United Rentals, Inc.

URI · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Valuation
Market cap	$51,497	$46,227	$38,867	$24,634	$24,056	$16,789	$12,073	$7,423	$12,445	$7,643	$6,734	$9,945	$7,283	$3,778	$1,838	$1,375	$590	$682	$1,844	$2,457	$2,218	$1,788	$1,487	$895	$1,640	$956	$1,222	$2,236
Enterprise value	$67,515	$60,559	$51,166	$36,751	$34,420	$26,996	$24,160	$19,127	$21,533	$15,121	$14,717	$17,839	$14,281	$11,036	$4,844	$4,101	$3,496	$3,950	$4,033	$5,040	$5,054	$4,652	$4,225	$3,389	$4,072	$3,897	$3,764	$3,830
P/E (TTM) at period end	20.65×	17.95×	16.03×	11.70×	17.36×	18.86×	10.28×	6.77×	9.25×	13.50×	11.51×	18.42×	18.82×	50.38×	18.19×	–	–	–	5.09×	10.97×	11.86×	–	–	–	14.74×	5.42×	8.56×	165.65×
P/S (TTM) at period end	3.20×	3.01×	2.71×	2.12×	2.48×	1.97×	1.29×	0.92×	1.87×	1.33×	1.16×	1.75×	1.47×	0.92×	0.70×	0.61×	0.25×	0.21×	0.49×	0.67×	0.62×	0.58×	0.52×	0.32×	0.57×	0.33×	0.55×	1.83×
P/B at period end	5.74×	5.36×	4.78×	3.49×	4.02×	3.69×	3.15×	2.18×	4.01×	4.64×	4.56×	5.54×	3.98×	2.45×	28.71×	–	–	–	0.91×	1.60×	1.80×	1.74×	1.30×	0.67×	0.86×	0.62×	0.87×	3.08×
EV / EBITDA (TTM)	15.31×	13.45×	12.02×	10.22×	12.99×	12.34×	9.44×	8.47×	12.19×	5.68×	5.33×	6.90×	6.56×	7.42×	5.53×	6.35×	5.94×	3.79×	3.51×	4.61×	5.29×	5.40×	9.04×	6.67×	4.55×	4.05×	5.00×	9.46×
EV / Sales (TTM)	4.19×	3.95×	3.57×	3.16×	3.54×	3.16×	2.58×	2.38×	3.24×	2.62×	2.53×	3.14×	2.88×	2.68×	1.86×	1.83×	1.48×	1.21×	1.08×	1.38×	1.42×	1.50×	1.47×	1.20×	1.41×	1.34×	1.69×	3.14×
Returns
Return on equity	27.8%	29.9%	29.8%	29.8%	23.1%	19.6%	30.7%	32.2%	43.3%	34.3%	39.6%	30.1%	21.2%	4.9%	157.8%	–	–	–	17.9%	14.6%	15.2%	(8.2%)	(21.4%)	(29.9%)	5.9%	11.4%	10.2%	1.9%
Return on invested capital	11.9%	13.5%	14.1%	12.7%	10.5%	9.5%	10.5%	9.6%	12.4%	9.7%	9.7%	9.1%	7.8%	5.7%	7.9%	2.5%	2.2%	14.1%	9.8%	9.3%	7.8%	9.7%	0.8%	2.9%	6.1%	7.1%	6.1%	3.7%
Dividend yield	0.9%	0.9%	1.0%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.2%	9.3%	–	–	–	–
Financial health
Current ratio	0.94×	0.98×	0.81×	1.11×	0.83×	1.07×	0.84×	0.83×	1.06×	1.15×	1.05×	0.88×	1.06×	0.99×	0.84×	1.27×	1.53×	1.65×	2.15×	1.68×	1.93×	1.91×	5.33×	3.42×	3.36×	2.85×	2.76×	3.15×
Debt / equity	1.59×	1.55×	1.42×	1.61×	1.62×	2.13×	2.98×	3.45×	3.04×	4.73×	5.53×	4.43×	3.92×	4.74×	46.67×	(140.25×)	(161.84×)	(115.34×)	1.35×	1.76×	2.54×	3.09×	2.66×	1.89×	1.30×	1.73×	1.62×	1.81×
Effective tax rate	25.3%	24.0%	24.5%	24.9%	24.9%	21.9%	22.5%	25.7%	(28.4%)	37.7%	39.3%	36.5%	36.0%	14.8%	38.4%	65.1%	43.9%	13.4%	37.2%	38.5%	39.7%	4.5%	19.4%	(8.0%)	42.9%	41.5%	41.0%	55.6%
Share count
Diluted shares outstanding	65	67	69	71	73	73	78	84	86	88	96	105	106	95	73	60	60	75	114	114	110	104	77	83	94	92	93	75

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Revenue and gross profit
Revenue	$17,496	$16,099	$15,345	$14,332	$11,642	$9,716	$8,530	$9,351	$8,047	$6,641	$5,762	$5,817	$5,685	$4,955	$4,117	$2,611	$2,237	$2,358	$3,267	$3,731	$3,640	$3,563	$3,094	$2,867	$2,821	$2,887	$2,919	$2,234	$1,220
Cost of revenue	($10,659)	($9,955)	($9,195)	($8,519)	($6,646)	($5,863)	($5,347)	($5,681)	($4,683)	($3,872)	($3,359)	($3,337)	($3,253)	($2,968)	($2,530)	($1,713)	($1,579)	($1,748)	($2,222)	($2,477)	($2,401)	–	($2,202)	($1,687)	($1,609)	($1,847)	($1,502)	($1,128)	($620)
Gross profit	$6,837	$6,144	$6,150	$5,813	$4,996	$3,853	$3,183	$3,670	$3,364	$2,769	$2,403	$2,480	$2,432	$1,987	$1,587	$898	$658	$610	$1,045	$1,254	$1,239	–	$892	$1,181	$1,212	$1,039	$1,417	$1,106	$601
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($1,855)	($1,732)	($1,645)	($1,527)	($1,400)	($1,199)	($979)	($1,092)	($1,038)	($903)	($719)	($714)	($758)	($642)	($588)	($407)	($367)	($408)	($528)	($595)	($613)	($596)	($497)	($451)	($439)	($442)	($454)	($353)	($196)
Total operating expenses	($2,369)	($2,171)	($2,085)	($1,986)	($1,764)	($1,576)	($1,383)	($1,518)	($1,413)	($1,262)	($988)	($962)	($1,041)	($909)	($996)	($502)	($461)	($496)	($517)	($595)	($613)	–	($497)	($1,141)	($1,100)	($577)	($869)	($696)	($408)
Total costs and expenses	($13,028)	($12,126)	($11,280)	($10,505)	($8,410)	($7,439)	($6,730)	($7,199)	($6,096)	($5,134)	($4,347)	($4,299)	($4,294)	($3,877)	($3,526)	($2,215)	($2,040)	($2,244)	($2,739)	($3,072)	($3,014)	($3,039)	($2,699)	($2,828)	($2,709)	($2,425)	($2,371)	($1,824)	($1,028)
Operating income	$4,468	$3,973	$4,065	$3,827	$3,232	$2,277	$1,800	$2,152	$1,951	$1,507	$1,415	$1,518	$1,391	$1,078	$591	$396	$197	$114	$528	$659	$626	$524	$395	$39	$112	$462	$548	$409	$193
Earnings
EBITDA	$4,916	$4,411	$4,502	$4,258	$3,596	$2,649	$2,187	$2,559	$2,259	$1,766	$2,660	$2,762	$2,585	$2,176	$1,488	$876	$646	$588	$1,041	$1,150	$1,094	$956	$862	$467	$508	$896	$962	$753	$405
Interest income	–	($716)	($691)	($635)	–	–	–	–	–	–	–	–	–	–	–	–	–	$4	–	–	–	–	–	–	–	–	–	–	–
Interest expense	–	($716)	($691)	($635)	($445)	($424)	($669)	($648)	($481)	($464)	($511)	($567)	($555)	($478)	($516)	($235)	($329)	($230)	($183)	($196)	($246)	($566)	($1,103)	($1,105)	($1,131)	($323)	($245)	($195)	($186)
Pre-tax income	$3,813	$3,338	$3,388	$3,211	$2,802	$1,846	$1,139	$1,514	$1,476	$1,048	$909	$963	$850	$605	$88	$164	($63)	($107)	($813)	$578	$405	$310	($88)	($303)	($101)	$215	$301	$242	$78
Income tax expense	($956)	($844)	($813)	($787)	($697)	($460)	($249)	($340)	($380)	$298	($343)	($378)	($310)	($218)	($13)	($63)	$41	$47	$109	($215)	($156)	($123)	$4	$59	($8)	($92)	($125)	($99)	($44)
Net income	$2,857	$2,494	$2,575	$2,424	$2,105	$1,386	$890	$1,174	$1,096	$1,346	$566	$585	$540	$387	$75	$101	($26)	($62)	($704)	$362	$224	$187	($84)	($244)	($398)	$111	$176	$143	$14
Per share
Diluted EPS (GAAP)	$45.50	$38.61	$38.69	$35.28	$29.65	$19.04	$12.20	$15.11	$13.12	$15.73	$6.45	$6.07	$5.15	$3.64	$0.79	$1.38	($0.44)	($1.02)	($9.42)	$3.25	$2.06	$1.80	($0.81)	($3.16)	($4.78)	$1.18	$1.89	$1.53	$0.18
Basic EPS (GAAP)	$45.57	$38.71	$38.82	$35.40	$29.77	$19.14	$12.24	$15.18	$13.26	$15.91	$6.49	$6.14	$5.54	$4.14	$0.91	$1.62	($0.44)	($1.02)	($9.42)	$3.60	$2.32	$1.97	($0.89)	($3.16)	($4.78)	$1.54	$2.48	$2.00	$0.20
Basic shares outstanding	63	64	66	68	71	72	73	77	83	85	87	95	97	93	83	62	60	60	75	100	97	95	95	77	83	72	71	71	68
Margins
Gross margin	39.1%	38.2%	40.1%	40.6%	42.9%	39.7%	37.3%	39.2%	41.8%	41.7%	41.7%	42.6%	42.8%	40.1%	38.5%	34.4%	29.4%	25.9%	32.0%	33.6%	34.0%	–	28.8%	41.2%	43.0%	36.0%	48.5%	49.5%	49.2%
Operating margin	25.5%	24.7%	26.5%	26.7%	27.8%	23.4%	21.1%	23.0%	24.2%	22.7%	24.6%	26.1%	24.5%	21.8%	14.4%	15.2%	8.8%	4.8%	16.2%	17.7%	17.2%	14.7%	12.8%	1.4%	4.0%	16.0%	18.8%	18.3%	15.8%
Net margin	16.3%	15.5%	16.8%	16.9%	18.1%	14.3%	10.4%	12.6%	13.6%	20.3%	9.8%	10.1%	9.5%	7.8%	1.8%	3.9%	(1.2%)	(2.6%)	(21.5%)	9.7%	6.2%	5.2%	(2.7%)	(8.5%)	(14.1%)	3.9%	6.0%	6.4%	1.1%

Analyst consensus

Buy41 analysts

Bearish · 5 · Hold · 8 · Bullish · 28

Earnings history

	EPS	Estimate
Q4 2024	$11.59	$11.68	Miss
Q1 2025	$8.86	$8.78	Beat
Q2 2025	$10.47	$10.51	Miss
Q3 2025	$11.70	$12.29	Miss
Q4 2025	$11.09	$11.79	Miss
Q1 2026	$9.71	$8.95	Beat
Q2 2026	$12.76	$11.53	Beat
Q3 2026	$15.55	$13.97	Beat

Peers

Company overview

IPO dateDec 18, 1997

CEOMatthew J. Flannery

Employees28,500

SectorIndustrials

IndustryRental & Leasing Services

CountryUS

ExchangeNew York Stock Exchange

Websitewww.unitedrentals.com

United Rentals, Inc., founded in 1997 and headquartered in Stamford, Connecticut, functions as a prominent equipment rental firm through its various subsidiaries. The company's operations are divided into two main divisions: General Rentals and Specialty. The General Rentals segment offers a broad selection of construction and industrial machinery, including heavy equipment like backhoes, skid-steer loaders, earthmoving machinery, and forklifts, alongside aerial work platforms such as boom and scissor lifts. This division also provides general tools and lighter equipment, ranging from pressure washers to power tools. Its client base is diverse, encompassing construction and industrial enterprises, manufacturers, utility companies, municipalities, government bodies, and individual homeowners. Conversely, the Specialty segment focuses on more specialized construction products. This includes comprehensive trench safety gear, such as trench shields, aluminum hydraulic shoring systems, and construction lasers, designed for underground work. It also supplies power generation and climate control equipment, featuring portable diesel generators, electrical distribution units, and temperature management systems. Additionally, the segment offers fluid solutions for containment, transfer, and treatment, as well as mobile storage units and modular office spaces. This segment primarily caters to companies undertaking infrastructure projects, municipalities, and industrial clients. Beyond rentals, United Rentals also sells new equipment, including aerial lifts, telehandlers, and compressors, along with construction consumables, tools, small equipment, and safety supplies. It further provides parts for customer-owned machinery and offers repair and maintenance services. The company remarkets its used equipment through its dedicated sales force, brokers, its website, direct sales to manufacturers, and auctions. United Rentals maintains an extensive network of 1,360 rental facilities across the United States, Canada, Europe, Australia, and New Zealand.

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