WillScot Holdings
WSCNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $19.89 Prior regular-session close from the quote source.
- $19.62–$20.38 Regular-session low and high so far today.
- 2.6M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $14.91–$29.77 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own WSC if its branch density, modular-space fleet, and portable-storage offering keep customers paying premium rental rates through cycles—but the 2025 margin and earnings reset makes the durability of that advantage the live issue.
WSC price history
Loading recent earnings…
Investment thesis
What must happen next
Customers keep choosing WillScot when local fleet availability and branch logistics make renting temporary space and storage faster and less capital-intensive than buying or using smaller local lessors; this claim needs calibration.HoldingMateriality: High
FY2025 GAAP annual revenue was $2.281 billion, still above FY2022 GAAP annual revenue of $2.143 billion despite a softer recent cycle. If the availability advantage holds, revenue can recover with construction and commercial activity; if it breaks, WillScot becomes a more commodity rental business.
Watch: United Rentals or Sunbelt-style national rental platforms expand modular office and storage fleets enough to match WillScot availability in core local markets.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 GAAP annual revenue was $2.281 billion, still above FY2022 GAAP annual revenue of $2.143 billion despite a softer recent.
Open source ↗WillScot’s value-added services, delivery/installation capability, and fleet standardization must preserve pricing power rather than letting modular units become interchangeable commodities; this claim needs calibration.WeakeningMateriality: High
FY2025 GAAP annual gross profit was $1.164 billion on $2.281 billion of revenue, implying a still-high gross margin of about 51.0%. Gross margin is the first financial proof that customers value the bundled solution, not just the box; sustained compression would reduce normalized earnings power.
Watch: Regional modular and storage competitors discount base rentals and include delivery, setup, or accessories for free, weakening WillScot’s add-on pricing model.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 GAAP annual gross profit was $1.164 billion on $2.281 billion of revenue, implying a still-high gross margin of about.
Open source ↗The owned rental-fleet model continues converting recurring rentals into operating cash even when GAAP earnings are pressured by depreciation, interest, or non-cash charges; this claim needs calibration.StrengtheningMateriality: Medium
FY2025 GAAP annual operating cash flow was $762.0 million, up from $561.6 million in FY2024. If cash conversion holds, WillScot has options to de-lever, refresh fleet, or repurchase shares; if it fails, the asset-heavy model loses its main defense.
Watch: A prolonged downturn forces WillScot to spend heavily on fleet repositioning, refurbishments, or customer concessions to keep units rented.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 GAAP annual operating cash flow was $762.0 million, up from $561.6 million in FY2024.
Open source ↗WillScot’s scale only creates durable equity value if fixed branch, fleet, corporate, and integration costs are spread over enough rental revenue to rebuild operating leverage; this claim needs calibration.WeakeningMateriality: Medium
FY2025 GAAP annual operating income remained positive at $181.5 million even after the revenue decline. Revenue without operating leverage will not support the same equity value because more of the gross profit pool is consumed before reaching owners.
Watch: Integration complexity or duplicated branch/corporate costs remain elevated and cannot be removed without hurting service quality.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 GAAP annual operating income remained positive at $181.5 million even after the revenue decline.
Open source ↗The balance sheet must not absorb the rental cash engine through interest, refinancing, or covenant pressure before shareholders benefit; this claim needs calibration.HoldingMateriality: Medium
FY2025 liabilities were $4.960 billion versus FY2025 assets of $5.816 billion, showing meaningful but not asset-exceeding obligations. High operating cash flow matters less to equity owners if debt service and refinancing risk capture the economics.
Watch: Higher-for-longer interest rates raise refinancing costs on WillScot’s debt stack and reduce free cash available for fleet investment or shareholder returns.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 liabilities were $4.960 billion versus FY2025 assets of $5.816 billion, showing meaningful but not asset-exceeding obligations.
Open source ↗
Full investment case & evidence
Loading the original research archive…
Original research
Customers keep choosing WillScot when local fleet availability and branch logistics make renting temporary space and storage faster and less capital-intensive than buying or using smaller local lessors; this claim needs calibration. If the availability advantage holds, revenue can recover with construction and commercial activity; if it breaks, WillScot becomes a more commodity rental business.
WillScot’s value-added services, delivery/installation capability, and fleet standardization must preserve pricing power rather than letting modular units become interchangeable commodities; this claim needs calibration. Gross margin is the first financial proof that customers value the bundled solution, not just the box; sustained compression would reduce normalized earnings power.
The owned rental-fleet model continues converting recurring rentals into operating cash even when GAAP earnings are pressured by depreciation, interest, or non-cash charges; this claim needs calibration. If cash conversion holds, WillScot has options to de-lever, refresh fleet, or repurchase shares; if it fails, the asset-heavy model loses its main defense.
WillScot’s scale only creates durable equity value if fixed branch, fleet, corporate, and integration costs are spread over enough rental revenue to rebuild operating leverage; this claim needs calibration. Revenue without operating leverage will not support the same equity value because more of the gross profit pool is consumed before reaching owners.
The balance sheet must not absorb the rental cash engine through interest, refinancing, or covenant pressure before shareholders benefit; this claim needs calibration. High operating cash flow matters less to equity owners if debt service and refinancing risk capture the economics.
All standing thesis claims
Original report summary
its branch density, modular-space fleet, and portable-storage offering keep customers paying premium rental rates through cycles—but the 2025 margin and earnings reset makes the durability of that advantage the live issue.
Bull case and bear case
Bull case and bear case for WillScot Holdings
Where the evidence on WillScot Holdings disagrees: Mixed on the latest evidence (Nov 7, 2026). Of its 5 thesis points, 1 strengthening, 2 holding and 2 weakening.
Bull case: what the evidence supports
Customers keep choosing WillScot when local fleet availability and branch logistics make renting temporary space and storage faster and less capital-intensive than buying or using smaller local lessors; this claim needs calibration.
The owned rental-fleet model continues converting recurring rentals into operating cash even when GAAP earnings are pressured by depreciation, interest, or non-cash charges; this claim needs calibration.
The balance sheet must not absorb the rental cash engine through interest, refinancing, or covenant pressure before shareholders benefit; this claim needs calibration.
Bear case: what the evidence questions
WillScot’s value-added services, delivery/installation capability, and fleet standardization must preserve pricing power rather than letting modular units become interchangeable commodities; this claim needs calibration.
WillScot’s scale only creates durable equity value if fixed branch, fleet, corporate, and integration costs are spread over enough rental revenue to rebuild operating leverage; this claim needs calibration.
Thesis-Break Engine
Thesis-break watch · WillScot Holdings
No break has crossed WillScot Holdings’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
WillScot Holdings filed an SEC 8-K on 2026-11-05: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
WillScot Holdings filed an SEC 8-K on 2026-10-07: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
WillScot Holdings filed an SEC 8-K on 2026-08-06: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- United Rentals or Sunbelt-style national rental platforms expand modular office and storage fleets enough to match WillScot availability in core local markets.
- Regional modular and storage competitors discount base rentals and include delivery, setup, or accessories for free, weakening WillScot’s add-on pricing model.
- A prolonged downturn forces WillScot to spend heavily on fleet repositioning, refurbishments, or customer concessions to keep units rented.
- Integration complexity or duplicated branch/corporate costs remain elevated and cannot be removed without hurting service quality.
- Higher-for-longer interest rates raise refinancing costs on WillScot’s debt stack and reduce free cash available for fleet investment or shareholder returns.
WSC news
Loading headlines…
Financial statements
WSC income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
WSC: quick answers
- What is WSC's short interest?
- As of October 30, 2026, 13.1M WSC shares were sold short, 7.19% of its shares outstanding, down 8.6% from the count before. At the stock's average daily volume that is 3.9 days to cover. FINRA publishes the count twice a month. WSC short interest history
- Have members of Congress traded WSC?
- 11 trades in WSC have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed WSC trade
- Which well-known investors own WSC?
- 2 of the 37 well-known funds tracked here reported WSC shares in their latest 13F filings. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.0%; Markel Group (Tom Gayner), 0.0%. Fund portfolios
WSC in well-known investors’ portfolios
2 of 37 funds reported WSC shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.04% | $8.7M | — | Q2 2026 |
| Tom GaynerMarkel Group | 0.01% | $1.5M | New | Q3 2026 |