Tearsheet

United Rentals (URI)

Market Price (4/22/2026): $806.2 | Market Cap: $51.1 Bil
Sector: Industrials | Industry: Trading Companies & Distributors

United Rentals (URI)

Market Price (4/22/2026): $806.2
Market Cap: $51.1 Bil
Sector: Industrials
Industry: Trading Companies & Distributors

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.8%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 25%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, CFO LTM is 5.2 Bil

Stock buyback support
Stock Buyback 3Y Total is 4.6 Bil

Low stock price volatility
Vol 12M is 36%

Megatrend and thematic drivers
Megatrends include Renewable Energy Transition, Sustainable Infrastructure, Water Infrastructure, and Offshore Wind Development. Show more.

Weak multi-year price returns
2Y Excs Rtn is -15%

Key risks
URI key risks include [1] margin compression from rising operational costs and a cooling used equipment market, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.8%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 25%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, CFO LTM is 5.2 Bil
3	Stock buyback support Stock Buyback 3Y Total is 4.6 Bil
4	Low stock price volatility Vol 12M is 36%
5	Megatrend and thematic drivers Megatrends include Renewable Energy Transition, Sustainable Infrastructure, Water Infrastructure, and Offshore Wind Development. Show more.
6	Weak multi-year price returns 2Y Excs Rtn is -15%
7	Key risks URI key risks include [1] margin compression from rising operational costs and a cooling used equipment market, Show more.

Valuation, Metrics & Events

	4/22/26	2025	2024	2023	2022
Share Price CYE	$806.20	$809.32	$704.44	$573.42	$355.42
Market Cap CYE ($ Bil)	51.1	51.3	46.2	38.8	24.7
Total Debt ($ Bil)	15.7	15.7	14.8	12.7	12.2
Total Cash ($ Bil)	0.5	0.5	0.5	0.4	0.1
Enterprise Value ($ Bil)	66.3	67.0	61.0	51.5	36.9
Valuation Ratios
P/S TTM	3.2	3.2	3.0	2.7	2.1
P/EBIT TTM	12.6	12.7	11.3	10.1	7.6
P/E TTM	20.5	20.6	17.9	16.0	11.7
P/FCF TTM	77.2	77.5	110.3	61.1	33.2
Sector Ratios
P/S TTM (Sector)	1.8	1.7	1.5	1.4	1.2
P/EBIT TTM (Sector)	11.5	11.5	11.4	10.9	8.8
P/E TTM (Sector)	15.8	15.4	14.7	14.9	11.8
P/FCF TTM (Sector)	12.2	11.6	12.7	10.9	7.9

	4/22/26	2025	2024
Share Price CYE	$806.20	$809.32	$704.44
Market Cap CYE ($ Bil)	51.1	51.3	46.2
Total Debt ($ Bil)	15.7	15.7	14.8
Total Cash ($ Bil)	0.5	0.5	0.5
Enterprise Value ($ Bil)	66.3	67.0	61.0
Valuation Ratios
P/S TTM	3.2	3.2	3.0
P/EBIT TTM	12.6	12.7	11.3
P/E TTM	20.5	20.6	17.9
P/FCF TTM	77.2	77.5	110.3
Sector Ratios
P/S TTM (Sector)	1.8	1.7	1.5
P/EBIT TTM (Sector)	11.5	11.5	11.4
P/E TTM (Sector)	15.8	15.4	14.7
P/FCF TTM (Sector)	12.2	11.6	12.7

	URI	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	16.1
Rev Chg Q	2.8%	7.5%
Rev Chg LTM	4.9%	6.9%
Rev Chg 3Y Avg	11.7%	5.7%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	4.0
CFO LTM ($ Bil)	5.2
Net Inc LTM ($ Bil)	2.5
Op Mgn LTM	24.7%	18.6%
CFO/Rev LTM	32.2%	20.6%
Net Inc Mgn	15.5%	12.8%
VALUATION	HIGH
P/S	3.2	3.3
P/CFO	9.8	15.7
P/FCF	77.2	20.4
P/E	20.5	24.4
STABILITY	FAIR
Debt/Equity	0.31	0.20
Cash/Assets	0.02	0.07

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Metric	Value	Date	Source
Fleet Productivity	4.3% increase year-over-year	12312024	Link
Original Equipment Cost (OEC)	$21.43 billion	1292025	Link
Number of Rental Locations	1739	10232025	Link
Number of Employees	approximately 27,900	10232025	Link
Number of Equipment Units in Fleet	1120000	12312024	Link
Employee Growth	6% increase	12312024	Link

Upcoming
4/22/2026	Earnings Release	Rev: $3.0 Bil (E) EPS: $8.95 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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United Rentals (URI) stock has remained largely at the same level since 12/31/2025 because of the following key factors:

1. Weaker-than-Expected Q4 2025 Financial Results.

United Rentals reported fourth-quarter 2025 adjusted earnings per share (EPS) of $11.09, missing analysts' consensus estimates that ranged from $11.78 to $11.89. Additionally, total revenue for the quarter was $4.21 billion, falling short of consensus estimates that ranged from $4.24 billion to $4.29 billion. These misses sparked an initial sell-off in the stock.

2. Disappointing 2026 Financial Guidance.

Alongside its Q4 2025 results, United Rentals issued its full-year 2026 guidance, which was slightly below analysts' expectations. While the guidance still projected growth, with total revenue between $16.8 billion and $17.3 billion and adjusted EBITDA between $7.575 billion and $7.825 billion, the failure to exceed or meet high market expectations contributed to investor caution.

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Stock Movement Drivers

Fundamental Drivers

The -0.2% change in URI stock from 12/31/2025 to 4/21/2026 was primarily driven by a -2.1% change in the company's Net Income Margin (%).

(LTM values as of)	12312025	4212026	Change
Stock Price ($)	807.50	806.22	-0.2%
Change Contribution By:
Total Revenues ($ Mil)	15,986	16,099	0.7%
Net Income Margin (%)	15.8%	15.5%	-2.1%
P/E Multiple	20.5	20.5	0.1%
Shares Outstanding (Mil)	64	63	1.2%
Cumulative Contribution			-0.2%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/21/2026

	Return	Correlation
URI	-0.2%
Market (SPY)	-5.4%	37.4%
Sector (XLI)	10.5%	45.4%

Fundamental Drivers

The -15.2% change in URI stock from 9/30/2025 to 4/21/2026 was primarily driven by a -15.7% change in the company's P/E Multiple.

(LTM values as of)	9302025	4212026	Change
Stock Price ($)	950.52	806.22	-15.2%
Change Contribution By:
Total Revenues ($ Mil)	15,749	16,099	2.2%
Net Income Margin (%)	16.1%	15.5%	-3.8%
P/E Multiple	24.3	20.5	-15.7%
Shares Outstanding (Mil)	65	63	2.4%
Cumulative Contribution			-15.2%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/21/2026

	Return	Correlation
URI	-15.2%
Market (SPY)	-2.9%	39.7%
Sector (XLI)	11.5%	46.8%

Fundamental Drivers

The 29.8% change in URI stock from 3/31/2025 to 4/21/2026 was primarily driven by a 29.5% change in the company's P/E Multiple.

(LTM values as of)	3312025	4212026	Change
Stock Price ($)	621.22	806.22	29.8%
Change Contribution By:
Total Revenues ($ Mil)	15,345	16,099	4.9%
Net Income Margin (%)	16.8%	15.5%	-7.7%
P/E Multiple	15.8	20.5	29.5%
Shares Outstanding (Mil)	66	63	3.5%
Cumulative Contribution			29.8%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/21/2026

	Return	Correlation
URI	29.8%
Market (SPY)	16.3%	58.7%
Sector (XLI)	32.2%	62.6%

Fundamental Drivers

The 110.1% change in URI stock from 3/31/2023 to 4/21/2026 was primarily driven by a 62.0% change in the company's P/E Multiple.

(LTM values as of)	3312023	4212026	Change
Stock Price ($)	383.68	806.22	110.1%
Change Contribution By:
Total Revenues ($ Mil)	11,642	16,099	38.3%
Net Income Margin (%)	18.1%	15.5%	-14.3%
P/E Multiple	12.6	20.5	62.0%
Shares Outstanding (Mil)	69	63	9.5%
Cumulative Contribution			110.1%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/21/2026

	Return	Correlation
URI	110.1%
Market (SPY)	63.3%	57.6%
Sector (XLI)	76.7%	68.9%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
URI Return	43%	7%	64%	24%	16%	1%	262%
Peers Return	58%	-2%	6%	-14%	-15%	18%	42%
S&P 500 Return	27%	-19%	24%	23%	16%	4%	89%
Monthly Win Rates [3]
URI Win Rate	58%	50%	58%	67%	50%	50%
Peers Win Rate	72%	48%	53%	42%	45%	60%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
URI Max Drawdown	-1%	-29%	-7%	-6%	-21%	-12%
Peers Max Drawdown	-4%	-32%	-24%	-32%	-36%	-11%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: HRI, WSC, MGRC, CTOS, ALTG. See URI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/21/2026 (YTD)

How Low Can It Go

Unique Key	Event	URI	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-40.0%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	66.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	215 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-58.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	142.3%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	140 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-49.4%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	97.5%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	651 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-91.3%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	1045.2%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,045 days	1,480 days

Compare to HRI, WSC, MGRC, CTOS, ALTG

In The Past

United Rentals's stock fell -40.0% during the 2022 Inflation Shock from a high on 11/8/2021. A -40.0% loss requires a 66.5% gain to breakeven.

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About United Rentals (URI)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

United 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. As of January 1, 2022, the company operated a network of 1,345 rental locations, including 1,149 of these locations are in the United States, 139 are in Canada, 11 are in Europe, and and 46 are in Australia and New Zealand. United Rentals, Inc. was incorporated in 1997 and is headquartered in Stamford, Connecticut.

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Here are 1-3 brief analogies for United Rentals (URI):

Enterprise Rent-A-Car for construction and industrial equipment.
Netflix for heavy machinery and construction tools.

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General Construction & Industrial Equipment Rental: United Rentals offers a wide range of rental equipment including backhoes, forklifts, earthmoving machinery, aerial work platforms, and general tools for various construction and industrial needs.
Specialty Construction Products Rental: This segment provides rentals for specialized applications, such as trench safety equipment, power and HVAC equipment, fluid solutions, and mobile storage or modular office units.
New Equipment Sales: The company sells new aerial lifts, reach forklifts, telehandlers, compressors, and generators directly to customers.
Used Equipment Sales: United Rentals sells used equipment through various channels, including its sales force, brokers, website, and auctions.
Construction Supplies Sales: The company offers construction consumables, tools, small equipment, and safety supplies for sale.
Equipment Parts Sales: United Rentals sells parts specifically for equipment owned by its customers.
Equipment Repair & Maintenance Services: The company provides repair and maintenance services for customer-owned equipment.

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United Rentals, Inc. (URI) primarily serves other companies and organizations (Business-to-Business or B2B). While the background information does not specify individual major customer company names, it identifies several broad categories of entities that constitute its major customer base:

Construction companies (including those involved in infrastructure projects)
Industrial companies
Manufacturers
Utilities
Municipalities and government entities

As specific company names are not detailed in the provided description, no corresponding public symbols can be listed.

Additionally, the company serves homeowners in its General Rentals segment, which represents a Business-to-Consumer (B2C) customer category for general tools and light equipment.

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Caterpillar (CAT)
JLG Industries (OSK)
Genie (TEX)
John Deere (DE)
Komatsu America Corp. (KMTUY)
Kubota Tractor Corporation (KUBTY)
LGMG North America

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Matthew J. Flannery – President and Chief Executive Officer

Matthew J. Flannery was appointed Chief Executive Officer of United Rentals in May 2019 and President in March 2018. He joined the company in 1998 as part of the acquisition of McClinch Equipment, where he had served as a branch manager. With over three decades of experience in the rental industry, he has held numerous senior management positions within United Rentals, including Executive Vice President and Chief Operating Officer. Mr. Flannery holds a degree from Hofstra University.

Ted Grace – Executive Vice President and Chief Financial Officer

Ted Grace was appointed Executive Vice President and Chief Financial Officer of United Rentals, effective November 3, 2022, after serving as interim Chief Financial Officer since July 29, 2022. He joined United Rentals in 2016 as Vice President of Investor Relations. Before joining United Rentals, Mr. Grace spent two decades as an investment banker and research analyst with various institutions, including a role as a research analyst at Susquehanna International.

Michael Durand – Executive Vice President and Chief Operating Officer

Michael Durand was promoted to Executive Vice President and Chief Operating Officer in September 2023. He started his career at United Rentals in 2002 as a branch manager. Since then, he has advanced through various leadership roles, including district manager, regional sales and marketing director, region vice president, and senior vice president of sales and operations. Prior to United Rentals, he worked as a district manager for Ferrellgas starting in 1999 and later for Dryair.

Craig A. Pintoff – Executive Vice President and Chief Administrative Officer

Craig A. Pintoff was promoted to Executive Vice President and Chief Administrative Officer in March 2017. He joined United Rentals in 2003 as Director—Legal Affairs. His prior experience includes serving as chief benefits and employment counsel for Crompton Corporation and working as an attorney at White & Case LLP. Mr. Pintoff holds a Juris Doctor from Columbia Law School and an LL.M. from New York University School of Law.

Joli Gross – Senior Vice President, Chief Legal & Sustainability Officer, Corporate Secretary

Joli Gross currently serves as Senior Vice President, Chief Legal & Sustainability Officer, and Corporate Secretary, a title she has held since January 2024. She has been part of United Rentals' legal department since 2002, holding various positions over the years. Before joining the company, Ms. Gross was an associate at Day, Berry & Howard, focusing on commercial real estate and contracts, and at Edwards & Angell, specializing in civil litigation. She earned a Juris Doctor from the New England School of Law and a Bachelor of Arts from Boston University. Additionally, Ms. Gross has served as a director of GXO Logistics since August 2021.

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United Rentals (URI) faces several key risks inherent to its business model and the industries it serves:

Economic Downturn and Cyclical Demand: As an equipment rental company serving construction and industrial sectors, United Rentals' business is highly sensitive to general economic conditions and the level of capital expenditures by its customers. A significant economic slowdown or recession could lead to decreased construction activity, reduced demand for rental equipment, lower utilization rates, and pricing pressure, directly impacting revenue and profitability.
Interest Rate Fluctuations and Access to Capital: United Rentals operates a large and capital-intensive equipment fleet. The company relies on financing for equipment acquisition and fleet modernization. Rising interest rates could increase borrowing costs, affecting profitability and potentially limiting the company's ability to invest in new equipment or refinance existing debt at favorable terms. This could also indirectly impact customer demand as higher financing costs for customers may reduce their overall project budgets.
Competition and Pricing Pressure: The equipment rental market is competitive, with a mix of national, regional, and local players. Intense competition could lead to pricing pressure, particularly during periods of softening demand, which could compress rental rates and negatively impact United Rentals' margins and market share.

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Original equipment manufacturers (OEMs) increasingly offering their heavy machinery and specialized equipment directly as a service (EaaS) or through expanded direct rental programs. These programs leverage advancements in IoT, telematics, and data analytics to provide usage-based billing, predictive maintenance, and integrated service solutions directly to contractors and industrial clients. This allows OEMs to capture more of the value chain, control the customer relationship, and potentially offer more optimized and cost-effective solutions that bypass third-party rental companies like United Rentals.

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United Rentals (URI) operates within several addressable markets related to equipment rental, sales, and services. The market sizes for their main products and services vary by product type and geographic region.

General Rentals Segment

Construction Equipment Rental Market (Global): The global construction equipment rental market was valued at USD 213.68 billion in 2025 and is projected to reach USD 339.04 billion by 2033, growing at a CAGR of 6.1% from 2026 to 2033.
Construction Equipment Rental Market (U.S.): The U.S. construction equipment rental market generated revenue of USD 57,505.4 million in 2025 and is expected to reach USD 82,463.9 million by 2033.

Specialty Segment

Trench Safety Equipment Market (U.S.): The U.S. trench shoring equipment market size was estimated at USD 455.6 million in 2023 and is projected to grow to USD 677.0 million by 2030.
Trench Shoring Equipment Rental Market (North America): The North American trench shoring equipment rental market reached revenues of USD 1,858.5 million in 2022.
Power Rental Market (Global): The global power rental market size was valued at USD 23.0 billion in 2025 and is estimated to reach USD 38.3 billion by 2034.
Power Rental Market (U.S.): The power rental market in the U.S. is projected to grow significantly, reaching an estimated value of USD 3.88 billion by 2032. North America currently dominates the global power rental market, holding a significant market share of over 33.7% in 2025.
HVAC Rental Equipment Market (Global): The HVAC rental equipment market is estimated to reach USD 2.12 billion, growing at a CAGR of 5.9% between 2024 and 2029.
Fluid Solutions Equipment: null
Mobile Storage and Modular Office Space Market (U.S.): The U.S. modular container market generated revenue of USD 7,891.4 million in 2023 and is expected to reach USD 14,420.8 million by 2030.
Modular Space Rental Market (North America): The North American modular space rental market is forecast to reach USD 6.1 billion by 2030.

Sales of Used Equipment

Used Construction Equipment Market (Global): The global pre-owned construction equipment market size was valued at USD 165,162.2 million in 2021 and is projected to reach USD 484,310.7 million by 2031. North America holds approximately 40% of the global market share.

Sales of Construction Consumables, Tools, Small Equipment, and Safety Supplies

Construction Worker Safety Market (Global): The global construction worker safety market size was estimated to be worth USD 3.74 billion in 2024 and is projected to reach USD 10.45 billion by 2035. North America dominated this market with a major share of around 34% in 2023.
Construction Consumables, Tools, Small Equipment: null

Repair and Maintenance Services

Construction Equipment Repair and Maintenance Service Market (Global): The global construction equipment repair and maintenance service market size was valued at USD 34.6 billion in 2024 and is projected to grow to USD 52.6 billion by 2034.
Construction Equipment Repair and Maintenance Service Market (U.S.): The construction equipment repair and maintenance service market in the U.S. is estimated at USD 9.1 billion in 2024.

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United Rentals (URI) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

Continued Expansion of the Specialty Segment: United Rentals is strategically focused on growing its higher-margin specialty segments, which have demonstrated impressive historical growth. The company plans to expand its specialty footprint through new "cold starts" (new locations), aiming for at least 50 in 2025 and 40 in 2026. This expansion includes areas such as fluid solutions, matting solutions, site services, portable storage & modular space, power & HVAC, tool solutions, and trench safety.
Increased Demand from Large Project Activity: Significant demand is anticipated from large projects across various sectors. This includes substantial activity in infrastructure, non-residential construction, data centers, chip manufacturing, sports stadiums, and power projects. The company's project pipeline is reported to be larger than ever, with new projects kicking off in healthcare, pharmaceuticals, and infrastructure.
Optimization of Fleet Productivity through Rental Rate and Time Factors: United Rentals aims to enhance fleet productivity by focusing on positive rental rates and maximizing time utilization of its equipment. This operational efficiency is expected to contribute to rental revenue growth.
Strategic Acquisitions: Acquisitions remain a key component of United Rentals' growth strategy and capital allocation plan. The company has a history of strategic moves, such as the acquisition of H&E Equipment Services in January 2025, to expand its fleet, geographic presence, and service offerings, thereby solidifying its market leadership.
Leveraging "One-Stop-Shop" Approach and Cross-Selling: By providing a comprehensive range of both general and specialty rental solutions, United Rentals emphasizes its "one-stop-shop" approach. This strategy aims to meet diverse customer needs, enhance service, and enable cross-selling across its offerings, ultimately capturing a larger share of customer spending.

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Share Repurchases

United Rentals returned $1.000 billion to shareholders via share repurchases in 2023.
In 2024, the company repurchased $1.500 billion in shares.
United Rentals increased its planned share repurchases in 2025 by $400 million to $1.9 billion. The company also announced a new $5 billion share repurchase program in January 2026, with plans to repurchase $1.5 billion of common stock in 2026.

Outbound Investments

In 2021, United Rentals completed the acquisitions of General Finance Corporation, Franklin Equipment, LLC, and Norris Sales Company.
The company acquired Ahern Rentals in December 2022 and Able Equipment Rental, Inc. in February 2023.
United Rentals acquired Yak Access for nearly $1 billion in March 2024 and agreed to acquire H&E Equipment Services, Inc. for approximately $4.8 billion in enterprise value, a transaction expected to close in the first quarter of 2025.

Capital Expenditures

United Rentals reported full-year gross rental capital expenditures of $3.508 billion in 2023.
In 2024, gross rental equipment purchases were $3.756 billion, primarily directed towards replacing aging assets and expanding capacity in high-demand segments, particularly within the Specialty business.
For 2025, the company guided gross fleet capital expenditures between $3.65 billion and $3.95 billion, with approximately $3.3 billion allocated for replacement and $500 million for growth. Additionally, 2026 outlook for gross purchases is projected to be between $4.3 billion and $4.7 billion.

Interactive Breakdown

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Better Bets vs. United Rentals (URI)

INDUSTRY: Trading Companies & Distributors

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SECTOR: Industrials

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LATAM Airlines

PAYC (14.4% | 12.6x)

Paycom Software

OTEX (17.3% | 5.5x)

Open Text

ALK (14.0% | 8.7x)

Alaska Air

HRI (17.0% | 5.8x)

Herc

Higher Rev Chg LTM (Value for URI: 4.9%)

BA (34.5%)

Boeing

GE (21.8%)

GE Aerospace

UBER (18.3%)

Uber Technologies

RTX (10.6%)

RTX

GEV (9.0%)

GE Vernova

Higher Rev Chg 3Y Avg (Value for URI: 11.7%)

VRT (21.7%)

Vertiv

UBER (17.7%)

Uber Technologies

GE (16.1%)

GE Aerospace

HWM (13.4%)

Howmet Aerospace

BA (12.3%)

Boeing

Higher Op Mgn LTM (Value for URI: 24.7%)

UNP (40.2%)

Union Pacific

CSX (33.5%)

CSX

ITW (26.3%)

Illinois Tool Works

ADP (26.3%)

Automatic Data Processing

HWM (25.5%)

Howmet Aerospace

Higher CFO/Rev LTM (Value for URI: 32.2%)

CNI (40.7%)

Canadian National Railway

UNP (37.9%)

Union Pacific

NSC (35.8%)

Norfolk Southern

CP (35.2%)

Canadian Pacific Kansas City

CSX (32.7%)

CSX

Higher FCF/Rev LTM (Value for URI: 4.1%)

UBER (18.8%)

Uber Technologies

GE (15.4%)

GE Aerospace

CAT (11.0%)

Caterpillar

GEV (9.7%)

GE Vernova

RTX (8.8%)

RTX

Higher Total Yield (Value for URI: 5.8%)

UPS (12.2%)

United Parcel Service

UNP (7.0%)

Union Pacific

GD (6.6%)

General Dynamics

UBER (6.3%)

Uber Technologies

FDX (6.1%)

FedEx

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for URI: 11.7% | 3.2x)

BRK-B (27.0% | 2.5x)

Berkshire Hathaway

CB (11.9% | 2.2x)

Chubb

COF (16.8% | 2.4x)

Capital One Financial

PGR (21.0% | 1.4x)

Progressive

BMO (12.1% | 2.9x)

Bank of Montreal

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for URI: 11.7% | 12.9x)

NEM (26.2% | 10.8x)

Newmont

APO (66.8% | 9.2x)

Apollo Global Management

B (16.0% | 8.4x)

Barrick Mining

FANG (18.3% | 11.0x)

Diamondback Energy

OKE (18.9% | 9.2x)

ONEOK

Higher Rev Chg LTM (Value for URI: 4.9%)

NVDA (65.5%)

NVIDIA

MSFT (16.7%)

Microsoft

GOOGL (15.1%)

Alphabet

AMZN (12.4%)

Amazon.com

AAPL (10.1%)

Apple

Higher Rev Chg 3Y Avg (Value for URI: 11.7%)

NVDA (101.8%)

NVIDIA

AVGO (26.2%)

Broadcom

MSFT (14.4%)

Microsoft

GOOGL (12.5%)

Alphabet

AMZN (11.7%)

Amazon.com

Higher Op Mgn LTM (Value for URI: 24.7%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

AVGO (41.5%)

Broadcom

AAPL (32.4%)

Apple

GOOGL (32.0%)

Alphabet

Higher CFO/Rev LTM (Value for URI: 32.2%)

META (57.6%)

Meta Platforms

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

AVGO (43.5%)

Broadcom

GOOGL (40.9%)

Alphabet

Higher FCF/Rev LTM (Value for URI: 4.1%)

NVDA (44.8%)

NVIDIA

AVGO (42.3%)

Broadcom

AAPL (28.3%)

Apple

MSFT (25.3%)

Microsoft

GOOGL (18.2%)

Alphabet

Higher Total Yield (Value for URI: 5.8%)

BAC (7.7%)

Bank of America

XOM (7.3%)

Exxon Mobil

JNJ (7.2%)

Johnson & Johnson

JPM (6.7%)

JPMorgan Chase

BRK-B (6.6%)

Berkshire Hathaway

Best Bets in Industrials

What You Pay

P/EBIT (Value for URI: 12.6x)

GATX (10.6x)

GATX

PAYX (13.9x)

Paychex

AGX (63.5x)

Argan

TDG (16.5x)

TransDigm

PCTY (16.6x)

Paylocity

SNA (14.3x)

Snap-on

ADP (13.8x)

Automatic Data Processing

STRL (33.9x)

Sterling Infrastructure

PAYC (11.5x)

Paycom Software

WOR (17.5x)

Worthington Enterprises

P/E (Value for URI: 20.5x)

GATX (21.3x)

GATX

PAYX (20.5x)

Paychex

AGX (62.1x)

Argan

TDG (34.6x)

TransDigm

PCTY (23.5x)

Paylocity

SNA (19.5x)

Snap-on

ADP (19.3x)

Automatic Data Processing

STRL (50.0x)

Sterling Infrastructure

PAYC (15.8x)

Paycom Software

WOR (24.0x)

Worthington Enterprises

What You Get

Rev Chg 3Y Avg (Value for URI: 11.7%)

GATX (11.0%)

GATX

PAYX (8.9%)

Paychex

AGX (28.8%)

Argan

TDG (17.5%)

TransDigm

PCTY (19.0%)

Paylocity

SNA (2.1%)

Snap-on

ADP (7.1%)

Automatic Data Processing

STRL (12.1%)

Sterling Infrastructure

PAYC (14.4%)

Paycom Software

WOR (51.4%)

Worthington Enterprises

Rev Chg LTM (Value for URI: 4.9%)

GATX (9.8%)

GATX

PAYX (16.4%)

Paychex

AGX (8.1%)

Argan

TDG (11.7%)

TransDigm

PCTY (12.1%)

Paylocity

SNA (0.9%)

Snap-on

ADP (6.6%)

Automatic Data Processing

STRL (17.7%)

Sterling Infrastructure

PAYC (8.9%)

Paycom Software

WOR (15.0%)

Worthington Enterprises

Rev Chg Q (Value for URI: 2.8%)

GATX (8.6%)

GATX

PAYX (19.9%)

Paychex

AGX (12.7%)

Argan

TDG (13.9%)

TransDigm

PCTY (10.4%)

Paylocity

SNA (3.1%)

Snap-on

ADP (6.2%)

Automatic Data Processing

STRL (51.5%)

Sterling Infrastructure

PAYC (10.2%)

Paycom Software

WOR (24.4%)

Worthington Enterprises

FCF/Rev 3Y Avg (Value for URI: 3.8%)

GATX (37.4%)

GATX

PAYX (33.2%)

Paychex

AGX (27.3%)

Argan

TDG (22.1%)

TransDigm

PCTY (21.7%)

Paylocity

SNA (20.8%)

Snap-on

ADP (19.7%)

Automatic Data Processing

STRL (18.4%)

Sterling Infrastructure

PAYC (18.2%)

Paycom Software

WOR (18.2%)

Worthington Enterprises

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Can McGrath RentCorp Outrun United Rentals in the Next Rally?	03/11/2026
2	Is 14.7% Fall In United Rentals (URI) Stock A Buying Opportunity?	03/11/2026
3	URI Stock Falls -19% With A 7-day Losing Spree On Earnings And Revenue Shock	02/03/2026
4	URI Stock Falls -18% With A 6-day Losing Spree On Earnings Miss	01/31/2026
5	United Rentals Stock Shares Sink 13% In A Day, Now Is Not The Time To Buy The Stock	01/30/2026
6	Is United Rentals Stock Outperforming Its Rivals?	01/30/2026
7	With United Rentals Stock Sliding, Have You Assessed The Risk?	01/30/2026
8	URI Stock Falls -18% With A 5-day Losing Spree On Earnings Miss	01/30/2026
9	This Strategy Pays You 9.7% While Lining Up URI at Bargain Prices	01/07/2026
10	United Rentals Earnings Notes	12/23/2025
11	ARTICLES
12	Does United Rentals Stock Qualify As A Top-Tier Capital Compounder?	04/21/2026
13	Between McGrath RentCorp and United Rentals, Which Stock Looks Set to Break Out?	03/11/2026
14	United Rentals Stock To $544?	03/11/2026
15	URI Stock Falls -19% With A 7-day Losing Spree On Q4 Earnings Miss	02/03/2026
16	How Does United Rentals Stock Compare With Peers?	01/30/2026

	Title
0	DASHBOARDS
1	Can McGrath RentCorp Outrun United Rentals in the Next Rally?
2	Is 14.7% Fall In United Rentals (URI) Stock A Buying Opportunity?
3	URI Stock Falls -19% With A 7-day Losing Spree On Earnings And Revenue Shock
4	URI Stock Falls -18% With A 6-day Losing Spree On Earnings Miss
5	United Rentals Stock Shares Sink 13% In A Day, Now Is Not The Time To Buy The Stock
6	Is United Rentals Stock Outperforming Its Rivals?
7	With United Rentals Stock Sliding, Have You Assessed The Risk?
8	URI Stock Falls -18% With A 5-day Losing Spree On Earnings Miss
9	This Strategy Pays You 9.7% While Lining Up URI at Bargain Prices
10	United Rentals Earnings Notes
11	ARTICLES
12	Does United Rentals Stock Qualify As A Top-Tier Capital Compounder?
13	Between McGrath RentCorp and United Rentals, Which Stock Looks Set to Break Out?
14	United Rentals Stock To $544?
15	URI Stock Falls -19% With A 7-day Losing Spree On Q4 Earnings Miss
16	How Does United Rentals Stock Compare With Peers?

Trade Ideas

Select ideas related to URI.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
NSP_3312026_Insider_Buying_45D_2Buy_200K	03312026	NSP	Insperity	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
TNC_3312026_Insider_Buying_45D_2Buy_200K	03312026	TNC	Tennant	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
ADP_3272026_Dip_Buyer_FCFYield	03272026	ADP	Automatic Data Processing	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	1.0%	1.0%	0.0%
HURN_3272026_Dip_Buyer_FCFYield	03272026	HURN	Huron Consulting	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	4.0%	4.0%	0.0%
TRU_3272026_Dip_Buyer_FCFYield	03272026	TRU	TransUnion	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.2%	5.2%	0.0%
URI_3312025_Monopoly_xInd_xCD_Getting_Cheaper	03312025	URI	United Rentals	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	51.3%	17.3%	-11.9%
URI_5312023_Dip_Buyer_ValueBuy	05312023	URI	United Rentals	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	43.6%	99.7%	0.0%
URI_3312019_Dip_Buyer_ValueBuy	03312019	URI	United Rentals	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	9.2%	-16.7%	-39.1%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
POET	POET Technologies	0.9	19.3%	61.9%
CAR	Avis Budget	25.1	17.3%	456.4%
NVTS	Navitas Semiconductor	3.4	16.1%	114.7%
CBIO	Crescent Biopharma	0.7	13.3%	107.2%
VMI	Valmont Industries	9.0	11.9%	14.3%
MLI	Mueller Industries	14.7	11.4%	17.7%
EGY	VAALCO Energy	0.6	11.0%	65.2%
PBI	Pitney Bowes	2.3	10.9%	39.6%
CRVS	Corvus Pharmaceuticals	1.4	10.3%	122.6%
VICR	Vicor	11.1	9.5%	124.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
WASH	Washington Trust Bancorp	0.6	-16.9%	5.2%
TPB	Turning Point Brands	1.3	-16.5%	-34.8%
VSEC	VSE	4.4	-13.7%	12.6%
NG	Novagold Resources	3.8	-12.7%	0.8%
ULCC	Frontier	1.0	-12.1%	-10.2%
TSCO	Tractor Supply	20.9	-11.7%	-20.5%
ELE	Elemental Royalty	1.2	-10.4%	7.8%
HYMC	Hycroft Mining	3.3	-10.4%	65.8%
PEGA	Pegasystems	6.7	-10.3%	-34.1%
REPL	Replimune	0.2	-10.1%	-80.9%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
CAR	Avis Budget	25.1	73.5%	456.4%
MXL	MaxLinear	2.9	56.3%	93.3%
NVTS	Navitas Semiconductor	3.4	55.3%	114.7%
POET	POET Technologies	0.9	52.8%	61.9%
BB	BlackBerry	3.3	41.3%	48.0%
NN	NextNav	3.1	40.0%	35.6%
HIMS	Hims & Hers Health	6.8	39.3%	-8.3%
USAR	USA Rare Earth	2.3	34.5%	92.0%
BETR	Better Home & Finance	0.7	34.0%	42.9%
BAND	Bandwidth	0.7	32.3%	53.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
IIIN	Insteel Industries	0.5	-34.3%	-21.9%
QDEL	QuidelOrtho	0.8	-30.5%	-57.8%
ANAB	AnaptysBio	1.4	-26.2%	6.9%
BMI	Badger Meter	3.6	-25.1%	-30.5%
AGIO	Agios Pharmaceuticals	1.5	-21.1%	-3.4%
LCID	Lucid	2.3	-19.2%	-32.7%
IAG	Iamgold	9.7	-18.4%	2.1%
MDXG	MiMedx	0.5	-18.4%	-52.7%
ORLA	Orla Mining	4.8	-18.3%	8.1%
WASH	Washington Trust Bancorp	0.6	-17.7%	5.2%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
BCPC	Balchem	5.6	647.6%	14.6%
CAR	Avis Budget	25.1	614.7%	456.4%
AEHR	Aehr Test Systems	2.8	171.5%	364.2%
APLS	Apellis Pharmaceuticals	5.2	137.9%	63.0%
SGML	Sigma Lithium	2.4	135.4%	61.4%
CBIO	Crescent Biopharma	0.7	125.4%	107.2%
CODI	Compass Diversified	0.9	111.6%	146.0%
KOD	Kodiak Sciences	2.4	107.4%	65.0%
MXL	MaxLinear	2.9	103.5%	93.3%
SATL	Satellogic	0.9	100.8%	285.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
REPL	Replimune	0.2	-73.4%	-80.9%
PIPR	Piper Sandler Cos	6.1	-69.0%	9.5%
VRDN	Viridian Therapeutics	1.3	-47.1%	-54.1%
MAZE	Maze Therapeutics	1.2	-46.5%	-38.0%
BUR	Burford Capital	1.0	-41.2%	-49.2%
WVE	WAVE Life Sciences	1.3	-37.6%	-56.8%
TASK	TaskUs	0.7	-30.5%	-6.2%
FRMI	Fermi	3.0	-29.7%	-36.8%
LCID	Lucid	2.3	-29.3%	-32.7%
BTU	Peabody Energy	3.3	-27.5%	-8.8%

Peer Comparisons

Peers to compare with:

Financials

	URI	HRI	WSC	MGRC	CTOS	ALTG	Median
Name	United R.	Herc	WillScot	McGrath .	Custom T.	Alta Equ.
Mkt Price	806.22	107.45	21.63	109.18	8.37	6.75	64.54
Mkt Cap	51.1	3.6	3.9	2.7	1.9	0.2	3.1
Rev LTM	16,099	4,328	2,281	944	1,944	1,836	2,113
Op Inc LTM	3,974	622	484	244	142	23	364
FCF LTM	662	-169	420	69	-147	-18	25
FCF 3Y Avg	572	-181	398	11	-273	-16	-2
CFO LTM	5,190	1,085	762	256	310	33	536
CFO 3Y Avg	4,813	1,132	695	242	134	49	468

Growth & Margins

	URI	HRI	WSC	MGRC	CTOS	ALTG	Median
Name	United R.	Herc	WillScot	McGrath .	Custom T.	Alta Equ.
Rev Chg LTM	4.9%	28.3%	-4.8%	3.7%	7.9%	-2.2%	4.3%
Rev Chg 3Y Avg	11.7%	17.0%	2.3%	14.7%	7.7%	5.7%	9.7%
Rev Chg Q	2.8%	59.7%	-6.1%	5.3%	1.4%	2.2%	2.5%
QoQ Delta Rev Chg LTM	0.7%	11.7%	-1.6%	1.4%	0.4%	0.6%	0.7%
Op Inc Chg LTM	-2.3%	11.1%	-17.4%	-0.3%	17.2%	24.7%	5.4%
Op Inc Chg 3Y Avg	7.5%	4.9%	0.5%	19.1%	8.5%	-2.6%	6.2%
Op Mgn LTM	24.7%	14.4%	21.2%	25.8%	7.3%	1.3%	17.8%
Op Mgn 3Y Avg	26.0%	17.1%	24.8%	25.1%	8.0%	1.7%	21.0%
QoQ Delta Op Mgn LTM	-0.4%	2.2%	-2.5%	0.8%	0.5%	0.1%	0.3%
CFO/Rev LTM	32.2%	25.1%	33.4%	27.1%	16.0%	1.8%	26.1%
CFO/Rev 3Y Avg	31.6%	31.5%	29.7%	26.5%	7.0%	2.6%	28.1%
FCF/Rev LTM	4.1%	-3.9%	18.4%	7.3%	-7.6%	-1.0%	1.6%
FCF/Rev 3Y Avg	3.8%	-5.1%	17.0%	0.5%	-14.7%	-0.9%	-0.2%

Valuation

	URI	HRI	WSC	MGRC	CTOS	ALTG	Median
Name	United R.	Herc	WillScot	McGrath .	Custom T.	Alta Equ.
Mkt Cap	51.1	3.6	3.9	2.7	1.9	0.2	3.1
P/S	3.2	0.8	1.7	2.8	1.0	0.1	1.3
P/Op Inc	12.9	5.8	8.0	11.0	13.4	9.4	10.2
P/EBIT	12.6	8.6	21.9	11.0	14.6	7.4	11.8
P/E	20.5	3,588.8	-72.7	17.2	-61.1	-2.7	7.2
P/CFO	9.8	3.3	5.1	10.5	6.1	6.6	6.4
Total Yield	5.8%	2.5%	-0.0%	7.6%	-1.6%	-35.0%	1.2%
Dividend Yield	0.9%	2.4%	1.3%	1.8%	0.0%	1.8%	1.6%
FCF Yield 3Y Avg	1.3%	-4.1%	7.6%	0.6%	-20.7%	-7.4%	-1.8%
D/E	0.3	2.7	1.0	0.2	1.3	5.3	1.1
Net D/E	0.3	2.7	1.0	0.2	1.3	5.2	1.1

Returns

	URI	HRI	WSC	MGRC	CTOS	ALTG	Median
Name	United R.	Herc	WillScot	McGrath .	Custom T.	Alta Equ.
1M Rtn	13.5%	7.0%	27.0%	4.1%	37.7%	25.5%	19.5%
3M Rtn	-11.3%	-30.0%	0.0%	0.8%	34.6%	11.6%	0.4%
6M Rtn	-19.2%	-16.2%	-2.0%	-8.9%	26.8%	4.3%	-5.5%
12M Rtn	42.5%	-1.6%	-1.6%	8.0%	122.6%	66.4%	25.3%
3Y Rtn	123.2%	10.5%	-48.2%	29.7%	34.1%	-48.7%	20.1%
1M Excs Rtn	4.9%	-1.6%	18.4%	-4.5%	29.1%	16.9%	10.9%
3M Excs Rtn	-15.2%	-33.9%	-3.9%	-3.2%	30.6%	7.6%	-3.5%
6M Excs Rtn	-23.4%	-19.4%	-3.0%	-13.4%	25.2%	1.7%	-8.2%
12M Excs Rtn	3.8%	-40.5%	-39.8%	-27.9%	86.5%	29.1%	-12.1%
3Y Excs Rtn	49.2%	-68.4%	-119.3%	-44.0%	-41.8%	-118.0%	-56.2%

Comparison Analyses

	Title
0	URI Looks Stronger Than UHAL With 24% Return Potential
1	URI Could Deliver 24% Returns And Outperform GATX
2	United Rentals vs. Marriott: With Return Forecast Of 25%-27%, Both Seem Like Good Bets
3	United Rentals vs. Valero Energy: With Return Forecast Of 25%, United Rentals Is A Better Bet
4	United Rentals vs. Stryker: With Return Forecast Of 31%, Stryker Is A Better Bet
5	United Rentals vs. Intuit: Similar Revenue, Similar Bets
6	United Rentals vs. Activision Blizzard: Similar Revenue, But United Rentals Is A Better Bet
7	United Rentals vs. Southern Copper: Similar Revenue, But United Rentals Is A Better Bet
8	United Rentals vs. EPAM Systems: Similar Market Cap, But EPAM Systems Is A Better Bet
9	United Rentals vs. Southwest Airlines: Similar Market Cap, But Southwest Airlines Is A Better Bet

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for More

					Post-Approval Fwd Returns
FDA App #	Brand Name	Generic Name	Dosage Form	FDA Approval	3M Rtn	6M Rtn	1Y Rtn	2Y Rtn	Total Rtn
ANDA213456	COLESEVELAM HYDROCHLORIDE	colesevelam hydrochloride	tablet	1212022	5.9%	-7.7%	29.1%	95.2%	182.9%

	Post-Approval Fwd Returns
ANDA213456	COLESEVELAM HYDROCHLORIDE	colesevelam hydrochloride	tablet	1212022	5.9%	-7.7%	29.1%	95.2%	182.9%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	1/28/2026	1/28/2026	1/29/2025	1/24/2024	1/25/2023	1/26/2022	1/27/2021
Key Financials
Total Revenue	16,099	16,099	15,345	14,332	11,642	9,716	8,530
EBITDA	7,162	7,162	6,982	6,627	5,464	4,253	3,796
Operating Income	3,974	3,974	4,068	3,855	3,232	2,282	1,817
Net Income	2,494	2,494	2,575	2,424	2,105	1,386	890
EPS	38.74	38.71	38.82	35.40	29.77	19.14	12.24
Growth Rates
Total Revenue Growth	4.9%	4.9%	7.1%	23.1%	19.8%	13.9%	-8.8%
EBITDA Growth	2.6%	2.6%	5.4%	21.3%	28.5%	12.0%	-9.6%
Operating Income Growth	-2.3%	-2.3%	5.5%	19.3%	41.6%	25.6%	-16.3%
Net Income Growth	-3.1%	-3.1%	6.2%	15.2%	51.9%	55.7%	-24.2%
Margins
EBITDA Margin	44.5%	44.5%	45.5%	46.2%	46.9%	43.8%	44.5%
Operating Income Margin	24.7%	24.7%	26.5%	26.9%	27.8%	23.5%	21.3%
Net Income Margin	15.5%	15.5%	16.8%	16.9%	18.1%	14.3%	10.4%
Cash & Debt
Total Cash	459	459	457	363	106	144	202
Total Debt	15,670	15,670	14,789	12,662	12,223	10,508	10,409
Net Debt / (Cash)	15,211	15,211	14,332	12,299	12,117	10,364	10,207
Cash Flows
Net Cash from Operations	5,190	5,190	4,546	4,704	4,433	3,689	2,658
Free Cash from Operations	662	662	419	634	743	491	1,500
Returns to Shareholders
Dividends	464	464	434	406	-0	-0	-0
Share Repurchases	1,969	1,969	1,571	1,070	1,068	34	286

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	1/28/2026	10/22/2025	7/23/2025	4/23/2025	1/29/2025	10/23/2024	7/24/2024	4/24/2024	1/24/2024	10/25/2023	7/26/2023	4/26/2023
Key Financials Quarterly
Total Revenue	4,208	4,229	3,943	3,719	4,095	3,992	3,773	3,485	3,728	3,765	3,554	3,285
Ebitda	1,862	1,908	1,769	1,623	1,851	1,865	1,725	1,541	1,760	1,801	1,629	1,437
Operating Income	1,052	1,114	1,003	805	1,087	1,123	1,005	853	1,067	1,104	943	741
Net Income	653	701	622	518	689	708	636	542	679	703	591	451
EPS	10.30	10.93	9.59	7.92	10.49	10.73	9.56	8.06	10.03	10.30	8.60	6.50
Key Financials TTM
Total Revenue TTM	16,099	15,986	15,749	15,579	15,345	14,978	14,751	14,532	14,332	13,900	13,186	12,403
Ebitda TTM	7,162	7,151	7,108	7,064	6,982	6,891	6,827	6,731	6,627	6,471	6,152	5,792
Operating Income TTM	3,974	4,009	4,018	4,020	4,068	4,048	4,029	3,967	3,855	3,812	3,628	3,401
Net Income TTM	2,494	2,530	2,537	2,551	2,575	2,565	2,560	2,515	2,424	2,384	2,287	2,189
Growth Rates Quarterly
Total Revenue Growth	2.8%	5.9%	4.5%	6.7%	9.8%	6.0%	6.2%	6.1%	13.1%	23.4%	28.3%	30.2%
EBITDA Growth	0.6%	2.3%	2.6%	5.3%	5.2%	3.6%	5.9%	7.2%	9.7%	21.5%	28.4%	29.6%
Operating Income Growth	-3.2%	-0.8%	-0.2%	-5.6%	1.9%	1.7%	6.6%	15.1%	4.2%	20.0%	31.7%	29.5%
Net Income Growth	-5.2%	-1.0%	-2.2%	-4.4%	1.5%	0.7%	7.6%	20.2%	6.3%	16.0%	19.9%	22.9%
Margins Quarterly
EBITDA Margin	44.2%	45.1%	44.9%	43.6%	45.2%	46.7%	45.7%	44.2%	47.2%	47.8%	45.8%	43.7%
Operating Income Margin	25.0%	26.3%	25.4%	21.6%	26.5%	28.1%	26.6%	24.5%	28.6%	29.3%	26.5%	22.6%
Net Income Margin	15.5%	16.6%	15.8%	13.9%	16.8%	17.7%	16.9%	15.6%	18.2%	18.7%	16.6%	13.7%
Cash & Debt
Total Cash	459	512	548	542	457	479	467	429	363	284	227	99
Total Debt	15,670	15,212	14,455	13,993	14,789	14,415	13,877	13,371	12,662	12,918	12,833	12,505
Net Debt / (Cash)	15,211	14,700	13,907	13,451	14,332	13,936	13,410	12,942	12,299	12,634	12,606	12,406
Cash Flows Quarterly
FCF from Operations	1,256	1,181	1,328	1,425	1,048	1,204	1,265	1,029	1,414	1,062	1,289	939
Cash Flows TTM
FCF from Operations TTM	5,190	4,982	5,005	4,942	4,546	4,912	4,770	4,794	4,704	4,541	4,621	4,486
Returns to Shareholders Quarterly
Dividends	114	115	117	118	108	107	109	110	101	100	102	103
Share Repurchases	631	618	431	289	403	377	376	415	264	252	251	303
Return on Invested Capital (ROIC) Quarterly
ROIC	20.7%	22.7%	21.4%	18.0%	23.0%	24.0%	22.8%	20.6%	26.1%	26.1%	22.9%	18.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	19.5%	20.5%	21.7%	22.5%	21.6%	22.0%	22.8%	23.3%	23.7%	22.5%	21.4%	20.6%

Segment Financials

Assets by Segment

$ Mil	2025	2024	2023	2022	2021
General rentals	21,044	20,411	19,604	16,087	15,051
Specialty	7,119	5,178	4,579	4,205	2,817
Total	28,163	25,589	24,183	20,292	17,868

Price Behavior

Price Behavior

Market Price	$806.22
Market Cap ($ Bil)	51.1
First Trading Date	12/18/1997
Distance from 52W High	-20.6%
	50 Days	200 Days
DMA Price	$795.45	$858.43
DMA Trend	indeterminate	down
Distance from DMA	1.4%	-6.1%
	3M	1YR
Volatility	45.3%	36.1%
Downside Capture	0.48	0.55
Upside Capture	62.65	125.68
Correlation (SPY)	33.4%	47.8%

URI Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.50	1.24	1.41	1.24	1.22	1.42
Up Beta	3.75	3.43	3.13	1.93	1.22	1.40
Down Beta	1.28	1.47	0.72	1.05	1.16	1.27
Up Capture	119%	81%	148%	86%	143%	399%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	11	21	30	63	137	386
Down Capture	161%	81%	138%	132%	116%	109%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	11	21	33	63	115	365

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with URI
URI	37.7%	36.1%	0.95	-
Sector ETF (XLI)	38.5%	15.4%	1.91	53.9%
Equity (SPY)	23.7%	12.7%	1.52	48.6%
Gold (GLD)	41.4%	27.5%	1.25	1.9%
Commodities (DBC)	22.4%	16.2%	1.25	0.7%
Real Estate (VNQ)	14.2%	13.8%	0.72	28.6%
Bitcoin (BTCUSD)	-10.4%	42.7%	-0.14	23.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with URI
URI	20.8%	37.5%	0.60	-
Sector ETF (XLI)	12.9%	17.3%	0.59	73.5%
Equity (SPY)	10.8%	17.1%	0.49	63.4%
Gold (GLD)	21.6%	17.8%	0.99	5.2%
Commodities (DBC)	10.9%	18.8%	0.47	21.1%
Real Estate (VNQ)	4.1%	18.8%	0.12	49.3%
Bitcoin (BTCUSD)	3.8%	56.4%	0.29	26.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with URI
URI	30.1%	41.8%	0.77	-
Sector ETF (XLI)	14.0%	19.9%	0.62	74.5%
Equity (SPY)	13.9%	17.9%	0.67	65.4%
Gold (GLD)	13.7%	15.9%	0.71	0.1%
Commodities (DBC)	8.2%	17.6%	0.39	31.5%
Real Estate (VNQ)	5.4%	20.7%	0.23	47.8%
Bitcoin (BTCUSD)	68.0%	66.9%	1.07	17.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	3312026
Short Interest: Shares Quantity	1.9 Mil
Short Interest: % Change Since 3152026	5.7%
Average Daily Volume	0.6 Mil
Days-to-Cover Short Interest	3.4 days
Basic Shares Quantity	63.4 Mil
Short % of Basic Shares	3.0%

Returns Analyses

	Title
0	With United Rentals Stock Sliding, Have You Assessed The Risk?
1	URI YTD Stock Return Of -0.1% Outperforms WLFC by 37% and Underperforms MGRC by -2.4%
2	URI YTD Stock Return Of 6.3% Outperforms UHAL by 98% and Underperforms GATX by -0.6%
3	United Rentals Stock Return Comparison
4	Trading Companies & Distributors Industry Return: 5.5% YTD Return vs 18% For S&P 500

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
1/28/2026	-12.9%	-5.9%	-6.8%
10/22/2025	-7.8%	-12.2%	-22.2%
7/23/2025	9.0%	9.6%	11.0%
4/23/2025	9.9%	7.2%	19.7%
1/29/2025	2.1%	-2.7%	-15.1%
10/23/2024	-1.1%	-2.6%	1.0%
7/24/2024	5.4%	5.8%	0.4%
4/24/2024	5.5%	-0.2%	2.0%
...
SUMMARY STATS
# Positive	17	16	19
# Negative	7	8	5
Median Positive	5.4%	5.9%	9.5%
Median Negative	-4.0%	-4.3%	-8.5%
Max Positive	13.0%	15.9%	36.4%
Max Negative	-12.9%	-13.4%	-22.2%

	Forward Returns
1/28/2026	-12.9%	-5.9%	-6.8%
10/22/2025	-7.8%	-12.2%	-22.2%
7/23/2025	9.0%	9.6%	11.0%
4/23/2025	9.9%	7.2%	19.7%
1/29/2025	2.1%	-2.7%	-15.1%
10/23/2024	-1.1%	-2.6%	1.0%
7/24/2024	5.4%	5.8%	0.4%
4/24/2024	5.5%	-0.2%	2.0%
1/24/2024	13.0%	8.4%	14.4%
10/25/2023	1.2%	2.6%	17.5%
7/26/2023	-0.9%	5.2%	0.5%
4/26/2023	-4.6%	-6.6%	-8.5%
1/25/2023	9.9%	15.9%	15.1%
10/26/2022	0.8%	4.5%	21.2%
7/27/2022	6.1%	10.6%	11.3%
4/27/2022	2.9%	3.5%	-8.0%
1/26/2022	3.9%	6.0%	2.8%
10/27/2021	5.6%	9.7%	4.2%
7/28/2021	-1.1%	-0.7%	6.7%
4/28/2021	0.8%	2.4%	2.7%
1/27/2021	7.3%	6.1%	25.9%
10/28/2020	1.5%	5.0%	36.4%
7/29/2020	-4.0%	3.8%	9.5%
4/29/2020	0.4%	-13.4%	8.5%
SUMMARY STATS
# Positive	17	16	19
# Negative	7	8	5
Median Positive	5.4%	5.9%	9.5%
Median Negative	-4.0%	-4.3%	-8.5%
Max Positive	13.0%	15.9%	36.4%
Max Negative	-12.9%	-13.4%	-22.2%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	01/28/2026	10-K
09/30/2025	10/22/2025	10-Q
06/30/2025	07/23/2025	10-Q
03/31/2025	04/23/2025	10-Q
12/31/2024	01/29/2025	10-K
09/30/2024	10/23/2024	10-Q
06/30/2024	07/24/2024	10-Q
03/31/2024	04/24/2024	10-Q
12/31/2023	01/24/2024	10-K
09/30/2023	10/25/2023	10-Q
06/30/2023	07/26/2023	10-Q
03/31/2023	04/26/2023	10-Q
12/31/2022	01/25/2023	10-K
09/30/2022	10/26/2022	10-Q
06/30/2022	07/27/2022	10-Q
03/31/2022	04/27/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 1/28/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Revenue	16.80 Bil	17.05 Bil	17.30 Bil	5.9%		Higher New	Actual: 16.10 Bil for 2025
2026 Adjusted EBITDA	7.58 Bil	7.70 Bil	7.83 Bil	4.4%		Higher New	Actual: 7.38 Bil for 2025
2026 Net cash provided by operating activities	5.30 Bil	5.70 Bil	6.10 Bil	9.6%		Higher New	Actual: 5.20 Bil for 2025
2026 Free Cash Flow	2.15 Bil	2.30 Bil	2.45 Bil	4.6%		Higher New	Actual: 2.20 Bil for 2025
2026 Share Repurchases		1.50 Bil		-21.0%		Lower New	Actual: 1.90 Bil for 2025

Prior: Q3 2025 Earnings Reported 10/22/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2025 Revenue	16.00 Bil	16.10 Bil	16.20 Bil	0.9%		Raised	Guidance: 15.95 Bil for 2025
2025 Adjusted EBITDA	7.33 Bil	7.38 Bil	7.42 Bil	0		Affirmed	Guidance: 7.38 Bil for 2025
2025 Net cash provided by operating activities	5.00 Bil	5.20 Bil	5.40 Bil	0		Affirmed	Guidance: 5.20 Bil for 2025
2025 Free Cash Flow	2.10 Bil	2.20 Bil	2.30 Bil	-12.0%		Lowered	Guidance: 2.50 Bil for 2025
2025 Share Repurchases		1.90 Bil		0		Affirmed	Guidance: 1.90 Bil for 2025

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Gross, Joli L	SVP, Chief LGL & Sustain. Off.	Direct	Sell	5132025	725.04	345	250,138	3,598,977	Form
2	Limoges, Andrew B	VP, Controller	Direct	Sell	5122025	705.86	708	499,752	1,356,047	Form
3	Durand, Michael D	EVP, Chief Operating Officer	Direct	Sell	4292025	626.28	1,100	688,908	5,478,561	Form
4	Pintoff, Craig Adam	EVP, Chief Admin. Officer	Direct	Sell	4292025	633.10	4,449	2,816,680	9,446,130	Form
5	Durand, Michael D	EVP, Chief Operating Officer	Direct	Sell	2022026	791.14	2,490	1,969,946	5,899,978	Form

URI Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

null

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing URI?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What URI Makes & Who Pays

TTM figures based on

URI Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

United Rentals (URI)

Market Price (4/22/2026): $806.2 | Market Cap: $51.1 BilSector: Industrials | Industry: Trading Companies & Distributors

United Rentals (URI)

Market Price (4/22/2026): $806.2Market Cap: $51.1 BilSector: IndustrialsIndustry: Trading Companies & Distributors

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About United Rentals (URI)

General Rentals Segment

Specialty Segment

Sales of Used Equipment

Sales of Construction Consumables, Tools, Small Equipment, and Safety Supplies

Repair and Maintenance Services

Share Repurchases

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. United Rentals (URI)

INDUSTRY: Trading Companies & Distributors

Higher Rev Chg 3Y Avg | Lower P/S (Values for URI: 11.7% | 3.2x)

Higher Rev Chg LTM (Value for URI: 4.9%)

Higher Rev Chg 3Y Avg (Value for URI: 11.7%)

Higher FCF/Rev LTM (Value for URI: 4.1%)

Higher Total Yield (Value for URI: 5.8%)

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for URI: 11.7% | 3.2x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for URI: 11.7% | 12.9x)

Higher Rev Chg LTM (Value for URI: 4.9%)

Higher Rev Chg 3Y Avg (Value for URI: 11.7%)

Higher Op Mgn LTM (Value for URI: 24.7%)

Higher CFO/Rev LTM (Value for URI: 32.2%)

Higher FCF/Rev LTM (Value for URI: 4.1%)

Higher Total Yield (Value for URI: 5.8%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for URI: 11.7% | 3.2x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for URI: 11.7% | 12.9x)

Higher Rev Chg LTM (Value for URI: 4.9%)

Higher Rev Chg 3Y Avg (Value for URI: 11.7%)

Higher Op Mgn LTM (Value for URI: 24.7%)

Higher CFO/Rev LTM (Value for URI: 32.2%)

Higher FCF/Rev LTM (Value for URI: 4.1%)

Higher Total Yield (Value for URI: 5.8%)

Best Bets in Industrials

P/EBIT (Value for URI: 12.6x)

P/E (Value for URI: 20.5x)

Rev Chg 3Y Avg (Value for URI: 11.7%)

Rev Chg LTM (Value for URI: 4.9%)

Rev Chg Q (Value for URI: 2.8%)

FCF/Rev 3Y Avg (Value for URI: 3.8%)

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Market Price (4/22/2026): $806.2 | Market Cap: $51.1 Bil
Sector: Industrials | Industry: Trading Companies & Distributors

Market Price (4/22/2026): $806.2
Market Cap: $51.1 Bil
Sector: Industrials
Industry: Trading Companies & Distributors