MGRCMCGRATH RENTCORP
Services-Equipment Rental & Leasing, NEC
- Revenue
- $944M
- 3.7% YoY
- Operating margin
- 25.8%
- 3.8% YoY
- EBITDA
- $351M
- 0.3% YoY
- Market cap
- $2.9B
- Employees
- 1,306
- $723K revenue each
- Net debt / EBITDA
- 0.9×
- $301M net debt
- AI in 10-K
- 0.0
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo1 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$5M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo164% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo24% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo13% of assetsOver 40% of assets
- Shareholder dissentNo92% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$723K · 69th pctBottom quartile of its SIC industry
- Quiet on AIYes0.0 per 10K words · 0th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.9× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$2.9B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$5M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $129M | $155M | $832M | $911M | $944M | 3.7% |
| Operating income | $124M | $147M | $190M | $244M | $244M | 0.3% |
| Net income | $90M | $115M | $175M | $232M | $156M | 33% |
| Operating cash flow | $196M | $194M | $95M | $374M | $256M | 32% |
| Capex | $3M | $18M | $44M | $40M | $44M | 10% |
| Stock-based comp | $8M | $8M | $8M | $10M | $11M | 18% |
| Dividends | $42M | $44M | $46M | $47M | $48M | 2.4% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Jun 10, 2024 | DEFM14A | WillScot Mobile Mini Holdings Corp. | $123.00 | 33.33% |
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $5M · 19
- Net
- −$5M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $7M | $6M | 172 | 190 |
| FY2024 | $5M | $4M | 181 | 159 |
| FY2023 | $5M | $9M | 190 | 135 |
| FY2022 | $3M | $5M | 154 | 114 |
| FY2021 | $3M | $4M | 122 | 121 |