URIUNITED RENTALS, INC.

Services-Equipment Rental & Leasing, NEC

Revenue: $3.7B; 3.0% YoY
Operating margin: 107.5%; 5.1% YoY
EBITDA: $4.4B; 2.0% YoY
Market cap: $72.5B
Employees: 2,025; $2M revenue each
Net debt / EBITDA: 0.7×; $2.9B net debt
AI in 10-K: 2.5; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
208% of net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
47% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
22% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$2M · 91st pct
Bottom quartile of its SIC industry
Quiet on AINo
2.5 per 10K words · 62nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$72.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$30M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.3B	$2.5B	$3.4B	$3.6B	$3.7B	3.0%
Operating income	$2.3B	$3.2B	$3.8B	$4.1B	$4.0B	2.3%
Net income	$1.4B	$2.1B	$2.4B	$2.6B	$2.5B	3.1%
Operating cash flow	$3.7B	$4.4B	$4.7B	$4.5B	$5.2B	14%
Capex	$3.2B	$3.7B	$3.9B	$4.1B	—
Stock-based comp	$119M	$127M	$94M	$112M	$134M	20%
Buybacks	$34M	$1.1B	$1.1B	$1.6B	$2.0B	25%
Dividends	$0	$0	$406M	$434M	$464M	6.9%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $30M · 7
Net: −$30M

Pay vs performance

No pay-versus-performance disclosure yet.