WillScot Holdings Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
WillScot Holdings has an operating margin of 11.0%, meaning the company retains $11 of operating profit per $100 of revenue. This results in a moderate score of 55/100, indicating healthy but not exceptional operating efficiency. This is down from 28.5% the prior year.
WillScot Holdings's revenue grew a modest 1.3% year-over-year to $2.4B. This slow but positive growth earns a score of 32/100.
WillScot Holdings has elevated debt relative to equity (D/E of 3.62), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
WillScot Holdings's current ratio of 0.95 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 18/100, which could limit financial flexibility.
WillScot Holdings converts 22.7% of revenue into free cash flow ($543.2M). This strong cash generation earns a score of 100/100.
WillScot Holdings generates a 2.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 11/100. This is down from 37.8% the prior year.
WillScot Holdings scores 0.83, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($3.9B) relative to total liabilities ($5.0B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
WillScot Holdings passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, WillScot Holdings generates $19.97 in operating cash flow ($561.6M OCF vs $28.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
This page shows WillScot Holdings (WSC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
WillScot Holdings generated $2.4B in revenue in fiscal year 2024. This represents an increase of 1.3% from the prior year.
WillScot Holdings's EBITDA was $346.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 53.5% from the prior year.
WillScot Holdings generated $543.2M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 26.5% from the prior year.
WillScot Holdings reported $28.1M in net income in fiscal year 2024. This represents a decrease of 94.1% from the prior year.
WillScot Holdings earned $0.15 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 93.6% from the prior year.
WillScot Holdings held $9.0M in cash against $3.7B in long-term debt as of fiscal year 2024.
WillScot Holdings had 184M shares outstanding in fiscal year 2024. This represents a decrease of 3.4% from the prior year.
WillScot Holdings's gross margin was 54.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 2.1 percentage points from the prior year.
WillScot Holdings's operating margin was 11.0% in fiscal year 2024, reflecting core business profitability. This is down 17.5 percentage points from the prior year.
WillScot Holdings's net profit margin was 1.2% in fiscal year 2024, showing the share of revenue converted to profit. This is down 19.0 percentage points from the prior year.
WillScot Holdings's ROE was 2.8% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 35.0 percentage points from the prior year.
WillScot Holdings spent $270.4M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 66.9% from the prior year.
WillScot Holdings invested $18.4M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 17.1% from the prior year.
WSC Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $566.8M-3.8% | $589.1M+5.3% | $559.6M-7.1% | $602.5M-0.3% | $604.6M+3.0% | $587.2M-4.1% | $612.4M+1.2% | $604.8M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | $281.6M-4.9% | $296.1M-1.4% | $300.4M-10.7% | $336.3M+2.8% | $327.1M+3.2% | $316.9M-7.7% | $343.2M+1.0% | $339.7M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $137.7M-5.1% | $145.0M-7.7% | $157.1M+22.5% | $128.3M-29.1% | $180.8M+7.4% | $168.3M+14.9% | $146.4M-3.7% | $152.0M |
| Operating Income | $118.8M-6.4% | $126.9M+6.3% | $119.4M-31.5% | $174.4M+3433.7% | -$5.2M-104.0% | $129.9M-26.7% | $177.2M-0.5% | $178.1M |
| Interest Expense | N/A | N/A | N/A | $55.8M+0.5% | $55.5M-1.8% | $56.6M-4.3% | $59.1M+9.9% | $53.8M |
| Income Tax | N/A | N/A | N/A | N/A | -$13.9M-181.3% | $17.1M-46.0% | $31.7M-3.4% | $32.8M |
| Net Income | $43.3M-9.6% | $47.9M+11.3% | $43.1M-51.7% | $89.2M+290.4% | -$46.9M-183.3% | $56.2M-34.9% | $86.3M-5.7% | $91.5M |
| EPS (Diluted) | $0.24-7.7% | $0.26+13.0% | $0.23-52.1% | $0.48+292.0% | $-0.25-186.2% | $0.29-38.3% | $0.47+2.2% | $0.46 |
WSC Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.1B0.0% | $6.1B+2.4% | $6.0B-1.2% | $6.0B-0.2% | $6.0B-2.1% | $6.2B+0.7% | $6.1B+1.0% | $6.1B |
| Current Assets | $520.3M-1.9% | $530.3M+2.3% | $518.5M-7.0% | $557.5M-3.3% | $576.4M+0.2% | $575.4M+1.1% | $569.1M0.0% | $569.2M |
| Cash & Equivalents | $14.8M+14.8% | $12.8M+20.3% | $10.7M+18.6% | $9.0M+51.9% | $5.9M-54.9% | $13.1M+20.0% | $11.0M+89.3% | $5.8M |
| Inventory | $43.5M-6.6% | $46.5M-2.5% | $47.7M+0.6% | $47.5M-4.5% | $49.7M+4.4% | $47.6M+0.5% | $47.4M+6.0% | $44.7M |
| Accounts Receivable | $403.7M-2.5% | $414.1M+3.4% | $400.5M-6.9% | $430.4M-2.7% | $442.2M-1.9% | $450.6M-0.1% | $451.1M-3.9% | $469.3M |
| Goodwill | $1.3B0.0% | $1.3B+4.6% | $1.2B0.0% | $1.2B+2.2% | $1.2B0.0% | $1.2B-0.1% | $1.2B+1.6% | $1.2B |
| Total Liabilities | $5.0B-0.5% | $5.1B+2.4% | $5.0B-1.3% | $5.0B+3.5% | $4.8B-0.3% | $4.9B-0.3% | $4.9B+2.4% | $4.8B |
| Current Liabilities | $659.8M+0.6% | $655.7M+5.5% | $621.4M+6.2% | $585.0M-7.4% | $631.8M+6.0% | $595.8M+6.0% | $562.0M+2.8% | $546.9M |
| Long-Term Debt | $3.6B-2.3% | $3.7B+2.1% | $3.6B-2.4% | $3.7B+6.5% | $3.5B-0.2% | $3.5B-2.1% | $3.5B+2.3% | $3.5B |
| Total Equity | $1.1B+2.5% | $1.0B+2.3% | $1.0B-0.7% | $1.0B-15.2% | $1.2B-9.0% | $1.3B+4.7% | $1.3B-3.9% | $1.3B |
| Retained Earnings | -$612.6M+6.6% | -$656.0M+6.8% | -$703.9M+5.8% | -$747.0M+2.4% | -$765.7M-6.5% | -$718.9M+7.3% | -$775.1M+10.0% | -$861.4M |
WSC Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $191.2M-6.9% | $205.3M-0.6% | $206.6M+15.5% | $178.9M+1.9% | $175.6M-15.8% | $208.7M-4.9% | $219.3M+14.8% | $191.0M |
| Capital Expenditures | $4.2M-32.5% | $6.3M+35.6% | $4.6M+100.1% | $2.3M-62.9% | $6.2M-4.7% | $6.6M+19.5% | $5.5M-1.4% | $5.6M |
| Free Cash Flow | $186.9M-6.1% | $199.0M-1.5% | $202.0M+14.4% | $176.6M+4.3% | $169.4M-16.2% | $202.1M-5.5% | $213.8M+15.3% | $185.4M |
| Investing Cash Flow | -$76.6M+63.2% | -$208.1M-220.4% | -$65.0M+30.7% | -$93.7M-13.7% | -$82.4M+25.8% | -$111.0M+16.2% | -$132.5M+64.8% | -$376.0M |
| Financing Cash Flow | -$112.9M-2931.7% | $4.0M+102.8% | -$139.9M-61.1% | -$86.9M+13.1% | -$100.0M-4.6% | -$95.6M-16.8% | -$81.9M-144.7% | $183.2M |
| Dividends Paid | $12.7M-0.1% | $12.8M-1.0% | $12.9M | $0 | $0 | $0 | N/A | N/A |
| Share Buybacks | $9.3M-81.9% | $51.2M+132.7% | $22.0M-84.3% | $140.1M+78.1% | $78.7M | $0-100.0% | $140.0M-36.9% | $221.9M |
WSC Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 49.7%-0.6pp | 50.3%-3.4pp | 53.7%-2.1pp | 55.8%+1.7pp | 54.1%+0.1pp | 54.0%-2.1pp | 56.0%-0.1pp | 56.2% |
| Operating Margin | 21.0%-0.6pp | 21.5%+0.2pp | 21.3%-7.6pp | 28.9%+29.8pp | -0.9%-23.0pp | 22.1%-6.8pp | 28.9%-0.5pp | 29.4% |
| Net Margin | 7.6%-0.5pp | 8.1%+0.5pp | 7.7%-7.1pp | 14.8%+22.6pp | -7.8%-17.3pp | 9.6%-4.5pp | 14.1%-1.0pp | 15.1% |
| Return on Equity | 4.1%-0.5pp | 4.6%+0.4pp | 4.3%-4.5pp | 8.8% | N/A | 4.3%-2.6pp | 6.8%-0.1pp | 7.0% |
| Return on Assets | 0.7%-0.1pp | 0.8%+0.1pp | 0.7%-0.8pp | 1.5%+2.3pp | -0.8%-1.7pp | 0.9%-0.5pp | 1.4%-0.1pp | 1.5% |
| Current Ratio | 0.79-0.0 | 0.81-0.0 | 0.83-0.1 | 0.95+0.0 | 0.91-0.1 | 0.97-0.0 | 1.01-0.0 | 1.04 |
| Debt-to-Equity | 3.39-0.2 | 3.550.0 | 3.56-0.1 | 3.62+0.7 | 2.88+0.3 | 2.63-0.2 | 2.81+0.2 | 2.64 |
| FCF Margin | 33.0%-0.8pp | 33.8%-2.3pp | 36.1%+6.8pp | 29.3%+1.3pp | 28.0%-6.4pp | 34.4%-0.5pp | 34.9%+4.3pp | 30.7% |
Note: The current ratio is below 1.0 (0.95), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is WillScot Holdings's annual revenue?
WillScot Holdings (WSC) reported $2.4B in total revenue for fiscal year 2024. This represents a 1.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is WillScot Holdings's revenue growing?
WillScot Holdings (WSC) revenue grew by 1.3% year-over-year, from $2.4B to $2.4B in fiscal year 2024.
Is WillScot Holdings profitable?
Yes, WillScot Holdings (WSC) reported a net income of $28.1M in fiscal year 2024, with a net profit margin of 1.2%.
What is WillScot Holdings's earnings per share (EPS)?
WillScot Holdings (WSC) reported diluted earnings per share of $0.15 for fiscal year 2024. This represents a -93.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is WillScot Holdings's EBITDA?
WillScot Holdings (WSC) had EBITDA of $346.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does WillScot Holdings have?
As of fiscal year 2024, WillScot Holdings (WSC) had $9.0M in cash and equivalents against $3.7B in long-term debt.
What is WillScot Holdings's gross margin?
WillScot Holdings (WSC) had a gross margin of 54.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is WillScot Holdings's operating margin?
WillScot Holdings (WSC) had an operating margin of 11.0% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is WillScot Holdings's net profit margin?
WillScot Holdings (WSC) had a net profit margin of 1.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is WillScot Holdings's return on equity (ROE)?
WillScot Holdings (WSC) has a return on equity of 2.8% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is WillScot Holdings's free cash flow?
WillScot Holdings (WSC) generated $543.2M in free cash flow during fiscal year 2024. This represents a -26.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is WillScot Holdings's operating cash flow?
WillScot Holdings (WSC) generated $561.6M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are WillScot Holdings's total assets?
WillScot Holdings (WSC) had $6.0B in total assets as of fiscal year 2024, including both current and long-term assets.
What are WillScot Holdings's capital expenditures?
WillScot Holdings (WSC) invested $18.4M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
Does WillScot Holdings buy back shares?
Yes, WillScot Holdings (WSC) spent $270.4M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does WillScot Holdings have outstanding?
WillScot Holdings (WSC) had 184M shares outstanding as of fiscal year 2024.
What is WillScot Holdings's current ratio?
WillScot Holdings (WSC) had a current ratio of 0.95 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is WillScot Holdings's debt-to-equity ratio?
WillScot Holdings (WSC) had a debt-to-equity ratio of 3.62 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is WillScot Holdings's return on assets (ROA)?
WillScot Holdings (WSC) had a return on assets of 0.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is WillScot Holdings's Altman Z-Score?
WillScot Holdings (WSC) has an Altman Z-Score of 0.83, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is WillScot Holdings's Piotroski F-Score?
WillScot Holdings (WSC) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are WillScot Holdings's earnings high quality?
WillScot Holdings (WSC) has an earnings quality ratio of 19.97x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is WillScot Holdings?
WillScot Holdings (WSC) scores 36 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.