olivLaw · US equity research
WillScot Holdings Corporation WSC
Services-Miscellaneous Equipment Rental & Leasing · SIC 7350 · Vertical: Business services and software (SIC 735x)
WillScot Holdings Corporation rents and sells temporary space solutions, from modular offices and classrooms to portable storage containers, from over 240 branch locations across the US, Canada and Mexico. Total revenues were 2281.4 million USD in fiscal 2025, and in Q2 2026 the company returned to year-over-year revenue growth, which raises the question of how durable the recovery is given still-weak non-residential construction.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, WillScot Holdings Corporation (WSC) stock was 17.84 USD (−7.56% on the day), with market capitalisation 3.2 bn USD, dividend yield 0.00%, beta 1.79, 52-week range 14.98–29.07 USD. Latest reported quarter (Q3 2026): revenue of 601.3 m USD (+6.1% YoY), net income of 51.6 m USD (+19.0% YoY), diluted EPS 0.28 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.6
- neutral
- Bollinger (20, 2)
- 14.97 – 19.67
- in the upper half of the band · %B 0.61 · band width 27.1%
- SMA 50 / 200
- 18.05 / 21.84
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.23 / -0.10
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.8% | −5.9% | +8.7 pp | — |
| 3 months | −30.9% | −4.6% | −26.3 pp | — |
| 6 months | −23.4% | +0.2% | −23.7 pp | — |
| Year to date | −5.3% | +7.4% | −12.7 pp | — |
| 1 year | −14.2% | +8.2% | −22.4 pp | +23.8% |
| 3 years | −49.9% | +68.4% | −118.3 pp | +25.4% |
| 5 years | −50.2% | +56.5% | −106.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 602.5 m | 559.6 m | 589.1 m | 566.8 m | 566.0 m | 548.6 m | 612.2 m | 601.3 m |
| Gross profit | 336.3 m | 300.4 m | 296.1 m | 281.6 m | 285.5 m | 285.7 m | 306.3 m | 304.8 m |
| SG&A | 128.3 m | 156.8 m | 145.0 m | 137.8 m | 142.2 m | 154.0 m | 160.3 m | 154.5 m |
| Operating income | 174.4 m | 119.4 m | 126.9 m | 118.8 m | -183.7 m | 96.7 m | 117.5 m | 126.2 m |
| Depreciation & amortisation | 23.7 m | 23.1 m | 24.2 m | 24.4 m | 24.3 m | 23.7 m | 23.0 m | 22.5 m |
| Pre-tax income | 115.1 m | 61.0 m | 67.9 m | 60.3 m | -244.6 m | 43.1 m | 64.0 m | 71.3 m |
| Net income | 89.2 m | 43.1 m | 47.9 m | 43.3 m | -187.3 m | 28.1 m | 47.0 m | 51.6 m |
| Diluted EPS | 0.46 ≈ | 0.23 | 0.26 | 0.24 | -1.05 ≈ | 0.15 | 0.26 | 0.28 |
| Operating cash flow | 178.9 m | 206.6 m | 205.3 m ≈ | 191.2 m ≈ | 158.9 m | 191.1 m | 162.3 m ≈ | 198.0 m ≈ |
| Capex | 2.3 m | 4.6 m | 6.3 m ≈ | 4.2 m ≈ | 9.2 m | 3.6 m | 4.7 m ≈ | 5.4 m ≈ |
| Dividends paid | 0 | 12.9 m | 12.8 m ≈ | 12.7 m ≈ | 12.8 m | 12.7 m | 12.7 m ≈ | 12.8 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 751.4 m | 1.1 bn | 1.3 bn | 1.7 bn | 2.1 bn | 2.4 bn | 2.4 bn | 2.3 bn |
| Revenue YoY | +68.5% | +41.6% | +19.7% | +31.4% | +28.1% | +10.4% | +1.3% | −4.8% |
| Net income | -25.2 m | -11.1 m | 74.0 m | 160.1 m | 339.5 m | 476.5 m | 28.1 m | -53.0 m |
| Net income YoY | unavailable | unavailable | unavailable | +116.4% | +112.0% | +40.3% | −94.1% | −288.4% |
| Diluted EPS | -0.53 | -1.11 | 0.25 | 0.69 | 1.53 | 2.36 | 0.15 | -0.29 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | +176.0% | +121.7% | +54.2% | −93.6% | −293.3% |
| net % | -3.4% | -1.0% | 5.8% | 9.6% | 15.8% | 20.1% | 1.2% | -2.3% |
| Free cash flow | 32.5 m | 164.2 m | 288.4 m | 509.4 m | 701.0 m | 739.0 m | 543.2 m | 737.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 14.6 m USD
- Financial debt
- 31.1 m USD
- Net debt
- 16.5 m USD
- Equity
- 856.3 m USD
- Total assets
- 5.8 bn USD
- Debt / equity
- 0.04x
- Current ratio
- 0.86x
- ROE
- -5.7%
- ROA
- -0.9%
- FCF margin
- 32.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 1.7 bn | 2.1 bn | 2.4 bn | 2.4 bn | 2.3 bn | SEC (XBRL)· 19 Feb 2026verified |
| Gross profit | 608.4 m | 844.7 m | 1.1 bn | 1.3 bn | 1.3 bn | 1.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| SG&A | 338.4 m | 480.4 m | 567.5 m | 596.1 m | 630.7 m | 581.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Operating income | 161.8 m | 300.4 m | 511.5 m | 673.5 m | 263.9 m | 181.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Depreciation & amortisation | 35.2 m | 61.8 m | 62.4 m | 72.9 m | 82.8 m | 96.1 m | SEC (XBRL)· 19 Feb 2026verified |
| EBITDA | 197.0 m ≈ | 362.2 m ≈ | 573.9 m ≈ | 746.4 m ≈ | 346.7 m ≈ | 277.5 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Interest expense | 119.3 m | 116.4 m | 146.3 m | 205.0 m | — | — | SEC (XBRL)· 20 Feb 2024verified |
| Pre-tax income | 3.5 m | 151.4 m | 365.2 m | 468.4 m | 36.6 m | -55.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | -56.0 m | 36.5 m | 88.9 m | 126.6 m | 8.5 m | -2.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | 74.0 m | 160.1 m | 339.5 m | 476.5 m | 28.1 m | -53.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | 0.25 | 0.69 | 1.53 | 2.36 | 0.15 | -0.29 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 177.3 m | 232.8 m | 221.4 m | 201.8 m | 190.3 m | 182.4 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 24.9 m | 6.4 m | 7.4 m | 11.0 m | 9.0 m | 14.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Receivables | 330.9 m | 351.3 m | 409.8 m | 451.1 m | 430.4 m | 394.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Inventories | 23.7 m | 29.8 m | 41.0 m | 47.4 m | 47.5 m | 45.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Current assets | 421.6 m | 483.0 m | 521.0 m | 569.1 m | 557.5 m | 525.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | 303.7 m | 312.2 m | — | — | — | — | SEC (XBRL)· 25 Feb 2022verified |
| Goodwill | 962.4 m | 1.0 bn | 1.0 bn | 1.2 bn | 1.2 bn | 1.3 bn | SEC (XBRL)· 19 Feb 2026verified |
| Intangibles (excl. goodwill) | 495.9 m | 442.9 m | 419.1 m | 419.7 m | 251.2 m | 224.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Total assets | 5.6 bn | 5.8 bn | 5.8 bn | 6.1 bn | 6.0 bn | 5.8 bn | SEC (XBRL)· 19 Feb 2026verified |
| Accounts payable | 106.9 m | 102.6 m | 109.3 m | 86.1 m | 96.6 m | 109.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Short-term debt | 16.5 m | 12.0 m | 13.3 m | 18.8 m | 24.6 m | 31.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Current liabilities | 448.7 m | 517.6 m | 561.9 m | 562.0 m | 585.0 m | 611.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Total liabilities | 3.5 bn | 3.8 bn | 4.3 bn | 4.9 bn | 5.0 bn | 5.0 bn | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 2.1 bn | 2.0 bn | 1.6 bn | 1.3 bn † | 1.0 bn † | 856.3 m † | SEC (XBRL)· 19 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 304.8 m | 539.9 m | 744.7 m | 761.2 m | 561.6 m | 762.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 16.5 m | 30.5 m | 43.7 m | 22.2 m | 18.4 m | 24.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Free cash flow | 288.4 m ≈ | 509.4 m ≈ | 701.0 m ≈ | 739.0 m ≈ | 543.2 m ≈ | 737.7 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Investing cash flow | -125.4 m | -384.0 m | -309.3 m | -350.0 m | -362.3 m | -417.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | -159.0 m | -167.9 m | -429.4 m | -418.9 m | -200.1 m | -340.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Dividends paid | — | — | — | 0 | 0 | 51.1 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 54 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 3.2 bn USD
Key indicators
Coverage and freshness
Score by group
- Growth18
- Returns53
- Balance sheet71
- Valuation52
- Quality57
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 11.18 – 11.78 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA11.18 – 11.78 (Mid 11.55)5 companies used · median multiple 8.5x · quartiles 8.2x – 8.6xCTOS, NPKI, PRG, SUNB, TRTN-PA
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 54/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.8% | 88 (vs peers) | 15% |
| Net margin · Quality | -2.6% | 7 (vs peers) | 9% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 2.1% | 18 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.1x | 100 (vs peers) | 15% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 13.0x | 14 (vs peers) | 15% |
| FCF yield · Valuation | 21.2% | 100 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 1.6% | 22 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 7.4% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet71/100 · 2/3 factors with a value
- Growth· partial18/100 · 1/2 factors with a value
- Quality57/100 · 2/3 factors with a value
- Returns53/100 · 2/2 factors with a value
- Valuation52/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
WILLSCOT HOLDINGS CORPORATION (WSC). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 2.3 bn USD in 2025; YoY growth -4.8%; net margin -2.6%; ROE -6.0%; net debt/EBITDA 0.1x.
The estimated value range is 11.18–11.78 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 11.55 USD, the price of 17.84 USD leaves a potential of -35.3% (value / price − 1) and a margin of safety of -54.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 54/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 12.8%
- Net debt / EBITDA: 0.1x
- FCF yield: 21.2%
- Payout ratio (FCF): 7.4%
What contradicts it
- Net margin: -2.6%
- Revenue CAGR 3Y: 2.1%
- Current ratio: 0.8x
- EV/EBITDA: 13.0x
- Shareholder yield (distributions): 1.6%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Interest coverage, P/E (TTM).
Versus the vertical median
Business services and software (SIC 735x) · same industry group (3-digit SIC) · compared with 14 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| URIUnited Rentals, Inc. | 64.6 bn | 22.6 | 30.6% | 16.3% | +4.9% | +28% / +119% |
| SUNBSunbelt Rentals Holdings, Inc. | 31.2 bn | 22.4 | 18.2% | 12.1% | +3.4% | unavailable / unavailable |
| AERAerCap Holdings N.V. | 27.7 bn | 7.8 | 21.1% | 44.0% | +6.5% | +24% / +144% |
| FTAIFtai Aviation Ltd. | 16.6 bn | 32.7 | 154.3% | 15.5% | +44.5% | −6% / +294% |
| HRIHerc Holdings Inc. | 5.0 bn | 40.9 | 6.3% | 2.5% | +22.6% | +12% / +21% |
| WSCWillscot Holdings Corporation | 3.2 bn | — | -6.0% | -2.6% | −4.8% | −14% / −50% |
| MGRCMcGRATH RENTCORP | 3.1 bn | 19.6 | 12.9% | 16.8% | +3.7% | +24% / +25% |
| TRTN-PATriton International Limited | 2.5 bn | 4.9 | 18.8% | 854.3% | +22.4% | −6% / −5% |
| CTOSCustom Truck One Source, Inc. | 2.1 bn | 70.4 | 3.7% | 1.4% | +7.9% | +46% / +60% |
| PRGProg Holdings, Inc. | 1.5 bn | 10.5 | 20.0% | 5.5% | +0.4% | +35% / +43% |
| UPBDUpbound Group, Inc. | 1.5 bn | 13.1 | 15.5% | 2.4% | +8.7% | +39% / −15% |
| EQPTEquipmentShare.com Inc | 1.1 bn | 17.4 | 7.4% | 1.3% | +16.3% | unavailable / unavailable |
| NPKINPK International Inc. | 723.4 m | 17.2 | 12.3% | 14.0% | +27.4% | −30% / +24% |
| KPLTKatapult Holdings, Inc. | 49.1 m | 7.0 | — | 5.4% | +18.0% | +59% / −10% |
| EHGOEShallGo Inc. | — | — | -117.3% | -69.4% | +21.1% | −66% / unavailable |
1- and 3-year price returns: for WSC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (05 Nov 2026 · results), 10-Q (05 Nov 2026).
In brief
WillScot Holdings Corporation rents and sells temporary space solutions, from modular offices and classrooms to portable storage containers, from over 240 branch locations across the US, Canada and Mexico. Total revenues were 2281.4 million USD in fiscal 2025 1, and in Q2 2026 the company returned to year-over-year revenue growth, which raises the question of how durable the recovery is given still-weak non-residential construction 23.
SWOT
Strengths
- Recurring revenue from long-duration rentals, with long average lease durations and standard contracts for most new orders 1.
- Extensive branch network and in-house logistics capacity, which management considers an advantage over competitors 1.
- A large, well-maintained fleet with high residual values, which supports long-term asset value 1.
Weaknesses
Opportunities
Risks
- Dependence on non-residential constructionhigh
A decline in US construction projects could reduce demand and the number of units on rent 1.
- Uncollectible receivableshigh
Receivables written off as uncollectible reduced revenue in 2025, and a weaker economy could make this worse 1.
- Debt and interest costsmedium
Total debt above three billion dollars and high interest costs could limit investment if revenue falls 23.
- Execution of the optimization planmedium
Exiting locations and abandoning units could affect customer relationships and the ability to serve demand in some markets 12.
- Regulation and zoninglow
Changes to zoning, transport or government contracting rules could raise costs or restrict operations 1.
Investment thesis
What would need to be true (bull case)
- If demand for large projects keeps growing, delivery and installation revenue could sustain annual growth, and the company has raised its 2026 outlook 3.
- The long-duration rental model and broad customer base give predictable revenue, and variable costs could fall after the activation peak 13.
- Network optimization could lower real estate costs and improve fleet returns if the plan is completed without losing customers 2.
What would break the thesis
- If non-residential construction stays weak, rental revenue could keep falling as it did in 2025 13.
- Margins fell in 2026, and activation costs could stay high if volumes do not grow enough 3.
- High debt and interest costs could limit investment and capital returns to shareholders if cash flows decline 2.
What to watch
- Trends in leasing revenue and unit activationsQ3 2026
- Adjusted EBITDA margin as variable costs taperQ3 2026
- Execution of the Network Optimization Plan and exit costs2027
- Net debt relative to Adjusted EBITDA2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (05 Nov 2026 · results), 10-Q (05 Nov 2026).
The business
The company, headquartered in Scottsdale, Arizona, is a business services provider specializing in turnkey temporary space solutions that arrive equipped and ready to use. The range includes modular office complexes, mobile offices, classrooms, blast-resistant modules, clearspan structures, sanitation solutions and portable storage containers, including climate-controlled containers and trailers 1. Beyond rental, it offers value-added products (VAPS) such as furniture, power systems, security and perimeter solutions, plus delivery, installation and removal services 1.
The business model rests mainly on leasing rather than selling equipment, which generates recurring revenue. Over 90% of new lease orders are placed on standard, master or enterprise account agreements, and the average effective duration of the consolidated lease portfolio was about 42 months in 2025 1. Sales of new and rental units complement the core leasing business and help redeploy fleet capital 1.
Market context
Demand depends on construction and infrastructure, commercial and industrial, energy and natural resources, and government and institutions 2. The company tracks indicators such as North American GDP and the Architecture Billings Index, and its two largest end markets together accounted for about 86% of revenues in the first half of 2026 2.
US non-residential construction has declined from its late-2022 peak, and management describes overall activity as muted, though demand for large projects is firmer 3. Whether this recovery persists into the second half of the year will depend largely on interest rates and industrial investment.
Trends
- Large projects and eventstailwind
Complex projects and a significant event project lifted delivery and installation revenue and helped return total revenue to growth in Q2 2026 23. Management says demand for large projects remains solid 3.
- Weak non-residential constructionheadwind
The decline in non-residential construction project starts over recent years reduced units on rent and core demand 1. Management describes construction activity as muted 3.
Competitive position
The modular space and portable storage markets are highly fragmented and competitive. The company competes with national, regional and local firms, some of which have greater market share, less debt or more resources in particular segments 1. Price pressure could reduce margins and market share 1.
The company cites its scale, branch network, supply chain, product breadth and logistics as advantages that are hard for rivals to match 1. Whether these advantages translate into share gains depends on its ability to hold prices and compete on service 1.
- McGrath RentCorpMGRC
A competitor in modular space and equipment rental, with which WillScot agreed a merger that was later terminated in 2024 1.
- Regional and local operators
Firms with strong positions in specific service areas that may offer more aggressive pricing in certain markets 1.
- Container and mobile office providers
Operators competing in storage and mobile offices, sometimes with greater financial resources in particular product lines 1.
- Construction equipment rental operators
General rental companies that can compete for the same site projects through bundled service packages 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Renewed Demand Momentum Lifts WillScot Holdings (WSC)Yahoo Finance — News · 17 Sept 2026 · EN
The latest news item in our archive is from 17 Sept 2026; the newest SEC filing is from 05 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report05 Nov 2026
- Current report05 Nov 2026Results of operations · Financial statements and exhibits
- Current report07 Oct 2026Departure or appointment of officers · Regulation FD disclosure
- Current report (amendment)10 Aug 2026Shareholder vote
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report08 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement22 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / WillScot Holdings Corporation · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / WillScot Holdings Corporation · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / WillScot Holdings Corporation · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.