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.

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

United Rentals Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 31, 2022 29.81% = 8.70% × 3.42
Sep 30, 2022 30.65% = 9.09% × 3.37
Jun 30, 2022 28.94% = 8.41% × 3.44
Mar 31, 2022 25.48% = 7.69% × 3.32
Dec 31, 2021 23.13% = 6.83% × 3.39
Sep 30, 2021 21.92% = 5.92% × 3.70
Jun 30, 2021 19.65% = 5.10% × 3.86
Mar 31, 2021 19.39% = 5.24% × 3.70
Dec 31, 2020 19.58% = 4.98% × 3.93
Sep 30, 2020 22.37% = 5.20% × 4.30
Jun 30, 2020 28.51% = 6.22% × 4.58
Mar 31, 2020 32.24% = 6.21% × 5.19
Dec 31, 2019 30.65% = 6.19% × 4.95
Sep 30, 2019 31.40% = 5.91% × 5.32
Jun 30, 2019 31.28% = 5.71% × 5.48
Mar 31, 2019 32.24% = 5.85% × 5.51
Dec 31, 2018 32.21% = 6.04% × 5.33
Sep 30, 2018 — = — × 4.91
Jun 30, 2018 — = — × 4.77
Mar 31, 2018 — = — × 4.80

Based on: 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2022 is the decrease in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

United Rentals Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2022 29.81% = 18.08% × 0.48 × 3.42
Sep 30, 2022 30.65% = 17.51% × 0.52 × 3.37
Jun 30, 2022 28.94% = 16.41% × 0.51 × 3.44
Mar 31, 2022 25.48% = 15.22% × 0.50 × 3.32
Dec 31, 2021 23.13% = 14.27% × 0.48 × 3.39
Sep 30, 2021 21.92% = 13.04% × 0.45 × 3.70
Jun 30, 2021 19.65% = 11.36% × 0.45 × 3.86
Mar 31, 2021 19.39% = 10.87% × 0.48 × 3.70
Dec 31, 2020 19.58% = 10.43% × 0.48 × 3.93
Sep 30, 2020 22.37% = 10.69% × 0.49 × 4.30
Jun 30, 2020 28.51% = 12.37% × 0.50 × 4.58
Mar 31, 2020 32.24% = 12.52% × 0.50 × 5.19
Dec 31, 2019 30.65% = 12.55% × 0.49 × 4.95
Sep 30, 2019 31.40% = 12.46% × 0.47 × 5.32
Jun 30, 2019 31.28% = 12.32% × 0.46 × 5.48
Mar 31, 2019 32.24% = 12.91% × 0.45 × 5.51
Dec 31, 2018 32.21% = 13.62% × 0.44 × 5.33
Sep 30, 2018 — = — × — × 4.91
Jun 30, 2018 — = — × — × 4.77
Mar 31, 2018 — = — × — × 4.80

Based on: 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2022 is the decrease in efficiency measured by asset turnover ratio.

Five-Component Disaggregation of ROE

United Rentals Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 31, 2022 29.81% = 0.75 × 0.86 × 27.89% × 0.48 × 3.42
Sep 30, 2022 30.65% = 0.76 × 0.86 × 26.59% × 0.52 × 3.37
Jun 30, 2022 28.94% = 0.77 × 0.84 × 25.47% × 0.51 × 3.44
Mar 31, 2022 25.48% = 0.75 × 0.83 × 24.29% × 0.50 × 3.32
Dec 31, 2021 23.13% = 0.75 × 0.81 × 23.36% × 0.48 × 3.39
Sep 30, 2021 21.92% = 0.76 × 0.78 × 22.18% × 0.45 × 3.70
Jun 30, 2021 19.65% = 0.76 × 0.69 × 21.75% × 0.45 × 3.86
Mar 31, 2021 19.39% = 0.77 × 0.65 × 21.51% × 0.48 × 3.70
Dec 31, 2020 19.58% = 0.78 × 0.63 × 21.20% × 0.48 × 3.93
Sep 30, 2020 22.37% = 0.79 × 0.62 × 21.81% × 0.49 × 4.30
Jun 30, 2020 28.51% = 0.78 × 0.71 × 22.24% × 0.50 × 4.58
Mar 31, 2020 32.24% = 0.77 × 0.71 × 23.00% × 0.50 × 5.19
Dec 31, 2019 30.65% = 0.78 × 0.70 × 23.12% × 0.49 × 4.95
Sep 30, 2019 31.40% = 0.76 × 0.71 × 23.11% × 0.47 × 5.32
Jun 30, 2019 31.28% = 0.75 × 0.71 × 23.18% × 0.46 × 5.48
Mar 31, 2019 32.24% = 0.74 × 0.74 × 23.57% × 0.45 × 5.51
Dec 31, 2018 32.21% = 0.74 × 0.75 × 24.32% × 0.44 × 5.33
Sep 30, 2018 — = — × — × — × — × 4.91
Jun 30, 2018 — = — × — × — × — × 4.77
Mar 31, 2018 — = — × — × — × — × 4.80

Based on: 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2022 is the decrease in efficiency measured by asset turnover ratio.

Two-Component Disaggregation of ROA

United Rentals Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2022 8.70% = 18.08% × 0.48
Sep 30, 2022 9.09% = 17.51% × 0.52
Jun 30, 2022 8.41% = 16.41% × 0.51
Mar 31, 2022 7.69% = 15.22% × 0.50
Dec 31, 2021 6.83% = 14.27% × 0.48
Sep 30, 2021 5.92% = 13.04% × 0.45
Jun 30, 2021 5.10% = 11.36% × 0.45
Mar 31, 2021 5.24% = 10.87% × 0.48
Dec 31, 2020 4.98% = 10.43% × 0.48
Sep 30, 2020 5.20% = 10.69% × 0.49
Jun 30, 2020 6.22% = 12.37% × 0.50
Mar 31, 2020 6.21% = 12.52% × 0.50
Dec 31, 2019 6.19% = 12.55% × 0.49
Sep 30, 2019 5.91% = 12.46% × 0.47
Jun 30, 2019 5.71% = 12.32% × 0.46
Mar 31, 2019 5.85% = 12.91% × 0.45
Dec 31, 2018 6.04% = 13.62% × 0.44
Sep 30, 2018 — = — × —
Jun 30, 2018 — = — × —
Mar 31, 2018 — = — × —

Based on: 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q4 2022 is the decrease in asset turnover ratio.

Four-Component Disaggregation of ROA

United Rentals Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2022 8.70% = 0.75 × 0.86 × 27.89% × 0.48
Sep 30, 2022 9.09% = 0.76 × 0.86 × 26.59% × 0.52
Jun 30, 2022 8.41% = 0.77 × 0.84 × 25.47% × 0.51
Mar 31, 2022 7.69% = 0.75 × 0.83 × 24.29% × 0.50
Dec 31, 2021 6.83% = 0.75 × 0.81 × 23.36% × 0.48
Sep 30, 2021 5.92% = 0.76 × 0.78 × 22.18% × 0.45
Jun 30, 2021 5.10% = 0.76 × 0.69 × 21.75% × 0.45
Mar 31, 2021 5.24% = 0.77 × 0.65 × 21.51% × 0.48
Dec 31, 2020 4.98% = 0.78 × 0.63 × 21.20% × 0.48
Sep 30, 2020 5.20% = 0.79 × 0.62 × 21.81% × 0.49
Jun 30, 2020 6.22% = 0.78 × 0.71 × 22.24% × 0.50
Mar 31, 2020 6.21% = 0.77 × 0.71 × 23.00% × 0.50
Dec 31, 2019 6.19% = 0.78 × 0.70 × 23.12% × 0.49
Sep 30, 2019 5.91% = 0.76 × 0.71 × 23.11% × 0.47
Jun 30, 2019 5.71% = 0.75 × 0.71 × 23.18% × 0.46
Mar 31, 2019 5.85% = 0.74 × 0.74 × 23.57% × 0.45
Dec 31, 2018 6.04% = 0.74 × 0.75 × 24.32% × 0.44
Sep 30, 2018 — = — × — × — × —
Jun 30, 2018 — = — × — × — × —
Mar 31, 2018 — = — × — × — × —

Based on: 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q4 2022 is the decrease in efficiency measured by asset turnover ratio.

Disaggregation of Net Profit Margin

United Rentals Inc., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2022 18.08% = 0.75 × 0.86 × 27.89%
Sep 30, 2022 17.51% = 0.76 × 0.86 × 26.59%
Jun 30, 2022 16.41% = 0.77 × 0.84 × 25.47%
Mar 31, 2022 15.22% = 0.75 × 0.83 × 24.29%
Dec 31, 2021 14.27% = 0.75 × 0.81 × 23.36%
Sep 30, 2021 13.04% = 0.76 × 0.78 × 22.18%
Jun 30, 2021 11.36% = 0.76 × 0.69 × 21.75%
Mar 31, 2021 10.87% = 0.77 × 0.65 × 21.51%
Dec 31, 2020 10.43% = 0.78 × 0.63 × 21.20%
Sep 30, 2020 10.69% = 0.79 × 0.62 × 21.81%
Jun 30, 2020 12.37% = 0.78 × 0.71 × 22.24%
Mar 31, 2020 12.52% = 0.77 × 0.71 × 23.00%
Dec 31, 2019 12.55% = 0.78 × 0.70 × 23.12%
Sep 30, 2019 12.46% = 0.76 × 0.71 × 23.11%
Jun 30, 2019 12.32% = 0.75 × 0.71 × 23.18%
Mar 31, 2019 12.91% = 0.74 × 0.74 × 23.57%
Dec 31, 2018 13.62% = 0.74 × 0.75 × 24.32%
Sep 30, 2018 — = — × — × —
Jun 30, 2018 — = — × — × —
Mar 31, 2018 — = — × — × —

Based on: 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the increase in net profit margin ratio over Q4 2022 is the increase in operating profitability measured by EBIT margin ratio.