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Side-by-side financial comparison of WillScot Holdings Corp (WSC) and OLYMPIC STEEL INC (ZEUS). Click either name above to swap in a different company.
WillScot Holdings Corp is the larger business by last-quarter revenue ($566.0M vs $490.7M, roughly 1.2× OLYMPIC STEEL INC). OLYMPIC STEEL INC runs the higher net margin — 0.4% vs -33.1%, a 33.5% gap on every dollar of revenue. On growth, OLYMPIC STEEL INC posted the faster year-over-year revenue change (4.4% vs -6.1%). WillScot Holdings Corp produced more free cash flow last quarter ($149.7M vs $-12.9M). Over the past eight quarters, OLYMPIC STEEL INC's revenue compounded faster (0.1% CAGR vs -1.8%).
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.
Olympic Steel, Inc. is a metals service center based in Cleveland, Ohio. The company processes and distributes carbon, coated and stainless flat-rolled sheet, coil and plate steel, aluminium alloy, tin plate, and metal-intensive branded products primarily in the United States. Metals processing and value added services include tempering, stretch leveling, cutting-to-length, slitting, edging, shearing, blanking, burning, forming, shot blasting, laser punching, plate rolling, fabricating, machi...
WSC vs ZEUS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $566.0M | $490.7M |
| Net Profit | $-187.3M | $2.2M |
| Gross Margin | 50.4% | — |
| Operating Margin | -32.5% | 1.5% |
| Net Margin | -33.1% | 0.4% |
| Revenue YoY | -6.1% | 4.4% |
| Net Profit YoY | -310.0% | -21.2% |
| EPS (diluted) | $-1.02 | $0.18 |
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 | $566.0M | — | ||
| Q3 25 | $566.8M | $490.7M | ||
| Q2 25 | $589.1M | $496.5M | ||
| Q1 25 | $559.6M | $492.9M | ||
| Q4 24 | $602.5M | $418.8M | ||
| Q3 24 | $601.4M | $470.0M | ||
| Q2 24 | $604.6M | $526.3M | ||
| Q1 24 | $587.2M | $526.6M |
| Q4 25 | $-187.3M | — | ||
| Q3 25 | $43.3M | $2.2M | ||
| Q2 25 | $47.9M | $5.2M | ||
| Q1 25 | $43.1M | $2.5M | ||
| Q4 24 | $89.2M | $3.9M | ||
| Q3 24 | $-70.5M | $2.7M | ||
| Q2 24 | $-46.9M | $7.7M | ||
| Q1 24 | $56.2M | $8.7M |
| 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 | -32.5% | — | ||
| Q3 25 | 21.0% | 1.5% | ||
| Q2 25 | 21.5% | 2.3% | ||
| Q1 25 | 21.3% | 1.6% | ||
| Q4 24 | 28.9% | 2.1% | ||
| Q3 24 | -5.9% | 1.7% | ||
| Q2 24 | -0.9% | 2.9% | ||
| Q1 24 | 22.1% | 3.0% |
| Q4 25 | -33.1% | — | ||
| Q3 25 | 7.6% | 0.4% | ||
| Q2 25 | 8.1% | 1.1% | ||
| Q1 25 | 7.7% | 0.5% | ||
| Q4 24 | 14.8% | 0.9% | ||
| Q3 24 | -11.7% | 0.6% | ||
| Q2 24 | -7.7% | 1.5% | ||
| Q1 24 | 9.6% | 1.7% |
| Q4 25 | $-1.02 | — | ||
| Q3 25 | $0.24 | $0.18 | ||
| Q2 25 | $0.26 | $0.45 | ||
| Q1 25 | $0.23 | $0.21 | ||
| Q4 24 | $0.48 | $0.33 | ||
| Q3 24 | $-0.37 | $0.23 | ||
| Q2 24 | $-0.25 | $0.66 | ||
| Q1 24 | $0.29 | $0.75 |
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 | $7.5M |
| Total DebtLower is stronger | $3.6B | $240.9M |
| Stockholders' EquityBook value | $856.3M | $579.1M |
| Total Assets | $5.8B | $1.1B |
| Debt / EquityLower = less leverage | 4.15× | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $14.6M | — | ||
| Q3 25 | $14.8M | $7.5M | ||
| Q2 25 | $12.8M | $14.8M | ||
| Q1 25 | $10.7M | $13.3M | ||
| Q4 24 | $9.0M | $11.9M | ||
| Q3 24 | $11.0M | $11.1M | ||
| Q2 24 | $5.9M | $9.4M | ||
| Q1 24 | $13.1M | $10.3M |
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.6B | $240.9M | ||
| Q2 25 | $3.7B | $233.2M | ||
| Q1 25 | $3.6B | $235.4M | ||
| Q4 24 | $3.7B | $272.5M | ||
| Q3 24 | $3.6B | $197.3M | ||
| Q2 24 | $3.5B | $209.2M | ||
| Q1 24 | $3.5B | $196.8M |
| Q4 25 | $856.3M | — | ||
| Q3 25 | $1.1B | $579.1M | ||
| Q2 25 | $1.0B | $578.2M | ||
| Q1 25 | $1.0B | $574.2M | ||
| Q4 24 | $1.0B | $573.9M | ||
| Q3 24 | $1.1B | $570.6M | ||
| Q2 24 | $1.2B | $569.5M | ||
| Q1 24 | $1.3B | $563.0M |
| Q4 25 | $5.8B | — | ||
| Q3 25 | $6.1B | $1.1B | ||
| Q2 25 | $6.1B | $1.1B | ||
| Q1 25 | $6.0B | $1.1B | ||
| Q4 24 | $6.0B | $1.0B | ||
| Q3 24 | $6.0B | $1.0B | ||
| Q2 24 | $6.0B | $1.0B | ||
| Q1 24 | $6.2B | $1.0B |
| Q4 25 | 4.15× | — | ||
| Q3 25 | 3.39× | 0.42× | ||
| Q2 25 | 3.55× | 0.40× | ||
| Q1 25 | 3.56× | 0.41× | ||
| Q4 24 | 3.62× | 0.47× | ||
| Q3 24 | 3.42× | 0.35× | ||
| Q2 24 | 2.88× | 0.37× | ||
| Q1 24 | 2.63× | 0.35× |
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 | $-5.4M |
| Free Cash FlowOCF − Capex | $149.7M | $-12.9M |
| FCF MarginFCF / Revenue | 26.5% | -2.6% |
| Capex IntensityCapex / Revenue | 1.6% | 1.5% |
| Cash ConversionOCF / Net Profit | — | -2.50× |
| TTM Free Cash FlowTrailing 4 quarters | $737.7M | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $158.9M | — | ||
| Q3 25 | $191.2M | $-5.4M | ||
| Q2 25 | $205.3M | $15.5M | ||
| Q1 25 | $206.6M | $49.4M | ||
| Q4 24 | $178.9M | $14.6M | ||
| Q3 24 | $-1.6M | $24.6M | ||
| Q2 24 | $175.6M | $-2.9M | ||
| Q1 24 | $208.7M | $-2.6M |
| Q4 25 | $149.7M | — | ||
| Q3 25 | $186.9M | $-12.9M | ||
| Q2 25 | $199.0M | $6.8M | ||
| Q1 25 | $202.0M | $40.6M | ||
| Q4 24 | $176.6M | $7.4M | ||
| Q3 24 | $-4.9M | $15.6M | ||
| Q2 24 | $169.4M | $-11.3M | ||
| Q1 24 | $202.1M | $-7.4M |
| Q4 25 | 26.5% | — | ||
| Q3 25 | 33.0% | -2.6% | ||
| Q2 25 | 33.8% | 1.4% | ||
| Q1 25 | 36.1% | 8.2% | ||
| Q4 24 | 29.3% | 1.8% | ||
| Q3 24 | -0.8% | 3.3% | ||
| Q2 24 | 28.0% | -2.2% | ||
| Q1 24 | 34.4% | -1.4% |
| Q4 25 | 1.6% | — | ||
| Q3 25 | 0.7% | 1.5% | ||
| Q2 25 | 1.1% | 1.7% | ||
| Q1 25 | 0.8% | 1.8% | ||
| Q4 24 | 0.4% | 1.7% | ||
| Q3 24 | 0.6% | 1.9% | ||
| Q2 24 | 1.0% | 1.6% | ||
| Q1 24 | 1.1% | 0.9% |
| Q4 25 | — | — | ||
| Q3 25 | 4.41× | -2.50× | ||
| Q2 25 | 4.28× | 2.96× | ||
| Q1 25 | 4.80× | 19.70× | ||
| Q4 24 | 2.01× | 3.75× | ||
| Q3 24 | — | 9.01× | ||
| Q2 24 | — | -0.38× | ||
| Q1 24 | 3.71× | -0.30× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
ZEUS
| Carbon Flat Products | $268.2M | 55% |
| Specialty Metals Flat Products | $140.9M | 29% |
| Tubular And Pipe Products | $81.6M | 17% |
