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Oliver

Vice President and Equity Research Analyst at Morgan Stanley

Oliver is a Vice President and Equity Research Analyst at Morgan Stanley, specializing in the healthcare sector with a focus on biotechnology and pharmaceuticals. He covers specific companies including Regeneron Pharmaceuticals, Vertex Pharmaceuticals, BioMarin Pharmaceutical, and Moderna, boasting a strong performance track record with a 68% success rate on TipRanks, ranking in the top 10% of biotech analysts, and average return per rating of 14.2% over the past five years. Oliver joined Morgan Stanley in 2019 after starting his career at Leerink Partners in 2015 and a brief stint at J.P. Morgan, holding Series 7, 63, and 87 FINRA licenses along with an MBA from Wharton School.

Oliver's questions to UNITED RENTALS (URI) leadership

Question · Q4 2025

Oliver asked about the drivers behind the year-over-year improvement in fleet productivity in Q4 2025 and the directional outlook for rate and time components in 2026. He also inquired about competitive dynamics, specifically if a recent competitor IPO had any positive or negative impact on the ground.

Answer

Matthew Flannery, President and Chief Executive Officer, explained that Q4's 0.5% fleet productivity was driven by positive rate, slightly less positive time, and a significant negative mix impact from the matting business's bulk assets. He expects positive fleet productivity for the full year 2026. Regarding competitive dynamics, Mr. Flannery stated that a competitor's IPO doesn't change 'Main Street' dynamics, emphasizing the industry's need for discipline in utilization and rate improvement to offset fleet price increases.

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Question · Q4 2025

Oliver inquired about the drivers behind the 0.5% fleet productivity in Q4 2025 compared to the full-year 2.2%, specifically asking about the directional outlook for rate and time in 2026. He also asked about competitive dynamics on the ground following a competitor's recent IPO and its potential impact.

Answer

CEO Matthew Flannery explained that Q4 fleet productivity was significantly impacted by mix, specifically the lumpiness and bulk nature of the matting business, which alone accounted for a one-point drag. Rate was positive and similar to Q3, while time was slightly less positive. He stated that the competitor's IPO doesn't change street-level dynamics, emphasizing the industry's need for discipline in utilization and rate improvement to offset fleet price increases.

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