WillScot (WSC) Financials

$24.48 -1.65 (-6.31%)

Closing price 05/15/2026 04:00 PM Eastern

Extended Trading

$24.30 -0.18 (-0.76%)

As of 05/15/2026 05:56 PM Eastern

Annual Income Statements for WillScot

This table shows WillScot's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-72	-62	-148	-25	-121	74	160	340	476	28	-53
Consolidated Net Income / (Loss)	-72	-31	-150	-30	-121	-647	160	340	476	28	-53
Net Income / (Loss) Continuing Operations	-69	-63	-164	-30	-121	60	115	276	342	28	-53
Total Pre-Tax Income	-103	-88	-165	-68	-123	3.53	151	365	468	37	-55
Total Operating Income	-21	-3.19	-58	6.26	118	162	300	511	673	264	181
Total Gross Profit	163	168	166	289	413	608	845	1,135	1,334	1,302	1,164
Total Revenue	453	284	446	751	1,064	337	1,673	2,143	2,365	2,396	2,281
Operating Revenue	453	284	446	751	1,064	337	1,673	2,143	2,365	2,396	2,281
Total Cost of Revenue	290	144	280	462	650	450	828	1,007	1,031	1,094	1,118
Operating Cost of Revenue	290	144	280	462	650	450	828	1,007	1,031	1,094	1,118
Total Operating Expenses	184	171	224	283	296	447	544	624	660	1,038	982
Selling, General & Admin Expense	139	139	162	235	271	338	480	567	596	631	582
Depreciation Expense	23	9.02	8.65	13	12	35	62	62	73	83	96
Other Operating Expenses / (Income)	12	15	-10	-2.12	-2.89	-1.98	2.14	-5.79	-8.60	183	2.14
Impairment Charge	0.00	5.53	61	1.60	12	4.88	-	0.00	0.00	133	0.00
Restructuring Charge	9.19	2.81	2.20	36	3.76	70	-	-0.09	0.00	8.56	302
Total Other Income / (Expense), net	-82	-84	-107	-75	-241	-158	-149	-146	-205	-227	-237
Interest Expense	92	95	119	98	131	162	122	-	0.00	0.00	5.36
Interest & Investment Income	9.78	10	12	-	-	-	-	-146	-205	-227	-232
Income Tax Expense	-34	-25	-0.94	-39	-2.19	-56	37	89	127	8.48	-2.43
Net Income / (Loss) Discontinued Operations	-2.63	32	15	-	-	16	45	63	135	0.00	0.00
Basic Earnings per Share	($4.92)	($2.13)	($7.47)	($0.29)	($1.11)	$0.44	$0.71	$1.57	$2.40	$0.15	($0.29)
Weighted Average Basic Shares Outstanding	14.55M	14.55M	19.76M	87.21M	108.68M	169.23M	226.52M	216.81M	198.55M	188.10M	182.39M
Diluted Earnings per Share	($4.92)	($2.13)	($7.47)	($0.53)	($1.11)	$0.25	$0.69	$1.53	$2.36	$0.15	($0.29)
Weighted Average Diluted Shares Outstanding	14.55M	14.55M	19.76M	88.95M	108.68M	177.27M	232.79M	221.40M	201.85M	190.29M	182.39M
Weighted Average Basic & Diluted Shares Outstanding	14.55M	14.55M	19.76M	87.21M	108.68M	229.05M	223.28M	205.79M	189.97M	183.58M	180.85M

This table shows WillScot's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	92	86	56	-47	-70	89	43	48	43	-187	28
Consolidated Net Income / (Loss)	92	86	56	-47	-70	89	43	48	43	-187	28
Net Income / (Loss) Continuing Operations	92	86	56	-47	-70	89	43	48	43	-187	28
Total Pre-Tax Income	124	118	73	-61	-91	115	61	68	60	-245	43
Total Operating Income	178	177	130	-5.23	-35	174	119	127	119	-184	97
Total Gross Profit	340	343	317	327	321	336	300	296	282	286	286
Total Revenue	605	612	587	605	601	603	560	589	567	566	549
Operating Revenue	605	612	587	605	601	603	560	589	567	566	549
Total Cost of Revenue	265	269	270	277	280	266	259	293	285	280	263
Operating Cost of Revenue	265	269	270	277	280	266	259	293	285	280	263
Total Operating Expenses	162	166	187	332	357	162	181	169	163	469	189
Selling, General & Admin Expense	152	146	168	181	153	138	157	145	138	142	154
Depreciation Expense	18	21	18	18	23	24	23	24	24	24	24
Other Operating Expenses / (Income)	-8.24	-0.95	0.71	0.88	180	1.45	0.65	-0.04	0.69	0.85	0.09
Restructuring Charge	0.00	-	-	-	-	-	0.38	-	-	-	11
Total Other Income / (Expense), net	-54	-59	-57	-56	-56	-59	-58	-59	-58	-61	-54
Interest & Investment Income	-	-	-57	-56	-56	-	-58	-59	-58	-56	-54
Income Tax Expense	33	32	17	-14	-21	26	18	20	17	-57	15
Basic Earnings per Share	$0.47	$0.47	$0.30	($0.25)	($0.37)	$0.47	$0.23	$0.26	$0.24	($1.02)	$0.16
Weighted Average Basic Shares Outstanding	196.20M	198.55M	190.14M	189.68M	188.28M	188.10M	183.68M	182.47M	182.00M	182.39M	180.99M
Diluted Earnings per Share	$0.46	$0.47	$0.29	($0.25)	($0.37)	$0.48	$0.23	$0.26	$0.24	($1.02)	$0.15
Weighted Average Diluted Shares Outstanding	199.26M	201.85M	193.07M	189.68M	188.28M	190.29M	185.30M	183.44M	182.77M	182.39M	181.46M
Weighted Average Basic & Diluted Shares Outstanding	191.63M	189.97M	190.18M	188.49M	184.76M	183.58M	182.39M	182.08M	181.95M	180.85M	180.99M

This table details how cash moves in and out of WillScot's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	3.02	-3.14	3.02	-0.23	-5.91	22	-12	5.08	-6.82	-1.96	5.59
Net Cash From Operating Activities	120	59	-1.36	37	173	305	540	745	761	562	762
Net Cash From Continuing Operating Activities	120	59	-1.36	37	173	305	540	745	761	562	762
Net Income / (Loss) Continuing Operations	-72	-31	-150	-30	-121	75	160	340	476	28	-53
Consolidated Net Income / (Loss)	-72	-31	-150	-30	-121	75	160	340	476	28	-53
Depreciation Expense	137	119	108	136	189	247	318	344	339	385	430
Amortization Expense	11	11	22	7.65	11	13	14	12	11	13	12
Non-Cash Adjustments To Reconcile Net Income	123	4.53	29	-22	134	68	71	2.63	-115	201	380
Changes in Operating Assets and Liabilities, net	-79	-45	-11	-55	-41	-98	-24	47	50	-65	-6.90
Net Cash From Investing Activities	-193	-30	-393	-1,217	-153	-125	-384	-309	-350	-362	-417
Net Cash From Continuing Investing Activities	-193	-30	-393	-1,217	-153	-125	-384	-309	-350	-362	-417
Purchase of Property, Plant & Equipment	-184	-71	-116	-166	-213	-189	-309	-487	-249	-299	-342
Acquisitions	0.00	0.00	-237	-1,083	0.00	17	-147	-221	-562	-121	-145
Purchase of Investments	-25	-35	-70	-	-	-	-	0.00	0.00	-7.70	-0.81
Sale of Property, Plant & Equipment	0.81	2.37	0.39	0.69	19	7.36	17	1.78	13	1.87	2.94
Divestitures	-	-	-	-	-	0.00	0.00	326	404	0.00	0.00
Sale and/or Maturity of Investments	0.00	48	2.15	-	-	-	-	-	0.00	0.00	1.24
Other Investing Activities, net	16	27	28	31	42	39	55	71	44	64	66
Net Cash From Financing Activities	77	-31	397	1,180	-26	-159	-168	-429	-419	-200	-341
Net Cash From Continuing Financing Activities	77	-31	397	1,180	-26	-159	-168	-429	-419	-200	-341
Repayment of Debt	-154	-203	-1,412	-180	-578	-2,917	-516	-597	-1,482	-1,204	-1,348
Repurchase of Common Equity	-	-	-	0.00	0.00	-26	-364	-752	-818	-278	-100
Payment of Dividends	-	-	-	-	-	-	-	-	0.00	0.00	-51
Issuance of Debt	8.24	20	75	1,213	552	2,787	729	964	1,911	1,317	1,186
Issuance of Common Equity	0.00	0.00	578	147	0.92	11	7.48	11	0.50	0.25	10
Other Financing Activities, net	223	152	1,156	0.00	-0.75	-13	-25	-56	-31	-35	-37
Effect of Exchange Rate Changes	-0.44	-0.24	0.20	-0.21	0.17	1.40	-0.21	-0.88	0.88	-1.13	1.60
Cash Interest Paid	74	82	116	52	119	119	104	130	185	216	217
Cash Income Taxes Paid	-1.55	-1.41	-1.39	2.62	-1.15	4.23	9.86	25	33	46	16

This table details how cash moves in and out of WillScot's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-1.87	5.17	2.19	-7.22	5.12	-2.05	1.68	2.17	1.91	-0.17	0.96
Net Cash From Operating Activities	191	219	209	176	-1.56	179	207	205	191	159	191
Net Cash From Continuing Operating Activities	191	216	209	176	-1.56	179	207	205	191	159	191
Net Income / (Loss) Continuing Operations	92	86	56	-47	-70	89	43	48	43	-187	28
Consolidated Net Income / (Loss)	92	86	56	-47	-70	89	43	48	43	-187	28
Depreciation Expense	85	96	93	94	99	99	97	113	108	112	92
Amortization Expense	2.78	2.93	2.95	2.97	3.28	3.38	4.03	2.94	3.04	2.26	2.09
Non-Cash Adjustments To Reconcile Net Income	10	13	16	147	25	15	16	8.11	22	334	20
Changes in Operating Assets and Liabilities, net	1.86	18	40	-21	-59	-27	46	34	15	-102	49
Net Cash From Investing Activities	-376	-132	-111	-82	-75	-94	-65	-208	-77	-68	-85
Net Cash From Continuing Investing Activities	-376	-132	-111	-82	-75	-94	-65	-208	-77	-68	-85
Purchase of Property, Plant & Equipment	-69	-66	-79	-71	-73	-76	-77	-92	-85	-88	-106
Acquisitions	-333	-79	-43	-27	-14	-37	-3.06	-134	-7.57	-0.31	0.00
Purchase of Investments	-	-	-2.79	-0.45	-2.89	-1.56	-0.06	-0.01	-0.55	-0.19	-0.06
Sale of Property, Plant & Equipment	13	0.01	0.00	0.22	0.92	0.73	1.29	0.30	0.61	0.74	1.63
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	-	0.49	0.15	0.20
Other Investing Activities, net	13	13	14	16	13	20	14	16	16	20	19
Net Cash From Financing Activities	183	-82	-96	-100	82	-87	-140	3.99	-113	-92	-105
Net Cash From Continuing Financing Activities	183	-82	-96	-100	82	-87	-140	3.99	-113	-92	-105
Repayment of Debt	-610	-197	-200	-675	-178	-150	-709	-179	-202	-258	-192
Repurchase of Common Equity	-222	-140	0.00	-79	-52	-148	-22	-51	-9.27	-17	-7.25
Payment of Dividends	-	-	0.00	-	-	-	-13	-13	-13	-13	-13
Issuance of Debt	1,023	260	124	659	319	216	615	245	117	208	116
Issuance of Common Equity	0.04	0.05	0.07	0.05	-	0.13	2.23	7.81	-	0.23	0.00
Other Financing Activities, net	-8.53	-4.09	-19	-4.74	-6.68	-4.61	-13	-5.75	-6.54	-12	-9.01
Effect of Exchange Rate Changes	-0.05	0.18	0.10	-0.43	-0.41	-0.40	-0.07	1.02	0.22	0.43	-0.58
Cash Interest Paid	49	50	43	66	32	74	44	59	36	77	33
Cash Income Taxes Paid	7.71	10	0.95	35	6.63	2.89	4.54	6.27	3.72	1.78	1.04

This table presents WillScot's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	501	1,699	1,411	2,752	2,898	5,572	5,774	5,828	6,138	6,035	5,816
Total Current Assets	1.01	138	128	256	293	422	483	521	569	558	525
Cash & Equivalents	1.01	2.35	9.19	8.96	3.05	25	6.39	7.39	11	9.00	15
Accounts Receivable	-	71	95	207	248	331	351	410	451	430	395
Inventories, net	-	8.94	10	16	15	24	30	41	47	47	46
Prepaid Expenses	0.00	40	14	22	15	30	35	32	57	47	28
Other Current Assets	-	-	0.00	2.84	12	12	61	31	2.11	23	42
Plant, Property, & Equipment, net	0.00	899	1,124	0.00	0.00	2,932	2,778	3,077	3,381	3,378	3,093
Total Noncurrent Assets	500	663	159	2,496	2,605	2,219	2,513	2,229	2,188	2,099	2,198
Goodwill	-	57	29	247	235	1,171	1,014	1,011	1,177	1,201	1,258
Intangible Assets	-	125	126	132	127	496	443	419	420	251	224
Other Noncurrent Operating Assets	500	1.95	4.28	2,117	2,243	552	485	531	591	647	716
Total Liabilities & Shareholders' Equity	501	1,699	1,411	2,752	2,898	5,572	5,774	5,828	6,138	6,035	5,816
Total Liabilities	20	1,676	926	2,050	2,342	3,508	3,777	4,262	4,877	5,016	4,960
Total Current Liabilities	0.13	173	156	269	320	449	518	562	562	585	611
Short-Term Debt	-	1.89	1.88	1.96	0.00	17	12	13	19	25	31
Accounts Payable	0.13	33	57	90	110	107	103	109	86	97	110
Accrued Expenses	-	45	49	85	98	91	107	110	130	122	126
Current Deferred Revenue	-	30	45	72	83	135	152	204	225	251	237
Current Employee Benefit Liabilities	-	-	-	-	-	50	50	56	46	25	36
Other Current Liabilities	-	-	-	0.00	29	48	94	50	57	66	71
Total Noncurrent Liabilities	20	1,504	770	1,781	2,022	3,060	3,259	3,700	4,315	4,431	4,349
Long-Term Debt	-	1,333	625	1,675	1,633	2,454	2,672	3,063	3,539	3,684	3,557
Noncurrent Deferred & Payable Income Tax Liabilities	-	118	121	67	71	308	306	401	554	506	492
Other Noncurrent Operating Liabilities	-	11	19	32	200	298	185	188	222	242	299
Total Equity & Noncontrolling Interests	5.00	23	485	702	555	2,064	1,997	1,565	1,261	1,019	856
Total Preferred & Common Equity	5.00	23	436	638	491	2,064	1,997	1,565	1,261	1,019	856
Preferred Stock	0.00	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	5.00	23	436	638	491	2,064	1,997	1,565	1,261	1,019	856
Common Stock	5.02	1,569	2,122	2,390	2,379	3,852	3,617	2,887	2,089	1,836	1,726
Retained Earnings	-0.02	-1,489	-1,637	-1,683	-1,825	-1,751	-1,591	-1,252	-775	-747	-800
Accumulated Other Comprehensive Income / (Loss)	-	-57	-49	-68	-63	-37	-29	-70	-53	-71	-69

This table presents WillScot's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	5,810	5,610	5,719	6,075	6,180	6,049	6,037	5,962	6,105	6,105	5,811
Total Current Assets	540	525	545	569	575	576	578	518	530	520	530
Cash & Equivalents	15	16	7.66	5.79	13	5.92	11	11	13	15	16
Accounts Receivable	439	415	442	469	451	442	446	401	414	404	397
Inventories, net	45	42	44	45	48	50	53	48	47	43	46
Prepaid Expenses	40	43	43	48	62	74	65	58	55	57	21
Other Current Assets	0.95	8.92	8.92	0.95	2.11	4.39	4.08	1.95	1.95	1.16	50
Plant, Property, & Equipment, net	3,228	3,128	3,197	3,347	3,400	3,403	3,401	3,367	3,425	3,412	3,103
Total Noncurrent Assets	2,042	1,957	1,977	2,159	2,205	2,070	2,058	2,076	2,150	2,172	2,177
Goodwill	1,065	1,012	1,012	1,158	1,176	1,176	1,177	1,202	1,257	1,257	1,257
Intangible Assets	431	413	407	401	412	272	261	240	247	235	213
Other Noncurrent Operating Assets	546	532	557	600	617	622	620	635	646	680	707
Total Liabilities & Shareholders' Equity	5,810	5,610	5,719	6,075	6,180	6,049	6,037	5,962	6,105	6,105	5,811
Total Liabilities	4,129	4,046	4,280	4,763	4,860	4,847	4,983	4,950	5,070	5,045	4,940
Total Current Liabilities	615	506	534	547	596	632	639	621	656	660	670
Short-Term Debt	13	14	14	16	19	21	23	25	27	27	32
Accounts Payable	160	92	92	92	100	119	108	94	116	109	142
Accrued Expenses	123	121	120	123	162	150	168	169	162	171	151
Current Deferred Revenue	212	199	210	227	227	234	250	241	240	248	245
Current Employee Benefit Liabilities	53	29	44	32	26	44	25	26	43	33	30
Other Current Liabilities	52	51	54	57	62	64	66	67	68	71	70
Total Noncurrent Liabilities	3,515	3,540	3,746	4,216	4,264	4,216	4,344	4,329	4,414	4,385	4,270
Long-Term Debt	2,936	2,876	3,036	3,460	3,466	3,459	3,608	3,597	3,673	3,590	3,482
Noncurrent Deferred & Payable Income Tax Liabilities	386	465	506	535	566	525	492	496	500	527	502
Other Noncurrent Operating Liabilities	193	199	204	220	233	231	244	236	242	268	286
Total Equity & Noncontrolling Interests	1,681	1,564	1,439	1,313	1,320	1,201	1,054	1,011	1,035	1,060	871
Total Preferred & Common Equity	1,681	1,564	1,439	1,313	1,320	1,201	1,054	1,011	1,035	1,060	871
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,681	1,564	1,439	1,313	1,320	1,201	1,054	1,011	1,035	1,060	871
Common Stock	3,112	2,667	2,436	2,218	2,084	2,014	1,960	1,794	1,757	1,745	1,711
Retained Earnings	-1,338	-1,041	-953	-861	-719	-766	-836	-704	-656	-613	-772
Accumulated Other Comprehensive Income / (Loss)	-93	-63	-44	-44	-45	-47	-70	-79	-66	-73	-69

This table displays calculated financial ratios and metrics derived from WillScot's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	-37.45%	57.27%	68.50%	41.56%	-68.36%	397.12%	28.07%	10.37%	1.31%	-4.77%
EBITDA Growth	0.00%	0.10%	-43.77%	143.85%	19.85%	103.69%	42.50%	43.07%	18.02%	-35.36%	-5.70%
EBIT Growth	0.00%	84.64%	-1,728.28%	151.59%	-73.74%	1,991.02%	65.67%	86.82%	31.67%	-60.81%	-31.25%
NOPAT Growth	0.00%	84.64%	-1,728.28%	110.74%	1,777.10%	3,216.15%	-91.65%	69.81%	26.99%	-58.73%	-37.37%
Net Income Growth	0.00%	56.79%	-384.26%	80.15%	-307.39%	-433.78%	124.76%	112.02%	40.32%	-94.10%	-288.38%
EPS Growth	0.00%	56.71%	-250.70%	92.91%	-109.43%	122.52%	176.00%	121.74%	54.25%	-93.64%	-293.33%
Operating Cash Flow Growth	0.00%	-51.00%	-102.32%	2,827.53%	364.52%	76.64%	77.13%	37.92%	2.23%	-26.22%	35.67%
Free Cash Flow Firm Growth	0.00%	0.00%	110.32%	-1,767.54%	113.20%	208.76%	3.06%	-71.55%	-23.58%	150.20%	41.73%
Invested Capital Growth	0.00%	154.43%	-9.62%	116.32%	-3.63%	95.79%	-6.88%	5.57%	8.45%	-1.87%	-6.10%
Revenue Q/Q Growth	0.00%	0.00%	-26.79%	39.72%	-5.00%	-72.14%	121.88%	14.12%	0.93%	-0.41%	-1.58%
EBITDA Q/Q Growth	0.00%	0.00%	277.01%	169.32%	-22.48%	16.54%	7.53%	14.58%	1.61%	0.16%	-35.68%
EBIT Q/Q Growth	0.00%	0.00%	-407.78%	143.39%	-89.21%	25.73%	14.84%	26.80%	0.89%	-1.03%	-66.37%
NOPAT Q/Q Growth	0.00%	0.00%	-407.78%	109.03%	60.47%	2,865.15%	21.37%	24.78%	-0.93%	19.27%	-67.95%
Net Income Q/Q Growth	0.00%	0.00%	-169.19%	82.33%	-1,568.25%	-2,113.31%	125.33%	3.72%	-0.02%	11.44%	-123.70%
EPS Q/Q Growth	0.00%	0.00%	-96.06%	0.00%	0.00%	121.74%	-16.87%	4.79%	3.06%	7.14%	-123.97%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-101.29%	213.66%	43.04%	22.62%	3.47%	7.60%	2.55%	-6.71%	-2.56%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	34.63%	372.90%	124.76%	132.61%	-40.52%	-64.35%	4.91%	1.80%
Invested Capital Q/Q Growth	0.00%	0.00%	130.52%	0.00%	-4.26%	-2.09%	-7.96%	-3.94%	0.52%	0.94%	-5.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	35.94%	59.32%	37.13%	38.51%	38.86%	180.79%	50.49%	53.00%	56.41%	54.34%	51.00%
EBITDA Margin	28.00%	44.81%	16.02%	23.18%	19.63%	126.37%	36.22%	40.47%	43.27%	27.61%	27.34%
Operating Margin	-4.58%	-1.13%	-13.08%	0.83%	11.05%	48.08%	17.95%	23.87%	28.48%	11.02%	7.95%
EBIT Margin	-4.58%	-1.13%	-13.08%	4.00%	0.74%	49.10%	16.36%	23.87%	28.48%	11.02%	7.95%
Profit (Net Income) Margin	-15.79%	-10.91%	-33.59%	-3.96%	-11.39%	-192.18%	9.57%	15.85%	20.15%	1.17%	-2.32%
Tax Burden Percent	69.49%	35.30%	90.58%	43.52%	98.22%	-18,306.00%	105.76%	92.97%	101.72%	76.85%	95.61%
Interest Burden Percent	495.97%	2,747.12%	283.59%	-227.12%	-1,560.88%	2.14%	55.31%	71.40%	69.55%	13.87%	-30.54%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	-1,586.19%	24.12%	24.33%	27.02%	23.15%	0.00%
Return on Invested Capital (ROIC)	-3.03%	-0.26%	-3.51%	0.25%	3.51%	80.09%	5.23%	8.97%	10.64%	4.26%	2.78%
ROIC Less NNEP Spread (ROIC-NNEP)	5,657.14%	-5.05%	-15.49%	-2.71%	-8.34%	-80.87%	2.32%	7.09%	10.17%	-0.56%	-2.17%
Return on Net Nonoperating Assets (RNNOA)	-11.84%	-12.00%	-55.51%	-5.26%	-22.78%	-129.48%	2.65%	10.10%	23.08%	-1.79%	-8.43%
Return on Equity (ROE)	-14.87%	-12.26%	-59.02%	-5.01%	-19.27%	-49.39%	7.89%	19.06%	33.71%	2.47%	-5.65%
Cash Return on Invested Capital (CROIC)	0.00%	-87.41%	6.60%	-73.30%	7.21%	15.33%	12.36%	3.55%	2.53%	6.15%	9.07%
Operating Return on Assets (OROA)	-4.15%	-0.29%	-3.75%	1.45%	0.28%	3.90%	4.83%	8.82%	11.26%	4.34%	3.06%
Return on Assets (ROA)	-14.29%	-2.81%	-9.63%	-1.43%	-4.29%	-15.27%	2.82%	5.85%	7.96%	0.46%	-0.89%
Return on Common Equity (ROCE)	-0.15%	-0.68%	-53.33%	-4.54%	-17.30%	-48.17%	7.89%	19.06%	33.71%	2.47%	-5.65%
Return on Equity Simple (ROE_SIMPLE)	-1,431.74%	-133.74%	-34.39%	-4.66%	-24.70%	-31.34%	8.02%	21.69%	37.78%	2.76%	0.00%
Net Operating Profit after Tax (NOPAT)	-15	-2.23	-41	4.38	82	2,728	228	387	491	203	127
NOPAT Margin	-3.21%	-0.79%	-9.15%	0.58%	7.73%	810.65%	13.62%	18.06%	20.78%	8.47%	5.57%
Net Nonoperating Expense Percent (NNEP)	-5,660.17%	4.79%	11.98%	2.96%	11.84%	160.96%	2.92%	1.87%	0.47%	4.82%	4.95%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	8.34%	10.20%	4.29%	2.86%
Cost of Revenue to Revenue	64.06%	50.96%	62.87%	61.49%	61.14%	133.78%	49.51%	47.01%	43.59%	45.66%	49.00%
SG&A Expenses to Revenue	30.74%	49.05%	36.41%	31.25%	25.48%	100.55%	28.72%	26.49%	25.21%	26.33%	25.50%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	40.52%	60.44%	50.21%	37.68%	27.81%	132.72%	32.54%	29.12%	27.93%	43.32%	43.05%
Earnings before Interest and Taxes (EBIT)	-21	-3.19	-58	30	7.90	165	274	511	673	264	181
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	127	127	71	174	209	425	606	867	1,023	661	624
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	119.50	26.88	1.81	1.60	4.40	2.56	4.56	6.03	6.76	6.07	4.00
Price to Tangible Book Value (P/TBV)	119.50	0.00	2.81	3.93	16.76	13.32	16.87	70.02	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.32	2.19	1.77	1.36	2.03	15.70	5.45	4.40	3.61	2.58	1.50
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	71.29	56.91	27.79	17.90	219.71	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.49%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	1.40%	1.76%	3.60%	5.59%	0.46%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.23	1.60	1.32	1.15	1.72	1.71	2.81	2.82	2.51	2.09	1.58
Enterprise Value to Revenue (EV/Rev)	2.37	6.89	3.27	3.66	3.73	22.97	7.05	5.84	5.11	4.12	3.07
Enterprise Value to EBITDA (EV/EBITDA)	8.45	15.38	20.39	15.80	19.02	18.18	19.46	14.42	11.80	14.94	11.22
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	91.45	502.56	46.78	43.07	24.45	17.93	37.43	38.58
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	627.92	48.28	2.83	51.73	32.31	24.57	48.71	55.11
Enterprise Value to Operating Cash Flow (EV/OCF)	8.95	33.28	0.00	74.08	23.02	25.36	21.84	16.79	15.86	17.59	9.19
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	18.96	0.00	23.49	14.81	21.92	81.68	103.20	33.75	16.87
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	57.71	1.29	2.39	3.15	1.20	1.34	1.97	2.82	3.64	4.19
Long-Term Debt to Equity	0.00	57.63	1.29	2.38	3.15	1.19	1.34	1.96	2.81	3.62	4.15
Financial Leverage	0.00	2.37	3.58	1.94	2.73	1.60	1.14	1.42	2.27	3.18	3.88
Leverage Ratio	1.04	4.36	6.13	3.51	4.49	3.23	2.79	3.26	4.23	5.34	6.32
Compound Leverage Factor	5.16	119.80	17.37	-7.97	-70.14	0.07	1.55	2.33	2.94	0.74	-1.93
Debt to Total Capital	0.00%	98.30%	56.40%	70.48%	75.93%	54.48%	57.34%	66.28%	73.83%	78.45%	80.73%
Short-Term Debt to Total Capital	0.00%	0.14%	0.17%	0.08%	0.00%	0.36%	0.26%	0.29%	0.39%	0.52%	0.70%
Long-Term Debt to Total Capital	0.00%	98.16%	56.23%	70.40%	75.93%	54.12%	57.08%	65.99%	73.44%	77.93%	80.03%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	98.96%	0.00%	4.40%	2.69%	2.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	1.04%	1.70%	39.20%	26.83%	21.27%	45.52%	42.66%	33.72%	26.17%	21.55%	19.27%
Debt to EBITDA	0.00	10.51	8.77	9.62	8.39	5.81	4.43	3.55	3.48	5.61	5.75
Net Debt to EBITDA	0.00	10.49	8.64	9.57	8.37	5.75	4.42	3.54	3.47	5.59	5.73
Long-Term Debt to EBITDA	0.00	10.49	8.75	9.61	8.39	5.77	4.41	3.53	3.46	5.57	5.70
Debt to NOPAT	0.00	-597.77	-15.35	382.53	21.28	0.91	11.78	7.95	7.24	18.28	28.25
Net Debt to NOPAT	0.00	-596.72	-15.13	380.48	21.25	0.90	11.75	7.93	7.22	18.24	28.13
Long-Term Debt to NOPAT	0.00	-596.93	-15.31	382.08	21.28	0.90	11.72	7.91	7.20	18.16	28.00
Altman Z-Score	19.03	-0.87	-0.96	-0.25	0.04	0.62	1.50	1.68	1.62	1.10	0.70
Noncontrolling Interest Sharing Ratio	98.96%	94.43%	9.64%	9.51%	10.23%	2.47%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	7.55	0.80	0.82	0.95	0.91	0.94	0.93	0.93	1.01	0.95	0.86
Quick Ratio	7.55	0.43	0.67	0.80	0.78	0.79	0.69	0.74	0.82	0.75	0.67
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-744	77	-1,281	169	522	538	153	117	293	415
Operating Cash Flow to CapEx	65.28%	85.04%	-1.18%	22.54%	88.64%	167.96%	184.84%	153.53%	322.64%	188.84%	224.73%
Free Cash Flow to Firm to Interest Expense	0.00	-7.86	0.64	-13.01	1.29	3.23	4.40	0.00	0.00	0.00	77.34
Operating Cash Flow to Interest Expense	1.30	0.62	-0.01	0.38	1.31	1.88	4.41	0.00	0.00	0.00	142.06
Operating Cash Flow Less CapEx to Interest Expense	-0.69	-0.11	-0.98	-1.30	-0.17	0.76	2.03	0.00	0.00	0.00	78.84
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.90	0.26	0.29	0.36	0.38	0.08	0.29	0.37	0.40	0.39	0.39
Accounts Receivable Turnover	0.00	0.00	5.36	4.99	4.68	1.16	4.90	5.63	5.49	5.44	5.53
Inventory Turnover	0.00	0.00	29.48	35.14	41.16	23.02	30.95	28.44	23.31	23.06	24.03
Fixed Asset Turnover	0.00	0.00	0.44	0.00	0.00	0.00	0.59	0.73	0.73	0.71	0.71
Accounts Payable Turnover	2,175.90	8.70	6.22	6.27	6.49	4.15	7.91	9.51	10.55	11.97	10.83
Days Sales Outstanding (DSO)	0.00	0.00	68.04	73.18	77.91	313.74	74.42	64.82	66.44	67.15	66.00
Days Inventory Outstanding (DIO)	0.00	0.00	12.38	10.39	8.87	15.86	11.79	12.83	15.66	15.83	15.19
Days Payable Outstanding (DPO)	0.17	41.95	58.67	58.22	56.20	87.91	46.16	38.40	34.60	30.48	33.71
Cash Conversion Cycle (CCC)	-0.17	-41.95	21.75	25.35	30.58	241.69	40.06	39.26	47.49	52.50	47.48
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	480	1,222	1,105	2,390	2,303	4,509	4,199	4,433	4,808	4,718	4,430
Invested Capital Turnover	0.94	0.33	0.38	0.43	0.45	0.10	0.38	0.50	0.51	0.50	0.50
Increase / (Decrease) in Invested Capital	0.00	742	-118	1,285	-87	2,206	-310	234	374	-90	-288
Enterprise Value (EV)	1,073	1,954	1,456	2,752	3,972	7,730	11,791	12,505	12,074	9,879	7,000
Market Capitalization	598	622	790	1,020	2,159	5,285	9,114	9,436	8,528	6,180	3,426
Book Value per Share	$0.08	$0.37	$7.00	$5.89	$4.20	$9.05	$8.95	$7.49	$6.58	$5.51	$4.71
Tangible Book Value per Share	$0.08	($2.54)	$4.51	$2.39	$1.10	$1.74	$2.42	$0.65	($1.75)	($2.35)	($3.44)
Total Capital	481	1,358	1,111	2,379	2,306	4,534	4,681	4,642	4,819	4,727	4,444
Total Debt	0.00	1,335	627	1,676	1,751	2,470	2,684	3,076	3,557	3,708	3,588
Total Long-Term Debt	0.00	1,333	625	1,675	1,751	2,454	2,672	3,063	3,539	3,684	3,557
Net Debt	-1.01	1,332	618	1,668	1,748	2,445	2,677	3,069	3,546	3,699	3,574
Capital Expenditures (CapEx)	184	69	116	165	195	181	292	485	236	297	339
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.13	-36	-35	-20	-31	-36	-29	-35	15	-12	-70
Debt-free Net Working Capital (DFNWC)	0.87	-33	-26	-11	-28	-11	-23	-28	26	-2.90	-55
Net Working Capital (NWC)	0.87	-35	-28	-13	-28	-27	-35	-41	7.08	-27	-86
Net Nonoperating Expense (NNE)	57	29	109	34	203	3,375	68	47	15	175	180
Net Nonoperating Obligations (NNO)	-1.01	1,199	620	1,688	1,748	2,445	2,202	2,868	3,546	3,699	3,574
Total Depreciation and Amortization (D&A)	148	130	130	144	201	260	332	356	350	398	442
Debt-free, Cash-free Net Working Capital to Revenue	-0.03%	-12.56%	-7.90%	-2.62%	-2.90%	-10.55%	-1.74%	-1.63%	0.63%	-0.50%	-3.05%
Debt-free Net Working Capital to Revenue	0.19%	-11.73%	-5.85%	-1.43%	-2.62%	-3.14%	-1.35%	-1.29%	1.09%	-0.12%	-2.41%
Net Working Capital to Revenue	0.19%	-12.40%	-6.27%	-1.69%	-2.62%	-8.05%	-2.07%	-1.91%	0.30%	-1.15%	-3.77%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.05	($7.47)	($0.59)	($0.10)	$0.00	$0.71	$1.57	$2.40	$0.15	($0.29)
Adjusted Weighted Average Basic Shares Outstanding	0.00	14.85M	92.67M	233.07M	118.34M	0.00	226.52M	216.81M	198.55M	188.10M	182.39M
Adjusted Diluted Earnings per Share	$0.00	$0.01	($7.47)	($0.59)	($0.10)	$0.00	$0.69	$1.53	$2.36	$0.15	($0.29)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	62.50M	92.67M	233.07M	118.34M	0.00	232.79M	221.40M	201.85M	190.29M	182.39M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($7.47)	($0.59)	($0.10)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	62.50M	19.76M	87.21M	108.68M	0.00	223.28M	205.79M	189.97M	183.58M	180.85M
Normalized Net Operating Profit after Tax (NOPAT)	-8.11	3.61	3.23	30	93	166	228	387	491	311	339
Normalized NOPAT Margin	-1.79%	1.27%	0.72%	4.04%	8.74%	49.26%	13.62%	18.06%	20.78%	12.99%	14.84%
Pre Tax Income Margin	-22.73%	-30.91%	-37.09%	-9.10%	-11.60%	1.05%	9.05%	17.04%	19.81%	1.53%	-2.43%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.23	-0.03	-0.49	0.31	0.06	1.02	2.24	0.00	0.00	0.00	33.83
NOPAT to Interest Expense	-0.16	-0.02	-0.34	0.04	0.63	16.87	1.86	0.00	0.00	0.00	23.68
EBIT Less CapEx to Interest Expense	-2.22	-0.76	-1.46	-1.37	-1.42	-0.10	-0.15	0.00	0.00	0.00	-29.38
NOPAT Less CapEx to Interest Expense	-2.15	-0.75	-1.31	-1.63	-0.86	15.75	-0.52	0.00	0.00	0.00	-39.53
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-96.47%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-4.02%	227.04%	221.42%	171.72%	989.26%	-284.92%

This table displays calculated financial ratios and metrics derived from WillScot's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	180,854,438.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	180,854,438.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.16
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.64%	3.70%	3.84%	3.87%	-0.56%	-1.61%	-4.71%	-2.56%	-5.75%	-6.07%	-1.95%
EBITDA Growth	12.28%	6.25%	-2.17%	-63.57%	-74.64%	0.38%	-2.29%	165.05%	241.21%	-124.99%	-13.32%
EBIT Growth	23.27%	3.48%	-14.31%	-103.14%	-119.77%	-1.55%	-8.09%	2,525.46%	437.34%	-205.31%	-19.07%
NOPAT Growth	23.61%	-3.19%	-8.03%	-102.99%	-118.80%	4.37%	-15.33%	2,545.50%	446.08%	-195.08%	-25.15%
Net Income Growth	-28.83%	-0.08%	-73.33%	-153.40%	-177.01%	3.34%	-23.44%	202.32%	161.49%	-309.96%	-34.68%
EPS Growth	-22.03%	17.50%	-71.00%	-158.14%	-180.43%	2.13%	-20.69%	204.00%	164.86%	-312.50%	-34.78%
Operating Cash Flow Growth	-9.22%	9.43%	40.27%	-13.13%	-100.82%	-18.42%	-0.98%	16.91%	12,337.58%	-11.19%	-7.53%
Free Cash Flow Firm Growth	-168.97%	-144.69%	-158.32%	-144.98%	329.31%	191.92%	199.61%	122.02%	14.42%	-29.25%	25.15%
Invested Capital Growth	3.64%	8.45%	7.97%	4.36%	-2.28%	-1.87%	-3.52%	0.98%	-0.24%	-6.10%	-5.49%
Revenue Q/Q Growth	3.91%	1.25%	-4.11%	2.96%	-0.52%	0.18%	-7.13%	5.28%	-3.78%	-0.15%	-3.06%
EBITDA Q/Q Growth	5.81%	3.82%	-18.17%	-59.47%	-26.35%	310.93%	-20.34%	9.94%	-5.19%	-130.10%	376.32%
EBIT Q/Q Growth	6.94%	-0.52%	-26.66%	-104.03%	-573.13%	595.26%	-31.52%	6.25%	-6.38%	-254.61%	152.62%
NOPAT Q/Q Growth	7.07%	-1.19%	-23.11%	-103.68%	-573.13%	648.55%	-37.63%	6.18%	-4.74%	-250.71%	149.10%
Net Income Q/Q Growth	4.32%	-5.67%	-34.85%	-183.31%	-50.42%	226.59%	-51.74%	11.34%	-9.61%	-532.28%	115.01%
EPS Q/Q Growth	6.98%	2.17%	-38.30%	-186.21%	-48.00%	229.73%	-52.08%	13.04%	-7.69%	-525.00%	114.71%
Operating Cash Flow Q/Q Growth	-5.52%	14.83%	-4.85%	-15.85%	-100.89%	11,554.48%	15.49%	-0.64%	-6.90%	-16.87%	20.24%
Free Cash Flow Firm Q/Q Growth	-108.31%	-566.08%	-3.78%	21.67%	142.35%	167.01%	12.46%	-82.68%	120.05%	65.09%	98.94%
Invested Capital Q/Q Growth	6.75%	0.52%	-0.33%	-2.42%	-0.04%	0.94%	-2.01%	2.13%	-1.24%	-5.00%	-1.37%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	56.16%	56.04%	53.97%	54.11%	53.45%	55.82%	53.68%	50.26%	49.68%	50.45%	52.07%
EBITDA Margin	43.93%	45.04%	38.44%	15.13%	11.20%	45.95%	39.42%	41.16%	40.56%	-12.22%	34.85%
Operating Margin	29.45%	28.93%	22.13%	-0.87%	-5.86%	28.95%	21.34%	21.54%	20.96%	-32.46%	17.62%
EBIT Margin	29.45%	28.93%	22.13%	-0.87%	-5.86%	28.95%	21.34%	21.54%	20.96%	-32.46%	17.62%
Profit (Net Income) Margin	15.13%	14.10%	9.58%	-7.75%	-11.72%	14.81%	7.69%	8.14%	7.64%	-33.10%	5.13%
Tax Burden Percent	73.63%	73.13%	76.67%	77.08%	77.41%	77.53%	70.62%	70.58%	71.81%	76.57%	65.32%
Interest Burden Percent	69.79%	66.63%	56.45%	1,161.70%	258.51%	65.97%	51.04%	53.52%	50.79%	133.19%	44.54%
Effective Tax Rate	26.37%	26.87%	23.33%	0.00%	0.00%	22.47%	29.38%	29.42%	28.19%	0.00%	34.68%
Return on Invested Capital (ROIC)	10.81%	10.83%	8.77%	-0.32%	-2.09%	11.29%	7.58%	7.61%	7.47%	-11.33%	5.81%
ROIC Less NNEP Spread (ROIC-NNEP)	9.57%	9.48%	7.41%	-1.64%	-3.38%	10.02%	6.42%	6.45%	6.31%	-12.95%	4.83%
Return on Net Nonoperating Assets (RNNOA)	20.48%	21.51%	16.30%	-4.06%	-10.12%	31.84%	19.50%	20.66%	21.56%	-50.22%	18.24%
Return on Equity (ROE)	31.29%	32.34%	25.07%	-4.38%	-12.20%	43.13%	27.08%	28.27%	29.03%	-61.56%	24.05%
Cash Return on Invested Capital (CROIC)	6.98%	2.53%	2.78%	3.43%	5.90%	6.15%	6.91%	4.92%	8.73%	9.07%	8.11%
Operating Return on Assets (OROA)	11.61%	11.44%	8.96%	-0.35%	-2.33%	11.39%	8.33%	8.34%	8.00%	-12.50%	6.80%
Return on Assets (ROA)	5.97%	5.57%	3.88%	-3.17%	-4.65%	5.83%	3.00%	3.15%	2.92%	-12.74%	1.98%
Return on Common Equity (ROCE)	31.29%	32.34%	25.07%	-4.38%	-12.20%	43.13%	27.08%	28.27%	29.03%	-61.56%	24.05%
Return on Equity Simple (ROE_SIMPLE)	36.30%	0.00%	24.38%	15.59%	2.39%	0.00%	1.48%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	131	130	100	-3.66	-25	135	84	90	85	-129	63
NOPAT Margin	21.68%	21.16%	16.97%	-0.61%	-4.10%	22.44%	15.07%	15.20%	15.05%	-22.72%	11.51%
Net Nonoperating Expense Percent (NNEP)	1.24%	1.35%	1.37%	1.33%	1.29%	1.27%	1.17%	1.16%	1.16%	1.62%	0.98%
Return On Investment Capital (ROIC_SIMPLE)	-	2.69%	-	-	-	2.86%	1.82%	1.89%	1.82%	-2.89%	1.44%
Cost of Revenue to Revenue	43.84%	43.96%	46.03%	45.89%	46.55%	44.18%	46.32%	49.74%	50.32%	49.55%	47.93%
SG&A Expenses to Revenue	25.13%	23.91%	28.54%	28.88%	25.08%	22.85%	28.08%	24.62%	24.29%	25.07%	28.07%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.72%	27.11%	31.84%	54.97%	59.31%	26.88%	32.34%	28.72%	28.72%	82.91%	34.45%
Earnings before Interest and Taxes (EBIT)	178	177	130	-5.23	-35	174	119	127	119	-184	97
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	266	276	226	91	67	277	221	242	230	-69	191
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.25	6.76	6.75	5.96	6.72	6.07	5.05	4.83	3.63	4.00	3.61
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.50	3.61	3.73	2.97	2.95	2.58	2.16	2.12	1.66	1.50	1.38
Price to Earnings (P/E)	17.22	17.90	27.69	38.23	280.77	219.71	341.50	45.54	17.19	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.25%	0.51%	0.99%	1.49%	1.61%
Earnings Yield	5.81%	5.59%	3.61%	2.62%	0.36%	0.46%	0.29%	2.20%	5.82%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.44	2.51	2.58	2.27	2.29	2.09	1.89	1.84	1.60	1.58	1.52
Enterprise Value to Revenue (EV/Rev)	4.98	5.11	5.19	4.41	4.45	4.12	3.68	3.69	3.21	3.07	2.92
Enterprise Value to EBITDA (EV/EBITDA)	11.59	11.80	12.16	12.38	16.21	14.94	13.28	10.76	7.68	11.22	11.17
Enterprise Value to EBIT (EV/EBIT)	17.49	17.93	19.00	22.15	40.15	37.43	34.39	22.53	13.80	38.58	41.83
Enterprise Value to NOPAT (EV/NOPAT)	23.54	24.57	25.68	30.16	62.97	48.71	55.72	31.39	18.79	55.11	59.76
Enterprise Value to Operating Cash Flow (EV/OCF)	15.73	15.86	15.08	13.38	17.78	17.59	15.57	14.74	9.52	9.19	8.89
Enterprise Value to Free Cash Flow (EV/FCFF)	35.58	103.20	96.46	67.69	38.37	33.75	26.79	37.60	18.27	16.87	18.20
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.65	2.82	2.64	2.90	3.44	3.64	3.58	3.58	3.41	4.19	4.04
Long-Term Debt to Equity	2.64	2.81	2.63	2.88	3.42	3.62	3.56	3.55	3.39	4.15	4.00
Financial Leverage	2.14	2.27	2.20	2.47	3.00	3.18	3.04	3.20	3.42	3.88	3.78
Leverage Ratio	3.97	4.23	4.09	4.46	5.12	5.34	5.21	5.44	5.74	6.32	6.26
Compound Leverage Factor	2.77	2.82	2.31	51.78	13.23	3.52	2.66	2.91	2.92	8.42	2.79
Debt to Total Capital	72.59%	73.83%	72.53%	74.34%	77.50%	78.45%	78.17%	78.15%	77.34%	80.73%	80.15%
Short-Term Debt to Total Capital	0.33%	0.39%	0.40%	0.45%	0.49%	0.52%	0.55%	0.57%	0.59%	0.70%	0.73%
Long-Term Debt to Total Capital	72.26%	73.44%	72.13%	73.89%	77.01%	77.93%	77.62%	77.58%	76.75%	80.03%	79.42%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	27.41%	26.17%	27.47%	25.66%	22.50%	21.55%	21.83%	21.85%	22.66%	19.27%	19.85%
Debt to EBITDA	3.45	3.48	3.42	4.05	5.50	5.61	5.52	4.58	3.73	5.75	5.91
Net Debt to EBITDA	3.45	3.47	3.41	4.05	5.48	5.59	5.50	4.57	3.71	5.73	5.89
Long-Term Debt to EBITDA	3.44	3.46	3.40	4.03	5.46	5.57	5.48	4.55	3.70	5.70	5.86
Debt to NOPAT	7.01	7.24	7.23	9.87	21.35	18.28	23.16	13.37	9.13	28.25	31.64
Net Debt to NOPAT	7.00	7.22	7.20	9.86	21.29	18.24	23.09	13.33	9.09	28.13	31.50
Long-Term Debt to NOPAT	6.97	7.20	7.19	9.81	21.22	18.16	23.00	13.28	9.06	28.00	31.35
Altman Z-Score	1.32	1.35	1.39	1.09	1.03	1.05	0.90	0.87	0.73	0.49	0.61
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.04	1.01	0.97	0.91	0.90	0.95	0.83	0.81	0.79	0.86	0.79
Quick Ratio	0.87	0.82	0.78	0.71	0.71	0.75	0.66	0.65	0.63	0.67	0.62
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-37	-245	-254	-199	84	225	253	44	96	159	317
Operating Cash Flow to CapEx	341.37%	330.51%	264.24%	246.62%	-2.18%	237.14%	272.25%	224.99%	225.81%	182.07%	183.81%
Free Cash Flow to Firm to Interest Expense	-0.68	0.00	-4.49	-3.58	1.51	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	3.55	0.00	3.69	3.16	-0.03	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	2.51	0.00	2.29	1.88	-1.31	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.39	0.40	0.40	0.41	0.40	0.39	0.39	0.39	0.38	0.39	0.39
Accounts Receivable Turnover	5.16	5.49	5.51	5.45	5.26	5.44	5.56	5.49	5.46	5.53	5.69
Inventory Turnover	24.65	23.31	23.63	23.00	22.55	23.06	22.71	22.82	22.98	24.03	23.88
Fixed Asset Turnover	0.71	0.73	0.73	0.73	0.71	0.71	0.70	0.69	0.68	0.71	0.70
Accounts Payable Turnover	8.74	10.55	11.00	10.27	10.96	11.97	11.14	9.37	10.19	10.83	9.49
Days Sales Outstanding (DSO)	70.78	66.44	66.22	66.96	69.43	67.15	65.59	66.43	66.89	66.00	64.14
Days Inventory Outstanding (DIO)	14.81	15.66	15.45	15.87	16.19	15.83	16.07	16.00	15.88	15.19	15.28
Days Payable Outstanding (DPO)	41.74	34.60	33.19	35.53	33.29	30.48	32.78	38.97	35.82	33.71	38.47
Cash Conversion Cycle (CCC)	43.84	47.49	48.48	47.30	52.33	52.50	48.88	43.46	46.95	47.48	40.95
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,783	4,808	4,792	4,676	4,674	4,718	4,623	4,722	4,663	4,430	4,369
Invested Capital Turnover	0.50	0.51	0.52	0.53	0.51	0.50	0.50	0.50	0.50	0.50	0.51
Increase / (Decrease) in Invested Capital	168	374	354	195	-109	-90	-169	46	-11	-288	-254
Enterprise Value (EV)	11,676	12,074	12,382	10,633	10,707	9,879	8,715	8,684	7,446	7,000	6,638
Market Capitalization	8,206	8,528	8,911	7,158	7,087	6,180	5,103	4,997	3,844	3,426	3,140
Book Value per Share	$6.65	$6.58	$6.94	$6.32	$5.59	$5.51	$5.51	$5.67	$5.82	$4.71	$4.81
Tangible Book Value per Share	($1.25)	($1.75)	($1.41)	($1.30)	($2.03)	($2.35)	($2.34)	($2.57)	($2.37)	($3.44)	($3.32)
Total Capital	4,789	4,819	4,805	4,682	4,685	4,727	4,634	4,734	4,678	4,444	4,385
Total Debt	3,476	3,557	3,485	3,480	3,631	3,708	3,622	3,700	3,617	3,588	3,514
Total Long-Term Debt	3,460	3,539	3,466	3,459	3,608	3,684	3,597	3,673	3,590	3,557	3,482
Net Debt	3,470	3,546	3,472	3,474	3,620	3,699	3,612	3,687	3,603	3,574	3,499
Capital Expenditures (CapEx)	56	66	79	71	72	75	76	91	85	87	104
Debt-free, Cash-free Net Working Capital (DFCFNWC)	32	15	-14	-40	-49	-12	-88	-111	-127	-70	-124
Debt-free Net Working Capital (DFNWC)	38	26	-1.25	-34	-38	-2.90	-77	-98	-112	-55	-108
Net Working Capital (NWC)	22	7.08	-20	-55	-61	-27	-103	-125	-139	-86	-140
Net Nonoperating Expense (NNE)	40	43	43	43	46	46	41	42	42	59	35
Net Nonoperating Obligations (NNO)	3,470	3,546	3,472	3,474	3,620	3,699	3,612	3,687	3,603	3,574	3,499
Total Depreciation and Amortization (D&A)	88	99	96	97	103	102	101	116	111	114	95
Debt-free, Cash-free Net Working Capital to Revenue	1.39%	0.63%	-0.60%	-1.67%	-2.05%	-0.50%	-3.72%	-4.73%	-5.47%	-3.05%	-5.46%
Debt-free Net Working Capital to Revenue	1.63%	1.09%	-0.05%	-1.42%	-1.59%	-0.12%	-3.27%	-4.19%	-4.83%	-2.41%	-4.78%
Net Working Capital to Revenue	0.95%	0.30%	-0.86%	-2.30%	-2.54%	-1.15%	-4.35%	-5.33%	-6.02%	-3.77%	-6.18%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.47	$0.47	$0.30	($0.25)	($0.37)	$0.47	$0.23	$0.26	$0.24	($1.02)	$0.16
Adjusted Weighted Average Basic Shares Outstanding	196.20M	198.55M	190.14M	189.68M	188.28M	188.10M	183.68M	182.47M	182.00M	182.39M	180.99M
Adjusted Diluted Earnings per Share	$0.46	$0.47	$0.29	($0.25)	($0.37)	$0.48	$0.23	$0.26	$0.24	($1.02)	$0.15
Adjusted Weighted Average Diluted Shares Outstanding	199.26M	201.85M	193.07M	189.68M	188.28M	190.29M	185.30M	183.44M	182.77M	182.39M	181.46M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	191.63M	189.97M	190.18M	188.49M	184.76M	183.58M	182.39M	182.08M	181.95M	180.85M	180.99M
Normalized Net Operating Profit after Tax (NOPAT)	131	130	100	93	-23	135	84	90	85	-129	70
Normalized NOPAT Margin	21.68%	21.16%	17.06%	15.46%	-3.81%	22.33%	15.07%	15.20%	15.05%	-22.72%	12.85%
Pre Tax Income Margin	20.55%	19.28%	12.49%	-10.05%	-15.14%	19.10%	10.90%	11.53%	10.65%	-43.23%	7.85%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.31	0.00	2.30	-0.09	-0.63	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	2.44	0.00	1.76	-0.07	-0.44	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	2.27	0.00	0.90	-1.38	-1.92	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	1.40	0.00	0.37	-1.35	-1.73	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-96.47%	-75.05%
Augmented Payout Ratio	191.86%	171.72%	187.40%	235.30%	1,071.08%	989.26%	2,009.35%	248.62%	103.08%	-284.92%	-200.34%

Financials Breakdown Chart

Key Financial Trends

WillScot (NASDAQ: WSC) has a large, cash-generating business anchored in modular space solutions. Below is a concise look at trends in the last four years of WillScot’s quarterly statements, focusing on revenue, profitability, cash flow, and balance-sheet dynamics. The data show a company with solid cash flow generation and a large asset base, but with margin pressure and substantial leverage that weigh on quarterly earnings.

Strong operating cash flow across 2025 quarters: Net cash from continuing operating activities ranged roughly from $159 million to $206 million per quarter in 2025, and was $158.9 million in Q4 2025, underscoring ongoing cash generation.
Stable, substantial revenue scale: Quarterly operating revenue tends to run in the $0.56–0.59 billion band (e.g., Q4 2025: $565.97 million; Q2 2025: $589.08 million), indicating consistent demand for modular space offerings.
Positive near-term free cash flow in latest quarter: With CFO around $159 million and capital expenditures (PPE) of roughly $88 million in Q4 2025, free cash flow was effectively positive and in the neighborhood of $70 million for that quarter.
Scale and asset base suggest a large, mature business: Total assets typically around $6.1 billion in recent quarters, with property, plant & equipment (net) near $3.3–3.4 billion and total noncurrent assets above $2 billion, signaling substantial scale.
Earnings per share and profitability volatility: Quarterly earnings per share fluctuated (e.g., Q2 2025 basic and diluted EPS around $0.26; Q3 2025 around $0.24; Q4 2025 around -$1.02), reflecting earnings volatility and non-cash/non-operational factors.
Gross margin modestly compressing over time: Gross margin has trended lower from the mid-50s percent in 2024 to about 50% or slightly below in late 2025, indicating rising cost pressure or project mix changes.
Debt load remains sizable and ongoing financing activity is active: Long-term debt has been in the high-$3 billion range in recent periods, with notable financing activity (issuances and repayments) that keeps leverage and interest costs in play.
Quarterly net income swings to a large loss in Q4 2025: Net income from continuing operations was -$187.3 million in Q4 2025, a material deterioration versus prior quarters, driven by higher costs and non-operating items.
Persistent interest and other expense pressure: Interest and investment income (and net other income/expense) remained a drag in several quarters (e.g., Q4 2025 pre-tax income negative, driven by substantial interest/other expenses), contributing to lower or negative net income in some periods.

Key takeaways for investors:

Cash generation remains a strength. Consistently positive cash flow from operations supports liquidity and debt service, even as earnings swing quarter to quarter.
Profitability is heterogeneous across quarters. While several quarters show positive net income and EPS, other periods — notably Q4 2025 — show losses due to non-cash adjustments, impairment concerns, or higher costs.
Leverage and margins warrant attention. The company carries a substantial debt load and ongoing capital allocation (and debt service) pressures margins and can influence free cash flow over time.

Notes on scope: The analysis uses WillScot’s quarterly standardized financial data from Q1 2023 through Q4 2025. The company’s balance sheet shows total assets around $6.0–6.1 billion in 2025, with long-term debt commonly in the $3.3–3.6 billion range and total liabilities near $5.0–5.1 billion, yielding a total equity base around $1.0–1.3 billion. Revenue and cash flow figures reflect the company’s asset-light, rentable modular space model, with cash flow strength underscored by consistent operating cash flow even amid earnings volatility.

05/17/26 06:35 PM ETAI Generated. May Contain Errors.

WillScot Financials - Frequently Asked Questions

According to the most recent income statement we have on file, WillScot's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

WillScot's net income appears to be on a downward trend, with a most recent value of -$52.99 million in 2025, falling from -$71.59 million in 2015. The previous period was $28.13 million in 2024. View WillScot's forecast to see where analysts expect WillScot to go next.

WillScot's total operating income in 2025 was $181.45 million, based on the following breakdown:

Total Gross Profit: $1.16 billion
Total Operating Expenses: $982.13 million

Over the last 10 years, WillScot's total revenue changed from $453.34 million in 2015 to $2.28 billion in 2025, a change of 403.3%.

WillScot's total liabilities were at $4.96 billion at the end of 2025, a 1.1% decrease from 2024, and a 25,162.6% increase since 2015.

In the past 10 years, WillScot's cash and equivalents has ranged from $1.01 million in 2015 to $24.94 million in 2020, and is currently $14.59 million as of their latest financial filing in 2025.

Over the last 10 years, WillScot's book value per share changed from 0.08 in 2015 to 4.71 in 2025, a change of 5,782.6%.

Related Companies

Financial statements for NASDAQ:WSC last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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WillScot (WSC) Financials

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WillScot (WSC) Financials

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Key Financial Trends

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