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Side-by-side financial comparison of Essex Property Trust (ESS) 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 $479.6M, roughly 1.2× Essex Property Trust). Essex Property Trust runs the higher net margin — 17.9% vs -33.1%, a 51.0% gap on every dollar of revenue. On growth, Essex Property Trust posted the faster year-over-year revenue change (5.5% vs -6.1%). Over the past eight quarters, Essex Property Trust's revenue compounded faster (6.0% CAGR vs -1.8%).
Essex Property Trust is a publicly traded real estate investment trust that invests in apartments in California and in the Seattle metropolitan area.
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.
ESS vs WSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $479.6M | $566.0M |
| Net Profit | $85.7M | $-187.3M |
| Gross Margin | 70.0% | 50.4% |
| Operating Margin | 31.7% | -32.5% |
| Net Margin | 17.9% | -33.1% |
| Revenue YoY | 5.5% | -6.1% |
| Net Profit YoY | -71.6% | -310.0% |
| EPS (diluted) | $1.24 | $-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 | $479.6M | $566.0M | ||
| Q3 25 | $473.3M | $566.8M | ||
| Q2 25 | $469.8M | $589.1M | ||
| Q1 25 | $464.6M | $559.6M | ||
| Q4 24 | $454.5M | $602.5M | ||
| Q3 24 | $450.7M | $601.4M | ||
| Q2 24 | $442.4M | $604.6M | ||
| Q1 24 | $426.9M | $587.2M |
| Q4 25 | $85.7M | $-187.3M | ||
| Q3 25 | $172.7M | $43.3M | ||
| Q2 25 | $231.5M | $47.9M | ||
| Q1 25 | $212.8M | $43.1M | ||
| Q4 24 | $301.7M | $89.2M | ||
| Q3 24 | $125.5M | $-70.5M | ||
| Q2 24 | $99.0M | $-46.9M | ||
| Q1 24 | $285.1M | $56.2M |
| Q4 25 | 70.0% | 50.4% | ||
| Q3 25 | 69.2% | 49.7% | ||
| Q2 25 | 70.7% | 50.3% | ||
| Q1 25 | 69.6% | 53.7% | ||
| Q4 24 | 70.0% | 55.8% | ||
| Q3 24 | 69.5% | 53.5% | ||
| Q2 24 | 70.8% | 54.1% | ||
| Q1 24 | 69.7% | 54.0% |
| Q4 25 | 31.7% | -32.5% | ||
| Q3 25 | 44.5% | 21.0% | ||
| Q2 25 | 59.5% | 21.5% | ||
| Q1 25 | 55.3% | 21.3% | ||
| Q4 24 | 67.0% | 28.9% | ||
| Q3 24 | 28.6% | -5.9% | ||
| Q2 24 | 31.1% | -0.9% | ||
| Q1 24 | 31.0% | 22.1% |
| Q4 25 | 17.9% | -33.1% | ||
| Q3 25 | 36.5% | 7.6% | ||
| Q2 25 | 49.3% | 8.1% | ||
| Q1 25 | 45.8% | 7.7% | ||
| Q4 24 | 66.4% | 14.8% | ||
| Q3 24 | 27.8% | -11.7% | ||
| Q2 24 | 22.4% | -7.7% | ||
| Q1 24 | 66.8% | 9.6% |
| Q4 25 | $1.24 | $-1.02 | ||
| Q3 25 | $2.56 | $0.24 | ||
| Q2 25 | $3.44 | $0.26 | ||
| Q1 25 | $3.16 | $0.23 | ||
| Q4 24 | $4.00 | $0.48 | ||
| Q3 24 | $1.84 | $-0.37 | ||
| Q2 24 | $1.45 | $-0.25 | ||
| Q1 24 | $4.25 | $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 | $76.2M | $14.6M |
| Total DebtLower is stronger | — | $3.6B |
| Stockholders' EquityBook value | $5.5B | $856.3M |
| Total Assets | $13.2B | $5.8B |
| Debt / EquityLower = less leverage | — | 4.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $76.2M | $14.6M | ||
| Q3 25 | $66.0M | $14.8M | ||
| Q2 25 | $58.7M | $12.8M | ||
| Q1 25 | $98.7M | $10.7M | ||
| Q4 24 | $66.8M | $9.0M | ||
| Q3 24 | $71.3M | $11.0M | ||
| Q2 24 | $55.2M | $5.9M | ||
| Q1 24 | $499.0M | $13.1M |
| Q4 25 | — | $3.6B | ||
| Q3 25 | $6.4B | $3.6B | ||
| Q2 25 | $6.4B | $3.7B | ||
| Q1 25 | $6.8B | $3.6B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | $6.4B | $3.6B | ||
| Q2 24 | $6.2B | $3.5B | ||
| Q1 24 | $6.6B | $3.5B |
| Q4 25 | $5.5B | $856.3M | ||
| Q3 25 | $5.6B | $1.1B | ||
| Q2 25 | $5.6B | $1.0B | ||
| Q1 25 | $5.6B | $1.0B | ||
| Q4 24 | $5.5B | $1.0B | ||
| Q3 24 | $5.4B | $1.1B | ||
| Q2 24 | $5.5B | $1.2B | ||
| Q1 24 | $5.5B | $1.3B |
| Q4 25 | $13.2B | $5.8B | ||
| Q3 25 | $13.2B | $6.1B | ||
| Q2 25 | $13.2B | $6.1B | ||
| Q1 25 | $13.2B | $6.0B | ||
| Q4 24 | $12.9B | $6.0B | ||
| Q3 24 | $12.6B | $6.0B | ||
| Q2 24 | $12.5B | $6.0B | ||
| Q1 24 | $12.9B | $6.2B |
| Q4 25 | — | 4.15× | ||
| Q3 25 | 1.15× | 3.39× | ||
| Q2 25 | 1.14× | 3.55× | ||
| Q1 25 | 1.22× | 3.56× | ||
| Q4 24 | — | 3.62× | ||
| Q3 24 | 1.18× | 3.42× | ||
| Q2 24 | 1.13× | 2.88× | ||
| Q1 24 | 1.19× | 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 | $1.1B | $158.9M |
| Free Cash FlowOCF − Capex | — | $149.7M |
| FCF MarginFCF / Revenue | — | 26.5% |
| Capex IntensityCapex / Revenue | — | 1.6% |
| Cash ConversionOCF / Net Profit | 12.53× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $737.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $158.9M | ||
| Q3 25 | $342.6M | $191.2M | ||
| Q2 25 | $216.1M | $205.3M | ||
| Q1 25 | $281.5M | $206.6M | ||
| Q4 24 | $1.1B | $178.9M | ||
| Q3 24 | $316.2M | $-1.6M | ||
| Q2 24 | $218.9M | $175.6M | ||
| Q1 24 | $314.9M | $208.7M |
| Q4 25 | — | $149.7M | ||
| Q3 25 | — | $186.9M | ||
| Q2 25 | — | $199.0M | ||
| Q1 25 | — | $202.0M | ||
| Q4 24 | — | $176.6M | ||
| Q3 24 | — | $-4.9M | ||
| Q2 24 | — | $169.4M | ||
| Q1 24 | — | $202.1M |
| Q4 25 | — | 26.5% | ||
| Q3 25 | — | 33.0% | ||
| Q2 25 | — | 33.8% | ||
| Q1 25 | — | 36.1% | ||
| Q4 24 | — | 29.3% | ||
| Q3 24 | — | -0.8% | ||
| Q2 24 | — | 28.0% | ||
| Q1 24 | — | 34.4% |
| Q4 25 | — | 1.6% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 1.0% | ||
| Q1 24 | — | 1.1% |
| Q4 25 | 12.53× | — | ||
| Q3 25 | 1.98× | 4.41× | ||
| Q2 25 | 0.93× | 4.28× | ||
| Q1 25 | 1.32× | 4.80× | ||
| Q4 24 | 3.54× | 2.01× | ||
| Q3 24 | 2.52× | — | ||
| Q2 24 | 2.21× | — | ||
| Q1 24 | 1.10× | 3.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ESS
Segment breakdown not available.
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% |
