Analysis of Reportable Segments
United Rentals Inc. operates in 2 segments: General rentals and Specialty.
Segment Profit Margin
United Rentals Inc., profit margin by reportable segment
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| General rentals | 33.84% | 30.87% | 29.17% | 32.37% | 35.01% |
| Specialty | 43.82% | 42.20% | 41.78% | 41.78% | 44.76% |
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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | General rentals | General rentals segment profit margin ratio improved from 2020 to 2021 and from 2021 to 2022. |
| Specialty | Specialty segment profit margin ratio improved from 2020 to 2021 and from 2021 to 2022. |
Segment Profit Margin: General rentals
United Rentals Inc.; General rentals; segment profit margin calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Equipment rentals gross profit | 2,905) | 2,269) | 1,954) | 2,407) | 2,293) |
| Revenue | 8,584) | 7,351) | 6,699) | 7,436) | 6,550) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 33.84% | 30.87% | 29.17% | 32.37% | 35.01% |
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
Segment profit margin = 100 × Equipment rentals gross profit ÷ Revenue
= 100 × 2,905 ÷ 8,584 = 33.84%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | General rentals | General rentals segment profit margin ratio improved from 2020 to 2021 and from 2021 to 2022. |
Segment Profit Margin: Specialty
United Rentals Inc.; Specialty; segment profit margin calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Equipment rentals gross profit | 1,340) | 998) | 765) | 800) | 670) |
| Revenue | 3,058) | 2,365) | 1,831) | 1,915) | 1,497) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 43.82% | 42.20% | 41.78% | 41.78% | 44.76% |
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
Segment profit margin = 100 × Equipment rentals gross profit ÷ Revenue
= 100 × 1,340 ÷ 3,058 = 43.82%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Specialty | Specialty segment profit margin ratio improved from 2020 to 2021 and from 2021 to 2022. |
Segment Return on Assets (Segment ROA)
United Rentals Inc., ROA by reportable segment
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| General rentals | 14.82% | 14.10% | 12.98% | 15.01% | 14.70% |
| Specialty | 29.26% | 23.73% | 27.16% | 27.27% | 26.42% |
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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | General rentals | General rentals segment ROA improved from 2020 to 2021 and from 2021 to 2022. |
| Specialty | Specialty segment ROA deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
Segment ROA: General rentals
United Rentals Inc.; General rentals; segment ROA calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Equipment rentals gross profit | 2,905) | 2,269) | 1,954) | 2,407) | 2,293) |
| Total assets | 19,604) | 16,087) | 15,051) | 16,036) | 15,597) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 14.82% | 14.10% | 12.98% | 15.01% | 14.70% |
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
Segment ROA = 100 × Equipment rentals gross profit ÷ Total assets
= 100 × 2,905 ÷ 19,604 = 14.82%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | General rentals | General rentals segment ROA improved from 2020 to 2021 and from 2021 to 2022. |
Segment ROA: Specialty
United Rentals Inc.; Specialty; segment ROA calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Equipment rentals gross profit | 1,340) | 998) | 765) | 800) | 670) |
| Total assets | 4,579) | 4,205) | 2,817) | 2,934) | 2,536) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 29.26% | 23.73% | 27.16% | 27.27% | 26.42% |
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
Segment ROA = 100 × Equipment rentals gross profit ÷ Total assets
= 100 × 1,340 ÷ 4,579 = 29.26%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Specialty | Specialty segment ROA deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
Segment Asset Turnover
United Rentals Inc., asset turnover by reportable segment
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| General rentals | 0.44 | 0.46 | 0.45 | 0.46 | 0.42 |
| Specialty | 0.67 | 0.56 | 0.65 | 0.65 | 0.59 |
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).
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | General rentals | General rentals segment asset turnover ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. |
| Specialty | Specialty segment asset turnover ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
Segment Asset Turnover: General rentals
United Rentals Inc.; General rentals; segment asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | 8,584) | 7,351) | 6,699) | 7,436) | 6,550) |
| Total assets | 19,604) | 16,087) | 15,051) | 16,036) | 15,597) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.44 | 0.46 | 0.45 | 0.46 | 0.42 |
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
Segment asset turnover = Revenue ÷ Total assets
= 8,584 ÷ 19,604 = 0.44
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | General rentals | General rentals segment asset turnover ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. |
Segment Asset Turnover: Specialty
United Rentals Inc.; Specialty; segment asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | 3,058) | 2,365) | 1,831) | 1,915) | 1,497) |
| Total assets | 4,579) | 4,205) | 2,817) | 2,934) | 2,536) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.67 | 0.56 | 0.65 | 0.65 | 0.59 |
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
Segment asset turnover = Revenue ÷ Total assets
= 3,058 ÷ 4,579 = 0.67
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Specialty | Specialty segment asset turnover ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
Segment Capital Expenditures to Depreciation
United Rentals Inc., capital expenditures to depreciation by reportable segment
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| General rentals | 1.62 | 1.69 | 0.59 | 1.17 | 1.40 |
| Specialty | 1.82 | 1.29 | 0.53 | 1.07 | 1.19 |
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).
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | General rentals | General rentals segment capital expenditures to depreciation ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022. |
| Specialty | Specialty segment capital expenditures to depreciation ratio improved from 2020 to 2021 and from 2021 to 2022. |
Segment Capital Expenditures to Depreciation: General rentals
United Rentals Inc.; General rentals; segment capital expenditures to depreciation calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 2,868) | 2,719) | 969) | 1,967) | 1,980) |
| Depreciation and amortization expense | 1,765) | 1,611) | 1,633) | 1,681) | 1,410) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.62 | 1.69 | 0.59 | 1.17 | 1.40 |
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
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization expense
= 2,868 ÷ 1,765 = 1.62
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | General rentals | General rentals segment capital expenditures to depreciation ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022. |
Segment Capital Expenditures to Depreciation: Specialty
United Rentals Inc.; Specialty; segment capital expenditures to depreciation calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 822) | 479) | 189) | 383) | 311) |
| Depreciation and amortization expense | 452) | 372) | 355) | 357) | 261) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.82 | 1.29 | 0.53 | 1.07 | 1.19 |
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
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization expense
= 822 ÷ 452 = 1.82
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Specialty | Specialty segment capital expenditures to depreciation ratio improved from 2020 to 2021 and from 2021 to 2022. |
Revenue
United Rentals Inc., revenue by reportable segment
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| General rentals | 8,584) | 7,351) | 6,699) | 7,436) | 6,550) |
| Specialty | 3,058) | 2,365) | 1,831) | 1,915) | 1,497) |
| Total | 11,642) | 9,716) | 8,530) | 9,351) | 8,047) |
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).
Depreciation and amortization expense
United Rentals Inc., depreciation and amortization expense by reportable segment
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| General rentals | 1,765) | 1,611) | 1,633) | 1,681) | 1,410) |
| Specialty | 452) | 372) | 355) | 357) | 261) |
| Total | 2,217) | 1,983) | 1,988) | 2,038) | 1,671) |
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).
Equipment rentals gross profit
United Rentals Inc., equipment rentals gross profit by reportable segment
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| General rentals | 2,905) | 2,269) | 1,954) | 2,407) | 2,293) |
| Specialty | 1,340) | 998) | 765) | 800) | 670) |
| Total | 4,245) | 3,267) | 2,719) | 3,207) | 2,963) |
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).
Capital expenditures
United Rentals Inc., capital expenditures by reportable segment
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| General rentals | 2,868) | 2,719) | 969) | 1,967) | 1,980) |
| Specialty | 822) | 479) | 189) | 383) | 311) |
| Total | 3,690) | 3,198) | 1,158) | 2,350) | 2,291) |
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).
Total assets
United Rentals Inc., total assets by reportable segment
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| General rentals | 19,604) | 16,087) | 15,051) | 16,036) | 15,597) |
| Specialty | 4,579) | 4,205) | 2,817) | 2,934) | 2,536) |
| Total | 24,183) | 20,292) | 17,868) | 18,970) | 18,133) |
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).