WillScot Holdings Corp WSC
Headquartered in Scottsdale, Arizona, we are a leading business services provider specializing in innovative and flexible turnkey temporary space solutions. Our diverse product offering includes modular office complexes, mobile offices, classrooms, blast-resistant modules, clearspan structures, sanitation solutions, portable storage containers, and climate-controlled containers and trailers. We offer our customers a thoughtfully curated selection of solutions intended to improve the overall customer experience by making modular space and portable storage units more productive, comfortable, safe and secure for our customers with Value-Added Products ("VAPS"), such as workstations, furniture, appliances, media packages, power and solar solutions, telematics, connectivity and data solutions, security and protection products, entrance packages, electrical and lighting products, organization and space optimization assets, perimeter solutions, and other items. These turnkey space solutions offer customers flexible, low-cost, and timely solutions to meet their space needs on an outsourced basis.
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 | $2.28B | $2.40B | $2.36B | $2.14B | $1.67B | $1.27B | $1.06B | $751.4M | $445.9M | $426.6M |
| Cost of revenue | — | — | — | — | — | — | — | — | $85.5M | $75.4M |
| Gross profit | $1.16B | $1.30B | $1.33B | $1.14B | $844.7M | $608.4M | $413.3M | $289.4M | $165.6M | $168.2M |
| SG&A | $581.8M | $630.7M | $596.1M | $567.5M | $480.4M | $338.4M | $271.0M | $234.8M | $162.4M | $139.1M |
| Operating income | $181.5M | $263.9M | $673.5M | $511.5M | $300.4M | $161.8M | $117.5M | $6.3M | -$58.3M | -$3.2M |
| Interest expense | — | — | $205.0M | $146.3M | $116.4M | $119.3M | $122.5M | $98.4M | $119.3M | $94.7M |
| Pre-tax income | -$55.4M | $36.6M | $468.4M | $365.2M | $151.4M | $3.5M | -$123.4M | -$68.3M | -$165.4M | -$87.6M |
| Income tax | $2.4M | $8.5M | $126.6M | $88.9M | $36.5M | $56.0M | $2.2M | $38.6M | $936.0K | $24.5M |
| Net income | -$53.0M | $28.0M | $476.0M | $340.0M | $160.0M | $74.0M | -$121.2M | -$25.2M | -$147.7M | -$30.9M |
| EPS, basic | -0.29 | 0.15 | 2.40 | 1.57 | 0.71 | 0.44 | -1.11 | -0.29 | — | 0.05 |
| EPS, diluted | -0.29 | 0.15 | 2.36 | 1.53 | 0.69 | 0.25 | -1.11 | -0.53 | -7.47 | -2.13 |
| Shares, diluted (wtd. avg.) | $182.4M | $190.3M | $201.8M | $221.4M | $232.8M | $177.3M | $108.7M | $89.0M | — | $62.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $14.6M | $9.0M | $11.0M | $17.8M | $12.7M | $24.9M | $3.0M | $9.0M | $9.2M | $6.2M |
| Receivables | $394.7M | $430.4M | $451.1M | $409.8M | $351.3M | $330.9M | $247.6M | $206.5M | $94.8M | $71.4M |
| Inventory | $45.6M | $47.5M | $47.4M | $41.0M | $29.8M | $23.7M | $15.4M | $16.2M | $10.1M | $8.9M |
| Total current assets | $525.1M | $557.5M | $569.1M | $521.0M | $483.0M | $421.6M | $292.6M | $256.3M | $127.8M | $137.5M |
| Property, plant and equipment | — | — | — | — | $312.2M | $303.6M | — | $183.8M | $83.7M | $84.2M |
| Goodwill | $1.26B | $1.20B | $1.18B | $1.01B | $1.01B | $962.4M | $235.2M | $247.0M | $28.6M | $56.8M |
| Other intangibles | $224.1M | $251.2M | $419.7M | $419.1M | $442.9M | $495.9M | $126.6M | $131.8M | $126.3M | $125.0M |
| Total assets | $5.82B | $6.03B | $6.14B | $5.83B | $5.77B | $5.57B | $2.90B | $2.75B | $1.41B | $1.70B |
| Accounts payable | $109.9M | $96.6M | $86.1M | $109.3M | $102.6M | $106.9M | $109.9M | $90.4M | $57.1M | $33.1M |
| Total current liabilities | $611.1M | $585.0M | $562.0M | $561.9M | $517.6M | $448.7M | $320.4M | $269.0M | $155.7M | $172.7M |
| Long-term debt | — | — | — | — | — | — | $1.63B | — | — | — |
| Total liabilities | $4.96B | $5.02B | $4.88B | $4.26B | $3.78B | $3.51B | $2.34B | $2.05B | $926.2M | $1.68B |
| Retained earnings | -$800.0M | -$747.0M | -$775.1M | -$1.25B | -$1.59B | -$1.75B | -$1.83B | -$1.68B | -$1.64B | -$1.49B |
| Total equity | $856.3M | $1.02B | $1.26B | $1.57B | $2.00B | $2.06B | $555.2M | $657.6M | $366.1M | $23.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $762.0M | $561.6M | $761.2M | $744.7M | $539.9M | $304.8M | $172.6M | $37.1M | -$1.4M | $58.7M |
| Depreciation and amortisation | — | — | — | — | $315.6M | $243.8M | $187.1M | $134.7M | $81.3M | $78.0M |
| Stock-based compensation | $38.4M | $36.0M | $34.5M | $29.6M | $26.2M | $9.9M | $6.7M | $3.4M | $3.0M | $0 |
| Capital expenditure | $24.3M | $18.4M | $22.2M | $43.7M | $30.5M | $16.5M | $8.3M | $4.6M | $4.4M | $2.4M |
| Investing cash flow | -$417.5M | -$362.3M | -$350.0M | -$309.3M | -$384.0M | -$125.4M | -$152.6M | -$1.22B | -$392.6M | -$30.2M |
| Financing cash flow | -$340.5M | -$200.1M | -$418.9M | -$429.4M | -$167.9M | -$159.0M | -$26.1M | $1.18B | $396.8M | -$31.4M |
| Dividends paid | $51.1M | $0 | $0 | — | — | — | — | — | — | — |
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 0001647088-26-000021.
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