NASDAQ : WSC
WillScot Holdings Corporation — Financial statements
Industrials · Rental & Leasing Services · United States
Last price 18.57 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 3.36B
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Financial statements
WillScot Holdings Corporation (WSC) reported revenue of 2.29B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.29B | 2.28B | 2.40B | 2.36B | 2.14B | 1.67B |
| Cost of Revenue | 1.09B | 1.08B | 1.09B | 1.03B | 1.01B | 828.28M |
| Gross Profit | 1.20B | 1.20B | 1.30B | 1.33B | 1.14B | 844.70M |
| Selling, General & Admin | 586.04M | 573.56M | 580.13M | 596.09M | 552.01M | 452.00M |
| Other Operating Expenses | 27.24M | 30.15M | 29.79M | 17.37M | 24.52M | 27.89M |
| Operating Expenses | 708.69M | 699.76M | 692.75M | 686.38M | 638.91M | 541.66M |
| Operating Income | 491.40M | 504.83M | 609.09M | 647.49M | 496.57M | 303.04M |
| Interest Expense | -221.15M | -231.51M | -227.31M | -205.04M | -146.28M | -116.36M |
| Currency Exchange Gain (Loss) | -483.00K | -210.00K | -593.00K | -6.75M | -886.00K | -427.00K |
| Other Non Operating Income (Expenses) | -26.60M | |||||
| EBT Excluding Unusual Items | 269.76M | 273.11M | 381.19M | 435.69M | 349.41M | 159.66M |
| Merger & Restructuring Charges | -326.70M | -310.38M | -239.13M | -15.40M | -28.41M | |
| Gain (Loss) on Sale of Assets | 26.06M | 28.22M | 27.09M | 32.72M | 31.20M | 26.18M |
| Asset Writedown | -41.00M | -41.00M | -132.54M | |||
| Other Unusual Items | -5.36M | -5.36M | -6.00M | |||
| Pretax Income | -77.24M | -55.42M | 36.60M | 468.42M | 365.20M | 151.42M |
| Income Tax Expense | -8.35M | -2.43M | 8.47M | 126.58M | 88.86M | 36.53M |
| Earnings From Continuing Operations | -68.89M | -52.99M | 28.13M | 341.84M | 276.34M | 114.89M |
| Earnings From Discontinued Operations | 134.61M | 63.20M | 45.25M | |||
| Net Income to Company | -68.89M | -52.99M | 28.13M | 476.46M | 339.54M | 160.14M |
| Net Income | -68.89M | -52.99M | 28.13M | 476.46M | 339.54M | 160.14M |
| Net Income to Common | -68.89M | -52.99M | 28.13M | 476.46M | 339.54M | 160.14M |
| Shares Outstanding (Basic) | 181.36M | 182.39M | 188.10M | 198.55M | 216.81M | 226.52M |
| Shares Outstanding (Diluted) | 181.36M | 182.39M | 190.29M | 201.85M | 221.40M | 232.79M |
| EPS (Basic) | -0.38 | -0.29 | 0.15 | 2.40 | 1.57 | 0.71 |
| EPS (Diluted) | -0.38 | -0.29 | 0.15 | 2.36 | 1.54 | 0.68 |
| Free Cash Flow | 366.72M | 485.84M | 326.35M | 563.32M | 328.56M | 286.12M |
| Free Cash Flow Per Share | 2.02 | 2.66 | 1.72 | 2.79 | 1.48 | 1.23 |
| Dividend Per Share | 0.28 | 0.28 | ||||
| Gross Margin | 52.32% | 52.80% | 54.34% | 56.41% | 53.00% | 50.49% |
| Operating Margin | 21.43% | 22.13% | 25.42% | 27.38% | 23.18% | 18.11% |
| Profit Margin | -3.00% | -2.32% | 1.17% | 20.15% | 15.85% | 9.57% |
| Free Cash Flow Margin | 15.99% | 21.30% | 13.62% | 23.82% | 15.33% | 17.10% |
| EBITDA | 586.81M | 600.88M | 691.92M | 720.41M | 558.95M | 367.45M |
| EBITDA Margin | 25.59% | 26.34% | 28.88% | 30.46% | 26.09% | 21.96% |
| D&A For EBITDA | 95.41M | 96.05M | 82.83M | 72.92M | 62.38M | 64.41M |
| EBIT | 491.40M | 504.83M | 609.09M | 647.49M | 496.57M | 303.04M |
| EBIT Margin | 21.43% | 22.13% | 25.42% | 27.38% | 23.18% | 18.11% |
| Effective Tax Rate | 23.15% | 27.02% | 24.33% | 24.12% | ||
| Revenue as Reported | 2.29B | 2.28B | 2.40B | 2.36B | 2.14B | 1.67B |
| Advertising Expenses | 16.10M | 15.90M | 10.50M | 8.50M | 7.60M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 18.17M | 14.59M | 9.00M | 10.96M | 7.39M | 6.39M |
| Trading Asset Securities | 4.87M | 24.00K | 6.99M | 9.14M | ||
| Cash & Short-Term Investments | 23.04M | 14.61M | 15.99M | 20.10M | 7.39M | 6.39M |
| Accounts Receivable | 422.04M | 394.71M | 430.38M | 451.13M | 409.77M | 351.29M |
| Receivables | 422.04M | 394.71M | 430.38M | 451.13M | 409.77M | 351.29M |
| Inventory | 48.93M | 45.56M | 47.47M | 47.41M | 41.03M | 29.80M |
| Prepaid Expenses | 16.22M | 27.71M | 47.41M | 48.35M | 31.64M | 34.94M |
| Other Current Assets | 46.90M | 42.46M | 16.25M | 2.11M | 31.22M | 60.63M |
| Total Current Assets | 557.13M | 525.05M | 557.51M | 569.10M | 521.04M | 483.04M |
| Property, Plant & Equipment | 686.84M | 700.88M | 629.83M | 586.53M | 524.06M | 476.93M |
| Long-Term Investments | 6.67M | |||||
| Goodwill | 1.26B | 1.26B | 1.20B | 1.18B | 1.01B | 1.01B |
| Other Intangible Assets | 203.19M | 224.09M | 251.16M | 419.71M | 419.12M | 442.88M |
| Long-Term Deferred Charges | 2.50M | 6.20M | ||||
| Other Long-Term Assets | 3.16B | 3.11B | 3.39B | 3.39B | 3.35B | 3.35B |
| Total Assets | 5.87B | 5.82B | 6.03B | 6.14B | 5.83B | 5.77B |
| Accounts Payable | 152.28M | 109.86M | 96.60M | 86.12M | 109.35M | 102.56M |
| Accrued Expenses | 181.45M | 160.21M | 146.65M | 175.19M | 164.95M | 151.76M |
| Current Portion of Long-Term Debt | 1.86M | 5.26M | ||||
| Current Portion of Leases | 102.27M | 101.85M | 90.98M | 76.19M | 63.82M | 60.37M |
| Current Unearned Revenue | 250.57M | 236.02M | 248.99M | 222.52M | 195.79M | 150.14M |
| Other Current Liabilities | 1.30M | 1.80M | 2.00M | 28.02M | 47.55M | |
| Total Current Liabilities | 686.56M | 611.10M | 585.01M | 562.02M | 561.94M | 517.64M |
| Long-Term Debt | 3.32B | 3.42B | 3.56B | 3.44B | 3.00B | 2.62B |
| Long-Term Leases | 369.16M | 377.70M | 320.06M | 286.15M | 230.66M | 218.17M |
| Long-Term Deferred Tax Liabilities | 516.72M | 492.33M | 505.91M | 554.27M | 401.45M | 305.67M |
| Other Long-Term Liabilities | 59.53M | 54.74M | 41.02M | 29.43M | 66.30M | 111.96M |
| Total Liabilities | 4.95B | 4.96B | 5.02B | 4.88B | 4.26B | 3.78B |
| Common Stock | 19.00K | 19.00K | 19.00K | 20.00K | 21.00K | 22.00K |
| Additional Paid-In Capital | 1.71B | 1.73B | 1.84B | 2.09B | 2.89B | 3.62B |
| Retained Earnings | -724.86M | -799.95M | -746.96M | -775.09M | -1.25B | -1.59B |
| Comprehensive Income & Other | -70.51M | -69.45M | -70.63M | -52.77M | -70.12M | -29.07M |
| Total Common Equity | 910.66M | 856.25M | 1.02B | 1.26B | 1.57B | 2.00B |
| Shareholders' Equity | 910.66M | 856.25M | 1.02B | 1.26B | 1.57B | 2.00B |
| Total Liabilities & Equity | 5.87B | 5.82B | 6.03B | 6.14B | 5.83B | 5.77B |
| Total Debt | 3.79B | 3.91B | 3.98B | 3.81B | 3.30B | 2.91B |
| Net Cash (Debt) | -3.77B | -3.89B | -3.96B | -3.79B | -3.29B | -2.90B |
| Net Cash Per Share | -20.79 | -21.33 | -20.81 | -18.76 | -14.86 | -12.46 |
| Filing Date Shares Outstanding | 181.19M | 180.85M | 183.58M | 189.97M | 205.79M | 223.28M |
| Total Common Shares Outstanding | 181.06M | 181.18M | 183.56M | 189.97M | 207.95M | 223.94M |
| Working Capital | -129.43M | -86.05M | -27.50M | 7.08M | -40.90M | -34.60M |
| Book Value Per Share | 5.03 | 4.73 | 5.55 | 6.64 | 7.53 | 8.92 |
| Tangible Book Value | -549.22M | -625.45M | -433.92M | -335.09M | 134.75M | 540.29M |
| Tangible Book Value Per Share | -3.03 | -3.45 | -2.36 | -1.76 | 0.65 | 2.41 |
| Land | 187.79M | 184.47M | 178.12M | 174.32M | 154.27M | |
| Machinery | 448.52M | 392.21M | 343.25M | 274.08M | 212.39M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -68.89M | -52.99M | 28.13M | 476.46M | 339.54M | 160.14M |
| Depreciation & Amortization | 95.41M | 96.05M | 82.83M | 72.92M | 62.38M | 64.41M |
| Other Amortization | 281.07M | 305.24M | 314.71M | 276.94M | 268.78M | 232.82M |
| Loss (Gain) From Sale of Assets | -26.06M | -28.22M | -27.09M | -32.72M | -31.20M | -26.18M |
| Asset Writedown & Restructuring Costs | 342.96M | 342.96M | 132.54M | |||
| Stock-Based Compensation | 36.71M | 38.43M | 35.97M | 34.49M | 29.61M | 26.18M |
| Provision & Write-off of Bad Debts | 78.30M | 58.32M | 55.44M | 49.65M | 34.84M | 38.19M |
| Other Operating Activities | 29.46M | 2.08M | -40.76M | 151.40M | 105.68M | 69.45M |
| Change in Accounts Receivable | -87.18M | -19.25M | -34.52M | -76.36M | -94.46M | -105.05M |
| Change in Inventory | -2.28M | 1.86M | -529.00K | -3.28M | -12.35M | -9.08M |
| Change in Accounts Payable | 21.26M | 42.56M | -1.27M | -14.84M | 9.44M | 27.52M |
| Change in Unearned Revenue | 14.64M | -15.85M | 27.39M | 19.92M | 42.43M | 22.68M |
| Change in Other Net Operating Assets | -12.05M | -9.21M | -11.19M | -17.27M | 1.00M | 3.80M |
| Operating Cash Flow | 703.37M | 761.99M | 561.64M | 761.24M | 744.66M | 539.90M |
| Capital Expenditures | -336.65M | -276.15M | -235.29M | -197.92M | -416.10M | -253.79M |
| Sale of Property, Plant & Equipment | 4.28M | 2.94M | 1.87M | 13.27M | 1.77M | 16.91M |
| Cash Acquisitions | -9.42M | -144.70M | -121.22M | -561.63M | -220.62M | -147.17M |
| Investment in Securities | -110.00K | 429.00K | -7.70M | |||
| Other Investing Activities | 396.28M | 325.61M | ||||
| Investing Cash Flow | -341.91M | -417.47M | -362.35M | -350.00M | -309.33M | -384.05M |
| Long-Term Debt Issued | 1.19B | 1.32B | 1.91B | 964.31M | 728.68M | |
| Long-Term Debt Repaid | -1.36B | -1.22B | -1.49B | -631.04M | -529.58M | |
| Net Debt Issued (Repaid) | -258.42M | -173.35M | 101.80M | 419.38M | 333.27M | 199.10M |
| Issuance of Common Stock | 368.00K | 10.27M | 253.00K | 498.00K | 11.23M | 7.48M |
| Repurchase of Common Stock | -37.72M | -109.82M | -294.22M | -832.35M | -765.68M | -370.76M |
| Common Dividends Paid | -50.91M | -51.12M | ||||
| Other Financing Activities | -9.17M | -16.50M | -7.95M | -6.46M | -8.19M | -3.71M |
| Financing Cash Flow | -355.85M | -340.52M | -200.12M | -418.94M | -429.37M | -167.89M |
| Foreign Exchange Rate Adjustments | -294.00K | 1.60M | -1.13M | 882.00K | -882.00K | -206.00K |
| Net Cash Flow | 5.32M | 5.59M | -1.96M | -6.82M | 5.08M | -12.24M |
| Free Cash Flow | 366.72M | 485.84M | 326.35M | 563.32M | 328.56M | 286.12M |
| Free Cash Flow Margin | 15.99% | 21.30% | 13.62% | 23.82% | 15.33% | 17.10% |
| Free Cash Flow Per Share | 2.02 | 2.66 | 1.72 | 2.79 | 1.48 | 1.23 |
| Levered Free Cash Flow | 248.80M | 378.83M | 452.51M | 415.32M | 172.71M | 185.59M |
| Unlevered Free Cash Flow | 377.52M | 511.26M | 582.01M | 532.26M | 252.07M | 244.28M |
| Cash Interest Paid | 103.80M | |||||
| Cash Income Tax Paid | 10.78M | 16.31M | 45.58M | 32.95M | 25.09M | 9.86M |
| Change in Working Capital | -65.61M | 117.00K | -20.13M | -91.81M | -53.93M | -60.13M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.49B | 3.43B | 6.18B | 8.53B | 9.44B | 9.11B |
| Enterprise Value | 7.26B | 7.32B | 10.07B | 12.23B | 12.60B | 11.96B |
| Last Close Price | 18.34 | 18.65 | 32.76 | 43.58 | 44.23 | 39.99 |
| PE Ratio | 219.71 | 17.90 | 27.79 | 56.91 | ||
| Forward PE | 16.57 | 17.77 | 19.29 | 20.70 | 27.29 | 36.73 |
| PS Ratio | 1.56 | 1.50 | 2.58 | 3.61 | 4.40 | 5.45 |
| PB Ratio | 3.65 | 4.00 | 6.07 | 6.76 | 6.03 | 4.56 |
| P/TBV Ratio | 70.03 | 16.87 | ||||
| P/FCF Ratio | 9.78 | 7.05 | 18.94 | 15.14 | 28.72 | 31.85 |
| P/OCF Ratio | 5.10 | 4.50 | 11.00 | 11.20 | 12.67 | 16.88 |
| PEG Ratio | 1.03 | 7.42 | 1.79 | 0.93 | 0.85 | 1.16 |
| EV/Sales Ratio | 3.21 | 3.21 | 4.20 | 5.17 | 5.88 | 7.15 |
| EV/EBITDA Ratio | 12.54 | 12.19 | 14.55 | 16.98 | 22.54 | 32.55 |
| EV/EBIT Ratio | 14.97 | 14.51 | 16.53 | 18.89 | 25.37 | 39.47 |
| EV/FCF Ratio | 20.06 | 15.08 | 30.84 | 21.72 | 38.34 | 41.80 |
| Debt / Equity Ratio | 4.17 | 4.56 | 3.90 | 3.02 | 2.11 | 1.46 |
| Debt / EBITDA Ratio | 5.26 | 5.34 | 4.87 | 4.60 | 4.93 | 6.31 |
| Debt / FCF Ratio | 10.35 | 8.04 | 12.18 | 6.76 | 10.03 | 10.16 |
| Net Debt / Equity Ratio | 4.14 | 4.54 | 3.89 | 3.00 | 2.10 | 1.45 |
| Net Debt / EBITDA Ratio | 6.43 | 6.47 | 5.72 | 5.26 | 5.88 | 7.89 |
| Net Debt / FCF Ratio | 10.28 | 8.01 | 12.13 | 6.72 | 10.01 | 10.14 |
| Asset Turnover | 0.38 | 0.39 | 0.39 | 0.40 | 0.37 | 0.29 |
| Inventory Turnover | 22.91 | 23.15 | 23.06 | 23.31 | 28.44 | 30.95 |
| Quick Ratio | 0.65 | 0.67 | 0.76 | 0.84 | 0.74 | 0.69 |
| Current Ratio | 0.81 | 0.86 | 0.95 | 1.01 | 0.93 | 0.93 |
| Return on Equity (ROE) | -7.08% | -5.65% | 2.47% | 24.19% | 15.52% | 5.66% |
| Return on Assets (ROA) | 5.13% | 5.33% | 6.25% | 6.76% | 5.35% | 3.34% |
| Return on Invested Capital (ROIC) | 10.51% | 10.38% | 9.34% | 9.54% | 7.71% | 4.76% |
| Return on Capital Employed (ROCE) | 9.50% | 9.70% | 11.20% | 11.60% | 9.40% | 5.80% |
| Earnings Yield | -1.97% | -1.55% | 0.46% | 5.59% | 3.60% | 1.76% |
| FCF Yield | 10.23% | 14.18% | 5.28% | 6.61% | 3.48% | 3.14% |
| Dividend Yield | 1.45% | 1.48% | ||||
| Buyback Yield / Dilution | 2.64% | 4.15% | 5.73% | 8.83% | 4.90% | -31.32% |
| Total Shareholder Return | 4.06% | 5.63% | 5.73% | 8.83% | 4.90% | -31.32% |