URI Cash-Secured Put Strategy
URI (United Rentals, Inc.), in the Industrials sector, (Rental & Leasing Services industry), listed on NYSE.
United Rentals, Inc., founded in 1997 and headquartered in Stamford, Connecticut, functions as a prominent equipment rental firm through its various subsidiaries. The company's operations are divided into two main divisions: General Rentals and Specialty. The General Rentals segment offers a broad selection of construction and industrial machinery, including heavy equipment like backhoes, skid-steer loaders, earthmoving machinery, and forklifts, alongside aerial work platforms such as boom and scissor lifts. This division also provides general tools and lighter equipment, ranging from pressure washers to power tools. Its client base is diverse, encompassing construction and industrial enterprises, manufacturers, utility companies, municipalities, government bodies, and individual homeowners. Conversely, the Specialty segment focuses on more specialized construction products.
URI (United Rentals, Inc.) trades in the Industrials sector, specifically Rental & Leasing Services, with a market capitalization of approximately $70.29B, a trailing P/E of 27.14, a beta of 1.80 versus the broader market, a 52-week range of 701.59-1179.18, average daily share volume of 527K, a public-listing history dating back to 1997, approximately 29K full-time employees. These structural characteristics shape how URI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.80 indicates URI has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. URI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a cash-secured put on URI?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
URI snapshot
As of August 14, 2026, spot at $1,152.74, ATM IV 30.10%, IV rank 13.60%, expected move 8.63%. The cash-secured put on URI below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 28-day expiry.
Why this cash-secured put structure on URI specifically: URI IV at 30.10% is on the cheap side of its 1-year range, which means a premium-selling URI cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 8.63% (roughly $99.47 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated URI expiries trade a higher absolute premium for lower per-day decay. Position sizing on URI should anchor to the underlying notional of $1,152.74 per share and to the trader's directional view on URI stock.
URI cash-secured put setup
The URI cash-secured put below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With URI at $1,152.74 on that close, the first option leg uses a $1,100.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed URI chain at a 28-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 URI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $1,100.00 | $15.95 |
URI cash-secured put risk and reward
- Net Premium / Debit
- +$1,595.00
- Max Profit (per contract)
- $1,595.00
- Max Loss (per contract)
- -$108,404.00
- Breakeven(s)
- $1,084.05
- Risk / Reward Ratio
- 0.015
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
URI cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on URI. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$108,404.00 |
| $254.89 | -77.9% | -$82,916.39 |
| $509.76 | -55.8% | -$57,428.78 |
| $764.64 | -33.7% | -$31,941.18 |
| $1,019.51 | -11.6% | -$6,453.57 |
| $1,274.39 | +10.6% | +$1,595.00 |
| $1,529.27 | +32.7% | +$1,595.00 |
| $1,784.14 | +54.8% | +$1,595.00 |
| $2,039.02 | +76.9% | +$1,595.00 |
| $2,293.89 | +99.0% | +$1,595.00 |
When traders use cash-secured put on URI
Cash-secured puts on URI earn premium while a trader waits to acquire URI stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning URI.
URI thesis for this cash-secured put
The market-implied 1-standard-deviation range for URI extends from approximately $1,053.27 on the downside to $1,252.21 on the upside. A URI cash-secured put lets a trader earn premium while waiting to acquire URI at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current URI IV rank near 13.60% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on URI at 30.10%. As a Industrials name, URI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to URI-specific events.
URI cash-secured put positions are structurally neutral to slightly bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. URI positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move URI alongside the broader basket even when URI-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on URI carry tail risk when realized volatility exceeds the implied move; review historical URI earnings reactions and macro stress periods before sizing. Always rebuild the position from current URI chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on URI?
- A cash-secured put on URI is the cash-secured put strategy applied to URI (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With URI stock at $1,152.74 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed URI chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are URI cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the URI cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 30.10%), the computed maximum profit is $1,595.00 per contract and the computed maximum loss is -$108,404.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a URI cash-secured put?
- The breakeven for the URI cash-secured put priced on this page is roughly $1,084.05 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The URI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 8.63%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a cash-secured put on URI?
- Cash-secured puts on URI earn premium while a trader waits to acquire URI stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning URI.
- How does current URI implied volatility affect this cash-secured put?
- URI ATM IV is at 30.10% with IV rank near 13.60%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.