TakeoverPE & activists

MGRCMCGRATH RENTCORP

Services-Equipment Rental & Leasing, NEC · $2.9B market cap · 1,306 employees

0.1×

Less likely than average to be taken private

Top 78% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

3of 15 firedHow well they predict deals →
12 other checks
  • TSR below peersNo
    1 of 5 years
    3+ of last 5 years
  • High CEO pay despite TSRNo
    $5M median
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    164% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    1% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    24% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    13% of assets
    Over 40% of assets
  • Shareholder dissentNo
    92% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $723K · 69th pct
    Bottom quartile of its SIC industry
  • Net cashNo
    0.9× EBITDA net debt
    More cash than debt, positive EBITDA
  • AI-rollup shapedNo
    1 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    −$5M net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Jun 10, 2024DEFM14AWillScot Mobile Mini Holdings Corp.$123.0033.33%

Key numbers

Revenue
$944MFY2021: $129MFY2022: $155MFY2023: $832MFY2024: $911MFY2025: $944M
3.7% YoY
Operating margin
25.8%FY2021: 96.5%FY2022: 94.9%FY2023: 22.8%FY2024: 26.8%FY2025: 25.8%
3.8% YoY
EBITDA
$351MFY2021: $231MFY2022: $259MFY2023: $299MFY2024: $352MFY2025: $351M
0.3% YoY
Net debt / EBITDA
0.9×
$301M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$129M$155M$832M$911M$944M 3.7% FY2021: $129MFY2022: $155MFY2023: $832MFY2024: $911MFY2025: $944M
Operating income$124M$147M$190M$244M$244M 0.3% FY2021: $124MFY2022: $147MFY2023: $190MFY2024: $244MFY2025: $244M
Net income$90M$115M$175M$232M$156M 33% FY2021: $90MFY2022: $115MFY2023: $175MFY2024: $232MFY2025: $156M
Operating cash flow$196M$194M$95M$374M$256M 32% FY2021: $196MFY2022: $194MFY2023: $95MFY2024: $374MFY2025: $256M
Capex$3M$18M$44M$40M$44M 10% FY2021: $3MFY2022: $18MFY2023: $44MFY2024: $40MFY2025: $44M
Stock-based comp$8M$8M$8M$10M$11M 18% FY2021: $8MFY2022: $8MFY2023: $8MFY2024: $10MFY2025: $11M
Dividends$42M$44M$46M$47M$48M 2.4% FY2021: $42MFY2022: $44MFY2023: $46MFY2024: $47MFY2025: $48M

13D filers

None on file.

Insider trading

−$5Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $5M · 19 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$7M$6M172190
FY2024$5M$4M181159
FY2023$5M$9M190135
FY2022$3M$5M154114
FY2021$3M$4M122121