What is McGrath Rentcorp's latest dividend and current dividend yield?

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What does McGrath Rentcorp do and what are its main business segments?

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What were the key takeaways from McGrath Rentcorp's earnings call?

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- **CEO Transition**: Phil Hawkins succeeds Joe Hanna, maintaining strategic continuity.
- **Q4 2025 Results**: 5% revenue growth to $257M, 14% EBITDA rise to $105M, driven by Mobile Modular and TRS.
- **2026 Outlook**: Revenue $945M-$995M, EBITDA $360M-$378M, with focus on modular growth and TRS expansion.
- **Key Growth Drivers**: Mobile Modular services (Plus, Site-Related) and TRS demand in aerospace/data centers.
- **Financial Health**: Strong cash flow ($256M net), disciplined capital allocation, and 35th dividend increase.

**【CEO Summary Section】**
- CEO Joe Hanna announced his retirement, with Phil Hawkins succeeding as CEO, emphasizing continuity and strategic execution.
- Q4 2025 total revenue rose 5% to $257M, driven by 6% growth in rental operations. Adjusted EBITDA increased 14% to $105M, supported by strong performances at Mobile Modular and TRS-RenTelco.
- Mobile Modular rental revenue grew 2%, with Mobile Modular Plus and geographic expansion offsetting nonresidential construction challenges. TRS-RenTelco saw 13% rental revenue growth and 21% EBITDA increase.
- Enviroplex had a strong year with high-margin education demand, while Portable Storage saw 3% rental revenue growth amid soft commercial construction.

**【COO Business Outlook Section】**
- 2026 focus on modular growth initiatives and TRS recovery. Mobile Modular expects EBITDA growth through mega projects and services (Mobile Modular Plus, Site-Related Services). TRS targets sustained utilization in aerospace, data centers, and semiconductors.
- Portable Storage faces competitive pressure but shows stabilization. Geographic expansion and new markets (e.g., Pacific Northwest, Midwest) will drive capital allocation.
- TRS to increase capital investment, while Mobile Modular plans $5-8M in higher operating expenses for fleet preparation.

**【CFO Financial Commentary】**
- Q4 2025 financials: Total revenue $257M (+5%), adjusted EBITDA $105M (+14%). Mobile Modular EBITDA up 13% to $68.7M, TRS EBITDA up 21% to $23.1M. Portable Storage EBITDA down 3% to $9.6M.
- 2026 guidance: Revenue $945M-$995M, EBITDA $360M-$378M. Capital expenditures $180M-$200M, with focus on TRS and Mobile Modular expansion.
- Mobile Modular monthly revenue per unit up 6% YoY to $874, while new shipments declined 3% to $1,169/month. TRS utilization reached 64.5% (vs. 59.1% YoY).

**【Q&A Highlights】**
- **Strategic Initiatives**: Geographic expansion (e.g., Midwest, Pacific Northwest) and services (Mobile Modular Plus, Site-Related Services) to offset nonresidential construction weakness.
- **TRS Momentum**: 2025 recovery continued in Q4 with 64.5% utilization; 2026 growth driven by aerospace, data centers, and semiconductors.
- **Capital Allocation**: Front-loaded 2026 CapEx for new markets; $180M-$200M range includes maintenance and expansion.
- **M&A Pipeline**: Active but cautious, focusing on strategic fits in new geographies.
- **Modular Pricing**: Base unit pricing disciplined, with services (e.g., Site-Related) contributing higher margins.
- **Dividend Growth**: 35th consecutive dividend increase, reflecting cash flow strength.

McGrath RentCorp (MGRC) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: Total rental operations up 4% YoY, driven by Mobile Modular (+2%), Portable Storage (+1%), and TRS-RenTelco (+9%).
- **Strategic Wins**: Education sector shipments up YoY, supported by $18B+ state facility bonds. TRS-RenTelco margins improve to 43%.
- **Financial Outlook**: Revised FY25 guidance: Revenue $935-955M, EBITDA $350-357M, capital spend $120-125M.
- **Challenges**: Soft nonresidential construction (ABI below 50), but cautious optimism on market stabilization.
- **Investment Focus**: Regional expansion (Midwest, Northeast), IT, and M&A over fleet capital.

**【CEO Summary Section】**
- Total rental operations revenue grew 4% YoY, driven by growth across all three business units: Mobile Modular (+2%), Portable Storage (+1%), and TRS-RenTelco (+9%).
- Mobile Modular booked orders increased double-digit YoY, with strong demand for large infrastructure projects. Education sector shipments were higher than last year, supported by solid funding (e.g., California $10B, Texas $8B facility bonds).
- Portable Storage saw stable pricing and growth in energy, data centers, and seasonal retail, suggesting market stabilization.
- TRS-RenTelco utilization improved to 65% YoY, with strong demand in wired communications and data centers.
- Company maintained cautious outlook due to soft nonresidential construction (Architectural Billing Index below 50) but emphasized strategic initiatives like regional expansion and Mobile Modular Plus services.

**【CFO Financial Commentary】**
- Q3 total revenue $256M (-4% YoY), Adjusted EBITDA $96.5M (-7% YoY). Net income $42.3M (-8% YoY), EPS $1.72 (-8% YoY).
- Mobile Modular: Rental +2%, services +5%, but sales -21% due to delayed 2024 shipments. Adjusted EBITDA $64.6M (-10% YoY). Monthly revenue per unit +6% to $865.
- Portable Storage: Rental +1% YoY, EBITDA $9.2M (-14% YoY). Utilization 61.4% vs. 62.8% YoY.
- TRS-RenTelco: Rental +9%, EBITDA $20.2M (+7% YoY). Margins improved to 43%.
- Year-to-date cash flow $175M, capital expenditures $92M (-43% YoY). Updated FY25 guidance: Revenue $935-955M, EBITDA $350-357M.

**【Q&A Highlights】**
- **Sales Activity**: Q3 sales were balanced vs. lumpy 2024, with strong backlog. CEO expects sales growth driven by education and infrastructure projects.
- **Education Funding**: Solid state and local funding (e.g., California, Texas bonds) supports long-term growth despite quarterly shipment volatility.
- **Rate Environment**: Stable pricing in both businesses; Mobile Modular benefiting from fleet churn.
- **Technology & Expansion**: Investing in IT and regional expansion (Midwest, Northeast) to support long-term growth. Acquired two small businesses in Q2, integrating into Southeast operations.
- **TRS Momentum**: Strong bookings and utilization (65% Q3) suggest continued growth in communications and data center sectors.
- **Capital Allocation**: Prioritize M&A and IT over fleet expansion due to low utilization (Mobile Modular 72.6%, Portable Storage 61.4%).

McGrath RentCorp (MGRC) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: Q2 total revenue up 11% to $235.6M, driven by Mobile Modular (8% growth) and TRS-RenTelco (7% rental growth).
- **Modular Expansion**: 2 tuck-in acquisitions enhance fleet and market reach; Mobile Modular sales up 13%.
- **Revised Guidance**: Full-year EBITDA raised to $347-356M, reflecting cautious optimism for second half.
- **Cost Efficiency**: Interest expense down $5.2M; debt-to-EBITDA ratio improved to 1.6:1.
- **Recovery Signs**: Portable Storage sequential rental growth of 5%; TRS-RenTelco utilization at 64.8%.


**【CEO Summary Section】**
- **Q2 Performance**: Total revenue grew 11% to $235.6 million, driven by Mobile Modular's 8% revenue increase and TRS-RenTelco's 7% rental revenue growth. Adjusted EBITDA rose 3% to $86.5 million.
- **Modular Growth**: Mobile Modular sales revenue increased 13%, with strong demand for education and commercial projects. TRS-RenTelco saw utilization improve to 64.8% from 56.5% YoY.
- **M&A Activity**: Completed 2 tuck-in acquisitions to expand fleet and market presence, supporting long-term growth.
- **Outlook**: Cautiously optimistic for second half, with revised full-year revenue guidance of $925-960 million and EBITDA of $347-356 million.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net income of $42.3 million, Non-GAAP EPS of $1.08. Mobile Modular EBITDA declined 1% due to lower utilization (73.7% vs. 78.4% YoY), but monthly revenue per unit rose 6% to $840.
- **Cost Management**: Selling & admin expenses increased 9% due to strategic hiring, offsetting rental weakness. Interest expense dropped $5.2 million to $7.8 million due to lower rates and debt levels.
- **Cash Flow**: Operating cash flow of $110 million, with $50 million in rental equipment purchases (vs. $145 million YoY). Debt-to-EBITDA ratio improved to 1.6:1.

**【Q&A Key Highlights】**
- **Sales Timing**: EBITDA expected to be similar in Q3 and Q4, driven by balanced sales gross profit contributions. Mobile Modular sales orders are strong, but timing remains fluid.
- **Portable Storage Recovery**: Sequential improvement in rental revenue (5% QoQ), with June shipments at highest since January. Quote activity and close ratios remain steady.
- **Technology & Expansion**: Investing in IT systems (e.g., CRM migration to cloud) and expanding sales teams to target new geographies and market verticals.
- **Debt Reduction**: Lower interest rates and reduced debt levels (net borrowings $573 million) are reducing financial burden. Tax benefits from new depreciation rules add $10-15 million to free cash flow.


McGrath RentCorp (MGRC) Q2 2025 Earnings Call Transcript

- **Q1 Revenue Growth**: 4% total revenue to $195.4M, led by Mobile Modular's 10% EBITDA rise and TRS recovery.
- **Modular Pricing Power**: New units priced 12% higher YoY, with 40% margin uplift as fleet churns.
- **TRS Turnaround**: First quarterly rental revenue increase in 19 months, signaling broader industry recovery.
- **Tariff Resilience**: Minimal direct impact, but cautious guidance due to potential customer delays.
- **M&A Momentum**: Active pipeline with 1.58x leverage ratio enabling strategic acquisitions.

**【CEO Opening Remarks】**
- Q1 2025 total revenue increased 4% to $195.4 million, driven by Mobile Modular's 3% rental revenue growth and TRS-RenTelco's 4% revenue rise.
- Mobile Modular's adjusted EBITDA grew 10% to $47.6 million, with rental margins improving to 60% due to higher revenue and lower inventory costs.
- Portable Storage rental revenues declined 13% to $16.1 million, reflecting soft construction demand, while TRS-RenTelco saw rental revenues increase slightly to $25.5 million.
- Tariffs are expected to have limited impact in 2025, with only 4% of TRS fleet sourced from China and minimal new equipment purchases for Portable Storage.
- Management emphasized strategic focus on modular solutions, site-related services, and geographic expansion, with a robust M&A pipeline.

**【CFO Financial Details】**
- Q1 adjusted EBITDA rose 3% to $74.5 million, with Mobile Modular contributing $47.6 million and TRS-RenTelco $17.9 million.
- Selling and administrative expenses increased 1% to $50.9 million, while interest expense decreased $4.5 million due to lower debt levels.
- Net cash from operations was $54 million, supporting $12 million in dividends and $31 million debt reduction.
- Full-year 2025 guidance: revenue $920-$960 million, EBITDA $343-$355 million, capex $115-$125 million.

**【Q&A Key Highlights】**
- **Mobile Modular Pricing**: New shipments' monthly revenue per unit up 12% YoY, with a 40% gap between new and legacy units, driving long-term margin tailwinds.
- **TRS Sustainability**: Q1 rental revenue increase after 19 months of decline, driven by semiconductor and computer equipment demand recovery.
- **Portable Storage Challenges**: 25% EBITDA decline due to low utilization (60.2%) and pricing pressure, with focus on cost management.
- **Tariff Impact**: Minimal direct exposure, but cautious outlook on customer project delays in H2 2025.
- **M&A Activity**: Active pipeline for both large and tuck-in acquisitions, supported by 1.58x debt/EBITDA ratio.


McGrath RentCorp (MGRC)-24 Apr 25-2025 Q1 Earnings call transcript

- **Mobile Modular Dominance**: Q4 revenue up 14%, with 32% sales growth and 65% rental margin, driven by pricing tailwinds and balanced commercial/education growth.
- **2025 Outlook**: Mobile Modular leads with $120-130M CapEx, while Portable Storage faces near-term headwinds and TRS shows early stabilization.
- **Key Metrics**: Q4 EBITDA $92M (+5% YoY), Non-GAAP EPS $1.08, and 2025 EBITDA guidance $345-360M.
- **Pricing Power**: New unit pricing gap (47%) ensures long-term margin expansion as fleet turns.
- **Dividend Growth**: 34th consecutive year of dividend increases highlights financial discipline and shareholder focus.


**【CEO Summary Section】**
- Total company revenue increased 10% YoY to $244 million in Q4, driven by Mobile Modular's 14% revenue growth and 32% sales revenue surge. Adjusted EBITDA rose 5% to $92 million.
- Mobile Modular rental revenue grew 8% YoY, with commercial and education segments each contributing 9% and 7% growth, respectively. Pricing tailwinds from fleet turnover (average monthly revenue per unit up 11% YoY) are expected to continue.
- Portable Storage rental revenue declined 15% YoY due to weak commercial construction activity, while TRS-RenTelco rental revenue fell 9% amid industry-wide test equipment demand slowdown.
- 2025 outlook: Mobile Modular is the primary growth driver, with $120-130 million in capital expenditures focused on fleet utilization. Portable Storage faces near-term challenges, while TRS-RenTelco shows early signs of stabilization.

**【CFO Financial Commentary】**
- Q4 GAAP net income was $42 million, with Non-GAAP EPS of $1.08, exceeding expectations. Mobile Modular's adjusted EBITDA increased 13% to $61 million, driven by rental and sales growth.
- Mobile Modular's rental margin improved to 65% (from 63% YoY), reflecting cost control and pricing optimization. TRS-RenTelco's adjusted EBITDA decreased 8% YoY, but sales revenues rose 26%.
- 2025 financial guidance: Total revenue $920-970 million, adjusted EBITDA $345-360 million. Direct cost of rental operations will rise $9-13 million YoY due to fleet preparation expenses, offsetting lower capital spending.

**【Q&A Key Highlights】**
- **Modular Segment Growth**: Commercial and education segments each grew 9% and 7% in Q4, with balanced contributions expected in 2025. California's $10 billion school bond provides long-term opportunities.
- **Pricing Dynamics**: Mobile Modular's new unit pricing ($1,220/month) exceeds fleet average ($828/month), creating a 47% margin expansion opportunity as fleet turns.
- **Capital Allocation**: 2025 CapEx of $120-130 million focuses on Mobile Modular, with potential M&A for tuck-in acquisitions. Dividend growth continues for the 34th consecutive year.
- **TRS-RenTelco Recovery**: Early 2025 bookings suggest stabilization in test and measurement equipment markets, with potential growth in wired communications for data centers.
- **Portable Storage Challenges**: Lower utilization (61.2% vs. 74.8% YoY) reflects macroeconomic headwinds, but January quote activity suggests potential demand recovery.


Actual											0.81	0.92	1.15	1.27	0.71	0.84	0.95	1.16	0.77	1.07	1.25	1.62	2.92	1.14	1.65	1.3	0.93	0.84	1.87	1.58	1.15	1.46	1.72	2.02
Forecast											0.7133	0.3967	1.0233	1.03	0.7733	0.91	1.2433	1.145	0.72	1.035	1.28	1.38	0.685	1.005	1.25	1.365	0.73	1.25	1.27	1.4867	0.9175	1.2225	1.8175	1.7122	1.1118
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+13.56%	+131.91%	+12.38%	+23.30%	-8.19%	-7.69%	-23.59%	+1.31%	+6.94%	+3.38%	-2.34%	+17.39%	+326.28%	+13.43%	+32.00%	-4.76%	+27.40%	-32.80%	+47.24%	+6.28%	+25.34%	+19.43%	-5.36%	+17.98%	0.00%

MGRC

MGRC fundamentals

MGRC Q1 2026 Earnings Preview

Earnings Call

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MGRC

MGRC fundamentals

MGRC Q1 2026 Earnings Preview

Earnings Call

MGRC Earnings Call Summary for Q1/2026Upcoming5:00 PM on Apr 29, 2026

MGRC Earnings Call Summary for Q4/20255:00 PM on Feb 25, 2026

MGRC Earnings Call Summary for Q3/20255:00 PM on Oct 23, 2025

MGRC Earnings Call Summary for Q2/20255:00 PM on Jul 24, 2025

MGRC Earnings Call Summary for Q1/20255:00 PM on Apr 24, 2025

You can ask Aime