Willscot Holdings Corporation
WSCHIGH VELOCITYFILING INTENSITYWillscot Holdings Corporation reads as an High Velocity (composite 78/100); Consistent Strategic Buyer deploying $828M across 9 disclosed transactions, up 115% vs the prior cycle · primary market Industrial Services.
Lens
Disclosed M&A capital (2023–2025)
$828M
vs $385M in 2020–2022
Disclosed transactions
9
3/3 active fiscal years in window
Buyer archetype
Consistent Strategic Buyer
Meaningful spend appears across repeat years.
Composite score
78
High Velocity dominates · Filing Intensity
Behavioral posture, nine reads.
Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.
Active Acquirer
Companies actively deploying disclosed capital into M&A
- $2.6B disclosed buyer spend
- Filed within 19d
Buyer Cadence
Buyer-side companies with recent filing activity
- Filed within 19d
- 34 acquisition-history signals
- 161 8-Ks
Target Probability
Issuers showing target-side patterns from filings
- 16 activism filings
Spin/Carve
Issuers showing spin-off, carve-out, or sum-of-parts posture
- 16 activism filings
Pressure Watch
Issuers facing activism, governance, or control pressure
- 16 activism filings
- Latest activism 4.6y ago; discounted
Distress Watch
Issuers showing financial-distress filing patterns
- 16 activism filings
Restatement Risk
Issuers with accounting-integrity flags from filings
- 1 non-reliance 8-K
- 1 auditor change
- Latest event 5.1y ago; heavily discounted
Capital Velocity
DominantIssuers with the highest filing-activity intensity
- 161 8-Ks
- Filed within 19d
- 5 form types
Quiet Power
Large issuers with low signal volume and clean disclosure cadence
- Enterprise value $8.9B
- 10-Q 19d ago
- 3 active signals
Capital cadence.
Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.
Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $1,358M · Peak count: 13
| FY | Disclosed buys | Disclosed spend | Avg ticket | Audited tier |
|---|---|---|---|---|
| 2025 | 3 | $145M | $48M | N/A |
| 2024 | N/A | $121M | N/A | N/A |
| 2023 | 6 | $562M | $94M | N/A |
| 2022 | 13 | $221M | $17M | N/A |
| 2021 | 7 | $147M | $21M | N/A |
| 2020 | 1 | $17M | $17M | N/A |
Strategy posture.
The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.
Archetype mix
- Bolt On25%
- Geographic Expansion25%
- Horizontal Consolidation25%
- Platform25%
Strategy keywords
Terms recurring across recent 10-K acquisition disclosures.
- horizontal_consolidation
- geographic_expansion
- bolt_on
- platform
Filing language.
Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.
“During 2021, the Company acquired certain assets and liabilities of seven regional and local modular space and storage businesses, which consisted primarily of 15,700 storage units and 5,800 modular units.”
“2019 was a transformational year for WillScot as we completed our integration of ModSpace and realized significant cost synergies from both the ModSpace and Acton strategic transactions.”
“During 2022, the Company acquired certain assets and liabilities of 13 smaller entities, which consisted primarily of approximately 14,100 storage units and 4,400 modular units.”
“We remain focused on our core priorities of growing leasing revenues by increasing units on rent, both organically and through our acquisition strategy”
“The restructuring costs incurred in 2020, 2019 and 2018 primarily relate to the integration of our acquisitions.”
Market context.
Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.
Primary market
Industrial Services
- Market spend (2023–2025)
- $65.5B
- Market spend (2020–2022)
- $39.6B
- Recent vs prior
- +65%
- Issuer rank in market
- N/A
- Share of market capital
- 0.0%
Valuation positioning
WSC trades at a +3.7-turn premium to the Industrial Services peer median of 14.4×.
- EV / Revenue
- 3.9×
- Net debt / EBITDA
- 7.1×
- Peer median EV / EBITDA
- 14.4×
Trading comparables
FMP market data · 2026-05-10
| Company | EV / EBITDA | EV / Rev | Net debt / EBITDA | Revenue | M&A 2023–2025 |
|---|---|---|---|---|---|
| 23.9× | 6.3× | 0.8× | $11B | $466M | |
Willscot Holdings CorporationWSC | 18.1× | 3.9× | 7.1× | $2.3B | $828M |
| 14.9× | 3.6× | 2.8× | $27.5B | $10.2B | |
AramarkARMK | 14.4× | 1.0× | 4.4× | $18.8B | N/A |
| 12.1× | 4.1× | 3.1× | $6.4B | $9.4B | |
| 9.5× | 0.4× | 3.6× | $8.9B | $151M |
Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Industrial Services. Bars scaled to the highest EV/EBITDA in the set.
Target landscape.
Public-issuer targets that fit this buyer's archetype and target categories from filing-derived signal. Scores reflect cross-signal fit; reasons cite the EDGAR-anchored facts that drove the match.
No qualifying public-issuer targets surfaced from the current signal mix.
Stated target categories
No target categories enumerated in the audited corpus for this issuer.
Filing activity & signal stream.
Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.
Filing cadence
- 10-K (annual)122026-02-19
- 10-Q (quarterly)322026-05-07
- 8-K (event)1612026-05-07
- Proxy / DEF 14A172026-04-22
- Activism (13D / DFAN / PREC)162021-10-07
Signals on file
- critical
Non-reliance disclosure
2021-04-291 Item 4.02 filing on file; financial-statement non-reliance.
- elevated
Auditor change
2017-12-051 Item 4.01 filing on file; certifying accountant change.
- elevated
Activism on file
2021-10-0716 activist filings on file (13D, DFAN14A, PREC14A series).
- info
Signal
Disclosed acquisition spend
- info
Signal
10-K strategy themes
- info
Signal
Restatement risk
Audited corpus.
No audited record on file for this CIK in the current v6 corpus.
This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.