United Rentals key statistics and ratios

In fiscal 2025, United Rentals had return on equity of 28.4%, an operating margin of 24.7%, debt equal to 159.5% of equity and a current ratio of 0.94. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

United Rentals: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
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%
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%
Return on equity	—	—	—	9.3%	23.0%	29.8%	35.8%	36.2%	56.6%	33.7%	32.5%	21.3%	26.3%	32.3%	31.9%	30.7%	28.4%	30.6%
Return on assets	—	−0.7%	2.6%	1.0%	3.5%	4.7%	4.8%	4.7%	10.0%	6.6%	6.3%	4.8%	7.3%	9.5%	9.7%	9.6%	8.6%	9.1%
Asset turnover	—	0.61	0.67	0.54	0.45	0.49	0.48	0.48	0.49	0.49	0.50	0.46	0.51	0.52	0.58	0.57	0.55	0.56
Current ratio	—	1.27	0.84	0.99	1.06	0.88	1.05	1.15	1.06	0.83	0.84	1.07	0.83	1.11	0.81	0.98	0.94	0.80
Debt to equity	—	—	>999%	473.7%	392.4%	445.0%	556.0%	475.9%	306.4%	347.8%	300.7%	214.6%	162.8%	162.1%	142.5%	156.3%	159.5%	151.3%
Effective tax rate	—	—	38.4%	14.8%	36.0%	36.5%	39.3%	37.7%	−28.4%	25.7%	22.5%	21.9%	24.9%	24.9%	24.5%	24.0%	25.3%	—
SG&A as % of revenue	17.3%	16.4%	15.6%	14.3%	13.0%	13.3%	12.3%	12.5%	13.6%	12.9%	11.7%	11.5%	12.3%	12.0%	10.7%	10.7%	10.8%	10.6%
Capital spending as % of revenue	2.2%	1.3%	1.4%	2.4%	2.1%	2.1%	1.8%	1.6%	1.8%	2.3%	2.3%	2.3%	32.9%	31.7%	27.0%	26.9%	0.0%	0.0%
Free cash flow ÷ net income	—	—	570.3%	832.0%	373.9%	311.3%	323.6%	326.5%	155.2%	243.4%	239.0%	276.5%	35.4%	35.3%	34.7%	16.2%	208.1%	216.7%
Dividends ÷ net income	—	—	—	—	—	—	—	—	—	—	—	—	0.0%	0.0%	16.7%	16.9%	18.6%	17.0%
Dividends and buybacks ÷ free cash flow	0.3%	0.2%	1.2%	21.0%	7.9%	36.5%	41.7%	28.6%	2.7%	30.6%	31.0%	11.6%	6.9%	143.7%	175.7%	482.0%	46.9%	37.3%

US$ thousands unless shown otherwise. Fiscal quarters.

United Rentals: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	40.0%	36.5%	38.9%	39.4%	37.8%	36.9%	39.3%	41.8%
Operating margin	26.5%	21.6%	25.4%	26.3%	25.0%	21.8%	25.8%	28.8%
Net margin	16.8%	13.9%	15.8%	16.6%	15.5%	13.3%	17.1%	18.8%
Free-cash-flow margin	11.5%	—	33.7%	27.9%	29.8%	38.0%	40.6%	33.3%
Current ratio	0.98	0.85	0.86	0.90	0.94	0.80	0.76	0.80
Debt to equity	169.9%	147.0%	148.1%	157.2%	177.1%	154.8%	154.3%	151.3%
SG&A as % of revenue	10.6%	11.8%	10.7%	10.5%	10.2%	11.1%	10.7%	10.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: URI vs WCC QXO vs URI FAST vs URI

More: Trading Companies & Distributors stocks compared, Industrials sector, rankings of US companies

Figures from United Rentals's SEC filings (10-K and 10-Q), retrieved October 23, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to United Rentals.