MCGRATH RENTCORP MGRC
McGrath RentCorp (the "Company") is a California corporation organized in 1979 with corporate offices located in Livermore, California. The Company's common stock is traded on the NASDAQ Global Select Market under the symbol "MGRC". References in this report to the "Company", "we", "us", and "ours" refer to McGrath RentCorp and its subsidiaries, unless the context requires otherwise.
The Company is a diversified business-to-business rental company with three rental divisions: relocatable modular buildings, portable storage containers and electronic test equipment. Although the Company's primary emphasis is on equipment rentals, sales of equipment occur in the normal course of business. At December 31, 2025, the Company was comprised of four reportable business segments: (1) its modular building segment ("Mobile Modular"); (2) its portable storage container segment ("Portable Storage"); (3) its electronic test equipment segment ("TRS-RenTelco"); and (4) its classroom manufacturing business selling modular buildings used primarily as classrooms in California ("Enviroplex").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $944.2M | $910.9M | $831.8M | $635.7M | $534.6M | $128.4M | $115.3M | $96.6M | $94.5M | $76.8M |
| Cost of revenue | $489.3M | $475.5M | $438.2M | $345.5M | $287.3M | $308.8M | $304.1M | $265.1M | $255.7M | $239.9M |
| Gross profit | $455.0M | $435.4M | $393.6M | $290.2M | $247.3M | $263.7M | $266.2M | $233.3M | $206.3M | $184.2M |
| SG&A | $211.4M | $200.4M | $207.5M | $142.9M | $123.1M | $123.0M | $124.8M | $115.8M | $111.6M | $104.9M |
| Operating income | $243.6M | $244.3M | $189.7M | $147.3M | $124.3M | $140.8M | $141.4M | $117.5M | $94.7M | $79.3M |
| Interest expense | — | $47.2M | $40.6M | $12.2M | $8.2M | $8.8M | $12.3M | $12.3M | $11.6M | $12.2M |
| Pre-tax income | $213.1M | $313.6M | $149.5M | $134.7M | $115.8M | $132.0M | $129.1M | $104.7M | $83.5M | $66.9M |
| Income tax | $56.8M | $81.9M | $37.6M | $31.4M | $30.7M | $30.1M | $32.3M | $25.3M | $70.5M | $28.7M |
| Net income | $156.3M | $231.7M | $174.6M | $115.1M | $89.7M | $102.0M | $96.8M | $79.4M | $153.9M | $38.3M |
| EPS, basic | 6.35 | 9.44 | 7.14 | 4.73 | 3.70 | 4.22 | 3.99 | 3.29 | 6.41 | 1.60 |
| EPS, diluted | 6.35 | 9.43 | 7.12 | 4.70 | 3.66 | 4.16 | 3.93 | 3.24 | 6.34 | 1.60 |
| Shares, diluted (wtd. avg.) | $24.6M | $24.6M | $24.5M | $24.5M | $24.5M | $24.5M | $24.6M | $24.5M | $24.3M | $24.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $295.0K | $807.0K | $877.0K | $957.0K | $1.5M | $1.2M | $2.3M | $1.5M | $2.5M | $852.0K |
| Inventory | $8.0M | $14.3M | $8.0M | — | — | — | — | — | — | — |
| Property, plant and equipment | $218.8M | $182.3M | $154.3M | $138.7M | $135.3M | $136.2M | $131.0M | $126.9M | $119.2M | $112.2M |
| Goodwill | $332.6M | $323.2M | $323.2M | $106.4M | $132.4M | $28.2M | $28.2M | $27.8M | $27.8M | $27.8M |
| Other intangibles | $46.6M | $54.3M | $64.6M | $35.4M | $47.0M | $7.1M | $7.3M | $7.3M | $7.7M | $8.6M |
| Total assets | $2.36B | $2.28B | $2.22B | $1.71B | $1.60B | $1.28B | $1.28B | $1.24B | $1.15B | $1.13B |
| Total liabilities | $1.12B | $1.15B | $1.28B | $903.9M | $863.9M | $593.1M | $675.8M | $645.8M | $623.7M | $734.0M |
| Retained earnings | $1.12B | $1.01B | $822.8M | $693.9M | $623.5M | $576.4M | $527.7M | $467.8M | $421.4M | $292.5M |
| Total equity | $1.24B | $1.12B | $933.8M | $803.9M | $732.0M | $682.6M | $634.0M | $571.5M | $524.2M | $394.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $255.7M | $374.4M | $95.3M | $194.4M | $195.7M | $180.5M | $188.0M | $142.7M | $122.4M | $140.7M |
| Depreciation and amortisation | $107.1M | $107.5M | $109.4M | $111.3M | $106.7M | $94.6M | $89.5M | $82.0M | $78.4M | $81.2M |
| Stock-based compensation | $11.2M | $9.5M | $8.3M | $8.0M | $7.7M | $5.5M | $5.9M | $4.1M | $3.2M | $3.1M |
| Capital expenditure | $44.4M | $40.2M | $44.0M | $17.6M | $2.7M | $13.7M | $12.1M | $15.7M | $14.6M | $10.5M |
| Investing cash flow | -$127.1M | -$150.8M | -$391.9M | -$131.4M | -$351.7M | -$53.0M | -$143.1M | -$104.5M | -$70.9M | -$60.2M |
| Financing cash flow | -$129.1M | -$223.7M | $296.4M | -$63.5M | $156.2M | -$128.5M | -$44.0M | -$39.1M | -$49.9M | -$80.8M |
| Dividends paid | $47.9M | $46.8M | $45.6M | $44.3M | $42.2M | $39.8M | $35.5M | $30.9M | $24.9M | $24.4M |
| Buybacks | — | — | — | — | — | $13.6M | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-177073.
Others in SIC 7359
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| URI | UNITED RENTALS, INC. | $63.26B | 26.2x | 3.0% |
| SUNB | Sunbelt Rentals Holdings, Inc. | $28.11B | 21.8x | 4.4% |
| CTOS | Custom Truck One Source, Inc. | $2.09B | — | 6.4% |
| PRG | PROG Holdings, Inc. | $1.56B | 10.9x | 0.4% |
| EQPT | EquipmentShare.com Inc | $1.52B | 1,955.0x | 3.2% |
| UPBD | UPBOUND GROUP, INC. | $1.11B | 15.2x | 8.7% |
| KPLT | Katapult Holdings, Inc. | $39.3M | — | 18.0% |
| TRTN-PA | Triton International Ltd | — | — | 22.4% |