Ashtead Group plc – the FTSE 100 equipment rental giant behind the Sunbelt Rentals brand – is back in the spotlight on 11 December 2025 as investors digest fresh half‑year results, a new $1.5 billion share buyback and progress towards a primary listing in New York.
The combination of record free cash flow, continued capital returns and the promise of a US listing is pushing the Ashtead (LON:AHT) share price higher, even as growth slows and the US construction cycle remains a headwind.
Ashtead Group share price today (11 December 2025)
As of today’s London session, Ashtead Group shares are trading around 4,961p, up 3.68% on the day from yesterday’s close of 4,785p. Intraday, the stock has traded between 4,807p and 5,034p, with volumes a little above the recent average. [1]
Over the past 12 months, the stock is still slightly negative, with a c. –5% total price move and a 52‑week range of roughly 3,479p to 5,612p, highlighting how volatile the year has been for shareholders. [2]
According to technical data providers, Ashtead’s market capitalisation on 10 December stood at about £20.2 billion, placing it firmly among the larger FTSE 100 industrial names. [3]
Today’s bounce follows a cluster of major catalysts:
- Half‑year results to 31 October 2025
- Confirmation of a new $1.5 billion buyback
- Reaffirmed guidance and progress on the New York Stock Exchange (NYSE) relisting
- Fresh analyst commentaries and technical forecasts
Half‑year results: strong cash flow, softer earnings
On 9 December 2025 Ashtead reported its unaudited results for the half year and second quarter ended 31 October 2025, which is the first half of its fiscal 2026 year. [4]
Key numbers (in US dollars):
- Revenue: $5.76 billion (H1 FY26) vs $5.70 billion (H1 FY25), +1%
- Rental revenue: $5.36 billion vs $5.27 billion, +2%
- Adjusted EBITDA: $2.66 billion vs $2.70 billion, –2%
- Operating profit: $1.35 billion vs $1.48 billion, –9%
- Adjusted profit before tax: $1.21 billion vs $1.26 billion, –4%
- Reported profit before tax: $1.08 billion vs $1.20 billion, –10%
- Adjusted EPS: 212.1¢ vs 213.6¢, essentially flat
- Free cash flow: $1.11 billion vs $420 million, up sharply
Management attributed the drop in operating profit partly to $69 million of non‑recurring costs linked to the US relisting and UK restructuring. [5]
The free‑cash‑flow story is the real headline:
- Capital expenditure was cut from $1.7 billion to $1.3 billion in the half.
- Free cash flow jumped to $1.11 billion, which the group used for bolt‑on acquisitions and heavy shareholder payouts. [6]
In total, Ashtead returned $1.02 billion to shareholders in the first half of the year, split between $714 million of buybacks and $307 million of dividends. Net debt to adjusted EBITDA sits at 1.6x, comfortably within the company’s target range. [7]
The board declared an interim dividend of 37.5¢ per share, up 4% year on year. [8]
CEO Brendan Horgan described the half as “solid,” stressing that revenue, profit and free cash flow were in line with expectations and that the group continues to benefit from long‑term “secular tailwinds” in equipment rental, particularly around large infrastructure “mega projects”. [9]
Outlook: modest growth, big projects and cautious optimism
Ashtead has already been preparing the market for a slower growth phase. Back in June, the company guided to flat to 4% rental revenue growth for the fiscal year ending April 2026, pointing to continued weakness in US non‑residential construction but robust demand from data centres, semiconductor plants, LNG facilities and other large projects. [10]
The latest earnings call and transcript, published on 10 December, largely reaffirm that stance: [11]
- Full‑year rental revenue growth expected between 0% and 4%
- Growth capex forecast at $1.8–2.2 billion
- Free cash flow for the full year projected at $2.2–2.5 billion
- Return on investment running at about 14% over the last 12 months
Management continues to flag:
- Ongoing restructuring in the UK, with one‑off charges
- Margin pressure from repair costs and fleet age
- Macro uncertainty in the US construction market
At the same time, Horgan emphasised that Ashtead remains in a “remarkably strong position” with “significant free cash flow” being returned to shareholders, and pointed to an Investor Day in New York in March 2026 as a key moment to showcase the group’s strategy post‑relisting. [12]
New York listing and the new $1.5 billion buyback
Ashtead’s strategic pivot toward the United States has been building for over a year:
- In December 2024, the company proposed moving its primary listing from London to New York, alongside a profit warning tied to US construction softness, which initially spooked investors. [13]
- In February 2025, Ashtead said it would seek shareholder approval for the move at an extraordinary general meeting. [14]
- By mid‑2025, the company had secured shareholder backing and reiterated that the primary listing should move to the US in early 2026. [15]
The latest half‑year results update confirms that the NYSE relisting remains on track, and adds a powerful extra ingredient: [16]
- Ashtead has completed over $1.05 billion of buybacks under its current programme to date. [17]
- It is now launching a fresh $1.5 billion share buyback, scheduled to start on 2 March 2026, timed to coincide with the NYSE move. [18]
Given that Ashtead’s market value has recently hovered around $35 billion, the new programme alone is equivalent to roughly 4–5% of the company’s equity at current prices, on top of the substantial buybacks already executed. [19]
A broader UK market round‑up today notes that buybacks and capital returns are a major theme among the day’s FTSE gainers, specifically highlighting Ashtead as a beneficiary of investor enthusiasm for large capital‑return programmes and its decision to call America home. TechStock²
Business profile: a UK listing with a US heart
Ashtead may be headquartered in London and (for now) listed on the London Stock Exchange, but economically it is very much a North American business: [20]
- Operates under the Sunbelt Rentals brand in the US, Canada and the UK
- One of the largest equipment rental companies in North America, second only to United Rentals
- Revenue in the 2024 financial year: £9.63 billion, with net income of £1.60 billion
- Over 25,000 employees globally
A recent sector piece in Barron’s described Ashtead as a “beaten‑down industrial stock” whose long‑term strategy – the Sunbelt 4.0 plan – targets around $14 billion of annual revenue by 2028 (up from roughly $11 billion in 2024) and a step‑up in EBITDA from about $5 billion to $7.5 billion over that period. [21]
That same article argued that moving the primary listing to the US and executing a large buyback could unlock a valuation re‑rating as more US investors compare Ashtead directly with domestic peers. Some bullish forecasts cited in the piece pointed to potential upside of around 50% over the medium term in an optimistic macro scenario. [22]
Fresh analyst views and valuation forecasts (as of 11 December 2025)
Fundamental analysts: mildly bullish, but more cautious than before
Recent research and ratings around the 11 December 2025 news flow paint a mixed but generally constructive picture:
- A Morningstar analysis this week characterises the latest results as “really strong cash flow on otherwise sluggish results”, and describes the stock as moderately undervalued. [23]
- A separate fair‑value update from Simply Wall St / Yahoo Finance shows only a modest trim in fair value, from £58.06 to £57.25 per share, suggesting analysts still see upside from today’s c. £49–50 share price, albeit with slightly lower growth expectations than before. [24]
Consensus price targets vary by data provider:
- Investing.com aggregates views from 16 analysts and reports a 12‑month average target of about 5,810p, with a range from roughly 4,600p to 7,900p and an overall “Buy” consensus (9 buys, 7 holds, 1 sell). [25]
- DirectorsTalk, drawing on UK broker research, cites a target price range of 4,600–6,750p and an average around 5,790p, implying potential upside in the low‑to‑mid 20% range versus current levels. They also refer to a skewed recommendation mix of 9 buys, 6 holds and 1 sell. [26]
- MarketBeat – using a narrower group of brokers – records a more cautious “Hold” consensus, with a small number of analysts split between sell, hold and buy ratings. [27]
Looking at medium‑term growth assumptions, Simply Wall St’s “future growth” model (updated 5 December 2025) expects: [28]
- Earnings growth: about 11–12% per year
- Revenue growth: around 5–6% per year
- EPS growth: roughly 13% per year
- Return on equity: forecast above 21% in three years
Those projections are not guarantees, but they show that many fundamental analysts still view Ashtead as a structural growth story, even if the next year or two look more subdued.
On the US OTC ADR (ticker ASHTF), one forecast aggregator pegs the average short‑term target at $96.79, versus a recent price around $63.56, implying over 50% upside based on the same underlying analyst estimates translated into dollars. [29]
Technical models: short‑term caution
Technical‑analysis services are currently more sceptical.
StockInvest.us, for example, classifies Ashtead’s London‑listed shares as a “sell candidate” as of the 10 December close at 4,785p, arguing that the stock sits in the middle of a “wide and falling” short‑term trend: [30]
- Their model projects a possible –11% move over the next three months, with a 90% confidence interval between roughly 3,983p and 4,525p.
- They identify support around 4,705p and resistance near 4,999p, noting that a break above the longer‑term moving average (~4,861p) would turn their signal more positive.
- The same analysis quotes a 52‑week high of 5,816p and low of 3,477p, with daily volatility of about 2.9% and market cap of £20.16 billion at yesterday’s close.
In other words, many chart‑based systems still see Ashtead as technically fragile even as fundamentals and corporate actions look supportive.
Key risks: US construction slowdown, margins and execution
Despite today’s upbeat share‑price reaction, several risks dominate recent commentary:
- US non‑residential construction weakness
- Both Reuters and The Times highlight that Ashtead’s growth slowdown is largely a US story, with softer commercial construction activity weighing on rental volumes. [31]
- Margin pressure and fleet dynamics
- The Q2 transcript points to higher repair costs and the age mix of the rental fleet as sources of margin pressure, even as pricing and utilisation remain broadly stable. [32]
- UK restructuring and one‑off charges
- Restructuring in the UK business has already triggered tens of millions of dollars in one‑off costs, with scope for further noise in the P&L as the shake‑up continues. [33]
- Relisting and index‑flow risk
- Moving the primary listing to New York could unlock higher valuations over time, but it will also mean Ashtead exiting key UK indices, potentially forcing out some passive funds before US‑based index money fully replaces them. Articles on London’s “shrinking” stock market frequently cite Ashtead as an example of UK champions heading overseas. [34]
- Macro and interest‑rate uncertainty
- As a capital‑intensive cyclical, Ashtead is leveraged to interest‑rate paths, corporate capex and construction confidence – areas that remain sensitive as central‑bank policy and political conditions evolve into 2026. [35]
What today’s move means for AHT shareholders
Putting it all together, 11 December 2025 looks like an inflection point rather than a final verdict on Ashtead Group:
- The share price jump reflects genuine enthusiasm for record free cash flow, a bigger‑than‑expected buyback and clear progress towards a US primary listing. [36]
- Fundamental analysts mostly see the shares as modestly undervalued, with average price targets in the 5,800p area and a bias toward buy or outperform ratings, even after modest fair‑value cuts. [37]
- Medium‑term growth forecasts remain healthy, but near‑term revenue growth is low single digits, and some technical models warn of short‑term downside risk within a falling trend channel. [38]
For current and prospective investors, the next set of milestones is clear:
- March 3, 2026 – the next scheduled earnings date, where guidance for FY26/27 will be scrutinised. [39]
- March 2026 Investor Day in New York, billed as a showcase for Ashtead’s post‑relisting strategy, capital allocation and Sunbelt 4.0 growth ambitions. [40]
- The start of the new $1.5 billion buyback on 2 March 2026, and how aggressively it is executed once the shares trade primarily in the US. [41]
References
1. www.investing.com, 2. www.investing.com, 3. stockinvest.us, 4. www.ashtead-group.com, 5. www.ashtead-group.com, 6. www.ashtead-group.com, 7. www.ashtead-group.com, 8. www.ashtead-group.com, 9. www.ashtead-group.com, 10. www.reuters.com, 11. www.investing.com, 12. www.investing.com, 13. www.reuters.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.ashtead-group.com, 17. www.ashtead-group.com, 18. www.ashtead-group.com, 19. www.reuters.com, 20. en.wikipedia.org, 21. www.barrons.com, 22. www.barrons.com, 23. global.morningstar.com, 24. finance.yahoo.com, 25. www.investing.com, 26. www.directorstalkinterviews.com, 27. www.marketbeat.com, 28. simplywall.st, 29. stockscan.io, 30. stockinvest.us, 31. www.reuters.com, 32. www.investing.com, 33. www.ashtead-group.com, 34. www.reuters.com, 35. www.reuters.com, 36. www.ashtead-group.com, 37. www.investing.com, 38. simplywall.st, 39. stockinvest.us, 40. www.investing.com, 41. www.ashtead-group.com
