Willscot Mobile Mini Holdings Corp A (WSC)
Pretax margin
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) (ttm) | US$ in thousands | 24,211 | 36,604 | 39,585 | 254,922 | 434,996 | 468,419 | 477,033 | 468,684 | 447,477 | 407,615 | 368,769 | 320,569 | 261,681 | 209,690 | 183,061 | 64,891 | 38,240 | 20,428 | -30,297 | 19,668 |
| Revenue (ttm) | US$ in thousands | 2,368,088 | 2,395,718 | 2,405,579 | 2,408,981 | 2,386,480 | 2,364,767 | 2,342,945 | 2,342,284 | 2,341,837 | 2,285,263 | 2,212,629 | 2,099,008 | 1,978,468 | 1,894,897 | 1,814,624 | 1,741,387 | 1,537,147 | 1,367,645 | 1,200,190 | 1,055,215 |
| Pretax margin | 1.02% | 1.53% | 1.65% | 10.58% | 18.23% | 19.81% | 20.36% | 20.01% | 19.11% | 17.84% | 16.67% | 15.27% | 13.23% | 11.07% | 10.09% | 3.73% | 2.49% | 1.49% | -2.52% | 1.86% |
March 31, 2025 calculation
Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $24,211K ÷ $2,368,088K
= 1.02%
The pretax margin of Willscot Mobile Mini Holdings Corp A has exhibited notable fluctuations over the period analyzed. Starting from a modest 1.86% on June 30, 2020, the margin experienced a decline into negative territory, reaching -2.52% as of September 30, 2020. Subsequently, it recovered and returned to positive figures, reaching 1.49% by December 31, 2020, and demonstrating an increasing trend through 2021 and into 2022.
By the end of March 2021, the pretax margin rose to 2.49%, and continued to improve, reaching 3.73% on June 30, 2021. The most pronounced upward trajectory occurred during 2021, with the margin escalating sharply after September 2021, attaining 10.09% and then improving further to 11.07% and 13.23% in the subsequent quarters. The upward trend persisted into 2022, with margins reaching 15.27%, 16.67%, and culminating at 17.84% by December 31, 2022. The growth largely continued into the first half of 2023, with the pretax margin approaching a peak of approximately 20.36% as of September 30, 2023.
However, the margin experienced a decline thereafter, decreasing to 19.81% at the end of December 2023, and subsequently falling to 18.23% by March 31, 2024. The downward trend persisted into mid-2024, with margins diminishing further to 10.58% on June 30, 2024, and declining sharply to 1.65% on September 30, 2024. The ratio stabilized at relatively low levels, registering at 1.53% on December 31, 2024, and further decreasing to 1.02% by March 31, 2025.
Overall, the pretax margin demonstrates periods of significant growth, particularly throughout 2021 and into 2022, followed by a substantial contraction commencing in mid-2024. This pattern indicates a phase of improved profitability during the earlier period, likely driven by favorable operational conditions or strategic enhancements, succeeded by challenges that have compressed profitability margins in recent quarters.