URI Value Scorecard - United Rentals

Value Scorecard · run 2026-10-18

13 value checks: 12 scored 1 to 5, plus moat evidence

33/60

low-moderate value score

Earnings & returns

EPS Trend

4/5

Diluted EPS: $29.65 (2022), $35.28 (2023), $38.69 (2024), $38.61 (2025). It rose every year but one and ended above 2022; the framework scores that as 4.

ROE Trend

5/5

ROE (net income / common equity): 29.8% (2022), 29.8% (2023), 29.9% (2024), 27.8% (2025). Median 29.8%, lowest 27.8%; the framework scores a median above 20% as 5.

ROIC

4/5

ROIC of 15.3%: operating income of $3.97B divided by $26.05B of capital (total assets $29.87B minus current liabilities $3.82B), fiscal year to Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores 15-20% as 4.

Profit Margins

4/5

Net margin of 15.7%; the framework scores 10-20% as 4; gross margin 38.5%, operating margin 26.0%.

Balance sheet & cash

Debt-to-Equity

2/5

Debt-to-equity of 1.67; the framework scores 1.5-2.5 as 2 (total debt $15.38B, total cash $112.00M).

Free Cash Flow

2/5

Free cash flow (operating cash flow minus capital expenditure): $743.00M (2022), $634.00M (2023), $419.00M (2024), $662.00M (2025). It ended at or below 2022; the framework scores that as 2.

Retained Earnings

5/5

Retained earnings, as filed in the 10-Ks (SEC EDGAR): $9.66B (2022), $11.67B (2023), $13.81B (2024), $15.84B (2025). It rose every year; the framework scores that as 5.

Valuation models

Graham IV

1/5

IV = EPS x (8.5 + 2g) x (4.4 / Y) = $41.59 x (8.5 + 2 x 4.6) x (4.4 / 4.5) = $719.78. Current price $1,029.64; price is 43.0% above the model value.

DCF Value

1/5

FCF/share = $27.413, stage 1 growth = 6.0% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $122.82, PV of terminal value = $335.17, DCF value = $457.98. Current price $1,029.64; price is 124.8% above the model value.

Margin of Safety

1/5

Graham value $719.78 (price is 43.0% above the model value); DCF value $457.98 (price is 124.8% above the model value).

Price-to-Book

1/5

P/B of 6.96; the framework scores above 5.0 as 1.

Business quality

Moat Evidence

Not scored

A moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.

Return on capital, each year

Above 15% in 3 of 10 years (2016-2025); lowest 11.3%, highest 17.4%.

Gross margin, each year

Between 41.7% and 199.8% over 10 years (a range of 158.1 points).

Competition, in the company’s own words · 10-K filed Jan 28, 2026

We primarily operate in the United States and Canada, and have a smaller presence in Europe, Australia and New Zealand. The North American equipment rental industry is highly fragmented and competitive. As the largest equipment rental company in the industry, we estimate that we have an approximate 15 percent market share in North America based on 2025 total equipment rental industry revenues (excluding party and

The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.

Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.

Capital Allocation

3/5

Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $6.98B paid out against $2.46B of free cash flow (fail: paid out more than free cash flow); total debt $12.22B to $15.67B, up 28.2%, 2.2x EBITDA (fail: up more than 10% and above 2x EBITDA); shares outstanding 0.07B to 0.06B, down 9.0% (pass). 2 of 4 tests passed; the framework scores that as 3.

Filings

Company notices to the SEC

Not scored

Three kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.

These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.

How the Graham and DCF values were calculated

  Graham Formula:
    IV = EPS x (8.5 + 2g) x (4.4 / Y)
    EPS = $41.59, g = 4.6%, Y = 4.5
    IV = $719.78
    Current price $1,029.64 vs Graham value $719.78 — price is 43.0% above the model value.

  DCF:
    FCF/share = $27.413
    Stage 1 growth = 6.0% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
      Y1: $29.058 → PV $26.416
      Y2: $30.801 → PV $25.456
      Y3: $32.649 → PV $24.530
      Y4: $34.608 → PV $23.638
      Y5: $36.685 → PV $22.778
    Stage 1 PV sum = $122.82
    Terminal value at end of Y5 = $539.79
    PV of terminal value = $335.17
    DCF value = $457.98
    Current price $1,029.64 vs DCF value $457.98 — price is 124.8% above the model value.

Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $1029.64. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.

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