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WillScot Holdings Financials

WSC
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows WillScot Holdings (WSC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 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).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 32 / 100
Financial Profile 32/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
40

WillScot Holdings has an operating margin of 8.0%, meaning the company retains $8 of operating profit per $100 of revenue. This results in a moderate score of 40/100, indicating healthy but not exceptional operating efficiency. This is down from 11.0% the prior year.

Growth
25

WillScot Holdings's revenue declined 4.8% year-over-year, from $2.4B to $2.3B. This contraction results in a growth score of 25/100.

Leverage
17

WillScot Holdings has elevated debt relative to equity (D/E of 4.15), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 17/100, reflecting increased financial risk.

Liquidity
12

WillScot Holdings's current ratio of 0.86 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 12/100, which could limit financial flexibility.

Cash Flow
100

WillScot Holdings converts 32.3% of revenue into free cash flow ($737.7M). This strong cash generation earns a score of 100/100.

Returns
0

WillScot Holdings generates a -6.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 2.8% the prior year.

Altman Z-Score Distress
0.67

WillScot Holdings scores 0.67, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($3.1B) relative to total liabilities ($5.0B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Weak
3/9

WillScot Holdings passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed
-14.38x

For every $1 of reported earnings, WillScot Holdings generates $-14.38 in operating cash flow ($762.0M OCF vs -$53.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue
$2.3B
YoY-4.8%
5Y CAGR+12.4%
10Y CAGR+17.5%

WillScot Holdings generated $2.3B in revenue in fiscal year 2025. This represents a decrease of 4.8% from the prior year.

EBITDA
$277.5M
YoY-20.0%
5Y CAGR+7.1%
10Y CAGR+64.6%

WillScot Holdings's EBITDA was $277.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 20.0% from the prior year.

Net Income
-$53.0M
YoY-288.4%

WillScot Holdings reported -$53.0M in net income in fiscal year 2025. This represents a decrease of 288.4% from the prior year.

EPS (Diluted)
$-0.29
YoY-293.3%

WillScot Holdings earned $-0.29 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 293.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$737.7M
YoY+35.8%
5Y CAGR+20.7%
10Y CAGR+20.7%

WillScot Holdings generated $737.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 35.8% from the prior year.

Cash & Debt
$14.6M
YoY+62.1%
5Y CAGR-10.2%
10Y CAGR+4.6%

WillScot Holdings held $14.6M in cash against $3.6B in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
181M
YoY-1.5%
5Y CAGR-4.6%

WillScot Holdings had 181M shares outstanding in fiscal year 2025. This represents a decrease of 1.5% from the prior year.

Margins & Returns

Gross Margin
51.0%
YoY-3.3pp
5Y CAGR+3.2pp
10Y CAGR+15.1pp

WillScot Holdings's gross margin was 51.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 3.3 percentage points from the prior year.

Operating Margin
8.0%
YoY-3.1pp
5Y CAGR-4.8pp
10Y CAGR+12.5pp

WillScot Holdings's operating margin was 8.0% in fiscal year 2025, reflecting core business profitability. This is down 3.1 percentage points from the prior year.

Net Margin
-2.3%
YoY-3.5pp
5Y CAGR-8.1pp
10Y CAGR+13.5pp

WillScot Holdings's net profit margin was -2.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.5 percentage points from the prior year.

Return on Equity
-6.2%
YoY-8.9pp
5Y CAGR-9.8pp
10Y CAGR+1425.5pp

WillScot Holdings's ROE was -6.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 8.9 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
$99.9M
YoY-64.1%
5Y CAGR+35.6%

WillScot Holdings spent $99.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 64.1% from the prior year.

Capital Expenditures
$24.3M
YoY+32.0%
5Y CAGR+8.1%
10Y CAGR+12.6%

WillScot Holdings invested $24.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 32.0% from the prior year.

WSC Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $566.0M-0.2% $566.8M-3.8% $589.1M+5.3% $559.6M-7.1% $602.5M+0.2% $601.4M-0.5% $604.6M+3.0% $587.2M
Cost of Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Gross Profit $285.5M+1.4% $281.6M-4.9% $296.1M-1.4% $300.4M-10.7% $336.3M+4.6% $321.5M-1.7% $327.1M+3.2% $316.9M
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $141.9M+3.0% $137.7M-5.1% $145.0M-7.7% $157.1M+22.5% $128.3M-16.4% $153.3M-15.2% $180.8M+7.4% $168.3M
Operating Income -$183.7M-254.6% $118.8M-6.4% $126.9M+6.3% $119.4M-31.5% $174.4M+595.3% -$35.2M-573.1% -$5.2M-104.0% $129.9M
Interest Expense N/A N/A N/A N/A N/A $55.8M+0.5% $55.5M-1.8% $56.6M
Income Tax N/A N/A N/A N/A N/A N/A -$13.9M-181.3% $17.1M
Net Income -$187.3M-532.3% $43.3M-9.6% $47.9M+11.3% $43.1M-51.7% $89.2M+226.6% -$70.5M-50.4% -$46.9M-183.3% $56.2M
EPS (Diluted) N/A $0.24-7.7% $0.26+13.0% $0.23 N/A $-0.37-48.0% $-0.25-186.2% $0.29

WSC Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $5.8B-4.7% $6.1B0.0% $6.1B+2.4% $6.0B-1.2% $6.0B0.0% $6.0B-0.2% $6.0B-2.1% $6.2B
Current Assets $525.1M+0.9% $520.3M-1.9% $530.3M+2.3% $518.5M-7.0% $557.5M-3.6% $578.3M+0.3% $576.4M+0.2% $575.4M
Cash & Equivalents $14.6M-1.2% $14.8M+14.8% $12.8M+20.3% $10.7M+18.6% $9.0M-18.5% $11.0M+86.5% $5.9M-54.9% $13.1M
Inventory $45.6M+4.9% $43.5M-6.6% $46.5M-2.5% $47.7M+0.6% $47.5M-9.7% $52.6M+5.7% $49.7M+4.4% $47.6M
Accounts Receivable $394.7M-2.2% $403.7M-2.5% $414.1M+3.4% $400.5M-6.9% $430.4M-3.5% $445.9M+0.8% $442.2M-1.9% $450.6M
Goodwill $1.3B0.0% $1.3B0.0% $1.3B+4.6% $1.2B0.0% $1.2B+2.1% $1.2B+0.1% $1.2B0.0% $1.2B
Total Liabilities $5.0B-1.7% $5.0B-0.5% $5.1B+2.4% $5.0B-1.3% $5.0B+0.7% $5.0B+2.8% $4.8B-0.3% $4.9B
Current Liabilities $611.1M-7.4% $659.8M+0.6% $655.7M+5.5% $621.4M+6.2% $585.0M-8.5% $639.4M+1.2% $631.8M+6.0% $595.8M
Long-Term Debt $3.6B-0.9% $3.6B-2.3% $3.7B+2.1% $3.6B-2.4% $3.7B+2.1% $3.6B+4.3% $3.5B-0.2% $3.5B
Total Equity $856.3M-19.2% $1.1B+2.5% $1.0B+2.3% $1.0B-0.7% $1.0B-3.4% $1.1B-12.3% $1.2B-9.0% $1.3B
Retained Earnings -$800.0M-30.6% -$612.6M+6.6% -$656.0M+6.8% -$703.9M+5.8% -$747.0M+10.7% -$836.2M-9.2% -$765.7M-6.5% -$718.9M

WSC Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $158.9M-16.9% $191.2M-6.9% $205.3M-0.6% $206.6M+15.5% $178.9M+11554.5% -$1.6M-100.9% $175.6M-15.8% $208.7M
Capital Expenditures $9.2M+116.0% $4.2M-32.5% $6.3M+35.6% $4.6M+100.1% $2.3M-30.2% $3.3M-46.9% $6.2M-4.7% $6.6M
Free Cash Flow $149.7M-19.9% $186.9M-6.1% $199.0M-1.5% $202.0M+14.4% $176.6M+3718.9% -$4.9M-102.9% $169.4M-16.2% $202.1M
Investing Cash Flow -$67.8M+11.4% -$76.6M+63.2% -$208.1M-220.4% -$65.0M+30.7% -$93.7M-24.3% -$75.3M+8.5% -$82.4M+25.8% -$111.0M
Financing Cash Flow -$91.7M+18.8% -$112.9M-2931.7% $4.0M+102.8% -$139.9M-61.1% -$86.9M-205.4% $82.4M+182.4% -$100.0M-4.6% -$95.6M
Dividends Paid $12.8M+0.1% $12.7M-0.1% $12.8M-1.0% $12.9M $0 $0 $0 $0
Share Buybacks $17.4M+87.2% $9.3M-81.9% $51.2M+132.7% $22.0M-85.1% $147.9M+186.3% $51.7M-34.3% $78.7M $0

WSC Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 50.4%+0.8pp 49.7%-0.6pp 50.3%-3.4pp 53.7%-2.1pp 55.8%+2.4pp 53.4%-0.7pp 54.1%+0.1pp 54.0%
Operating Margin -32.5%-53.4pp 21.0%-0.6pp 21.5%+0.2pp 21.3%-7.6pp 28.9%+34.8pp -5.9%-5.0pp -0.9%-23.0pp 22.1%
Net Margin -33.1%-40.7pp 7.6%-0.5pp 8.1%+0.5pp 7.7%-7.1pp 14.8%+26.5pp -11.7%-4.0pp -7.8%-17.3pp 9.6%
Return on Equity -21.9%-26.0pp 4.1%-0.5pp 4.6%+0.4pp 4.3%-4.5pp 8.8%+15.4pp -6.7%-2.8pp -3.9%-8.2pp 4.3%
Return on Assets -3.2%-3.9pp 0.7%-0.1pp 0.8%+0.1pp 0.7%-0.8pp 1.5%+2.7pp -1.2%-0.4pp -0.8%-1.7pp 0.9%
Current Ratio 0.86+0.1 0.79-0.0 0.81-0.0 0.83-0.1 0.95+0.0 0.900.0 0.91-0.1 0.97
Debt-to-Equity 4.15+0.8 3.39-0.2 3.550.0 3.56-0.1 3.62+0.2 3.42+0.5 2.88+0.3 2.63
FCF Margin 26.5%-6.5pp 33.0%-0.8pp 33.8%-2.3pp 36.1%+6.8pp 29.3%+30.1pp -0.8%-28.8pp 28.0%-6.4pp 34.4%

Note: The current ratio is below 1.0 (0.86), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

WillScot Holdings (WSC) reported $2.3B in total revenue for fiscal year 2025. This represents a -4.8% 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.

WillScot Holdings (WSC) revenue declined by 4.8% year-over-year, from $2.4B to $2.3B in fiscal year 2025.

No, WillScot Holdings (WSC) reported a net income of -$53.0M in fiscal year 2025, with a net profit margin of -2.3%.

WillScot Holdings (WSC) reported diluted earnings per share of $-0.29 for fiscal year 2025. This represents a -293.3% 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.

WillScot Holdings (WSC) had EBITDA of $277.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, WillScot Holdings (WSC) had $14.6M in cash and equivalents against $3.6B in long-term debt.

WillScot Holdings (WSC) had a gross margin of 51.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

WillScot Holdings (WSC) had an operating margin of 8.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

WillScot Holdings (WSC) had a net profit margin of -2.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

WillScot Holdings (WSC) has a return on equity of -6.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

WillScot Holdings (WSC) generated $737.7M in free cash flow during fiscal year 2025. This represents a 35.8% 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.

WillScot Holdings (WSC) generated $762.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

WillScot Holdings (WSC) had $5.8B in total assets as of fiscal year 2025, including both current and long-term assets.

WillScot Holdings (WSC) invested $24.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Yes, WillScot Holdings (WSC) spent $99.9M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

WillScot Holdings (WSC) had 181M shares outstanding as of fiscal year 2025.

WillScot Holdings (WSC) had a current ratio of 0.86 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

WillScot Holdings (WSC) had a debt-to-equity ratio of 4.15 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

WillScot Holdings (WSC) had a return on assets of -0.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

WillScot Holdings (WSC) has an Altman Z-Score of 0.67, 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.

WillScot Holdings (WSC) has a Piotroski F-Score of 3 out of 9, indicating weak 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.

WillScot Holdings (WSC) has an earnings quality ratio of -14.38x, considered mixed 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.

WillScot Holdings (WSC) scores 32 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.

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