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Rental & leasing services · Industrials · Fiscal year ends Dec 31
Mcgrath Rentcorp reported revenue of $944M in the fiscal year ended Dec 2025, up 3.7% from the year before. Operating income was $244M, an operating margin of 25.8%, and net income was $156M. Operating cash flow of $256M less capital expenditure of $44M left free cash flow of $211M.
Ranks among the 13 rental & leasing services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 129 | 155 | 832 | 911 | 944 |
| Cost of revenue | 287 | 345 | 438 | 476 | 489 |
| Gross profit | 247 | 290 | 394 | 435 | 455 |
| Selling, general & admin | 123 | 143 | 208 | 200 | 211 |
| Operating income | 124 | 147 | 190 | 244 | 244 |
| Net interest incomeBanks | 8.2 | 12.2 | 40.6 | 47.2 | – |
| Interest expense | 8.2 | 12.2 | 40.6 | 47.2 | 30.6 |
| Pre-tax income | 116 | 135 | 149 | 314 | 213 |
| Income tax | 30.7 | 31.4 | 37.6 | 81.9 | 56.8 |
| Net income | 89.7 | 115 | 175 | 232 | 156 |
| Diluted EPS | 3.66 | 4.70 | 7.12 | 9.43 | 6.35 |
| Diluted shares | 24.5 | 24.5 | 24.5 | 24.6 | 24.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1.5 | 1.0 | 0.9 | 0.8 | 0.3 |
| Inventory | – | – | 8.0 | 14.3 | 8.0 |
| Net PP&E | 135 | 139 | 154 | 182 | 219 |
| Goodwill | 132 | 106 | 323 | 323 | 333 |
| Total assets | 1,596 | 1,708 | 2,217 | 2,278 | 2,357 |
| Deferred revenue | 58.7 | 82.4 | 111 | 110 | 111 |
| Total liabilities | 864 | 904 | 1,283 | 1,154 | 1,120 |
| Shareholders' equity | 732 | 804 | 934 | 1,123 | 1,237 |
| Backlog (remaining obligations) | – | – | 34.3 | 57.0 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 196 | 194 | 95.3 | 374 | 256 |
| Capital expenditure | 2.7 | 17.6 | 44.0 | 40.2 | 44.4 |
| Free cash flow | 193 | 177 | 51.4 | 334 | 211 |
| Depreciation & amortisation | 107 | 111 | 109 | 107 | 107 |
| Stock-based compensation | 7.7 | 8.0 | 8.3 | 9.5 | 11.2 |
| Acquisitions | 283 | – | 458 | – | 23.8 |
| Dividends paid | 42.2 | 44.3 | 45.6 | 46.8 | 47.9 |
| Dividend per share | 1.74 | 1.82 | 1.86 | 1.90 | 1.94 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 20.5% | 436.1% | 9.5% | 3.7% |
| Operating income growth (YoY) | – | 18.5% | 28.8% | 28.8% | −0.3% |
| EPS growth (YoY) | – | 28.4% | 51.5% | 32.4% | −32.7% |
| Gross margin | 192.1% | 187.0% | 47.3% | 47.8% | 48.2% |
| Operating margin | 96.5% | 94.9% | 22.8% | 26.8% | 25.8% |
| Net margin | 69.7% | 74.2% | 21.0% | 25.4% | 16.6% |
| Return on equityBlank when equity is negative | 12.3% | 14.3% | 18.7% | 20.6% | 12.6% |
| Free cash flow margin | 149.9% | 113.9% | 6.2% | 36.7% | 22.4% |
| Cash conversion (CFO ÷ net income) | 2.18x | 1.69x | 0.55x | 1.62x | 1.64x |
| Inventory days | – | – | 7 | 11 | 6 |
| Interest cover | 15.1x | 12.0x | 4.68x | 5.17x | 7.96x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.