회사 개요
WillScot Holdings Corporation operates within the Industrials sector, specifically focusing on the Rental & Leasing Services industry, providing comprehensive turnkey temporary space solutions across the United States, Canada, and Mexico. The company's core business involves leasing, selling, delivering, and installing modular space solutions such as modular office complexes and portable storage products, alongside mobile office units. With a market capitalization of $3.43B, an annual revenue of $2.28B, and a workforce of 4,700 employees, the company maintains a significant operational footprint in the temporary facilities market. These valuation and revenue figures indicate that WillScot is a substantial player in the North American market, though recent financial trends suggest ongoing adjustments within its cost structure and revenue generation capabilities.
재무 건전성
The company reported a trailing twelve-month revenue of $2.28B, yet it recorded a net income of -$52,990,000 and an EBITDA of $600.88M, revealing a significant divergence between top-line sales and bottom-line profitability driven by substantial non-operating costs or interest expenses. Despite the negative net income, the generation of $378.83M in free cash flow demonstrates strong operational liquidity and financial flexibility, allowing the firm to service debt and fund operations without relying on external equity financing. The gross margin stands at 52.8%, reflecting efficient production and leasing costs, while the operating margin of 27.7% indicates healthy management of overhead expenses before interest and taxes. However, the profit margin is -2.3%, which, combined with a return on equity of -5.7% and a return on assets of 5.3%, highlights that while the assets are generating positive operational returns, equity holders are currently facing dilution due to the net loss position. The balance sheet shows a cash balance of $14.61M against total debt of $3.91B, resulting in a debt-to-equity ratio of 456.11%, which characterizes the company as highly leveraged rather than conservative. Furthermore, a current ratio of 0.86 suggests that the company's current liabilities exceed its current assets, indicating potential short-term liquidity pressure that requires careful management of working capital.
밸류에이션 평가
Valuation metrics for WillScot show a trailing P/E ratio of N/A due to the negative net income, while the forward P/E is listed at 14.66, implying that the market anticipates a return to profitability or a significant earnings turnaround in the coming periods. The price-to-book ratio of 3.99 indicates that the market is valuing the company at nearly four times its book value, suggesting a premium assigned to its asset base or future growth prospects despite current losses. Alternative valuation multiples provide additional context, with a price-to-sales ratio of 1.50 and an EV/EBITDA of 12.15, suggesting the company is valued moderately relative to its sales volume and earnings before interest, taxes, depreciation, and amortization. Regarding trading range, the stock has reached a 52-week high of $31.88 and a low of $14.91, with the current trading price situated at approximately 54.6% below the 52-week high based on the provided metrics. The beta value of 1.16 indicates that the stock's price volatility is higher than the broader market, meaning it tends to amplify market movements and carries elevated systematic risk for portfolio holders.
Growth & Income
Revenue growth year-over-year stands at -6.1%, while earnings growth is N/A due to the current loss, indicating that the company is currently prioritizing market consolidation or cost restructuring over immediate earnings expansion. As a company with a negative net income, the traditional concept of a sustainable payout ratio does not apply in the standard sense, yet the dividend yield is reported at 1.5% with a payout ratio of 17.4%, which technically exceeds the current earnings capacity and suggests the dividend may be supported by cash flows or reserves rather than reported net income. The company effectively reinvests its operational cash flows and existing cash reserves into its modular space solutions portfolio to sustain its market position rather than distributing all available capital to shareholders. Overall, the growth and income profile reflects a capital-intensive business model facing temporary earnings headwinds while maintaining a modest dividend yield and a highly leveraged balance sheet that impacts future flexibility.