Saturday 17 October 2026
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McGrath RentCorp
MGRC Industrials Rental & Leasing Services
McGrath RentCorp’s revenue for fiscal 2025 (year ended December 2025) was $944.2 million, up 3.65% from fiscal 2024. In the quarter to June 2026, revenue fell 6.16%, EPS fell 5.48% and free cash flow fell 124.9%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for three.
113.03
0.16
−0.14%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | 21.46 | 32.09 | 44.76 | 48.20 | 44.32 | 64.58 | 71.17 | 85.63 | 95.50 | 94.99 |
Analyst estimates 2026–2028 Powerpack |
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| High | 39.86 | 49.66 | 68.79 | 80.47 | 83.95 | 87.53 | 100.30 | 122.83 | 130.86 | 129.93 | |||||
| People | |||||||||||||||
| People | Employees | 1,071 | 1,073 | 1,066 | 1,099 | 1,061 | 1,184 | 1,218 | 1,204 | 1,219 | 1,306 | ||||
| Revenue/emp, $m | 0.40 | 0.43 | 0.47 | 0.52 | 0.54 | 0.45 | 0.52 | 0.69 | 0.75 | 0.72 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | 424 | 462 | 498 | 570 | 573 | 535 | 636 | 832 | 911 | 944 | ||||
| Gross margin, % | 43.43 | 44.66 | 46.81 | 46.68 | 46.06 | 46.26 | 45.65 | 47.32 | 47.80 | 48.18 | |||||
| EBT | 67 | 83 | 105 | 129 | 132 | 116 | 135 | 149 | 314 | 213 | |||||
| EBT margin, % | 15.78 | 18.06 | 21.01 | 22.64 | 23.06 | 21.66 | 21.19 | 17.97 | 34.43 | 22.57 | |||||
| Net income | 38 | 154 | 79 | 97 | 102 | 90 | 115 | 175 | 232 | 156 | |||||
| Depreciation | 81 | 78 | 82 | 89 | 95 | 107 | 111 | 109 | 108 | 107 | |||||
| Per share, $ | |||||||||||||||
| Per share, $ | Revenue | 17.74 | 19.25 | 20.64 | 23.51 | 23.70 | 22.07 | 26.10 | 34.00 | 37.12 | 38.38 | ||||
| Earnings | 1.60 | 6.41 | 3.29 | 3.99 | 4.22 | 3.70 | 4.73 | 7.14 | 9.44 | 6.35 | |||||
| Cash flow | 5.89 | 5.10 | 5.91 | 7.75 | 7.47 | 8.08 | 7.98 | 3.90 | 15.26 | 10.39 | |||||
| Capex | (2.52) | (2.95) | (4.02) | (5.58) | (2.19) | (2.46) | (5.40) | (8.08) | (6.14) | (4.20) | |||||
| Free cash flow | 3.37 | 2.15 | 1.89 | 2.17 | 5.28 | 5.63 | 2.59 | (4.19) | 9.11 | 6.19 | |||||
| Book value | 16.50 | 21.84 | 23.67 | 26.15 | 28.26 | 30.22 | 33.01 | 38.16 | 45.78 | 50.28 | |||||
| Shares, m | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 25 | 25 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | 23.66 | 7.40 | 15.65 | 19.18 | 15.90 | 21.69 | 20.80 | 16.31 | 11.85 | 16.52 | ||||
| P/S | 2.15 | 2.47 | 2.49 | 3.26 | 2.83 | 3.64 | 3.76 | 3.43 | 3.01 | 2.73 | |||||
| P/B | 2.31 | 2.17 | 2.17 | 2.93 | 2.37 | 2.66 | 2.97 | 3.05 | 2.44 | 2.09 | |||||
| EV/Sales | 2.14 | 2.46 | 2.49 | 3.25 | 2.83 | 3.63 | 3.76 | 3.42 | 3.01 | 2.73 | |||||
| EV/FCF | 11.30 | 22.05 | 27.15 | 35.20 | 12.70 | 14.26 | 37.93 | (27.80) | 12.27 | 16.94 | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | 141 | 122 | 143 | 188 | 181 | 196 | 194 | 95 | 374 | 256 | ||||
| Capex | (60) | (71) | (97) | (135) | (53) | (59) | (131) | (198) | (151) | (103) | |||||
| Free cash flow | 81 | 52 | 46 | 53 | 128 | 136 | 63 | (102) | 224 | 152 | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | (319) | (321) | (317) | (327) | (253) | (460) | (476) | (814) | (654) | (574) | ||||
| Total debt | 326 | 303 | 299 | 303 | 231 | 437 | 426 | — | — | — | |||||
| Net debt | (1) | (3) | (2) | (2) | (1) | (1) | (1) | (1) | (1) | 0 | |||||
| Shareholders’ equity | 394 | 524 | 572 | 634 | 683 | 732 | 804 | 934 | 1,123 | 1,237 | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | 3.35 | 13.52 | 6.71 | 7.66 | 7.89 | 6.25 | 6.97 | 8.90 | 10.31 | 6.75 | ||||
| ROIC | 12.59 | 11.35 | 12.88 | 13.99 | 12.91 | 10.63 | 11.46 | 12.71 | 13.60 | 12.31 | |||||
| ROE | 9.88 | 33.52 | 14.49 | 16.06 | 15.49 | 12.68 | 14.99 | 20.10 | 22.53 | 13.24 | |||||
Negative figures in brackets.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
McGrath RentCorp vs peers in Rental & Leasing Services (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| GATX GATX Corporation | $5.8B | 16.4× | 17.1× | +34.75% (above 0%: growing) | +37.68% (above 0%: growing) | +231.20% (above 0%: growing) | 72.56% | 27.65% | Compare |
| HRI Herc Holdings Inc. | $4.2B | 82.7× | 26.2× | +20.16% (above 0%: growing) | n/m | +100.00% (above 0%: growing) | 51.41% | 12.21% | Compare |
| CAR Avis Budget Group, Inc. | $3.9B | — (loss-making) | 51.7× | −1.35% (below 0%: shrinking) | +900.00% (above 0%: growing) | −28.24% (below 0%: shrinking) | 49.10% | 14.81% | Compare |
| EQPT EquipmentShare.com Inc. | $3.7B | 15.1× | 38.5× | +102.37% (above 0%: growing) | n/m | −17.02% (below 0%: shrinking) | 28.36% | 6.49% | Compare |
| WSC WillScot Holdings Corporation | $3.0B | — (loss-making) | 25.5× | +3.92% (above 0%: growing) | 0.00% | −60.91% (below 0%: shrinking) | 61.83% | 19.19% | Compare |
| MGRC McGrath RentCorp | $2.8B | 18.2× | 17.0× | −6.16% (below 0%: shrinking) | −5.48% (below 0%: shrinking) | −124.93% (below 0%: shrinking) | 48.80% | 24.10% | |
| CTOS Custom Truck One Source, Inc. | $2.1B | 100× | 84.3× | +10.16% (above 0%: growing) | n/m | −104.58% (below 0%: shrinking) | 22.00% | 8.27% | Compare |
| VSTS Vestis Corporation | $1.9B | — (loss-making) | 168× | −1.80% (below 0%: shrinking) | n/m | +478.29% (above 0%: growing) | 28.02% | 5.63% | Compare |
| PRG Aaron's Holdings Company, Inc. | $1.2B | 8.4× | 9.1× | +22.30% (above 0%: growing) | −4.17% (below 0%: shrinking) | +48.39% (above 0%: growing) | 89.48% | 9.12% | Compare |
| Median of peers | $3.3B | 16.4× | 32.4× | +15.16% | +18.84% | +15.69% | 50.26% | 10.67% |
McGrath RentCorp (MGRC) key facts
- Concern: Net income was $156.3 million, or $6.35 per share (basic), a net margin of 16.6%.
- Strength: McGrath RentCorp’s revenue for fiscal 2025 (year ended December 2025) was $944.2 million, up 3.65% from fiscal 2024.
- McGrath RentCorp (MGRC) is a Rental & Leasing Services company in the Industrials sector, listed on Nasdaq.
- As of October 16, 2026, MGRC traded at $113.03, a market capitalization of $2.8 billion.
- At that price the stock trades at 18.2× trailing-twelve-month earnings and 3.0× sales; its P/E is higher than 54% of its own readings over the past ten years.
- McGrath RentCorp pays an annual dividend of $2.46 per share, a yield of 2.17%, with a payout ratio of 39.5%.
- Return on equity was 13.2% and debt-to-equity 0.00.
- Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 2.49 (grey zone) for fiscal 2025.