One-glance verdict
Undervalued
$68.18 our estimate vs market $18.34
Wall Street consensus: $26.20 (-61.6% lower than our fair-value estimate)
73% below our estimate, below the bear case
Fundamentals snapshot
WillScot Holdings Corporation
WSC · NCM · Industrials · Rental & Leasing Services
Current price
$18.34
52-week range
$14.91 - $29.77
Market cap
$3.32B
Balance sheet
Distressed
2.09x Stretched
Net debt $3.77B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Revenue grew 0.5% last year.
- Reward Free cash flow was positive in 9/10 years.
- Risk Net debt grew 18.2% over 3 years.
- Risk Return on equity was -7.1% last year — the company lost money on shareholders' equity.
What this company does
WillScot Holdings Corporation
WillScot Holdings Corporation rents and sells temporary buildings and storage containers, primarily to businesses in construction and other industries. Their main source of money comes from leasing these spaces, which is important because leasing often brings in steady, predictable income over time.
How the company got here
WillScot Holdings Corporation has a history dating back to 1944, with roots in providing modular space solutions through its Williams Scotsman brand. A significant part of its current identity comes from the 2020 merger with Mobile Mini, a company founded in 1983 that specialized in portable storage solutions. This merger created a larger, more comprehensive provider of temporary space and storage. The company has since undergone rebranding, changing its name from WillScot Mobile Mini Holdings Corp. to WillScot Holdings Corporation in July 2024, to simplify its market presence. Throughout its history, WillScot has focused on expanding its fleet, its branch network, and its service offerings to become a one-stop shop for customers needing temporary space.
What it actually does
WillScot Holdings Corporation provides temporary and relocatable space solutions. Think of them as offering portable offices, storage units, and related services that businesses can rent or buy for short-term needs. This could be anything from a construction site needing an on-site office and secure storage for tools, to a school needing extra classroom space, or a business needing extra storage for inventory. They handle the leasing, selling, delivery, and installation of these units, aiming to provide a complete, hassle-free solution for their customers.
Modular Space Solutions
This is a major part of WillScot's business, focusing on providing temporary buildings and structures. These aren't just basic boxes; they offer a range of options like modular office complexes, mobile offices, classrooms, and even specialized units like blast-resistant modules. Customers in industries such as construction, education, healthcare, and government rent these spaces for various needs, such as project management offices, temporary learning environments, or administrative facilities. This segment is a significant contributor to the company's overall revenue, with leasing being the primary revenue driver, supplemented by sales and installation fees.
Portable Storage Solutions
This segment is centered around providing secure, on-site storage. WillScot offers portable storage containers and trailers, including climate-controlled options for sensitive materials. Businesses, particularly in construction and industrial sectors, use these to store equipment, materials, and inventory, ensuring they are secure and accessible at their project sites. This business also generates revenue through rentals, sales, and associated services, making it a key component of the company's offerings.
Value-Added Products and Services
Beyond just providing the space or storage units, WillScot offers a wide array of additional products and services to make these temporary solutions more functional and complete. This includes items like furniture, appliances, power and solar solutions, connectivity and data services, security features, and even sanitation solutions. These offerings are designed to equip the temporary spaces with everything a customer might need, enhancing the "turnkey" aspect of their solutions and providing an additional revenue stream for the company.
What management is betting on now
WillScot's management is focused on driving growth by improving operational efficiency and expanding their service capabilities. They are emphasizing strategies to increase revenue from their existing fleet and services, while also investing in new equipment and refurbishments to meet demand, especially for large projects. A key priority is simplifying the customer experience through digital tools and process improvements, aiming to make it easier for clients to do business with them. They are also focused on disciplined financial management, including managing debt and returning capital to shareholders, while optimizing their physical footprint to reduce costs.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-4.88M
FY2024 Q4
$176.60M
FY2025 Q1
$201.99M
FY2025 Q2
$199.03M
FY2025 Q3
$186.91M
FY2025 Q4
$149.73M
FY2026 Q1
$187.43M
FY2026 Q2
$157.52M
Revenue
$612.15M
Net income
$46.97M
Diluted EPS
0.26
Operating cash flow
$162.26M
Free cash flow
$157.52M
Fetching…
Sources
Revenue
$548.63M
Net income
$28.12M
Diluted EPS
0.15
Operating cash flow
$191.06M
Free cash flow
$187.43M
Fetching…
Sources
Revenue
$565.97M
Net income
$-187.32M
Diluted EPS
-1.02
Operating cash flow
$158.90M
Free cash flow
$149.73M
Fetching…
Sources
Revenue
$566.84M
Net income
$43.33M
Diluted EPS
0.24
Operating cash flow
$191.15M
Free cash flow
$186.91M
Fetching…
Sources
Revenue
$589.08M
Net income
$47.94M
Diluted EPS
0.26
Operating cash flow
$205.31M
Free cash flow
$199.03M
Fetching…
Sources
Revenue
$559.55M
Net income
$43.05M
Diluted EPS
0.23
Operating cash flow
$206.63M
Free cash flow
$201.99M
Fetching…
Sources
Revenue
$602.51M
Net income
$89.22M
Diluted EPS
0.48
Operating cash flow
$178.92M
Free cash flow
$176.60M
Fetching…
Sources
Revenue
$601.43M
Net income
$-70.47M
Diluted EPS
-0.37
Operating cash flow
$-1.56M
Free cash flow
$-4.88M
Fetching…
Sources
Is it cheap or expensive?
Fair value $68.18 vs current price $18.34
Wall Street consensus is the average analyst price target: $26.20 (-61.6% lower than our fair-value estimate).
Our most-likely fair value is $68.18 a share — about 271.8% above today's price of $18.34, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Distressed
Net debt $3.8B. Interest coverage 2.1x.
Net debt
$3.77B
Interest coverage
2.09x
WillScot Holdings Corporation's profit covers its interest bill about 2.1 times over. which is stronger than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
WSC
BASELINE
WillScot Holdings Corporation
Total debt $3.79B Interest coverage 2.09x This is the baseline the peer rows are being compared against.
Total debt $618.26M Interest coverage 7.96x +281% vs WSC Carries about 3.8x more debt cushion than WSC.
Total debt $15.87B Interest coverage 5.55x +166% vs WSC Carries about 2.7x more debt cushion than WSC.
Total debt $9.63B Interest coverage 1.50x -28% vs WSC Carries about 1.4x less debt cushion than WSC.
Total debt $8.15B Interest coverage 1.28x -39% vs WSC Carries about 1.6x less debt cushion than WSC.
Total debt $2.50B Interest coverage 0.90x -57% vs WSC Carries about 2.3x less debt cushion than WSC.
What you should know
The case for and against WSC
3 Rewards
3 Risks
Rewards
-
Revenue grew 0.5% last year.
-
Free cash flow was positive in 9/10 years.
-
Dividend yield is 1.5% with 2-year payout history.
Risks
-
Net debt grew 18.2% over 3 years.
-
Return on equity was -7.1% last year — the company lost money on shareholders' equity.
-
Operating margin compressed from 23.9% to 20.1% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
14.17x
P/B
3.65x
P/S
1.45x
EV/EBITDA
12.09x
PEG ratio
0.96x
Profitability
How much profit each dollar creates
Gross margin
52.3%
Operating margin
20.1%
Net margin
-3.0%
ROE
-7.1%
ROA
5.1%
Health
Liquidity and balance-sheet strength
Debt / equity
4.17x
Current ratio
0.81x
Quick ratio
0.65x
Total debt
$3.79B
Total cash
$23.04M
Growth
How the business has been compounding
Revenue TTM
$2.29B
Revenue 5Y CAGR
8.1%
EPS TTM
-0.38
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$703.37M
Free CF TTM
$737.65M
FCF margin
32.2%
Dividend
Shareholder payout
Yield
1.5%
Payout ratio
17.2%
Last ex-div date
2026-09-02