WillScot Holdings Corp
$19.66
−0.18 (−0.91%) · delayed · Nov 13, 2026
Five-year price
52w $14.91 to $29.77
- Market cap
- $3.6B
- Enterprise value
- $7.1B
- P/E
- —
- 26.6× on 3y avg EPS
- EV / EBIT
- 39.2×
- FCF yield
- 20.7%
- ROIC
- 3.3%
- Debt / equity
- 4.15
- Piotroski F
- 3/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
33
- ○ROIC > 12% (5y avg)5y avg ROIC 6.2%
- ○ROE > 15% (5y avg)5y avg ROE 12.8%
- ○Stable operating marginsMargin volatility 7.7% (σ, 5y)
- ●Earnings convert to cashFCF / net income 653% (5y avg)
- ●Growing revenueRevenue CAGR 5y 12.4%
- ○Shrinking share countDiluted shares 2.9% over 5y
Value
33
- –P/E below 15P/E n/a
- ○EV/EBIT below 12EV/EBIT 39.2
- ●FCF yield above 6%FCF yield 20.7%
- –Price below Graham NumberGraham Number n/a
- ○P/B below 3P/B 4.2
Safety
0
- ○Debt / equity below 0.5D/E 4.15
- ○Debt payable in < 4 yrs of earningsNet debt $3.5B
- ○Interest coverage > 8xCoverage 0.8x
- ○Current ratio > 1.5Current ratio 0.86
- ○Piotroski F-score ≥ 6F-score 3/9
Graham Defensive
17
- ●Adequate size (revenue > $2B)Revenue $2.3B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.86
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- –Earnings growth ≥ 33% (10y, 3y avgs)n/a
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 26.6
- ○P/E × P/B ≤ 22.5Product 110.8
Valuation lab
What do you have to believe?
At $19.66, the market is pricing in about −4.1% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $3.5B · 182M shares · 5y revenue CAGR 12.4%
Intrinsic value
$111.78
Price
$19.66
Margin of safety
82%
What the price implies
The market is paying for −4.1% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
64% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 427 | 446 | 751 | 1,064 | 1,273 | 1,673 | 2,143 | 2,365 | 2,396 | 2,281 |
| Gross profit | 168 | 166 | 289 | 413 | 608 | 845 | 1,135 | 1,334 | 1,302 | 1,164 |
| Operating income | (3) | (58) | 6 | 118 | 162 | 300 | 511 | 673 | 264 | 181 |
| Operating margin | -0.7% | -13.1% | 0.8% | 11.0% | 12.7% | 18.0% | 23.9% | 28.5% | 11.0% | 8.0% |
| Pre-tax income | (88) | (165) | (68) | (123) | 4 | 151 | 365 | 468 | 37 | (55) |
| Income tax | (25) | (1) | (39) | (2) | (56) | 37 | 89 | 127 | 8 | (2) |
| Net income | (31) | (148) | (25) | (11) | 74 | 160 | 340 | 476 | 28 | (53) |
| EPS (diluted) | 0.01 | -7.47 | -0.53 | -1.11 | 0.25 | 0.69 | 1.53 | 2.36 | 0.15 | -0.29 |
| Diluted shares | 63 | — | 89 | 109 | 177 | 233 | 221 | 202 | 190 | 182 |
Who owns it