WillScot Holdings Corporation (WSC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+57.8%

$30.39

vs $19.26 price

Levered DCF

$25.82

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.69

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-64.93×	223×	18.54×	32.26×	57.52×	52.66×	-168.09×	-16.82×
P/B	4.01×	6.18×	7.01×	6.26×	4.63×	1.9×	3.12×	1.29×
P/S	1.51×	2.63×	3.74×	4.57×	5.53×	3.08×	1.89×	1.09×
EV / EBITDA	12.66×	15.81×	12.48×	15.3×	20.73×	17.84×	20.08×	17.48×
Gross margin	46.8%	54.3%	56.4%	53.0%	50.5%	47.8%	38.9%	38.5%
Operating margin	21.4%	11.0%	28.5%	23.9%	18.0%	12.7%	11.0%	0.8%
Net margin	-2.3%	1.2%	20.1%	15.8%	9.6%	5.8%	-11.4%	-6.5%
Current ratio	0.86×	0.95×	1.01×	0.93×	0.93×	0.94×	0.91×	0.95×
Debt / equity	4.84×	3.9×	3.01×	2.11×	1.45×	1.31×	2.76×	2.63×
Interest coverage	2.2×	1.16×	3.28×	3.5×	2.58×	1.36×	0.96×	0.06×
Dividend yield	1.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-96.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-6.2%	2.8%	37.8%	21.7%	8.0%	3.6%	-18.7%	-7.7%
Return on invested capital	8.8%	4.1%	8.7%	7.3%	4.3%	3.1%	4.4%	0.1%
Return on assets	-0.9%	0.5%	7.8%	5.8%	2.8%	1.3%	-4.2%	-1.8%
Free cash flow yield	21.5%	4.2%	5.8%	2.6%	2.5%	3.0%	-2.0%	-15.6%
Earnings yield	-1.5%	0.4%	5.4%	3.5%	1.7%	1.9%	-6.0%	-6.0%
Enterprise value	$7.6B	$10.3B	$12.6B	$13.1B	$12.1B	$6.6B	$3.8B	$2.5B
Net debt / EBITDA	6.91×	6.11×	3.75×	3.85×	4.94×	7.24×	9.42×	11.71×
Cash conversion cycle (days)	44	49	56	45	45	49	32	42