Willscot Mobile Mini Holdings Corp. (WSC)
NASDAQ:WSC
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WillScot Mobile Mini Holdings
(NASDAQ:WSC)
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Rating:57Neutral
Price Target:
$26.00
▲(28.52% Upside)
Action:Reiterated
Date:05/09/26
The score is held back primarily by weakening profitability and high leverage, despite strong operating/free cash flow. Technicals are supportive but look overbought, and valuation is only moderate for the current earnings profile. The latest earnings call was a positive offset due to raised guidance and improving commercial/backlog momentum.
Positive Factors
Recurring leasing model
A rental-and-service model generates recurring contractual cash flows and high fleet reusability, creating predictable revenue and utilization levers. Over 2–6 months this supports revenue visibility and asset redeployment advantages versus one‑time sale businesses.
Negative Factors
Elevated leverage
High leverage materially reduces financial flexibility and increases interest/service risk if earnings stay uneven. With weaker equity and negative ROE, the capital structure constrains the company's ability to absorb shocks, invest opportunistically or return capital without improving profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring leasing model
A rental-and-service model generates recurring contractual cash flows and high fleet reusability, creating predictable revenue and utilization levers. Over 2–6 months this supports revenue visibility and asset redeployment advantages versus one‑time sale businesses.
Read all positive factors
WillScot Mobile Mini Holdings (WSC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.68B
Dividend Yield1.44%
Average Volume (3M)3.07M
Price to Earnings (P/E)―
Beta (1Y)2.06
Revenue Growth-4.12%
EPS Growth-487.73%
CountryUS
Employees4,500
SectorIndustrials
Sector Strength72
IndustryRental & Leasing Services
Share Statistics
EPS (TTM)-0.37
Shares Outstanding180,994,670
10 Day Avg. Volume2,152,736
30 Day Avg. Volume3,074,182
Financial Highlights & Ratios
PEG Ratio0.22
Price to Book (P/B)4.01
Price to Sales (P/S)1.51
P/FCF Ratio4.66
Enterprise Value/Market Cap1.81
Enterprise Value/Revenue3.72
Enterprise Value/Gross Profit7.69
Enterprise Value/Ebitda17.24
Forecast
1Y Price Target
$27.10Price Target Upside33.97% Upside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)1.1
Revenue Forecast (FY)$2.26B
WillScot Mobile Mini Holdings Business Overview & Revenue Model
Company Description
WillScot Holdings Corporation provides workspace and portable storage solutions in the United States, Canada, and Mexico. It operates in two segments, Modular Solutions and Storage Solutions. Its modular solutions include panelized and stackable o...
How the Company Makes Money
WillScot Mobile Mini primarily makes money by leasing temporary space and storage assets to customers on a contractual basis. The core revenue stream is recurring rental income from (1) modular buildings (e.g., temporary offices, classrooms, and o...
WillScot Mobile Mini Holdings Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call conveyed a constructive tone: the company delivered a quarter that beat expectations on EBITDA, showed encouraging activation and enterprise order momentum, raised full-year guidance, and generated strong free cash flow while making targeted fleet investments. Offsetting these positives were modest YoY revenue decline, temporary margin compression due to increased unit preparation and delivery activity, storage headwinds and elevated near-term CapEx and leverage. Management characterized most margin impacts as short-term and tied to investments that support a sustainable leasing revenue inflection in the second half of 2026.Positive Updates
Activations and Order Momentum
Total activations rose 10% year-over-year in Q1, modular unit activations increased 8% YoY, and modular pending orders were up 14% YoY (storage pending orders up 7%), providing visibility into future leasing revenue.
Negative Updates
Total Revenue Slightly Down
Total revenue for Q1 was $549 million, modestly lower year-over-year (driven by lower sales activity), with leasing revenue down approximately 2% YoY to $426 million.
Read all updates
Q1-2026 Updates
Positive
Negative
Activations and Order Momentum
Total activations rose 10% year-over-year in Q1, modular unit activations increased 8% YoY, and modular pending orders were up 14% YoY (storage pending orders up 7%), providing visibility into future leasing revenue.
Read all positive updates
Company Guidance
WillScot raised its full‑year 2026 outlook to about $2.25 billion of revenue, roughly $915 million of adjusted EBITDA and roughly $325 million of net CapEx; for Q2 it expects ~ $585 million of revenue (≈7% sequential growth), adjusted EBITDA of ~ $223 million and ~30 basis points of sequential margin pressure, with Q2 D&A ~ $100 million, interest expense ~ $54 million and an effective tax rate around 27%. The raise is supported by Q1 results of $549 million total revenue (leasing $426M, down ~2% YoY; delivery & installation $100M, up >12% YoY), adjusted EBITDA $211 million (38.5% margin), adjusted net income $39 million and adjusted EPS $0.21; adjusted free cash flow $116 million (21% margin; $0.64 per share in Q1, $2.54 LTM), net cash from operations $191 million and Q1 net CapEx $89 million (up ~40% YoY). Balance sheet and liquidity: net debt $3.5 billion, leverage 3.7x, weighted average cash interest ~5.7% with ~90% of debt effectively fixed, ~$1.5 billion ABL availability and no maturities until Aug‑2028; Q1 also saw $20 million returned to shareholders and $76 million of debt reduction. Commercial/backlog momentum cited includes enterprise accounts revenue +12% YoY, enterprise pending orders +25% YoY ex‑World Cup, modular pending orders +14% YoY, storage pending +7%, modular activations +8% YoY and total activations +10% YoY.WillScot Mobile Mini Holdings Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
28
Negative
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.27B | 2.28B | 2.40B | 2.36B | 2.14B | 1.67B |
| Gross Profit | 1.10B | 1.07B | 1.30B | 1.33B | 1.14B | 844.70M |
| EBITDA | 490.44M | 597.30M | 648.89M | 1.01B | 854.99M | 585.98M |
| Net Income | -67.92M | -52.99M | 28.13M | 476.46M | 339.54M | 160.14M |
Balance Sheet | ||||||
| Total Assets | 5.81B | 5.82B | 6.03B | 6.14B | 5.83B | 5.77B |
| Cash, Cash Equivalents and Short-Term Investments | 15.54M | 14.59M | 9.00M | 10.96M | 7.39M | 6.39M |
| Total Debt | 3.82B | 4.14B | 3.98B | 3.80B | 3.30B | 2.90B |
| Total Liabilities | 4.94B | 4.96B | 5.02B | 4.88B | 4.26B | 3.78B |
| Stockholders Equity | 870.52M | 856.25M | 1.02B | 1.26B | 1.57B | 2.00B |
Cash Flow | ||||||
| Free Cash Flow | 578.94M | 737.65M | 262.35M | 512.03M | 257.86M | 230.91M |
| Operating Cash Flow | 746.42M | 761.99M | 561.64M | 761.24M | 744.66M | 539.90M |
| Investing Cash Flow | -437.05M | -417.47M | -362.35M | -350.00M | -309.33M | -384.05M |
| Financing Cash Flow | -305.59M | -340.52M | -200.12M | -418.94M | -429.37M | -167.89M |
WillScot Mobile Mini Holdings Technical Analysis
Positive
20.23
Price Trends
21.55
Positive
21.23
Positive
21.15
Positive
Market Momentum
1.00
Positive
60.22
Neutral
82.74
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WSC, the sentiment is Positive. The current price of 20.23 is below the 20-day moving average (MA) of 24.75, below the 50-day MA of 21.55, and below the 200-day MA of 21.15, indicating a bullish trend. The MACD of 1.00 indicates Positive momentum. The RSI at 60.22 is Neutral, neither overbought nor oversold. The STOCH value of 82.74 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for WSC.
WillScot Mobile Mini Holdings Risk Analysis
WillScot Mobile Mini Holdings disclosed 35 risk factors in its most recent earnings report. WillScot Mobile Mini Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
WillScot Mobile Mini Holdings Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $9.63B | 20.11 | 16.36% | 1.75% | -0.07% | 4.18% | |
69 Neutral | $2.74B | 17.29 | 12.84% | 1.79% | 3.14% | -34.73% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
57 Neutral | $4.68B | -68.56 | -7.11% | 1.44% | -4.12% | -487.73% | |
56 Neutral | $4.58B | -885.78 | -0.26% | 1.79% | 28.39% | -105.83% | |
55 Neutral | $2.22B | -125.04 | -2.18% | ― | 9.38% | 43.77% |
* Industrials Sector Average
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WillScot Mobile Mini Holdings
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.