Key Points
HG Vora sold 335,000 shares of Ryder System in the fourth quarter.
The quarter-end position value decreased by $63.19 million, reflecting the full liquidation and price movement during the period.
Post-trade, HG Vora holds zero shares of Ryder System.
The position accounted for 8.6% of fund AUM in the prior quarter.
On February 17, 2026, HG Vora Capital Management reported selling out its entire position in Ryder System(NYSE:R), exiting 335,000 shares worth $63.19 million.
What happened
According to an SEC filing dated February 17, 2026, HG Vora Capital Management reported selling out its entire holding in Ryder System(NYSE:R) during the prior quarter. The fund sold approximately 335,000 shares worth $63.19 million based on last-disclosed position values.
What else to know
- HG Vora fully exited Ryder System, reducing the position from 8.6% of AUM in the previous quarter to zero.
- Post-filing top five holdings:
- NASDAQ: PENN: $92.19 million (34.8% of AUM)
- NASDAQ: DRVN: $77.81 million (29.4% of AUM)
- NYSE: FAF: $41.47 million (15.7% of AUM)
- NYSE: NVRI: $22.40 million (8.5% of AUM)
- NYSE: EQH: $19.06 million (7.2% of AUM)
- As of Tuesday, shares of Ryder System were priced at $213.93, up 35% over the past year and well outperforming the S&P 500, which is instead up about 16% in the same period.
Company overview
| Metric | Value |
|---|---|
| Price (as of Tuesday) | $213.93 |
| Market Capitalization | $8.5 billion |
| Revenue (TTM) | $12.67 billion |
| Net Income (TTM) | $500.00 million |
Company snapshot
- Ryder System provides full-service leasing, commercial vehicle rental, supply chain solutions, dedicated transportation, and fleet management services across global markets.
- The company generates revenue primarily through long-term leasing contracts, logistics management, maintenance services, and value-added supply chain offerings to business clients.
- It serves a diverse customer base, including manufacturers, retailers, and distributors seeking scalable transportation and logistics solutions.
Ryder System, Inc. is a leading provider of transportation and logistics services, operating at scale with a focus on fleet management, supply chain optimization, and dedicated contract carriage. The company's integrated business model leverages a broad service portfolio to address complex logistics needs for enterprise customers. Ryder's competitive advantage stems from its extensive asset base, technology-driven solutions, and longstanding industry expertise.
What this transaction means for investors
This exit matters because Ryder had been a meaningful bet tied to industrial strength and freight demand. Walking away amid outsized performance suggests the fund may have considered some of the easier money made.
Fundamentally, Ryder has posted solid numbers. Fourth quarter revenue of $3.2 billion was consistent with one year prior, while comparable earnings per share came in at $3.59, up 4%. For the full year, comparable EPS reached $12.92, and free cash flow hit $946 million. Management also guided to 2026 comparable EPS between $13.45 and $14.45.
The portfolio leans heavily into higher conviction names like PENN and DRVN, which together account for more than 60% of assets. But ultimately, Ryder remains a cash-generative logistics operator with durable leasing and supply chain exposure. The key question is cyclicality. After a strong year and with freight markets normalizing, expectations may already reflect peak conditions. If earnings merely hold steady, the stock could tread water. If freight reaccelerates, the exit may prove premature.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
