Financial flexibility appears constrained by a debt-to-equity ratio of 4.38 and a current ratio of 0.79, indicating limited liquidity buffers to manage short-term obligations.
| Total Current Assets | 529.92M | 525.05M | 557.51M | 569.1M | 521.04M | 483.04M | 421.57M | 292.59M | 256.35M | 127.78M | 261.5K | 1.01M |
| Cash & Short-Term Investments | 15.54M | 14.59M | 9M | 10.96M | 7.39M | 6.39M | 24.94M | 3.04M | 8.96M | 9.19M | 188.06K | 1.01M |
| Cash Only | 15.54M | 14.59M | 9M | 10.96M | 7.39M | 6.39M | 24.94M | 3.04M | 8.96M | 9.19M | 188.06K | 1.01M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 397.43M | 394.71M | 430.38M | 451.13M | 409.77M | 351.29M | 330.94M | 247.6M | 206.62M | 97.68M | 101.43M | 0 |
| Days Sales Outstanding | 64.7 | 63.15 | 65.57 | 69.63 | 69.8 | 76.64 | 94.89 | 84.96 | 100.37 | 79.95 | 86.78 | - |
| Inventory | 46.19M | 45.56M | 47.47M | 47.41M | 41.03M | 29.8M | 23.73M | 15.39M | 16.22M | 10.08M | 8.94M | 10.69M |
| Days Inventory Outstanding | 14.16 | 13.7 | 15.84 | 16.78 | 14.87 | 13.13 | 13.03 | 8.64 | 12.81 | 13.13 | 12.2 | 13.44 |
| Other Current Assets | 70.76M | 70.2M | 70.66M | 59.6M | 62.85M | 58.81M | 12M | 13.15M | 15.35M | 6M | -110.36M | 0 |
| Total Non-Current Assets | 5.28B | 5.29B | 4.92B | 5.57B | 5.31B | 5.29B | 5.15B | 2.61B | 2.5B | 1.28B | 501.34M | 500.09M |
| Property, Plant & Equipment | 754.52M | 3.79B | 696.21M | 3.97B | 3.6B | 3.25B | 3.47B | 2.24B | 2.11B | 1.12B | 899.12M | 97.72M |
| Fixed Asset Turnover | 0.98x | 0.60x | 3.44x | 0.60x | 0.59x | 0.51x | 0.37x | 0.48x | 0.36x | 0.40x | 0.47x | 4.64x |
| Goodwill | 1.26B | 1.26B | 1.2B | 1.18B | 1.01B | 1.01B | 1.17B | 235.18M | 247.02M | 28.61M | 56.81M | 61.78M |
| Intangible Assets | 213.43M | 224.09M | 251.16M | 419.71M | 419.13M | 442.88M | 495.95M | 126.63M | 131.8M | 126.26M | 125M | 157.72M |
| Long-Term Investments | 198K | 0 | 6.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 256.63M | 0 |
| Other Non-Current Assets | 3.06B | 15.21M | 2.76B | 4.63M | 274.7M | 579.36M | 16.08M | 4.44M | 4.28M | 4.28M | 501.34M | 182.87M |
| Total Assets | 5.81B | 5.82B | 6.03B | 6.14B | 5.83B | 5.77B | 5.57B | 2.9B | 2.75B | 1.41B | 501.6M | 501.1M |
| Asset Turnover | 0.38x | 0.39x | 0.40x | 0.39x | 0.37x | 0.29x | 0.23x | 0.37x | 0.27x | 0.32x | 0.85x | 0.90x |
| Asset Growth % | -4.12% | -3.62% | -1.68% | 5.32% | 0.94% | 3.61% | 92.3% | 5.27% | 95.11% | 181.25% | 0.1% | - |
| Total Current Liabilities | 670.28M | 611.1M | 585.01M | 562.02M | 561.94M | 517.64M | 448.67M | 320.41M | 269.02M | 155.73M | 75.67K | 133.46K |
| Accounts Payable | 142.45M | 109.86M | 96.6M | 86.12M | 109.35M | 102.56M | 106.93M | 109.93M | 90.35M | 57.05M | 33.08M | 0 |
| Days Payables Outstanding | 37.15 | 33.03 | 32.23 | 30.49 | 39.63 | 45.2 | 58.73 | 61.69 | 71.38 | 74.27 | 45.15 | - |
| Short-Term Debt | 102.09M | 101.85M | 0 | 18.79M | 13.32M | 11.97M | 16.52M | 0 | 1.96M | 1.88M | 1.89M | 14.8M |
| Deferred Revenue (Current) | 722.43M | 237.32M | 250.79M | 224.52M | 203.79M | 152.34M | 135.49M | 82.98M | 71.78M | 45.18M | 28.7M | -69.39M |
| Other Current Liabilities | 180.88M | 162.07M | 0 | 45.56M | 75.44M | 95.18M | 50.29M | 0 | 0 | 0 | -105.75M | -69.26M |
| Current Ratio | 0.79x | 0.86x | 0.95x | 1.01x | 0.93x | 0.93x | 0.94x | 0.91x | 0.95x | 0.82x | 3.46x | 7.55x |
| Quick Ratio | 0.72x | 0.78x | 0.87x | 0.93x | 0.85x | 0.88x | 0.89x | 0.87x | 0.89x | 0.76x | -114.66x | -72.56x |
| Cash Conversion Cycle | 41.72 | 43.81 | 49.18 | 55.92 | 45.04 | 44.57 | 49.2 | 31.9 | 41.8 | 18.81 | 53.83 | - |
| Total Non-Current Liabilities | 4.27B | 4.35B | 4.43B | 4.31B | 3.7B | 3.26B | 3.06B | 1.87B | 1.78B | 770.46M | 19.5M | 19.5M |
| Long-Term Debt | 3.48B | 3.67B | 3.56B | 3.45B | 3.06B | 2.67B | 2.45B | 1.63B | 1.67B | 624.87M | 1.33B | 1.37B |
| Capital Lease Obligations | 1.14B | 369.91M | 320.06M | 281.01M | 169.62M | 169.73M | 183.76M | 118.43M | 37.98M | 36.85M | 0 | 0 |
| Deferred Tax Liabilities | 1.49B | 492.33M | 505.91M | 554.27M | 401.45M | 305.67M | 307.54M | 70.69M | 90.94M | 139.85M | 118.17M | 0 |
| Other Non-Current Liabilities | 54.9M | -184.46M | 41.02M | 34.02M | 66.3M | 111.96M | 114.55M | 34.23M | -6.37M | -17.5M | -1.43B | -1.35B |
| Total Liabilities | 4.94B | 4.96B | 5.02B | 4.88B | 4.26B | 3.78B | 3.51B | 2.19B | 2.05B | 926.19M | 19.58M | 19.63M |
| Total Debt | 3.82B | 4.14B | 3.98B | 3.8B | 3.3B | 2.9B | 2.7B | 1.78B | 1.68B | 626.75M | 1.33B | 1.38B |
| Net Debt | 3.8B | 4.13B | 3.97B | 3.79B | 3.29B | 2.9B | 2.68B | 1.78B | 1.67B | 617.56M | 1.33B | 1.38B |
| Debt / Equity | 4.38x | 4.84x | 3.90x | 3.01x | 2.11x | 1.45x | 1.31x | 2.51x | 2.39x | 1.29x | 2.77x | 2.87x |
| Debt / EBITDA | 4.68x | 4.51x | 6.13x | 3.76x | 3.86x | 4.69x | 6.61x | 5.80x | 11.86x | 27.29x | 17.27x | 11.90x |
| Net Debt / EBITDA | 4.66x | 4.49x | 6.11x | 3.75x | 3.85x | 4.68x | 6.55x | 5.79x | 11.80x | 26.89x | 17.26x | 11.90x |
| Interest Coverage | 0.70x | 0.75x | 1.16x | 3.28x | 3.50x | 2.30x | 1.03x | -0.01x | 0.06x | -0.39x | - | -0.12x |
| Total Equity | 870.52M | 856.25M | 1.02B | 1.26B | 1.57B | 2B | 2.06B | 708.96M | 702.2M | 484.55M | 482.03M | 481.46M |
| Equity Growth % | -43.17% | -15.94% | -19.24% | -19.42% | -21.61% | -3.25% | 191.11% | 0.96% | 44.92% | 0.52% | 0.12% | - |
| Book Value per Share | 4.80 | 4.69 | 5.35 | 6.25 | 7.07 | 8.58 | 11.64 | 6.52 | 7.89 | 6.95 | 7.71 | 32.41 |
| Total Shareholders' Equity | 870.52M | 856.25M | 1.02B | 1.26B | 1.57B | 2B | 2.06B | 644.37M | 638.22M | 435.62M | 482.03M | 481.46M |
| Common Stock | 19K | 19K | 19K | 20K | 21K | 22K | 23K | 12K | 12K | 9K | 477.03M | 476.47M |
| Retained Earnings | -771.83M | -799.95M | -746.96M | -775.09M | -1.25B | -1.59B | -1.75B | -1.69B | -1.68B | -1.64B | 541.85K | -20.81K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -68.5M | -69.45M | -70.63M | -52.77M | -70.12M | -29.07M | -37.21M | -62.77M | -68.03M | -49.5M | -57M | -55.65M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 64.59M | 63.98M | 48.93M | 0 | 0 |
High leverage and liquidity
As reported in recent financial statements, WillScot's equity base has contracted from $1.3 billion in 2023Q4 to $870.5 million by 2026Q1, signaling a weakening balance sheet trajectory driven by persistent negative retained earnings and aggressive capital allocation strategies that prioritize shareholder returns over equity preservation.
The consistent erosion of shareholders' equity suggests that the company is struggling to generate sufficient organic growth to offset its capital-intensive business model. Investors should monitor whether this trend of shrinking equity continues, as it further exacerbates the company's already elevated leverage profile.
Based on the company's quarterly filings, WillScot's debt-to-equity ratio has climbed to 4.38 in 2026Q1, reflecting a reliance on debt financing that appears to be a structural necessity rather than a strategic choice given the company's negative net margins and high interest burden.
The high debt load relative to equity indicates that the company has limited room for further balance sheet expansion without risking credit quality. This leverage profile warrants investigation, as it may restrict the company's ability to navigate cyclical downturns in the construction and commercial rental markets.
According to the latest balance sheet data, WillScot's current ratio has declined to 0.79 in 2026Q1, suggesting that the company maintains minimal liquidity buffers to cover its short-term obligations, which may leave it vulnerable to unexpected operational shocks or sudden shifts in credit market conditions.
A current ratio consistently below 1.0 indicates that the company relies heavily on the continuous rollover of debt or cash flow from operations to meet its immediate liabilities. This liquidity position appears precarious and suggests that any disruption in rental demand could quickly translate into a funding crisis.
As evidenced by the reported figures, WillScot carries $1.3 billion in goodwill on its balance sheet, which represents a significant portion of its total assets and poses a potential impairment risk if the company's modular and storage segments fail to meet long-term growth expectations.
The presence of substantial goodwill suggests that past acquisitions may be overvalued relative to current market conditions, particularly given the recent termination of the McGrath RentCorp deal. Investors should consider the possibility of future write-downs, which would further erode the company's already thin equity base.
Quick answers to the most common questions about buying WSC stock.
As of 2025, WillScot Holdings Corporation (WSC) had total assets of $5.82B including $525.1M in current assets.
WillScot Holdings Corporation (WSC) carries total debt of $4.14B, offset by $14.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
WillScot Holdings Corporation (WSC) has total shareholders' equity (book value) of $856.3M ($4.69 book value per share). Book value represents the net worth of the company belonging to common stock holders.
WillScot Holdings Corporation (WSC) reported a current ratio of 0.86x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.