McGrath RentCorp
mgrc.comWhat Do They Do?
Rents relocatable modular buildings for schools, businesses and public agencies, as well as portable storage containers and electronic test equipment; also sells modular classrooms.
10-K for FY2025, filed Feb 25, 2026The Company is a diversified business-to-business rental company with three rental divisions: relocatable modular buildings, portable…View ↗
Management estimates relocatable modular building rental is an industry that today has equipment on rent or available for rent in the U.S.…View ↗
Enviroplex manufactures portable classrooms built to the requirements of the California Division of the State Architect and sells directly…View ↗
How Do They Make Money?
Customers pay rent over equipment lease terms, generally on 30-day payment terms. Equipment sales generally have 30-day terms, while some longer project work is billed periodically or at milestones as it progresses.
10-K for FY2025, filed Feb 25, 2026Lease revenues - Rental revenues from operating leases are recognized on a straight-line basis over the term of the lease for all operating…View ↗
Revenue from contracts that satisfy the criteria for over time recognition are recognized as work is performed by using the ratio of costs…View ↗
The Company generally rents and sells to customers on 30 day payment terms. The Company does not typically offer variable payment terms, or…View ↗
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10-K for FY2025, filed Feb 25, 2026
FY2025 revenue by reportable segment ↗
$944.2M
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10-K for FY2025, filed Feb 25, 2026
$944.2M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Mobile Modular
|
68%
FY2022: 60%
|
Mobile Modular, FY2025
$645.1M Sources
|
|
|
Portable Storage
Mix
10-K for FY2025, filed Feb 25, 2026 |
9.8%
FY2022: 13%
|
Portable Storage, FY2025
$92.8M Sources
|
Mix |
|
TRS-RenTelco
|
16%
FY2022: 24%
|
TRS-RenTelco, FY2025
$148.9M Sources
|
|
|
Enviroplex
Sold outright
|
6.1%
FY2022: 3.7%
|
Enviroplex, FY2025
$57.4M Sources
|
Sold outright |
Who Are Their Customers?
Schools, colleges and universities rent or buy modular classrooms; construction, industrial, retail, energy and health care customers use portable storage, while businesses and government agencies also rent modular space. Mobile Modular markets through its website and direct marketing; Enviroplex sells directly to California school districts and other educational institutions.
10-K for FY2025, filed Feb 25, 2026Management estimates relocatable modular building rental is an industry that today has equipment on rent or available for rent in the U.S.…View ↗
Since most of Mobile Modular’s customer requirements are to fill temporary space needs, Mobile Modular’s marketing emphasis is primarily on…View ↗
Enviroplex manufactures portable classrooms built to the requirements of the California Division of the State Architect and sells directly…View ↗
The portable storage container rental market in the U.S. has a large and diverse number of market segments including construction, retail…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 17 cents of every revenue dollar as net income in FY2025 and turned 22 cents into free cash flow.
10-K for FY2025, filed Feb 25, 2026
$243.6MView ↗
10-K for FY2025, filed Feb 25, 2026
$156.3MView ↗
10-K for FY2025, filed Feb 25, 2026
$211.3MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Jul 29, 2026
Open tableView ↗
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Jul 29, 2026
McGrath narrowed its full-year outlook
Sources
8-K, filed Jul 29, 2026
Based upon the Company's year-to-date results and current outlook for the remainder of the year, the Company is updating its financial…View ↗
Growing. Revenue grew 77% in 4 years, from $534.6M in FY2021 to $944.2M in FY2025, about 15% a year.
Containment business sale
The company sold its containment business; the older report listed liquid and solid containment tanks and boxes, while the latest report lists modular buildings, portable storage and electronic test equipment as rental divisions.
10-K for FY2022, filed Feb 22, 2023 10-K for FY2025, filed Feb 25, 2026The Company is a diversified business-to-business rental company with three rental divisions: relocatable modular buildings, portable…View ↗
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