WillScot Holdings Corp
WSC—
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WillScot Holdings Corp AI Insights
Informational only. Not investment advice.Snapshot
- Debt/equity of 3.7x with 3.9B total debt vs 1.1B equity; interest expense TTM of 235M consumes 77% of pretax income[Debt to Equity]
- Gross margin TTM 52.4% vs industry median 38.3% - 14pp advantage from modular space rental pricing power[Gross Margin TTM]
- Tangible book value negative (-432M) with goodwill at 119% of equity - acquisition-heavy balance sheet[Tangible Book Value]
Watch Triggers
- Gross Profit 1yr Growth: Continues negative beyond -15% — Current -12.4% YoY decline could accelerate if construction/industrial demand weakens further
- Interest Expense TTM: Exceeds 250M or coverage falls below 1.5x — At 235M already consuming 77% of pretax income; rate increases compress equity returns
- Free Cash Flow TTM: Falls below 350M — Deleveraging thesis depends on sustained FCF; decline signals balance sheet stress
Bull Case
Premium gross margins (52% vs 38% industry) with asset-light rental model generates 452M FCF TTM despite heavy debt load
Gross Margin TTMFree Cash Flow TTM
P/E of 16.4x below industry median 18x despite superior operating margin (23.7% vs 22.2% median)
PE RatioOperating Margin TTM
Bear Case
Leverage at 3.7x D/E with 235M annual interest; gross profit declined 12.4% YoY signaling demand weakness
Debt to EquityGross Profit 1yr Growth
5-year EPS CAGR of -7.8% vs industry +8% median; negative tangible equity limits financial flexibility
EPS Growth 5yrTangible Book Value
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
40%
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Forward Thesis
FCF generation to accelerate deleveraging, reducing interest burden by 15-20% over 1-3 years
1-3ymed
- 452M FCF TTM on 2.3B revenue = 19.5% FCF margin
- 782M operating cash flow provides debt paydown capacity
- Capex intensity manageable at 14% of revenue
FCF TTM 452M vs 235M interest = 1.9x coverageOperating margin 23.7% supports cash generationNet debt 3.6B declining from FCF allocation
Valuation Context
Caveats
WSC Fundamentals
Real Estate and Rental and Leasing → Rental and Leasing Services
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$4.37B | — | ||
$8.17B | — | ||
0.00 | — | ||
$2.27B | -4.1% | — | |
$-0.37 | +10.5% | — | |
20.8% | -3.5% | — | |
-2.99% | -3.6% | — | |
$376.02M | +43.5% | — | |
-7.22% | -8.5% | — | |
Beta 5Y (Monthly) | unknown | — |
WSC Dividend History
6 dividends
2026
$0.140006/03/26$0.0700
03/04/26$0.0700
2025
$0.280012/03/25$0.0700
09/03/25$0.0700
06/04/25$0.0700
03/05/25$0.0700
WSC Stock Splits
No stock splits
WSC SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/07/26 | 03/31/26 | 10-Q | |
02/19/26 | 12/31/25 | Unknown | |
11/06/25 | 09/30/25 | 10-Q | |
07/31/25 | 06/30/25 | 10-Q | |
05/01/25 | 03/31/25 | 10-Q | |
02/20/25 | 12/31/24 | Unknown | |
10/30/24 | 09/30/24 | 10-Q | |
08/01/24 | 06/30/24 | 10-Q | |
05/02/24 | 03/31/24 | 10-Q | |
02/20/24 | 12/31/23 | 10-K | |
11/02/23 | 09/30/23 | 10-Q | |
08/03/23 | 06/30/23 | 10-Q | |
04/27/23 | 03/31/23 | 10-Q | |
02/22/23 | 12/31/22 | 10-K | |
11/03/22 | 09/30/22 | 10-Q | |
08/04/22 | 06/30/22 | 10-Q | |
04/28/22 | 03/31/22 | 10-Q | |
02/25/22 | 12/31/21 | 10-K | |
11/05/21 | 09/30/21 | 10-Q | |
08/06/21 | 06/30/21 | 10-Q | |
05/10/21 | 03/31/21 | 10-Q | |
02/26/21 | 12/31/20 | 10-K | |
11/06/20 | 09/30/20 | 10-Q | |
08/10/20 | 06/30/20 | 10-Q | |
05/06/20 | 03/31/20 | 10-Q | |
03/02/20 | 12/31/19 | 10-K | |
11/08/19 | 09/30/19 | 10-Q | |
08/02/19 | 06/30/19 | 10-Q | |
05/03/19 | 03/31/19 | 10-Q | |
05/10/21 | 12/31/18 | 10-K/A | |
03/15/19 | 12/31/18 | 10-K | |
11/09/18 | 09/30/18 | 10-Q | |
08/08/18 | 06/30/18 | 10-Q | |
05/04/18 | 03/31/18 | 10-Q | |
03/16/18 | 12/31/17 | 10-K | |
11/09/17 | 09/30/17 | 10-Q | |
08/09/17 | 06/30/17 | 10-Q | |
05/10/17 | 03/31/17 | 10-Q | |
03/16/17 | 12/31/16 | 10-K | |
11/14/16 | 09/30/16 | 10-Q | |
08/15/16 | 06/30/16 | 10-Q | |
05/16/16 | 03/31/16 | 10-Q | |
03/30/16 | 12/31/15 | 10-K | |
11/16/15 | 09/30/15 | 10-Q | |
06/30/15 | 06/30/15 | 424B4 |