WSCWillScot Holdings Corp
Services-Miscellaneous Equipment Rental & Leasing
- Revenue
- $2.3B
- 4.8% YoY
- Operating margin
- 8.0%
- 28% YoY
- EBITDA
- $278M
- 20% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 12.4×
- $3.4B net debt
- AI in 10-K
- —
Red flags 0 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCClear2% of revenueOver 10% of revenue
- Payouts exceed cash flowClear7% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear21% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.7B | $2.1B | $2.4B | $2.4B | $2.3B | 4.8% |
| Operating income | $300M | $511M | $673M | $264M | $181M | 31% |
| Net income | $160M | $340M | $476M | $28M | −$53M | 289% |
| Operating cash flow | $540M | $745M | $761M | $562M | $762M | 36% |
| Capex | $30M | $44M | $22M | $18M | $24M | 32% |
| Stock-based comp | $26M | $30M | $34M | $36M | $38M | 6.8% |
| Dividends | — | — | $0 | $0 | $51M |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $7M | −$6M | 82 | 201 |
| FY2024 | $7M | −$14M | 144 | 199 |
| FY2023 | $8M | $5M | 192 | 168 |
| FY2022 | $9M | $21M | 195 | 132 |
| FY2021 | $18M | $47M | 176 | 146 |