United Rentals, Inc.
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+ FollowMarket Cap$72.45B
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Earnings Call Q3 2026
October 22, 2026 - AI Summary
Q3 delivered strong records; momentum better than expected
- Total revenue +$16% Y/Y to $4.9B; rental revenue +$18% Y/Y to $4.3B (quarterly record).
- Fleet productivity +6.5% drove OER +12.9%; additionally, ancillary & re-rent +~37% Y/Y (outpacing OER).
- Adjusted EBITDA $2.3B record, margin 47.6% (+160 bps Y/Y).
- Adjusted EPS $15.55, +33% Y/Y (another record).
Specialty business acceleration and used equipment market strength
- Specialty rental revenue +35% Y/Y, with 12 “cold starts” in Q3; 40 cold starts YTD.
- Used equipment sales: $677M OEC in Q3 at 51.4% recovery; generated $348M proceeds at 46.3% adjusted margin.
- Management still expects ~$2.8B fleet sales for 2026 at low-50s recovery rate (healthy used market).
Capital intensity remains high, but free cash flow strong; leverage remains controlled
- Gross rental CapEx: $1.8B in Q3, $4.7B YTD (also very large vs prior year: guidance suggests big ongoing investment).
- Free cash flow: $1.4B YTD despite higher CapEx.
- Net leverage ~1.8x at end of September—within targeted 1.5x–2.5x, giving flexibility (“dry powder”).
- Balance sheet supports growth and shareholder returns; S&P upgraded to investment grade (upgrade viewed as recognition of balance-sheet strength).
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$-130.41
111.6% downside
Current Fair Value
111.6% downsideOvervalued by 111.6% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $72.45 Billion |
|---|---|
| Enterprise Value | $88.16 Billion |
| Annual dividend | $7.70 |
| Dividend yield | 0.66% |
| Earnings per Share | $38.71 |
| Beta | 1.83 |
| Outstanding Shares | 62,164,000 |
Return
| Return on Equity | 29.47% |
|---|---|
| Return on Assets | 8.71% |
| Return on Invested Capital | 16.29% |
Valuation & Multiples
| P/E Ratio | 25.82 |
|---|---|
| PEG | 82.64 |
| Price to Sales | 4.0 |
| Price to Book Ratio | 7.25 |
| Enterprise Value to Revenue | 5.04 |
| Enterprise Value to EBIT | 19.48 |
| Enterprise Value to Net Income | 30 |
| Total Debt to Enterprise | 0.18 |
| Debt to Equity | 1.64 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 28, 2026
EPS Estimate
$13.93
Consensus analyst estimateRevenue Estimate
$4.70 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 27, 2027
EPS Estimate
$14.21
Consensus analyst estimateRevenue Estimate
$4.82 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 94.57% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 7.16%▼ 84.11% |
|---|---|
| Total Invested | $3.04B▼ 95.32% |
| Investors Holding | 614▼ 1047.00% |
About United Rentals, Inc.
18,800 employees
CEO: Matthew Flannery
United Rentals, Inc. is the largest equipment rental company in the world. The company has an integrated network of 1,169 rental locations in North America and 11 in Europe. In North America, the company operates in 49 states and every C...