# United Rentals, Inc. (URI)

> Source: Nexqual · https://nexqual.com/URI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, United Rentals, Inc. (URI), nexqual.com/URI" · informational, not investment advice.

**Price:** USD 1,111.02 (+3.93% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 1,068.98 · day 1,046.75–1,113.86 · 52w 701.59–1,179.18 · market cap $69.2B · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $17.3B, net income $2.81B (16.2% margin) (SEC filings).
- Valuation: P/E 24.7x (avg 18.5x at the last 3 fiscal year-ends), EV/EBITDA 17.1x, net debt $14.5B.
- 5 of 80 tracked superinvestors hold URI (13F, Q2 2026): 1 new, 0 added, 2 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $27.3M; 5 not under a Rule 10b5-1 plan ($27.3M); 3 by opportunistic insiders (3 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.18 on a 1–5 scale) (22 analysts), mean target USD 1,285.19 (range 950–1,610).
- Total return with dividends: 1Y +22.5% vs S&P 500 +14.9%; 5Y +213.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-21, EPS estimate USD 14.04, revenue estimate $4.79B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $9.72B | $11.6B | $14.3B | $15.3B | $16.1B | $17.3B |
| Gross profit | $3.85B | $5.00B | $5.81B | $6.15B | $6.14B | — |
| Operating income | $2.28B | $3.23B | $3.83B | $4.07B | $3.97B | $4.44B |
| Net income | $1.39B | $2.10B | $2.42B | $2.58B | $2.49B | $2.81B |
| EPS (diluted) | $19.04 | $29.65 | $35.28 | $38.69 | $38.61 | — |
| Free cash flow | $491M | $743M | $840M | $416M | — | — |
| Gross margin | 39.7% | 42.9% | 40.6% | 40.1% | 38.2% | — |
| Operating margin | 23.4% | 27.8% | 26.7% | 26.5% | 24.7% | 25.7% |
| Net margin | 14.3% | 18.1% | 16.9% | 16.8% | 15.5% | 16.2% |
| Revenue growth | +13.9% | +19.8% | +23.1% | +7.1% | +4.9% | — |
| Cash + short-term investments | $144M | $106M | $363M | $457M | $459M | — |
| Total debt | $10.7B | $11.6B | $13.0B | $14.7B | $15.9B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 24.7x · P/S 4.0x · EV/EBITDA 17.1x · EV/Sales 4.8x · P/B 7.1x · Earnings yield 4.06% · Net debt $14.5B · EV $83.7B
P/E at fiscal year-ends: Dec 2025 21.0x, Dec 2024 18.2x, Dec 2023 16.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
5 of 80 tracked investors hold URI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| David Rolfe | Wedgewood Partners | 3.91% | $19.0M | Reduced -33.6% |
| Thomas Gayner | Markel Group | 0.27% | $35.3M | Unchanged |
| Torray Funds |  | 0.10% | $748K | Unchanged |
| Jensen Investment Management |  | 0.05% | $2.2M | Reduced -12.4% |
| First Eagle Investment | First Eagle Investment Management | <0.01% | $471K | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-24 | Grace William E. | EVP, CFO | 1,500 | $1.7M | 19.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-27 | Gross Joli L. | SVP, Chief LGL & Sustain. Off. | 306 | $292K | 5.1% | No | Too little history (no open-market trades in 2023) |
| 2026-04-27 | Pintoff Craig Adam | EVP, Chief Admin. Officer | 2,466 | $2.4M | 14.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-24 | Limoges Andrew B. | VP, Controller | 548 | $536K | 22.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-24 | Flannery Matthew John | President & CEO | 22,768 | $22.4M | 18.5% | No | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.18 on a 1–5 scale), 22 analysts; mean target USD 1,285.19 (low 950, high 1,610).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | UBS | Target raised | Buy | $1350 → $1450 |
| 2026-10-05 | Truist Securities | Target lowered | Buy | $1466 → $1395 |
| 2026-09-24 | RBC Capital | Reiterated | Outperform | $1323 |
| 2026-09-10 | JP Morgan | Downgrade | Overweight → Neutral | $1235 → $1170 |
| 2026-08-11 | Evercore ISI Group | Target raised | Outperform | $1101 → $1262 |
| 2026-08-04 | Argus Research | Reiterated | Buy | $1250 |
| 2026-07-25 | UBS | Target raised | Buy | $1300 → $1350 |
| 2026-07-24 | Truist Securities | Target raised | Buy | $1421 → $1466 |
| 2026-07-24 | JP Morgan | Target raised | Overweight | $1100 → $1235 |
| 2026-07-24 | Wells Fargo | Target raised | Overweight | $1245 → $1355 |
| 2026-07-24 | Barclays | Target raised | Underweight | $715 → $950 |
| 2026-07-24 | Citigroup | Target raised | Buy | $1270 → $1330 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +22.5% | +213.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +22.6% | +25.6% |
| Volatility (annualized) | 42.0% | 39.3% |
| Max drawdown | -25.5% (Jan 2026→Mar 2026) | -38.9% (Nov 2021→Jun 2022) |

## Peers (Rental & Leasing Services)
SUNB (Sunbelt Rentals Holdings, Inc.) USD 78.87 +0.47% · AER (AerCap Holdings N.V.) USD 147.68 -0.13% · UHAL (U-Haul Holding Company) USD 56.8 +1.87% · R (Ryder System, Inc.) USD 265.53 +10.49% · GATX (GATX Corporation) USD 167.5 +1.95% · HRI (Herc Holdings Inc.) USD 133.55 +1.38%

## More
Full page: https://nexqual.com/URI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| General Rentals | $3.06B | 62.6% | +8.5% |
| Specialty | $1.83B | 37.4% | +30.3% |
| Total revenue | $4.89B | 100% | — |

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Owned equipment rentals | $3.32B | 67.8% | +12.9% |
| Total ancillary and other rental revenues | $491.0M | 10.0% | +31.3% |
| Equipment rentals | $491.0M | 10.0% | +31.3% |
| Delivery and pick-up | $376.0M | 7.7% | +20.1% |
| Sales of rental equipment | $348.0M | 7.1% | +4.5% |
| Re-rent revenue | $129.0M | 2.6% | +76.7% |
| Other | $115.0M | 2.4% | +88.5% |
| Service and other revenues | $98.0M | 2.0% | +5.4% |
| Sales of new equipment | $84.0M | 1.7% | -11.6% |
| Contractor supplies sales | $47.0M | 1.0% | +9.3% |
| Total revenue | $4.89B | 100% | — |
The lines above cover 112.3% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| US | $14.67B | 91.1% | +4.9% |
| Non Us | $1.43B | 8.9% | +5.5% |
| Total revenue | $16.10B | 100% | — |

## Customer concentration

Period ended 2026-09-30: 1% of revenue from unnamed direct customers (10-Q, filed 2026-10-21).

## Company outlook (8-K filed 2026-10-21)

- "(NYSE: URI) today announced record financial results for the third quarter of 2026, and raised its 2026 full-year guidance."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $14.04 | $13.06 | +7.5% | $4.79B | 17 |
| Next quarter (ends 2027-03-31) | $11.87 | $11.17 | +6.3% | $4.45B | 10 |
| Current fiscal year (ends 2026-12-31) | $51.57 | $49.14 | +4.9% | $18.08B | 18 |
| Next fiscal year (ends 2027-12-31) | $60.89 | $56.58 | +7.6% | $19.76B | 19 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 46.8% | ±5.5% |
| 2026-11-06 | 14 | 43.0% | ±7.0% |
| 2026-11-13 | 21 | 37.1% | ±7.3% |
| 2026-11-20 | 28 | 36.4% | ±8.2% |
| 2026-11-27 | 35 | 34.3% | ±8.6% |
| 2026-12-04 | 42 | 36.8% | ±10.1% |
| 2026-12-18 | 56 | 34.1% | ±10.9% |
| 2027-01-15 | 84 | 33.2% | ±13.0% |