Latest Ratios: P/E Ratio -88.5x · EV/EBITDA 9.5x · 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 | $4.6B | $3.4B | $6.4B | $9.0B | $10.0B | $9.5B | $4.1B | $2.0B | $838M | $885M | $622M |
| Enterprise Value | $8.8B | $7.6B | $10.3B | $12.8B | $13.3B | $12.4B | $6.8B | $3.8B | $2.5B | $1.5B | $2.0B |
| P/E Ratio → | -88.52 | — | 223.00 | 18.86 | 32.97 | 59.19 | 92.68 | — | — | — | 1105.56 |
| P/S Ratio | 2.04 | 1.51 | 2.66 | 3.80 | 4.67 | 5.68 | 3.23 | 1.89 | 1.12 | 1.98 | 1.46 |
| P/B Ratio | 5.47 | 4.01 | 6.25 | 7.12 | 6.39 | 4.76 | 1.99 | 2.83 | 1.19 | 1.83 | 1.29 |
| P/FCF | 6.30 | 4.66 | 24.26 | 17.54 | 38.78 | 41.17 | 35.42 | — | — | — | — |
| P/OCF | 6.10 | 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 | 9.55 | 8.23 | 15.92 | 12.62 | 15.54 | 20.05 | 16.60 | 12.34 | 17.73 | 65.42 | 25.31 |
| EV / EBIT | 17.95 | 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 | 1.1% | 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% | 3.0% | 1.7% | 1.1% | — | — | — | 0.1% |
| FCF Yield | 15.9% | 21.5% | 4.1% | 5.7% | 2.6% | 2.4% | 2.8% | — | — | — | — |
| Buyback Yield | 2.1% | 2.9% | 4.2% | 9.1% | 7.5% | 3.8% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.2% | 4.4% | 4.2% | 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 |
High leverage and interest
Based on current market data, WillScot trades at a forward P/E of 26.66, which appears to reflect a complexity discount relative to diversified peers like United Rentals, potentially underestimating the long-term margin expansion inherent in the company's shift toward higher-priced, value-added modular lease contracts.
The valuation gap suggests investors are pricing in significant execution risk regarding the company's high leverage and recent M&A stagnation. While the forward P/E implies growth expectations, the negative TTM P/E highlights the current distortion caused by interest expenses and non-recurring charges that obscure the underlying cash-generating capacity of the fleet.
As reported in recent financial statements, WillScot's ROIC has struggled to maintain momentum, hovering at a modest 1.7% in 2026Q1, which indicates that the company's heavy reliance on debt financing is significantly diluting the returns generated by its core modular and storage rental assets.
The persistent low ROIC relative to industry peers suggests that the capital intensity of the fleet, combined with high interest burdens, prevents the company from compounding returns effectively. Investors should monitor whether management can improve asset utilization to drive higher returns on invested capital without further increasing the debt load.
According to quarterly filings, WillScot's cash conversion cycle has remained relatively elevated at 37 days in 2026Q1, suggesting that the company's ability to optimize its receivables and inventory turnover is currently limited by the logistical complexities inherent in its large-scale modular and storage rental operations.
The stability of the DSO around 65 days indicates a consistent, albeit slow, collection process that ties up significant working capital. This lack of efficiency in the cash conversion cycle forces the company to rely more heavily on external financing to fund its ongoing fleet maintenance and expansion requirements.
Based on the provided figures, WillScot's debt-to-equity ratio reached 4.38 in 2026Q1, a level that appears increasingly precarious given the company's negative net margins and the recent volatility in interest coverage, which fell to 2.02 during the same period as reported in regulatory filings.
The high leverage profile leaves little room for operational error, particularly in a rising interest rate environment where debt service costs can quickly erode profitability. The company's reliance on debt to fuel its business model warrants close monitoring, as any further contraction in operating margins could jeopardize its ability to comfortably meet interest obligations.
The price-to-earnings ratio is frequently misapplied to WillScot's business model, as it fails to account for the significant non-cash depreciation charges and interest expenses that distort GAAP earnings, making EV/EBITDA a far more reliable metric for assessing the company's true operational performance and cash generation.
Because WillScot operates a capital-intensive rental fleet with long depreciation schedules, GAAP net income is often decoupled from the actual cash flow generated by the business. Analysts should prioritize EV/EBITDA and free cash flow metrics to better understand the company's ability to service its debt and fund future growth.
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 -88.5x. The historical average is 50.9x.
WillScot Holdings Corporation's current EV/EBITDA is 9.5x. 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 -88.5x. Compare with industry peers and growth rates for a complete picture.
WillScot Holdings Corporation's current dividend yield is 1.09%.
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.