Industrials · Trading Companies & Distributors · US stock · price as of 16 Oct 2026
Key indicators
Price
$1,029.64
52-week range
$698.94 – $1,177.15
Market cap
$64.9B
P/E (trailing)
26.4×
EV / EBITDA
17.6×
Free-cash-flow yield
8.1%
Dividend yield
0.7%
Revenue (last 12 months)
$16.4B
Revenue growth (3y a year)
11.4%
Operating margin
24.7%
Return on invested capital
13.3%
Net debt / EBITDA
3.1×
Fair value
Blended fair value$1,175.58 range $1,070 – $1,304
Versus priceFair+14% to fair value
Peer multiples
$1,144.00
Fundamentals-adjusted multiple
$1,181.45
10-year DCF (market-scaled)
$1,201.30
Earnings power value (floor, not blended)
$385.57
Model uncertainty
Medium
X-Ray Score
53/ 100 · Medium confidence · ahead of 58% of sector peers
Valuation65
Growth70
Profitability59
Financial health29
Dividends23
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
United Rentals operates the largest equipment rental business in North America, renting construction, industrial and specialty equipment from a network of branches. Customers include contractors, industrial companies and municipalities that need equipment for projects without buying it. Revenue comes mainly from rental fees, along with sales of used equipment and related services, and results are tied to construction and industrial activity.
Over the last twelve months United Rentals, Inc. reported revenue of $16.4 billion, which grew 11.4% a year over the past three years. Its operating margin is 24.7% and its return on invested capital is 13%. Net debt to EBITDA is 3.1 times. A dividend is paid, with a yield of 0.7%.
StocksXray gives United Rentals, Inc. an X-Ray Score of 53 out of 100 (medium confidence), ahead of 58% of the S&P 500 stocks in its sector. Its strongest lens is growth (70) and its weakest is dividends (23).
Our fair value blend is $1,175.58 (range $1,070.26 to $1,303.65). At $1,029.64 the stock trades 12% below that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
United Rentals, Inc. (URI)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$319.89
$342.15
$559.82
$693.99
$804.45
$1,029.64
Market cap
$23.3B
$24.3B
$38.5B
$46.2B
$52.0B
$64.9B
P/E
16.8×
11.5×
15.9×
17.9×
20.8×
26.4×
EV / revenue
3.4×
3.1×
3.5×
3.9×
4.1×
4.8×
EV / EBITDA
12.4×
9.9×
11.7×
13.1×
14.9×
17.6×
Price / free cash flow
47.4×
32.7×
45.8×
111.1×
10.0×
12.3×
Free-cash-flow yield
2.1%
3.1%
2.2%
0.9%
10.0%
8.1%
Price / book
3.9×
3.4×
4.7×
5.4×
5.8×
7.2×
Dividend yield
–
–
1.06%
0.94%
0.89%
0.75%
Fundamentals checklist ● 5 Good · ● 5 Average · ● 4 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−9.3%Good
Risk models
Altman Z score3.0×Average
Piotroski F-Score4 of 9Bad
Growth
EPS growth (3y)9.2%Average
Revenue growth (3y)11.4%Good
Growth consistency100%Good
Balance sheet
Current ratio0.8×Bad
Net debt / EBITDA3.1×Bad
Interest coverno interest costGood
Valuation
Fair value vs price1.1×Average
EBIT / EV yield5.1%Average
Profitability
Return on invested capital13.3%Average
Operating margin24.7%Good
Gross profitability20.9%Bad
XStocksXray
United Rentals, Inc. (URI)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
9,716
11,642
14,332
15,345
16,099
16,365
Gross profit
3,853
4,996
5,813
6,150
6,144
6,257
Operating income
2,277
3,232
3,827
4,065
3,973
4,038
Net income
1,386
2,105
2,424
2,575
2,494
2,507
Diluted EPS ($)
19.04
29.65
35.28
38.69
38.61
39.04
Free cash flow
491
743
840
416
5,190
5,279
Gross margin
39.7%
42.9%
40.6%
40.1%
38.2%
38.2%
Operating margin
23.4%
27.8%
26.7%
26.5%
24.7%
24.7%
Net margin
14.3%
18.1%
16.9%
16.8%
15.5%
15.3%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
20,292
24,183
25,589
28,163
29,866
29,888
Cash
144
106
363
457
459
156
Total debt
9,685
11,370
11,518
13,406
14,229
13,886
Equity
5,991
7,062
8,130
8,622
8,968
8,968
Dividend per share ($)
–
–
5.92
6.52
7.16
7.34
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.