WillScot Holdings Corp (WSC)

Price$19.98Cached quoteAs of 2026-09-05 18:30 UTC

AI: Undervalued

Price checkThe shares look modestly undervalued if cash recovery and debt reduction continue.

At the observed market value, the equity is worth about $3.5 billion. Adding the supplied debt-like obligations and subtracting cash gives a total business value near $7.3 billion. The company guides to $920 million of adjusted earnings before interest, taxes, depreciation and amortization, a rough operating-profit measure, so that value is about eight times guidance. Trailing free cash flow is roughly $367 million to $385 million depending on definition, equal to about 10 to 11 cents of annual cash for each dollar of equity value. StockAnalysis.com+2WillScot Holdings Corporation+2

Big pictureRevenue has turned upward again, but profit margins and cash conversion remain below prior levels.

The supplied history shows 2025 revenue fell about 4.8% from 2024, while operating income dropped from $264 million to $181 million and the year ended with a $53 million net loss. In the first half of 2026, revenue rose about 1% year over year to $1.16 billion, but operating cash flow fell to $353 million from $412 million. Company-defined adjusted free cash flow, cash after operating and net fleet investment with specified adjustments, fell to $171 million from $275 million. Pasted text WillScot Holdings Corporation

Business strengthA broad rental network produces recurring cash, but leverage sharply limits balance-sheet flexibility.

Leverage is the main restraint. The supplied $3.79 billion debt figure appears to include about $299 million of operating lease liabilities; the filed debt note separately reports $3.50 billion of borrowings and only $18 million of cash. Company net debt was 3.7 times adjusted operating profit before depreciation and similar charges, with $1.5 billion of revolver availability. Shares outstanding are down about 21% since 2020, so past repurchases reduced dilution, but no shares were repurchased in the second quarter and dividends now use cash. Pasted text SEC+1

What could change the storyMargin recovery on new projects would unlock upside; weak demand or heavy spending could erase it.

The bull case is that stronger project activity becomes recurring leasing revenue after today’s activation costs fade. Management raised 2026 guidance to $2.3 billion of revenue and $920 million of adjusted operating profit, and expects margins to improve sequentially. If free cash flow rebuilds above roughly $400 million, the current valuation looks inexpensive. The bear case is visible already: first-half adjusted free cash flow fell 38%, second-quarter adjusted margin dropped 5.1 percentage points, and planned net fleet spending rose to $375 million. WillScot Holdings Corporation+1

AI: News

Second-quarter guidance raisedRevenue beat expectations and full-year guidance rose, but margins and free cash flow weakened.

On August 6, WillScot reported $612 million of revenue and $228 million of adjusted operating profit before depreciation and similar charges, both above its prior outlook, then raised full-year revenue and profit guidance. Yet the adjusted margin fell to 37.2% from 42.3% a year earlier, while adjusted free cash flow dropped to $55 million from $130 million. Shares fell 5.6% in the next full session; timing suggests concern about margins and spending, but does not prove causation. WillScot Holdings Corporation+1

First-quarter reboundA strong first-quarter beat and higher outlook briefly restored confidence in demand recovery.

On May 7, WillScot reported $549 million of revenue, $211 million of adjusted operating profit before depreciation and similar charges, and adjusted earnings of $0.21 per share, while raising its 2026 outlook. The next session, shares rose 20.6% on about 13.3 million shares traded. That unusually large move followed the results immediately and is consistent with investors rewarding evidence of improving demand, although price timing alone cannot establish that the earnings release caused the entire move. WillScot Holdings Corporation+2Finance Charts+2

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	$2.28B	$2.40B	$2.36B	$2.14B	$1.67B	$1.27B	$1.06B	$751.4M	$445.9M	$426.6M	$453.3M
Gross profit	$1.16B	$1.30B	$1.33B	$1.14B	$844.7M	$608.4M	$413.3M	$289.4M	$165.6M	$168.2M	$162.9M
Gross margin	51.00%	54.34%	56.41%	52.99%	50.49%	47.80%	38.86%	38.51%	37.13%	39.43%	35.94%
Operating expenses	$982.1M	$1.04B	$660.4M	$624.0M	$544.3M	$446.6M	$295.8M	$283.1M	$223.9M	$171.4M	$183.7M
Operating income	$181.5M	$263.9M	$673.5M	$511.5M	$300.4M	$161.8M	$117.5M	$6.3M	−$58.3M	−$3.2M	−$20.8M
Operating margin	7.95%	11.02%	28.48%	23.87%	17.95%	12.71%	11.05%	0.83%	−13.08%	−0.75%	−4.58%
EBITDA	$277.5M	$346.7M	$746.4M	$573.9M	$615.9M	$405.6M	$304.6M	$141.0M	$23.0M	$74.8M	$80.4M
EBITDA margin	12.16%	14.47%	31.56%	26.78%	36.82%	31.86%	28.64%	18.76%	5.15%	17.54%	17.73%
Net income	−$53.0M	$28.1M	$476.5M	$339.5M	$160.1M	$74.0M	−$11.1M	−$25.2M	−$147.7M	−$30.9M	−$71.6M
Net profit margin	−2.32%	1.17%	20.15%	15.85%	9.57%	5.81%	−1.05%	−3.36%	−33.12%	−7.25%	−15.79%
Basic EPSper basic share	-$0.29	$0.15	$2.40	$1.57	$0.71	$0.44	-$1.11	-$0.29	-$7.47	$0.05	-$4.92
Diluted EPSper diluted share	-$0.29	$0.15	$2.36	$1.53	$0.69	$0.25	-$1.11	-$0.53	-$7.47	$0.01	-$4.92

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

14.99%of listed shares

FMR LLC27.15M shares · Jun 30, 2026

View holders

Top 20 reported holders of WSC
Holder	% owned
FMR LLC	14.99%27.15M shares
BlackRock, Inc.	11.68%21.14M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	5.10%9.23M shares
JPMORGAN CHASE & CO	4.63%8.38M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.34%7.85M shares
STATE STREET CORP	3.32%6.01M shares
T. Rowe Price Investment Management, Inc.	3.11%5.63M shares
Capital International Investors	2.73%4.94M shares
ALLIANCEBERNSTEIN L.P.	2.72%4.93M shares
SAMLYN CAPITAL, LLC	2.57%4.65M shares
Clearbridge Investments, LLC	2.54%4.6M shares
TURTLE CREEK ASSET MANAGEMENT INC.	2.44%4.42M shares
Coliseum Capital Management, LLC	2.40%4.35M shares
PRIMECAP MANAGEMENT CO/CA/	2.35%4.25M shares
BAILLIE GIFFORD & CO	2.31%4.18M shares
DIMENSIONAL FUND ADVISORS LP	2.26%4.1M shares
COOPERMAN LEON G	2.23%4.03M shares
GEODE CAPITAL MANAGEMENT, LLC	1.80%3.25M shares
Alyeska Investment Group, L.P.	1.69%3.05M shares
FULLER & THALER ASSET MANAGEMENT, INC.	1.59%2.89M shares

Percentages use 181.06M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys13$2.34M disclosed value

Sells (SEC code S)8$9.46M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 13, 2026Form 4	Soultz Bradley LeeDirector	SellCommon Stock · indirect	4.3K	$25.92	$111.9K	414.1K
May 12, 2026Form 4	Soultz Bradley LeeDirector	SellCommon Stock · indirect	86.4K	$26.99	$2.33M	197.6K
May 12, 2026Form 4	Soultz Bradley LeeDirector	SellCommon Stock	65.0K	$27.07	$1.76M	183.2K
Aug 19, 2025Form 4	Lopez Hezron T.EVP, CLO, CCO & ESG	SellCommon Stock	22.0K	$24.63	$541.9K	54.0K
Aug 5, 2025Form 4	Soultz Bradley LeeChief Executive Officer	BuyCommon Stock	3.0K	$25.35	$76.0K	126.8K

Review ownership filings at SEC.gov ↗

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WillScot Holdings Corp (WSC)

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