Price to Book Value (P/BV)
since 2005
Calculation
United Rentals Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity (deficit)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan 25, 2023 | 3.85 | = | 392.48 | ÷ | 101.82 | 101.82 | = | 7,062 | ÷ | 69,359,591 | |
| Jan 26, 2022 | 3.72 | = | 307.76 | ÷ | 82.72 | 82.72 | = | 5,991 | ÷ | 72,421,902 | |
| Jan 27, 2021 | 3.75 | = | 236.27 | ÷ | 62.95 | 62.95 | = | 4,545 | ÷ | 72,199,276 | |
| Jan 29, 2020 | 2.96 | = | 152.26 | ÷ | 51.50 | 51.50 | = | 3,830 | ÷ | 74,375,477 | |
| Jan 23, 2019 | 2.71 | = | 116.02 | ÷ | 42.76 | 42.76 | = | 3,403 | ÷ | 79,591,082 | |
| Jan 24, 2018 | 5.04 | = | 185.52 | ÷ | 36.79 | 36.79 | = | 3,106 | ÷ | 84,427,665 | |
| Jan 25, 2017 | 5.85 | = | 114.26 | ÷ | 19.55 | 19.55 | = | 1,648 | ÷ | 84,310,531 | |
| Jan 27, 2016 | 3.44 | = | 55.84 | ÷ | 16.23 | 16.23 | = | 1,476 | ÷ | 90,970,229 | |
| Jan 21, 2015 | 4.71 | = | 87.56 | ÷ | 18.61 | 18.61 | = | 1,796 | ÷ | 96,520,626 | |
| Jan 22, 2014 | 4.16 | = | 81.59 | ÷ | 19.61 | 19.61 | = | 1,828 | ÷ | 93,217,882 | |
| Jan 23, 2013 | 2.98 | = | 49.43 | ÷ | 16.59 | 16.59 | = | 1,543 | ÷ | 93,013,431 | |
| Jan 25, 2012 | 34.18 | = | 34.77 | ÷ | 1.02 | 1.02 | = | 64 | ÷ | 62,909,022 | |
| Feb 1, 2011 | — | = | 27.53 | ÷ | -0.33 | -0.33 | = | -20 | ÷ | 60,629,338 | |
| Feb 3, 2010 | — | = | 8.31 | ÷ | -0.32 | -0.32 | = | -19 | ÷ | 60,167,975 | |
| Feb 26, 2009 | — | = | 4.19 | ÷ | -0.48 | -0.48 | = | -29 | ÷ | 60,002,403 | |
| Feb 29, 2008 | 0.86 | = | 20.10 | ÷ | 23.38 | 23.38 | = | 2,018 | ÷ | 86,324,297 | |
| Feb 27, 2007 | 1.52 | = | 28.71 | ÷ | 18.93 | 18.93 | = | 1,538 | ÷ | 81,244,003 | |
| Mar 31, 2006 | 2.18 | = | 34.50 | ÷ | 15.85 | 15.85 | = | 1,229 | ÷ | 77,520,680 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of United Rentals Inc. Annual Report.
The financial data exhibits considerable volatility in the share price of the company over the analyzed period. Initially, the share price decreased from $34.50 in early 2006 to a low of $4.19 in early 2009, reflecting a significant decline. This downturn was followed by a strong recovery phase, with the share price rising steadily from $8.31 in 2010 to reach an all-time high of $392.48 by early 2023.
Book value per share (BVPS) shows a mixed trend. There was an increase from $15.85 in 2006 to $23.38 in 2008, followed by a sharp drop into negative territory, reaching -$0.48 in 2009 and remaining negative through 2011. Starting in 2012, BVPS showed a continuous upward trajectory, climbing from $1.02 to $101.82 by 2023. This recovery and growth in book value suggest a significant improvement in the company's net asset position and capital strength over the latter part of the period.
The price-to-book value (P/BV) ratio fluctuated widely, reflecting the combined volatility of the share price and book value. Early ratios dropped from 2.18 in 2006 to 0.86 in 2008, indicative of undervaluation or depressed market sentiment. Data is missing for several years, particularly during the period when BVPS was negative. Subsequently, from 2012 onwards, P/BV ratios appear elevated and variable, spanning from 2.71 to a peak of 5.85 in 2017. This suggests that the market valued the company substantially above its book value during the recovery and growth years, likely reflecting improved profitability prospects and investor confidence.
Overall, the data reveals a period of financial distress or asset impairment prior to 2012, followed by a sustained recovery and growth phase characterized by increasing shareholder value and asset base. The rising P/BV ratios in later years indicate a premium valuation consistent with a positive market outlook on the company's earnings potential and strategic positioning.
- Share Price Trend
- Sharp decline from 2006 to 2009, followed by consistent growth reaching highest level in 2023.
- Book Value Per Share
- Initial growth until 2008, significant drop into negative values through 2011, then steady increase from 2012 to 2023.
- Price-to-Book Ratio
- Declined through 2008, missing during negative BVPS years, then elevated and variable ratios from 2012 onward indicating market premium.
- Overall Insights
- Period of financial distress reversed by strong recovery and growth, with enhancing market valuations signaling improved investor confidence and company fundamentals.
Comparison to Competitors
United Rentals Inc., P/BV, long-term trends, comparison to competitors
| United Rentals Inc. | Boeing Co. | Caterpillar Inc. | Eaton Corp. plc | GE Aerospace | Honeywell International Inc. | Lockheed Martin Corp. | RTX Corp. | |
|---|---|---|---|---|---|---|---|---|
| Jan 25, 2023 | 3.85 | — | 8.09 | 4.04 | 2.43 | 8.02 | 12.67 | 1.97 |
| Jan 26, 2022 | 3.72 | — | 6.62 | 3.63 | 2.64 | 6.91 | 9.62 | 1.95 |
| Jan 27, 2021 | 3.75 | — | 7.20 | 3.54 | 2.89 | 8.07 | 15.27 | 1.53 |
| Jan 29, 2020 | 2.96 | — | 5.16 | 2.48 | 3.66 | 6.97 | 39.60 | 3.24 |
| Jan 23, 2019 | 2.71 | 674.83 | 5.44 | 2.12 | 3.00 | 5.96 | 61.11 | 2.71 |
| Jan 24, 2018 | 5.04 | 569.92 | 6.98 | 2.06 | 1.96 | 6.44 | — | 3.38 |
| Jan 25, 2017 | 5.85 | 122.80 | 4.42 | 2.19 | 3.47 | 4.79 | 49.61 | 3.22 |
| Jan 27, 2016 | 3.44 | 12.17 | 2.56 | 1.72 | 2.79 | 4.35 | 21.37 | 2.59 |
| Jan 21, 2015 | 4.71 | 12.04 | 3.09 | 2.13 | 2.04 | 4.63 | 17.92 | 3.49 |
| Jan 22, 2014 | 4.16 | 6.50 | 2.96 | 2.15 | 1.96 | 4.25 | 10.65 | 3.14 |
| Jan 23, 2013 | 2.98 | 9.78 | 3.57 | 1.94 | 1.95 | 4.24 | 727.88 | 3.18 |
| Jan 25, 2012 | 34.18 | 16.10 | 5.78 | 2.32 | 1.75 | 4.31 | 28.67 | 3.48 |
| Feb 1, 2011 | — | 19.33 | 6.02 | 2.47 | 1.86 | 4.26 | 7.56 | 3.65 |
| Feb 3, 2010 | — | 20.59 | 4.16 | 1.67 | 1.47 | 3.27 | 7.00 | 3.12 |
| Feb 26, 2009 | — | — | 2.63 | 0.95 | 1.10 | 3.38 | 9.51 | 2.82 |
| Feb 29, 2008 | 0.86 | 7.24 | 5.00 | 2.28 | 2.97 | 4.52 | 4.38 | 3.28 |
| Feb 27, 2007 | 1.52 | 15.15 | 6.33 | 2.88 | 3.17 | 3.94 | 6.23 | 3.92 |
| Mar 31, 2006 | 2.18 | 5.26 | 5.81 | 2.73 | 3.15 | 3.05 | 4.05 | 3.39 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Capital Goods)
United Rentals Inc., P/BV, long-term trends, comparison to sector (capital goods)
| United Rentals Inc. | Capital Goods | |
|---|---|---|
| Jan 25, 2023 | 3.85 | 5.31 |
| Jan 26, 2022 | 3.72 | 4.77 |
| Jan 27, 2021 | 3.75 | 5.05 |
| Jan 29, 2020 | 2.96 | 6.91 |
| Jan 23, 2019 | 2.71 | 6.11 |
| Jan 24, 2018 | 5.04 | 5.42 |
| Jan 25, 2017 | 5.85 | 4.64 |
| Jan 27, 2016 | 3.44 | 3.45 |
| Jan 21, 2015 | 4.71 | 3.17 |
| Jan 22, 2014 | 4.16 | 2.85 |
| Jan 23, 2013 | 2.98 | 2.77 |
| Jan 25, 2012 | 34.18 | 2.89 |
| Feb 1, 2011 | — | 2.90 |
| Feb 3, 2010 | — | 2.29 |
| Feb 26, 2009 | — | 1.86 |
| Feb 29, 2008 | 0.86 | 3.46 |
| Feb 27, 2007 | 1.52 | 3.91 |
| Mar 31, 2006 | 2.18 | 3.47 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Industrials)
United Rentals Inc., P/BV, long-term trends, comparison to industry (industrials)
| United Rentals Inc. | Industrials | |
|---|---|---|
| Jan 25, 2023 | 3.85 | 5.50 |
| Jan 26, 2022 | 3.72 | 5.44 |
| Jan 27, 2021 | 3.75 | 5.89 |
| Jan 29, 2020 | 2.96 | 6.28 |
| Jan 23, 2019 | 2.71 | 5.96 |
| Jan 24, 2018 | 5.04 | 5.37 |
| Jan 25, 2017 | 5.85 | 4.89 |
| Jan 27, 2016 | 3.44 | 3.68 |
| Jan 21, 2015 | 4.71 | 3.70 |
| Jan 22, 2014 | 4.16 | 3.14 |
| Jan 23, 2013 | 2.98 | 3.06 |
| Jan 25, 2012 | 34.18 | 3.09 |
| Feb 1, 2011 | — | 3.05 |
| Feb 3, 2010 | — | 2.43 |
| Feb 26, 2009 | — | 2.01 |
| Feb 29, 2008 | 0.86 | 3.45 |
| Feb 27, 2007 | 1.52 | 3.75 |
| Mar 31, 2006 | 2.18 | 3.95 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).