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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.

Total Asset Turnover
since 2005

Microsoft Excel

Calculation

United Rentals Inc., total asset turnover, long-term trends, calculation

Microsoft Excel
Total asset turnover = Revenues1 ÷ Total assets1
Dec 31, 2022 0.48 = 11,642 ÷ 24,183
Dec 31, 2021 0.48 = 9,716 ÷ 20,292
Dec 31, 2020 0.48 = 8,530 ÷ 17,868
Dec 31, 2019 0.49 = 9,351 ÷ 18,970
Dec 31, 2018 0.44 = 8,047 ÷ 18,133
Dec 31, 2017 0.44 = 6,641 ÷ 15,030
Dec 31, 2016 0.48 = 5,762 ÷ 11,988
Dec 31, 2015 0.48 = 5,817 ÷ 12,083
Dec 31, 2014 0.46 = 5,685 ÷ 12,467
Dec 31, 2013 0.44 = 4,955 ÷ 11,231
Dec 31, 2012 0.37 = 4,117 ÷ 11,026
Dec 31, 2011 0.63 = 2,611 ÷ 4,143
Dec 31, 2010 0.61 = 2,237 ÷ 3,693
Dec 31, 2009 0.61 = 2,358 ÷ 3,859
Dec 31, 2008 0.78 = 3,267 ÷ 4,191
Dec 31, 2007 0.64 = 3,731 ÷ 5,842
Dec 31, 2006 0.68 = 3,640 ÷ 5,366
Dec 31, 2005 0.68 = 3,563 ÷ 5,274

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$ in millions

A longitudinal analysis of asset utilization reveals a distinct structural shift in operational efficiency occurring around 2012. The total asset turnover ratio remained relatively stable in the early period of the analysis before settling into a new, lower range for the subsequent decade, indicating a fundamental change in the relationship between the asset base and revenue generation.

Initial Efficiency Phase (2005–2011)
Between 2005 and 2011, the total asset turnover ratio fluctuated within a range of 0.61 to 0.78. During this period, revenues and assets maintained a proportional balance, with the highest efficiency peak of 0.78 occurring in 2008. Asset levels remained relatively constrained, peaking at 5.8 billion US$ in 2007 before declining toward the end of this phase.
The 2012 Asset Expansion
A sharp contraction in asset turnover is observed in 2012, where the ratio fell to its historical minimum of 0.37. This decline was driven by a substantial increase in total assets, which rose from 4.1 billion US$ in 2011 to 11.0 billion US$ in 2012. This rapid expansion of the asset base significantly outpaced revenue growth for that period, leading to a momentary drop in utilization efficiency.
Stabilization and Scaling (2013–2022)
Following the 2012 transition, the total asset turnover ratio entered a period of consistent stabilization, oscillating narrowly between 0.44 and 0.49. While revenues grew aggressively from 4.9 billion US$ in 2013 to 11.6 billion US$ by 2022, total assets scaled in parallel to 24.2 billion US$. This synchronized growth resulted in a sustained turnover ratio of approximately 0.48 over the final decade of the data set, suggesting a new established baseline for asset productivity.

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Comparison to Competitors

United Rentals Inc., total asset turnover, long-term trends, comparison to competitors

Microsoft Excel
United Rentals Inc. Boeing Co. Caterpillar Inc. Eaton Corp. plc GE Aerospace Honeywell International Inc. Lockheed Martin Corp. RTX Corp.
Dec 31, 2022 0.48 0.49 0.69 0.59 0.39 0.57 1.25 0.42
Dec 31, 2021 0.48 0.45 0.58 0.58 0.36 0.53 1.32 0.40
Dec 31, 2020 0.48 0.38 0.50 0.56 0.29 0.51 1.29 0.35
Dec 31, 2019 0.49 0.57 0.65 0.65 0.33 0.63 1.26 0.55
Dec 31, 2018 0.44 0.86 0.66 0.70 0.37 0.72 1.20 0.50
Dec 31, 2017 0.44 1.01 0.55 0.63 0.30 0.68 1.10 0.62
Dec 31, 2016 0.48 1.05 0.48 0.65 0.30 0.73 0.99 0.64
Dec 31, 2015 0.48 1.02 0.56 0.67 0.21 0.78 0.94 0.64
Dec 31, 2014 0.46 0.91 0.62 0.67 0.16 0.89 1.23 0.71
Dec 31, 2013 0.44 0.93 0.62 0.62 0.15 0.86 1.25 0.69
Dec 31, 2012 0.37 0.92 0.71 0.46 0.15 0.90 1.22 0.65
Dec 31, 2011 0.63 0.86 0.70 0.90 0.13 0.92 1.23 0.95
Dec 31, 2010 0.61 0.94 0.62 0.79 0.13 0.88 1.31 0.93
Dec 31, 2009 0.61 1.10 0.49 0.73 0.13 0.86 1.29 0.94
Dec 31, 2008 0.78 1.13 0.71 0.92 0.14 1.03 1.28 1.03
Dec 31, 2007 0.64 1.13 0.75 0.97 0.13 1.02 1.45 0.99
Dec 31, 2006 0.68 1.19 0.76 1.08 0.14 1.01 1.40 1.00
Dec 31, 2005 0.68 0.91 0.72 1.09 0.14 0.86 1.34 0.92

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., total asset turnover, long-term trends, comparison to sector (capital goods)

Microsoft Excel
United Rentals Inc. Capital Goods
Dec 31, 2022 0.48 0.54
Dec 31, 2021 0.48 0.50
Dec 31, 2020 0.48 0.43
Dec 31, 2019 0.49 0.54
Dec 31, 2018 0.44 0.58
Dec 31, 2017 0.44 0.54
Dec 31, 2016 0.48 0.54
Dec 31, 2015 0.48 0.46
Dec 31, 2014 0.46 0.41
Dec 31, 2013 0.44 0.39
Dec 31, 2012 0.37 0.38
Dec 31, 2011 0.63 0.36
Dec 31, 2010 0.61 0.34
Dec 31, 2009 0.61 0.33
Dec 31, 2008 0.78 0.35
Dec 31, 2007 0.64 0.34
Dec 31, 2006 0.68 0.36
Dec 31, 2005 0.68 0.33

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., total asset turnover, long-term trends, comparison to industry (industrials)

Microsoft Excel
United Rentals Inc. Industrials
Dec 31, 2022 0.48 0.66
Dec 31, 2021 0.48 0.58
Dec 31, 2020 0.48 0.50
Dec 31, 2019 0.49 0.62
Dec 31, 2018 0.44 0.67
Dec 31, 2017 0.44 0.62
Dec 31, 2016 0.48 0.61
Dec 31, 2015 0.48 0.54
Dec 31, 2014 0.46 0.49
Dec 31, 2013 0.44 0.47
Dec 31, 2012 0.37 0.46
Dec 31, 2011 0.63 0.45
Dec 31, 2010 0.61 0.41
Dec 31, 2009 0.61 0.39
Dec 31, 2008 0.78 0.43
Dec 31, 2007 0.64 0.41
Dec 31, 2006 0.68 0.43
Dec 31, 2005 0.68 0.40

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).