WSCWillScot Holdings Corp

Services-Miscellaneous Equipment Rental & Leasing

Revenue: $2.3B; 4.8% YoY
Operating margin: 8.0%; 28% YoY
EBITDA: $278M; 20% YoY
Market cap: $3.3B
Employees: 4,700; $485K revenue each
Net debt / EBITDA: 12.4×; $3.4B net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$8M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
7% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
21% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$485K · 56th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
12.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$4M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.7B	$2.1B	$2.4B	$2.4B	$2.3B	4.8%
Operating income	$300M	$511M	$673M	$264M	$181M	31%
Net income	$160M	$340M	$476M	$28M	−$53M	289%
Operating cash flow	$540M	$745M	$761M	$562M	$762M	36%
Capex	$30M	$44M	$22M	$18M	$24M	32%
Stock-based comp	$26M	$30M	$34M	$36M	$38M	6.8%
Dividends	—	—	$0	$0	$51M

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 7, 2021	Sapphire Holding S.a r.l.	SC 13D/A	0.0%	Passive
Jul 14, 2021	Sapphire Holding S.a r.l.	SC 13D/A	10.3%	Passive
Mar 9, 2021	Sapphire Holding S.a r.l.	SC 13D/A	19.8%	Passive
Aug 26, 2020	Sapphire Holding S.a r.l.	SC 13D/A	26.1%	Passive
Jul 9, 2020	MOBILE MINI INC	SC 13D/A	0.0%	Passive
Jul 2, 2020	Sapphire Holding S.a r.l.	SC 13D/A	27.0%	Passive
Mar 11, 2020	MOBILE MINI INC	SC 13D	44.5%	Active
Mar 4, 2020	Sapphire Holding S.a r.l.	SC 13D/A	50.4%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $4M · 3
Net: −$4M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$7M	−$6M	82	201
FY2024	$7M	−$14M	144	199
FY2023	$8M	$5M	192	168
FY2022	$9M	$21M	195	132
FY2021	$18M	$47M	176	146