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Side-by-side financial comparison of Mid-America Apartment Communities (MAA) 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 $553.7M, roughly 1.0× Mid-America Apartment Communities). On growth, Mid-America Apartment Communities posted the faster year-over-year revenue change (438.7% vs -6.1%). Over the past eight quarters, Mid-America Apartment Communities's revenue compounded faster (0.7% CAGR vs -1.8%).
Mid-America Apartment Communities, Inc. (MAA) is a publicly traded real estate investment trust based in Memphis, Tennessee that invests in apartments in the Southeastern United States and the Southwestern United States.
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.
MAA vs WSC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $553.7M | $566.0M |
| Net Profit | — | $-187.3M |
| Gross Margin | — | 50.4% |
| Operating Margin | — | -32.5% |
| Net Margin | — | -33.1% |
| Revenue YoY | 438.7% | -6.1% |
| Net Profit YoY | — | -310.0% |
| EPS (diluted) | $4.34 | $-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 | $553.7M | — | ||
| Q4 25 | $555.6M | $566.0M | ||
| Q3 25 | $554.4M | $566.8M | ||
| Q2 25 | $549.9M | $589.1M | ||
| Q1 25 | $549.3M | $559.6M | ||
| Q4 24 | $549.8M | $602.5M | ||
| Q3 24 | $551.1M | $601.4M | ||
| Q2 24 | $546.4M | $604.6M |
| Q1 26 | — | — | ||
| Q4 25 | $57.6M | $-187.3M | ||
| Q3 25 | $99.5M | $43.3M | ||
| Q2 25 | $108.1M | $47.9M | ||
| Q1 25 | $181.7M | $43.1M | ||
| Q4 24 | $166.6M | $89.2M | ||
| Q3 24 | $115.2M | $-70.5M | ||
| Q2 24 | $102.0M | $-46.9M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 10.4% | -32.5% | ||
| Q3 25 | 18.7% | 21.0% | ||
| Q2 25 | 20.2% | 21.5% | ||
| Q1 25 | 34.0% | 21.3% | ||
| Q4 24 | 31.3% | 28.9% | ||
| Q3 24 | 21.5% | -5.9% | ||
| Q2 24 | 19.3% | -0.9% |
| Q1 26 | — | — | ||
| Q4 25 | 10.4% | -33.1% | ||
| Q3 25 | 18.0% | 7.6% | ||
| Q2 25 | 19.7% | 8.1% | ||
| Q1 25 | 33.1% | 7.7% | ||
| Q4 24 | 30.3% | 14.8% | ||
| Q3 24 | 20.9% | -11.7% | ||
| Q2 24 | 18.7% | -7.7% |
| Q1 26 | $4.34 | — | ||
| Q4 25 | $0.48 | $-1.02 | ||
| Q3 25 | $0.84 | $0.24 | ||
| Q2 25 | $0.92 | $0.26 | ||
| Q1 25 | $1.54 | $0.23 | ||
| Q4 24 | $1.43 | $0.48 | ||
| Q3 24 | $0.98 | $-0.37 | ||
| Q2 24 | $0.86 | $-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 | — | $14.6M |
| Total DebtLower is stronger | — | $3.6B |
| Stockholders' EquityBook value | — | $856.3M |
| Total Assets | — | $5.8B |
| Debt / EquityLower = less leverage | — | 4.15× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $60.3M | $14.6M | ||
| Q3 25 | $32.2M | $14.8M | ||
| Q2 25 | $54.5M | $12.8M | ||
| Q1 25 | $55.8M | $10.7M | ||
| Q4 24 | $43.0M | $9.0M | ||
| Q3 24 | $50.2M | $11.0M | ||
| Q2 24 | $62.8M | $5.9M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | $5.7B | $856.3M | ||
| Q3 25 | $5.8B | $1.1B | ||
| Q2 25 | $5.9B | $1.0B | ||
| Q1 25 | $5.9B | $1.0B | ||
| Q4 24 | $5.9B | $1.0B | ||
| Q3 24 | $5.9B | $1.1B | ||
| Q2 24 | $6.0B | $1.2B |
| Q1 26 | — | — | ||
| Q4 25 | $12.0B | $5.8B | ||
| Q3 25 | $11.9B | $6.1B | ||
| Q2 25 | $11.8B | $6.1B | ||
| Q1 25 | $11.8B | $6.0B | ||
| Q4 24 | $11.8B | $6.0B | ||
| Q3 24 | $11.8B | $6.0B | ||
| Q2 24 | $11.6B | $6.0B |
| Q1 26 | — | — | ||
| 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× |
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 | — | 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 | $261.7M | $158.9M | ||
| Q3 25 | $266.4M | $191.2M | ||
| Q2 25 | $353.4M | $205.3M | ||
| Q1 25 | $196.6M | $206.6M | ||
| Q4 24 | $239.1M | $178.9M | ||
| Q3 24 | $309.5M | $-1.6M | ||
| Q2 24 | $349.4M | $175.6M |
| Q1 26 | — | — | ||
| Q4 25 | $158.6M | $149.7M | ||
| Q3 25 | $170.8M | $186.9M | ||
| Q2 25 | $264.5M | $199.0M | ||
| Q1 25 | $124.0M | $202.0M | ||
| Q4 24 | $152.6M | $176.6M | ||
| Q3 24 | $215.5M | $-4.9M | ||
| Q2 24 | $259.7M | $169.4M |
| Q1 26 | — | — | ||
| Q4 25 | 28.5% | 26.5% | ||
| Q3 25 | 30.8% | 33.0% | ||
| Q2 25 | 48.1% | 33.8% | ||
| Q1 25 | 22.6% | 36.1% | ||
| Q4 24 | 27.8% | 29.3% | ||
| Q3 24 | 39.1% | -0.8% | ||
| Q2 24 | 47.5% | 28.0% |
| Q1 26 | — | — | ||
| Q4 25 | 18.6% | 1.6% | ||
| Q3 25 | 17.2% | 0.7% | ||
| Q2 25 | 16.2% | 1.1% | ||
| Q1 25 | 13.2% | 0.8% | ||
| Q4 24 | 15.7% | 0.4% | ||
| Q3 24 | 17.1% | 0.6% | ||
| Q2 24 | 16.4% | 1.0% |
| Q1 26 | — | — | ||
| Q4 25 | 4.55× | — | ||
| Q3 25 | 2.68× | 4.41× | ||
| Q2 25 | 3.27× | 4.28× | ||
| Q1 25 | 1.08× | 4.80× | ||
| Q4 24 | 1.43× | 2.01× | ||
| Q3 24 | 2.69× | — | ||
| Q2 24 | 3.43× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MAA
| Same Store Communities | $517.0M | 93% |
| Non-Same Store Communities | $22.1M | 4% |
| Lease-up/Development Communities | $7.7M | 1% |
| Commercial Property/Land | $7.0M | 1% |
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% |
