Detailed financial statements for WillScot Holdings Corporation (WSC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
WillScot Holdings Corporation (WSC) is a leading provider of adaptable workspace and mobile storage solutions throughout the United States, Canada, and Mexico. The company's operations are divided into two core divisions: Modular Solutions and Storage Solutions.
Analysis Summary
Trailing-twelve-month margins: gross margin 48.4%, operating margin 20.2%, net margin -3.0%.
At $17.36 (closing price, October 6, 2026), WSC has negative trailing earnings (P/E not meaningful) and an ROE of -7.45%. Market capitalisation stands at $3.1B.
Balance sheet quality for WSC: current ratio of 0.9. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | -7.45% |
| Return on Invested Capital | 7.84% |
| Return on Assets | -1.17% |
| Gross Margin | 48.38% |
| Operating Margin | 20.23% |
| Net Margin | -3.00% |
Financial Health
| Debt / Equity | 4.17 |
| Current Ratio | 0.81 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 0.87 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 262.53 | -1.70 | -16.82 | -168.09 | 52.66 | 57.52 | 32.26 | 18.54 | 223.00 | -64.93 |
| P/B | 0.31 | 0.58 | 1.29 | 3.12 | 1.90 | 4.63 | 6.26 | 7.01 | 6.18 | 4.01 |
| P/S | 0.35 | 0.56 | 1.09 | 1.89 | 3.08 | 5.53 | 4.57 | 3.74 | 2.63 | 1.51 |
| Gross Margin | 37.3% | 37.1% | 38.5% | 38.9% | 47.8% | 50.5% | 53.0% | 56.4% | 54.3% | 46.8% |
| Operating Margin | -0.2% | -13.1% | 0.8% | 11.0% | 12.7% | 18.0% | 23.9% | 28.5% | 11.0% | 21.4% |
| Net Margin | 0.1% | -33.1% | -6.5% | -11.4% | 5.8% | 9.6% | 15.8% | 20.1% | 1.2% | -2.3% |
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Explore sector: Industrials · Rental & Leasing Services
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