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Side-by-side financial comparison of Confluent, Inc. (CFLT) and WillScot Holdings Corp (WSC). Click either name above to swap in a different company.
WillScot Holdings Corp is the larger business by last-quarter revenue ($566.0M vs $314.8M, roughly 1.8× Confluent, Inc.). Confluent, Inc. runs the higher net margin — -25.2% vs -33.1%, a 7.9% gap on every dollar of revenue. On growth, Confluent, Inc. posted the faster year-over-year revenue change (20.5% vs -6.1%). WillScot Holdings Corp produced more free cash flow last quarter ($149.7M vs $41.7M). Over the past eight quarters, Confluent, Inc.'s revenue compounded faster (20.4% CAGR vs -1.8%).
Confluent, Inc. is an American technology company headquartered in Mountain View, California. Confluent was founded by Jay Kreps, Jun Rao and Neha Narkhede on September 23, 2014, in order to commercialize an open-source streaming platform Apache Kafka, created by the same founders while working at LinkedIn in 2008 as a B2B infrastructure company. Confluent's products are the Confluent Cloud, Confluent Platform, Connectors, Apache Flink, Stream Governance and Confluent Hub.
WillScot Holdings Corp is a leading provider of modular space solutions and portable storage services across North America. It serves a wide range of sectors including construction, commercial development, education, healthcare, government projects, and special events, offering flexible, scalable temporary and semi-permanent space solutions tailored to diverse client needs.
CFLT vs WSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $314.8M | $566.0M |
| Net Profit | $-79.2M | $-187.3M |
| Gross Margin | 74.7% | 50.4% |
| Operating Margin | -31.5% | -32.5% |
| Net Margin | -25.2% | -33.1% |
| Revenue YoY | 20.5% | -6.1% |
| Net Profit YoY | 10.0% | -310.0% |
| EPS (diluted) | $-0.23 | $-1.02 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $314.8M | $566.0M | ||
| Q3 25 | $298.5M | $566.8M | ||
| Q2 25 | $282.3M | $589.1M | ||
| Q1 25 | $271.1M | $559.6M | ||
| Q4 24 | $261.2M | $602.5M | ||
| Q3 24 | $250.2M | $601.4M | ||
| Q2 24 | $235.0M | $604.6M | ||
| Q1 24 | $217.2M | $587.2M |
| Q4 25 | $-79.2M | $-187.3M | ||
| Q3 25 | $-66.5M | $43.3M | ||
| Q2 25 | $-82.0M | $47.9M | ||
| Q1 25 | $-67.6M | $43.1M | ||
| Q4 24 | $-88.1M | $89.2M | ||
| Q3 24 | $-74.1M | $-70.5M | ||
| Q2 24 | $-89.9M | $-46.9M | ||
| Q1 24 | $-93.0M | $56.2M |
| Q4 25 | 74.7% | 50.4% | ||
| Q3 25 | 74.2% | 49.7% | ||
| Q2 25 | 73.7% | 50.3% | ||
| Q1 25 | 74.5% | 53.7% | ||
| Q4 24 | 74.1% | 55.8% | ||
| Q3 24 | 74.5% | 53.5% | ||
| Q2 24 | 72.3% | 54.1% | ||
| Q1 24 | 71.8% | 54.0% |
| Q4 25 | -31.5% | -32.5% | ||
| Q3 25 | -27.9% | 21.0% | ||
| Q2 25 | -34.2% | 21.5% | ||
| Q1 25 | -37.3% | 21.3% | ||
| Q4 24 | -40.5% | 28.9% | ||
| Q3 24 | -37.4% | -5.9% | ||
| Q2 24 | -46.1% | -0.9% | ||
| Q1 24 | -51.3% | 22.1% |
| Q4 25 | -25.2% | -33.1% | ||
| Q3 25 | -22.3% | 7.6% | ||
| Q2 25 | -29.0% | 8.1% | ||
| Q1 25 | -24.9% | 7.7% | ||
| Q4 24 | -33.7% | 14.8% | ||
| Q3 24 | -29.6% | -11.7% | ||
| Q2 24 | -38.3% | -7.7% | ||
| Q1 24 | -42.8% | 9.6% |
| Q4 25 | $-0.23 | $-1.02 | ||
| Q3 25 | $-0.19 | $0.24 | ||
| Q2 25 | $-0.24 | $0.26 | ||
| Q1 25 | $-0.20 | $0.23 | ||
| Q4 24 | $-0.26 | $0.48 | ||
| Q3 24 | $-0.23 | $-0.37 | ||
| Q2 24 | $-0.28 | $-0.25 | ||
| Q1 24 | $-0.30 | $0.29 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $347.2M | $14.6M |
| Total DebtLower is stronger | $1.1B | $3.6B |
| Stockholders' EquityBook value | $1.2B | $856.3M |
| Total Assets | $3.0B | $5.8B |
| Debt / EquityLower = less leverage | 0.94× | 4.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $347.2M | $14.6M | ||
| Q3 25 | $298.5M | $14.8M | ||
| Q2 25 | $295.6M | $12.8M | ||
| Q1 25 | $278.6M | $10.7M | ||
| Q4 24 | $386.0M | $9.0M | ||
| Q3 24 | $322.6M | $11.0M | ||
| Q2 24 | $311.3M | $5.9M | ||
| Q1 24 | $336.4M | $13.1M |
| Q4 25 | $1.1B | $3.6B | ||
| Q3 25 | $1.1B | $3.6B | ||
| Q2 25 | $1.1B | $3.7B | ||
| Q1 25 | $1.1B | $3.6B | ||
| Q4 24 | $1.1B | $3.7B | ||
| Q3 24 | $1.1B | $3.6B | ||
| Q2 24 | $1.1B | $3.5B | ||
| Q1 24 | $1.1B | $3.5B |
| Q4 25 | $1.2B | $856.3M | ||
| Q3 25 | $1.1B | $1.1B | ||
| Q2 25 | $1.1B | $1.0B | ||
| Q1 25 | $1.0B | $1.0B | ||
| Q4 24 | $961.2M | $1.0B | ||
| Q3 24 | $934.3M | $1.1B | ||
| Q2 24 | $873.9M | $1.2B | ||
| Q1 24 | $845.2M | $1.3B |
| Q4 25 | $3.0B | $5.8B | ||
| Q3 25 | $2.9B | $6.1B | ||
| Q2 25 | $2.8B | $6.1B | ||
| Q1 25 | $2.7B | $6.0B | ||
| Q4 24 | $2.7B | $6.0B | ||
| Q3 24 | $2.6B | $6.0B | ||
| Q2 24 | $2.5B | $6.0B | ||
| Q1 24 | $2.4B | $6.2B |
| Q4 25 | 0.94× | 4.15× | ||
| Q3 25 | 0.98× | 3.39× | ||
| Q2 25 | 1.03× | 3.55× | ||
| Q1 25 | 1.07× | 3.56× | ||
| Q4 24 | 1.14× | 3.62× | ||
| Q3 24 | 1.17× | 3.42× | ||
| Q2 24 | 1.25× | 2.88× | ||
| Q1 24 | 1.29× | 2.63× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $42.1M | $158.9M |
| Free Cash FlowOCF − Capex | $41.7M | $149.7M |
| FCF MarginFCF / Revenue | 13.2% | 26.5% |
| Capex IntensityCapex / Revenue | 0.1% | 1.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $60.7M | $737.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $42.1M | $158.9M | ||
| Q3 25 | $30.8M | $191.2M | ||
| Q2 25 | $18.1M | $205.3M | ||
| Q1 25 | $-26.8M | $206.6M | ||
| Q4 24 | $35.2M | $178.9M | ||
| Q3 24 | $15.6M | $-1.6M | ||
| Q2 24 | $8.6M | $175.6M | ||
| Q1 24 | $-26.0M | $208.7M |
| Q4 25 | $41.7M | $149.7M | ||
| Q3 25 | $30.0M | $186.9M | ||
| Q2 25 | $17.2M | $199.0M | ||
| Q1 25 | $-28.2M | $202.0M | ||
| Q4 24 | $34.5M | $176.6M | ||
| Q3 24 | $15.0M | $-4.9M | ||
| Q2 24 | $7.5M | $169.4M | ||
| Q1 24 | $-26.1M | $202.1M |
| Q4 25 | 13.2% | 26.5% | ||
| Q3 25 | 10.0% | 33.0% | ||
| Q2 25 | 6.1% | 33.8% | ||
| Q1 25 | -10.4% | 36.1% | ||
| Q4 24 | 13.2% | 29.3% | ||
| Q3 24 | 6.0% | -0.8% | ||
| Q2 24 | 3.2% | 28.0% | ||
| Q1 24 | -12.0% | 34.4% |
| Q4 25 | 0.1% | 1.6% | ||
| Q3 25 | 0.3% | 0.7% | ||
| Q2 25 | 0.3% | 1.1% | ||
| Q1 25 | 0.5% | 0.8% | ||
| Q4 24 | 0.3% | 0.4% | ||
| Q3 24 | 0.2% | 0.6% | ||
| Q2 24 | 0.5% | 1.0% | ||
| Q1 24 | 0.1% | 1.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | 4.41× | ||
| Q2 25 | — | 4.28× | ||
| Q1 25 | — | 4.80× | ||
| Q4 24 | — | 2.01× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 3.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CFLT
| Confluent Cloud | $169.4M | 54% |
| Post Contract Customer Support | $93.8M | 30% |
| License | $38.4M | 12% |
| Services | $13.2M | 4% |
WSC
| Modular Space Leasing | $249.8M | 44% |
| Value Added Product And Services | $101.0M | 18% |
| Portable Storage Leasing | $83.0M | 15% |
| Delivery Revenue | $48.2M | 9% |
| Installation Revenue | $45.0M | 8% |
| Rental Units | $19.7M | 3% |
| New Units | $15.5M | 3% |
| Value Added Services | $10.3M | 2% |
| Other Leasing Related Products And Services | $3.8M | 1% |
