McGrath RentCorp
McGrath RentCorp is a U.S.-based business-to-business rental company organized around modular buildings, portable storage containers, and electronic test equipment. It also sells modular classroom buildings in California through Enviroplex, while the core model remains renting equipment and recovering capital through recurring lease income and eventual equipment sales.
Tilikausi 2025 · muutos edellisvuodesta
Kehitys 2020–2025
Liiketoiminta
Osuus liikevaihdostaRental and sale of relocatable modular buildings used for classrooms and office space.
Rental and sale of steel storage containers and ground-level office units.
Rental and sale of electronic test equipment for general purpose and communications applications.
Manufacture and sale of modular classroom buildings primarily in California.
Tuotteet
Raportoitu · osuus liikevaihdosta- Non Lease Revenues35,0 %
- Products28,8 %
- Non Lease Sales28,6 %
- Non Lease Rental Related Services5,9 %
- Other1,1 %
- Non Lease Other0,5 %
Lähde: 10-K FY2024, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.
Asiakkaat
Customers are mainly businesses, institutions, and public-sector users that need temporary or flexible space or specialized test equipment. Modular buildings serve schools, offices, and project sites; portable storage serves construction and commercial users; and TRS-RenTelco serves aerospace, defense, communications, manufacturing, semiconductor, and other industrial customers. The common buying driver is speed of deployment, flexibility, and avoiding the capital commitment of owning the asset outright.
School districts and related users buy modular classrooms and temporary space to address enrollment, renovation, or capacity needs.
Businesses and contractors rent modular buildings and storage units for temporary offices, jobsite support, and secure storage.
These customers rent test equipment for R&D, manufacturing, installation, and maintenance work.
Manufacturers and industrial users rent equipment or storage to support operations and project-based demand.
Strategia
Management is focused on improving service intensity, operational responsiveness, and asset utilization across its rental fleet. The company also emphasizes centralized logistics, calibration, and maintenance for test equipment, plus efficient facilities and infrastructure for modular buildings to support faster delivery and lower service cost. These priorities are meant to defend pricing, improve repeat business, and make the rental model more capital-efficient.
Fast delivery, reliability, and support are key buying criteria in rental markets.
The business depends on recovering capital through rental income and resale value.
Centralized servicing and specialized facilities reduce transaction costs and improve turnaround.
Maantiede
The company is primarily U.S.-focused, with Mobile Modular operating across several major states and TRS-RenTelco serving customers throughout North America and, to a limited extent, other countries. Mobile Modular has a particularly broad footprint in California, Texas, Florida, Georgia, and other large U.S. markets, while TRS-RenTelco is centralized through its Dallas-Fort Worth logistics and calibration hub. Geography matters because the business is local and service-intensive for modular and storage, while test equipment can be served nationally and internationally from a centralized inventory base.
Riskit
The business is exposed to cyclical demand, customer budget pressure, and seasonality across its end markets, especially education, construction, and industrial activity. It also faces competitive pricing pressure, supply chain disruption, and tariff/geopolitical uncertainty that can affect equipment costs, utilization, and margins. Because the model is asset-intensive, weak demand or poor fleet timing can reduce returns on rental inventory and increase impairment risk.
- Cyclical and seasonal demandVaikutus: KorkeaTodennäköisyys: Kohtalainen
Rental volumes depend on construction, education, industrial, and project activity, which fluctuate by season and economy.
Kohdistuu - Competitive pressureVaikutus: KorkeaTodennäköisyys: Kohtalainen
Competitors may have larger fleets, stronger local presence, or lower prices, which can reduce utilization and pricing power.
Kohdistuu - Asset impairment and residual value riskVaikutus: KorkeaTodennäköisyys: Kohtalainen
The model depends on rental equipment useful lives and resale values; weaker demand or technology obsolescence can hurt returns.
Kohdistuu: Rental fleet and goodwill/intangibles
- Supply chain and procurement disruptionVaikutus: KeskitasoTodennäköisyys: Kohtalainen
The company must buy and maintain rental inventory; delays or shortages can limit fleet availability and service levels.
Kohdistuu - Tariff and geopolitical uncertaintyVaikutus: KeskitasoTodennäköisyys: Matala
Trade policy changes can affect equipment costs and customer demand, especially for test equipment and imported components.
Kohdistuu: TRS-RenTelco and equipment sourcing
Kirjanpito
Harkinnanvaraiset erätStraight-line recognition means cash receipts and reported revenue can differ over the lease term.
Vaikutus: Affects revenue timing and deferred income balances
Rental fleet economics depend on assumed useful lives and resale values.
Vaikutus: Affects depreciation expense, asset carrying values, and margins
Acquired businesses and reporting units must be tested for impairment using judgmental assumptions.
Vaikutus: Could create non-cash charges if fair value declines
Rental utilization, sales timing, and maintenance activity can vary materially by quarter.
Vaikutus: Makes quarterly comparisons less stable
Samankaltaisia listattuja yhtiöitä
Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.
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Päivitetty: 24.9.2026