MGRC vs WSC: How McGrath RentCorp and WillScot Holdings Corporation rents adaptable workspace and storage to businesses across the United States Compare (2026)

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. MGRC and WSC share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined MGRC and WSC exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

McGrath RentCorp is a diversified business-to-business rental company founded in 1979 and based in Livermore, California. It operates through four segments: Mobile Modular (rentable modular buildings used as classrooms, offices, clinics, and construction field space), Portable Storage (steel storage containers and ground-level offices), TRS-RenTelco (rental of general-purpose electronic test equipment for aerospace, defense, and semiconductor customers), and Enviroplex (manufacturing of portable classrooms for schools). Rental operations, which generate recurring, higher-margin revenue, make up the large majority of the business, with equipment sales a smaller and more cyclical piece.

Full MGRC guide

WillScot Holdings Corporation rents adaptable workspace and storage to businesses across the United States, Canada, and Mexico. Its Modular Solutions line covers mobile offices, ground-level offices, single-wide and sectional complexes (including the Redi-Plex and FLEX product families), classrooms, blast-resistant modules, and clearspan structures. Its Storage Solutions line covers portable steel containers and climate-controlled units. Roughly 96% of revenue comes from leasing and services rather than unit sales, and the company layers on value-added products and services (VAPS) such as furniture, steps, HVAC, connectivity, and damage waivers, which reached ~17.7% of total revenue in Q1 2026. WillScot holds roughly half the North American modular space rental market and about a quarter of portable storage, several times the size of the next competitor.

Full WSC guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• MGRC drivers: Recurring rental revenue base; Modular and storage demand.
• WSC drivers: Large projects: data centers, power, and manufacturing; The leasing inflection in the second half of 2026.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: MGRC's fortunes are linked to non-residential construction, state and local education budgets, and industrial and defense capital spending, all of which can soften in a downturn. For WSC, the core cyclical risk is unresolved: nonresidential construction starts by square footage were down roughly 6% year over year, the Architecture Billings Index has been contracting, and units on rent have been declining, so the second-half inflection is a forecast rather than a fact.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick MGRC if you believe its drivers more; WSC if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the MGRC and WSC guides.

MGRC. First-quarter 2026 revenue rose about 2% to roughly $198.5 million, with rental operations up around 5% while equipment sales fell, and diluted EPS slipped modestly to about $1.10. Full-year guidance points to roughly $945 million to $995 million in revenue and $360 million to $378 million in adjusted EBITDA. The valuation, near 19 times earnings with a yield around 1.7%, reflects a quality, steady-compounder profile rather than a growth or deep-value setup.

WSC. WSC screens oddly on headline metrics: there is no meaningful trailing P/E because impairments, depreciation, and interest push GAAP net income negative, so the market values it on EBITDA, free cash flow, and forward earnings (a forward P/E near the low 20s at a ~$4.7 billion market cap). Adjusted free cash flow was ~$116 million in Q1 2026 alone, which is why the balance sheet keeps deleveraging despite the reported loss. Q2 2026 results are due in early August 2026, and management guided to ~$585 million of revenue with roughly 30 basis points of sequential margin pressure from unit preparation costs and event work.

Headline figures (approximate, JULY 2026): MGRC shows q1 2026 revenue ~$198.5M, 2026 revenue guidance ~$945M to $995M, q1 2026 net income ~$27.0M (~$1.10/sh), 2026 adj. ebitda guidance ~$360M to $378M; WSC shows revenue (ttm) ~$2.27B (-4% YoY), q1 2026 revenue ~$549M (-1.9% YoY), q1 2026 adjusted ebitda ~$211M (~38.5% margin), net income (ttm) ~-$68M (EPS ~-$0.38).

MGRC and WSC are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined MGRC and WSC exposure against your real portfolio. It is not an investment adviser.