Hertz: A Leveraged Airport Parking Lot One Recession Away From Bankruptcy

Operating income hasn’t covered interest expense since 2015 and the total debt continues to soar.The competition has been pressuring revenue since 2013 and is only getting stronger. 2018 used-vehicle values were as good as it’s going to get. Airline passenger volume falls during recessions and 68% of Hertz’s revenue comes from airport locations.