# United Rentals, Inc. (URI) — Stock CV

United Rentals, Inc. is a $65.8B industrial company. Revenue grew 6.9% over the last year, it keeps 16¢ of every dollar of sales as profit, and its net debt equals ~5.9 years of free cash flow. It trades at 24.9× earnings — in the most expensive third of its own history.

> United Rentals is the world's largest equipment rental company, principally operating in the US and Canada. It has 16% share in a highly fragmented market serving general industrial (49%), commercial construction (46%), and residential construction (5%).

## Identity

- **Ticker**: URI
- **Sector**: Industrials
- **Industry**: Farm & Heavy Construction Machinery
- **Headquarters**: STAMFORD, CT
- **Employees**: 28 500
- **Website**: https://www.unitedrentals.com
- **Market cap**: $65.8B
- **Last price**: $1 056.37
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $16.8B
- **Net income**: $2.64B
- **Free cash flow**: $2.32B
- **Net debt**: $13.8B
- **P/E**: 24.9
- **Revenue growth (YoY)**: 6.9%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 44 |
| Growth | 90 |
| Profitability | 82 |
| Health | 47 |
| Quality | 80 |
| Moat | 69 |

## Qualifications (beginner checklist) — 10 of 11 passed

- [x] Revenue growing — +6.9% YoY
- [x] Profitable — $2.64B TTM
- [x] Profit growing — +9.2% YoY
- [x] Generates cash — $2.32B TTM
- [ ] Debt under control — ~5.9y of cash flow to repay
- [x] Established company — $65.8B market cap
- [x] Not printing shares — -11.5% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [x] Financially stable — Altman Z 3.0 — safe
- [x] Pays a dividend — yield 0.73%
- [x] Valuation not extreme — P/E 24.9

## Experience (career milestones)

- **FY2024** — Best year on record: $2.58B net income
- **Mar 15, 2024** — United Access completed the acquisition of Yak Access, Yak Mat and New South Access &…
- **FY2022** — Revenue crossed $10B: $11.6B for the year
- **Dec 7, 2022** — United Rentals completed the acquisition of Ahern Rentals, Inc
- **May 25, 2021** — United Rentals acquired General Finance Corporation, a provider of mobile storage and office…
- **Mar 1, 2018** — United Rentals acquired certain assets of Industrial Rental Services, LLC, expanding its Tool…
- **Oct 2, 2017** — United Rentals announced it had completed the acquisition of Neff Corporation, a competing…
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $5.76B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2014** — United Rentals was first listed on the Fortune 500
- **Apr 30, 2012** — The largest merger in rental equipment history was finalized on April 30, 2012, boosting URI to what was at the time…
- **Dec 16, 2011** — United Rentals and RSC Holdings, Inc. announced that they had entered into a definitive merger…
- **Dec 26, 2006** — United Rentals announced the sale of their Highway Technology division to HTS Acquisition, Inc
- **1997** — United Rentals was founded in September 1997

## Strengths

- Interest covered 5.7× by operating earnings
- Altman Z-Score 2.99 — low bankruptcy-risk zone

## Watch-outs

- Net debt would take ~7.5 years of free cash flow to repay
- Net debt equals ~5.9 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $9.72B | $1.39B | $1.46B |
| FY2022 | $11.6B | $2.10B | $4.43B |
| FY2023 | $14.3B | $2.42B | $4.70B |
| FY2024 | $15.3B | $2.58B | $4.55B |
| FY2025 | $16.1B | $2.49B | $5.19B |

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Source: https://stockcv.com/URI — derived from company filings; may be delayed or incomplete. Information, not investment advice.