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URI · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is United Rentals, Inc. (URI) stock moving?
URI closed at $1,104.94 on Nov 10, about 8% below its $1,200 high on Oct 29-30 and about 6% above the $1,042 close on Nov 5. The Nov 4 drop of 4.4% on about 1.02M shares (roughly double normal volume) is not explained by any item in the news set. The stock rebounded on Nov 9 (+7.5% intraday range to $1,143.87 high, close $1,126.20) and eased on Nov 10. Fundamentals are the strongest support: Q3 2026 set records, with revenue of $4.893B, adjusted EPS of $15.55, adjusted EBITDA of $2.331B at a 47.6% margin, fleet productivity up 6.5%, and full-year 2026 guidance raised. Net leverage is 1.8x with $2.615B of liquidity, and $1.496B was returned to shareholders year to date. The $2.5B senior notes sold on Oct 29 carry coupons of 5.55% to 6.20%, which raises the cost of debt. Analyst targets are rising: Raymond James lifted its target to $1,350 on Nov 2 and Evercore raised its target to $1,317 with a Buy rating on Nov 10, about 19% above the latest close. Key risks are the unexplained early-November selloff, higher financing costs and the cyclical nature of construction and industrial rental demand.
News behind the analysis
- Evercore Maintains United Rentals With Buy Rating and Raises Price TargetEvercore analyst David Raso kept a Buy rating on United Rentals and raised the price target to $1,317.
- Evercore ISI Group Maintains Outperform on United Rentals, Raises Price Target to $1317Evercore ISI reiterated its Outperform rating on United Rentals and lifted its price target to $1,317.
- Raymond James Adjusts United Rentals Price Target to $1,350 From $1,325Raymond James raised its United Rentals price target from $1,325 to $1,350.
- United Rentals Announces Record Third Quarter Results and Raises Full-Year 2026 GuidanceQ3 total revenue was $4.893B, adjusted EPS $15.55 and adjusted EBITDA $2.331B at a 47.6% margin. The company raised its full-year 2026 guidance and reported a 1.8x net leverage ratio.
- United Rentals (North America) completes $2.5B senior notes offeringSubsidiary URNA sold $700M of 5.550% notes due 2029, $800M of 5.750% notes due 2031 and $1.0B of 6.200% notes due 2036. The offering was completed on October 29, 2026.
- Here's How Much $100 Invested In United Rentals 10 Years Ago Would Be Worth TodayBenzinga reports URI has outperformed the market over 10 years, with a 32.61% average annual return and a market capitalization of $72.73B.
About United Rentals, Inc.
United Rentals, based in Stamford, Connecticut, calls itself the world's largest equipment rental company, with roughly 1,770 branches, most of them in North America and the rest in Europe, Australia and New Zealand. It rents out everything from aerial lifts and earthmoving machines to specialty gear such as trench safety, power, climate control and portable storage. Its customers are mainly construction and industrial firms.
How it makes money
Most of its money comes from renting equipment. In Q3 2026, rental revenue was about $4.3 billion out of about $4.9 billion in total revenue, or roughly 88%. That rental revenue comes from its general rentals business and a fast-growing specialty segment. The rest comes from selling used fleet equipment, new equipment and supplies, plus services. The company has raised its 2026 revenue outlook to above $17 billion (approximate). It returns cash to shareholders through a quarterly dividend (about $1.97 per share) and buybacks, including a new $5 billion buyback authorization.
What usually moves URI
- Non-residential construction and big infrastructure or factory projects
- Industrial activity and the broader economy
- Fleet utilization and rental rates
- Interest rates and debt costs
- Acquisitions and growth in specialty rentals