United Rentals, Inc Reiterate Buy rating post strong Q2 results

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United Rentals, Inc Reiterate Buy rating post strong Q2 results

Global Research

22 July 2026ab

United Rentals, Inc Equities

United StatesReiterate Buy rating post strong Q2 results

Consumer Services

12-month rating Buy

Demand is improving and URI is executing well

URI reported a strong Q2, with a beat and raise, rental gross margins delivering 12m price target US$1,350.00

another positive surprise increase YOY, fleet productivity ahead of expectations, Prior : US$1,300

and a bigger than expected capex guidance raise. There was a gain on sale of

Price (22 Jul 2026) US$1,035.06

scaffolding assets, but that was recorded in other income, so did not affect rental

gross margins. RIC: URI.N BBG: URI US

As expected, positive momentum continues to build on large projects while local Trading data and key metrics

markets remain steady. URI is executing well on getting fleet on rent and suppliers 52-wk range US$1,139.51-710.47

are meeting requests for delivering more equipment. This should be a positive read Market cap. US$64.4b

to the equipment suppliers as well. Shares o/s 62.2m (COM)

Free float 75%

Reiterate our Buy rating; expect positive reaction to Q2 results

Avg. daily volume ('000) 147

We reiterate our Buy rating on URI, as we continue to expect acceleration of non-res

Avg. daily value (m) US$150.2

spending to drive faster EBITDA growth, and we expect improving cost trends to support

Common s/h equity (12/26E) US$9.89b

margins.

P/BV (12/26E) 6.5x

Overall, we think the market should react positively to URI’s Q2. Expectations for a Net debt to EBITDA (12/26E) 1.7x

beat and raise were high going in, but there were margin concerns. We think

EPS (UBS, diluted) (USD)

investors should be positively surprised by the margin growth and better than

12/26E

expected fleet productivity.