WillScot Holdings Corporation
WSC Industrials Rental & Leasing Services
WillScot Holdings Corporation’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, down 4.77% from fiscal 2024. In the quarter to June 2026, revenue grew 3.92%, EPS was flat, free cash flow fell 60.9% and total debt fell 5.53%, each against the same quarter a year earlier.
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WillScot Holdings Corporation (WSC) Altman Z-score
WillScot Holdings Corporation's Altman Z-score for fiscal 2025 is 0.70, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.70 | (0.41) |
| FY2024 | 1.12 | (0.54) |
| FY2023 | 1.66 | (0.07) |
| FY2022 | 1.73 | 0.19 |
| FY2021 | 1.54 | 0.99 |
| FY2020 | 0.55 | 0.43 |
| FY2019 | 0.12 | 0.46 |
| FY2018 | −0.34 | 0.97 |
| FY2017 | −1.31 | (0.35) |
| FY2016 | −0.95 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.01) | — | −0.02 | |
| Retained earnings / total assets | (0.14) | — | −0.19 | |
| EBIT / total assets | 0.03 | — | 0.10 | |
| Market value of equity / total liabilities | 0.69 | — | 0.42 | |
| Sales / total assets | 0.39 | — | 0.39 | |
| Altman Z-score | Distress zone | 0.70 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −0.15 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| PRG Aaron's Holdings Company, Inc. compare | 4.8× |
| MGRC McGrath RentCorp compare | 2.5× |
| VSTS Vestis Corporation compare | 1.3× |
| GATX GATX Corporation compare | 1.0× |
| CTOS Custom Truck One Source, Inc. compare | 0.8× |
| HRI Herc Holdings Inc. compare | 0.8× |
| WSC WillScot Holdings Corporation | 0.7× |
| CAR Avis Budget Group, Inc. compare | 0.5× |
| EQPT EquipmentShare.com Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets