McGrath RentCorp operates as a business-to-business rental company in the United States and internationally. The company also engages in renting and selling relocatable modular buildings, portable storage containers, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex. The Mobile Modular segment rents and sells modular buildings designed for use as classrooms, temporary offices adjacent to existing facilities, sales offices, construction field offices, restroom buildings, health care clinics, childcare facilities, office spaces, and various other purposes. The Portable Storage segment offers steel containers, such as storage and office containers, to provide temporary storage solutions to construction, retail, commercial and industrial, energy and petrochemical, manufacturing, education, and healthcare markets. The TRS-RenTelco segment rents and sells general purpose electronic test equipment, such as oscilloscopes, amplifiers, analyzers, signal source, and power source test equipment primarily for the aerospace, defense, electronics, industrial, research, and semiconductor industries. This segment also provides communications test equipment, including network and transmission test equipment for various fiber, copper, and wireless networks to the manufacturers of communications equipment and products, electrical and communications installation contractors, field technicians, and service providers. The Enviroplex segment manufactures and sells portable classrooms directly to public school districts and other educational institutions in California. The company was incorporated in 1979 and is based in Livermore, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $944M | $351M | $156M | $69M | 12.6% | 3.7% | -32.5% |
| 2024 | $911M | $468M | $232M | $143M | 20.6% | 9.5% | 32.7% |
| 2023 | $832M | $299M | $175M | $-178M | 18.7% | 30.9% | 51.7% |
| 2022 | $636M | $258M | $115M | $-11M | 14.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 635.66 | 831.84 | 910.94 | 944.24 |
| Cost Of Revenue | 345.46 | 438.21 | 475.53 | 489.26 |
| Gross Profit | 290.21 | 393.63 | 435.42 | 454.98 |
| Operating Expense | 142.91 | 203.92 | 191.15 | 211.35 |
| Operating Income | 147.29 | 189.71 | 244.26 | 243.62 |
| EBITDA | 258.26 | 299.40 | 468.35 | 350.77 |
| EBIT | 146.92 | 190.02 | 360.89 | 243.70 |
| Pretax Income | 134.69 | 149.46 | 313.65 | 213.08 |
| Tax Provision | 31.38 | 37.61 | 81.92 | 56.77 |
| Net Income | 115.14 | 174.62 | 231.73 | 156.31 |
| Net Income Common Stockholders | 115.14 | 174.62 | 231.73 | 156.31 |
| Total Expenses | 488.37 | 642.13 | 666.68 | 700.61 |
| Interest Expense | 12.23 | 40.56 | 47.24 | 30.62 |
| Selling General And Administration | 142.91 | 207.54 | 200.43 | 211.35 |
| Normalized EBITDA | 258.64 | 299.09 | 351.72 | 350.69 |
| Normalized Income | 103.60 | 111.62 | 145.56 | 156.25 |
| Basic EPS | 4.73 | 7.14 | 9.44 | 6.35 |
| Diluted EPS | 4.70 | 7.12 | 9.43 | 6.35 |
| Tax Effect Of Unusual Items | -0.09 | 0.08 | 30.46 | 0.02 |
| Tax Rate For Calcs | 0.23 | 0.25 | 0.26 | 0.27 |
| Total Unusual Items | -0.38 | 0.31 | 116.63 | 0.08 |
| Total Unusual Items Excluding Goodwill | -0.38 | 0.31 | 116.63 | 0.08 |
| Net Income From Continuing Operation Net Minority Interest | 103.31 | 111.85 | 231.73 | 156.31 |
| Reconciled Depreciation | 111.34 | 109.38 | 107.45 | 107.07 |
| Reconciled Cost Of Revenue | 345.46 | 438.21 | 475.53 | 489.26 |
| Net Interest Income | -12.23 | -40.56 | -47.24 | -30.62 |
| Net Income From Continuing And Discontinued Operation | 115.14 | 174.62 | 231.73 | 156.31 |
| Rent Expense Supplemental | 173.20 | 211.57 | 212.53 | 230.34 |
| Total Operating Income As Reported | 147.29 | 189.71 | 244.26 | 243.62 |
| Diluted Average Shares | 24.52 | 24.53 | 24.57 | 24.63 |
| Basic Average Shares | 24.35 | 24.47 | 24.54 | 24.60 |
| Diluted NI Availto Com Stockholders | 115.14 | 174.62 | 231.73 | 156.31 |
| Net Income Including Noncontrolling Interests | 115.14 | 174.62 | 231.73 | 156.31 |
| Net Income Discontinuous Operations | 11.83 | 62.77 | 0 | 0 |
| Net Income Continuous Operations | 103.31 | 111.85 | 231.73 | 156.31 |
| Other Income Expense | -0.38 | 0.31 | 116.63 | 0.08 |
| Special Income Charges | 0 | 0 | 116.84 | 0 |
| Restructuring And Mergern Acquisition | 0 | 0 | -116.84 | 0 |
| Gain On Sale Of Security | -0.38 | 0.31 | -0.21 | 0.08 |
| Net Non Operating Interest Income Expense | -12.23 | -40.56 | -47.24 | -30.62 |
| Interest Expense Non Operating | 12.23 | 40.56 | 47.24 | 30.62 |
| Other Operating Expenses | 0 | -3.62 | -9.28 | 0 |
| Operating Revenue | 632.35 | 819.66 | 900.72 | 934.84 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| McGrath RentCorpthis co. | MGRC | $2.9B | 18.68β discount | 2.36 | 12.6% | 13.09 |
| Maximus, Inc. | MMS | $3.6B | 10.02 | 2.07 | 19.1% | 7.27 |
| BETA Technologies, Inc. | BETA | $3.5B | - | 1.83 | -41.0% | -5.24 |
| Exponent, Inc. | EXPO | $3.2B | 31.97 | 8.41 | 27.2% | 24.03 |
| Amprius Technologies, Inc. | AMPX | $2.8B | - |
| 26.35 |
| -42.4% |
| -138.51 |
| CECO Environmental Corp. | CECO | $2.6B | 190.74 | 8.14 | 15.5% | 32.79 |
| Atkore Inc. | ATKR | $2.5B | - | 1.81 | -1.1% | 9.42 |
| Astronics Corporation | ATRO | $2.4B | 82.70 | 17.06 | 21.0% | 23.80 |
| Xometry, Inc. | XMTR | $2.3B | - | 8.43 | -22.3% | -96.98 |
| Peer Median | - | 57.34 | 8.27 | 7.2% | 8.35 | |