At a glance
Willscot Mobile Mini Holdings Corp A is worth $3.26B. Revenue fell 4.8% to $2.28B in fiscal 2025, at a loss; over 5 years it has grown 12.4% a year. It pays a 1.56% dividend yield, and returned $2.36B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −19.1% over the past year with dividends reinvested and −11.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 60.1% in the 2020 crash (S&P 500: 33.7%) and 24.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 2 months after the lows.
The business in plain English
WillScot Holdings, based in Scottsdale, Arizona, rents out ready-to-use temporary space. Its fleet includes mobile offices, stackable modular office complexes, classrooms, blast-resistant modules for refinery and petrochemical sites, large fabric structures, portable steel storage containers, and climate-controlled containers and trailers. It serves 15 end markets from about 260 branches in the US, Canada and Mexico. These markets include construction and infrastructure, commercial and industrial, education, energy and government.
Leasing drives the business. WillScot had $2.28 billion in revenue for fiscal 2025, which ended December 31, 2025. Leasing modular space brought in 43.7% of it, and leasing portable storage brought in 14%. Another 17.4% came from value-added products, or VAPS, and third-party leasing. VAPS are add-ons such as furniture, power and solar, security, steps and ramps, and sanitation that make a unit ready on arrival. Delivery and installation added 17%. Sales of new units and former rental units made up about 6%.
The model rests on long-lived equipment. The company says modular units often last more than 20 years and steel containers about 30. Both have average residual values above 50%, meaning what a unit is expected to be worth at the end of its life. One unit can be leased to many customers over its life. WillScot sold its UK storage business in January 2023. It changed its name from WillScot Mobile Mini Holdings Corp. in July 2024.
Price history
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WSC -19.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Modular space leasing revenue | $997.8M | 43.7% |
| VAPS and third-party leasing revenues | $397.5M | 17.4% |
| Delivery and Installation | $388.9M | 17% |
| Portable storage leasing revenue | $319.3M | 14% |
| New units | $77.9M | 3.4% |
| Rental units | $65.6M | 2.9% |
| Other leasing-related revenue | $34.4M | 1.5% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $612.2M, up 3.9% from a year earlier, and net income was $47.0M (-2.0%).
- For fiscal 2025, revenue was $2.28B (-4.8% year over year; +12.4% a year from FY2020 to FY2025) with a -2.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +12.4% good |
|---|---|
| Operating margin | 8% watch |
| Free cash flow margin | 32.3% good |
| Return on equity (FY2025) | -6.2% weak |
| Return on assets (FY2025) | -0.9% weak |
| Net cash (cash minus debt) | $-3.48B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.27B | $74.0M | $288.4M |
| FY2021 | $1.67B | $160.1M | $509.4M |
| FY2022 | $2.14B | $339.5M | $701.0M |
| FY2023 | $2.36B | $476.5M | $739.0M |
| FY2024 | $2.40B | $28.1M | $543.2M |
| FY2025 | $2.28B | $-53.0M | $737.7M |
Valuation snapshot
| Market value | $3.26B |
|---|---|
| P/E ratio | — |
| Dividend yield | 1.56% |
Rank among 1514 US companies
Market value at each year end
Willscot Mobile Mini Holdings Corp A’s market value went from $5.28B at the end of 2020 to $3.26B on Oct 28, 2026, down 38%; since the end of 2025 it is down 5%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.26B | -4.9% |
| 2025 | $3.43B | -44.6% |
| 2024 | $6.18B | -27.5% |
| 2023 | $8.53B | -9.6% |
| 2022 | $9.44B | +3.5% |
| 2021 | $9.11B | +72.5% |
| 2020 | $5.28B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| WSC price data to Oct 28, 2026 | -3.6% | -19.1% | -21.8% | -11.7% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -3.6% |
| 2025 | -43.1% |
| 2024 | -24.8% |
| 2023 | -1.5% |
| 2022 | +10.6% |
| 2021 | +76.3% |
| 2020 | +25.3% |
| 2019 | +96.3% |
| 2018 | -25.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 59.1% over that stretch · deepest drop along the way 60.1%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 0.2% over that stretch · deepest drop along the way 24.5%, back to its old high 1.6 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 3 sales ($4.2M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 12, 2026 | Bradley Lee Soultz Director | sell | $2.3M |
| May 12, 2026 | Bradley Lee Soultz Director | sell | $1.8M |
| May 13, 2026 | Bradley Lee Soultz Director | sell | $112K |
Who owns it
Large shareholders (13G filings)
| FMR LLC | 15% | Mar 31, 2026 |
| BlackRock, Inc. | 11.8% | Mar 31, 2025 |
| Vanguard Portfolio Management | 5.14% | Mar 31, 2026 |
| Vanguard Capital Management | 5.12% | Mar 31, 2026 |
| JPMORGAN CHASE & CO. | 4.4% | Jun 30, 2026 |
| T. Rowe Price Associates, Inc. | 3.5% | Dec 31, 2024 |
| Franklin Mutual Advisers, LLC | 3.4% | Jun 30, 2025 |
| THE GOLDMAN SACHS GROUP, INC. | 1.1% | Mar 31, 2025 |
ETFs with the most weight in WSC
| SUPP TCW Transform Supply Chain ETF | 4.37% |
| PSCI Invesco S&P SmallCap Industrials ETF | 2.24% |
| IJT iShares S&P Small-Cap 600 Growth ETF | 0.47% |
| QMID WisdomTree U.S. MidCap Quality Growth Fund | 0.47% |
| MSSM Morgan Stanley Pathway Small-Mid Cap Equity ETF | 0.44% |
| BUYO KraneShares Man Buyout Beta Index ETF | 0.38% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.32% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.3% |
What could go wrong
- Construction slowdown has cut demand. The 10-K says new contracts and units on rent fell for three years as US non-residential construction starts dropped from a peak near the end of 2022. Further weakness could hurt revenue.
- Network shake-up could disrupt service. Its Network Optimization Plan exits leased properties and abandons some rental units. Costs could run higher than expected, and a smaller fleet could leave gaps in the equipment types some markets need.
- Heavy debt load. Total debt was about $3.5 billion against $18 million of cash as of June 30, 2026. Paying that debt uses cash, and loan covenants (lender rules) limit flexibility. Breaking them could trigger a default.
- Building codes and fleet upkeep. Modular buildings must meet state building codes. If codes change, existing units may be harder to lease again. The business also depends on keeping a large fleet repaired and well managed.
- Unpaid bills and unrecovered equipment. Units sit on customer sites. If many customers struggle at once, WillScot could face more unpaid bills and lose equipment it cannot recover from job sites.
- Fragmented, price-driven competition. Modular space and portable storage are highly competitive, with national, regional and local rivals. Some have less debt or more pricing flexibility, and price cuts could squeeze margins and market share.
Recent events
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Executive or board change; Shareholder vote results
- Quarterly results released
- Quarterly results released
- Executive or board change
- Restructuring or exit costs
- Executive or board change
- Quarterly results released
For income and retirement investors
WillScot's dividend is small and new. It paid none in 2023 or 2024, then paid $0.28 per share ($51 million) in fiscal 2025, so it has no record of increases. That used 6.9% of free cash flow, the cash left after running the business and investing in equipment. But the company had a net loss that year, so earnings did not cover the dividend. The yield was 1.56% as of October 28, 2026, so most of any return depends on the share price. Buying back its own shares has mattered more: $2.31 billion over fiscal 2021–2025. That cut the share count about 20% since August 2021, though repurchases slowed to $100 million in 2025.
The stock has swung hard. It fell 60.1% in the 2020 COVID crash and took about 7.6 months to recover. In the 2022 bear market it dropped 24.5% but recovered within two months. Its worst decline in the three years to October 28, 2026, was 70.7%. A single stock carries more risk than a diversified fund.
Questions investors ask
How does WillScot make money?
Mostly by renting out temporary buildings and storage. WillScot had $2.28 billion in revenue in fiscal 2025. Leasing modular space, such as mobile offices and classrooms, made up 43.7%. Leasing portable storage containers made up 14%. Add-ons like furniture, power and security, plus third-party leasing, added 17.4%. Delivery and installation added 17%. Sales of new units and former rental units were a small slice, about 6%. Customers include construction firms, schools, energy companies and government.
Does WillScot pay a dividend?
Yes, but it is small and new. WillScot paid no dividends in 2023 or 2024. It then paid $0.28 per share in fiscal 2025, about $51 million in total. The yield was 1.56% as of October 28, 2026. The dividend used only 6.9% of 2025 free cash flow, though the company had a net loss that year. Buying back shares has been its bigger way of returning cash, at $2.31 billion over fiscal 2021–2025.
Is WillScot profitable?
Not on a net basis for fiscal 2025. WillScot lost $53 million, or $0.29 per share, on revenue of $2.28 billion, which fell 4.8%. In 2023 it earned $476 million. Operating income stayed positive at $181 million, and the business produced $738 million of free cash flow. In the quarter ended June 30, 2026, net income was $47 million on revenue of $612 million. Revenue was up 3.9% from a year earlier.
How much debt does WillScot have?
A lot for its size. As of June 30, 2026, total debt was about $3.5 billion. Cash was $18 million, and shareholders' equity was $911 million. The company's stock market value was about $3.26 billion as of October 28, 2026, less than its debt. The 10-K lists leverage among its risks. It notes that loan covenants limit the company's flexibility and that it can still take on more debt.
Why has WillScot stock fallen so much?
Its business weakened over the same period, according to its filings. The share price fell 24.8% in 2024 and 43.1% in 2025. It was down 19.1% in the year to October 28, 2026. The 10-K says new contracts and units on rent declined for three years as US non-residential construction starts fell from a peak near the end of 2022. Revenue dropped 4.8% in 2025, and the company had a net loss.