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ValueScreener company report

United Rentals, Inc. (URI)

NYSE / Industrials / Rental & Leasing Services

Share price

1034.81 USD Market dataClose of Oct 14, 2026

Market capitalisation

64.41B USD Market dataClose of Oct 14, 2026
Market data
Oct 14, 2026
Filed accounts
FY2025, filed Jan 28, 2026
Ratios computed
Oct 14, 2026
Filed years
10, FY2016 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

12.1% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

26.73x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Dividend yield

0.7% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 5.76B USDFY2016 Net income: 566.0M USDFY2017 Revenue: 6.64B USDFY2017 Net income: 1.35B USDFY2018 Revenue: 8.05B USDFY2018 Net income: 1.10B USDFY2019 Revenue: 9.35B USDFY2019 Net income: 1.17B USDFY2020 Revenue: 8.53B USDFY2020 Net income: 890.0M USDFY2021 Revenue: 9.72B USDFY2021 Net income: 1.39B USDFY2022 Revenue: 11.64B USDFY2022 Net income: 2.10B USDFY2023 Revenue: 14.33B USDFY2023 Net income: 2.42B USDFY2024 Revenue: 15.35B USDFY2024 Net income: 2.58B USDFY2025 Revenue: 16.10B USDFY2025 Net income: 2.49B USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
1 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 26.73x at the close of 2026-10-14 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 25.00x and 40.00x.

Today, against the Industrials sector (412 companies), 26.73x sits at the 55th percentile; the middle half of that group runs from 14.79x to 38.17x.

Is it good

Return on invested capital was 12.1% in FY2025, in the band labelled "Above the cost of capital" (12.0% to 20.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Industrials sector (294 companies), 12.1% sits at the 63rd percentile; the middle half of that group runs from 4.0% to 15.3%.

Is it safe

Net debt to EBITDA was 3.52x in FY2025, in the band labelled "Elevated" (2.50x to 4.00x), on lines set by credit-analyst convention.

No peer distribution is published for net debt to EBITDA today; the year-by-year comparison uses the filed annual figures.

Year by year against peers
Whether United Rentals, Inc.'s return on invested capital stayed above the median of the Industrials sector, year by year. (FY2019 to FY2025, 7 fiscal years of United Rentals, Inc. with a comparable figure)
The direction
Which way United Rentals, Inc.'s return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of United Rentals, Inc.)
What could explain it
What in United Rentals, Inc.'s filed statements could explain the movements. (9 readings drawn from the statement lines United Rentals, Inc. filed)
What to check next
What to check next on United Rentals, Inc., and where in its filings. (6 questions for United Rentals, Inc.)
In one paragraph
One paragraph on United Rentals, Inc.'s returns, cash, balance sheet and price. (11 of sixteen figures read for United Rentals, Inc.)

These are URI’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research URIPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Jan 28, 2026, accession 0001067701-26-000007.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

United Rentals, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax12.1% ComputedFY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007
Return on equity27.8% ComputedFY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007
Return on capital employed, pre-tax15.3% ComputedFY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007
Return on assets8.3% ComputedFY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007
Gross margin38.2% ComputedFY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007
Operating margin24.7% ComputedFY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007
Net margin15.5% ComputedFY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007
URI 15.5%
AME 20.0%JCI 13.9%EMR 12.7%TRI 20.1%ITW 19.1%
12.7%20.1%
Net margin: URI against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

United Rentals, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity1.78 ComputedFY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007
Current ratio0.94 ComputedFY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007
Quick ratio0.88 ComputedFY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007
Altman Z-score3.63 ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007
Net debt15.54B ComputedFY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007
Total assets 29.87BTotal liabilities 20.90BShareholders' equity 8.97BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What United Rentals, Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Jan 28, 2026, 0001067701-26-000007).

United Rentals, Inc: balance sheet position
Total assets29.87B FiledFY2025 10-K, filed Jan 28, 2026
Total liabilities20.90B FiledFY2025 10-K, filed Jan 28, 2026
Shareholders' equity8.97B FiledFY2025 10-K, filed Jan 28, 2026
Cash459.0M FiledFY2025 10-K, filed Jan 28, 2026
Total debt16.00B FiledFY2025 10-K, filed Jan 28, 2026
Net debt15.54B
Current ratio0.94
Debt to equity1.78
  • Interest cover: FY2025: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

United Rentals, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings26.73x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007
P/E on trailing twelve months27.01x ComputedClose of Oct 14, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book7.45x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007
Price to sales4.15x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007
Enterprise value to EBIT20.74x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007
Enterprise value to EBITDA18.68x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007
Price to earnings over growth1.03 ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007
Diluted earnings per share38.61 USD FiledFY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007
Graham number347.71 USD ComputedFY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007

We publish no fair value or price target of our own. Value URI on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for United Rentals, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

United Rentals, Inc: valuation
Share price1034.81 USD
Market capitalisation64.41B USD
Enterprise value to EBITDA18.68x
Graham number347.71 USD
Diluted earnings per share, FY202538.61 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Jul 19, 2017: low 4.61x, median 16.26x, high 29.77x, latest 27.01x. 2,321 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like United Rentals, Inc

  1. AMETEK, Inc. (AME)Market cap 56.57B USD
  2. Johnson Controls International plc (JCI)Market cap 92.34B USD
  3. Emerson Electric Co. (EMR)Market cap 89.85B USD
  4. Thomson Reuters Corporation (TRI)Market cap 46.01B USD
  5. Illinois Tool Works Inc. (ITW)Market cap 77.53B USD

Same sector (Industrials) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

United Rentals, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007
Free cash flow
Why n/a

The FY2025 filing carries no free cash flow we could read.

n/a ComputedFY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007
Free cash flow margin
Why n/a

No free cash flow, and no operating cash flow and capital expenditure pair, is filed for this year.

n/a ComputedFY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007
Dividend yield0.7% ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007
Payout ratio18.6% ComputedFY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007
FY2016 Free cash flow: 1.85B USDFY2016 Net income: 566.0M USDFY2017 Free cash flow: 2.09B USDFY2017 Net income: 1.35B USDFY2018 Free cash flow: 2.67B USDFY2018 Net income: 1.10B USDFY2019 Free cash flow: 2.81B USDFY2019 Net income: 1.17B USDFY2020 Free cash flow: 2.46B USDFY2020 Net income: 890.0M USDFY2021 Free cash flow: 491.0M USDFY2021 Net income: 1.39B USDFY2022 Free cash flow: 743.0M USDFY2022 Net income: 2.10B USDFY2023 Free cash flow: 840.0M USDFY2023 Net income: 2.42B USDFY2024 Free cash flow: 416.0M USDFY2024 Net income: 2.58B USDFY2025 Net income: 2.49B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

United Rentals, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
26.73xFY2025Oct 14, 2026
7.45xFY2025Oct 14, 2026
20.74xFY2025Oct 14, 2026
n/aFY2025Oct 14, 2026
n/a The filed cash flow statement reports neither free cash flow nor the operating cash flow and capital spending it is built from.
12.1%FY2025Jan 28, 2026
0.7%FY2025Oct 14, 2026
1.78FY2025Jan 28, 2026
0.94FY2025Jan 28, 2026
4.15xFY2025Oct 14, 2026
1.03FY2025Oct 14, 2026
3.63FY2025Oct 14, 2026
-2.49FY2025Jan 28, 2026
5/9FY2025Jan 28, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 14, 2026. Ratios recomputed Oct 14, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports United Rentals, Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

United Rentals, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202516.10B3.97B2.49B38.61n/a24.7%27.8%10-K, Jan 28, 20260001067701-26-000007
FY202415.35B4.07B2.58B38.69416.0M26.5%29.9%10-K, Jan 29, 20250001067701-25-000008
FY202314.33B3.83B2.42B35.28840.0M26.7%29.8%10-K, Jan 24, 20240001067701-24-000007
FY202211.64B3.23B2.10B29.65743.0M27.8%29.8%10-K, Jan 25, 20230001067701-23-000010
FY20219.72B2.28B1.39B19.04491.0M23.4%23.1%10-K, Jan 26, 20220001067701-22-000008
FY20208.53B1.80B890.0M12.202.46B21.1%19.6%10-K, Jan 27, 20210001067701-21-000008
FY20199.35B2.15B1.17B15.112.81B23.0%30.6%10-K, Jan 29, 20200001067701-20-000008
FY20188.05B1.95B1.10B13.122.67B24.3%32.2%10-K, Jan 23, 20190001067701-19-000007
FY20176.64B1.51B1.35B15.732.09B22.7%43.3%10-K, Jan 24, 20180001067701-18-000006
FY20165.76B1.42B566.0M6.451.85B24.6%34.3%10-K, Jan 25, 20170001067701-17-000006
  • Revenue, compound annual growth FY2016 to FY2025: 12.1%
  • Earnings, compound annual growth FY2016 to FY2025: 17.9%
  • Earnings per share, compound annual growth FY2016 to FY2025: 22.0%
  • Free cash flow, compound annual growth FY2016 to FY2024: -17.0%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

United Rentals, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.49 ComputedFY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007
Piotroski F-score5/9 ComputedFY2025 10-K, filed Jan 28, 2026, 0001067701-26-000007
Named tests met1 of 30 Computed
Beta1.19 ComputedClose of Oct 14, 2026

The named tests

Of 30 tests value investors published: 1 met, 27 not met, 2 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
ROIC at or above WACC
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Cash-covered dividend; Cash-flow yield and ROIC. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(4)
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.
  • Free Cash Flow Yield: We do not hold this figure for this company, so there is nothing to show.
  • Capex To Ocf: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 4 figures could not be read on this company, among them Interest Coverage, Free Cash Flow Yield, Capex To Ocf. Each blank in the table above names the rest, with its reason. 2 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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