CluenexWillScot Mobile Mini WSC
WillScot Mobile Mini scores weak on business quality (3.3 of 10). Here is why, in plain words, and what our sealed record shows.
Why it matters
- What WillScot Mobile Mini does
WillScot Holdings rents modular space and portable storage solutions, collecting lease and service fees primarily from construction and commercial customers.
- What it does best
WillScot converts scale into pricing power, securing a gross margin of 50.5% that places it in the top quartile of its sector. This high margin reflects dense branch networks and specialized modular inventory that rivals cannot easily undercut.
- The main risk
Heavy debt loads leave the business vulnerable to rate shifts, with total debt of $3.6 billion dwarfing cash reserves of $15 million. Interest coverage sits at 2.1x, meaning earnings leave little room for error if rental demand slips.
Quality, check by check
Scored against its own industry, from company filings.
Operating margin sits at a solid 20.4%, placing it in the top decile of its sector, even as net margin dips to -3.0% due to debt costs. Scale drives strong gross profits before financing expenses bite.
Switching costs protect its customer base, supported by a top-decile gross margin of 50.5%. Once modular units are on-site, clients rarely swap providers due to disruption risks.
Revenue contracted 4.8% to $2.29 billion, sitting in the bottom decile for sector growth. The top-line engine is fading compared to historical expansion as modular demand cools off.
Total debt of $3.59 billion outweighs cash of $15 million, leaving interest covered just 2.1x by earnings. Free cash flow reached $297 million, but the balance sheet remains stretched and heavily leveraged.
Insiders
Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.
No open market buys or unplanned sales by executives or directors.
Our sealed record on WSC
Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.
The first sealed verdicts appear here on Oct 11, 2026.
Questions
WillScot Mobile Mini scores weak on the Cluenex quality check (3.3 of 10), measured against its own industry. Profitability is fair, moat fair, growth slow and financial health weak.
In the last 90 days of SEC Form 4 filings: No open market buys or unplanned sales by executives or directors.
Nov 4, 2026, after the close.
See WSC today
- Today's verdict on WSC, and why
- Fair value with cautious, base and optimistic cases
- The exact price that would change the verdict
- Which stocks each signal names, the night it fires
Cite this page: Cluenex, “WillScot Mobile Mini (WSC)”, https://cluenex.com/stocks/wsc/, data as of Oct 10, 2026.