Stock Analysis on Net
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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.

Enterprise Value (EV) 

Microsoft Excel

Current Enterprise Value (EV)

United Rentals Inc., current enterprise value calculation

Microsoft Excel
Current share price (P) $392.48
No. shares of common stock outstanding 69,359,591
US$ in millions
Common equity (market value)1 27,222
Total equity 27,222
Add: Short-term debt and current maturities of long-term debt (per books) 161
Add: Long-term debt, excluding current maturities (per books) 11,209
Total equity and debt 38,592
Less: Cash and cash equivalents 106
Enterprise value (EV) 38,486

Based on: 10-K (reporting date: 2022-12-31).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 392.48 × 69,359,591

Historical Enterprise Value (EV)

United Rentals Inc., EV calculation

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Share price1, 2 $392.48 $307.76 $236.27 $152.26 $116.02
No. shares of common stock outstanding1 69,359,591 72,421,902 72,199,276 74,375,477 79,591,082
US$ in millions
Common equity (market value)3 27,222 22,289 17,059 11,324 9,234
Total equity 27,222 22,289 17,059 11,324 9,234
Add: Short-term debt and current maturities of long-term debt (book value) 161 906 704 997 903
Add: Long-term debt, excluding current maturities (book value) 11,209 8,779 8,978 10,431 10,844
Total equity and debt 38,592 31,974 26,741 22,752 20,981
Less: Cash and cash equivalents 106 144 202 52 43
Enterprise value (EV) 38,486 31,830 26,539 22,700 20,938

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).

1 Data adjusted for splits and stock dividends.

2 Closing price as at the filing date of United Rentals Inc. Annual Report.

3 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 392.48 × 69,359,591

Equity Trends
The market value of common equity exhibited a consistent upward trajectory over the five-year period. Beginning at $9,234 million at the end of 2018, it increased steadily each year, reaching $27,222 million by the close of 2022. This growth indicates a strong appreciation in shareholder value and suggests positive investor sentiment toward the company.
Total Equity Growth
Total equity mirrored the pattern observed in common equity market value, reflecting identical figures throughout the period. The alignment emphasizes that common equity constitutes the entire equity base without any preferred equity components or notable adjustments.
Total Equity and Debt
The combined total of equity and debt also showed a consistent increase year-over-year, rising from $20,981 million in 2018 to $38,592 million in 2022. The expanding base of capital employed signals growth either through reinvestment or additional financing, suggesting increased capacity for operational expansion or investments.
Enterprise Value
Enterprise value followed a similar ascending pattern as total equity and debt, starting at $20,938 million in 2018 and increasing to $38,486 million in 2022. The close alignment with total equity and debt figures indicates that the company's valuation trends are closely tied to its capital structure changes and market perceptions about its overall value.
Overall Insights
The company's financial metrics reveal steady and substantial growth in both equity market capitalization and overall capitalization including debt. This suggests strong market confidence, expanding business operations, and possibly effective capital management strategies. No irregular fluctuations or declines were observed, highlighting a stable growth environment across the reviewed period.