UNITED RENTALS, INC. (URI)

United Rentals is the largest equipment rental company in the world, operating throughout the United States and Canada with a smaller presence in Europe, Australia and New Zealand, serving customers ranging from Fortune 500 companies to small businesses and homeowners across three principal end-markets: industrial and other non-construction (approximately 49% of rental revenue), commercial construction (approximately 46%), and residential construction (approximately 5%). The company operates through two reportable segments—general rentals and specialty—with general rentals encompassing construction, aerial and industrial equipment, general tools and light equipment across four geographic divisions (Central, Northeast, Southeast and West), while the specialty segment rents trench safety equipment, power and HVAC equipment, fluid solutions equipment, mobile storage equipment and modular office space, and surface protection mats (the latter added through the March 2024 acquisition of Yak Access and related entities). Its core business is equipment rental, offered on an hourly, daily, weekly or monthly basis from a fleet with a total original equipment cost of $21.4 billion across 1,120,000 units and 1,686 rental locations as of year-end 2024, generating $15.3 billion in total revenue, of which 85% derives from equipment rental; additional revenue streams include sales of used and new rental equipment (such as aerial lifts, reach forklifts, telehandlers, compressors and generators) and sales of contractor supplies including consumables, tools, small equipment and safety supplies.

Customers include construction and industrial companies, manufacturers, energy and chemical companies, paper mills, railroads, shipbuilders, utilities, municipalities, retailers, infrastructure entities and homeowners, with key accounts representing 68% and national accounts 44% of equipment rental revenue; the company maintains significant customer diversification, with its largest single customer representing only 1% of total revenues. The company's strategy emphasizes customer segmentation and service differentiation (supported by its proprietary Total Control® software platform), fleet and rate management, operational efficiency through Lean management techniques, cross-selling of specialty and services products, and growth through strategic acquisitions, including the pending acquisition of H&E Equipment Services expected to close in the first quarter of 2025, following its 2022 acquisition of Ahern Rentals. Competitive advantages cited include its large and diverse fleet, significant purchasing power, a dedicated national account program, operating efficiencies from equipment sharing among branches and a centralized Customer Care Center, strong brand recognition, geographic and customer diversity, experienced branch management, and dedicated risk management and safety programs, supported by a workforce of approximately 27,900 employees.