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Side-by-side financial comparison of FIRST HORIZON CORP (FHN) and WillScot Holdings Corp (WSC). Click either name above to swap in a different company.
FIRST HORIZON CORP is the larger business by last-quarter revenue ($888.0M vs $566.0M, roughly 1.6× WillScot Holdings Corp). FIRST HORIZON CORP runs the higher net margin — 29.4% vs -33.1%, a 62.5% gap on every dollar of revenue. On growth, FIRST HORIZON CORP posted the faster year-over-year revenue change (21.8% vs -6.1%). FIRST HORIZON CORP produced more free cash flow last quarter ($389.0M vs $149.7M). Over the past eight quarters, FIRST HORIZON CORP's revenue compounded faster (20.0% CAGR vs -1.8%).
First Horizon Corporation, formerly First Tennessee Bank, is a financial services company, founded in 1864, and based in Memphis, Tennessee. Through its banking subsidiary First Horizon Bank, it provides financial services through locations in 12 states across the Southeast, a region in which it is the fourth largest regional bank.
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.
FHN vs WSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $888.0M | $566.0M |
| Net Profit | $261.0M | $-187.3M |
| Gross Margin | — | 50.4% |
| Operating Margin | 38.5% | -32.5% |
| Net Margin | 29.4% | -33.1% |
| Revenue YoY | 21.8% | -6.1% |
| Net Profit YoY | 57.2% | -310.0% |
| EPS (diluted) | $0.51 | $-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 | $888.0M | $566.0M | ||
| Q3 25 | $889.0M | $566.8M | ||
| Q2 25 | $830.0M | $589.1M | ||
| Q1 25 | $812.0M | $559.6M | ||
| Q4 24 | $729.0M | $602.5M | ||
| Q3 24 | $827.0M | $601.4M | ||
| Q2 24 | — | $604.6M | ||
| Q1 24 | $819.0M | $587.2M |
| Q4 25 | $261.0M | $-187.3M | ||
| Q3 25 | $262.0M | $43.3M | ||
| Q2 25 | $241.0M | $47.9M | ||
| Q1 25 | $218.0M | $43.1M | ||
| Q4 24 | $166.0M | $89.2M | ||
| Q3 24 | $218.0M | $-70.5M | ||
| Q2 24 | — | $-46.9M | ||
| Q1 24 | $192.0M | $56.2M |
| Q4 25 | — | 50.4% | ||
| Q3 25 | — | 49.7% | ||
| Q2 25 | — | 50.3% | ||
| Q1 25 | — | 53.7% | ||
| Q4 24 | — | 55.8% | ||
| Q3 24 | — | 53.5% | ||
| Q2 24 | — | 54.1% | ||
| Q1 24 | — | 54.0% |
| Q4 25 | 38.5% | -32.5% | ||
| Q3 25 | 38.7% | 21.0% | ||
| Q2 25 | 37.2% | 21.5% | ||
| Q1 25 | 35.1% | 21.3% | ||
| Q4 24 | 28.8% | 28.9% | ||
| Q3 24 | 34.0% | -5.9% | ||
| Q2 24 | — | -0.9% | ||
| Q1 24 | 31.0% | 22.1% |
| Q4 25 | 29.4% | -33.1% | ||
| Q3 25 | 29.5% | 7.6% | ||
| Q2 25 | 29.0% | 8.1% | ||
| Q1 25 | 26.8% | 7.7% | ||
| Q4 24 | 22.8% | 14.8% | ||
| Q3 24 | 26.4% | -11.7% | ||
| Q2 24 | — | -7.7% | ||
| Q1 24 | 23.4% | 9.6% |
| Q4 25 | $0.51 | $-1.02 | ||
| Q3 25 | $0.50 | $0.24 | ||
| Q2 25 | $0.45 | $0.26 | ||
| Q1 25 | $0.41 | $0.23 | ||
| Q4 24 | $0.29 | $0.48 | ||
| Q3 24 | $0.40 | $-0.37 | ||
| Q2 24 | — | $-0.25 | ||
| Q1 24 | $0.33 | $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 | — | $14.6M |
| Total DebtLower is stronger | — | $3.6B |
| Stockholders' EquityBook value | $8.8B | $856.3M |
| Total Assets | $83.9B | $5.8B |
| Debt / EquityLower = less leverage | — | 4.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $14.6M | ||
| Q3 25 | — | $14.8M | ||
| Q2 25 | — | $12.8M | ||
| Q1 25 | — | $10.7M | ||
| Q4 24 | — | $9.0M | ||
| Q3 24 | — | $11.0M | ||
| Q2 24 | — | $5.9M | ||
| Q1 24 | — | $13.1M |
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $3.6B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.5B | ||
| Q1 24 | — | $3.5B |
| Q4 25 | $8.8B | $856.3M | ||
| Q3 25 | $8.9B | $1.1B | ||
| Q2 25 | $9.0B | $1.0B | ||
| Q1 25 | $8.7B | $1.0B | ||
| Q4 24 | $8.8B | $1.0B | ||
| Q3 24 | $9.0B | $1.1B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | $8.9B | $1.3B |
| Q4 25 | $83.9B | $5.8B | ||
| Q3 25 | $83.2B | $6.1B | ||
| Q2 25 | $82.1B | $6.1B | ||
| Q1 25 | $81.5B | $6.0B | ||
| Q4 24 | $82.2B | $6.0B | ||
| Q3 24 | $82.6B | $6.0B | ||
| Q2 24 | — | $6.0B | ||
| Q1 24 | $81.8B | $6.2B |
| Q4 25 | — | 4.15× | ||
| Q3 25 | — | 3.39× | ||
| Q2 25 | — | 3.55× | ||
| Q1 25 | — | 3.56× | ||
| Q4 24 | — | 3.62× | ||
| Q3 24 | — | 3.42× | ||
| Q2 24 | — | 2.88× | ||
| Q1 24 | — | 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 | $396.0M | $158.9M |
| Free Cash FlowOCF − Capex | $389.0M | $149.7M |
| FCF MarginFCF / Revenue | 43.8% | 26.5% |
| Capex IntensityCapex / Revenue | 0.8% | 1.6% |
| Cash ConversionOCF / Net Profit | 1.52× | — |
| TTM Free Cash FlowTrailing 4 quarters | $595.0M | $737.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $396.0M | $158.9M | ||
| Q3 25 | $-200.0M | $191.2M | ||
| Q2 25 | $83.0M | $205.3M | ||
| Q1 25 | $349.0M | $206.6M | ||
| Q4 24 | $191.0M | $178.9M | ||
| Q3 24 | $389.0M | $-1.6M | ||
| Q2 24 | — | $175.6M | ||
| Q1 24 | $838.0M | $208.7M |
| Q4 25 | $389.0M | $149.7M | ||
| Q3 25 | $-208.0M | $186.9M | ||
| Q2 25 | $74.0M | $199.0M | ||
| Q1 25 | $340.0M | $202.0M | ||
| Q4 24 | $174.0M | $176.6M | ||
| Q3 24 | $383.0M | $-4.9M | ||
| Q2 24 | — | $169.4M | ||
| Q1 24 | $828.0M | $202.1M |
| Q4 25 | 43.8% | 26.5% | ||
| Q3 25 | -23.4% | 33.0% | ||
| Q2 25 | 8.9% | 33.8% | ||
| Q1 25 | 41.9% | 36.1% | ||
| Q4 24 | 23.9% | 29.3% | ||
| Q3 24 | 46.3% | -0.8% | ||
| Q2 24 | — | 28.0% | ||
| Q1 24 | 101.1% | 34.4% |
| Q4 25 | 0.8% | 1.6% | ||
| Q3 25 | 0.9% | 0.7% | ||
| Q2 25 | 1.1% | 1.1% | ||
| Q1 25 | 1.1% | 0.8% | ||
| Q4 24 | 2.3% | 0.4% | ||
| Q3 24 | 0.7% | 0.6% | ||
| Q2 24 | — | 1.0% | ||
| Q1 24 | 1.2% | 1.1% |
| Q4 25 | 1.52× | — | ||
| Q3 25 | -0.76× | 4.41× | ||
| Q2 25 | 0.34× | 4.28× | ||
| Q1 25 | 1.60× | 4.80× | ||
| Q4 24 | 1.15× | 2.01× | ||
| Q3 24 | 1.78× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 4.36× | 3.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FHN
| Commercial Consumer And Wealth Segment | $776.0M | 87% |
| Other | $88.0M | 10% |
| Corporate | $24.0M | 3% |
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% |
