UNITED RENTALS, INC.
$1,124.56
−14.58 (−1.28%) · delayed · Nov 13, 2026
Five-year price
52w $701.59 to $1,202.12
- Market cap
- $69.6B
- Enterprise value
- $85.0B
- P/E
- 29.1×
- 30.0× on 3y avg EPS
- EV / EBIT
- 21.4×
- FCF yield
- 7.5%
- ROIC
- 12.2%
- Debt / equity
- 1.77
- Piotroski F
- 4/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
67
- ●ROIC > 12% (5y avg)5y avg ROIC 12.6%
- ●ROE > 15% (5y avg)5y avg ROE 28.1%
- ○Stable operating marginsMargin volatility 9.4% (σ, 5y)
- ○Earnings convert to cashFCF / net income 66% (5y avg)
- ●Growing revenueRevenue CAGR 5y 13.1%
- ●Shrinking share countDiluted shares -11.4% over 5y
Value
20
- ○P/E below 15P/E 29.1
- ○EV/EBIT below 12EV/EBIT 21.4
- ●FCF yield above 6%FCF yield 7.5%
- ○Price below Graham NumberGraham Number $354.72
- ○P/B below 3P/B 7.8
Safety
0
- ○Debt / equity below 0.5D/E 1.77
- ○Debt payable in < 4 yrs of earningsNet debt $15.4B
- ○Interest coverage > 8xCoverage 5.7x
- ○Current ratio > 1.5Current ratio 0.94
- ○Piotroski F-score ≥ 6F-score 4/9
Graham Defensive
43
- ●Adequate size (revenue > $2B)Revenue $3.7B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.94
- ●Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 219%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 30.0
- ○P/E × P/B ≤ 22.5Product 232.7
Valuation lab
What do you have to believe?
At $1,124.56, the market is pricing in about 3.0% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $15.4B · 62M shares · 5y revenue CAGR 13.1%
Intrinsic value
$2,673.78
Price
$1,124.56
Margin of safety
58%
What the price implies
The market is paying for 3.0% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
65% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 5,762 | 6,641 | 8,047 | 2,063 | 1,994 | 2,256 | 2,501 | 3,395 | 3,588 | 3,695 |
| Gross profit | 2,403 | 2,769 | 3,364 | 3,670 | 3,183 | 3,853 | 4,996 | 5,813 | 6,150 | 6,144 |
| Operating income | 1,415 | 1,507 | 1,951 | 2,152 | 1,800 | 2,277 | 3,232 | 3,827 | 4,065 | 3,973 |
| Operating margin | 24.6% | 22.7% | 24.2% | 104.3% | 90.3% | 100.9% | 129.2% | 112.7% | 113.3% | 107.5% |
| Pre-tax income | 909 | 1,048 | 1,476 | 1,514 | 1,139 | 1,846 | 2,802 | 3,211 | 3,388 | 3,338 |
| Income tax | 343 | (298) | 380 | 340 | 249 | 460 | 697 | 787 | 813 | 844 |
| Net income | 566 | 1,346 | 1,096 | 1,174 | 890 | 1,386 | 2,105 | 2,424 | 2,575 | 2,494 |
| EPS (diluted) | 6.45 | 15.73 | 13.12 | 15.11 | 12.20 | 19.04 | 29.65 | 35.28 | 38.69 | 38.61 |
| Diluted shares | 88 | 86 | 84 | 78 | 73 | 73 | 71 | 69 | 67 | 65 |
Who owns it