United Rentals Inc. (NYSE:URI)

Current assets

The current assets show a consistent upward trend over the five-year period. Starting at 1,761 million USD at the end of 2018, the value increased each subsequent year, reaching 2,723 million USD by the end of 2022. The growth appears steady, with a moderate rise from 2018 to 2021 and a more pronounced increase from 2021 to 2022.

Adjusted current assets

Adjusted current assets follow a similar pattern to current assets, beginning at 1,854 million USD in 2018 and rising steadily each year to end at 2,857 million USD in 2022. The adjusted figures remain consistently higher than the unadjusted current assets throughout the entire period, indicating the inclusion of additional considerations or adjustments that increase the asset base slightly. The increments year-over-year are broadly consistent, with a noticeable acceleration in growth between 2021 and 2022.

Total assets

Over the five-year period from 2018 to 2022, total assets of the company exhibited a general upward trend with some fluctuations. Starting at approximately $18.1 billion in 2018, total assets increased to nearly $19.0 billion in 2019, marking a modest rise. However, in 2020, total assets declined to about $17.9 billion, indicating a contraction likely influenced by external factors. Subsequently, there was a recovery in 2021, with total assets rising to approximately $20.3 billion, followed by a significant increase to around $24.2 billion in 2022. This overall trend suggests an expansionary phase after a dip, reflecting possible asset acquisitions or growth initiatives during the last two years.

Adjusted total assets

The adjusted total assets show a similar pattern to the total assets, beginning at roughly $18.9 billion in 2018 and slightly increasing to $19.1 billion in 2019. A decline occurred in 2020, dropping to approximately $18.0 billion. From 2021 onwards, adjusted total assets rose to around $20.4 billion and then to about $24.3 billion in 2022. The close alignment between adjusted and total assets throughout the periods suggests consistent accounting adjustments and reinforces the observed trend of asset growth following the 2020 decrease.

Current Liabilities

The current liabilities exhibited moderate fluctuations over the analyzed period. Starting at 2,116 million US dollars at the end of 2018, there was an increase in 2019 to 2,198 million US dollars. This was followed by a noticeable decline in 2020, reaching 1,890 million US dollars. Subsequently, the metric rose significantly in 2021, peaking at 2,603 million US dollars, before slightly decreasing to 2,445 million US dollars in 2022. This pattern suggests variability in short-term obligations, with a peak in 2021 that may indicate increased operational activities or short-term financing needs during that year.

Adjusted Current Liabilities

The adjusted current liabilities mirrored the trend observed in current liabilities, with values starting at 2,060 million US dollars in 2018 and increasing to 2,143 million US dollars in 2019. A decline was observed in 2020 to 1,839 million US dollars, which parallels the reduction in overall current liabilities. This was followed by a rise to 2,520 million US dollars in 2021, then a decrease to 2,314 million US dollars in 2022. The adjustment appears to consistently reduce the reported liabilities by a modest margin, but the overall movement aligns closely with the non-adjusted figures, indicating that the underlying short-term obligations followed similar trends in both reported and adjusted terms.

Total liabilities

The total liabilities showed a fluctuating trend over the five-year period. Initially, there was a slight increase from 14,730 million USD at the end of 2018 to 15,140 million USD by the end of 2019. This was followed by a notable decrease to 13,323 million USD in 2020. Subsequently, the total liabilities rose again, reaching 14,301 million USD in 2021, and then increased substantially to 17,121 million USD by the end of 2022. Overall, total liabilities in 2022 were significantly higher than at the beginning of the period.

Adjusted total liabilities

The adjusted total liabilities exhibited a similar pattern to total liabilities but remained consistently lower in absolute terms. Starting at 13,635 million USD in 2018, the adjusted total liabilities decreased steadily through 2019 and 2020, reaching a low of 11,504 million USD. In 2021, there was a modest increase to 12,064 million USD, followed by a more pronounced rise to 14,319 million USD in 2022. The adjusted figures suggest an overall downward trend until 2020, with a recovery phase occurring in the last two years.

The financial data over the examined period reveals a consistent upward trajectory in both stockholders' equity and adjusted stockholders' equity. This suggests a progressive strengthening of the company's capital base and overall financial position.

Stockholders’ equity

Starting at 3,403 million US dollars in 2018, the stockholders' equity demonstrates steady growth each year, reaching 7,062 million US dollars by the end of 2022. This represents more than a doubling of equity over the five-year span, indicating effective retention of earnings or capital infusion that enhances the ownership value.

Adjusted stockholders’ equity

The adjusted stockholders' equity, which likely accounts for certain adjustments such as unrealized gains or losses, follows a similar positive trend, rising from 5,239 million US dollars in 2018 to 9,998 million US dollars in 2022. This also reflects a robust and sustained increase, showcasing improvement in the firm's underlying equity quality and adjusted financial strength.

Overall, the upward trends in both measures imply improving financial resilience and capacity to support growth or absorb losses. The consistent increases year-over-year also suggest ongoing profitable operations and/or strategic capital management over the period analyzed.

The financial data reveals evolving capital structure dynamics over the five-year period from 2018 to 2022.

Total Reported Debt

This metric shows an initial decline from US$11,747 million in 2018 to a low of US$9,682 million in 2020, followed by a slight rebound to US$11,370 million in 2022. The overall trajectory suggests a strategic reduction in reported debt levels during the early years, with a recent increase approaching initial levels.

Stockholders’ Equity

Stockholders’ equity has demonstrated a consistent and healthy upward trend, rising significantly from US$3,403 million in 2018 to US$7,062 million in 2022. This more than doubling over the period indicates strengthened net asset value and potential retained earnings growth.

Total Reported Capital

Total reported capital, representing the sum of debt and equity, experienced modest fluctuation. It was relatively stable near US$15 billion in 2018 and 2019, declined somewhat in 2020 to approximately US$14.2 billion, then increased notably to US$18.4 billion by 2022. This suggests overall capital growth influenced by the stronger equity base and modestly higher debt in recent years.

Adjusted Total Debt

The adjusted total debt approximates the reported debt trend but at slightly higher levels, beginning at US$12,395 million in 2018, decreasing to US$10,409 million in 2020, then rising again to US$12,223 million in 2022. This adjustment indicates some debt items included beyond the reported figures but follows a similar pattern of initial deleveraging followed by increased leverage.

Adjusted Stockholders’ Equity

Treated as an enhanced measure of equity, it similarly shows consistent growth, increasing from US$5,239 million in 2018 to US$9,998 million in 2022. The growth rate mirrors that of reported equity, reinforcing the view of strengthening equity capital.

Adjusted Total Capital

Adjusted total capital exhibits growth consistent with the combination of adjusted debt and equity levels. It remained near US$17.6 billion in 2018, experienced a dip to US$16.9 billion in 2020, and then rose steadily to US$22.2 billion in 2022. The 2022 level is approximately 26% higher than in 2018, reflective of expanded financial resources.

Overall, the data illustrates a company that managed to reduce its leverage early in the period, simultaneously enhancing equity and capital base. After 2020, a moderate increase in debt levels was observed alongside continued strong equity growth, resulting in increased total and adjusted capital. The strengthening equity position suggests improved balance sheet robustness, while the increase in debt after 2020 could indicate strategic financing actions to support growth or investment initiatives.

Revenue Trends

Revenues experienced an overall upward trend across the observed periods. Starting at $8,047 million at the end of 2018, revenues increased to $9,351 million by the end of 2019, representing a growth of approximately 16.2%. However, there was a decline in 2020, with revenues falling to $8,530 million, a decrease of around 8.7% from the previous year. This dip may reflect external disruptions or market challenges during that period. Revenues rebounded strongly in 2021, rising to $9,716 million, an increase of about 13.9% compared to 2020. The upward momentum continued in 2022, with revenues reaching $11,642 million, marking a substantial growth of approximately 19.9% from 2021. Over the five-year span, this shows a general positive trajectory despite the interruption in 2020.

Adjusted Revenue Trends

The adjusted revenues followed a pattern very similar to the reported revenues, indicating consistency between these measurement methods. The adjusted revenues started at $8,057 million in 2018 and closely tracked the reported revenue each year with minor variations. After rising to $9,350 million in 2019, adjusted revenues fell to $8,526 million in 2020. They then increased to $9,748 million in 2021 and further to $11,690 million in 2022. The close alignment suggests that adjustments made do not significantly change the revenue figures and that the reported growth and decline rates are reliable.

Summary of Insights

The revenue patterns indicate recovery and growth following the notable decline in 2020. The downturn in that year could be linked to extraordinary conditions affecting revenue generation. The ensuing recovery period is characterized by strong double-digit growth percentages in 2021 and 2022, suggesting enhanced operational performance or favorable market conditions. The adjusted revenue figures corroborate the reported revenues, adding credibility to the observed trends. Overall, the data reflects resilience and expansion in later years following a temporary reduction.

Net Income

Net income increased steadily from 2018 to 2019, rising from 1096 million US dollars to 1174 million US dollars. In 2020, a decline to 890 million US dollars was observed, indicating a possible impact of adverse conditions during that period. Recovery was noted in 2021 with net income climbing to 1386 million US dollars, followed by a substantial increase in 2022 reaching 2105 million US dollars, signifying strong growth in profitability in the most recent year.

Adjusted Net Income

Adjusted net income showed a similar pattern to net income but with larger absolute values. It increased from 1302 million US dollars in 2018 to 1438 million US dollars in 2019. A significant drop occurred in 2020, falling to 810 million US dollars, marking the lowest point in the period under review. This was followed by a robust recovery in 2021, with adjusted net income rising to 1665 million US dollars, and a continued strong upward trajectory in 2022, reaching 2619 million US dollars. This indicates an increasing capacity to generate earnings after adjustments, with the largest gains recorded in the most recent year.