Stock Analysis on Net
Stock Analysis on Net

United Rentals Inc. (NYSE:URI)

This company has been moved to the archive! The financial data has not been updated since January 25, 2023.

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

United Rentals Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Activity Ratio
Total Asset Turnover
Reported 0.48 0.48 0.48 0.49 0.44
Adjusted 0.48 0.48 0.47 0.49 0.43
Liquidity Ratio
Current Ratio
Reported 1.11 0.83 1.07 0.84 0.83
Adjusted 1.23 0.90 1.16 0.91 0.90
Solvency Ratios
Debt to Equity
Reported 1.61 1.62 2.13 2.98 3.45
Adjusted 1.22 1.26 1.61 2.07 2.37
Debt to Capital
Reported 0.62 0.62 0.68 0.75 0.78
Adjusted 0.55 0.56 0.62 0.67 0.70
Financial Leverage
Reported 3.42 3.39 3.93 4.95 5.33
Adjusted 2.43 2.45 2.78 3.25 3.60
Profitability Ratios
Net Profit Margin
Reported 18.08% 14.27% 10.43% 12.55% 13.62%
Adjusted 22.40% 17.08% 9.50% 15.38% 16.16%
Return on Equity (ROE)
Reported 29.81% 23.13% 19.58% 30.65% 32.21%
Adjusted 26.20% 19.96% 12.52% 24.48% 24.85%
Return on Assets (ROA)
Reported 8.70% 6.83% 4.98% 6.19% 6.04%
Adjusted 10.77% 8.16% 4.51% 7.54% 6.90%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. United Rentals Inc. adjusted total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. United Rentals Inc. adjusted current ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. United Rentals Inc. adjusted debt-to-equity ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. United Rentals Inc. adjusted debt-to-capital ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 United Rentals Inc. adjusted financial leverage ratio decreased from 2020 to 2021 and from 2021 to 2022.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. United Rentals Inc. adjusted net profit margin ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. United Rentals Inc. adjusted ROE improved from 2020 to 2021 and from 2021 to 2022.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. United Rentals Inc. adjusted ROA improved from 2020 to 2021 and from 2021 to 2022.

United Rentals Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Revenues 11,642 9,716 8,530 9,351 8,047
Total assets 24,183 20,292 17,868 18,970 18,133
Activity Ratio
Total asset turnover1 0.48 0.48 0.48 0.49 0.44
Adjusted
Selected Financial Data (US$ in millions)
Adjusted revenues2 11,690 9,748 8,526 9,350 8,057
Adjusted total assets3 24,317 20,404 17,976 19,073 18,874
Activity Ratio
Adjusted total asset turnover4 0.48 0.48 0.47 0.49 0.43

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Total asset turnover = Revenues ÷ Total assets
= 11,642 ÷ 24,183 = 0.48

2 Adjusted revenues. See details »

3 Adjusted total assets. See details »

4 2022 Calculation
Adjusted total asset turnover = Adjusted revenues ÷ Adjusted total assets
= 11,690 ÷ 24,317 = 0.48

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. United Rentals Inc. adjusted total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Current assets 2,723 2,151 2,017 1,842 1,761
Current liabilities 2,445 2,603 1,890 2,198 2,116
Liquidity Ratio
Current ratio1 1.11 0.83 1.07 0.84 0.83
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 2,857 2,263 2,125 1,945 1,854
Adjusted current liabilities3 2,314 2,520 1,839 2,143 2,060
Liquidity Ratio
Adjusted current ratio4 1.23 0.90 1.16 0.91 0.90

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Current ratio = Current assets ÷ Current liabilities
= 2,723 ÷ 2,445 = 1.11

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2022 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 2,857 ÷ 2,314 = 1.23

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. United Rentals Inc. adjusted current ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt 11,370 9,685 9,682 11,428 11,747
Stockholders’ equity 7,062 5,991 4,545 3,830 3,403
Solvency Ratio
Debt to equity1 1.61 1.62 2.13 2.98 3.45
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 12,223 10,508 10,409 12,139 12,395
Adjusted stockholders’ equity3 9,998 8,340 6,472 5,875 5,239
Solvency Ratio
Adjusted debt to equity4 1.22 1.26 1.61 2.07 2.37

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 11,370 ÷ 7,062 = 1.61

2 Adjusted total debt. See details »

3 Adjusted stockholders’ equity. See details »

4 2022 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted stockholders’ equity
= 12,223 ÷ 9,998 = 1.22

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. United Rentals Inc. adjusted debt-to-equity ratio improved from 2020 to 2021 and from 2021 to 2022.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt 11,370 9,685 9,682 11,428 11,747
Total capital 18,432 15,676 14,227 15,258 15,150
Solvency Ratio
Debt to capital1 0.62 0.62 0.68 0.75 0.78
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 12,223 10,508 10,409 12,139 12,395
Adjusted total capital3 22,221 18,848 16,881 18,014 17,634
Solvency Ratio
Adjusted debt to capital4 0.55 0.56 0.62 0.67 0.70

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 11,370 ÷ 18,432 = 0.62

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2022 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 12,223 ÷ 22,221 = 0.55

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. United Rentals Inc. adjusted debt-to-capital ratio improved from 2020 to 2021 and from 2021 to 2022.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total assets 24,183 20,292 17,868 18,970 18,133
Stockholders’ equity 7,062 5,991 4,545 3,830 3,403
Solvency Ratio
Financial leverage1 3.42 3.39 3.93 4.95 5.33
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 24,317 20,404 17,976 19,073 18,874
Adjusted stockholders’ equity3 9,998 8,340 6,472 5,875 5,239
Solvency Ratio
Adjusted financial leverage4 2.43 2.45 2.78 3.25 3.60

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 24,183 ÷ 7,062 = 3.42

2 Adjusted total assets. See details »

3 Adjusted stockholders’ equity. See details »

4 2022 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 24,317 ÷ 9,998 = 2.43

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 United Rentals Inc. adjusted financial leverage ratio decreased from 2020 to 2021 and from 2021 to 2022.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net income 2,105 1,386 890 1,174 1,096
Revenues 11,642 9,716 8,530 9,351 8,047
Profitability Ratio
Net profit margin1 18.08% 14.27% 10.43% 12.55% 13.62%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 2,619 1,665 810 1,438 1,302
Adjusted revenues3 11,690 9,748 8,526 9,350 8,057
Profitability Ratio
Adjusted net profit margin4 22.40% 17.08% 9.50% 15.38% 16.16%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Net profit margin = 100 × Net income ÷ Revenues
= 100 × 2,105 ÷ 11,642 = 18.08%

2 Adjusted net income. See details »

3 Adjusted revenues. See details »

4 2022 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted revenues
= 100 × 2,619 ÷ 11,690 = 22.40%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. United Rentals Inc. adjusted net profit margin ratio improved from 2020 to 2021 and from 2021 to 2022.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net income 2,105 1,386 890 1,174 1,096
Stockholders’ equity 7,062 5,991 4,545 3,830 3,403
Profitability Ratio
ROE1 29.81% 23.13% 19.58% 30.65% 32.21%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 2,619 1,665 810 1,438 1,302
Adjusted stockholders’ equity3 9,998 8,340 6,472 5,875 5,239
Profitability Ratio
Adjusted ROE4 26.20% 19.96% 12.52% 24.48% 24.85%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
ROE = 100 × Net income ÷ Stockholders’ equity
= 100 × 2,105 ÷ 7,062 = 29.81%

2 Adjusted net income. See details »

3 Adjusted stockholders’ equity. See details »

4 2022 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted stockholders’ equity
= 100 × 2,619 ÷ 9,998 = 26.20%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. United Rentals Inc. adjusted ROE improved from 2020 to 2021 and from 2021 to 2022.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net income 2,105 1,386 890 1,174 1,096
Total assets 24,183 20,292 17,868 18,970 18,133
Profitability Ratio
ROA1 8.70% 6.83% 4.98% 6.19% 6.04%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 2,619 1,665 810 1,438 1,302
Adjusted total assets3 24,317 20,404 17,976 19,073 18,874
Profitability Ratio
Adjusted ROA4 10.77% 8.16% 4.51% 7.54% 6.90%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 2,105 ÷ 24,183 = 8.70%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2022 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 2,619 ÷ 24,317 = 10.77%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. United Rentals Inc. adjusted ROA improved from 2020 to 2021 and from 2021 to 2022.