Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Charlie and I have watched United Rentals for a long time, and let us say up front what this report will conclude: this is a good business run by genuinely excellent people, and it is neither a wonderful business nor a cheap stock. It rents commodity iron in a deeply cyclical industry, it must shovel roughly three billion dollars a year back into its fleet just to stay in place, and its pricing power is a function of industry supply discipline rather than anything the customer can't live without. Today — the day after a record quarter and a 12% single-day pop to an all-time high — it trades at roughly 24 times cycle-high earnings and about 30 times free cash flow. We admire the management enormously. We would not put new capital here.
Recent filings analysed: 8-K (2026-07-22), 10-Q (2026-07-22), 8-K (2026-06-18), 8-K (2026-05-08).
Stock screener · Superinvestor 13F holdings · Analyst sentiment · Market valuation