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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
Quarterly Data

United Rentals Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Cash and cash equivalents 0.44 0.35 0.33 0.50 0.71 1.58 1.71 1.58 1.13 0.97 0.71 2.72 0.27 0.31 0.39 0.28 0.24 0.40 0.77 1.89
Accounts receivable, net 8.29 9.03 8.38 7.97 8.26 7.89 7.13 7.15 7.36 7.39 6.85 7.49 8.07 8.22 8.01 8.00 8.52 8.79 7.96 7.86
Inventory 0.96 0.90 0.96 0.89 0.81 0.82 0.89 0.65 0.70 0.60 0.60 0.61 0.63 0.67 0.71 0.66 0.60 0.64 0.62 0.57
Prepaid expenses and other assets 1.58 0.58 0.73 0.61 0.82 0.55 1.24 2.04 2.10 0.68 0.91 0.92 0.74 0.49 0.55 0.31 0.35 0.52 0.61 0.50
Current assets 11.26% 10.86% 10.39% 9.97% 10.60% 10.83% 10.97% 11.42% 11.29% 9.65% 9.06% 11.73% 9.71% 9.69% 9.66% 9.25% 9.71% 10.35% 9.97% 10.83%
Rental equipment, net 54.90 53.94 52.97 52.58 52.04 51.91 48.98 48.32 48.72 50.49 50.76 49.94 51.59 52.38 51.66 50.78 52.94 54.48 54.36 52.27
Property and non-rental equipment, net 3.47 3.03 3.08 3.10 3.02 3.08 3.17 3.33 3.38 3.34 3.40 3.18 3.18 3.02 3.03 3.12 3.39 3.23 3.18 3.18
Property and equipment (rental and non-rental), net 58.37% 56.96% 56.05% 55.67% 55.06% 54.99% 52.15% 51.65% 52.10% 53.83% 54.16% 53.12% 54.78% 55.40% 54.69% 53.90% 56.33% 57.72% 57.54% 55.45%
Goodwill 24.92 25.88 26.95 27.35 27.24 26.88 29.76 29.46 28.92 28.74 28.69 27.15 27.17 26.50 26.95 27.55 27.89 26.37 27.11 28.02
Other intangible assets, net 1.87 2.33 2.56 2.89 3.03 3.26 2.93 3.37 3.63 3.91 4.25 4.36 4.72 4.95 5.35 5.86 5.98 5.47 5.28 5.62
Operating lease right-of-use assets 3.39 3.74 3.85 3.93 3.86 3.82 3.98 3.88 3.85 3.70 3.72 3.53 3.53 3.35 3.25 3.35 0.00 0.00 0.00 0.00
Other long-term assets 0.19 0.22 0.20 0.19 0.21 0.22 0.21 0.22 0.21 0.17 0.12 0.11 0.10 0.10 0.09 0.09 0.09 0.09 0.10 0.09
Long-term assets 88.74% 89.14% 89.61% 90.03% 89.40% 89.17% 89.03% 88.58% 88.71% 90.35% 90.94% 88.27% 90.29% 90.31% 90.34% 90.75% 90.29% 89.65% 90.03% 89.17%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The asset composition is characterized by a heavy concentration in long-term assets, which consistently represent between 88% and 91% of the total asset base throughout the analyzed period. Current assets remain a relatively small portion of the balance sheet, generally fluctuating between 9% and 12%.

Liquidity and Current Assets
Cash and cash equivalents maintain a minimal footprint, typically remaining below 1%, with a notable exception in March 2020 where they peaked at 2.72%, suggesting a temporary liquidity build-up. Accounts receivable constitute the primary component of current assets, staying largely stable between 7% and 9%, though a slight upward trend is observable in 2022, peaking at 9.03% in September.
Core Operating Assets
Rental equipment, net, serves as the dominant asset class. After a period of contraction where it dipped to 48.32% in March 2021, a consistent upward trend is observed, reaching 54.90% by December 2022. This indicates an increasing allocation of capital toward the core rental fleet relative to other asset types.
Intangible Assets and Goodwill
A significant downward trend is evident in intangible assets. Other intangible assets, net, declined steadily from 5.62% in March 2018 to 1.87% by December 2022. Goodwill also experienced a gradual reduction, starting at 28.02% and ending the period at 24.92%. This suggests a shift in the balance sheet composition away from acquired intangibles toward tangible operating assets.
Lease and Other Long-Term Assets
Operating lease right-of-use assets appeared in the first quarter of 2019, maintaining a stable presence between 3.39% and 3.98% of total assets. Property and non-rental equipment remained consistent, oscillating narrowly around the 3% mark throughout the five-year period.

Overall, the data reflects a strategic shift toward increasing the proportion of tangible rental equipment while simultaneously reducing the relative weight of goodwill and other intangible assets. Liquidity is managed tightly, with current assets remaining stable despite the growth in the core equipment fleet.

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