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Side-by-side financial comparison of Wendy's Co (WEN) 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 $543.0M, roughly 1.0× Wendy's Co). Wendy's Co runs the higher net margin — 4.9% vs -33.1%, a 38.0% gap on every dollar of revenue. On growth, Wendy's Co posted the faster year-over-year revenue change (-5.5% vs -6.1%). WillScot Holdings Corp produced more free cash flow last quarter ($149.7M vs $31.4M). Over the past eight quarters, Wendy's Co's revenue compounded faster (0.8% CAGR vs -1.8%).
The Wendy's Company is an American fast food corporation and the holding company for Wendy's and First Kitchen. Originally founded as the Deisel-Wemmer Company, it is headquartered in Dublin, Ohio. The company's principal subsidiary, Wendy's International, is the franchisor of Wendy's restaurants.
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.
WEN vs WSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $543.0M | $566.0M |
| Net Profit | $26.5M | $-187.3M |
| Gross Margin | 62.7% | 50.4% |
| Operating Margin | 11.8% | -32.5% |
| Net Margin | 4.9% | -33.1% |
| Revenue YoY | -5.5% | -6.1% |
| Net Profit YoY | -44.2% | -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.
| Q4 25 | $543.0M | $566.0M | ||
| Q3 25 | $549.5M | $566.8M | ||
| Q2 25 | $560.9M | $589.1M | ||
| Q1 25 | $523.5M | $559.6M | ||
| Q4 24 | $574.3M | $602.5M | ||
| Q3 24 | $566.7M | $601.4M | ||
| Q2 24 | $570.7M | $604.6M | ||
| Q1 24 | $534.8M | $587.2M |
| Q4 25 | $26.5M | $-187.3M | ||
| Q3 25 | $44.3M | $43.3M | ||
| Q2 25 | $55.1M | $47.9M | ||
| Q1 25 | $39.2M | $43.1M | ||
| Q4 24 | $47.5M | $89.2M | ||
| Q3 24 | $50.2M | $-70.5M | ||
| Q2 24 | $54.6M | $-46.9M | ||
| Q1 24 | $42.0M | $56.2M |
| Q4 25 | 62.7% | 50.4% | ||
| Q3 25 | 62.8% | 49.7% | ||
| Q2 25 | 65.0% | 50.3% | ||
| Q1 25 | 64.1% | 53.7% | ||
| Q4 24 | 65.9% | 55.8% | ||
| Q3 24 | 65.5% | 53.5% | ||
| Q2 24 | 65.0% | 54.1% | ||
| Q1 24 | 64.1% | 54.0% |
| Q4 25 | 11.8% | -32.5% | ||
| Q3 25 | 16.8% | 21.0% | ||
| Q2 25 | 18.6% | 21.5% | ||
| Q1 25 | 15.9% | 21.3% | ||
| Q4 24 | 16.7% | 28.9% | ||
| Q3 24 | 16.7% | -5.9% | ||
| Q2 24 | 17.4% | -0.9% | ||
| Q1 24 | 15.2% | 22.1% |
| Q4 25 | 4.9% | -33.1% | ||
| Q3 25 | 8.1% | 7.6% | ||
| Q2 25 | 9.8% | 8.1% | ||
| Q1 25 | 7.5% | 7.7% | ||
| Q4 24 | 8.3% | 14.8% | ||
| Q3 24 | 8.9% | -11.7% | ||
| Q2 24 | 9.6% | -7.7% | ||
| Q1 24 | 7.9% | 9.6% |
| Q4 25 | $0.14 | $-1.02 | ||
| Q3 25 | $0.23 | $0.24 | ||
| Q2 25 | $0.29 | $0.26 | ||
| Q1 25 | $0.19 | $0.23 | ||
| Q4 24 | $0.23 | $0.48 | ||
| Q3 24 | $0.25 | $-0.37 | ||
| Q2 24 | $0.27 | $-0.25 | ||
| Q1 24 | $0.20 | $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 | $300.8M | $14.6M |
| Total DebtLower is stronger | $2.8B | $3.6B |
| Stockholders' EquityBook value | $117.4M | $856.3M |
| Total Assets | $5.0B | $5.8B |
| Debt / EquityLower = less leverage | 23.51× | 4.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $300.8M | $14.6M | ||
| Q3 25 | $291.4M | $14.8M | ||
| Q2 25 | $281.2M | $12.8M | ||
| Q1 25 | $335.3M | $10.7M | ||
| Q4 24 | $450.5M | $9.0M | ||
| Q3 24 | $482.2M | $11.0M | ||
| Q2 24 | $465.5M | $5.9M | ||
| Q1 24 | $498.3M | $13.1M |
| Q4 25 | $2.8B | $3.6B | ||
| Q3 25 | $2.7B | $3.6B | ||
| Q2 25 | $2.7B | $3.7B | ||
| Q1 25 | $2.7B | $3.6B | ||
| Q4 24 | $2.7B | $3.7B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.5B | ||
| Q1 24 | — | $3.5B |
| Q4 25 | $117.4M | $856.3M | ||
| Q3 25 | $109.2M | $1.1B | ||
| Q2 25 | $112.9M | $1.0B | ||
| Q1 25 | $130.2M | $1.0B | ||
| Q4 24 | $259.4M | $1.0B | ||
| Q3 24 | $259.9M | $1.1B | ||
| Q2 24 | $273.8M | $1.2B | ||
| Q1 24 | $293.7M | $1.3B |
| Q4 25 | $5.0B | $5.8B | ||
| Q3 25 | $5.0B | $6.1B | ||
| Q2 25 | $4.9B | $6.1B | ||
| Q1 25 | $4.9B | $6.0B | ||
| Q4 24 | $5.0B | $6.0B | ||
| Q3 24 | $5.1B | $6.0B | ||
| Q2 24 | $5.1B | $6.0B | ||
| Q1 24 | $5.2B | $6.2B |
| Q4 25 | 23.51× | 4.15× | ||
| Q3 25 | 24.95× | 3.39× | ||
| Q2 25 | 24.18× | 3.55× | ||
| Q1 25 | 21.00× | 3.56× | ||
| Q4 24 | 10.57× | 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 | $69.3M | $158.9M |
| Free Cash FlowOCF − Capex | $31.4M | $149.7M |
| FCF MarginFCF / Revenue | 5.8% | 26.5% |
| Capex IntensityCapex / Revenue | 7.0% | 1.6% |
| Cash ConversionOCF / Net Profit | 2.62× | — |
| TTM Free Cash FlowTrailing 4 quarters | $242.6M | $737.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $69.3M | $158.9M | ||
| Q3 25 | $129.3M | $191.2M | ||
| Q2 25 | $60.6M | $205.3M | ||
| Q1 25 | $85.4M | $206.6M | ||
| Q4 24 | $68.6M | $178.9M | ||
| Q3 24 | $141.2M | $-1.6M | ||
| Q2 24 | $45.5M | $175.6M | ||
| Q1 24 | $100.0M | $208.7M |
| Q4 25 | $31.4M | $149.7M | ||
| Q3 25 | $104.3M | $186.9M | ||
| Q2 25 | $39.2M | $199.0M | ||
| Q1 25 | $67.7M | $202.0M | ||
| Q4 24 | $26.6M | $176.6M | ||
| Q3 24 | $123.3M | $-4.9M | ||
| Q2 24 | $28.4M | $169.4M | ||
| Q1 24 | $82.6M | $202.1M |
| Q4 25 | 5.8% | 26.5% | ||
| Q3 25 | 19.0% | 33.0% | ||
| Q2 25 | 7.0% | 33.8% | ||
| Q1 25 | 12.9% | 36.1% | ||
| Q4 24 | 4.6% | 29.3% | ||
| Q3 24 | 21.8% | -0.8% | ||
| Q2 24 | 5.0% | 28.0% | ||
| Q1 24 | 15.5% | 34.4% |
| Q4 25 | 7.0% | 1.6% | ||
| Q3 25 | 4.5% | 0.7% | ||
| Q2 25 | 3.8% | 1.1% | ||
| Q1 25 | 3.4% | 0.8% | ||
| Q4 24 | 7.3% | 0.4% | ||
| Q3 24 | 3.2% | 0.6% | ||
| Q2 24 | 3.0% | 1.0% | ||
| Q1 24 | 3.2% | 1.1% |
| Q4 25 | 2.62× | — | ||
| Q3 25 | 2.92× | 4.41× | ||
| Q2 25 | 1.10× | 4.28× | ||
| Q1 25 | 2.18× | 4.80× | ||
| Q4 24 | 1.44× | 2.01× | ||
| Q3 24 | 2.81× | — | ||
| Q2 24 | 0.83× | — | ||
| Q1 24 | 2.38× | 3.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
WEN
| Franchise Royalty Revenueand Fees | $149.3M | 27% |
| Royalty | $103.6M | 19% |
| Advertising | $103.3M | 19% |
| Global Real Estate Development | $60.5M | 11% |
| Real Estate | $59.5M | 11% |
| Wendys International | $39.5M | 7% |
| Franchise | $21.5M | 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% |
