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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.

Common-Size Balance Sheet: Assets

United Rentals Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Cash and cash equivalents 0.44 0.71 1.13 0.27 0.24
Accounts receivable, net 8.29 8.26 7.36 8.07 8.52
Inventory 0.96 0.81 0.70 0.63 0.60
Equipment 0.07 0.26 1.68 0.00 0.00
Insurance 0.13 0.14 0.10 0.06 0.00
Advertising reimbursements 0.10 0.10 0.06 0.14 0.00
Income taxes 0.97 0.01 0.02 0.27 0.00
Other 0.30 0.30 0.24 0.26 0.35
Prepaid expenses and other assets 1.58% 0.82% 2.10% 0.74% 0.35%
Current assets 11.26% 10.60% 11.29% 9.71% 9.71%
Rental equipment, net 54.90 52.04 48.72 51.59 52.94
Property and non-rental equipment, net 3.47 3.02 3.38 3.18 3.39
Property and equipment (rental and non-rental), net 58.37% 55.06% 52.10% 54.78% 56.33%
Goodwill 24.92 27.24 28.92 27.17 27.89
Other intangible assets, net 1.87 3.03 3.63 4.72 5.98
Operating lease right-of-use assets 3.39 3.86 3.85 3.53 0.00
Other long-term assets 0.19 0.21 0.21 0.10 0.09
Long-term assets 88.74% 89.40% 88.71% 90.29% 90.29%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The asset structure of the organization is characterized by a heavy concentration in long-term assets, which consistently represent approximately 88% to 90% of total assets. This composition reflects a capital-intensive business model centered on the ownership and maintenance of a significant equipment fleet.

Fixed Asset Concentration
Rental equipment, net, serves as the primary asset driver, fluctuating between 48.72% in 2020 and 54.90% in 2022. A notable recovery and expansion in the weighting of rental equipment is observed from 2020 onward, indicating a strategic reallocation or growth in the core fleet relative to other asset classes. Property and non-rental equipment have remained stable, oscillating within a narrow range of 3.02% to 3.47%.
Intangible Asset Trends
There is a clear downward trend in the proportion of intangible assets. Other intangible assets, net, decreased significantly from 5.98% in 2018 to 1.87% in 2022. Similarly, goodwill, while remaining a substantial component of the balance sheet, declined from a peak of 28.92% in 2020 to 24.92% in 2022. This suggests that tangible asset growth is outpacing intangible holdings or that amortization and impairment have reduced the relative weight of these items.
Liquidity and Current Assets
Current assets maintain a relatively low and stable profile, ranging from 9.71% to 11.29% of total assets. Accounts receivable, net, constitute the largest portion of current assets, remaining steady between 7.36% and 8.52%. Cash and cash equivalents represent a minimal fraction of the total asset base, peaking at 1.13% in 2020 before receding to 0.44% by 2022, indicating a lean approach to cash liquidity.
Other Asset Observations
Operating lease right-of-use assets appeared in 2019 and have since stabilized between 3.39% and 3.86%, reflecting the integration of leased assets into the balance sheet. Inventory has shown a gradual but consistent increase as a percentage of total assets, rising from 0.60% in 2018 to 0.96% in 2022.

Overall, the balance sheet demonstrates a shift toward increased tangible asset density, specifically within the rental fleet, while simultaneously reducing the relative influence of goodwill and other intangible assets over the five-year period.

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