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.

Price to FCFE (P/FCFE)

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Free Cash Flow to Equity (FCFE)

United Rentals Inc., FCFE calculation

US$ in millions

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12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Net income 2,105 1,386 890 1,174 1,096
Net noncash charges 2,304 1,952 1,771 2,055 1,803
Changes in operating assets and liabilities, net of amounts acquired 24 351 (3) (205) (46)
Net cash provided by operating activities 4,433 3,689 2,658 3,024 2,853
Purchases of rental equipment (3,436) (2,998) (961) (2,132) (2,106)
Purchases of non-rental equipment and intangible assets (254) (200) (197) (218) (185)
Proceeds from sales of rental equipment 965 968 858 831 664
Proceeds from sales of non-rental equipment 24 30 42 37 23
Proceeds from debt 9,885 8,364 9,260 9,260 12,178
Payments of debt (8,241) (8,462) (11,245) (9,678) (9,942)
Payments of financing costs (24) (8) (23) (28) (24)
Free cash flow to equity (FCFE) 3,352 1,383 392 1,096 3,461

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).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to United Rentals Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. United Rentals Inc. FCFE increased from 2020 to 2021 and from 2021 to 2022.

Price to FCFE Ratio, Current

United Rentals Inc., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 69,359,591
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 3,352
FCFE per share 48.33
Current share price (P) 392.48
Valuation Ratio
P/FCFE 8.12
Benchmarks
P/FCFE, Competitors1
Boeing Co. —
Caterpillar Inc. 16.84
Eaton Corp. plc 42.73
GE Aerospace 293.04
Honeywell International Inc. 29.84
Lockheed Martin Corp. 15.88
RTX Corp. 9.24
P/FCFE, Sector
Capital Goods 33.85
P/FCFE, Industry
Industrials 30.10

Based on: 10-K (reporting date: 2022-12-31).

1 Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Price to FCFE Ratio, Historical

United Rentals Inc., historical P/FCFE calculation, comparison to benchmarks

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Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
No. shares of common stock outstanding1 69,359,591 72,421,902 72,199,276 74,375,477 79,591,082
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 3,352 1,383 392 1,096 3,461
FCFE per share3 48.33 19.10 5.43 14.74 43.48
Share price1, 4 392.48 307.76 236.27 152.26 116.02
Valuation Ratio
P/FCFE5 8.12 16.12 43.52 10.33 2.67
Benchmarks
P/FCFE, Competitors6
Boeing Co. 120.43 — 6.78 19.60 —
Caterpillar Inc. 24.03 16.36 25.22 11.07 —
Eaton Corp. plc 28.68 24.43 25.59 11.12 —
GE Aerospace 44.45 — — — —
Honeywell International Inc. 27.59 46.23 12.59 21.75 —
Lockheed Martin Corp. 11.63 14.65 15.57 28.62 —
RTX Corp. 26.71 35.07 — 28.09 —
P/FCFE, Sector
Capital Goods 25.94 — 74.91 27.54 —
P/FCFE, Industry
Industrials 23.85 — 49.40 28.48 —

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 Data adjusted for splits and stock dividends.

2 See details »

3 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 3,352,000,000 ÷ 69,359,591 = 48.33

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

5 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 392.48 ÷ 48.33 = 8.12

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. United Rentals Inc. P/FCFE ratio decreased from 2020 to 2021 and from 2021 to 2022.