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WSC

WillScot Holdings Corporation

WSC

WillScot Holdings Corporation • NASDAQ
$19.74 ▼ -2.18% (-0.44)
Market Cap $3.59 B
52w High $39.81
52w Low $14.91
Dividend Yield 0.21%
P/E 16.31
Volume 1.91M
Outstanding Shares 181.95M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $566.841M ▼ $137.699M ▼ $43.332M ▼ 7.644% ▼ $0.24 ▼ $143.23M ▼
Q2-2025 $589.083M ▲ $169.17M ▼ $47.939M ▲ 8.138% ▲ $0.26 ▲ $239.532M ▲
Q1-2025 $559.551M ▼ $180.932M ▲ $43.055M ▼ 7.695% ▼ $0.23 ▼ $216.526M ▼
Q4-2024 $602.515M ▲ $161.93M ▼ $89.215M ▲ 14.807% ▲ $0.48 ▲ $273.497M ▲
Q3-2024 $601.432M $356.702M $-70.475M -11.718% $-0.37 $64.102M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $14.757M ▲ $6.105B ▼ $5.045B ▼ $1.06B ▲
Q2-2025 $12.85M ▲ $6.105B ▲ $5.07B ▲ $1.035B ▲
Q1-2025 $10.679M ▲ $5.962B ▼ $4.95B ▼ $1.011B ▼
Q4-2024 $9.001M ▼ $6.035B ▼ $5.016B ▲ $1.019B ▼
Q3-2024 $11.046M $6.037B $4.983B $1.054B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $43.332M ▼ $191.151M ▼ $-76.567M ▲ $-112.899M ▼ $1.907M ▼ $121.602M ▼
Q2-2025 $47.939M ▲ $205.311M ▼ $-208.144M ▼ $3.987M ▲ $2.171M ▲ $199.025M ▲
Q1-2025 $43.055M ▼ $206.627M ▲ $-64.955M ▲ $-139.929M ▼ $1.678M ▲ $129.441M ▲
Q4-2024 $89.215M ▲ $178.919M ▲ $-93.68M ▼ $-86.885M ▼ $-2.045M ▼ $102.735M ▲
Q3-2024 $-70.475M $-1.562M $-75.339M $82.428M $5.122M $-74.278M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Leasing and Services
Leasing and Services
 $560.00M ▲$0 ▼$550.00M ▲$530.00M ▼
Leasing Revenue
Leasing Revenue
 $1.38Bn ▲$430.00M ▼$440.00M ▲$430.00M ▼
Modular Space Leasing
Modular Space Leasing
 $250.00M ▲$0 ▼$250.00M ▲$250.00M ▲
New Units
New Units
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲
Other Leasing Related Products and Services
Other Leasing Related Products and Services
 $20.00M ▲$0 ▼$10.00M ▲$0 ▼
Portable Storage Leasing
Portable Storage Leasing
 $90.00M ▲$0 ▼$80.00M ▲$80.00M ▲
Rental Units
Rental Units
 $20.00M ▲$10.00M ▼$20.00M ▲$20.00M ▲
Value Added Services
Value Added Services
 $10.00M ▲$0 ▼$10.00M ▲$10.00M ▲
ValueAdded Product and Services
ValueAdded Product and Services
 $100.00M ▲$0 ▼$100.00M ▲$100.00M ▲

Five-Year Company Overview

Income Statement

Income Statement WillScot’s revenue has grown steadily over the past five years, though the pace has recently slowed, with the latest year being almost flat versus the prior one. Gross profit remains solid, showing that the core rental economics are still attractive. However, operating profit and EBITDA fell sharply in the most recent year, and net income dropped to almost breakeven after several very profitable years. That pattern suggests one‑off charges, higher costs, or integration and financing burdens are weighing on reported earnings, even though the underlying business is still generating healthy gross margins. Profitability has become more volatile, and the most recent year marks a clear step down from the prior peak.

Balance Sheet

Balance Sheet The balance sheet shows a sizable, relatively stable asset base, consistent with a large rental fleet and supporting infrastructure. At the same time, debt has been climbing steadily while shareholders’ equity has been shrinking, which means the company is leaning more heavily on borrowing and buybacks or write‑downs to fund its strategy. Cash on hand is very low, so WillScot depends on ongoing cash generation and access to credit. Overall, the business is asset‑intensive and increasingly leveraged, which can amplify both upside and downside in more volatile economic or interest‑rate environments.

Cash Flow

Cash Flow Cash generation is a key strength. Operating cash flow has improved meaningfully versus several years ago, even though it dipped from the recent high. Free cash flow has risen every year and is now quite robust, helped by a sharp pullback in capital spending after a period of heavier investment in the fleet. That shift means more cash is available for debt service, acquisitions, and shareholder returns. The trade‑off is that lower investment today could limit how quickly the fleet can grow or be upgraded in the future, so investors will want to watch whether capex rebounds once integration efforts and major deals are digested.

Competitive Edge

Competitive Edge WillScot holds a leading position in the modular space and portable storage market across North America. Its advantages come from scale, an extensive branch network, and a very large fleet that smaller regional competitors struggle to match. The company serves a wide mix of end markets—from construction and education to healthcare and industrial customers—reducing dependence on any single sector. A major point of differentiation is its “Ready to Work” model, where it sells a full package of add‑on products and services, not just empty units, which tends to deepen customer relationships and improve profitability. Strategic acquisitions, including the earlier Mobile Mini deal and the planned McGrath RentCorp acquisition, further reinforce its geographic reach and product breadth, but also introduce integration and execution risk.

Innovation and R&D

Innovation and R&D WillScot’s innovation is very applied and customer‑focused rather than laboratory‑style research. The company has developed proprietary locking systems, flexible modular interior designs like the FLEX panel system, and add‑on solutions such as PRORACK shelving to make units safer, more secure, and more productive for users. It has also diversified into specialized offerings such as blast‑resistant buildings, temperature‑controlled storage, and large fabric structures. On the digital side, a unified CRM, online portals, and a consolidated brand and website are aimed at making it easier to buy, track, and manage units. The business is also leaning into the sustainability angle of refurbishing and reusing units. Overall, the company appears to invest consistently in incremental product and digital improvements that support its “one‑stop, turnkey” positioning.

Summary

WillScot combines a strong competitive position and solid cash generation with a more aggressive balance sheet and recently weaker reported earnings. The underlying rental model and value‑added service offering appear durable, and scale, acquisitions, and ongoing product innovation have built a meaningful moat in modular space and storage. At the same time, rising leverage, minimal cash reserves, and a sharp drop in net income in the latest year introduce more financial and execution risk, especially as the company pursues large integrations and growth initiatives. The story is one of a market leader using debt‑funded expansion and targeted innovation to extend its advantages, with future results hinging on how well it integrates acquisitions, manages costs, and balances investment in the fleet against maintaining strong free cash flow.

NEWS

November 24, 2025 · 4:30 PM UTC

WillScot Announces Investor Conference Schedule for December 2025

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November 6, 2025 · 4:05 PM UTC

WillScot Reports Third Quarter 2025 Results and Updates 2025 Full Year Outlook

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November 6, 2025 · 4:02 PM UTC

WillScot Declares Quarterly Cash Dividend

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October 17, 2025 · 8:00 AM UTC

WillScot Closes Amended and Extended Asset-Based Revolving Credit Facility

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October 16, 2025 · 4:15 PM UTC

WillScot to Announce Third Quarter 2025 Results on November 6, 2025 and to Present at an Upcoming Investor Conference in November

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