Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Income Statement
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Analysis of Revenues
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Historical Valuation Ratios (Summary)
United Rentals Inc., historical price multiples (quarterly data)
Based on: 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibited a fluctuating but overall upward trend over the analyzed periods. Starting around 9 in early 2019, it declined slightly in mid-2019 before increasing significantly throughout 2020, peaking at over 19 by the end of that year. The ratio reached its highest point in the first quarter of 2021 at 25.56, followed by a gradual decline through the remainder of 2021 and into 2022, stabilizing in the range of approximately 10.5 to 14 by the end of 2022. This pattern suggests periods of heightened investor optimism or expectations for future earnings growth, with some subsequent recalibration.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio largely paralleled the P/E ratio's movements but exhibited slightly more pronounced volatility. Starting around 5 in early 2019, it experienced a trough near 4.3 in the first quarter of 2020, followed by a steady ascent through 2020 to a peak of approximately 9.5 at year-end. The ratio reached its highest level in the first quarter of 2021 at nearly 13, indicating elevated valuations relative to operating profit. Afterwards, it decreased throughout 2021 and into mid-2022, hitting lows near 6.95 before rebounding slightly by the end of 2022. This suggests shifting market perceptions regarding operational profitability across the periods.
- Price to Sales (P/S) Ratio
- The P/S ratio displayed an overall increasing trend from early 2019 through 2021, starting at about 1.17 and peaking near 2.78 in the first quarter of 2021. This indicates that market valuations relative to sales grew substantially during this interval. Following the peak, the ratio declined through 2022, reaching lows near 1.85 before a modest increase toward the end of 2022. This fluctuation implies changing valuation metrics and potentially varying sales performance or growth expectations over time.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio showed gradual growth from approximately 2.9 at the beginning of 2019 to a peak of nearly 5 in the first quarter of 2021. This increase suggests a rise in equity valuation relative to book value during this timeframe. There was a noticeable decline throughout the latter part of 2021 and mid-2022, with the ratio retreating to lows around 3.2 to 3.3 before increasing again near 3.85 at the end of 2022. The trend reflects variable market confidence in the company's net asset value over the assessed quarters.
- Overall Insights
- Across all valuation metrics, there was a significant upward movement starting in early 2020 and extending into early 2021, indicating increased market valuations during this period. Subsequently, these ratios generally corrected downward throughout 2021 and 2022, although each showed some recovery toward the end of 2022. The patterns suggest cyclical shifts in market sentiment and investor expectations, potentially influenced by broader economic or industry-specific factors affecting perceived earnings, profitability, sales, and net asset value. The data reflects a period of heightened investor optimism followed by moderation in valuation levels.
Price to Earnings (P/E)
United Rentals Inc., historical P/E calculation (quarterly data)
| Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Net income (in millions) | |||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2022 Calculation
EPS
= (Net incomeQ4 2022
+ Net incomeQ3 2022
+ Net incomeQ2 2022
+ Net incomeQ1 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of United Rentals Inc. Quarterly or Annual Report.
4 Q4 2022 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited considerable volatility throughout the analyzed periods. Initially, it fluctuated moderately between approximately $121 and $152 during 2019. A notable increase occurred in the latter half of 2020, peaking at $236 in December 2020. Subsequently, a sharp upward trend was observed in 2021, with the price reaching above $324 by March and maintaining levels above $300 until a minor dip at the end of 2021. In 2022, the share price demonstrated some volatility but generally trended upward, culminating in a significant rise to $392 by December 2022. This upward trajectory signals growing market valuation and possible investor confidence over time.
- Earnings Per Share (EPS) Pattern
- Earnings per share displayed a gradual upward trend with some fluctuations. From 13.84 US$ in March 2019, EPS increased steadily, reaching 15.78 US$ by the end of 2019. Although there was a slight dip mid-2020, EPS showed resilience and growth through 2021, culminating at 19.14 US$ in December 2021. The most pronounced growth occurred in 2022, with EPS climbing consistently each quarter and reaching 30.35 US$ by year-end. This sustained increase in EPS suggests improving profitability and efficient operational performance during the period.
- Price-to-Earnings (P/E) Ratio Insights
- The P/E ratio experienced significant variability correlating with the share price and EPS changes. Early in the timeline, the ratio hovered around 8 to 10, indicating moderate market valuation relative to earnings. A marked rise in the P/E ratio occurred from late 2020 into early 2021, peaking at over 25 in March 2021, which points to increased share prices relative to earnings and possibly heightened investor expectations. Following this peak, the P/E ratio declined steadily through 2021 and 2022, reaching a low of about 10.55 in September 2022 before rising slightly at year-end. The decline suggests that EPS growth outpaced the increase in share price, potentially reflecting revaluation by the market or improved earnings performance leading to a more balanced valuation.
- Overall Observations
- The data portrays a company experiencing growth in both market valuation and earnings. Share price appreciation has outpaced EPS growth at times, as indicated by fluctuations in the P/E ratio. The increased EPS in recent quarters underscores strengthening profitability, while P/E adjustments imply evolving market perceptions. The upward trends in share price and EPS through 2022 suggest sustained positive momentum in financial performance and market confidence.
Price to Operating Profit (P/OP)
United Rentals Inc., historical P/OP calculation (quarterly data)
| Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Operating income (in millions) | |||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2022 Calculation
Operating profit per share
= (Operating incomeQ4 2022
+ Operating incomeQ3 2022
+ Operating incomeQ2 2022
+ Operating incomeQ1 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of United Rentals Inc. Quarterly or Annual Report.
4 Q4 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited an overall upward trajectory from March 31, 2019, through December 31, 2022. Initially fluctuating modestly between approximately $121.67 and $152.26 during 2019, the price experienced some volatility early in 2020, reflecting a dip consistent with broader market disruptions in that period. Subsequently, there was a pronounced growth starting mid-2020, propelling the price from around $163.42 to a peak exceeding $390 by the end of 2022. This represents a substantial appreciation over the four-year timeframe.
- Operating Profit per Share (OP per Share)
- The operating profit per share displayed a generally increasing pattern across the analyzed quarters. Beginning around $25 in early 2019, it showed incremental growth with a slight decline toward the end of 2020. From early 2021 forward, there was a steady and marked increase, reaching approximately $46.60 by the last quarter of 2022. This consistent rise indicates improving operational profitability on a per-share basis over the period.
- Price to Operating Profit Ratio (P/OP)
- The price to operating profit ratio revealed significant fluctuations and an overall rising trend through the timeline. In 2019, the ratio hovered around 4 to 5 times operating profit, suggesting relatively low valuation multiples at that time. Beginning in 2020, however, particularly toward late 2020, this ratio escalated sharply to nearly 9.5 and reached peaks above 12 in early to mid-2021. This indicates that the share price increased at a faster rate than operating profit per share during this period, possibly reflecting heightened investor expectations or market momentum. From late 2021 through 2022, the ratio saw a gradual decline to levels between approximately 6.9 and 8.4, suggesting some moderation in valuation multiples despite continued growth in operating profits.
- Summary Insights
- The data reflects a company experiencing robust growth in operational profitability alongside substantial share price appreciation. Notably, the price increase outpaced operating profit growth for a period, as seen in the elevated P/OP ratios during 2021. However, the more recent moderation in these ratios could imply a market correction or adjustment to a more sustainable valuation. Overall, the trends point to improving financial performance and investor confidence over the analyzed quarters.
Price to Sales (P/S)
United Rentals Inc., historical P/S calculation (quarterly data)
| Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Revenues (in millions) | |||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2022 Calculation
Sales per share
= (RevenuesQ4 2022
+ RevenuesQ3 2022
+ RevenuesQ2 2022
+ RevenuesQ1 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of United Rentals Inc. Quarterly or Annual Report.
4 Q4 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The financial data exhibits notable fluctuations and trends across the examined periods. The share price demonstrates a pattern of overall growth with intermittent volatility. Initially, the share price experienced moderate increases and declines between March 2019 and December 2020, moving from $125.76 to $236.27, indicating market responsiveness to short-term factors. From March 2021 onward, the share price shows a pronounced upward trend, reaching a peak of $392.48 by December 2022, reflecting increasing investor confidence or improving company prospects during this latter phase.
Sales per share present a steady upward trajectory throughout the entire period. Starting from $107.22 in March 2019, sales per share consistently increase, ending at $167.85 in December 2022. This steady growth suggests a continual enhancement in revenue generation on a per-share basis, indicating effective sales expansion or improved operational efficiency over time.
The Price-to-Sales (P/S) ratio indicates variability with phases of elevation and contraction. Initially, the P/S ratio fluctuates between approximately 0.99 and 1.41 during 2019 and 2020, displaying moderate valuation multiples relative to sales. A significant increase is observed beginning in late 2020, with the P/S ratio ascending to a peak of 2.78 by March 2021, signaling heightened market valuation relative to sales. Subsequently, a decline occurs, with the ratio dipping below 2.00 in mid to late 2022, before rising again to 2.34 by December 2022. These variations imply shifts in market sentiment concerning the company’s growth prospects or valuation benchmarks.
Overall, the data suggests that while sales per share have grown steadily and reliably, the share price and P/S ratio reflect more pronounced market dynamics. The increasing share price coupled with fluctuating P/S ratios may indicate changing investor perceptions, possibly influenced by broader market conditions or company-specific developments. The decoupling between the steady growth in sales per share and the volatile P/S ratio at times could warrant further investigation into earnings quality, market sentiment, or external factors impacting valuation.
Price to Book Value (P/BV)
United Rentals Inc., historical P/BV calculation (quarterly data)
| Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Stockholders’ equity (in millions) | |||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2022 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of United Rentals Inc. Quarterly or Annual Report.
4 Q4 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price demonstrated overall growth across the examined periods, beginning at $125.76 in March 2019 and reaching $392.48 by December 2022. There was a notable dip in the first quarter of 2020, aligning with broader market disturbances, followed by a rapid recovery and peak surpassing previous highs by the end of 2021. Subsequent fluctuations occurred in 2022, with a decline in mid-year before rising sharply again toward year-end.
- Book Value Per Share (BVPS) Trends
- Book value per share showed a consistent upward trajectory from $42.93 in March 2019 to $101.82 in December 2022. This steady increase indicates continual strengthening of the company's net asset base on a per-share basis over the periods analyzed, with no periods of decline or stagnation noted.
- Price-to-Book Value (P/BV) Ratio Trends
- The price-to-book ratio displayed variable behavior with initial values around 2.9 in 2019, falling to approximately 2.5 during early 2020, reflecting share price declines relative to book value amid the market downturn. Following this period, the ratio increased significantly, peaking near 4.96 in March 2021, which suggests the market priced the shares at a substantial premium to book value. Thereafter, P/BV ratios decreased moderately through 2022 before increasing again at the end of the year.
- Interpretation and Insights
- The data highlights a robust and growing asset base, as evidenced by the steady rise in book value per share throughout the period. Share prices showed sensitivity to market conditions, particularly during early 2020, with strong recovery and growth thereafter. Elevated P/BV ratios during 2021 and towards the year's end in 2022 imply heightened market optimism or expectations for future growth beyond the book value. The fluctuations in P/BV ratio reflect variable investor sentiment and valuation multiples applied to the company over time.