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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: Liabilities and Stockholders’ Equity
Quarterly Data

United Rentals Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (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
Short-term debt and current maturities of long-term debt 0.67 0.73 0.29 4.76 4.46 4.37 4.34 3.33 3.94 3.91 4.50 4.53 5.26 5.01 5.22 5.00 4.98 5.48 5.96 4.94
Accounts payable 4.71 5.30 5.12 4.11 4.02 5.21 4.57 3.20 2.61 3.02 1.77 2.57 2.39 4.32 3.95 3.00 2.96 4.21 5.69 3.49
Accrued expenses and other liabilities 4.73 4.54 4.31 4.01 4.34 3.97 4.05 3.96 4.03 3.77 4.46 3.49 3.94 4.28 4.14 4.04 3.73 3.08 3.11 2.74
Current liabilities 10.11% 10.57% 9.72% 12.88% 12.83% 13.55% 12.95% 10.49% 10.58% 10.70% 10.73% 10.58% 11.59% 13.62% 13.31% 12.04% 11.67% 12.76% 14.75% 11.17%
Long-term debt, excluding current maturities 46.35 45.54 46.88 42.28 43.26 45.39 47.39 48.44 50.25 52.22 53.63 56.94 54.99 55.09 56.18 57.44 59.80 56.15 53.52 57.27
Deferred taxes 11.04 10.57 10.59 10.85 10.62 10.25 9.73 10.11 9.89 10.15 10.17 9.95 9.95 9.28 9.15 9.22 9.30 9.95 9.99 9.91
Long-term operating lease liabilities 2.65 2.94 3.04 3.10 3.06 3.03 3.21 3.08 3.07 2.93 2.97 2.81 2.81 2.69 2.61 2.67 0.00 0.00 0.00 0.00
Other long-term liabilities 0.64 0.72 0.73 0.73 0.71 0.78 0.78 0.83 0.77 0.77 0.68 0.46 0.48 0.51 0.49 0.46 0.46 0.75 0.79 0.83
Long-term liabilities 60.69% 59.77% 61.24% 56.96% 57.65% 59.45% 61.11% 62.46% 63.99% 66.07% 67.44% 70.16% 68.22% 67.57% 68.43% 69.80% 69.56% 66.85% 64.30% 68.01%
Total liabilities 70.80% 70.34% 70.96% 69.83% 70.48% 73.00% 74.06% 72.95% 74.56% 76.76% 78.17% 80.73% 79.81% 81.19% 81.74% 81.84% 81.23% 79.61% 79.06% 79.18%
Common stock, $0.01 par value 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Additional paid-in capital 10.86 12.16 12.34 12.57 12.65 12.50 12.76 14.10 13.89 13.75 13.69 12.91 12.86 12.52 12.68 12.88 13.28 14.55 15.56 15.84
Retained earnings 39.93 42.10 40.40 39.26 37.21 34.82 33.91 36.30 34.50 32.77 31.62 28.87 27.81 25.44 23.87 23.01 22.62 23.18 22.89 21.70
Treasury stock at cost -20.50 -23.14 -22.67 -20.92 -19.50 -19.49 -20.15 -22.56 -22.15 -22.10 -22.11 -20.97 -19.50 -18.04 -17.27 -16.57 -15.83 -16.27 -16.22 -15.54
Accumulated other comprehensive loss -1.09 -1.46 -1.04 -0.75 -0.84 -0.83 -0.60 -0.80 -0.82 -1.19 -1.38 -1.55 -0.98 -1.12 -1.02 -1.16 -1.31 -1.09 -1.30 -1.20
Stockholders’ equity 29.20% 29.66% 29.04% 30.17% 29.52% 27.00% 25.94% 27.05% 25.44% 23.24% 21.83% 19.27% 20.19% 18.81% 18.26% 18.16% 18.77% 20.39% 20.94% 20.82%
Total liabilities and stockholders’ equity 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 balance sheet composition reflects a strategic shift toward deleveraging and a strengthened equity position between March 2018 and December 2022. Total liabilities, which initially fluctuated around 79% to 81% of total liabilities and stockholders' equity, experienced a sustained decline starting in 2020, ending the period at 70.80%.

Debt and Liability Trends
Long-term debt, excluding current maturities, represents the most significant component of the liability structure. This item peaked at 59.80% in December 2018 before entering a long-term downward trend, reaching a low of 42.28% by March 2022. While there was a slight uptick in 2022, the overall trajectory indicates a reduction in long-term leverage.
Short-term debt and current maturities of long-term debt remained relatively stable between 3.3% and 6.0% for the majority of the period. However, a sharp contraction occurred in mid-2022, with the ratio dropping to 0.29% in June 2022 and remaining below 1% through the end of the year.
Current liabilities remained generally stable, ranging between 10% and 14%, though a slight decrease to approximately 10% was observed toward the end of 2022.
Stockholders' Equity Dynamics
Total stockholders' equity demonstrated a consistent upward trend, rising from 20.82% in March 2018 to 29.20% by December 2022. This growth is primarily attributed to a significant increase in retained earnings, which grew from 21.70% to 39.93% over the analyzed timeframe, signaling strong internal capital generation.
The increase in retained earnings was partially offset by aggressive treasury stock acquisitions. Treasury stock at cost shifted from -15.54% in March 2018 to a peak negative value of -23.14% in September 2022, indicating substantial share buyback activity.
Additional paid-in capital showed a gradual decline from 15.84% to 10.86%, suggesting that the growth in equity is being driven by earnings rather than new capital infusions.

Overall, the financial structure evolved from one heavily reliant on long-term debt to one with a higher proportion of equity and lower overall leverage. The convergence of decreasing long-term debt and increasing retained earnings suggests an improved solvency profile and a shift toward a more self-sustaining capital structure.

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