Financial Performance - Total revenue for Q3 2025 reached $4.229 billion, with rental revenue accounting for $3.665 billion, marking a year-over-year increase of 5.8%[6] - Net income for the quarter was $701 million, resulting in a net income margin of 16.6%, a decrease of 110 basis points year-over-year[12] - Adjusted EBITDA for Q3 2025 was $1.946 billion, with an adjusted EBITDA margin of 46.0%, down 170 basis points from the previous year[12] - Total revenues for Q3 2025 reached $4,229 million, a 5.9% increase from $3,992 million in Q3 2024[23] - Net income for the nine months ended September 30, 2025, was $1,841 million, compared to $1,886 million for the same period in 2024, indicating a slight decrease of 2.4%[23] - Diluted earnings per share for Q3 2025 were $10.91, an increase from $10.70 in Q3 2024, representing a growth of 2.0%[23] - The company reported a gross profit of $1,665 million for Q3 2025, slightly up from $1,648 million in Q3 2024, a growth of 1.0%[23] - For the three months ended September 30, 2025, net income was $701 million, a decrease of 1% from $708 million in the same period of 2024[45] - The adjusted EBITDA margin for the three months ended September 30, 2025, was 46.0%, down from 47.7% in 2024[45] - The company reported a net income margin of 16.6% for the three months ended September 30, 2025, compared to 17.7% in 2024[45] Revenue Segments - The specialty rentals segment saw a rental revenue increase of 11.4% year-over-year, reaching $1.265 billion[12] - Equipment rentals contributed $3,665 million to revenues, up from $3,463 million year-over-year, reflecting a 5.8% growth[23] - Total equipment rentals revenue increased by 5.8% to $3,665 million for the three months ended September 30, 2025, compared to $3,463 million in 2024[35] - Specialty equipment rentals revenue grew by 11.4% to $1,265 million for the three months ended September 30, 2025, up from $1,136 million in 2024[35] - The gross profit for total equipment rentals for the nine months ended September 30, 2025, was $3,902 million, a 1.9% increase from $3,830 million in 2024[35] Cash Flow and Liquidity - Year-to-date free cash flow was $1.192 billion, reflecting a slight decrease of 1.6% compared to the same period last year[12] - Total liquidity was reported at $2.452 billion, including $512 million in cash and cash equivalents[12] - Cash provided by operating activities was $1,181 million for the three months ended September 30, 2025, slightly down from $1,204 million in 2024[28] - The net cash provided by operating activities for the three months ended September 30, 2025, was $1,181 million, compared to $1,204 million in 2024[50] - Free cash flow for the nine months ended September 30, 2025, was $1,192 million, slightly down from $1,211 million in 2024[50] - For the forecasted year 2025, net cash provided by operating activities is expected to be between $5,000 million and $5,400 million[52] - Free cash flow excluding merger and restructuring related payments is projected to be between $2,100 million and $2,300 million for 2025[52] Guidance and Projections - The company raised its 2025 total revenue guidance to between $16.0 billion and $16.2 billion, up from the previous range of $15.8 billion to $16.1 billion[8] - Net rental capital expenditures for 2025 are now projected to be between $2.55 billion and $2.75 billion, an increase from the prior estimate of $2.2 billion to $2.5 billion[8] Debt and Leverage - The net leverage ratio stood at 1.86x as of September 30, 2025, compared to 1.81x at the end of 2024[12] - Long-term debt increased to $12,600 million from $12,228 million, indicating a rise of 3.0%[26] - Total liabilities increased to $21,065 million from $19,541 million, reflecting an increase of 7.8%[26] Shareholder Returns - The company returned $1.633 billion to shareholders year-to-date, comprising $1.283 billion in share repurchases and $350 million in dividends[6] - The company declared dividends of $1.79 per share in Q3 2025, up from $1.63 in Q3 2024, marking a 9.8% increase[23] Restructuring and Special Items - The company incurred total restructuring charges of $384 million since initiating its first restructuring program in 2008, with no open restructuring programs currently[45] - The impact of the merger termination benefit associated with the terminated H&E acquisition was a net after-tax benefit of $29 million for net income and a net $52 million benefit for adjusted EBITDA for the nine months ended September 30, 2025[45]

PART I. FINANCIAL INFORMATION This section provides comprehensive financial data, including unaudited condensed consolidated statements and management's discussion and analysis of financial condition and results of operations [Item 1. Unaudited Condensed Consolidated Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents the company's unaudited condensed consolidated financial statements, covering balance sheets, income, comprehensive income, equity, and cash flows, with detailed notes on key financial areas [Condensed Consolidated Balance Sheets](index=6&type=section&id=UNITED%20RENTALS%2C%20INC.%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) This section provides a snapshot of the company's financial position, detailing assets, liabilities, and equity at specific points in time | Metric | Sep 30, 2025 (M$) | Dec 31, 2024 (M$) | | :-------------------------- | :------------------ | :------------------ | | Total assets | 30,065 | 28,163 | | Rental equipment, net | 16,405 | 14,931 | | Total liabilities | 21,065 | 19,541 | | Long-term debt | 12,600 | 12,228 | | Total stockholders' equity | 9,000 | 8,622 | [Condensed Consolidated Statements of Income](index=7&type=section&id=UNITED%20RENTALS%2C%20INC.%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20INCOME%20(UNAUDITED)) This section presents the company's financial performance over specific periods, detailing revenues, expenses, and net income | Metric | Three Months Ended Sep 30, 2025 (M$) | Three Months Ended Sep 30, 2024 (M$) | Nine Months Ended Sep 30, 2025 (M$) | Nine Months Ended Sep 30, 2024 (M$) | | :-------------------------- | :----------------------------------- | :----------------------------------- | :---------------------------------- | :---------------------------------- | | Total revenues | 4,229 | 3,992 | 11,891 | 11,250 | | Gross profit | 1,665 | 1,648 | 4,554 | 4,512 | | Operating income | 1,114 | 1,122 | 2,921 | 2,978 | | Net income | 701 | 708 | 1,841 | 1,886 | | Basic earnings per share | 10.93 | 10.73 | 28.42 | 28.33 | | Diluted earnings per share | 10.91 | 10.70 | 28.37 | 28.25 | [Condensed Consolidated Statements of Comprehensive Income](index=8&type=section&id=UNITED%20RENTALS%2C%20INC.%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20INCOME%20(UNAUDITED)) This section reports net income and other comprehensive income items, reflecting changes in equity from non-owner sources | Metric | Three Months Ended Sep 30, 2025 (M$) | Three Months Ended Sep 30, 2024 (M$) | Nine Months Ended Sep 30, 2025 (M$) | Nine Months Ended Sep 30, 2024 (M$) | | :-------------------------------- | :----------------------------------- | :----------------------------------- | :---------------------------------- | :---------------------------------- | | Net income | 701 | 708 | 1,841 | 1,886 | | Foreign currency translation adjustments | (29) | 55 | 122 | (9) | | Comprehensive income | 672 | 763 | 1,963 | 1,877 | [Condensed Consolidated Statements of Stockholders' Equity](index=9&type=section&id=UNITED%20RENTALS%2C%20INC.%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20STOCKHOLDERS'%20EQUITY%20(UNAUDITED)) This section details changes in stockholders' equity, including net income, dividends, and stock repurchases over specified periods | Item | Nine Months Ended Sep 30, 2025 (M$) | Nine Months Ended Sep 30, 2024 (M$) | | :-------------------------------- | :---------------------------------- | :---------------------------------- | | Balance at Dec 31 (prior year) | 8,622 | 8,622 | | Net income | 1,841 | 1,886 | | Dividends declared | (350) | (327) | | Repurchase of common stock | (1,295) | (1,135) | | Balance at Sep 30 | 9,000 | 8,622 | - Dividends declared were **$5.37** per share for the nine months ended September 30, 2025, and **$4.89** per share for the nine months ended September 30, 2024[29](index=29&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=UNITED%20RENTALS%2C%20INC.%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS%20(UNAUDITED)) This section summarizes cash inflows and outflows from operating, investing, and financing activities over specific periods | Cash Flow Activity | Nine Months Ended Sep 30, 2025 (M$) | Nine Months Ended Sep 30, 2024 (M$) | | :-------------------------------- | :---------------------------------- | :---------------------------------- | | Net cash provided by operating activities | 3,934 | 3,498 | | Net cash used in investing activities | (2,766) | (3,633) | | Net cash (used in) provided by financing activities | (1,129) | 254 | | Net increase in cash and cash equivalents | 55 | 116 | | Cash and cash equivalents at end of period | 512 | 479 | - Cash paid for income taxes, net, was **$574 million** in 2025, down from **$812 million** in 2024. Cash paid for interest increased to **$566 million** in 2025 from **$544 million** in 2024[33](index=33&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=12&type=section&id=NOTES%20TO%20UNAUDITED%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements [1. Organization, Description of Business and Basis of Presentation](index=12&type=section&id=1.%20Organization%2C%20Description%20of%20Business%20and%20Basis%20of%20Presentation) This note outlines the company's structure, business operations, and the accounting principles used in financial statement preparation - United Rentals, Inc. (Holdings) operates primarily through its wholly-owned subsidiary, United Rentals (North America), Inc. (URNA), renting equipment to a diverse customer base including construction and industrial companies, manufacturers, utilities, municipalities, homeowners, and government entities[36](index=36&type=chunk)[37](index=37&type=chunk) - The company primarily operates in the United States and Canada, with a smaller presence in Europe, Australia, and New Zealand[37](index=37&type=chunk) - New accounting pronouncements include ASU 2023-09 (Income Tax Disclosures), ASU 2024-03 (Disaggregation of Income Statement Expenses), and ASU 2025-05 (Measurement of Credit Losses for Accounts Receivable and Contract Assets), which are not expected to impact financial statement amounts but will affect disclosures[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) [2. Revenue Recognition](index=12&type=section&id=2.%20Revenue%20Recognition) This note details the company's policies and methods for recognizing revenue from various sources, including equipment rentals and sales - Revenue is recognized under Topic 606 (contracts with customers) and Topic 842 (lease revenue), with owned equipment rentals (operating leases) being the most significant revenue type, accounting for **69% of total revenues** for the nine months ended September 30, 2025[43](index=43&type=chunk)[48](index=48&type=chunk) Total Revenues by Accounting Standard (Nine Months Ended Sep 30, 2025) | Revenue Type | Topic 842 (M$) | Topic 606 (M$) | Total (M$) | | :-------------------------- | :------------- | :------------- | :--------- | | Owned equipment rentals | 8,204 | — | 8,204 | | Re-rent revenue | 196 | — | 196 | | Ancillary and other rental revenues | 788 | 1,037 | 1,825 | | Sales of rental equipment | — | 1,027 | 1,027 | | Sales of new equipment | — | 240 | 240 | | Contractor supplies sales | — | 120 | 120 | | Service and other revenues | — | 279 | 279 | | **Total Revenues** | **9,188** | **2,703** | **11,891** | Allowance for Credit Losses Rollforward (Nine Months Ended Sep 30) | Item | 2025 (M$) | 2024 (M$) | | :-------------------------- | :-------- | :-------- | | Beginning balance | 186 | 169 | | Charged to costs and expenses | 11 | 13 | | Charged to revenue | 41 | 40 | | Deductions and other | (58) | (38) | | Ending balance | 180 | 184 | [3. Segment Information](index=16&type=section&id=3.%20Segment%2

Core Insights - United Rentals, Inc. is a leading player in the equipment rental industry with a significant presence through 1,360 rental locations across multiple regions [1] - The consensus price target for United Rentals' stock has risen from $947.18 to $1,018.40 over the past year, indicating growing analyst optimism [2][6] - Factors contributing to the positive outlook include market expansion, robust financial performance, and strategic initiatives [3][4] Company Overview - United Rentals operates through General Rentals and Specialty segments, providing a wide array of construction and industrial equipment [1] - The company's extensive network allows it to serve a diverse customer base effectively [1] Analyst Sentiment - The increase in price targets reflects analysts' confidence in United Rentals' ability to deliver shareholder value [2] - Analysts are optimistic about the company's growth potential due to its strong market position [2] Growth Drivers - Market expansion and diverse equipment offerings position United Rentals to benefit from infrastructure projects and industrial demand [3][6] - Strategic initiatives, such as acquisitions or partnerships, enhance market position and operational efficiency [4] Upcoming Events - United Rentals is expected to announce its third-quarter earnings, with anticipated growth driven by strong construction activity and increased specialty rentals [5]

Core Insights - United Rentals, Inc. (URI) is set to report its third-quarter 2025 results on October 22, with adjusted earnings per share expected to rise 5.9% year-over-year to $12.50, while revenues are projected to grow 4.1% to $4.16 billion [1][3][10]. Revenue Performance - The company is anticipated to experience revenue growth in Q3 2025, driven by strong demand in construction and industrial markets, particularly from large infrastructure projects [4]. - Specialty rentals, which are crucial for United Rentals' expansion strategy, are expected to contribute to revenue growth through both organic means and new market entries [5]. - Revenue from General Rentals is predicted to increase by 4.7% to $2.87 billion, while Specialty Rentals are expected to rise by 2% to $1.27 billion year-over-year [6]. Segment Analysis - Equipment Rentals, which constituted 86.6% of total revenues in Q2 2025, is projected to see a 2.2% increase in revenues to $3.54 billion [7][8]. - New Equipment Sales are expected to rise by 8.4%, while sales of Rental Equipment and Contractor Supplies are forecasted to increase by 13.8% and 6.7%, respectively [8]. Earnings and Margins - The company is expected to report improved margins and earnings due to higher fleet productivity and effective rate management, with adjusted EBITDA anticipated to grow 4.1% to $1.98 billion [9][11]. - The adjusted EBITDA margin is expected to increase by 10 basis points to 47.8%, and the gross margin is projected to expand by 30 basis points to 41.6% [11]. Earnings Estimates - The Zacks Consensus Estimate for adjusted earnings has remained stable at $12.50 per share, reflecting a 5.9% increase from the previous year [3][10]. - Despite the positive outlook, the model does not predict an earnings beat for United Rentals this quarter, as the Earnings ESP stands at 0.00% [12].

Core Insights - United Rentals (URI) is expected to report quarterly earnings of $12.50 per share, reflecting a 5.9% increase year-over-year, with revenues projected at $4.16 billion, a 4.1% increase from the previous year [1]. Earnings Estimates - Over the last 30 days, the consensus EPS estimate has been revised upward by 0.1%, indicating analysts' reassessment of their forecasts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock performance [3]. Revenue Projections - Analysts estimate 'Revenues- Equipment rentals' will reach $3.61 billion, a 4.2% increase from the prior year [5]. - 'Revenues- Service and other revenues' are expected to be $101.34 million, reflecting a 9% increase year-over-year [5]. - 'Revenues- Contractor supplies sales' are projected at $39.43 million, indicating a 3.8% increase from the previous year [5]. - 'Revenues- Sales of new equipment' are forecasted at $79.81 million, a 3.6% year-over-year increase [6]. - 'Revenues- Sales of rental equipment' are estimated at $321.65 million, showing a slight increase of 0.2% [6]. - 'Revenues- Specialty- Contractor supplies sales' are expected to be $17.09 million, reflecting a 6.8% increase [6]. - 'Revenues- Specialty- Equipment rentals' are projected to reach $1.22 billion, a 7.6% increase from the prior year [7]. - 'Revenues- Specialty- Sales of new equipment' are expected to decline to $35.83 million, a decrease of 12.6% year-over-year [7]. - 'Revenues- Specialty- Sales of rental equipment' are estimated at $46.95 million, indicating a slight decrease of 0.1% [8]. - 'Revenues- Specialty- Service and other revenues' are projected to reach $9.15 million, reflecting a significant increase of 30.6% [8]. - The consensus estimate for 'Total Revenues- General rentals' stands at $2.83 billion, indicating a 3% year-over-year increase [9]. - 'Revenues- General Rentals- Service and other revenues' are expected to reach $100.48 million, reflecting a 16.8% increase from the previous year [9]. Stock Performance - Shares of United Rentals have increased by 6.7% over the past month, outperforming the Zacks S&P 500 composite, which saw a 0.7% increase [9].

Market Overview - Mid cap growth equities experienced modest gains in Q3, with the Russell Midcap Growth Index returning 2.8%, lagging behind the Russell Midcap Value Index at 6.2% and the Russell Midcap Index at 5.3% [3] - The U.S. Federal Reserve's rate cut in September contributed to easing monetary policy, benefiting rate-sensitive sectors and renewing interest in cyclical and innovation-led areas [3] Investor Sentiment - Investor sentiment improved due to the passage of the One Big Beautiful Bill and progress on trade agreements, reducing policy uncertainty and enabling companies to execute delayed strategic decisions [4] - Earnings estimates stabilized, particularly in technology and AI-related sectors, despite ongoing challenges in non-residential construction and discretionary segments [4] Portfolio Performance - The ClearBridge Mid Cap Growth Strategy outperformed its benchmark in Q3, driven by stock selection in IT, consumer staples, and healthcare sectors, while consumer discretionary and financials sectors slightly detracted from performance [5] Sector Contributions - In the IT sector, AppLovin (APP) and Monolithic Power Systems (MPWR) were standout performers, with AppLovin benefiting from strong earnings and optimism around its e-commerce business [6] - Consumer staples saw positive contributions from Performance Food Group (PFGC) and Casey's General Stores (CASY), both benefiting from strong operational performance [7] - The consumer discretionary sector faced challenges, particularly with Chipotle Mexican Grill (CMG) and Wingstop (WING) experiencing declines due to competitive pressures and softer spending trends [8] - Financials sector was a modest drag on performance, with Tradeweb Markets (TW) and Corpay facing challenges from macro volatility and company-specific issues [9] Portfolio Positioning - New positions were initiated in Roblox, benefiting from improved growth dynamics and advertising opportunities, and APi Group, which is well-positioned in safety and industrial services [10][11] - Exited position in Deckers Outdoor (DECK) due to increasing competitive pressures in the sneaker market [12] Outlook - Leadership within mid growth stocks remains selective, with a few companies rewarded for differentiated technology and strong pipelines, while others struggle with demand and competition [13] - Focus remains on identifying businesses with secular growth drivers across technology, healthcare, and industrials sectors [14] - Near-term market uncertainty is expected to persist, but the strategy is positioned to benefit from companies sustaining durable growth in earnings and cash flow [15] Portfolio Highlights - The ClearBridge Mid Cap Growth Strategy had positive contributions across seven of the 11 sectors, with IT and healthcare being the leading contributors [16] - Stock selection in IT, consumer staples, healthcare, and energy sectors contributed positively, while consumer discretionary and financials sectors weighed on performance [17] - Individual stock contributions included AppLovin, United Rentals (URI), and Performance Food, while detractors included Chipotle Mexican Grill and Tradeweb Markets [18]

Core Insights - United Rentals, Inc. (URI) is a leading equipment rental company with a market capitalization of $63.1 billion, providing a wide range of equipment and services across various sectors [1] - The company is expected to report Q3 earnings soon, with analysts predicting a profit of $12.43 per share, reflecting a 5.3% increase from the previous year's $11.80 per share [2] Financial Performance - For fiscal 2025, analysts anticipate an EPS of $43.92, which is a 1.7% increase from $43.17 in fiscal 2024, with a projected annual growth of 9% to $47.86 in fiscal 2026 [3] - In Q2, United Rentals reported revenue of $3.9 billion, marking a 4.5% year-over-year increase, and adjusted EPS of $10.47, slightly missing expectations [5] Market Sentiment and Stock Performance - URI stock has increased by 24.3% over the past 52 weeks, outperforming the S&P 500 Index's 17.8% rise and the Industrial Select Sector SPDR Fund's 14.7% increase [4] - The positive stock performance is attributed to stable topline growth and strong demand in data center construction [5] Guidance and Share Repurchase - The company raised its full-year guidance and announced a $400 million increase to its 2025 share repurchase program, bringing the total to $1.9 billion [6] - Revenue outlook has been adjusted to a range of $15.8 billion to $16.1 billion, up from the previous range of $15.6 billion to $16.1 billion [6] Analyst Ratings - The consensus opinion on URI stock is moderately positive, with a "Moderate Buy" rating from 20 analysts, including 11 recommending "Strong Buy" and one suggesting "Strong Sell" [7]

Group 1 - Nvidia is recognized as the "de facto AI infrastructure company" and is highlighted as a key stock to watch [1] - Coherent (COHR) is also identified as a significant player in the AI data center sector [1] - United Rentals (URI) is noted for its exposure to data centers within the construction equipment supply industry [1] Group 2 - Sea Ltd. (SE), a Singapore-based gaming and e-commerce company, is included in the list of stocks near buy points [1] - Expedia Group (EXPE) rounds out the list of five stocks that are being monitored for potential investment opportunities [1] Group 3 - The stock market experienced a rebound to new highs last week, indicating positive market sentiment [2] - Upcoming events include OpenAI's DevDep Day, the release of Fed Minutes, and Taiwan Semiconductor's monthly sales report, which may impact market dynamics [2]

Upgrades - Baird upgraded United Rentals (URI) to Outperform from Neutral with a price target of $1,050, up from $888, indicating stabilization in the rental industry after two years of deceleration [2] - Jefferies upgraded Sunrun (RUN) to Buy from Hold with a price target of $21, up from $11, expecting cash generation to materialize in the second half and strong growth through 2026 as U.S. Third-Party Owners gain market share [3] - HSBC upgraded Autodesk (ADSK) to Buy from Hold with a price target of $343, down from $388, noting Autodesk's potential to monetize artificial intelligence and likely margin expansion [4] - Jefferies upgraded Delta Air Lines (DAL) to Buy from Hold with a price target of $70, up from $62, citing a raised Q3 revenue outlook to 2%-4% from 0%-4% as a sign of confidence in topline growth for Q4 and 2026 [5] - Jefferies upgraded Carvana (CVNA) to Buy from Hold with a price target of $475, up from $385, based on consumer survey results and capacity analysis suggesting continued elevated growth [6] Downgrades - Northland double downgraded DraftKings (DKNG) to Underperform from Outperform with a price target of $33, down from $53, due to increasing headwinds from prediction markets [7] - RBC Capital downgraded GE Vernova (GEV) to Sector Perform from Outperform with a price target of $605, down from $631, as current valuations reflect strong demand and productivity improvements [7] - Evercore ISI downgraded Allstate (ALL) to In Line from Outperform with a price target of $233, up from $230, citing over-earning in auto insurance and limited scope for positive estimate revisions [7] - Goldman Sachs downgraded Doximity (DOCS) to Sell from Neutral with a price target of $64, up from $57, indicating the growth profile does not support the current valuation [7] - Goldman Sachs downgraded LivaNova (LIVN) to Neutral from Buy with a price target of $55, down from $56, due to decelerating sales growth and slowing margin expansion [7]

Group 1: AI Investment Opportunity - Artificial intelligence is identified as the greatest investment opportunity of our lifetime, with a strong emphasis on the urgency to invest now [1] - Wall Street is investing hundreds of billions into AI, but there is a critical question regarding the energy supply needed to support this technology [2] - AI data centers consume massive amounts of energy, comparable to the energy needs of a small city, leading to concerns about power grid strain and rising electricity prices [2] Group 2: Company Overview - A specific company is highlighted as a key player in the AI energy sector, owning critical energy infrastructure assets that are essential for meeting the increasing energy demands of AI [3][6] - This company is positioned to benefit from the surge in demand for electricity driven by AI data centers, making it a potentially valuable investment in the digital age [3] Group 3: Financial Position - The company is noted for being completely debt-free and holding a significant cash reserve, which is nearly one-third of its market capitalization [8] - It also has a substantial equity stake in another AI-related company, providing investors with indirect exposure to multiple growth engines in the AI sector [9] Group 4: Market Dynamics - The company is involved in the U.S. LNG exportation sector, which is expected to grow under the current administration's energy policies [7] - The company is capable of executing large-scale engineering, procurement, and construction projects across various energy sectors, positioning it strategically in the market [7] Group 5: Investment Potential - The stock is described as undervalued, trading at less than seven times earnings, which presents a unique investment opportunity in the AI and energy space [10] - The company is recognized for delivering real cash flows and owning critical infrastructure, making it a solid investment choice as AI continues to disrupt traditional industries [11]