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.

Analysis of Solvency Ratios
Quarterly Data

Microsoft Excel

Solvency Ratios (Summary)

United Rentals Inc., solvency ratios (quarterly data)

Microsoft Excel
Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Debt Ratios
Debt to equity 1.61 1.56 1.62 1.56 1.62 1.84 1.99 1.91 2.13 2.42 2.66 3.19 2.98 3.20 3.36 3.44 3.45 3.02 2.84 2.99
Debt to equity (including operating lease liability) 1.70 1.66 1.73 1.66 1.72 1.95 2.12 2.03 2.25 2.54 2.80 3.34 3.12 3.34 3.51 3.59 3.45 3.02 2.84 2.99
Debt to capital 0.62 0.61 0.62 0.61 0.62 0.65 0.67 0.66 0.68 0.71 0.73 0.76 0.75 0.76 0.77 0.77 0.78 0.75 0.74 0.75
Debt to capital (including operating lease liability) 0.63 0.62 0.63 0.62 0.63 0.66 0.68 0.67 0.69 0.72 0.74 0.77 0.76 0.77 0.78 0.78 0.78 0.75 0.74 0.75
Debt to assets 0.47 0.46 0.47 0.47 0.48 0.50 0.52 0.52 0.54 0.56 0.58 0.61 0.60 0.60 0.61 0.62 0.65 0.62 0.59 0.62
Debt to assets (including operating lease liability) 0.50 0.49 0.50 0.50 0.51 0.53 0.55 0.55 0.57 0.59 0.61 0.64 0.63 0.63 0.64 0.65 0.65 0.62 0.59 0.62
Financial leverage 3.42 3.37 3.44 3.32 3.39 3.70 3.86 3.70 3.93 4.30 4.58 5.19 4.95 5.32 5.48 5.51 5.33 4.91 4.77 4.80
Coverage Ratios
Interest coverage 7.30 7.28 6.29 5.90 5.35 4.48 3.18 2.88 2.70 2.66 3.44 3.40 3.34 3.43 3.46 3.80 4.07

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).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. United Rentals Inc. debt to equity ratio improved from Q2 2022 to Q3 2022 but then slightly deteriorated from Q3 2022 to Q4 2022 not reaching Q2 2022 level.
Debt to equity (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. United Rentals Inc. debt to equity ratio (including operating lease liability) improved from Q2 2022 to Q3 2022 but then slightly deteriorated from Q3 2022 to Q4 2022 not reaching Q2 2022 level.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. United Rentals Inc. debt to capital ratio improved from Q2 2022 to Q3 2022 but then slightly deteriorated from Q3 2022 to Q4 2022 not reaching Q2 2022 level.
Debt to capital (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. United Rentals Inc. debt to capital ratio (including operating lease liability) improved from Q2 2022 to Q3 2022 but then slightly deteriorated from Q3 2022 to Q4 2022 not reaching Q2 2022 level.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. United Rentals Inc. debt to assets ratio improved from Q2 2022 to Q3 2022 but then slightly deteriorated from Q3 2022 to Q4 2022 not reaching Q2 2022 level.
Debt to assets (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. United Rentals Inc. debt to assets ratio (including operating lease liability) improved from Q2 2022 to Q3 2022 but then slightly deteriorated from Q3 2022 to Q4 2022.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. United Rentals Inc. financial leverage ratio decreased from Q2 2022 to Q3 2022 but then increased from Q3 2022 to Q4 2022 not reaching Q2 2022 level.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. United Rentals Inc. interest coverage ratio improved from Q2 2022 to Q3 2022 and from Q3 2022 to Q4 2022.

Debt to Equity

United Rentals Inc., debt to equity calculation (quarterly data)

Microsoft Excel
Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Short-term debt and current maturities of long-term debt 161 156 60 960 906 888 852 585 704 700 806 854 997 973 995 930 903 896 900 726
Long-term debt, excluding current maturities 11,209 9,754 9,761 8,528 8,779 9,216 9,308 8,497 8,978 9,351 9,599 10,743 10,431 10,691 10,700 10,676 10,844 9,182 8,086 8,412
Total debt 11,370 9,910 9,821 9,488 9,685 10,104 10,160 9,082 9,682 10,051 10,405 11,597 11,428 11,664 11,695 11,606 11,747 10,078 8,986 9,138
 
Stockholders’ equity 7,062 6,353 6,046 6,084 5,991 5,483 5,094 4,745 4,545 4,161 3,907 3,635 3,830 3,650 3,478 3,375 3,403 3,334 3,164 3,058
Solvency Ratio
Debt to equity1 1.61 1.56 1.62 1.56 1.62 1.84 1.99 1.91 2.13 2.42 2.66 3.19 2.98 3.20 3.36 3.44 3.45 3.02 2.84 2.99
Benchmarks
Debt to Equity, Competitors2
Boeing Co. 117.95
Caterpillar Inc. 2.33 2.34 2.35 2.20 2.29 2.21 2.23 2.30 2.42 2.55 2.81 2.61 2.58 2.54 2.45 2.32
Eaton Corp. plc 0.51 0.56 0.59 0.58 0.52 0.57 0.79 0.68 0.54 0.57 0.58 0.59 0.52 0.51 0.50 0.47
GE Aerospace 0.89 0.97 0.94 0.86 0.87 1.68 1.90 2.12 2.11 2.39 2.43 2.41 3.21 3.34 2.95 3.06
Honeywell International Inc. 1.17 0.96 1.09 1.05 1.06 1.19 1.19 1.19 1.28 1.23 1.22 0.91 0.87 1.03 0.91 0.86
Lockheed Martin Corp. 1.68 0.96 1.02 1.16 1.07 1.21 1.87 1.93 2.02 2.56 3.38 3.68 4.05 3.48 4.75 5.65
RTX Corp. 0.44 0.48 0.45 0.43 0.43 0.44 0.44 0.44 0.44 0.48 0.49 1.18 1.04 1.10 1.11 1.14

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).

1 Q4 2022 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 11,370 ÷ 7,062 = 1.61

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. United Rentals Inc. debt to equity ratio improved from Q2 2022 to Q3 2022 but then slightly deteriorated from Q3 2022 to Q4 2022 not reaching Q2 2022 level.

Debt to Equity (including Operating Lease Liability)

United Rentals Inc., debt to equity (including operating lease liability) calculation (quarterly data)

Microsoft Excel
Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Short-term debt and current maturities of long-term debt 161 156 60 960 906 888 852 585 704 700 806 854 997 973 995 930 903 896 900 726
Long-term debt, excluding current maturities 11,209 9,754 9,761 8,528 8,779 9,216 9,308 8,497 8,978 9,351 9,599 10,743 10,431 10,691 10,700 10,676 10,844 9,182 8,086 8,412
Total debt 11,370 9,910 9,821 9,488 9,685 10,104 10,160 9,082 9,682 10,051 10,405 11,597 11,428 11,664 11,695 11,606 11,747 10,078 8,986 9,138
Long-term operating lease liabilities 642 630 633 625 621 615 630 541 549 524 532 530 533 522 497 497
Total debt (including operating lease liability) 12,012 10,540 10,454 10,113 10,306 10,719 10,790 9,623 10,231 10,575 10,937 12,127 11,961 12,186 12,192 12,103 11,747 10,078 8,986 9,138
 
Stockholders’ equity 7,062 6,353 6,046 6,084 5,991 5,483 5,094 4,745 4,545 4,161 3,907 3,635 3,830 3,650 3,478 3,375 3,403 3,334 3,164 3,058
Solvency Ratio
Debt to equity (including operating lease liability)1 1.70 1.66 1.73 1.66 1.72 1.95 2.12 2.03 2.25 2.54 2.80 3.34 3.12 3.34 3.51 3.59 3.45 3.02 2.84 2.99
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Eaton Corp. plc 0.53 0.59 0.62 0.60 0.54 0.59 0.81 0.70 0.56 0.59 0.61 0.62 0.54 0.53 0.51 0.48
RTX Corp. 0.46 0.50 0.47 0.46 0.45 0.46 0.46 0.46 0.46 0.50 0.51 1.23 1.10 1.15 1.17 1.19

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).

1 Q4 2022 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 12,012 ÷ 7,062 = 1.70

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. United Rentals Inc. debt to equity ratio (including operating lease liability) improved from Q2 2022 to Q3 2022 but then slightly deteriorated from Q3 2022 to Q4 2022 not reaching Q2 2022 level.

Debt to Capital

United Rentals Inc., debt to capital calculation (quarterly data)

Microsoft Excel
Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Short-term debt and current maturities of long-term debt 161 156 60 960 906 888 852 585 704 700 806 854 997 973 995 930 903 896 900 726
Long-term debt, excluding current maturities 11,209 9,754 9,761 8,528 8,779 9,216 9,308 8,497 8,978 9,351 9,599 10,743 10,431 10,691 10,700 10,676 10,844 9,182 8,086 8,412
Total debt 11,370 9,910 9,821 9,488 9,685 10,104 10,160 9,082 9,682 10,051 10,405 11,597 11,428 11,664 11,695 11,606 11,747 10,078 8,986 9,138
Stockholders’ equity 7,062 6,353 6,046 6,084 5,991 5,483 5,094 4,745 4,545 4,161 3,907 3,635 3,830 3,650 3,478 3,375 3,403 3,334 3,164 3,058
Total capital 18,432 16,263 15,867 15,572 15,676 15,587 15,254 13,827 14,227 14,212 14,312 15,232 15,258 15,314 15,173 14,981 15,150 13,412 12,150 12,196
Solvency Ratio
Debt to capital1 0.62 0.61 0.62 0.61 0.62 0.65 0.67 0.66 0.68 0.71 0.73 0.76 0.75 0.76 0.77 0.77 0.78 0.75 0.74 0.75
Benchmarks
Debt to Capital, Competitors2
Boeing Co. 1.39 1.45 1.35 1.36 1.35 1.30 1.36 1.40 1.40 1.24 1.23 1.33 1.46 1.20 1.38 0.99
Caterpillar Inc. 0.70 0.70 0.70 0.69 0.70 0.69 0.69 0.70 0.71 0.72 0.74 0.72 0.72 0.72 0.71 0.70
Eaton Corp. plc 0.34 0.36 0.37 0.37 0.34 0.36 0.44 0.40 0.35 0.36 0.37 0.37 0.34 0.34 0.33 0.32
GE Aerospace 0.47 0.49 0.48 0.46 0.47 0.63 0.65 0.68 0.68 0.70 0.71 0.71 0.76 0.77 0.75 0.75
Honeywell International Inc. 0.54 0.49 0.52 0.51 0.51 0.54 0.54 0.54 0.56 0.55 0.55 0.48 0.46 0.51 0.48 0.46
Lockheed Martin Corp. 0.63 0.49 0.50 0.54 0.52 0.55 0.65 0.66 0.67 0.72 0.77 0.79 0.80 0.78 0.83 0.85
RTX Corp. 0.31 0.32 0.31 0.30 0.30 0.30 0.31 0.31 0.31 0.32 0.33 0.54 0.51 0.52 0.53 0.53

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).

1 Q4 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 11,370 ÷ 18,432 = 0.62

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. United Rentals Inc. debt to capital ratio improved from Q2 2022 to Q3 2022 but then slightly deteriorated from Q3 2022 to Q4 2022 not reaching Q2 2022 level.

Debt to Capital (including Operating Lease Liability)

United Rentals Inc., debt to capital (including operating lease liability) calculation (quarterly data)

Microsoft Excel
Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Short-term debt and current maturities of long-term debt 161 156 60 960 906 888 852 585 704 700 806 854 997 973 995 930 903 896 900 726
Long-term debt, excluding current maturities 11,209 9,754 9,761 8,528 8,779 9,216 9,308 8,497 8,978 9,351 9,599 10,743 10,431 10,691 10,700 10,676 10,844 9,182 8,086 8,412
Total debt 11,370 9,910 9,821 9,488 9,685 10,104 10,160 9,082 9,682 10,051 10,405 11,597 11,428 11,664 11,695 11,606 11,747 10,078 8,986 9,138
Long-term operating lease liabilities 642 630 633 625 621 615 630 541 549 524 532 530 533 522 497 497
Total debt (including operating lease liability) 12,012 10,540 10,454 10,113 10,306 10,719 10,790 9,623 10,231 10,575 10,937 12,127 11,961 12,186 12,192 12,103 11,747 10,078 8,986 9,138
Stockholders’ equity 7,062 6,353 6,046 6,084 5,991 5,483 5,094 4,745 4,545 4,161 3,907 3,635 3,830 3,650 3,478 3,375 3,403 3,334 3,164 3,058
Total capital (including operating lease liability) 19,074 16,893 16,500 16,197 16,297 16,202 15,884 14,368 14,776 14,736 14,844 15,762 15,791 15,836 15,670 15,478 15,150 13,412 12,150 12,196
Solvency Ratio
Debt to capital (including operating lease liability)1 0.63 0.62 0.63 0.62 0.63 0.66 0.68 0.67 0.69 0.72 0.74 0.77 0.76 0.77 0.78 0.78 0.78 0.75 0.74 0.75
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Eaton Corp. plc 0.35 0.37 0.38 0.37 0.35 0.37 0.45 0.41 0.36 0.37 0.38 0.38 0.35 0.35 0.34 0.33
RTX Corp. 0.32 0.33 0.32 0.31 0.31 0.31 0.32 0.32 0.32 0.33 0.34 0.55 0.52 0.54 0.54 0.54

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).

1 Q4 2022 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 12,012 ÷ 19,074 = 0.63

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. United Rentals Inc. debt to capital ratio (including operating lease liability) improved from Q2 2022 to Q3 2022 but then slightly deteriorated from Q3 2022 to Q4 2022 not reaching Q2 2022 level.

Debt to Assets

United Rentals Inc., debt to assets calculation (quarterly data)

Microsoft Excel
Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Short-term debt and current maturities of long-term debt 161 156 60 960 906 888 852 585 704 700 806 854 997 973 995 930 903 896 900 726
Long-term debt, excluding current maturities 11,209 9,754 9,761 8,528 8,779 9,216 9,308 8,497 8,978 9,351 9,599 10,743 10,431 10,691 10,700 10,676 10,844 9,182 8,086 8,412
Total debt 11,370 9,910 9,821 9,488 9,685 10,104 10,160 9,082 9,682 10,051 10,405 11,597 11,428 11,664 11,695 11,606 11,747 10,078 8,986 9,138
 
Total assets 24,183 21,419 20,820 20,169 20,292 20,306 19,641 17,542 17,868 17,908 17,900 18,868 18,970 19,405 19,047 18,586 18,133 16,354 15,108 14,688
Solvency Ratio
Debt to assets1 0.47 0.46 0.47 0.47 0.48 0.50 0.52 0.52 0.54 0.56 0.58 0.61 0.60 0.60 0.61 0.62 0.65 0.62 0.59 0.62
Benchmarks
Debt to Assets, Competitors2
Boeing Co. 0.42 0.42 0.42 0.43 0.42 0.43 0.43 0.42 0.42 0.38 0.38 0.27 0.20 0.19 0.15 0.12
Caterpillar Inc. 0.45 0.45 0.46 0.46 0.46 0.46 0.46 0.47 0.47 0.50 0.50 0.49 0.48 0.49 0.46 0.45
Eaton Corp. plc 0.25 0.26 0.28 0.27 0.25 0.27 0.33 0.30 0.25 0.26 0.27 0.27 0.25 0.25 0.25 0.24
GE Aerospace 0.17 0.17 0.18 0.18 0.18 0.27 0.27 0.29 0.30 0.31 0.32 0.32 0.34 0.35 0.34 0.34
Honeywell International Inc. 0.31 0.28 0.31 0.31 0.30 0.33 0.33 0.34 0.35 0.35 0.35 0.28 0.27 0.31 0.28 0.28
Lockheed Martin Corp. 0.29 0.22 0.22 0.23 0.23 0.23 0.23 0.24 0.24 0.25 0.26 0.26 0.27 0.28 0.28 0.29
RTX Corp. 0.20 0.21 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.33 0.31 0.32 0.33 0.33

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).

1 Q4 2022 Calculation
Debt to assets = Total debt ÷ Total assets
= 11,370 ÷ 24,183 = 0.47

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. United Rentals Inc. debt to assets ratio improved from Q2 2022 to Q3 2022 but then slightly deteriorated from Q3 2022 to Q4 2022 not reaching Q2 2022 level.

Debt to Assets (including Operating Lease Liability)

United Rentals Inc., debt to assets (including operating lease liability) calculation (quarterly data)

Microsoft Excel
Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Short-term debt and current maturities of long-term debt 161 156 60 960 906 888 852 585 704 700 806 854 997 973 995 930 903 896 900 726
Long-term debt, excluding current maturities 11,209 9,754 9,761 8,528 8,779 9,216 9,308 8,497 8,978 9,351 9,599 10,743 10,431 10,691 10,700 10,676 10,844 9,182 8,086 8,412
Total debt 11,370 9,910 9,821 9,488 9,685 10,104 10,160 9,082 9,682 10,051 10,405 11,597 11,428 11,664 11,695 11,606 11,747 10,078 8,986 9,138
Long-term operating lease liabilities 642 630 633 625 621 615 630 541 549 524 532 530 533 522 497 497
Total debt (including operating lease liability) 12,012 10,540 10,454 10,113 10,306 10,719 10,790 9,623 10,231 10,575 10,937 12,127 11,961 12,186 12,192 12,103 11,747 10,078 8,986 9,138
 
Total assets 24,183 21,419 20,820 20,169 20,292 20,306 19,641 17,542 17,868 17,908 17,900 18,868 18,970 19,405 19,047 18,586 18,133 16,354 15,108 14,688
Solvency Ratio
Debt to assets (including operating lease liability)1 0.50 0.49 0.50 0.50 0.51 0.53 0.55 0.55 0.57 0.59 0.61 0.64 0.63 0.63 0.64 0.65 0.65 0.62 0.59 0.62
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Eaton Corp. plc 0.26 0.28 0.29 0.28 0.26 0.28 0.34 0.31 0.26 0.28 0.28 0.28 0.26 0.26 0.26 0.25
RTX Corp. 0.21 0.22 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.35 0.33 0.34 0.34 0.34

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).

1 Q4 2022 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 12,012 ÷ 24,183 = 0.50

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. United Rentals Inc. debt to assets ratio (including operating lease liability) improved from Q2 2022 to Q3 2022 but then slightly deteriorated from Q3 2022 to Q4 2022.

Financial Leverage

United Rentals Inc., financial leverage calculation (quarterly data)

Microsoft Excel
Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Total assets 24,183 21,419 20,820 20,169 20,292 20,306 19,641 17,542 17,868 17,908 17,900 18,868 18,970 19,405 19,047 18,586 18,133 16,354 15,108 14,688
Stockholders’ equity 7,062 6,353 6,046 6,084 5,991 5,483 5,094 4,745 4,545 4,161 3,907 3,635 3,830 3,650 3,478 3,375 3,403 3,334 3,164 3,058
Solvency Ratio
Financial leverage1 3.42 3.37 3.44 3.32 3.39 3.70 3.86 3.70 3.93 4.30 4.58 5.19 4.95 5.32 5.48 5.51 5.33 4.91 4.77 4.80
Benchmarks
Financial Leverage, Competitors2
Boeing Co. 961.67
Caterpillar Inc. 5.16 5.19 5.16 4.82 5.02 4.85 4.85 4.87 5.11 5.13 5.57 5.35 5.38 5.22 5.34 5.10
Eaton Corp. plc 2.06 2.14 2.15 2.12 2.07 2.14 2.39 2.27 2.13 2.14 2.14 2.17 2.04 2.01 1.98 1.95
GE Aerospace 5.16 5.75 5.35 4.92 4.93 6.33 7.09 7.30 7.13 7.64 7.62 7.43 9.40 9.42 8.71 8.96
Honeywell International Inc. 3.73 3.40 3.55 3.45 3.47 3.60 3.56 3.53 3.68 3.51 3.50 3.25 3.17 3.32 3.23 3.12
Lockheed Martin Corp. 5.71 4.35 4.53 5.15 4.64 5.38 7.99 8.15 8.43 10.25 13.22 14.29 15.20 12.66 16.79 19.34
RTX Corp. 2.19 2.25 2.26 2.20 2.21 2.23 2.23 2.24 2.25 2.37 2.40 3.54 3.34 3.44 3.41 3.46

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).

1 Q4 2022 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 24,183 ÷ 7,062 = 3.42

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. United Rentals Inc. financial leverage ratio decreased from Q2 2022 to Q3 2022 but then increased from Q3 2022 to Q4 2022 not reaching Q2 2022 level.

Interest Coverage

United Rentals Inc., interest coverage calculation (quarterly data)

Microsoft Excel
Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Net income 639 606 493 367 481 409 293 203 297 208 212 173 338 391 270 175 310 333 270 183
Add: Income tax expense 256 210 115 116 163 141 84 72 90 67 39 53 95 119 81 45 115 127 89 49
Add: Interest expense, net 132 106 113 94 93 132 100 99 125 278 130 136 170 147 180 151 142 118 112 109
Earnings before interest and tax (EBIT) 1,027 922 721 577 737 682 477 374 512 553 381 362 603 657 531 371 567 578 471 341
Solvency Ratio
Interest coverage1 7.30 7.28 6.29 5.90 5.35 4.48 3.18 2.88 2.70 2.66 3.44 3.40 3.34 3.43 3.46 3.80 4.07
Benchmarks
Interest Coverage, Competitors2
Boeing Co. -0.98 -2.54 -1.40 -1.31 -0.88 -2.29 -2.55 -4.26 -5.71 -3.83 -3.86 -6.13 -2.19
Caterpillar Inc. 20.80 22.05 20.08 19.10 17.88 14.11 11.79 9.28 8.80 9.94 13.07 17.44 19.62
Eaton Corp. plc 21.22 21.33 24.31 22.57 21.11 20.08 15.71 11.87 12.72 11.39 11.72 13.79 11.98
GE Aerospace 1.88 -1.66 -1.16 -1.49 -0.96 2.15 1.11 0.65 2.59 2.16 2.11 2.64 1.27
Honeywell International Inc. 16.41 20.95 20.60 21.35 22.09 20.98 18.89 16.79 17.75 18.10 20.68 23.18 22.17
Lockheed Martin Corp. 11.72 13.31 10.88 14.12 14.27 13.67 15.97 15.44 14.93 14.16 13.35 12.63 12.09

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).

1 Q4 2022 Calculation
Interest coverage = (EBITQ4 2022 + EBITQ3 2022 + EBITQ2 2022 + EBITQ1 2022) ÷ (Interest expenseQ4 2022 + Interest expenseQ3 2022 + Interest expenseQ2 2022 + Interest expenseQ1 2022)
= (1,027 + 922 + 721 + 577) ÷ (132 + 106 + 113 + 94) = 7.30

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. United Rentals Inc. interest coverage ratio improved from Q2 2022 to Q3 2022 and from Q3 2022 to Q4 2022.