p, according to live pricing from Investing.com and Ashtead’s own investor site. ^[1]

Data from Investing.com’s daily history shows the stock has been volatile but broadly range‑bound in November:

26 Nov 2025: close around 4,741p, down slightly from the previous day
25 Nov 2025: close 4,747p, with an intraday low of 4,681p and high of 4,777p
24 Nov 2025: close 4,705p after trading between 4,676p and 4,774p ^[2]

Over the last couple of weeks the share price has drifted lower overall, with one technical service estimating a roughly ‑2.9% loss over the last two weeks despite gains on the last four sessions. ^[3]

In 52‑week terms, the stock has travelled between 3,659p and 6,400p, placing today’s price closer to the middle of that range than the peak reached before last year’s profit warning. ^[4]

Fresh RNS on 26 November: another 96,589 shares repurchased

The main news today is regulatory rather than operational: Ashtead has reported a fresh block of share repurchases under its up to $1.5bn buyback programme, first launched in December 2024. ^[5]

In a Regulatory News Service (RNS) announcement dated 26 November 2025, the company confirmed it bought back 96,589 ordinary shares on 25 November 2025 for treasury: ^[6]

Average price paid: 4,734.2566p per share
Low / high price: 4,681p – 4,776p
Broker: J.P. Morgan Securities plc
New share count (excluding treasury): 418,777,006
Treasury shares held: 32,577,827

That single day’s purchase represents roughly 0.02% of Ashtead’s issued share capital (excluding treasury shares), but it’s part of a much more aggressive ongoing pattern.

November 2025: a drumbeat of daily buybacks

Today’s filing follows a series of almost rhythmical RNS notices this month, each recording similar‑sized daily purchases:

25 Nov RNS (covering 24 Nov): 96,450 shares repurchased at an average price of about 4,724p, leaving 418,873,595 shares in issue. ^[7]
24 Nov RNS (covering 21 Nov): 98,133 shares bought back as part of the same programme. ^[8]
Earlier in November, additional filings recorded buybacks around the 90,000–100,000 share mark on individual days. ^[9]

Taken together, the latest three disclosed trades alone add up to just over 291,000 shares, or about 0.07% of the equity base, retired (or at least parked in treasury) in less than a week.

The pattern is clear: Ashtead is using daily market operations to steadily shrink its free float, leaning hard into the $1.5bn authority it announced alongside its move‑to‑US‑listing plan. ^[10]

Why is Ashtead buying back so much stock?

1. Strong cash generation and modest leverage

Ashtead’s full‑year results to 30 April 2025 help explain why the board is comfortable returning so much cash: ^[11]

Rental revenue: up 4% to $9.98bn
Adjusted EBITDA: up 3% to $5.0bn
Free cash flow: about $1.8bn, near record levels
Net debt / adjusted EBITDA:1.6x, a conservative leverage ratio for a capital‑intensive rental group

Although total revenue and profit dipped modestly year‑on‑year – as lower used‑equipment sales and softer US construction weighed on margins – the underlying rental business remained resilient, and the company emphasised the “through‑cycle, cash‑generative power” of its model. ^[12]

In its Q1 2025/26 update, Ashtead reiterated that the $1.5bn buyback is designed to be executed over roughly 18 months, and highlighted that hundreds of millions of dollars had already been spent repurchasing shares, funded out of operating cash flow rather than excessive borrowing. ^[13]

2. A big US‑centric growth story at a mid‑cycle multiple

Ashtead is, in effect, a largely North American rental giant headquartered in London. Through its Sunbelt Rentals brand in the US, UK and Canada, it rents everything from aerial work platforms and earthmoving equipment to power, climate control and specialty industrial gear. ^[14]

Its multi‑year “Sunbelt 4.0” strategy continues to add greenfield locations and bolt‑on acquisitions to capture secular growth in mega‑projects such as data centres, semiconductor plants and LNG infrastructure. ^[15]

Despite that, valuation screens show Ashtead trading on an EV/EBITDA of around 5.5x based on trailing twelve‑month numbers as of 26 November 2025 – not a demanding multiple for a business with strong cash generation and double‑digit returns on equity. ^[16]

Analyst sentiment: cautious but turning more constructive

The market’s view on Ashtead has been clouded ever since its December 2024 profit warning and announcement that it would seek a primary listing on the New York Stock Exchange, while keeping a secondary listing in London. ^[17]

At that time, the group trimmed revenue guidance to 3–5% growth for the year ending April 2025 (down from 5–8%), citing a softer US construction backdrop, and promised both the $1.5bn buyback and a strategic move “west” to align its listing with where it earns the bulk of its profits. ^[18]

Fast‑forward to late 2025, and the tone of analyst coverage is mixed but arguably improving:

A recent Simply Wall St / Yahoo Finance piece noted that Ashtead has reaffirmed earnings guidance for FY2025 and FY2026, despite sector caution, and highlighted fresh broker updates. ^[19]
That same article flagged a rating upgrade from BNP Paribas Exane to “Outperform”, helping shift the “narrative” away from last year’s downgrades. ^[20]
On the other hand, RBC Capital Markets has recently reiterated an “Underperform” stance on the group’s US depositary receipts, underscoring ongoing concerns about the US construction cycle and competitive intensity. ^[21]

A detailed investor outlook published by DirectorsTalk on 24 November 2025 paints a picture of cautious optimism: ^[22]

Current London share price cited at 4,701p
Average analyst target price:5,724.57p
Implied upside: about 21.8%
Broker mix: 9 Buy, 7 Hold, 1 Sell

Technical indicators in that piece also suggest the shares are in oversold territory, which, combined with ongoing buybacks, is exactly the cocktail many value‑oriented investors look for.

ESG and balance sheet actions beyond buybacks

Today’s buyback is not happening in isolation. Over the past few months, Ashtead has also:

Published its 2025 Sustainability Report, outlining progress on emissions, safety and community initiatives across the Sunbelt footprint. ^[23]
Launched a consent solicitation via subsidiary Ashtead Capital Inc. to amend terms on certain outstanding notes – another step in active balance‑sheet management. ^[24]

Both moves support the broader picture of a company trying to align its capital structure and ESG profile with the deeper US capital markets it plans to call home.

Strategy spotlight: the road to a US primary listing

The plan to move Ashtead’s primary listing to New York – and rebrand the listed parent to Sunbelt Rentals – remains one of the biggest medium‑term catalysts for the stock. ^[25]

When the proposal was first unveiled in late 2024, Ashtead said it expected the move to complete within 12–18 months, putting an indicative timeline somewhere between early 2026 and mid‑2026, subject to shareholder and regulatory approvals. ^[26]

For investors, that matters because:

Most of Ashtead’s revenues and profits are already generated in North America. ^[27]
US markets typically assign higher multiples to large equipment rental names such as United Rentals, which Ashtead frequently cites as a peer. ^[28]
A US primary listing could broaden the shareholder base and potentially reduce the “London discount” that many UK‑listed multinationals complain about. ^[29]

Against that backdrop, today’s incremental buyback announcement can be read as part of a longer‑running plan to tighten the share count before any future re‑rating catalyst.

Key risks still on the radar

Even with today’s positive capital‑allocation headlines, investors following Ashtead’s story should keep a few risks in mind:

US non‑residential construction softness: The same factors cited in late 2024 – slower local commercial projects, higher interest rates and lingering cost pressures – have not fully disappeared, even as mega‑project pipelines look robust. ^[30]
Cyclical end‑markets: Equipment rental is highly cyclical. A sharper‑than‑expected slowdown in construction or industrial activity could hit utilisation rates and pricing. ^[31]
Execution risk around the US listing: Regulatory approvals, index changes and potential shifts in investor base all carry uncertainty, particularly for existing UK‑only institutions. ^[32]

Analyst commentary from RBC and others also highlights the possibility that, even after the profit reset, consensus earnings expectations may still prove optimistic if the US cycle weakens further. ^[33]

What today’s 26 November buyback news means for investors

For 26 November 2025, the takeaway is straightforward:

Ashtead is continuing to execute its $1.5bn share repurchase programme, with a fresh 96,589 shares bought back at an average of around 4,734p yesterday. ^[34]
The share price is broadly steady around the mid‑4,700s to 4,700‑plus range, after several days of gentle gains. ^[35]
Analysts see meaningful upside to target prices, but the sector backdrop and profit‑warning scars mean sentiment is still divided. ^[36]

For existing or prospective shareholders, the core questions now are:

Will the combination of buybacks, US listing and secular infrastructure demand be enough to drive a sustained re‑rating?
Or will macro and construction‑cycle headwinds keep a lid on the multiple, even as earnings grow?

What’s clear is that management is signalling confidence in the long‑term story by consistently buying in shares at today’s valuation.

This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Always do your own research or consult a qualified financial adviser before making investment decisions.