Discounted Cash Flow

United Rentals, Inc.

URI · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $5.8b $566.0m $1.9b 9.8% $6.49
2017 $6.6b (15.3%) $1.3b (137.8%) $2.1b (13.4%) 20.3% (106.3%) $15.91 (145.1%)
2018 $8.0b (21.2%) $1.1b (-18.6%) $2.7b (26.4%) 13.6% (-32.8%) $13.26 (-16.7%)
2019 $9.4b (16.2%) $1.2b (7.1%) $2.8b (5.2%) 12.6% (-7.8%) $15.18 (14.5%)
2020 $8.5b (-8.8%) $890.0m (-24.2%) $2.5b (-12.3%) 10.4% (-16.9%) $12.24 (-19.4%)
2021 $9.7b (13.9%) $1.4b (55.7%) $3.5b (41.8%) 14.3% (36.7%) $19.14 (56.4%)
2022 $11.6b (19.8%) $2.1b (51.9%) $4.2b (19.8%) 18.1% (26.8%) $29.77 (55.5%)
2023 $14.3b (23.1%) $2.4b (15.2%) $4.3b (4.0%) 16.9% (-6.5%) $35.40 (18.9%)
2024 $15.3b (7.1%) $2.6b (6.2%) $4.2b (-4.0%) 16.8% (-0.8%) $38.82 (9.7%)
2025 $16.1b (4.9%) $2.5b (-3.1%) $4.8b (15.3%) 15.5% (-7.7%) $38.71 (-0.3%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model