Company Valuation: United Rentals, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 24,056 24,634 38,867 46,227 51,497 61,861 - -
Change - 2.4% 57.78% 18.94% 11.4% 20.12% - -
Enterprise Value (EV) 1 33,597 35,898 50,022 59,176 65,267 76,256 76,176 75,966
Change - 6.85% 39.35% 18.3% 10.29% 16.84% -0.1% -0.28%
P/E 17.5x 12x 16.3x 18.2x 21x 21.6x 18.4x 16.2x
PBR 6.33x 3.56x 4.83x 5.42x 5.69x 6.26x 5.53x 4.76x
PEG - 0.2x 0.9x 1.88x -101.56x 1.1x 1.1x 1.2x
Capitalization / Revenue 2.48x 2.12x 2.71x 3.01x 3.2x 3.49x 3.21x 2.95x
EV / Revenue 3.46x 3.08x 3.49x 3.86x 4.05x 4.3x 3.95x 3.62x
EV / EBITDA 7.61x 6.39x 7.3x 8.26x 8.91x 9.47x 8.68x 7.93x
EV / EBIT 14.8x 11.1x 13.1x 14.6x 16.4x 16.8x 15x 13.5x
EV / FCF 22.6x 20.7x 21.7x 74.6x 29.9x 34.3x 32.9x 24.7x
FCF Yield 4.43% 4.82% 4.61% 1.34% 3.34% 2.92% 3.04% 4.04%
Dividend per Share 2 - - 5.92 6.52 7.16 7.783 8.576 9.14
Rate of return - - 1.03% 0.93% 0.88% 0.78% 0.86% 0.92%
EPS 2 19.04 29.65 35.28 38.69 38.61 45.93 53.95 61.21
Distribution rate - - 16.8% 16.9% 18.5% 16.9% 15.9% 14.9%
Net sales 1 9,716 11,642 14,332 15,345 16,099 17,740 19,284 20,969
EBITDA 1 4,414 5,618 6,857 7,160 7,328 8,056 8,772 9,578
EBIT 1 2,277 3,232 3,827 4,065 3,973 4,528 5,094 5,626
Net income 1 1,386 2,105 2,424 2,575 2,494 2,870 3,276 3,664
Net Debt 1 9,541 11,264 11,155 12,949 13,770 14,395 14,315 14,105
Reference price 2 332.29 355.42 573.42 704.44 809.32 993.87 993.87 993.87
Nbr of stocks (in thousands) 72,394 69,308 67,781 65,622 63,630 62,242 - -
Announcement Date 1/26/22 1/25/23 1/24/24 1/29/25 1/28/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.64x4.3x9.47x0.78% 61.86B
17.12x2.99x7.07x1.79% 27.03B
28.78x2.63x6.26x2.06% 4.64B
55.64x1.53x4.3x-.--% 4.6B
17.13x - - 1.8% 2.68B
14.66x0.7x2.79x1.97% 1.22B
12.45x - - - 1.17B
11.02x0.75x3.02x2.84% 840M
Average 22.31x 2.15x 5.48x 1.61% 13.01B
Weighted average by Cap. 21.90x 3.67x 8.30x 1.13%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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