United Rentals, Inc. (URI) 10-Year Financial Performance & Capital Metrics

URI • • Industrial / General

IndustrialsRental & LeasingConstruction & Industrial Equipment RentalGeneral Construction Equipment Rental

AboutUnited Rentals, Inc., through its subsidiaries, operates as an equipment rental company. It operates in two segments, General Rentals and Specialty. The General Rentals segment rents general construction and industrial equipment includes backhoes, skid-steer loaders, forklifts, earthmoving equipment, and material handling equipment; aerial work platforms, such as boom and scissor lifts; and general tools and light equipment comprising pressure washers, water pumps, and power tools for construction and industrial companies, manufacturers, utilities, municipalities, homeowners, and government entities. The specialty segment rents specialty construction products, including trench safety equipment consists of trench shields, aluminum hydraulic shoring systems, slide rails, crossing plates, construction lasers, and line testing equipment for underground work; power and heating, ventilating, and air conditioning equipment, such as portable diesel generators, electrical distribution equipment, and temperature control equipment; fluid solutions equipment for fluid containment, transfer, and treatment; and mobile storage equipment and modular office space. This segment serves construction companies involved in infrastructure projects, and municipalities and industrial companies. It also sells aerial lifts, reach forklifts, telehandlers, compressors, and generators; construction consumables, tools, small equipment, and safety supplies; and parts for equipment that is owned by its customers, as well as provides repair and maintenance services. The company sells used equipment through its sales force, brokers, website, directly to manufacturers, and at auctions. The company operates a network of 1,360 rental locations in the United States, Canada, Europe, Australia, and New Zealand. United Rentals, Inc. was incorporated in 1997 and is headquartered in Stamford, Connecticut.Show more

Revenue $15.35B +7.1%
EBITDA $6.97B +5.0%
Net Income $2.58B +6.2%
EPS (Diluted) 38.69 +9.7%
Gross Margin 37.23% -0.9%
EBITDA Margin 45.43% -1.9%
Operating Margin 26.51% -1.4%
Net Margin 16.78% -0.8%
ROE 30.74% -3.7%
ROIC 14.07% -3.7%
Debt/Equity 1.72 +10.1%
Interest Coverage 5.89 -3.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 31.6%
✓Strong 5Y profit CAGR of 17.0%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 10.4%
✓Share count reduced 3.1% through buybacks
✓Healthy 5Y average net margin of 15.3%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.44%

5Y10.41%

3Y16.46%

TTM6.73%

Profit (Net Income) CAGR

10Y16.91%

5Y17.01%

3Y22.93%

TTM-1.36%

EPS CAGR

10Y22.34%

5Y20.69%

3Y26.68%

TTM1.59%

ROCE

10Y Avg14.43%

5Y Avg15.28%

3Y Avg17.14%

Latest17.39%

Peer Comparison

General Construction Equipment Rental

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
URIUnited Rentals, Inc.	58.96B	926.57	23.95	7.07%	15.83%	28.11%	0.71%	1.72
HRIHerc Holdings Inc.	5.28B	158.81	21.46	8.71%	-1.68%	-3.58%	0.3%	3.63

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	5.82B	5.76B	6.64B	8.05B	9.35B	8.53B	9.72B	11.64B	14.33B	15.35B
Revenue Growth %	0.02%	-0.01%	0.15%	0.21%	0.16%	-0.09%	0.14%	0.2%	0.23%	0.07%
Cost of Goods Sold+	3.57B	3.58B	4.11B	4.99B	6.09B	5.7B	6.22B	7.01B	8.95B	9.63B
COGS % of Revenue	0.61%	0.62%	0.62%	0.62%	0.65%	0.67%	0.64%	0.6%	0.62%	0.63%
Gross Profit+	2.25B	2.18B	2.53B	3.06B	3.26B	2.83B	3.5B	4.63B	5.38B	5.71B
Gross Margin %	0.39%	0.38%	0.38%	0.38%	0.35%	0.33%	0.36%	0.4%	0.38%	0.37%
Gross Profit Growth %	0.02%	-0.03%	0.16%	0.21%	0.07%	-0.13%	0.23%	0.33%	0.16%	0.06%
Operating Expenses+	714M	719M	903M	1.04B	1.09B	979M	1.2B	1.4B	1.53B	1.65B
OpEx % of Revenue	0.12%	0.12%	0.14%	0.13%	0.12%	0.11%	0.12%	0.12%	0.11%	0.11%
Selling, General & Admin	714M	719M	903M	1.04B	1.09B	979M	1.2B	1.4B	1.53B	1.65B
SG&A % of Revenue	0.12%	0.12%	0.14%	0.13%	0.12%	0.11%	0.12%	0.12%	0.11%	0.11%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	1.53B	1.46B	1.63B	2.02B	2.17B	1.85B	2.3B	3.23B	3.85B	4.07B
Operating Margin %	0.26%	0.25%	0.24%	0.25%	0.23%	0.22%	0.24%	0.28%	0.27%	0.27%
Operating Income Growth %	0.06%	-0.05%	0.11%	0.24%	0.08%	-0.15%	0.24%	0.41%	0.19%	0.06%
EBITDA+	2.78B	2.7B	3.01B	3.69B	4.21B	3.81B	4.26B	5.45B	6.64B	6.97B
EBITDA Margin %	0.48%	0.47%	0.45%	0.46%	0.45%	0.45%	0.44%	0.47%	0.46%	0.45%
EBITDA Growth %	0.05%	-0.03%	0.11%	0.23%	0.14%	-0.1%	0.12%	0.28%	0.22%	0.05%
D&A (Non-Cash Add-back)	1.24B	1.25B	1.38B	1.67B	2.04B	1.95B	1.97B	2.22B	2.78B	2.9B
EBIT	1.41B	1.32B	1.46B	1.96B	2.16B	1.81B	2.27B	3.25B	3.85B	4.08B
Net Interest Income+	-567M	-511M	-464M	-481M	-648M	-669M	-424M	-445M	-635M	-691M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	567M	511M	464M	481M	648M	669M	424M	445M	635M	691M
Other Income/Expense	-571M	-549M	-577M	-542M	-657M	-714M	-450M	-430M	-644M	-680M
Pretax Income+	963M	909M	1.05B	1.48B	1.51B	1.14B	1.85B	2.8B	3.21B	3.39B
Pretax Margin %	0.17%	0.16%	0.16%	0.18%	0.16%	0.13%	0.19%	0.24%	0.22%	0.22%
Income Tax+	378M	343M	-298M	380M	340M	249M	460M	697M	787M	813M
Effective Tax Rate %	0.61%	0.62%	1.28%	0.74%	0.78%	0.78%	0.75%	0.75%	0.75%	0.76%
Net Income+	585M	566M	1.35B	1.1B	1.17B	890M	1.39B	2.1B	2.42B	2.58B
Net Margin %	0.1%	0.1%	0.2%	0.14%	0.13%	0.1%	0.14%	0.18%	0.17%	0.17%
Net Income Growth %	0.08%	-0.03%	1.38%	-0.19%	0.07%	-0.24%	0.56%	0.52%	0.15%	0.06%
Net Income (Continuing)	585M	566M	1.35B	1.1B	1.17B	890M	1.39B	2.1B	2.42B	2.58B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	6.07	6.45	15.73	13.13	15.11	12.20	19.03	29.66	35.28	38.69
EPS Growth %	0.18%	0.06%	1.44%	-0.17%	0.15%	-0.19%	0.56%	0.56%	0.19%	0.1%
EPS (Basic)	6.14	6.49	15.91	13.25	15.18	12.25	19.14	29.77	35.40	38.82
Diluted Shares Outstanding	96.4M	87.8M	85.6M	83.5M	77.71M	72.93M	72.82M	70.97M	68.71M	66.57M
Basic Shares Outstanding	95.2M	87.2M	84.6M	82.7M	77.34M	72.66M	72.43M	70.7M	68.47M	66.34M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	0.17%	0.17%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.29B	1.36B	1.77B	1.76B	1.84B	2.02B	2.15B	2.72B	2.93B	3.25B
Cash & Short-Term Investments	179M	312M	352M	43M	52M	202M	144M	106M	363M	457M
Cash Only	179M	312M	352M	43M	52M	202M	144M	106M	363M	457M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	930M	920M	1.23B	1.54B	1.58B	1.32B	1.68B	2B	2.23B	2.41B
Days Sales Outstanding	58.35	58.28	67.77	70.08	61.71	56.44	63.11	62.83	56.92	57.32
Inventory	69M	68M	75M	109M	120M	125M	164M	232M	205M	200M
Days Inventory Outstanding	7.06	6.92	6.66	7.97	7.19	8.01	9.62	12.08	8.36	7.58
Other Current Assets	0	0	0	0	50M	42M	60M	90M	62M	90M
Total Non-Current Assets+	10.79B	10.63B	13.26B	16.37B	17.13B	15.85B	18.14B	21.46B	22.66B	24.91B
Property, Plant & Equipment	6.63B	6.62B	8.29B	10.21B	11.06B	10B	11.96B	14.94B	16B	17.3B
Fixed Asset Turnover	0.88x	0.87x	0.80x	0.79x	0.85x	0.85x	0.81x	0.78x	0.90x	0.89x
Goodwill	3.24B	3.26B	4.08B	5.06B	5.15B	5.17B	5.53B	6.03B	5.94B	6.9B
Intangible Assets	905M	742M	875M	1.08B	895M	648M	615M	452M	670M	663M
Long-Term Investments	0	-164M	-292M	-572M	-629M	0	0	-656M	0	0
Other Non-Current Assets	10M	6M	10M	16M	19M	38M	42M	47M	43M	49M
Total Assets+	12.08B	11.99B	15.03B	18.13B	18.97B	17.87B	20.29B	24.18B	25.59B	28.16B
Asset Turnover	0.48x	0.48x	0.44x	0.44x	0.49x	0.48x	0.48x	0.48x	0.56x	0.54x
Asset Growth %	-0.03%	-0.01%	0.25%	0.21%	0.05%	-0.06%	0.14%	0.19%	0.06%	0.1%
Total Current Liabilities+	1.23B	1.18B	1.67B	2.12B	2.2B	1.89B	2.6B	2.44B	3.64B	3.32B
Accounts Payable	271M	243M	409M	536M	454M	466M	816M	1.14B	905M	748M
Days Payables Outstanding	27.71	24.74	36.3	39.2	27.22	29.85	47.88	59.31	36.91	28.35
Short-Term Debt	607M	597M	723M	903M	997M	704M	906M	372M	1.47B	1.18B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	161M	162M	284M	302M	259M	229M	333M	418M	416M	487M
Current Ratio	1.05x	1.15x	1.06x	0.83x	0.84x	1.07x	0.83x	1.11x	0.81x	0.98x
Quick Ratio	0.99x	1.09x	1.02x	0.78x	0.78x	1.00x	0.76x	1.02x	0.75x	0.92x
Cash Conversion Cycle	37.7	40.46	38.13	38.85	41.69	34.6	24.86	15.6	28.37	36.56
Total Non-Current Liabilities+	9.37B	9.16B	10.26B	12.61B	12.94B	11.43B	11.7B	14.68B	13.82B	16.22B
Long-Term Debt	7.55B	7.19B	8.72B	10.84B	10.43B	8.98B	8.78B	11.14B	10.05B	12.23B
Capital Lease Obligations	0	0	0	0	533M	549M	621M	714M	895M	1.09B
Deferred Tax Liabilities	1.76B	1.9B	1.42B	1.69B	1.89B	1.77B	2.15B	2.67B	2.7B	2.69B
Other Non-Current Liabilities	54M	67M	120M	83M	91M	138M	144M	154M	173M	216M
Total Liabilities	10.61B	10.34B	11.92B	14.73B	15.14B	13.32B	14.3B	17.12B	17.46B	19.54B
Total Debt+	8.16B	7.79B	9.44B	11.75B	12.14B	10.41B	10.51B	12.22B	12.66B	14.79B
Net Debt	7.98B	7.48B	9.09B	11.7B	12.09B	10.21B	10.36B	12.12B	12.3B	14.33B
Debt / Equity	5.53x	4.73x	3.04x	3.45x	3.17x	2.29x	1.75x	1.73x	1.56x	1.72x
Debt / EBITDA	2.94x	2.88x	3.14x	3.18x	2.88x	2.74x	2.46x	2.24x	1.91x	2.12x
Net Debt / EBITDA	2.87x	2.77x	3.02x	3.17x	2.87x	2.68x	2.43x	2.22x	1.85x	2.06x
Interest Coverage	2.71x	2.85x	3.50x	4.20x	3.35x	2.77x	5.42x	7.26x	6.07x	5.89x
Total Equity+	1.48B	1.65B	3.11B	3.4B	3.83B	4.54B	5.99B	7.06B	8.13B	8.62B
Equity Growth %	-0.18%	0.12%	0.88%	0.1%	0.13%	0.19%	0.32%	0.18%	0.15%	0.06%
Book Value per Share	15.31	18.77	36.29	40.75	49.29	62.32	82.27	99.50	118.32	129.52
Total Shareholders' Equity	1.48B	1.65B	3.11B	3.4B	3.83B	4.54B	5.99B	7.06B	8.13B	8.62B
Common Stock	1M	1M	1M	1M	1M	1M	1M	1M	1M	1M
Retained Earnings	1.09B	1.65B	3B	4.1B	5.28B	6.17B	7.55B	9.66B	11.67B	13.81B
Treasury Stock	-1.56B	-2.08B	-2.1B	-2.87B	-3.7B	-3.96B	-3.96B	-4.96B	-5.96B	-7.48B
Accumulated OCI	-250M	-218M	-151M	-237M	-186M	-146M	-171M	-264M	-228M	-405M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	2B	1.95B	2.23B	2.85B	3.02B	2.66B	3.69B	4.43B	4.7B	4.55B
Operating CF Margin %	0.34%	0.34%	0.34%	0.35%	0.32%	0.31%	0.38%	0.38%	0.33%	0.3%
Operating CF Growth %	0.11%	-0.02%	0.14%	0.28%	0.06%	-0.12%	0.39%	0.2%	0.06%	-0.03%
Net Income	585M	566M	1.35B	1.1B	1.17B	890M	1.39B	2.1B	2.42B	2.58B
Depreciation & Amortization	1.24B	1.25B	1.38B	1.67B	2.04B	1.99B	1.98B	2.22B	2.78B	2.9B
Stock-Based Compensation	49M	45M	87M	102M	61M	70M	119M	127M	94M	112M
Deferred Taxes	336M	123M	-533M	257M	204M	-121M	268M	537M	35M	-19M
Other Non-Cash Items	-127M	-142M	-61M	-227M	-248M	-166M	-418M	-577M	-803M	-759M
Working Capital Changes	-92M	116M	8M	-46M	-205M	-3M	351M	24M	173M	-266M
Change in Receivables	-11M	15M	-184M	-115M	39M	218M	-300M	-329M	-167M	-20M
Change in Inventory	8M	1M	1M	-20M	-8M	-5M	9M	-25M	19M	15M
Change in Payables	-8M	-29M	141M	49M	-86M	10M	307M	304M	-45M	-203M
Cash from Investing+	-1.17B	-859M	-3.71B	-4.55B	-1.71B	-223M	-3.61B	-5.02B	-2.98B	-4.15B
Capital Expenditures	-1.64B	-1.34B	-1.89B	-2.29B	-2.35B	-1.16B	-3.2B	-3.69B	-4.07B	-4.13B
CapEx % of Revenue	0.28%	0.23%	0.28%	0.28%	0.25%	0.14%	0.33%	0.32%	0.28%	0.27%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	555M	510M	566M	709M	24M	40M	1.02B	1.02B	1.67B	1.64B
Cash from Financing+	-775M	-964M	1.5B	1.4B	-1.3B	-2.29B	-140M	552M	-1.47B	-274M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	-406M	-434M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-70M	35M	-41M	-22M	11M	-22M	0	-24M	0	-17M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	359M	614M	341M	562M	674M	1.5B	491M	743M	634M	419M
FCF Margin %	0.06%	0.11%	0.05%	0.07%	0.07%	0.18%	0.05%	0.06%	0.04%	0.03%
FCF Growth %	18.95%	0.71%	-0.44%	0.65%	0.2%	1.23%	-0.67%	0.51%	-0.15%	-0.34%
FCF per Share	3.72	6.99	3.98	6.73	8.67	20.57	6.74	10.47	9.23	6.29
FCF Conversion (FCF/Net Income)	3.41x	3.45x	1.66x	2.60x	2.58x	2.99x	2.66x	2.11x	1.94x	1.77x
Interest Paid	447M	415M	357M	455M	581M	483M	391M	406M	614M	674M
Taxes Paid	60M	99M	205M	71M	238M	318M	202M	326M	493M	994M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	35.74%	36.24%	56.63%	33.68%	32.46%	21.25%	26.31%	32.25%	31.91%	30.74%
Return on Invested Capital (ROIC)	12.02%	11.77%	11.43%	11.09%	10.5%	9.06%	11.07%	13.64%	14.6%	14.07%
Gross Margin	38.65%	37.78%	38.07%	37.98%	34.89%	33.2%	35.97%	39.79%	37.55%	37.23%
Net Margin	10.06%	9.82%	20.27%	13.62%	12.55%	10.43%	14.27%	18.08%	16.91%	16.78%
Debt / Equity	5.53x	4.73x	3.04x	3.45x	3.17x	2.29x	1.75x	1.73x	1.56x	1.72x
Interest Coverage	2.71x	2.85x	3.50x	4.20x	3.35x	2.77x	5.42x	7.26x	6.07x	5.89x
FCF Conversion	3.41x	3.45x	1.66x	2.60x	2.58x	2.99x	2.66x	2.11x	1.94x	1.77x
Revenue Growth	2.32%	-0.95%	15.26%	21.17%	16.2%	-8.78%	13.9%	19.82%	23.11%	7.07%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Owned Equipment Rentals	-	-	-	-	-	-	6.84B	8.31B	9.95B	10.56B
Owned Equipment Rentals Growth	-	-	-	-	-	-	-	21.49%	19.71%	6.14%
Ancillary and Other Rental Revenue	-	-	-	477M	564M	506M	1.17B	1.57B	1.88B	2.21B
Ancillary and Other Rental Revenue Growth	-	-	-	-	18.24%	-10.28%	131.82%	33.93%	19.86%	17.47%
Rental Equipment	-	-	-	-	-	-	968M	965M	1.57B	1.52B
Rental Equipment Growth	-	-	-	-	-	-	-	-0.31%	63.11%	-3.37%
Service and Other Revenues	-	-	-	144M	184M	187M	229M	281M	330M	358M
Service and Other Revenues Growth	-	-	-	-	27.78%	1.63%	22.46%	22.71%	17.44%	8.48%
New Equipment	-	-	178M	208M	268M	247M	203M	154M	218M	282M
New Equipment Growth	-	-	-	16.85%	28.85%	-7.84%	-17.81%	-24.14%	41.56%	29.36%
Re-rent Revenue	-	-	-	-	-	-	194M	235M	233M	258M
Re-rent Revenue Growth	-	-	-	-	-	-	-	21.13%	-0.85%	10.73%
Contractor Supplies	-	-	80M	91M	104M	98M	109M	126M	146M	155M
Contractor Supplies Growth	-	-	-	13.75%	14.29%	-5.77%	11.22%	15.60%	15.87%	6.16%
General Rentals	5.03B	4.91B	-	-	-	-	-	-	-	-
General Rentals Growth	-	-2.46%	-	-	-	-	-	-	-	-
Trench, Power and Pump	785M	854M	-	-	-	-	-	-	-	-
Trench, Power and Pump Growth	-	8.79%	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	5.22B	5.25B	6.08B	7.39B	8.53B	7.8B	8.76B	10.49B	13.06B	13.99B
UNITED STATES Growth	-	0.65%	15.69%	21.58%	15.53%	-8.64%	12.36%	19.71%	24.55%	7.10%
Canada and Europe	-	-	-	660M	817M	733M	955M	1.15B	1.27B	1.35B
Canada and Europe Growth	-	-	-	-	23.79%	-10.28%	30.29%	20.84%	9.97%	6.70%
CANADA	-	-	565M	-	-	-	-	-	-	-
CANADA Growth	-	-	-	-	-	-	-	-	-	-
Non-US	599M	510M	-	-	-	-	-	-	-	-
Non-US Growth	-	-14.86%	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

United Rentals, Inc. (URI) has a price-to-earnings (P/E) ratio of 23.9x. This is roughly in line with market averages.

Growth & Financials

United Rentals, Inc. (URI) reported $15.99B in revenue for fiscal year 2024. This represents a 512% increase from $2.61B in 2011.

United Rentals, Inc. (URI) grew revenue by 7.1% over the past year. This is steady growth.

Yes, United Rentals, Inc. (URI) is profitable, generating $2.53B in net income for fiscal year 2024 (16.8% net margin).

Dividend & Returns

Yes, United Rentals, Inc. (URI) pays a dividend with a yield of 0.70%. This makes it attractive for income-focused investors.

United Rentals, Inc. (URI) has a return on equity (ROE) of 30.7%. This is excellent, indicating efficient use of shareholder capital.

United Rentals, Inc. (URI) generated $4.30B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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