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United Rentals (URI) stock

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NYSE: URI NYSE Trading Companies & Distributors Next results ~January 27, 2027

B Fundamentals grade

United Rentals is a US-listed company in the trading companies & distributors industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$1300

Cash-flow model

Base case. Range ~$940–$1800 across our lower- and higher-growth cases (3.7%–13.7% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 11% below our base value.

Price used: $1175.42, November 2, 2026

United Rentals valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter United Rentals files

10-Q filed October 21: United Rentals

Model value +1.0%

Revenue for the twelve months to September 2026 reached $17.5bn, up 9.4% on a year earlier and faster than the 6.9% posted a quarter before. Free cash flow margin widened to 32.8% from 28.4%. A diluted share count down 3.4% on the year lifts each remaining share. On the back of this, the fundamentals grade moves from C+ to B, and our model value edges up from $1,287 to $1,300, against a share price of $1,111. The rating stays Hold. At that price, our model implies the market is pricing in about 5.9% a year of cash flow growth over five years, well below the 12.5% a year revenue growth already delivered.

Source: 10-Q filed October 21, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where United Rentals stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $16.8bn, up 6.9% on a year earlier, faster than 5.0% a quarter earlier. Free-cash-flow margin rose to 34.1% from 31.8% a year earlier. The diluted share count is down 3.4% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 0 of our 2 financial-health checks. Our cash-flow model value is $1,250 a share, against a share price of $1,042. At that price, our model says the market is pricing in about 5.0% a year of cash-flow growth for five years, slower than the 11.6% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

United Rentals's trailing-twelve-month revenue grew 9.4% year on year, with a free-cash-flow margin of 32.8%. Where it stands out: operating margin of 25.5% ranks 1 of 28 trading companies & distributors companies we cover.

Our discounted-cash-flow model values the business at ~$1300 per share in the base case (~$940–$1800 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 9.4% (+2.6pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 25.5% of revenue is left as operating profit, against a median of 5.5% for trading companies & distributors companies we cover.
  • Strong cash generation. 32.8% of revenue turned into free cash flow, against a median of 2.8% for trading companies & distributors companies we cover.
  • Shrinking share count. Diluted shares fell 3.4% in a year, so each share owns more of the business.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 7.7% over 90 days.

Things to watch

  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 39.8% ranks 22 of 29 trading companies & distributors companies we cover (median 21.4%).

Latest results: FY2026 Q3

Filed October 21, 2026
Earnings per share
$15.55 against an average estimate of $14.03: beat by 10.9%
Revenue
$4.89bn, up 15.7% on a year earlier
Share reaction
+6.4% in the first session after the results on October 21, 2026, against -0.7% for the S&P 500
Guidance given
total revenue $18bn to $18.2bn (2026 full-year outlook); adjusted EBITDA $8.3bn to $8.4bn (2026 full-year outlook)
Next report
October 21, 2026; average EPS estimate $14.09

United Rentals' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.5%
  • 1 week+4.8%
  • 1 month+8.7%
  • This year+46.1%
  • 1 year+36.0%
  • 5 years+220.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$17.5B
Operating margin
25.5%
Net margin
16.3%
EPS (TTM, diluted)
$45.41

Growth

Revenue growth
+9.4%
Change in growth rate
+2.6 pts
Share count change
−3.4%

Cash

Free cash flow (TTM)
$5.7B
FCF margin
32.8%
Stock pay % of revenue
0.9%

Earnings

Last results
October 21, 2026
Next results (est.)
January 27, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Financing
  3. Our research
  4. Dividend
  5. Results
  6. Guidance
  7. Announcement
  8. Announcement
  9. Insider trade
  10. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

United Rentals valuation models and calculator

What the price is pricing in

The share price implies about 7.4% a year of cash-flow growth for five years.That is slower than the 12.5% a year revenue growth United Rentals has delivered.

  • Priced in7.4%
  • Last 12 months9.4%
  • 3 years a year8.0%
  • 5 years a year12.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($1176.23, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$1300
Price used
$1176.23close November 3, 2026
Implied change
▲ +13%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of United Rentals's free cash flow after stock-based pay with after-tax interest added back ($3.9B, FY2026 Q3 TTM), growing 10.5% and 9.2% in the next two years (forecasts, guidance and its record), then back to 8.7% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$940–~$1800 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of United Rentals's free cash flow after stock-based pay ( $3.9B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value United Rentals as an operating company, with every model that fits that kind of business. Cost of equity 10.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.16 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$1300 ~$940–$1800 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$1100 ~$990–$1400 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$1000 ~$740–$1400 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$620 ~$550–$730 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$1100 ~$620–$1300 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare United Rentals with Trading Companies & Distributors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −27%
  • Revenue growth 5 points higher ▲ +36%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▲ +18%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $668$990$1418$1981$2714$3663
8.5% $456$690$998$1401$1924$2598
10% $328$509$746$1055$1453$1964

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$69.83$101.64$165.49$98.70$160.55$223.25$319.89$342.15$559.82$693.99$804.45$1175.42
Market value$6.7bn$8.9bn$14.2bn$8.2bn$12.5bn$16.3bn$23.3bn$24.3bn$38.5bn$46.2bn$52.0bn$74.0bn
+ Net debt (− = net cash)$8.0bn$7.5bn$9.2bn$11.8bn$11.5bn$9.6bn$9.6bn$11.3bn$11.2bn$13.0bn$13.8bn$14.5bn
Enterprise value$14.8bn$16.5bn$23.3bn$20.0bn$23.9bn$25.8bn$32.9bn$35.6bn$49.7bn$59.2bn$65.8bn$88.5bn
Multiples
Price / sales 1.2x1.5x2.1x1.0x1.3x1.9x2.4x2.1x2.7x3.0x3.2x4.2x
Price / earnings 11.5x15.8x10.5x7.5x10.6x18.3x16.8x11.5x15.9x17.9x20.8x25.9x
Price / free cash flow 3.6x4.8x6.8x3.1x4.4x6.6x47.4x32.7x45.8x111.0x10.0x11.9x
EV / EBITDA 5.3x6.2x13.2x8.9x9.4x11.8x12.4x9.9x11.7x13.2x14.9x18.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

86 /100

Strong moat

How hard United Rentals's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 19 / 20

    Cash operating profit has been a median 14.3% of total assets over 10 years.

  • Pricing power 14 / 20

    Gross margin has been a median 40.4%, moving by 1.4 percentage points (standard deviation) across 10 years.

  • Durability 18 / 20

    Operating margin has been a median 24.6%; its worst year was 21.7%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 28.7% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 13.5% over five years; stock-based pay has been a median 0.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (91 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $51.84 +23% $18.1bn +12%
Next $60.91 +18% $19.9bn +10%

Next year's EPS estimate has moved +7.7% in 90 days, across 19 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +5.5% on 90 days ago. In the last 30 days, 2 analysts raised United Rentals's forecast and 0 cut it.

Consensus EPS forecast United Rentals, last 90 days
$45.00 $50.00 $55.00 $60.00 $65.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $49.14 Current fiscal year, 60 days ago: $49.53 Current fiscal year, 30 days ago: $49.58 Current fiscal year, 7 days ago: $49.68 Current fiscal year, Now: $51.84 $51.84 Next fiscal year, 90 days ago: $56.58 Next fiscal year, 60 days ago: $57.55 Next fiscal year, 30 days ago: $57.70 Next fiscal year, 7 days ago: $57.85 Next fiscal year, Now: $60.91 $60.91

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $49.14$56.58
60 days ago $49.53$57.55
30 days ago $49.58$57.70
7 days ago $49.68$57.85
Now $51.84$60.91

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $14.03 $15.55 +10.9%
Jun 2026 $11.59 $12.76 +10.1%
Mar 2026 $8.94 $9.71 +8.6%
Dec 2025 $11.80 $11.09 −6.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 21, 2026
  • Total revenue 2026 full-year outlook $18bn to $18.2bn Raised
    “Total revenue $18.0 billion to $18.2 billion $17.5 billion to $17.8 billion” source
  • Adjusted EBITDA 2026 full-year outlook $8.3bn to $8.4bn Non-GAAP Raised
    “Adjusted EBITDA 6 $8.3 billion to $8.4 billion $7.975 billion to $8.125 billion” source
  • Net rental capital expenditures after gross purchases 2026 full-year outlook $3.75bn to $4.05bn Raised
    “Net rental capital expenditures after gross purchases $3.75 billion to $4.05 billion, after gross purchases of $5.2 billion to $5.5 billion $3.4 billion to $3.8 billion, after gross purchases of $4.85 billion to $5.25 billion” source
  • Gross purchases of rental equipment 2026 full-year outlook $5.2bn to $5.5bn Raised
    “Net rental capital expenditures after gross purchases $3.75 billion to $4.05 billion, after gross purchases of $5.2 billion to $5.5 billion $3.4 billion to $3.8 billion, after gross purchases of $4.85 billion to $5.25 billion” source
  • Net cash provided by operating activities 2026 full-year outlook $6.25bn to $6.85bn Raised
    “Net cash provided by operating activities $6.25 billion to $6.85 billion $5.85 billion to $6.65 billion” source
  • Free cash flow excluding restructuring related payments 2026 full-year outlook $2.15bn to $2.45bn Non-GAAP Maintained
    “Free cash flow excluding restructuring related payments 7 $2.15 billion to $2.45 billion $2.15 billion to $2.45 billion” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows United Rentals's revenue by +10.5% next year and +9.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+11.1%, weight 56%) , management guidance (+11.3%, weight 19%) and the company's own record (+8.7%, weight 25%) . How the weights are set.

Analyst recommendations

22 analysts, Oct 2026
Buy1673%
Hold523%
Sell15%

Monthly trend

  1. Oct 2026412522
  2. Sep 2026412522
  3. Aug 2026512422
  4. Jul 2026512422

Counts of recommendations published by analysts covering United Rentals, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.7%
of tradable shares
Days to cover
2.85
at average volume
Short interest, 1 month
−7%
to October 15, 2026
Held by institutions
96%
of shares
Held by insiders
0.4%
of shares
Employees
28,600
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +36.0%

$864.12 on October 31, 2025 to $1175.42

ThenNowEffect
Revenue (last 12 months) $15.7bn $16.8bn +6.9%
Net margin 16.1% 15.7% −2.7%
P/E multiple 22.4x 28.3x +26.4%
Share count 66m 63m +3.5%

Biggest factor: p/e multiple.

Last 3 years +167.6%

$439.32 on November 3, 2023 to $1175.42

ThenNowEffect
Revenue (last 12 months) $13.2bn $16.8bn +27.7%
Net margin 17.3% 15.7% −9.6%
P/E multiple 13.4x 28.3x +111.3%
Share count 70m 63m +9.8%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
URI+43%+7%+64%+24%+16%+46%
Industry peers (median)+34%−13%+28%−7%+2%+12%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
URI58%50%58%67%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
URI−18%−35%−32%−20%−30%−26%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 63% from March 9, 2018 to March 18, 2020. Getting back needed a 172% gain, reached on October 5, 2020, 201 days after the low.

Price behaviour

52-week range
$707.78 – $1198.68
From 52-week high
−1.9%
vs 50-day average
+11.9%
vs 200-day average
+21.2%
Volatility (1 year)
43%
Beta vs S&P 500
1.02

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
9 up, 3 down
typical move ±9.1%
After a week
7 up, 5 down
typical move ±7.9%
After a month
6 up, 5 down
typical move ±11.4%
Results releasedNext dayS&P 500 next day5 days21 days
October 21, 2026 +6.4% −0.7% +12.5% —
July 22, 2026 +12.4% −1.3% +4.1% +8.2%
April 22, 2026 +22.4% +0.6% +18.1% +15.9%
January 28, 2026 −13.3% −0.2% −6.5% −7.2%
October 22, 2025 −8.8% +0.1% −13.1% −23.0%
July 23, 2025 +10.6% +0.9% +11.3% +12.7%
April 23, 2025 +12.6% +3.7% +9.9% +22.7%
January 29, 2025 +0.9% +0.1% −3.8% −16.1%
October 23, 2024 −2.7% −0.7% −4.2% −0.6%
July 24, 2024 +1.4% −2.8% +1.8% −3.4%
April 24, 2024 +4.5% −0.4% −1.1% +1.1%
January 24, 2024 +12.7% +0.7% +8.2% +14.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How United Rentals’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look rich

Option prices imply clearly more movement than the shares have shown. That strengthens the case for selling options.

  • Implied is 1.36× the last 60 days’ realised volatility , richer than 81% of the 229 stocks we screen today.
  • Calls are priced 3 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: implied is 1.36x 60-day realised, above 1-year realised, and in the top 20% of our coverage today.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

United Rentals in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) United Rentals
$14B $15B $16B $17B $18B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $14.3B Revenue (TTM), FY24 Q1: $14.5B Revenue (TTM), FY24 Q2: $14.8B Revenue (TTM), FY24 Q3: $15B Revenue (TTM), FY24 Q4: $15.3B Revenue (TTM), FY25 Q1: $15.6B Revenue (TTM), FY25 Q2: $15.7B Revenue (TTM), FY25 Q3: $16B Revenue (TTM), FY25 Q4: $16.1B Revenue (TTM), FY26 Q1: $16.4B Revenue (TTM), FY26 Q2: $16.8B Revenue (TTM), FY26 Q3: $17.5B $17.5B

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $14.3B
FY24 Q1 $14.5B
FY24 Q2 $14.8B
FY24 Q3 $15B
FY24 Q4 $15.3B
FY25 Q1 $15.6B
FY25 Q2 $15.7B
FY25 Q3 $16B
FY25 Q4 $16.1B
FY26 Q1 $16.4B
FY26 Q2 $16.8B
FY26 Q3 $17.5B
Revenue growth, TTM YoY United Rentals
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 23.1% Revenue growth, TTM YoY, FY24 Q1: 17.2% Revenue growth, TTM YoY, FY24 Q2: 11.9% Revenue growth, TTM YoY, FY24 Q3: 7.8% Revenue growth, TTM YoY, FY24 Q4: 7.1% Revenue growth, TTM YoY, FY25 Q1: 7.2% Revenue growth, TTM YoY, FY25 Q2: 6.8% Revenue growth, TTM YoY, FY25 Q3: 6.7% Revenue growth, TTM YoY, FY25 Q4: 4.9% Revenue growth, TTM YoY, FY26 Q1: 5.0% Revenue growth, TTM YoY, FY26 Q2: 6.9% Revenue growth, TTM YoY, FY26 Q3: 9.4% 9.4%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 23.1%
FY24 Q1 17.2%
FY24 Q2 11.9%
FY24 Q3 7.8%
FY24 Q4 7.1%
FY25 Q1 7.2%
FY25 Q2 6.8%
FY25 Q3 6.7%
FY25 Q4 4.9%
FY26 Q1 5.0%
FY26 Q2 6.9%
FY26 Q3 9.4%
Operating margin (TTM) United Rentals
24% 25% 26% 27% 28% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 26.7% Operating margin (TTM), FY24 Q1: 27.1% Operating margin (TTM), FY24 Q2: 27.2% Operating margin (TTM), FY24 Q3: 27.0% Operating margin (TTM), FY24 Q4: 26.5% Operating margin (TTM), FY25 Q1: 25.8% Operating margin (TTM), FY25 Q2: 25.5% Operating margin (TTM), FY25 Q3: 25.1% Operating margin (TTM), FY25 Q4: 24.7% Operating margin (TTM), FY26 Q1: 24.7% Operating margin (TTM), FY26 Q2: 24.8% Operating margin (TTM), FY26 Q3: 25.5% 25.5%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 26.7%
FY24 Q1 27.1%
FY24 Q2 27.2%
FY24 Q3 27.0%
FY24 Q4 26.5%
FY25 Q1 25.8%
FY25 Q2 25.5%
FY25 Q3 25.1%
FY25 Q4 24.7%
FY26 Q1 24.7%
FY26 Q2 24.8%
FY26 Q3 25.5%
FCF margin (TTM) United Rentals
0% 10% 20% 30% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 5.9% FCF margin (TTM), FY24 Q1: 7.9% FCF margin (TTM), FY24 Q2: 6.5% FCF margin (TTM), FY24 Q3: 5.6% FCF margin (TTM), FY24 Q4: 2.7% FCF margin (TTM), FY25 Q1: 28.9% FCF margin (TTM), FY25 Q2: 28.9% FCF margin (TTM), FY25 Q3: 28.4% FCF margin (TTM), FY25 Q4: 29.5% FCF margin (TTM), FY26 Q1: 29.6% FCF margin (TTM), FY26 Q2: 31.5% FCF margin (TTM), FY26 Q3: 32.8% 32.8%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 5.9%
FY24 Q1 7.9%
FY24 Q2 6.5%
FY24 Q3 5.6%
FY24 Q4 2.7%
FY25 Q1 28.9%
FY25 Q2 28.9%
FY25 Q3 28.4%
FY25 Q4 29.5%
FY26 Q1 29.6%
FY26 Q2 31.5%
FY26 Q3 32.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar United Rentals took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $16.1B
  2. Cost of revenue $10B · 61.8%
  3. Gross profit $6.1B · 38.2%
  4. Selling, general and admin $1.7B · 10.8%
  5. Other operating costs $439M · 2.7%
  6. Operating income $4B · 24.7%
  7. Income tax $844M · 5.2%
  8. Interest and other $635M · 3.9%
  9. Net income $2.5B · 15.5%

Shares of revenue. Source: United Rentals's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 2.4 2.2 2.6 4.1 5.0 5.7 5.8 5.8 6.6 8.0 9.4 8.5 9.7 11.6 14.3 15.3 16.1 17.5
Gross profit 0.6 0.7 0.9 1.6 2.0 2.4 2.5 2.4 2.8 3.4 3.7 3.2 3.9 5.0 5.8 6.2 6.1 6.8
EBITDA 0.6 0.6 0.9 1.5 2.2 2.6 2.8 2.7 1.8 2.3 2.6 2.2 2.6 3.6 4.3 4.5 4.4 4.9
Operating income 0.1 0.2 0.4 0.6 1.1 1.4 1.5 1.4 1.5 2.0 2.2 1.8 2.3 3.2 3.8 4.1 4.0 4.5
Net income −0.1 −0.0 0.1 0.1 0.4 0.5 0.6 0.6 1.3 1.1 1.2 0.9 1.4 2.1 2.4 2.6 2.5 2.9
Diluted EPS −$1.02 −$0.44 $1.38 $0.79 $3.64 $5.15 $6.07 $6.45 $15.73 $13.12 $15.11 $12.20 $19.04 $29.65 $35.28 $38.69 $38.61 $45.41
Growth (year on year)
Revenue — −5.1% +16.7% +57.7% +20.4% +14.7% +2.3% −0.9% +15.3% +21.2% +16.2% −8.8% +13.9% +19.8% +23.1% +7.1% +4.9% +9.4%
EBITDA — +9.9% +35.6% +69.9% +46.2% +18.8% +6.8% −3.7% −33.6% +27.9% +13.3% −14.5% +21.1% +35.7% +18.4% +5.7% −2.0% +10.4%
Operating income — +72.8% +101.0% +49.2% +82.4% +29.0% +9.1% −6.8% +6.5% +29.5% +10.3% −16.4% +26.5% +41.9% +18.4% +6.2% −2.3% +11.5%
Net income — — — −25.7% — +39.5% +8.3% −3.2% +137.8% −18.6% +7.1% −24.2% +55.7% +51.9% +15.2% +6.2% −3.1% +12.9%
Diluted EPS — — — −42.8% — +41.5% +17.9% +6.3% +143.9% −16.6% +15.2% −19.3% +56.1% +55.7% +19.0% +9.7% −0.2% +16.9%
Margins
Gross margin 25.9% 29.4% 34.4% 38.5% 40.1% 42.8% 42.6% 41.7% 41.7% 41.8% 39.2% 37.3% 39.7% 42.9% 40.6% 40.1% 38.2% 39.1%
EBITDA margin 24.9% 28.9% 33.6% 36.1% 43.9% 45.5% 47.5% 46.2% 26.6% 28.1% 27.4% 25.6% 27.3% 30.9% 29.7% 29.3% 27.4% 28.1%
Operating margin 4.8% 8.8% 15.2% 14.4% 21.8% 24.5% 26.1% 24.6% 22.7% 24.2% 23.0% 21.1% 23.4% 27.8% 26.7% 26.5% 24.7% 25.5%
Net margin −2.6% −1.2% 3.9% 1.8% 7.8% 9.5% 10.1% 9.8% 20.3% 13.6% 12.6% 10.4% 14.3% 18.1% 16.9% 16.8% 15.5% 16.3%
Free-cash-flow margin 16.4% 19.0% 22.1% 15.2% 29.2% 29.6% 32.5% 32.1% 31.5% 33.2% 30.0% 28.9% 5.1% 6.4% 5.9% 2.7% 32.2% 35.4%
Cash flow
Cash from operations 0.4 0.5 0.6 0.7 1.6 1.8 2.0 1.9 2.2 2.9 3.0 2.7 3.7 4.4 4.7 4.5 5.2 6.2
Capital spending 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 3.2 3.7 3.9 4.1 0.0 0.0
Free cash flow 0.4 0.4 0.6 0.6 1.4 1.7 1.9 1.8 2.1 2.7 2.8 2.5 0.5 0.7 0.8 0.4 5.2 6.2
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2
Free cash flow after stock pay 0.4 0.4 0.6 0.6 1.4 1.6 1.8 1.8 2.0 2.6 2.7 2.4 0.4 0.6 0.7 0.3 5.1 6.0
Balance sheet
Cash 0.2 0.2 0.0 0.1 0.2 0.2 0.2 0.3 0.4 0.0 0.1 0.2 0.1 0.1 0.4 0.5 0.5 0.2
Total debt 0.0 2.8 3.0 7.3 7.2 8.0 8.2 7.8 9.5 11.8 11.5 9.8 9.8 11.4 11.6 13.5 14.3 14.7
Net debt (negative = net cash) −0.2 2.6 3.0 7.2 7.0 7.8 8.0 7.5 9.2 11.8 11.5 9.6 9.6 11.3 11.2 13.0 13.8 14.5
Diluted shares 60m 60m 73m 95m 106m 105m 96m 88m 86m 84m 78m 73m 73m 71m 69m 67m 65m 63m
Returned to shareholders
Dividends — — — — — — — — — — — — 0.0 0.0 0.4 0.4 0.5 0.5
Buybacks 0.0 0.0 0.0 0.1 0.1 0.6 0.8 0.5 0.1 0.8 0.9 0.3 0.0 1.1 1.1 1.6 2.0 1.8
Total returned 0.0 0.0 0.0 0.1 0.1 0.6 0.8 0.5 0.1 0.8 0.9 0.3 0.0 1.1 1.5 2.0 2.4 2.3

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · September 30, 2026
What it owns · $32.8bn
Short-term assets $4.0bnLonger-term assets $28.8bn
What it owes, and who funded it · $32.8bn
Short-term liabilities $5.0bnLonger-term liabilities $18.1bnShareholders' equity $9.7bn
  • Short-term assets cover short-term liabilities $4.0bn of assets due within a year against $5.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4.0bn short-term assets against $18.1bn of longer-dated liabilities.
  • More cash than debt $153m of cash against $14.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 151% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 140% to 151% over five years.
  • A year's operating cash flow covers at least 20% of debt $6.2bn of operating cash flow against $14.7bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From United Rentals's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$1.8B
Dividends (TTM)
$485M
Returned to shareholders
40%
of free cash flow
Buybacks, last 3 fiscal years
$4.6B
Diluted share count
−3.4%
year over year
Total shareholder yield
3.2%
dividends 0.7% + buybacks 2.5% of market value
Dividend payout ratio
17%
of net income paid out
Sales & admin spending
10.6%
of revenue
Days sales outstanding
65 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in trading companies & distributors
Last 12 months unless stated URI WCC QXO FAST AER CNM Median
Revenue, last 12 months $17.5bn $26.0bn $9.9bn $9.1bn $8.5bn $7.7bn $2.2bn
Revenue growth, last 12 months 9.4% 13.5% 408.3% 13.5% 6.5% −0.5% 8.4%
Revenue growth, 3-year average 8.0% 5.0% 484.0% 7.6% 100.9% 5.1% 5.1%
Revenue growth, latest quarter 15.7% 16.6% 70.3% 15.5% — 2.5% 9.0%
Gross margin 39.1% 21.2% 24.0% 44.6% 18.1% 27.0% 28.3%
Operating margin 25.5% 5.6% −3.4% 20.5% 27.0% 9.6% 5.5%
Operating margin, 3-year average 25.9% 5.5% −9.4% 20.4% — 9.7% 6.4%
Net margin 16.3% 3.0% −5.2% 15.6% 44.0% 6.0% 3.5%
Cash from operations / revenue 35.4% 2.1% 2.6% 15.8% 63.3% 8.9% 4.9%
Free-cash-flow margin 32.8% 1.6% 1.4% 13.0% 32.2% 8.2% 2.4%
Free-cash-flow margin, 3-year average 22.3% 2.1% −0.7% 13.0% 32.6% 8.7% 3.1%
Stock pay / revenue 0.9% 0.3% 1.3% 0.1% 2.0% 0.2% 0.5%
Change in share count −3.4% −0.3% 2.3% −0.7% −9.4% −1.8% −0.5%

Median of all 32 companies we cover in trading companies & distributors. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

32 trading companies & distributors companies
Measure Company Peer median Rank
Revenue growth Growth 9.4% 8.5% 15 of 32
Change in growth rate Growth +2.6pp +0.8pp 6 of 32
Gross margin Profitability 39.1% 28.9% 4 of 26
Operating margin Profitability 25.5% 5.5% 1 of 28
Net margin Profitability 16.3% 3.5% 3 of 32
Free-cash-flow margin Cash generation 32.8% 2.8% 2 of 32
Stock pay as % of revenue Cash generation 0.9% 0.5% 20 of 29
Long-term debt as % of assets Balance sheet 39.8% 21.4% 22 of 29
Change in share count Balance sheet -3.4% -0.8% 5 of 27
Days sales outstanding Balance sheet 65 days 57 days 18 of 27

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
General Rentals $11B 68.3% ▲ 1.4%
Specialty $5.1B 31.7% ▲ 13.3%
Products and services
Line of business Revenue YoY
Equipment Rental Revenue $13.8B ▲ 6.0%
Owned Equipment Rentals $11B ▲ 4.6%
Rental Equipment $1.4B ▼ 7.1%
Ancillary and Other Rental Revenue $1.4B ▲ 10.2%
Delivery and Pick Up $1.2B ▲ 7.9%
Service and Other Revenues $369M ▲ 3.1%
New Equipment $348M ▲ 23.4%
Rerent Revenue $275M ▲ 6.6%
Other Rental Revenue $249M ▲ 22.7%
Contractor Supplies $163M ▲ 5.2%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $14.7B 91.1% ▲ 4.9%
Outside the US $1.4B 8.9% ▲ 5.5%

From United Rentals's 10-K filed January 28, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$64.5B
Institutions reporting
1,584
Shares held vs prior quarter
0.0%
Positions opened / closed
226 / 102

Top buyers and sellers, Q2 2026: 781 institutions bought and 646 sold ; the biggest buyer was Voya Investment Management LLC (+203K shares) and the biggest seller Capital Research Global Investors (−803K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $5.8B 5.1M 9.0% ▲ 0.2%
Vanguard Capital Management LLC $4.6B 4.1M 7.2% ▼ 0.1%
State Street Corp $3.4B 3.0M 5.3% ▲ 1.1%
Jpmorgan Chase & Co $3.2B 2.8M 4.9% ▼ 5.2%
Vanguard Portfolio Management LLC $3.1B 2.7M 4.7% ▲ 0.6%
Capital Research Global Investors $2.2B 1.9M 3.4% ▼ 29.4%
Franklin Resources Inc $2B 1.8M 3.2% ▲ 8.8%
Geode Capital Management, LLC $1.9B 1.7M 3.0% ▲ 1.8%
Capital World Investors $1.9B 1.6M 2.9% ▼ 25.2%
Morgan Stanley $1.7B 1.5M 2.6% ▼ 14.4%
Norges Bank $1.4B 1.3M 2.2% —
Dimensional Fund Advisors LP $1B 908K 1.6% ▲ 1.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not United Rentals's complete shareholder register. Values are as reported by the filers ; 8 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $53,268 1 trade by 1 insider, last 12 months Insider sales History → $30.5M 7 trades by 6 insiders · 0% under pre-set plans
Net ▼ $30.4M net selling
Insider Date Trade Shares Price Value
Grace William E. EVP, CFO July 24, 2026 Sell 1,500 $1133.15 $1.7M
Pintoff Craig Adam EVP, Chief Admin. Officer April 27, 2026 Sell 2,466 $963.00 $2.4M
Gross Joli L. SVP, Chief LGL & Sustain. Off. April 27, 2026 Sell 306 $954.99 $292,227
Flannery Matthew John President & CEO April 24, 2026 Sell 22,768 $984.98 $22.4M
Limoges Andrew B. VP, Controller April 24, 2026 Sell 548 $977.86 $535,867
Grace William E. EVP, CFO February 3, 2026 Sell 1,498 $790.89 $1.2M
Durand Michael D EVP, Chief Operating Officer February 2, 2026 Sell 2,490 $791.14 $2M
Singh Shiv Director February 2, 2026 Buy 68 $783.36 $53,268

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 43 trades and filings

In the last 12 months, 3 members of Congress disclosed 3 purchases and 3 sales of United Rentals shares.

  • Maria Elvira Salazar(R-FL 27):Sale (partial), $1,001 - $15,000, traded September 24, 2026, filed October 7, 2026
  • Maria Elvira Salazar(R-FL 27):Purchase, $1,001 - $15,000, traded April 24, 2026, filed May 8, 2026
  • Maria Elvira Salazar(R-FL 27):Purchase, $1,001 - $15,000, traded March 25, 2026, filed April 21, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 21, 2026
  • July 22, 2026
  • April 22, 2026
  • January 28, 2026
  • October 22, 2025
  • July 23, 2025

Recent SEC filings

Data status

When each part of this page on United Rentals was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

United Rentals in brief

What does United Rentals do?
United Rentals is a US-listed company in the trading companies & distributors industry. Its financial year ends in December.
What is United Rentals's stock ticker?
United Rentals trades under the ticker URI on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is United Rentals's revenue, and how fast is it growing?
Over its most recent trailing twelve months, United Rentals reported revenue of $17.5B, 9.4% higher than a year earlier, according to its SEC filings.
What is United Rentals's free cash flow?
United Rentals's free-cash-flow margin is 32.8% of revenue over the trailing twelve months, ranking 2 of the 32 trading companies & distributors companies we cover.
What is United Rentals's fair value (intrinsic value) per share?
Our discounted-cash-flow model of United Rentals's free cash flow after stock-based pay gives ~$1300 per share in the base case, and ~$940–$1800 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are United Rentals's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is United Rentals buying back stock, and does it pay a dividend?
United Rentals spent $1.8B on share repurchases over the trailing twelve months, and its diluted share count fell 3.4% over the year.
What is United Rentals's market cap?
On November 2, 2026, United Rentals's market capitalisation was about $74B, with a price-to-earnings ratio of 25.9 and net debt of $14.5B. Market figures come from third-party market data and may be delayed.
Does United Rentals pay a dividend?
Yes: United Rentals paid $485M in dividends over the trailing twelve months, a dividend yield of 0.67% and a payout ratio of 17.0%.
How much debt does United Rentals have?
United Rentals's debt-to-equity ratio is 151.3%, from its latest balance sheet (140.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are United Rentals's competitors?
In our Trading Companies & Distributors peer group, the companies closest to United Rentals are Wesco International Inc, QXO, Inc., Fastenal, Aercap Holdings N.V. and Core & Main, Inc. The side-by-side comparison below sets their revenue, margins and growth against United Rentals's.
Are insiders buying or selling United Rentals stock?
Over the last 12 months, United Rentals's directors and officers reported 1 open-market purchases and 7 sales on Form 4. The insider trading page charts every trade.
When is United Rentals's next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — United Rentals announces its own schedule.