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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.

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

A consistent upward trajectory is observed in the total valuation and capital structure of the organization between 2018 and 2022. The Enterprise Value (EV) expanded from US$ 20,938 million to US$ 38,486 million, indicating a substantial increase in the total market value of the business operations over the five-year period.

Market Value of Common Equity
A significant growth pattern is evident in the market value of common equity, which rose from US$ 9,234 million in 2018 to US$ 27,222 million in 2022. This represents a total increase of approximately 195%, suggesting strong market confidence and a substantial appreciation in shareholder value.
Enterprise Value Trends
The Enterprise Value grew steadily each year, increasing from US$ 20,938 million in 2018 to US$ 38,486 million in 2022. The growth in EV reflects the combined increase in both equity market capitalization and total debt, mirroring the overall expansion of the company's financial scale.
Total Equity and Debt Analysis
Total equity and debt increased from US$ 20,981 million in 2018 to US$ 38,592 million in 2022. The narrow variance between the total equity and debt figure and the Enterprise Value across the entire period indicates that cash and cash equivalents remained a relatively small component of the total capital structure compared to the overall scale of the business.

The data demonstrates that the growth in Enterprise Value was driven more heavily by the appreciation of common equity than by debt accumulation, as the market value of equity grew at a faster rate relative to its starting point than the total capital base did.

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