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WillScot Mobile Mini Holdings
(NASDAQ:WSC)
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Rating:61Neutral
Price Target:
$28.00
▲(38.41% Upside)
Action:Reiterated
Date:06/09/26
The score reflects solid technical momentum and a supportive earnings-call backdrop (raised guidance and strong cash flow), partially offset by weaker underlying profitability and elevated leverage. Valuation support is limited due to negative earnings and only a modest dividend yield.
Positive Factors
Consistent operating cash generation
Sustained strong operating cash flow and positive free cash flow in 2025/TTM provide durable internal funding for fleet investment, debt service and targeted buydowns. This cash generation improves resilience through cycles and funds strategic CapEx without relying solely on external capital.
Negative Factors
Elevated leverage and weakened equity
High leverage materially reduces financial flexibility; with debt-to-equity near 4–5x, the company faces greater interest and refinancing risk if earnings underperform. Elevated leverage constrains strategic options, increases sensitivity to cash flow swings and limits ability to absorb cyclical downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent operating cash generation
Sustained strong operating cash flow and positive free cash flow in 2025/TTM provide durable internal funding for fleet investment, debt service and targeted buydowns. This cash generation improves resilience through cycles and funds strategic CapEx without relying solely on external capital.
Read all positive factors
WillScot Mobile Mini Holdings (WSC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.67B
Dividend Yield1.44%
Average Volume (3M)1.92M
Price to Earnings (P/E)―
Beta (1Y)2.00
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. Volume1,919,791
30 Day Avg. Volume1,916,568
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 Cap1.89
Enterprise Value/Revenue3.89
Enterprise Value/Gross Profit8.04
Enterprise Value/Ebitda18.36
Forecast
1Y Price Target
$27.86Price Target Upside37.70% Upside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)1.09
Revenue Forecast (FY)$2.26B
WillScot Mobile Mini Holdings Business Overview & Revenue Model
Company Description
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 Sto...
How the Company Makes Money
WillScot Mobile Mini makes money primarily by renting temporary space assets from its owned fleet. The largest revenue stream is recurring lease/rental income generated under customer agreements for modular buildings and portable storage container...
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 | 481.32M | 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
26.04
Positive
22.89
Positive
21.62
Positive
Market Momentum
-0.02
Positive
46.52
Neutral
18.31
Positive
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 27.68, below the 50-day MA of 26.04, and below the 200-day MA of 21.62, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 46.52 is Neutral, neither overbought nor oversold. The STOCH value of 18.31 is Positive, 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 | $10.43B | 22.23 | 16.36% | 1.75% | -0.07% | 4.18% | |
68 Neutral | $2.81B | 18.51 | 12.84% | 1.79% | 3.14% | -34.73% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | $4.67B | -71.07 | -7.11% | 1.44% | -4.12% | -487.73% | |
58 Neutral | $2.33B | -127.43 | -2.18% | ― | 9.38% | 43.77% | |
56 Neutral | $4.84B | ― | -0.26% | 1.79% | 28.39% | -105.83% |
* Industrials Sector Average
WSC
WillScot Mobile Mini Holdings
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WillScot Mobile Mini Holdings Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
WillScot Mobile Mini Stockholders Approve 2026 Incentive Plan
Positive
Jun 8, 2026
At its 2026 Annual Meeting of Stockholders held on June 5, 2026, WillScot Holdings Corporation’s investors approved a new 2026 Incentive Award Plan that replaces the 2020 plan as the source of future equity awards, authorizing up to 5,705,78...
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.