United Rentals Inc., current enterprise value calculation

Current share price (P)	$392.48
No. shares of common stock outstanding	69,359,591
US$ in millions
Common equity (market value)¹	27,222)
Total equity	27,222)
Add: Short-term debt and current maturities of long-term debt (per books)	161)
Add: Long-term debt, excluding current maturities (per books)	11,209)
Total equity and debt	38,592)
Less: Cash and cash equivalents	106)
Enterprise value (EV)	38,486)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 392.48 × 69,359,591

United Rentals Inc., EV calculation

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Share price^1, 2	$392.48	$307.76	$236.27	$152.26	$116.02
No. shares of common stock outstanding¹	69,359,591	72,421,902	72,199,276	74,375,477	79,591,082
US$ in millions
Common equity (market value)³	27,222)	22,289)	17,059)	11,324)	9,234)
Total equity	27,222)	22,289)	17,059)	11,324)	9,234)
Add: Short-term debt and current maturities of long-term debt (book value)	161)	906)	704)	997)	903)
Add: Long-term debt, excluding current maturities (book value)	11,209)	8,779)	8,978)	10,431)	10,844)
Total equity and debt	38,592)	31,974)	26,741)	22,752)	20,981)
Less: Cash and cash equivalents	106)	144)	202)	52)	43)
Enterprise value (EV)	38,486)	31,830)	26,539)	22,700)	20,938)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of United Rentals Inc. Annual Report.

³ 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 392.48 × 69,359,591

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	United Rentals Inc. EV increased from 2020 to 2021 and from 2021 to 2022.

United Rentals Inc. (NYSE:URI)

Enterprise Value (EV)