# Willscot Mobile Mini Holdings Corp A (WSC.US)

Canonical: https://gigainvestors.com/s/WSC

Analysis as of: 2026-10-16T07:33:11.856Z. Financial observations: FY2014–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $16.38 per share; close as of 2026-10-15.

Estimated value: low $21.39 per share, central $24.34 per share, high $28.26 per share. Buy at or below the central value $24.34 per share. Valuation as of 2026-10-16T07:33:11.856Z; scenarios are not confidence intervals.

Expected annual return: 13.6% at the stated quote. About 13.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 5

- Operating margin variation: 0.86×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.13×

- FY2018: 0.01×

- FY2019: 0.11×

- FY2020: 0.13×

- FY2021: 0.18×

- FY2022: 0.24×

- FY2023: 0.28×

- FY2024: 0.11×

- FY2025: 0.21×

- LTM to Jun 2026: 0.20×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.0%

- ROIC, second-lowest year: -0.0%

- Typical minus recent gross margin: 0.5 pp

- Typical gross margin (annual median): 47.3%

- Recent gross margin (lower of latest and 3-year median): 46.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 17.6%

- ROIC including acquisitions, ten-year median: 2.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -0.0%

- FY2017: -4.5%

- FY2018: 0.2%

- FY2019: 4.6%

- FY2020: 4.3%

- FY2021: 5.9%

- FY2022: 10.1%

- FY2023: 12.7%

- FY2024: 5.4%

- FY2025: 10.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.62×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.5B

- Net income, five-year total: $951M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: 0.2 pp

- Working capital / revenue, final three-year average: 15.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.06×

- FY2022: 1.00×

- FY2023: 1.19×

- FY2024: 4.05×

- FY2025: -6.66×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -0.0% vs 10.4%

- Per-share earnings: -1.91 to 0.15 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 28.8%

- Ordinary dilution, 5-year annual growth: 0.6%

- Market cap gain: $2.8B

- Cumulative retained earnings: -$800M

- Diluted shares, 10-year annual growth: 28.8%

- Diluted shares, 5-year annual growth: 0.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $2.06

- Per-share value, starting three-year median: -$1.91

- Per-share value, ending three-year median: $0.15

- Buybacks concentrated in cheaper years (correlation): 0.82

- Average buyback yield: 4.2%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: $2.3B

- Cumulative net income, 10 years: $708M

- ROIC, first three-year median: -0.0%

- ROIC, last three-year median: 10.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.01

- FY2017: -$1.91

- FY2018: -$0.55

- FY2019: -$1.11

- FY2020: $0.42

- FY2021: $0.69

- FY2022: $1.53

- FY2023: $2.36

- FY2024: $0.15

- FY2025: -$0.29

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -14.0%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 4

- Stock compensation / operating cash flow: 5.0%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.73×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.0%

- FY2017: -10.4%

- FY2018: -3.1%

- FY2019: -10.1%

- FY2020: -4.1%

- FY2021: -6.6%

- FY2022: -7.0%

- FY2023: -4.6%

- FY2024: -8.8%

- FY2025: -14.0%

## Holders

- [Leon Cooperman](https://gigainvestors.com/oa): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 68% since Feb 2023 · "WSC Q2 Deep Dive: Large Project Demand Drives Growth, Margins Temporarily Compress" (finance.yahoo.com, Aug 2026) · sales +0.5%

Story as of 2026-10-16T09:59:53.008Z; price observation 2026-10-15.

Price needs cash profits to shrink 4.1% a year for ten years

- 2025-11-06: WillScot Mobile Mini (NASDAQ:WSC) Misses Q3 Revenue Estimates, Stock Drops ([finance.yahoo.com](https://finance.yahoo.com/news/willscot-mobile-mini-nasdaq-wsc-223603372.html))

- 2026-05-07: WillScot Reports First Quarter 2026 Results and Raises 2026 Full Year Outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/willscot-reports-first-quarter-2026-202300259.html))

- 2026-08-10: WSC Q2 Deep Dive: Large Project Demand Drives Growth, Margins Temporarily Compress ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/wsc-q2-deep-dive-large-054122982.html))

### Sales · FY2025–2026

sales +0.5%; source https://www.sec.gov/Archives/edgar/data/1647088/000164708826000011/wsc-20251231.htm; observed 2026-02-19.

- FY2017: $446M 

- FY2018: $751M 

- FY2019: $1.1B 

- FY2020: $1.3B 

- FY2021: $1.7B 

- FY2022: $2.1B 

- FY2023: $2.4B 

- FY2024: $2.4B 

- FY2025: $2.3B 

- FY2026: $2.3B 

### Gross margin · FY2025

gross margin 46.8%; source https://www.sec.gov/Archives/edgar/data/1647088/000164708826000011/wsc-20251231.htm; observed 2026-02-19.

- FY2016: 39.4% 

- FY2017: 37.1% 

- FY2018: 38.5% 

- FY2019: 38.9% 

- FY2020: 47.8% 

- FY2021: 50.5% 

- FY2022: 53.0% 

- FY2023: 56.4% 

- FY2024: 54.3% 

- FY2025: 46.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in rental & leasing services; annual sales are USD 2.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1647088/000164708826000011/wsc-20251231.htm (filed 2026-02-19); FY2025: revenue 2281446000; grossProfit 1067535000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WSC.US: WillScot Holdings Corporation provides turnkey temporary space solutions in the United States, Canada, and Mexico. The company leases, sells, delivers, and installs modular space solutions and portable storage products. It offers modular space solutions, such as modular office complexes, mobile offices, classrooms, blast-resistant modules, clearspan structures, and sanitation solutions; and portable storage solutions, including portable storage and climate-controlled containers and trailers. The company also provides workstations, furniture, appliances, media packages, power and solar solutions, telematics, connectivity and data solutions, security and protection products, entrance packages, electrical and lighting products, organization and space optimization assets, perimeter solutions, and other items. The company serves customers in the construction and infrastructure, commercial and industrial, and energy and natural resources markets, as well as governments and institutions. The company was formerly known as WillScot Mobile Mini Holdings Corp. and changed its name to WillScot Holdings Corporation in July 2024. The company was founded in 1944 and is headquartered in Scottsdale, Arizona.

### Why customers stay

Margins ranged from 46.8% to 56.4% during 2023–25; it earns 5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 56.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 54.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1647088/000164708826000011/wsc-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 46.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 10-year return on capital observations [[2016,-0.00039126444523122835],[2017,-0.044969435988330725],[2018,0.002402533784029933],[2019,0.04567921977350485],[2020,0.04281646784782095],[2021,0.058761140500697744],[2022,0.10071028797344911],[2023,0.12679379327636117],[2024,0.05360255887919954],[2025,0.10362986776200005]]; median 0.049640889326352196. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 41% of cash earnings; paid dividends in 5 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2016: growth capex 0; upkeep 71430000; owner earnings 7132660. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2020: growth capex 0; upkeep 188837000; cash acquisitions 17173000; owner earnings 132238000. Growth capex plus acquisitions / owner earnings = 0.12986433551626614.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2021: growth capex 0; upkeep 308996000; cash acquisitions 147172000; owner earnings 169350000. Growth capex plus acquisitions / owner earnings = 0.8690404487747269.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2022: growth capex 143295000; upkeep 343507000; cash acquisitions 220620000; owner earnings 339540000. Growth capex plus acquisitions / owner earnings = 1.0717883018201095.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: growth capex 0; upkeep 249213000; cash acquisitions 561629000; owner earnings 565898000. Growth capex plus acquisitions / owner earnings = 0.992456237696546.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: growth capex 0; upkeep 299292000; cash acquisitions 121221000; owner earnings 113809000. Growth capex plus acquisitions / owner earnings = 1.0651266595787678.

- Source: https://www.sec.gov/Archives/edgar/data/1647088/000164708826000011/wsc-20251231.htm (filed 2026-02-19); FY2025: growth capex 0; upkeep 24331000; cash acquisitions 144698000; owner earnings 352700000. Growth capex plus acquisitions / owner earnings = 0.4102580096399206.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,654000],[2020,21777000],[2021,728677000],[2022,0],[2023,1904773000],[2024,0],[2025,51119000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1647088/000164708826000011/wsc-20251231.htm (filed 2026-02-19); FY2025: cash repurchases 99862000 USD.

### Are managers owners

Insiders own 2.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WSC.US SharesStats.PercentInsiders = 2.6270000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 4.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Ten-year compound average after fade. Initial solved rate -0.07015360467328186. Price 16.38; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -8.189218176779564 → FY2025 1.933722645925142. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $9.90 per share

- 2016-11: $9.86 per share

- 2016-12: $9.95 per share

- 2017-01: $10.00 per share

- 2017-02: $10.00 per share

- 2017-03: $10.00 per share

- 2017-04: $10.05 per share

- 2017-05: $10.05 per share

- 2017-06: $10.00 per share

- 2017-07: $10.05 per share

- 2017-08: $10.05 per share

- 2017-09: $10.10 per share

- 2017-10: $10.05 per share

- 2017-11: $10.50 per share

- 2017-12: $12.70 per share

- 2018-01: $12.35 per share

- 2018-02: $12.20 per share

- 2018-03: $13.65 per share

- 2018-04: $12.80 per share

- 2018-05: $12.20 per share

- 2018-06: $14.80 per share

- 2018-07: $16.70 per share

- 2018-08: $17.45 per share

- 2018-09: $17.15 per share

- 2018-10: $14.84 per share

- 2018-11: $13.78 per share

- 2018-12: $9.42 per share

- 2019-01: $10.25 per share

- 2019-02: $10.19 per share

- 2019-03: $11.09 per share

- 2019-04: $13.47 per share

- 2019-05: $13.58 per share

- 2019-06: $15.04 per share

- 2019-07: $15.92 per share

- 2019-08: $13.95 per share

- 2019-09: $15.58 per share

- 2019-10: $15.76 per share

- 2019-11: $17.76 per share

- 2019-12: $18.49 per share

- 2020-01: $18.85 per share

- 2020-02: $17.54 per share

- 2020-03: $10.13 per share

- 2020-04: $11.65 per share

- 2020-05: $13.34 per share

- 2020-06: $12.29 per share

- 2020-07: $15.06 per share

- 2020-08: $17.90 per share

- 2020-09: $16.68 per share

- 2020-10: $18.58 per share

- 2020-11: $21.51 per share

- 2020-12: $23.17 per share

- 2021-01: $23.71 per share

- 2021-02: $27.73 per share

- 2021-03: $27.75 per share

- 2021-04: $29.27 per share

- 2021-05: $29.00 per share

- 2021-06: $27.87 per share

- 2021-07: $28.71 per share

- 2021-08: $29.60 per share

- 2021-09: $31.72 per share

- 2021-10: $34.75 per share

- 2021-11: $38.09 per share

- 2021-12: $40.84 per share

- 2022-01: $37.04 per share

- 2022-02: $35.53 per share

- 2022-03: $39.13 per share

- 2022-04: $35.10 per share

- 2022-05: $35.73 per share

- 2022-06: $32.42 per share

- 2022-07: $38.61 per share

- 2022-08: $40.14 per share

- 2022-09: $40.33 per share

- 2022-10: $42.53 per share

- 2022-11: $48.21 per share

- 2022-12: $45.17 per share

- 2023-01: $48.46 per share

- 2023-02: $51.40 per share

- 2023-03: $46.88 per share

- 2023-04: $45.40 per share

- 2023-05: $43.08 per share

- 2023-06: $47.79 per share

- 2023-07: $47.95 per share

- 2023-08: $41.02 per share

- 2023-09: $41.59 per share

- 2023-10: $39.41 per share

- 2023-11: $41.72 per share

- 2023-12: $44.50 per share

- 2024-01: $47.30 per share

- 2024-02: $47.75 per share

- 2024-03: $46.50 per share

- 2024-04: $36.96 per share

- 2024-05: $39.43 per share

- 2024-06: $37.64 per share

- 2024-07: $41.00 per share

- 2024-08: $38.54 per share

- 2024-09: $37.60 per share

- 2024-10: $33.14 per share

- 2024-11: $38.24 per share

- 2024-12: $33.45 per share

- 2025-01: $37.06 per share

- 2025-02: $32.95 per share

- 2025-03: $27.80 per share

- 2025-04: $25.12 per share

- 2025-05: $26.95 per share

- 2025-06: $27.40 per share

- 2025-07: $29.35 per share

- 2025-08: $24.24 per share

- 2025-09: $21.11 per share

- 2025-10: $21.75 per share

- 2025-11: $19.75 per share

- 2025-12: $18.83 per share

- 2026-01: $20.03 per share

- 2026-02: $21.61 per share

- 2026-03: $17.36 per share

- 2026-04: $22.64 per share

- 2026-05: $25.73 per share

- 2026-06: $28.86 per share

- 2026-07: $24.28 per share

- 2026-08: $20.70 per share

- 2026-09: $17.18 per share

- 2026-10: $16.38 per share

## Annual estimated value (USD per share)

- FY2022: low $10.71 per share, central $12.18 per share, high $14.15 per share

- FY2023: low $13.30 per share, central $15.14 per share, high $17.58 per share

- FY2024: low $14.29 per share, central $16.27 per share, high $18.89 per share

- FY2025: low $21.14 per share, central $24.05 per share, high $27.93 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1647088/000164708826000011/wsc-20251231.htm); period 2025-12-31, filed 2026-02-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Leon Cooperman](https://gigainvestors.com/oa): 4,031,016 WSC shares; USD 116,335,000 reported position value; 3.28% of portfolio; hold; quarter 2026 Q2.
- [Dan Davidowitz](https://gigainvestors.com/pcm): 34,229 WSC shares; USD 988,000 reported position value; 0.01% of portfolio; new; quarter 2026 Q2.

# WSC — WillScot Mobile Mini Hldgs Corp.

Held by 2 investors · USD 117,323,000 total · 2026 Q2 · reported price USD 28.86 (split-adjusted).
Page: https://gigainvestors.com/s/WSC

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Leon Cooperman (https://gigainvestors.com/oa) | USD 116,335,000 | 3.3% | hold |
| Dan Davidowitz (https://gigainvestors.com/pcm) | USD 988,000 | <0.1% | new |

## Total held by quarter

- 2020 Q4: USD 15,062,469 · 1 holder · USD 23.17
- 2021 Q1: USD 21,506,250 · 1 holder · USD 27.75
- 2021 Q2: USD 41,805,000 · 1 holder · USD 27.87
- 2021 Q3: USD 53,890,726 · 1 holder · USD 31.72
- 2021 Q4: USD 69,385,159 · 1 holder · USD 40.84
- 2022 Q1: USD 75,135,509 · 1 holder · USD 39.13
- 2022 Q2: USD 64,840,000 · 1 holder · USD 32.42
- 2022 Q3: USD 80,660,000 · 1 holder · USD 40.33
- 2022 Q4: USD 90,340,000 · 1 holder · USD 45.17
- 2023 Q1: USD 93,760,000 · 1 holder · USD 46.88
- 2023 Q2: USD 107,527,500 · 1 holder · USD 47.79
- 2023 Q3: USD 113,332,750 · 1 holder · USD 41.59
- 2023 Q4: USD 132,943,750 · 1 holder · USD 44.50
- 2024 Q1: USD 138,918,750 · 1 holder · USD 46.50
- 2024 Q2: USD 228,757,100 · 2 holders · USD 37.64
- 2024 Q3: USD 137,221,200 · 1 holder · USD 37.60
- 2024 Q4: USD 139,019,538 · 2 holders · USD 33.45
- 2025 Q1: USD 115,312,538 · 2 holders · USD 27.80
- 2025 Q2: USD 111,386,767 · 2 holders · USD 27.41
- 2025 Q3: USD 85,094,748 · 1 holder · USD 21.11
- 2025 Q4: USD 75,904,031 · 1 holder · USD 18.83
- 2026 Q1: USD 69,978,438 · 1 holder · USD 17.36
- 2026 Q2: USD 117,323,000 · 2 holders · USD 28.86