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Side-by-side financial comparison of WillScot Holdings Corp (WSC) and Zscaler, Inc. (ZS). Click either name above to swap in a different company.
Zscaler, Inc. is the larger business by last-quarter revenue ($788.1M vs $566.0M, roughly 1.4× WillScot Holdings Corp). Zscaler, Inc. runs the higher net margin — -1.5% vs -33.1%, a 31.6% gap on every dollar of revenue. On growth, Zscaler, Inc. posted the faster year-over-year revenue change (25.5% vs -6.1%). Zscaler, Inc. produced more free cash flow last quarter ($431.0M vs $149.7M). Over the past eight quarters, Zscaler, Inc.'s revenue compounded faster (22.5% 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.
Zscaler, Inc. is an American cloud security company based in San Jose, California. The company offers cloud-based services to protect enterprise networks and data.
WSC vs ZS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $566.0M | $788.1M |
| Net Profit | $-187.3M | $-11.6M |
| Gross Margin | 50.4% | 76.6% |
| Operating Margin | -32.5% | -4.6% |
| Net Margin | -33.1% | -1.5% |
| Revenue YoY | -6.1% | 25.5% |
| Net Profit YoY | -310.0% | 3.6% |
| EPS (diluted) | $-1.02 | $-0.07 |
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 | $788.1M | ||
| Q3 25 | $566.8M | $719.2M | ||
| Q2 25 | $589.1M | $678.0M | ||
| Q1 25 | $559.6M | $647.9M | ||
| Q4 24 | $602.5M | $628.0M | ||
| Q3 24 | $601.4M | $592.9M | ||
| Q2 24 | $604.6M | $553.2M | ||
| Q1 24 | $587.2M | $525.0M |
| Q4 25 | $-187.3M | $-11.6M | ||
| Q3 25 | $43.3M | $-17.6M | ||
| Q2 25 | $47.9M | $-4.1M | ||
| Q1 25 | $43.1M | $-7.7M | ||
| Q4 24 | $89.2M | $-12.1M | ||
| Q3 24 | $-70.5M | $-14.9M | ||
| Q2 24 | $-46.9M | $19.1M | ||
| Q1 24 | $56.2M | $-28.5M |
| Q4 25 | 50.4% | 76.6% | ||
| Q3 25 | 49.7% | 76.1% | ||
| Q2 25 | 50.3% | 77.0% | ||
| Q1 25 | 53.7% | 77.1% | ||
| Q4 24 | 55.8% | 77.5% | ||
| Q3 24 | 53.5% | 78.0% | ||
| Q2 24 | 54.1% | 78.6% | ||
| Q1 24 | 54.0% | 77.7% |
| Q4 25 | -32.5% | -4.6% | ||
| Q3 25 | 21.0% | -4.5% | ||
| Q2 25 | 21.5% | -3.7% | ||
| Q1 25 | 21.3% | -6.2% | ||
| Q4 24 | 28.9% | -4.9% | ||
| Q3 24 | -5.9% | -4.5% | ||
| Q2 24 | -0.9% | -0.5% | ||
| Q1 24 | 22.1% | -8.7% |
| Q4 25 | -33.1% | -1.5% | ||
| Q3 25 | 7.6% | -2.4% | ||
| Q2 25 | 8.1% | -0.6% | ||
| Q1 25 | 7.7% | -1.2% | ||
| Q4 24 | 14.8% | -1.9% | ||
| Q3 24 | -11.7% | -2.5% | ||
| Q2 24 | -7.7% | 3.5% | ||
| Q1 24 | 9.6% | -5.4% |
| Q4 25 | $-1.02 | $-0.07 | ||
| Q3 25 | $0.24 | $-0.11 | ||
| Q2 25 | $0.26 | $-0.03 | ||
| Q1 25 | $0.23 | $-0.05 | ||
| Q4 24 | $0.48 | $-0.08 | ||
| Q3 24 | $-0.37 | $-0.09 | ||
| Q2 24 | $-0.25 | $0.12 | ||
| Q1 24 | $0.29 | $-0.19 |
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 | $1.3B |
| Total DebtLower is stronger | $3.6B | — |
| Stockholders' EquityBook value | $856.3M | $2.0B |
| Total Assets | $5.8B | $6.5B |
| Debt / EquityLower = less leverage | 4.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $14.6M | $1.3B | ||
| Q3 25 | $14.8M | $2.4B | ||
| Q2 25 | $12.8M | $2.0B | ||
| Q1 25 | $10.7M | $1.8B | ||
| Q4 24 | $9.0M | $1.6B | ||
| Q3 24 | $11.0M | $1.4B | ||
| Q2 24 | $5.9M | $1.3B | ||
| Q1 24 | $13.1M | $1.4B |
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.6B | — | ||
| Q2 25 | $3.7B | $1.1B | ||
| Q1 25 | $3.6B | $1.1B | ||
| Q4 24 | $3.7B | $1.1B | ||
| Q3 24 | $3.6B | $1.1B | ||
| Q2 24 | $3.5B | $1.1B | ||
| Q1 24 | $3.5B | $1.1B |
| Q4 25 | $856.3M | $2.0B | ||
| Q3 25 | $1.1B | $1.8B | ||
| Q2 25 | $1.0B | $1.8B | ||
| Q1 25 | $1.0B | $1.6B | ||
| Q4 24 | $1.0B | $1.4B | ||
| Q3 24 | $1.1B | $1.3B | ||
| Q2 24 | $1.2B | $1.1B | ||
| Q1 24 | $1.3B | $958.9M |
| Q4 25 | $5.8B | $6.5B | ||
| Q3 25 | $6.1B | $6.4B | ||
| Q2 25 | $6.1B | $5.3B | ||
| Q1 25 | $6.0B | $5.0B | ||
| Q4 24 | $6.0B | $4.7B | ||
| Q3 24 | $6.0B | $4.7B | ||
| Q2 24 | $6.0B | $4.2B | ||
| Q1 24 | $6.2B | $3.9B |
| Q4 25 | 4.15× | — | ||
| Q3 25 | 3.39× | — | ||
| Q2 25 | 3.55× | 0.64× | ||
| Q1 25 | 3.56× | 0.71× | ||
| Q4 24 | 3.62× | 0.80× | ||
| Q3 24 | 3.42× | 0.90× | ||
| Q2 24 | 2.88× | 1.04× | ||
| Q1 24 | 2.63× | 1.19× |
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 | $448.3M |
| Free Cash FlowOCF − Capex | $149.7M | $431.0M |
| FCF MarginFCF / Revenue | 26.5% | 54.7% |
| Capex IntensityCapex / Revenue | 1.6% | 2.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $737.7M | $924.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $158.9M | $448.3M | ||
| Q3 25 | $191.2M | $250.6M | ||
| Q2 25 | $205.3M | $211.1M | ||
| Q1 25 | $206.6M | $179.4M | ||
| Q4 24 | $178.9M | $331.3M | ||
| Q3 24 | $-1.6M | $203.6M | ||
| Q2 24 | $175.6M | $173.4M | ||
| Q1 24 | $208.7M | $142.1M |
| Q4 25 | $149.7M | $431.0M | ||
| Q3 25 | $186.9M | $190.6M | ||
| Q2 25 | $199.0M | $138.9M | ||
| Q1 25 | $202.0M | $164.4M | ||
| Q4 24 | $176.6M | $314.3M | ||
| Q3 24 | $-4.9M | $154.2M | ||
| Q2 24 | $169.4M | $137.8M | ||
| Q1 24 | $202.1M | $111.2M |
| Q4 25 | 26.5% | 54.7% | ||
| Q3 25 | 33.0% | 26.5% | ||
| Q2 25 | 33.8% | 20.5% | ||
| Q1 25 | 36.1% | 25.4% | ||
| Q4 24 | 29.3% | 50.1% | ||
| Q3 24 | -0.8% | 26.0% | ||
| Q2 24 | 28.0% | 24.9% | ||
| Q1 24 | 34.4% | 21.2% |
| Q4 25 | 1.6% | 2.2% | ||
| Q3 25 | 0.7% | 8.3% | ||
| Q2 25 | 1.1% | 10.6% | ||
| Q1 25 | 0.8% | 2.3% | ||
| Q4 24 | 0.4% | 2.7% | ||
| Q3 24 | 0.6% | 8.3% | ||
| Q2 24 | 1.0% | 6.4% | ||
| Q1 24 | 1.1% | 5.9% |
| Q4 25 | — | — | ||
| Q3 25 | 4.41× | — | ||
| Q2 25 | 4.28× | — | ||
| Q1 25 | 4.80× | — | ||
| Q4 24 | 2.01× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 9.07× | ||
| Q1 24 | 3.71× | — |
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% |
ZS
Segment breakdown not available.
