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Side-by-side financial comparison of Liberty Energy Inc. (LBRT) and WillScot Holdings Corp (WSC). Click either name above to swap in a different company.
Liberty Energy Inc. is the larger business by last-quarter revenue ($1.0B vs $566.0M, roughly 1.8× WillScot Holdings Corp). Liberty Energy Inc. runs the higher net margin — 2.2% vs -33.1%, a 35.3% gap on every dollar of revenue. On growth, Liberty Energy Inc. posted the faster year-over-year revenue change (4.5% vs -6.1%). Over the past eight quarters, WillScot Holdings Corp's revenue compounded faster (-1.8% CAGR vs -6.2%).
Liberty Energy Inc. is a North American energy services provider specializing in hydraulic fracturing and well completion solutions for oil and gas operators. It serves clients across major U.S. shale basins, offering low-emission equipment and tailored support to optimize well productivity.
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.
LBRT vs WSC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $566.0M |
| Net Profit | $22.6M | $-187.3M |
| Gross Margin | — | 50.4% |
| Operating Margin | 2.2% | -32.5% |
| Net Margin | 2.2% | -33.1% |
| Revenue YoY | 4.5% | -6.1% |
| Net Profit YoY | — | -310.0% |
| EPS (diluted) | $0.14 | $-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.
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.0B | $566.0M | ||
| Q3 25 | $947.4M | $566.8M | ||
| Q2 25 | $1.0B | $589.1M | ||
| Q1 25 | $977.5M | $559.6M | ||
| Q4 24 | $943.6M | $602.5M | ||
| Q3 24 | $1.1B | $601.4M | ||
| Q2 24 | $1.2B | $604.6M |
| Q1 26 | $22.6M | — | ||
| Q4 25 | $13.7M | $-187.3M | ||
| Q3 25 | $43.1M | $43.3M | ||
| Q2 25 | $71.0M | $47.9M | ||
| Q1 25 | $20.1M | $43.1M | ||
| Q4 24 | $51.9M | $89.2M | ||
| Q3 24 | $73.8M | $-70.5M | ||
| Q2 24 | $108.4M | $-46.9M |
| Q1 26 | — | — | ||
| Q4 25 | 20.6% | 50.4% | ||
| Q3 25 | 18.7% | 49.7% | ||
| Q2 25 | 22.1% | 50.3% | ||
| Q1 25 | 22.1% | 53.7% | ||
| Q4 24 | 21.4% | 55.8% | ||
| Q3 24 | 26.2% | 53.5% | ||
| Q2 24 | 27.9% | 54.1% |
| Q1 26 | 2.2% | — | ||
| Q4 25 | 1.9% | -32.5% | ||
| Q3 25 | -0.3% | 21.0% | ||
| Q2 25 | 3.6% | 21.5% | ||
| Q1 25 | 1.9% | 21.3% | ||
| Q4 24 | 2.6% | 28.9% | ||
| Q3 24 | 9.4% | -5.9% | ||
| Q2 24 | 12.2% | -0.9% |
| Q1 26 | 2.2% | — | ||
| Q4 25 | 1.3% | -33.1% | ||
| Q3 25 | 4.5% | 7.6% | ||
| Q2 25 | 6.8% | 8.1% | ||
| Q1 25 | 2.1% | 7.7% | ||
| Q4 24 | 5.5% | 14.8% | ||
| Q3 24 | 6.5% | -11.7% | ||
| Q2 24 | 9.3% | -7.7% |
| Q1 26 | $0.14 | — | ||
| Q4 25 | $0.08 | $-1.02 | ||
| Q3 25 | $0.26 | $0.24 | ||
| Q2 25 | $0.43 | $0.26 | ||
| Q1 25 | $0.12 | $0.23 | ||
| Q4 24 | $0.31 | $0.48 | ||
| Q3 24 | $0.44 | $-0.37 | ||
| Q2 24 | $0.64 | $-0.25 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $699.1M | $14.6M |
| Total DebtLower is stronger | $7.1M | $3.6B |
| Stockholders' EquityBook value | $1.9B | $856.3M |
| Total Assets | $4.4B | $5.8B |
| Debt / EquityLower = less leverage | 0.00× | 4.15× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $699.1M | — | ||
| Q4 25 | $27.6M | $14.6M | ||
| Q3 25 | $13.5M | $14.8M | ||
| Q2 25 | $19.6M | $12.8M | ||
| Q1 25 | $24.1M | $10.7M | ||
| Q4 24 | $20.0M | $9.0M | ||
| Q3 24 | $23.0M | $11.0M | ||
| Q2 24 | $30.0M | $5.9M |
| Q1 26 | $7.1M | — | ||
| Q4 25 | $246.6M | $3.6B | ||
| Q3 25 | — | $3.6B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | $190.5M | $3.7B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.5B |
| Q1 26 | $1.9B | — | ||
| Q4 25 | $2.1B | $856.3M | ||
| Q3 25 | $2.1B | $1.1B | ||
| Q2 25 | $2.0B | $1.0B | ||
| Q1 25 | $2.0B | $1.0B | ||
| Q4 24 | $2.0B | $1.0B | ||
| Q3 24 | $2.0B | $1.1B | ||
| Q2 24 | $1.9B | $1.2B |
| Q1 26 | $4.4B | — | ||
| Q4 25 | $3.6B | $5.8B | ||
| Q3 25 | $3.5B | $6.1B | ||
| Q2 25 | $3.4B | $6.1B | ||
| Q1 25 | $3.4B | $6.0B | ||
| Q4 24 | $3.3B | $6.0B | ||
| Q3 24 | $3.3B | $6.0B | ||
| Q2 24 | $3.2B | $6.0B |
| Q1 26 | 0.00× | — | ||
| Q4 25 | 0.12× | 4.15× | ||
| Q3 25 | — | 3.39× | ||
| Q2 25 | — | 3.55× | ||
| Q1 25 | — | 3.56× | ||
| Q4 24 | 0.10× | 3.62× | ||
| Q3 24 | — | 3.42× | ||
| Q2 24 | — | 2.88× |
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 | — | $158.9M |
| Free Cash FlowOCF − Capex | — | $149.7M |
| FCF MarginFCF / Revenue | — | 26.5% |
| Capex IntensityCapex / Revenue | 13.1% | 1.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $737.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $195.4M | $158.9M | ||
| Q3 25 | $51.5M | $191.2M | ||
| Q2 25 | $170.6M | $205.3M | ||
| Q1 25 | $192.1M | $206.6M | ||
| Q4 24 | $177.3M | $178.9M | ||
| Q3 24 | $244.5M | $-1.6M | ||
| Q2 24 | $248.2M | $175.6M |
| Q1 26 | — | — | ||
| Q4 25 | $-10.0M | $149.7M | ||
| Q3 25 | $-67.2M | $186.9M | ||
| Q2 25 | $33.1M | $199.0M | ||
| Q1 25 | $58.2M | $202.0M | ||
| Q4 24 | $-26.2M | $176.6M | ||
| Q3 24 | $77.9M | $-4.9M | ||
| Q2 24 | $112.2M | $169.4M |
| Q1 26 | — | — | ||
| Q4 25 | -1.0% | 26.5% | ||
| Q3 25 | -7.1% | 33.0% | ||
| Q2 25 | 3.2% | 33.8% | ||
| Q1 25 | 6.0% | 36.1% | ||
| Q4 24 | -2.8% | 29.3% | ||
| Q3 24 | 6.8% | -0.8% | ||
| Q2 24 | 9.7% | 28.0% |
| Q1 26 | 13.1% | — | ||
| Q4 25 | 19.8% | 1.6% | ||
| Q3 25 | 12.5% | 0.7% | ||
| Q2 25 | 13.2% | 1.1% | ||
| Q1 25 | 13.7% | 0.8% | ||
| Q4 24 | 21.6% | 0.4% | ||
| Q3 24 | 14.6% | 0.6% | ||
| Q2 24 | 11.7% | 1.0% |
| Q1 26 | — | — | ||
| Q4 25 | 14.28× | — | ||
| Q3 25 | 1.20× | 4.41× | ||
| Q2 25 | 2.40× | 4.28× | ||
| Q1 25 | 9.55× | 4.80× | ||
| Q4 24 | 3.42× | 2.01× | ||
| Q3 24 | 3.31× | — | ||
| Q2 24 | 2.29× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LBRT
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% |
