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% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 635.66 | 831.84 | 910.94 | 944.24 |
| Operating Revenue | - | 632.35 | 819.66 | 900.72 | 934.84 |
| 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 |
| Selling General And Administration | - | 142.91 | 207.54 | 200.43 | 211.35 |
| Total Expenses | - | 488.37 | 642.13 | 666.68 | 700.61 |
| Operating Income | - | 147.29 | 189.71 | 244.26 | 243.62 |
| Total Operating Income As Reported | - | 147.29 | 189.71 | 244.26 | 243.62 |
| EBITDA | - | 258.26 | 299.40 | 468.34 | 350.77 |
| Normalized EBITDA | - | 258.64 | 299.09 | 351.72 | 350.69 |
| EBIT | - | 146.92 | 190.02 | 360.89 | 243.70 |
| Interest Expense | - | 12.23 | 40.56 | 47.24 | 30.62 |
| Net Interest Income | - | -12.23 | -40.56 | -47.24 | -30.62 |
| Other Income Expense | - | -0.38 | 0.31 | 116.63 | 0.08 |
| Interest Expense Non Operating | - | 12.23 | 40.56 | 47.24 | 30.62 |
| Net Non Operating Interest Income Expense | - | -12.23 | -40.56 | -47.24 | -30.62 |
| Pretax Income | - | 134.69 | 149.46 | 313.65 | 213.08 |
| Tax Provision | - | 31.38 | 37.61 | 81.92 | 56.77 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.09 | 0.08 | 30.46 | 0.02 |
| Net Income Continuous Operations | - | 103.31 | 111.85 | 231.73 | 156.31 |
| Net Income From Continuing And Discontinued Operation | - | 115.14 | 174.62 | 231.73 | 156.31 |
| Net Income From Continuing Operation Net Minority Interest | - | 103.31 | 111.85 | 231.73 | 156.31 |
| Net Income | - | 115.14 | 174.62 | 231.73 | 156.31 |
| Net Income Common Stockholders | - | 115.14 | 174.62 | 231.73 | 156.31 |
| Net Income Including Noncontrolling Interests | - | 115.14 | 174.62 | 231.73 | 156.31 |
| Normalized Income | - | 103.60 | 111.62 | 145.56 | 156.25 |
| Diluted NI Availto Com Stockholders | - | 115.14 | 174.62 | 231.73 | 156.31 |
| Basic Average Shares | - | 24.35 | 24.47 | 24.54 | 24.60 |
| Diluted Average Shares | - | 24.52 | 24.53 | 24.57 | 24.63 |
| Reconciled Depreciation | - | 111.34 | 109.38 | 107.46 | 107.07 |
| Reconciled Cost Of Revenue | - | 345.46 | 438.21 | 475.53 | 489.26 |
| 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 Discontinuous Operations | - | 11.83 | 62.77 | 0 | 0 |
| 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 | -0.22 | 0.08 |
| Rent Expense Supplemental | - | 173.20 | 211.57 | 212.54 | 230.34 |
| Other Operating Expenses | - | - | -3.62 | -9.28 | - |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| McGrath RentCorpthis co. | MGRC | $2.7B | 17.18 | 2.17 | 12.6% | 9.12 |
| Exponent, Inc. | EXPO | $2.9B | 27.22 | 7.39 | 27.2% | 21.15 |
| Atkore Inc. | ATKR | $2.9B | -188.99 | 2.05 | -1.1% | 18.87 |
| Helios Technologies, Inc. | HLIO | $2.8B | 58.68 | 3.05 | 5.2% | 21.28 |
| Voyager Technologies, Inc. | VOYG | $2.8B | -26.97 |
| - |
| - |
| - |
| - |
| - |
| 7.37 |
| -27.3% |
| -31.29 |
| Eos Energy Enterprises, Inc. | EOSE | $2.7B | -2.83 | -1.23 | 43.3% | -3.24 |
| First Advantage Corporation | FA | $2.7B | -77.68 | 2.06 | -2.7% | 11.98 |
| V2X, Inc. | VVX | $2.6B | 33.65 | 2.42 | 7.2% | 11.33 |
| PureCycle Technologies, Inc. | PCT | $2.5B | -13.82 | 54.98 | -397.9% | -33.37 |
| Peer Median | - | -8.32 | 2.73 | 2.1% | 11.66 | |