Latest Ratios: P/E Ratio -61.2x · EV/EBITDA 8.0x · ROE -5.7%. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.2B | $3.4B | $6.4B | $9.0B | $10.0B | $9.5B | $4.1B | $2.0B | $838M | $885M | $622M |
| Enterprise Value | $7.3B | $7.6B | $10.3B | $12.8B | $13.3B | $12.4B | $6.8B | $3.8B | $2.5B | $1.5B | $2.0B |
| P/E Ratio → | -61.21 | — | 223.00 | 18.86 | 36.14 | 59.19 | 92.68 | — | — | — | 1105.56 |
| P/S Ratio | 1.41 | 1.51 | 2.66 | 3.80 | 4.67 | 5.68 | 3.23 | 1.89 | 1.12 | 1.98 | 1.46 |
| P/B Ratio | 3.78 | 4.01 | 6.25 | 7.12 | 6.39 | 4.76 | 1.99 | 2.83 | 1.19 | 1.83 | 1.29 |
| P/FCF | 4.36 | 4.66 | 24.26 | 17.54 | 38.78 | 41.17 | 35.42 | — | — | — | — |
| P/OCF | 4.22 | 4.51 | 11.33 | 11.80 | 13.43 | 17.61 | 13.47 | 11.65 | 22.56 | — | 1441.43 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.31 | 4.31 | 5.40 | 6.20 | 7.41 | 5.33 | 3.56 | 3.33 | 3.37 | 4.59 |
| EV / EBITDA | 7.99 | 8.23 | 15.92 | 12.62 | 15.54 | 20.05 | 16.60 | 12.34 | 17.73 | 65.42 | 25.31 |
| EV / EBIT | 15.02 | 45.21 | 39.15 | 18.97 | 25.98 | 46.32 | 55.23 | — | 425.52 | — | 277.99 |
| EV / FCF | — | 10.25 | 39.38 | 24.95 | 51.54 | 53.71 | 58.50 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 46.8% | 46.8% | 54.3% | 56.4% | 53.0% | 50.5% | 47.8% | 38.9% | 38.5% | 37.1% | 37.3% |
| Operating Margin | 21.4% | 21.4% | 11.0% | 28.5% | 23.9% | 18.0% | 12.7% | 11.0% | 0.8% | -13.1% | -0.2% |
| Net Profit Margin | -2.3% | -2.3% | 1.2% | 20.1% | 15.8% | 9.6% | 5.8% | -11.4% | -6.5% | -33.1% | 0.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -5.7% | -5.7% | 2.5% | 33.7% | 19.1% | 7.9% | 5.3% | -17.1% | -8.3% | -30.6% | 0.1% |
| ROA | -0.9% | -0.9% | 0.5% | 8.0% | 5.9% | 2.8% | 1.8% | -4.3% | -2.4% | -15.4% | 0.1% |
| ROIC | 7.4% | 7.4% | 3.9% | 10.2% | 7.9% | 4.7% | 3.4% | 3.6% | 0.3% | -3.0% | -0.0% |
| ROCE | 9.2% | 9.2% | 4.8% | 12.4% | 9.7% | 5.8% | 4.2% | 4.6% | 0.3% | -6.6% | -0.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 4.84 | 4.84 | 3.90 | 3.01 | 2.11 | 1.45 | 1.31 | 2.51 | 2.39 | 1.29 | 2.77 |
| Debt / EBITDA | 4.51 | 4.51 | 6.13 | 3.76 | 3.86 | 4.69 | 6.61 | 5.80 | 11.86 | 27.29 | 17.27 |
| Net Debt / Equity | — | 4.82 | 3.89 | 3.01 | 2.10 | 1.45 | 1.30 | 2.51 | 2.37 | 1.27 | 2.77 |
| Net Debt / EBITDA | 4.49 | 4.49 | 6.11 | 3.75 | 3.85 | 4.68 | 6.55 | 5.79 | 11.80 | 26.89 | 17.26 |
| Debt / FCF | — | 5.60 | 15.12 | 7.41 | 12.76 | 12.54 | 23.08 | — | — | — | — |
| Interest Coverage | 0.75 | 0.75 | 1.16 | 3.28 | 3.50 | 2.30 | 1.03 | -0.01 | 0.06 | -0.39 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.86 | 0.86 | 0.95 | 1.01 | 0.93 | 0.93 | 0.94 | 0.91 | 0.95 | 0.82 | 3.46 |
| Quick Ratio | 0.78 | 0.78 | 0.87 | 0.93 | 0.85 | 0.88 | 0.89 | 0.87 | 0.89 | 0.76 | -114.66 |
| Cash Ratio | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.06 | 0.01 | 0.03 | 0.06 | 2.49 |
| Asset Turnover | — | 0.39 | 0.40 | 0.39 | 0.37 | 0.29 | 0.23 | 0.37 | 0.27 | 0.32 | 0.85 |
| Inventory Turnover | 26.64 | 26.64 | 23.04 | 21.75 | 24.55 | 27.80 | 28.00 | 42.27 | 28.49 | 27.81 | 29.92 |
| Days Sales Outstanding | — | 63.15 | 65.57 | 69.63 | 69.80 | 76.64 | 94.89 | 84.96 | 100.37 | 79.95 | 86.78 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.6% | 1.5% | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 0.4% | 5.3% | 2.8% | 1.7% | 1.1% | — | — | — | 0.1% |
| FCF Yield | 23.0% | 21.5% | 4.1% | 5.7% | 2.6% | 2.4% | 2.8% | — | — | — | — |
| Buyback Yield | 3.1% | 2.9% | 4.4% | 9.1% | 7.5% | 3.8% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.7% | 4.4% | 4.4% | 9.1% | 7.5% | 3.8% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $182M | $190M | $202M | $221M | $233M | $177M | $109M | $89M | $70M | $63M |
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying WSC stock.
WillScot Holdings Corporation's current P/E ratio is -61.2x. The historical average is 51.7x.
WillScot Holdings Corporation's current EV/EBITDA is 8.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.3x.
WillScot Holdings Corporation's return on equity (ROE) is -5.7%. The historical average is -0.7%.
Based on historical data, WillScot Holdings Corporation is trading at a P/E of -61.2x. Compare with industry peers and growth rates for a complete picture.
WillScot Holdings Corporation's current dividend yield is 1.58%.
WillScot Holdings Corporation has 46.8% gross margin and 21.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
WillScot Holdings Corporation's Debt/EBITDA ratio is 4.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
High leverage and thin liquidity
Metrics are mathematically derived from official filings.
Margin Compression Signals Pricing Pressure
Operating margin fell from 28.9% in 2024Q4 to 19.2% in 2026Q2, as reported in quarterly filings, indicating sustained margin erosion that may reflect competitive dynamics and cost pressures.
The sequential decline in operating margin over six quarters, from 28.9% to 19.2%, suggests that WSC's pricing power is weakening, possibly due to increased competition or a shift in product mix. Gross margin volatility, swinging between 45.3% and 55.8%, further underscores the instability in core profitability. Investors should monitor whether this compression is cyclical or structural, as it directly impacts the company's ability to generate returns on its invested capital.
Returns on Capital Remain Subdued
ROIC has hovered near 1.8% over the past year, based on reported figures, well below the cost of capital, suggesting that WSC is not generating adequate returns on its invested assets.
Despite a stable ROIC around 1.8% in recent quarters, this level is insufficient to cover the company's cost of capital, which is likely higher given its leverage. The low ROIC, combined with a high debt-to-equity ratio of 4.05, indicates that the company is not efficiently converting its capital base into profits. This may imply that the business is in a mature phase with limited growth opportunities, or that recent investments have not yet yielded expected returns.
Working Capital Efficiency Improves Slightly
Cash conversion cycle shortened from 54 days in 2024Q1 to 31 days in 2026Q2, as per financial statements, reflecting better management of receivables and payables, though asset turnover remains low at 0.11.
The reduction in CCC is primarily driven by a decline in DSO from 70 to 61 days and an increase in DPO from 31 to 44 days, indicating that WSC is collecting receivables faster and stretching payables longer. However, asset turnover of 0.11 is extremely low, typical of asset-heavy rental businesses, but it also suggests that the company's large asset base is not generating sufficient revenue. This inefficiency may be a structural characteristic of the industry, but it also highlights the need for higher utilization rates to improve returns.
Leverage Elevated with Thin Coverage
Debt-to-equity rose to 4.05 in 2026Q2, while interest coverage fell to 2.20, based on recent SEC filings, indicating that debt service is becoming less comfortable and may strain cash flows.
The increase in D/E from 2.84 in 2024Q1 to 4.05 in 2026Q2, coupled with a decline in interest coverage from 2.94 to 2.20, suggests that WSC's leverage is intensifying while its ability to service debt is weakening. The negative interest coverage in 2025Q4 (-5.21) highlights the volatility in earnings, which could pose refinancing risks if not addressed. Investors should monitor the company's ability to generate consistent EBITDA to cover interest expenses, especially given the high debt load of $3.7 billion.
Liquidity Buffer Dangerously Thin
Current ratio stands at 0.81 with cash of only $18.2 million against $3.7 billion in debt, as reported in the latest quarterly filing, suggesting potential difficulty meeting short-term obligations.
A current ratio below 1.0 indicates that WSC's current liabilities exceed its current assets, which is a red flag for liquidity. The minimal cash balance of $18.2 million provides little cushion against unexpected cash outflows, and the company may need to rely on external financing or asset sales to cover short-term obligations. This thin liquidity position, combined with high leverage, increases the risk of financial distress if operating cash flows deteriorate.
EV/EBITDA Misleads on Leverage
EV/EBITDA of 9.04 appears reasonable, but it obscures the high leverage and thin liquidity, as per reported figures, making P/FCF of 5.67 a more relevant valuation metric.
While EV/EBITDA is commonly used to value rental companies, it can be misleading for WSC because it does not account for the company's substantial debt and minimal cash. The high D/E ratio and low interest coverage suggest that the enterprise value is inflated relative to the equity value, and the true cost of capital is higher. P/FCF of 5.67, which reflects the company's strong cash generation, may provide a more accurate picture of valuation, but investors should also consider the sustainability of FCF given the lumpy capex and potential need for fleet reinvestment.