NYSE · Industrials

United Rentals, Inc.

URI · Rental & Leasing Services

$924.24

▼ -24.99 (-2.63%)

Data cached · refreshes every 10 min

Mr. Market is currently offering United Rentals, Inc. at $924.24.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 38.2%

Operating Margin 24.7%

Net Income Margin 15.5%

Fin. Health F

Years to Pay Off Debt 6.3 yrs

Working Capital vs Long-Term Debt -$12.9B

Working Capital -$211M

Valuation F

Margin of Safety 0.0%

Price-to-Book 6.46x

Cash Flow C

Free Cash Flow $662M

CapEx % of Net Income 181.6%

Owner Earnings $10.1B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $57.9B

Enterprise Value $74.3B

P/E (TTM) 23.63

Dividend Yield 0.77%

Exchange NYSE

Key Margins

Gross Profit 38.2%

Operating Margin 24.7%

Net Margin 15.5%

Company Info

Sector Industrials

Industry Rental & Leasing Services

Employees 28500

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering United Rentals, Inc. at $924.24.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $924.24, the stock trades at a 162% premium to its Graham Number of $352.65. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About United Rentals, Inc.

United Rentals, Inc., through its subsidiaries, operates as an equipment rental company in the United States, Canada, Europe, Australia, and New Zealand. It operates through two segments, General Rentals and Specialty. The General Rentals segment rents general construction and industrial equipment, such as backhoes, skid-steer loaders, forklifts, earthmoving equipment, and material handling equipment; aerial work platforms, including 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 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; surface protection mats; and mobile storage equipment and modular office space. This segment serves construction companies involved in infrastructure projects, and municipalities and industrial companies. The company 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. It sells used equipment through its sales force, brokers, website, at auctions, and directly to manufacturers. United Rentals, Inc. was incorporated in 1997 and is headquartered in Stamford, Connecticut.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	38.2% ▼	40.1%	40.6%	42.9%
Operating Margin %	24.7% ▼	26.5%	26.9%	27.8%
Net Income %	15.5% ▼	16.8%	16.9%	18.1%
Diluted EPS	38.61 ▼	38.69	35.28	29.65

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$29.9B	$28.2B	$25.6B	$24.2B	N/A
Total Debt	$15.7B ↑	$14.8B	$12.7B	$12.2B	N/A
Working Capital	-$211M ▼	-$74M	-$704M	$278M	N/A
Years to Pay Debt	6.28	5.74	5.22	5.81	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$662M ▲	$419M	$634M	$743M	N/A
Owner Earnings	$10.1B	$9.6B	$9.3B	$8.0B	N/A
CapEx % of Net Income	181.6%	160.3%	167.9%	175.3%	N/A

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	-253	-720	-6,860	0
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	7,163,000	6,985,000	6,655,000	5,464,000
Total Unusual Items	-1,000	-3,000	-28,000	0
Total Unusual Items Excluding Goodwill	-1,000	-3,000	-28,000	0
Net Income From Continuing Operation Net Minority Interest	2,494,000	2,575,000	2,424,000	2,105,000
Reconciled Depreciation	3,108,000	2,903,000	2,781,000	2,217,000
Reconciled Cost Of Revenue	7,285,000	6,729,000	6,169,000	4,793,000
EBITDA	7,162,000	6,982,000	6,627,000	5,464,000
EBIT	4,054,000	4,079,000	3,846,000	3,247,000
Net Interest Income	-716,000	-691,000	-635,000	-445,000
Interest Expense	716,000	691,000	635,000	445,000
Normalized Income	2,494,747	2,577,280	2,445,140	2,105,000
Net Income From Continuing And Discontinued Operation	2,494,000	2,575,000	2,424,000	2,105,000
Total Expenses	12,125,000	11,277,000	10,477,000	8,410,000
Total Operating Income As Reported	3,973,000	4,065,000	3,827,000	3,232,000
Diluted Average Shares	64,600
Basic Average Shares	64,400	66,345	68,470	70,700
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	2,494,000	2,575,000	2,424,000	2,105,000
Net Income Common Stockholders	2,494,000	2,575,000	2,424,000	2,105,000
Net Income	2,494,000	2,575,000	2,424,000	2,105,000
Net Income Including Noncontrolling Interests	2,494,000	2,575,000	2,424,000	2,105,000
Net Income Continuous Operations	2,494,000	2,575,000	2,424,000	2,105,000
Tax Provision	844,000	813,000	787,000	697,000
Pretax Income	3,338,000	3,388,000	3,211,000	2,802,000
Other Income Expense	80,000	11,000	-9,000	15,000
Other Non Operating Income Expenses	81,000	14,000	19,000	15,000
Special Income Charges	-1,000	-3,000	-28,000	0
Restructuring And Mergern Acquisition	1,000	3,000	28,000	0
Net Non Operating Interest Income Expense	-716,000	-691,000	-635,000	-445,000
Interest Expense Non Operating	716,000	691,000	635,000	445,000
Operating Income	3,974,000	4,068,000	3,855,000	3,232,000
Operating Expense	2,170,000	2,082,000	1,958,000	1,764,000
Depreciation Amortization Depletion Income Statement	438,000	437,000	431,000	364,000
Depreciation And Amortization In Income Statement	438,000	437,000	431,000	364,000
Selling General And Administration	1,732,000	1,645,000	1,527,000	1,400,000
Gross Profit	6,144,000	6,150,000	5,813,000	4,996,000
Cost Of Revenue	9,955,000	9,195,000	8,519,000	6,646,000
Total Revenue	16,099,000	15,345,000	14,332,000	11,642,000
Operating Revenue	16,099,000	15,345,000	14,332,000	11,642,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	52,259	49,874	47,741	45,402
Ordinary Shares Number	63,096	65,306	67,270	69,357
Share Issued	115,355	115,179	115,010	114,759
Net Debt	13,770,000	12,949,000	11,155,000	11,264,000
Total Debt	15,670,000	14,789,000	12,662,000	12,223,000
Tangible Book Value	1,372,000	1,059,000	1,520,000	584,000
Invested Capital	23,197,000	22,028,000	19,648,000	18,432,000
Working Capital	-211,000	-74,000	-704,000	278,000
Net Tangible Assets	1,372,000	1,059,000	1,520,000	584,000
Capital Lease Obligations	1,441,000	1,383,000	1,144,000	853,000
Common Stock Equity	8,968,000	8,622,000	8,130,000	7,062,000
Total Capitalization	21,620,000	20,850,000	18,183,000	18,271,000
Total Equity Gross Minority Interest	8,968,000	8,622,000	8,130,000	7,062,000
Stockholders Equity	8,968,000	8,622,000	8,130,000	7,062,000
Gains Losses Not Affecting Retained Earnings	-249,000	-405,000	-228,000	-264,000
Other Equity Adjustments	-249,000	-405,000	-228,000	-264,000
Treasury Stock	9,396,000	7,478,000	5,965,000	4,957,000
Retained Earnings	15,843,000	13,813,000	11,672,000	9,656,000
Additional Paid In Capital	2,769,000	2,691,000	2,650,000	2,626,000
Capital Stock	1,000	1,000	1,000	1,000
Common Stock	1,000	1,000	1,000	1,000
Total Liabilities Net Minority Interest	20,898,000	19,541,000	17,459,000	17,121,000
Total Non Current Liabilities Net Minority Interest	17,079,000	16,218,000	13,822,000	14,676,000
Other Non Current Liabilities		24,000		34,000	39,000
Employee Benefits	179,000	192,000	162,000	143,000
Non Current Accrued Expenses				34,000	39,000
Tradeand Other Payables Non Current	9,000	0	11,000	11,000
Non Current Deferred Liabilities	3,115,000	2,685,000	2,701,000	2,671,000
Non Current Deferred Taxes Liabilities	3,115,000	2,685,000	2,701,000	2,671,000
Long Term Debt And Capital Lease Obligation	13,776,000	13,317,000	10,948,000	11,851,000
Long Term Capital Lease Obligation	1,124,000	1,089,000	895,000	642,000
Long Term Debt	12,652,000	12,228,000	10,053,000	11,209,000
Current Liabilities	3,819,000	3,323,000	3,637,000	2,445,000
Other Current Liabilities	235,000	223,000	168,000	137,000
Current Deferred Liabilities	175,000	185,000	138,000	131,000
Current Deferred Revenue	175,000	185,000	138,000	131,000
Current Debt And Capital Lease Obligation	1,894,000	1,472,000	1,714,000	372,000
Current Capital Lease Obligation	317,000	294,000	249,000	211,000
Current Debt	1,577,000	1,178,000	1,465,000	161,000
Other Current Borrowings	1,577,000	1,178,000	1,465,000	161,000
Pensionand Other Post Retirement Benefit Plans Current	294,000	247,000	227,000	275,000
Current Provisions	13,000	17,000	21,000	6,000
Payables And Accrued Expenses	1,208,000	1,179,000	1,369,000	1,524,000
Current Accrued Expenses	374,000	367,000	325,000	272,000
Interest Payable	157,000	165,000	152,000	152,000
Payables	834,000	812,000	1,044,000	1,252,000
Total Tax Payable	58,000	64,000	139,000	113,000
Income Tax Payable	58,000	64,000	139,000	113,000
Accounts Payable	776,000	748,000	905,000	1,139,000
Total Assets	29,866,000	28,163,000	25,589,000	24,183,000
Total Non Current Assets	26,258,000	24,914,000	22,656,000	21,460,000
Other Non Current Assets	64,000	49,000	43,000	47,000
Goodwill And Other Intangible Assets	7,596,000	7,563,000	6,610,000	6,478,000
Other Intangible Assets	477,000	663,000	670,000	452,000
Goodwill	7,119,000	6,900,000	5,940,000	6,026,000
Net PPE	18,598,000	17,302,000	16,003,000	14,935,000
Accumulated Depreciation	-10,069,000	-9,225,000	-8,773,000	-7,777,000
Gross PPE	28,667,000	26,527,000	24,776,000	22,712,000
Leases	678,000	610,000	567,000	516,000
Other Properties	26,220,000	24,327,000	22,788,000	20,893,000
Machinery Furniture Equipment	1,236,000	1,110,000	968,000	942,000
Buildings And Improvements	347,000	310,000	296,000	230,000
Land And Improvements	186,000	170,000	157,000	131,000
Current Assets	3,608,000	3,249,000	2,933,000	2,723,000
Other Current Assets	399,000	235,000	62,000	73,000
Prepaid Assets		92,000	68,000	73,000	103,000
Inventory	240,000	200,000	205,000	232,000
Receivables	2,510,000	2,357,000	2,235,000	2,239,000
Taxes Receivable		53,000	5,000	235,000	3,000
Accounts Receivable	2,510,000	2,357,000	2,230,000	2,004,000
Allowance For Doubtful Accounts Receivable	-180,000	-186,000	-169,000	-134,000
Gross Accounts Receivable	2,690,000	2,543,000	2,399,000	2,138,000
Cash Cash Equivalents And Short Term Investments	459,000	457,000	363,000	106,000
Cash And Cash Equivalents	459,000	457,000	363,000	106,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	662,000	419,000	634,000	743,000
Repurchase Of Capital Stock	-1,969,000	-1,571,000	-1,070,000	-1,068,000
Repayment Of Debt	-10,529,000	-9,861,000	-8,574,000	-8,241,000
Issuance Of Debt	11,182,000	11,609,000	8,576,000	9,885,000
Capital Expenditure	-4,528,000	-4,127,000	-4,070,000	-3,690,000
Interest Paid Supplemental Data	703,000	674,000	614,000	406,000
Income Tax Paid Supplemental Data	602,000	994,000	493,000	326,000
End Cash Position	459,000	457,000	363,000	106,000
Beginning Cash Position	457,000	363,000	106,000	144,000
Effect Of Exchange Rate Changes	22,000	-30,000	3,000	-7,000
Changes In Cash	-20,000	124,000	254,000	-31,000
Financing Cash Flow	-1,841,000	-274,000	-1,474,000	552,000
Cash Flow From Continuing Financing Activities	-1,841,000	-274,000	-1,474,000	552,000
Net Other Financing Charges	-61,000	-17,000		-24,000	-8,000
Cash Dividends Paid	-464,000	-434,000	-406,000	0
Common Stock Dividend Paid	-464,000	-434,000	-406,000	0
Net Common Stock Issuance	-1,969,000	-1,571,000	-1,070,000	-1,068,000
Common Stock Payments	-1,969,000	-1,571,000	-1,070,000	-1,068,000
Net Issuance Payments Of Debt	653,000	1,748,000	2,000	1,644,000
Net Long Term Debt Issuance	653,000	1,748,000	2,000	1,644,000
Long Term Debt Payments	-10,529,000	-9,861,000	-8,574,000	-8,241,000
Long Term Debt Issuance	11,182,000	11,609,000	8,576,000	9,885,000
Investing Cash Flow	-3,369,000	-4,148,000	-2,976,000	-5,016,000
Cash Flow From Continuing Investing Activities	-3,369,000	-4,148,000	-2,976,000	-5,016,000
Net Other Investing Changes	50,000	51,000	38,000	32,000
Net Investment Purchase And Sale	-3,000	-5,000	-4,000	-7,000
Purchase Of Investment	-3,000	-5,000	-4,000	-7,000
Net Business Purchase And Sale	-357,000	-1,655,000	-574,000	-2,340,000
Purchase Of Business	-357,000	-1,655,000	-574,000	-2,340,000
Net PPE Purchase And Sale	-3,059,000	-2,539,000	-2,436,000	-2,701,000
Sale Of PPE	1,469,000	1,588,000	1,634,000	989,000
Purchase Of PPE	-4,528,000	-4,127,000	-4,070,000	-3,690,000
Operating Cash Flow	5,190,000	4,546,000	4,704,000	4,433,000
Cash Flow From Continuing Operating Activities	5,190,000	4,546,000	4,704,000	4,433,000
Change In Working Capital	-279,000	-266,000	173,000	24,000
Change In Payables And Accrued Expense	14,000	-234,000	40,000	542,000
Change In Accrued Expense	36,000	-31,000	85,000	238,000
Change In Payable	-22,000	-203,000	-45,000	304,000
Change In Account Payable	-22,000	-203,000	-45,000	304,000
Change In Prepaid Assets	-135,000	-27,000	281,000	-164,000
Change In Inventory	-38,000	15,000	19,000	-25,000
Change In Receivables	-120,000	-20,000	-167,000	-329,000
Changes In Account Receivables	-120,000	-20,000	-167,000	-329,000
Other Non Cash Items	-34,000	-33,000	4,000	-19,000
Stock Based Compensation	134,000	112,000	94,000	127,000
Deferred Tax	405,000	-19,000	35,000	537,000
Deferred Income Tax	405,000	-19,000	35,000	537,000
Depreciation Amortization Depletion	3,108,000	2,903,000	2,781,000	2,217,000
Depreciation And Amortization	3,108,000	2,903,000	2,781,000	2,217,000
Operating Gains Losses	-638,000	-726,000	-807,000	-558,000
Gain Loss On Investment Securities				17,000	30,000
Gain Loss On Sale Of PPE	-653,000	-727,000	-807,000	-575,000
Net Income From Continuing Operations	2,494,000	2,575,000	2,424,000	2,105,000

These metrics estimate what United Rentals, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$352.65

Margin of Safety

Market Cap ÷ Company Value

2.41

P/B Ratio

6.46

Warren's Owner Earnings

$10.1B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$16.1B

vs > $1.5B revenue

❌ Strong Financial Condition

0.94x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.77%

vs Uninterrupted dividends

❌ Earnings Growth

+30.2% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

23.6x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

6.46x P/B (P/E×P/B: 152.6)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-275.99

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$704.84

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	181.6%	160.3%	167.9%	175.3%	N/A
Repurchase of Capital Stock	-$2.0B	-$1.6B	-$1.1B	-$1.1B	N/A
Free Cash Flow	$662M ▲	$419M ▼	$634M ▼	$743M •	N/A •
Warren's Owner Earnings	$10.1B	$9.6B	$9.3B	$8.0B	N/A

Peers & Industry

No auto-detected peers for Rental & Leasing Services. You can manually compare URI against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.58%

Low — management has little skin in the game

Return on Equity (ROE)

27.8%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

8.4%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$2.0B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+6.0% YoY

Debt is roughly stable

Leadership Team

Matthew Flannery

President, CEO & Director

Age 60

Pay: $2,977,097

0.119% of net income

William Edward Grace

Executive VP & CFO

Age 53

Pay: $1,320,470

0.053% of net income

Michael Durand

Executive VP & COO

Age 51

Pay: $1,258,556

0.050% of net income

Elizabeth Carolyn Grenfell

Vice President of Investor Relations

Robert Halsey

Vice President of Marketing

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	11.86%	7,431,829
Blackrock Inc.	8.03%	5,032,558
State Street Corporation	4.73%	2,964,702
Capital World Investors	4.32%	2,708,877
Capital Research Global Investors	3.41%	2,137,843
Geode Capital Management, LLC	2.61%	1,637,960
Morgan Stanley	2.49%	1,561,701
Franklin Resources, Inc.	2.15%	1,343,981

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

1.83

High volatility — moves more than the market

Short Interest

3.3% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.67x

Moderate leverage

Current Ratio

0.80x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $645.18 Current: $924.24 High: $1,021.47

Currently at 74% of 52-week range

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