WillScot Holdings Corp. (WSC)

NASDAQIndustrialsRental & Leasing ServicesSnapshot 2026-10-23

$16.26-1.39%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge WillScot Holdings Corp.’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

-1.6%

+10% or more+5%0%−5%−10% or less

1.29 → 1.27 EPS · FY ending Dec 31, 2027 · 7 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 24, 2026 to Oct 24, 2026: (new ÷ prior − 1). Contributor count changed from 7 to 7; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Measure / period	Management expectations	Analyst expectations
FY 2026 · Q4
Revenue	—	563.85M
EPS	—	0.344
FY 2026 · Annual
Revenue	—	2.31B
EPS	—	1.114
Capital expenditure	$375M	—
EBITDA	$228Mnon-GAAP	—
FY 2027 · Annual
Revenue	—	2.37B
EPS	—	1.271

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Operating cash flow stabilizes or improves from $191 million	The company aims to improve cash flow and manage costs better.	Improving	Operating cash flow falls below $180 million over next 4 quarters	Cash from operations: $162.264M FY2026-Q2; GAAP. Published target: >= $191 million. Target period is not explicitly aligned with this observation. Source published Aug 6, 2026162,264,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: stock_quarterly_financials_fmp. Reference: 2026-Q2. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Net cash from operating activities declined from $191 million in 2026-Q1 to $162 million in 2026-Q2, and Adjusted Free Cash Flow fell from $116 million to $55 million. Despite focus on cash flow, the trajectory shows some volatility and limited progress in sustaining higher cash flow levels. Delivery assessment Oct 24, 2026
Gross profit stabilizes near $285 million	A supporting condition in WillScot Holdings Corp.'s published investment case. The stated target is >= $285 million.	Improving	Gross profit falls below $270 million over next 4 quarters	Gross profit: $306.264M FY2026-Q2; GAAP. Published target: >= $285 million. Target period is not explicitly aligned with this observation. Source published Aug 6, 2026306,264,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: a2a1a38f-3d0c-4cab-b6f1-ebd808db1496. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Annual revenue reaches at least $2.25 billion	A primary condition in WillScot Holdings Corp.'s published investment case. The stated target is >= $2.25 billion.	Intact	Annual revenue falls below $2.0 billion in FY26	Revenue: $612.151M FY2026-Q2; GAAP. Published target: >= $2.25 billion. Target period is not explicitly aligned with this observation. Source published Aug 6, 2026612,151,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: a2a1a38f-3d0c-4cab-b6f1-ebd808db1496. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Revenue grew from $549 million in 2026-Q1 to $612 million in 2026-Q2, with the company raising its 2026 revenue outlook from $2.25 billion to $2.3 billion. Management is delivering on revenue growth with improving order book and large project demand. Delivery assessment Oct 24, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$1.27

$1.35 → $1.27 · observed estimates

FY2027 revenue$2.37B

$2.33B → $2.37B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$1.35	$2,333,608,750	10 / 10
2026-07-25	$1.35	$2,333,608,750	10 / 10
2026-07-26	$1.35	$2,333,608,750	10 / 10
2026-07-27	$1.35	$2,333,608,750	10 / 10
2026-07-28	$1.35	$2,333,608,750	10 / 10
2026-07-29	$1.33	$2,333,581,947	7 / 7
2026-07-30	$1.35	$2,333,608,750	10 / 10
2026-07-31	$1.33	$2,333,581,947	7 / 7
2026-08-01	$1.33	$2,333,581,947	7 / 7
2026-08-02	$1.35	$2,333,608,750	10 / 10
2026-08-03	$1.35	$2,333,608,750	10 / 10
2026-08-04	$1.35	$2,333,608,750	10 / 10
2026-08-05	$1.33	$2,333,581,947	7 / 7
2026-08-06	$1.33	$2,333,581,947	7 / 7
2026-08-08	$1.33	$2,333,581,947	7 / 7
2026-08-09	$1.33	$2,333,581,947	7 / 7
2026-08-10	$1.34	$2,337,018,940	10 / 9
2026-08-12	$1.33	$2,360,259,580	10 / 10
2026-08-13	$1.33	$2,360,259,580	10 / 10
2026-08-14	$1.33	$2,333,581,947	7 / 7
2026-08-15	$1.33	$2,333,581,947	7 / 7
2026-08-16	$1.33	$2,333,581,947	7 / 7
2026-08-17	$1.33	$2,333,581,947	7 / 7
2026-08-18	$1.33	$2,333,581,947	7 / 7
2026-08-19	$1.33	$2,333,581,947	7 / 7
2026-08-20	$1.30	$2,375,785,862	7 / 7
2026-08-21	$1.30	$2,373,008,085	7 / 7
2026-08-22	$1.30	$2,373,008,085	7 / 7
2026-08-23	$1.30	$2,373,008,085	7 / 7
2026-08-24	$1.30	$2,373,008,085	7 / 7
2026-08-25	$1.30	$2,373,008,085	7 / 7
2026-08-26	$1.30	$2,373,008,085	7 / 7
2026-08-27	$1.30	$2,373,008,085	7 / 7
2026-08-28	$1.30	$2,373,008,085	7 / 7
2026-08-29	$1.30	$2,373,008,085	7 / 7
2026-08-30	$1.30	$2,373,008,085	7 / 7
2026-08-31	$1.30	$2,373,008,085	7 / 7
2026-09-01	$1.30	$2,373,008,085	7 / 7
2026-09-02	$1.30	$2,373,008,085	7 / 7
2026-09-03	$1.30	$2,373,008,085	7 / 7
2026-09-04	$1.30	$2,373,008,085	7 / 7
2026-09-05	$1.30	$2,373,008,085	7 / 7
2026-09-06	$1.30	$2,373,008,085	7 / 7
2026-09-07	$1.30	$2,373,008,085	7 / 7
2026-09-08	$1.30	$2,373,008,085	6 / 7
2026-09-09	$1.30	$2,373,008,085	6 / 7
2026-09-10	$1.30	$2,373,008,085	6 / 7
2026-09-11	$1.30	$2,373,008,085	6 / 7
2026-09-12	$1.30	$2,373,008,085	6 / 7
2026-09-13	$1.30	$2,373,008,085	6 / 7
2026-09-14	$1.30	$2,373,008,085	6 / 7
2026-09-15	$1.30	$2,373,008,085	6 / 7
2026-09-16	$1.30	$2,373,008,085	7 / 7
2026-09-17	$1.30	$2,373,008,085	7 / 7
2026-09-18	$1.30	$2,373,008,085	7 / 7
2026-09-19	$1.30	$2,373,008,085	7 / 7
2026-09-20	$1.30	$2,373,008,085	7 / 7
2026-09-21	$1.30	$2,373,008,085	7 / 7
2026-09-22	$1.29	$2,374,596,973	7 / 7
2026-09-23	$1.29	$2,374,596,973	7 / 7
2026-09-24	$1.29	$2,374,596,973	7 / 7
2026-09-25	$1.30	$2,377,140,485	7 / 7
2026-09-26	$1.30	$2,377,140,485	7 / 7
2026-09-27	$1.30	$2,377,140,485	7 / 7
2026-09-28	$1.30	$2,377,140,485	7 / 7
2026-09-29	$1.30	$2,377,140,485	7 / 7
2026-09-30	$1.30	$2,377,140,485	7 / 7
2026-10-01	$1.30	$2,377,140,485	7 / 7
2026-10-02	$1.30	$2,377,140,485	7 / 7
2026-10-03	$1.30	$2,377,140,485	7 / 7
2026-10-04	$1.30	$2,377,140,485	7 / 7
2026-10-05	$1.30	$2,377,140,485	7 / 7
2026-10-06	$1.30	$2,377,140,485	7 / 7
2026-10-07	$1.30	$2,377,140,485	7 / 7
2026-10-08	$1.30	$2,377,140,485	7 / 7
2026-10-09	$1.30	$2,377,140,485	7 / 7
2026-10-10	$1.30	$2,377,140,485	7 / 7
2026-10-11	$1.30	$2,377,140,485	7 / 7
2026-10-12	$1.30	$2,377,140,485	7 / 7
2026-10-13	$1.29	$2,375,832,390	7 / 7
2026-10-14	$1.29	$2,375,832,390	7 / 7
2026-10-15	$1.29	$2,375,832,390	7 / 7
2026-10-16	$1.28	$2,371,442,390	7 / 7
2026-10-17	$1.28	$2,371,442,390	7 / 7
2026-10-18	$1.27	$2,371,627,137	7 / 7
2026-10-19	$1.27	$2,371,627,137	7 / 7
2026-10-20	$1.27	$2,371,597,137	7 / 7
2026-10-21	$1.27	$2,371,597,137	7 / 7
2026-10-22	$1.27	$2,371,597,137	7 / 7
2026-10-23	$1.27	$2,371,597,137	7 / 7
2026-10-24	$1.27	$2,371,597,137	7 / 7

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold
2026-05-01	3	7
2026-06-01	3	7
2026-07-01	3	7
2026-08-01	3	7
2026-09-01	3	7
2026-10-01	3	7

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 3 Buy / Strong Buy · 7 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades3 maintains

Recent actions · Sep 25–Oct 24 · 3 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

UBSOct 16

$18.00New observation · no comparable prior

Robert W. BairdOct 12 · prior May 8

$26.00 → $21.00-19.2%

$0$14.30$28.60

0 raises · 1 cuts · 0 unchanged · 1 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Operating cash flow stabilizes or improves from $191 millionCash from operations: $162.264M
Gross profit stabilizes near $285 millionGross profit: $306.264M
Annual revenue reaches at least $2.25 billionRevenue: $612.151M

Next proof point

Nov 5, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.6%Typical daily move · historical

Downside history

-46.2%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

WillScot Holdings Corp. outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

WSC is a growth-and-execution story in a sector with a headwind, rather than a clear-cut durable compounder. The long-term thesis has improved, but recent performance remains below its industry cohort and the overall thesis state is watch.

What's priced into WillScot Holdings Corp.

WSC is described as cheap versus peers, while the expectations gap is negative, suggesting the market’s assumptions are below the model’s view. Pricing is tagged as justified, with low fragility, so the evidence does not point to concentrated expectations risk.

What the fundamentals likely do

Near term, revenue momentum has improved: quarterly revenue rose from $549 million to $612 million, and management raised its 2026 revenue outlook. Investment in the fleet is also increasing, while the planned cost savings have not yet appeared in the financial data; elevated industry risk and recent peer misses remain concerns.

What WillScot Holdings Corp. hinges on

The multi-year thesis depends on WSC sustaining growth after its guidance increase and turning fleet investment and network changes into stronger operating results. A guidance reversal would damage management credibility, while continued strength or weakness among sector bellwethers could shape the sector backdrop.