One-glance verdict
Undervalued
$47.44 our estimate vs market $18.06
Wall Street consensus: $29.40 (-38.0% lower than our fair-value estimate)
62% below our estimate, below the bear case
Fundamentals snapshot
WillScot Holdings Corporation
WSC · NCM · Industrials · Rental & Leasing Services
Current price
$18.06
52-week range
$14.91 - $29.77
Market cap
$3.27B
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 provides temporary spaces like mobile offices and storage containers for industries such as construction and energy. The company's main business is leasing these units and then selling or renting all the necessary add-ons, like furniture and security systems, to go with them. This one-stop-shop approach helps create a reliable stream of recurring revenue (income that comes in regularly from ongoing services, like a subscription).
How the company got here
WillScot's story begins with two separate companies: one started in 1944 making construction trailers and another that patented the mobile office in 1955. [6, 12] They joined forces in 1990, creating a specialist in temporary modular spaces. [12] The most significant turning point came in 2020 when it merged with Mobile Mini, a leader in portable storage containers. [16] This combination created a one-stop shop for temporary site needs, and in 2024, the company unified all its operations under the single WillScot brand. [4, 25]
What it actually does
Think of WillScot as a company that provides ready-to-use temporary spaces for all kinds of projects. [4] If a construction site needs a temporary office, a school needs an extra classroom, or a hospital needs a temporary clinic, they call WillScot. [3] The company doesn't just drop off an empty box; it offers a full "turnkey" solution, meaning it can also provide furniture, stairs, ramps, and even internet service to make the space immediately usable. [4, 8] Customers, who range from construction firms to government agencies, typically lease these units for a specific period. [5, 9]
Modular Space Solutions
This is the company's largest business, representing the original WillScot specialty. [8, 17] It involves leasing out prefabricated buildings that can be used as temporary offices, portable classrooms, or even complex multi-unit buildings for larger projects. [2, 8] Customers like construction managers or school administrators pay a recurring rental fee for these spaces. This part of the business is the biggest contributor to the company's revenue (the total money it brings in). [8]
Portable Storage Solutions
This part of the business came from the merger with Mobile Mini and focuses on providing secure, on-site storage. [8, 17] These are the simple, strong steel containers you might see at a construction site or in the back of a retail store for holding extra inventory or equipment. [8] Customers pay to lease these containers for their storage needs. While smaller than the modular space business, it's a key part of the company's offering, allowing them to serve more of a customer's needs at a single job site. [8]
What management is betting on now
The company's main focus is on growing its business from the inside out, what's known as organic growth (increasing sales without buying other companies). [15] A key part of this strategy is cross-selling — convincing customers who rent their offices to also rent their storage containers, and vice-versa. [21] Management is also making strategic acquisitions (buying other companies) to add new products like climate-controlled storage and large, tent-like "clearspan structures" to its offerings. [23] Finally, the company has been actively using share buybacks (when a company buys its own stock from the market to reduce the number of shares available), which is a way to return value to its investors. [23]
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 $47.44 vs current price $18.06
Wall Street consensus is the average analyst price target: $29.40 (-38.0% lower than our fair-value estimate).
Our most-likely fair value is $47.44 a share — about 162.7% above today's price of $18.06, 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 $589.89M Interest coverage 7.96x +281% vs WSC Carries about 3.8x more debt cushion than WSC.
Total debt $15.38B Interest coverage 5.55x +166% vs WSC Carries about 2.7x more debt cushion than WSC.
Total debt $9.56B 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 $2.55B 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 1.6% 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
13.62x
P/B
3.75x
P/S
1.43x
EV/EBITDA
12.00x
PEG ratio
0.97x
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
1.6%
Payout ratio
17.4%
Last ex-div date
2026-09-02