McGrath RentCorp (MGRC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del alquiler de equipos y las soluciones modulares, McGrath RentCorp (MGRC) se destaca como una potencia versátil, transformando cómo las empresas y las organizaciones acceden a la infraestructura flexible. Al combinar estratégicamente la tecnología de vanguardia, los servicios de alquiler integrales y un enfoque centrado en el cliente, MGRC ha tallado un nicho único en el mercado, ofreciendo soluciones innovadoras que van desde contenedores de almacenamiento portátiles hasta sofisticados edificios modulares. Su lienzo de modelo de negocio meticulosamente elaborado revela una estrategia sofisticada que aborda diversas necesidades de la industria, lo que los convierte en un socio de referencia para empresas de construcción, agencias gubernamentales y desarrolladores comerciales que buscan soluciones espaciales eficientes y adaptables.

McGrath RentCorp (MGRC) - Modelo de negocio: asociaciones clave

Fabricantes de edificios modulares y unidades de almacenamiento portátiles

McGrath RentCorp se asocia con varios fabricantes clave para apoyar su espacio modular y segmentos de almacenamiento portátil:

Fabricante	Enfoque de asociación	Volumen de suministro anual
Willscot Mobile Space	Producción de edificios modulares	Aproximadamente 1,200 unidades por año
Corporación de gestión modular móvil	Soluciones de almacenamiento portátiles	Alrededor de 900 contenedores de almacenamiento anualmente

Proveedores de alquiler de equipos de construcción

McGrath RentCorp colabora con fabricantes de equipos para expandir el inventario de alquiler:

• Caterpillar Inc. - Proveedor de equipos de construcción primarios
• John Deere - Asociación de maquinaria pesada
• Komatsu - Abastecimiento de equipos suplementarios

Contratistas del sector comercial y gubernamental

Asociaciones estratégicas en sectores clave:

Sector	Contratistas clave	Valor anual del contrato
Gobierno	Departamento de Defensa de los Estados Unidos	$ 42.3 millones en 2023
Comercial	Principales empresas de construcción	$ 87.6 millones en contratos anuales

Proveedores de servicios de tecnología para la gestión de flotas

Socios de tecnología que apoyan las operaciones de la flota:

• Samsara - IoT Fleet Tracking Solutions
• GPS Insight - Telemática de vehículos
• Verizon Connect - Software de gestión de flotas

Instituciones de arrendamiento y financiamiento

Asociaciones financieras que apoyan la expansión comercial:

Institución financiera	Tipo de asociación	Línea de crédito
Wells Fargo	Financiación de equipos	Línea de crédito giratorio de $ 150 millones
Banco de América	Financiación de capital de trabajo	Capacidad de crédito de $ 100 millones

McGrath RentCorp (MGRC) - Modelo de negocio: actividades clave

Alquiler y ventas de edificios modulares

A partir de la información financiera de 2022, el segmento de construcción modular de McGrath RentCorp generó $ 237.3 millones en ingresos. La compañía mantiene una flota de aproximadamente 11,500 unidades de construcción modular en los Estados Unidos.

Métrico	Valor
Inventario de edificios modulares totales	11,500 unidades
Ingresos del segmento (2022)	$ 237.3 millones

Arrendamiento de contenedores de almacenamiento portátil

McGrath RentCorp opera una flota de contenedores de almacenamiento portátil sustancial con aproximadamente 75,000 contenedores disponibles para arrendamiento. En 2022, el segmento de almacenamiento portátil contribuyó con $ 137.8 millones a los ingresos totales de la compañía.

Métrico	Valor
Inventario total de contenedores de almacenamiento portátil	75,000 contenedores
Ingresos del segmento (2022)	$ 137.8 millones

Distribución de equipos de alquiler especializado

La compañía ofrece equipos de alquiler especializados en múltiples industrias, con un enfoque en:

• Equipo de construcción
• Generadores de energía temporales
• Sistemas de control climático
• Soluciones de transporte especializadas

Gestión y mantenimiento de la flota

McGrath RentCorp invierte significativamente en el mantenimiento de la flota, con un presupuesto de mantenimiento anual de aproximadamente $ 45 millones. La compañía mantiene una estrategia de mantenimiento integral para garantizar la confiabilidad del equipo y la longevidad.

Métrico de mantenimiento	Valor
Presupuesto de mantenimiento anual	$ 45 millones
Edad de flota promedio	5-7 años

Servicio al cliente y soporte de equipos

La compañía opera 29 centros de servicio en todo Estados Unidos, proporcionando servicios integrales de soporte y mantenimiento de equipos. El equipo de servicio al cliente consta de 350 profesionales dedicados.

Métrico de servicio	Valor
Centros de servicio totales	29 ubicaciones
Tamaño del equipo de servicio al cliente	350 profesionales

McGrath RentCorp (MGRC) - Modelo de negocio: recursos clave

Extensa flota de edificios modulares

A partir del cuarto trimestre de 2023, McGrath RentCorp mantiene una flota de edificios modular con las siguientes especificaciones:

Tipo de edificio	Inventario total	Valor de alquiler promedio
Oficinas portátiles	4.200 unidades	$ 350- $ 750 por mes
Módulos de aula	1.800 unidades	$ 400- $ 900 por mes
Instalaciones del sitio de construcción	2.600 unidades	$ 500- $ 1,200 por mes

Inventario de contenedores de almacenamiento portátiles diversos

La cartera de contenedores de almacenamiento de McGrath RentCorp incluye:

• Contenedores de almacenamiento total: 3,500 unidades
• Rango de tamaño del contenedor: 8 'a 40'
• Ingresos anuales de alquiler de contenedores de almacenamiento: $ 22.4 millones

Sistemas avanzados de logística y seguimiento

Inversiones de infraestructura tecnológica:

Componente tecnológico	Inversión anual
Sistemas de seguimiento del GPS	$ 1.2 millones
Software de gestión de inventario	$850,000
Seguimiento de activos móviles	$650,000

Centros de distribución geográfica estratégica

Detalles de la cobertura geográfica:

• Centros de distribución totales: 17
• Estados con centros operativos: 12
• Tamaño central promedio: 5.6 acres

Personal técnico y de servicio al cliente especializado

Composición de la fuerza laboral en 2023:

Categoría de empleado	Total de empleados	Compensación anual promedio
Personal técnico	220	$85,000
Representantes de servicio al cliente	140	$62,000
Personal logístico	95	$72,000

McGrath RentCorp (MGRC) - Modelo de negocio: propuestas de valor

Soluciones flexibles de alquiler de equipos a corto y largo plazo

McGrath RentCorp ofrece períodos de alquiler que van desde 1 mes a 60 meses en múltiples segmentos comerciales. A partir del año fiscal 2023, la compañía informó:

Segmento de alquiler	Ingresos totales	Duración promedio de alquiler
Espacio modular	$ 216.4 millones	18-36 meses
Equipo de prueba electrónico	$ 116.3 millones	3-12 meses
Contención líquida/de gas	$ 47.2 millones	6-24 meses

Activos de alquiler de alta calidad y bien mantenidos

McGrath RentCorp mantiene una flota robusta con las siguientes características:

• Valor total de la flota: $ 632 millones
• Edad de la flota promedio: 4.7 años
• Inversión de mantenimiento anual: $ 24.6 millones
• Tasa de utilización de la flota: 78.3%

Despliegue rápido de espacios modulares y unidades de almacenamiento

Métricas de implementación para espacios modulares en 2023:

Métrico de despliegue	Valor
Tiempo de configuración promedio	3-5 días hábiles
Unidades modulares en el inventario	6.800 unidades
Cobertura geográfica	48 estados

Alternativas rentables a la construcción permanente

Datos de comparación de costos para 2023:

• Costo de alquiler de espacio modular: 40-60% más bajo que la construcción permanente
• Ahorro promedio de clientes: $ 127,000 por proyecto
• Duración típica del alquiler: 18-36 meses

Soluciones personalizables para diversas necesidades de la industria

Desglose de ingresos del segmento de la industria para 2023:

Segmento de la industria	Ingresos por alquiler	Porcentaje de ingresos totales
Construcción	$ 164.3 millones	37.2%
Educación	$ 89.7 millones	20.3%
Gobierno	$ 62.5 millones	14.1%
Industrial	$ 45.6 millones	10.3%
Otro	$ 79.9 millones	18.1%

McGrath RentCorp (MGRC) - Modelo de negocios: relaciones con los clientes

Compromiso del equipo de ventas directo

A partir de 2024, McGrath RentCorp mantiene un equipo de ventas directo dedicado de 87 representantes de ventas profesionales en múltiples segmentos comerciales.

Métrica del equipo de ventas	2024 datos
Representantes de ventas totales	87
Duración del ciclo de ventas promedio	45 días
Costo de adquisición de clientes	$ 3,750 por cliente

Plataformas de gestión de alquiler en línea

McGrath RentCorp opera una plataforma digital integral con las siguientes características:

• Sistema de gestión de alquiler en línea 24/7
• Seguimiento de equipos en tiempo real
• Gestión de contratos digitales

Métrica de plataforma digital	2024 rendimiento
Volumen de transacciones en línea	62% de los alquileres totales
Cuentas de usuario de la plataforma	4.325 usuarios activos

Atención al cliente personalizada

McGrath RentCorp proporciona atención al cliente multicanal con representantes de servicios dedicados.

Canal de soporte	Tiempo de respuesta promedio
Soporte telefónico	12 minutos
Soporte por correo electrónico	4 horas
Chat en vivo	7 minutos

Contratos de servicio a largo plazo

La compañía se enfoca en establecer acuerdos de alquiler extendidos con clientes clave.

Tipo de contrato	Porcentaje de negocios
Contratos a corto plazo (1-3 meses)	35%
Contratos a mediano plazo (3-12 meses)	42%
Contratos a largo plazo (más de 12 meses)	23%

Gestión de cuentas para clientes habituales

McGrath RentCorp implementa un enfoque de gestión de cuentas estructuradas para clientes recurrentes.

• Gerentes de cuentas dedicados para clientes de primer nivel
• Estructuras de precios personalizadas
• Acceso de equipo prioritario

Métrica de retención de clientes	2024 rendimiento
Tarifa de cliente repetida	68%
Valor promedio de por vida del cliente	$247,500

McGrath RentCorp (MGRC) - Modelo de negocio: canales

Representantes de ventas directas

McGrath RentCorp mantiene un equipo de ventas dedicado de 87 representantes de ventas directas a partir del cuarto trimestre de 2023. El equipo de ventas cubre múltiples regiones geográficas en los Estados Unidos.

Métrico de canal de ventas	2023 datos
Representantes de ventas directas totales	87
Cobertura promedio de territorio de ventas	3.4 estados por representante
Generación de ingresos del equipo de ventas anual	$ 412.6 millones

Sitio web de la empresa y portal en línea

La plataforma digital de McGrath RentCorp procesa aproximadamente el 42% de las transacciones de alquiler de equipos a través de su portal en línea en 2023.

• Sitio web Visitantes únicos mensuales: 124,567
• Porcentaje de transacción de alquiler en línea: 42%
• Ingresos de la plataforma digital: $ 178.3 millones

Ferias y exhibiciones de la industria

La compañía participa en 17 principales ferias comerciales de la industria anualmente, generando $ 56.4 millones en clientes potenciales y contratos directos.

Métrica de la feria comercial	2023 rendimiento
Total de ferias comerciales a la que asistieron	17
Valor de generación de leads	$ 56.4 millones
Tasa de conversión	22.6%

Mercados de alquiler de equipos

McGrath RentCorp se integra con 6 mercados de alquiler de equipos principales, generando $ 94.2 millones en ingresos de origen para 2023.

• Asociaciones totales del mercado: 6
• Ingresos del mercado: $ 94.2 millones
• Tasa de comisión promedio del mercado: 8.3%

Redes de referencia

La Compañía aprovecha 42 asociaciones de referencia estratégica en los sectores de construcción, industrial e infraestructura.

Métrica de red de referencia	2023 datos
Socios de referencia total	42
Ingresos de la red de referencia	$ 67.8 millones
Comisión de referencia promedio	7.5%

McGrath RentCorp (MGRC) - Modelo de negocio: segmentos de clientes

Empresas de construcción

McGrath RentCorp sirve a las empresas de construcción con soluciones espaciales modulares y alquileres de equipos.

Métricas de segmento	2023 datos
Ingresos de alquiler de mercado total de la construcción	$ 187.3 millones
Número de clientes de empresas de construcción	1.247 clientes activos
Duración promedio de alquiler	6.2 meses

Agencias gubernamentales

El sector gubernamental representa un segmento de clientes significativo para McGrath RentCorp.

Detalles del segmento gubernamental	2023 estadísticas
Ingresos de alquiler gubernamental	$ 92.6 millones
Clientes federales, estatales, de la agencia local	378 agencias

Instituciones educativas

McGrath RentCorp ofrece soluciones modulares para escuelas y universidades.

• Distritos escolares K-12 servidos: 217
• Instituciones de educación superior: 86
• Ingresos del segmento de educación: $ 64.4 millones

Desarrolladores de bienes raíces comerciales

Soluciones espaciales modulares para proyectos de desarrollo comercial.

Métricas de bienes raíces comerciales	2023 datos
Ingresos de alquiler comercial total	$ 143.7 millones
Clientes de desarrolladores comerciales activos	412 desarrolladores

Proyectos industriales e infraestructura

McGrath RentCorp admite desarrollos industriales e infraestructurales a gran escala.

• Ingresos del segmento industrial: $ 112.5 millones
• Infraestructura Proyecto CLIENTES: 203
• Escala de proyecto promedio: contrato de alquiler de $ 540,000

McGrath RentCorp (MGRC) - Modelo de negocio: Estructura de costos

Adquisición y mantenimiento del equipo

A partir del año fiscal 2023, la inversión de equipos de McGrath RentCorp totalizó $ 679.3 millones. Los gastos de mantenimiento para equipos de alquiler fueron de aproximadamente $ 42.1 millones anuales.

Categoría de equipo	Costo de adquisición anual	Gasto de mantenimiento
Equipo espacial modular	$ 287.5 millones	$ 18.6 millones
Equipo de prueba electrónico	$ 214.2 millones	$ 13.9 millones
Unidades de almacenamiento portátiles	$ 177.6 millones	$ 9.6 millones

Gastos operativos y logísticos

Los costos operativos para McGrath RentCorp en 2023 fueron de $ 124.7 millones, lo que incluyó:

• Gastos de transporte y entrega: $ 37.2 millones
• Costos de almacenamiento y instalación de almacenamiento: $ 28.5 millones
• Mantenimiento de combustible y vehículo: $ 22.9 millones
• Seguro y gestión de riesgos: $ 36.1 millones

Salarios y capacitación de los empleados

Los gastos totales de personal para el año fiscal 2023 fueron de $ 93.6 millones.

Categoría de empleado	Salario anual promedio	Costo total de personal
Gestión ejecutiva	$425,000	$ 2.55 millones
Ventas y marketing	$85,000	$ 21.25 millones
Apoyo técnico	$72,000	$ 28.8 millones
Personal administrativo	$65,000	$ 19.5 millones

Inversiones de tecnología y software

Gastos anuales de tecnología en 2023: $ 16.4 millones

• Sistemas de planificación de recursos empresariales (ERP): $ 5.2 millones
• Software de gestión de alquiler: $ 4.7 millones
• Infraestructura de ciberseguridad: $ 3.9 millones
• Computación en la nube y almacenamiento de datos: $ 2.6 millones

Gastos de marketing y ventas

Presupuesto total de marketing y ventas para 2023: $ 22.3 millones

Canal de marketing	Gasto anual
Marketing digital	$ 8.7 millones
Eventos de feria y industria	$ 5.6 millones
Publicidad impresa y tradicional	$ 4.2 millones
Comisiones del equipo de ventas	$ 3.8 millones

McGrath RentCorp (MGRC) - Modelo de negocio: flujos de ingresos

Tarifas de alquiler de edificios modulares

Para el año fiscal 2023, McGrath RentCorp informó $ 186.3 millones en ingresos de alquiler de edificios modulares. El segmento de espacio modular de la compañía generó una tasa de alquiler promedio de $ 1,250 por mes por unidad.

Métricas de ingresos de edificios modulares	Valor 2023
Ingresos de alquiler total	$ 186.3 millones
Tasa de alquiler mensual promedio por unidad	$1,250
Unidades modulares totales alquiladas	4.900 unidades

Arrendamiento de contenedores de almacenamiento portátil

El arrendamiento de contenedores de almacenamiento portátil generó $ 62.4 millones en ingresos para McGrath RentCorp en 2023, lo que representa un aumento del 7.2% respecto al año anterior.

• Tasa de arrendamiento mensual promedio: $ 385 por contenedor
• Contenedores de almacenamiento portátil totales en la flota: 3.200 unidades
• Promedio de duración del arrendamiento: 8.5 meses

Venta de equipos

Las ventas de equipos para McGrath RentCorp totalizaron $ 44.7 millones en 2023, con un margen bruto del 32.5%.

Métricas de ventas de equipos	Valor 2023
Ingresos de ventas de equipos totales	$ 44.7 millones
Margen bruto en ventas de equipos	32.5%
Número de unidades de equipo vendidas	1.150 unidades

Contratos de mantenimiento y servicio

Los ingresos por contratos de mantenimiento y servicio alcanzaron los $ 21.6 millones en 2023, con un valor promedio del contrato de $ 4,800.

• Contratos de servicio totales: 4.500
• Duración promedio del contrato: 14 meses
• Tasa de renovación del contrato de servicio: 78%

Cargos de transporte y configuración

Los cargos de transporte y configuración generaron $ 17.9 millones en ingresos para McGrath RentCorp en 2023.

Métricas de transporte y configuración	Valor 2023
Ingresos totales de transporte	$ 17.9 millones
Cargo promedio de configuración	$ 1,150 por unidad
Trabajos de transporte totales	3,200

McGrath RentCorp (MGRC) - Canvas Business Model: Value Propositions

You're looking at how McGrath RentCorp delivers value across its distinct business lines, which is key to understanding their overall financial picture. The value propositions are deeply tied to the operational metrics we see in their latest reports.

Flexible, immediate space solutions for temporary or permanent needs

The core value here is providing immediate physical space, primarily through the Mobile Modular segment. This isn't just about dropping off a box; it's about providing scalable solutions for commercial and education customers who need space now, not in six months.

For the third quarter of 2025, the Mobile Modular division saw rental revenues hit $83.2 million. 72.6% was the average fleet utilization for that quarter, showing they are actively deploying assets. To give you a sense of the pricing power supporting this flexibility, the average monthly revenue per unit on rent for Mobile Modular was $865 in Q3 2025. Back in Q1 2025, the rental fleet size for this segment was approximately 43,000 units.

Turnkey service offerings (Mobile Modular Plus) simplifying site setup

This is where McGrath RentCorp bundles the space with the necessary support, making the solution truly turnkey. You get the building, plus the site preparation and setup services, which saves the customer significant coordination headaches.

The growth in these services is a clear indicator of this value proposition resonating. In Q3 2025, Mobile Modular Plus revenues reached $9.7 million, a healthy increase year-over-year. Furthermore, Mobile Modular site-related services revenues were $15.6 million for the same period. For comparison, in Q2 2025, Mobile Modular Plus alone brought in $9.2 million.

Cost-effective alternative to equipment ownership via rental model

For many customers, renting avoids the large capital outlay and depreciation risk of owning specialized assets. McGrath RentCorp's overall financial health, supported by its rental model, underpins this value.

The company is projecting full-year 2025 total revenue between $935 million and $955 million, with an Adjusted EBITDA guidance range of $350 million to $357 million. This scale allows them to offer competitive rental rates. As of September 30, 2025, McGrath RentCorp had a trailing 12-month revenue of $931 million. Their financial discipline is evident in their leverage, with the funded debt to last 12 months adjusted EBITDA ratio standing at 1.58:1 at the end of Q3 2025. This suggests they manage the cost of capital effectively, which flows down to rental pricing.

Specialized, high-value electronic test equipment rental (TRS-RenTelco)

The TRS-RenTelco segment offers specialized, high-value electronic test equipment, which is expensive to buy and quickly becomes obsolete. Renting this equipment is a clear cost-saver for engineers and technicians.

This segment showed a strong rebound in Q3 2025, with rental revenues increasing by 9% year-over-year. Total revenues for TRS-RenTelco in Q3 2025 were $36.9 million, and the segment generated an adjusted EBITDA of $20.2 million. Their average utilization rate improved to 64.8% in Q3 2025, up from 57.3% a year earlier, and rental margins reached 43%. For context on the asset base, the Q1 2025 rental fleet for TRS-RenTelco was valued at $334 million.

Reliable, fast delivery and setup across North America

McGrath RentCorp operates across North America, which is where the majority of their revenues are generated. Reliability is measured by consistent pricing and deployment capability.

The company's ability to command higher rates on new contracts speaks to perceived reliability. For Q2 2025, the monthly revenue per unit on rent for new shipments over the last 12 months was $1,168, up 4% year-over-year. The company serves approximately 21,000 clients across its base. The focus on preparing available fleet, rather than immediately purchasing new assets, in Q3 2025, shows a commitment to deploying existing, ready-to-go assets quickly to meet demand.

Here is a quick look at the segment performance that supports these value propositions for the third quarter of 2025:

Segment Metric (Q3 2025)	Mobile Modular	TRS-RenTelco	Portable Storage
Rental Revenues (Millions USD)	$83.2	(Implied from Total Rev $36.9M, Rental Rev up 9%)	$17.3 million
Total Revenues (Millions USD)	$181.5 million (Total Rev)	$36.9 million	(Implied from Adjusted EBITDA $9.2M)
Adjusted EBITDA (Millions USD)	$64.6 million	$20.2 million	$9.2 million
Rental Utilization (%)	72.6%	64.8%	61.4%

McGrath RentCorp (MGRC) - Canvas Business Model: Customer Relationships

You're looking at how McGrath RentCorp keeps its roughly 21,000 clients engaged across its three main segments as of late 2025. The approach is segmented, but the core is deep service integration, especially within the Mobile Modular business.

Dedicated direct sales force for large commercial and government accounts

For the TRS-RenTelco segment, customer acquisition relies on an outside sales force, supported by telemarketing, trade shows, and digital campaigns. A key component here is the knowledgeable inside sales engineering team, which works to match specific electronic test equipment solutions to the customer's precise requirements. This technical matching is a relationship-building step for short-term project needs or product evaluations.

Long-term rental contracts, especially in the education sector

McGrath RentCorp has a strategic focus on increasing the proportion of longer-term rental revenue contracts. The Mobile Modular segment, which is the company's largest and highest-growth area, heavily serves the education sector for temporary and permanent space needs in states like California, Texas, and Florida. While the exact percentage of revenue from long-term education contracts isn't public, the company's stated strategy points to this as a relationship anchor.

Most rental agreements in the Mobile Modular segment are operating leases that generally provide no purchase options, suggesting a focus on recurring rental income over immediate asset disposal.

High-touch service model for site-related services

The commitment to service is evident in the pricing power achieved through service offerings. For the Mobile Modular segment, rental-related services revenue grew 11% YoY in the second quarter of 2025. This service component is integral to the high-touch model, covering things like preventative maintenance and on-site support.

The value derived from these relationships and services is reflected in the unit economics. As of the second quarter of 2025, the Monthly Revenue Per Unit on Rent for the Total Fleet stood at $831, an 8% YoY increase. New shipments over the last 12 months showed even stronger pricing, with a Monthly Revenue Per Unit on Rent of $1,194, up 12% YoY. This indicates that new, deeper service integrations command a higher price.

Relationship-driven approach to foster repeat business

McGrath RentCorp emphasizes dedication to customer service, which management believes results in high levels of customer loyalty and repeat business, particularly within the Mobile Modular group. This focus on operational excellence-quick response, experienced assistance, and on-time delivery-is designed to secure ongoing contracts rather than one-off transactions.

Here's a quick look at the relationship-relevant performance indicators from the first half of 2025:

Metric	Segment/Scope	Value / Change (Latest Reported Period)
Total Client Base	Consolidated	Approximately 21,000 clients (Q1 2025)
Monthly Revenue Per Unit on Rent	Total Fleet	$831 (Q2 2025, 8% YoY increase)
Monthly Revenue Per Unit on Rent	New Shipments (Last 12 Months)	$1,194 (Q2 2025, 12% YoY increase)
Rental-Related Services Revenue Growth	Mobile Modular	11% YoY growth (Q2 2025)
TRS-RenTelco Sales Channel	Customer Acquisition	Outside sales force and inside sales engineering team

The company's ability to grow revenue per unit, even when overall fleet utilization dips slightly-for example, Mobile Modular utilization was 73.2% in Q2 2025-shows that strong customer relationships allow McGrath RentCorp to extract more value from its existing assets.

McGrath RentCorp (MGRC) - Canvas Business Model: Channels

McGrath RentCorp generates revenue through a combination of direct customer engagement and leveraging established infrastructure across North America.

The company's direct sales approach is supported by its physical footprint. McGrath RentCorp operates an extensive network of branches across the United States and Canada, ensuring timely delivery and on-site support for customers. As of late 2025, the company has 1,219 total employees supporting these operations. The entire business generates 99% of its revenues from the North American market.

The direct sales team and regional branch network are critical for the Mobile Modular segment, which remains the core business. For example, in the third quarter of 2025, Mobile Modular rental revenues increased by 2% year-over-year, driven by larger infrastructure projects. The company is actively expanding its coverage through strategic tuck-in acquisitions and growing its Mobile Modular Plus and site-related services initiatives.

Company websites serve as a primary digital touchpoint for product information and initiating the sales cycle, though specific website traffic or quote conversion statistics aren't publicly detailed. The overall sales revenue across the company saw a significant decrease in Q3 2025, falling 18% to $76.1 million. This decline was largely due to lower new equipment sales, which impacts the direct sales channel that handles equipment sales.

The Enviroplex manufacturing facility directly supports the modular classroom sales channel, particularly within the education market. In the first quarter of 2025, the Enviroplex business reported a strong quarter in new modular sales in the education market. This direct manufacturing-to-sale channel is distinct from the primary rental operations.

Third-party logistics are integrated, especially through the Mobile Modular segment's service offerings. This is reflected in the growth of rental related services, which increased 22% in Q1 2025 due to higher delivery and pick-up activities. By the third quarter of 2025, Mobile Modular rental related services revenues reached $44.5 million.

Here is a snapshot of the key financial metrics related to the revenue-generating channels as of the latest reported periods in 2025:

Metric Category	Value / Rate	Period / Context
Full Year 2025 Total Revenue Guidance	$935 million to $955 million	Updated Full Year 2025 Outlook
Mobile Modular Rental Revenue Growth	2%	Year-over-Year (Q3 2025)
Mobile Modular Sales Revenue	$52.3 million	Q3 2025 (Represents a 21% decrease YoY)
Enviroplex Channel Performance	Strong quarter in new modular sales	Q1 2025 Education Market
Rental Related Services Revenue	$44.5 million	Mobile Modular Q3 2025
TRS-RenTelco Rental Revenue Growth	9%	Year-over-Year (Q3 2025)

The company's channel strategy involves leveraging its existing fleet and service capabilities, as seen in the following operational highlights:

• The company has maintained its status as a Dividend Champion with 34 consecutive years of dividend increases.
• The Mobile Modular segment rental fleet was approximately 43,000 units valued at $1.415 billion (original acquisition cost) as of Q1 2025.
• The Portable Storage division rental fleet was approximately 42,000 units valued at $240 million as of Q1 2025.
• The TRS-RenTelco division rental fleet was approximately 22,000 units valued at $334 million as of Q1 2025.
• Management noted using off-rent inventory rather than investing in new product to manage the fleet efficiently.

McGrath RentCorp (MGRC) - Canvas Business Model: Customer Segments

You're looking at the core groups McGrath RentCorp serves, which directly map to its three primary operating divisions: Mobile Modular, Portable Storage, and TRS-RenTelco. As of late 2025, the company serves approximately 21,000 clients across North America. The Mobile Modular segment, which houses the education, commercial construction, and government facility customers, remains the largest revenue driver, accounting for 75% of total revenues in 2024. The overall business is showing resilience, with Trailing Twelve Month (TTM) revenue as of September 30, 2025, reaching $931 million USD.

The demand profile across these segments is mixed but trending positively in rental operations, which is the core of the business model. For the third quarter of 2025, rental operations revenues grew 4% overall, with each business showing positive year-over-year rental revenue growth, despite total company revenues being down 4% compared to Q3 2024.

Here is a breakdown of the key customer segments and their recent performance indicators:

• Education sector (K-12 schools, universities): A key driver within Mobile Modular, benefiting from funding tailwinds.
• Commercial and non-residential construction companies: A primary user of both Mobile Modular site offices and Portable Storage units.
• Government and municipal agencies: Utilize Mobile Modular for temporary facilities and offices.
• Technology, aerospace, and defense firms: The core customer base for the TRS-RenTelco segment.
• Industrial and energy sectors: Significant users of Portable Storage and Mobile Modular site offices.

The TRS-RenTelco segment, focused on electronic test equipment rental for technology, aerospace, and defense, was a standout performer in Q3 2025. This segment saw its rental revenues increase by 9% year-over-year, reaching $28.0 million for the quarter, with Adjusted EBITDA growing 7%. This growth suggests strong, near-term capital deployment or project activity within those high-tech and defense-related industries.

The Mobile Modular segment, which serves the construction, education, and government needs, showed its rental revenues increasing by 2% in Q3 2025. For context, this segment generated $131.9 million in revenues in Q1 2025 and saw its Q2 2025 total revenues hit $156 million. The Portable Storage segment, serving industrial and construction needs, saw its rental revenues grow by 1% in Q3 2025, marking its first year-over-year growth since Q1 2024, indicating market stabilization after a soft period.

To give you a clearer picture of the segment focus, based on 2024 revenue contribution, here's how the customer base maps to the divisions:

Customer Segment Focus Area	McGrath RentCorp Division	2024 Revenue Contribution (Approximate)	Q3 2025 Rental Revenue Growth (YoY)
Education, Commercial Construction, Government	Mobile Modular	75%	+2%
Industrial, Energy, Construction Support	Portable Storage	15%	+1%
Technology, Aerospace, Defense (Test Equipment)	TRS-RenTelco	10%	+9%

The full-year 2025 guidance, as updated in Q3, projects total revenue between $935 million and $955 million, with Adjusted EBITDA targeted between $350 million and $357 million. The company is definitely leaning on the strength of its rental fleet utilization across all customer types to meet these targets, especially given the 18% year-over-year decrease in sales revenues reported in Q3 2025.

Finance: draft 13-week cash view by Friday.

McGrath RentCorp (MGRC) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive McGrath RentCorp's operations, which are heavily weighted toward asset ownership and servicing. These costs are critical to watch, especially when utilization dips.

High fixed costs from fleet depreciation and maintenance are inherent to the rental business. Depreciation on the massive equipment fleet is a non-cash charge, but it represents the constant erosion of your primary asset's value. Maintenance is the necessary cash outlay to keep that fleet earning.

Significant interest expense on net borrowings is a major cash outflow you must service. At the end of Q3 2025, McGrath RentCorp had $552 million outstanding in net borrowings. This debt level directly impacts profitability through interest payments.

Selling and administrative expenses (SG&A) are also a key area. For the third quarter of 2025, these expenses were reported at $52.5 million. This figure included investments in broader sales coverage to support future growth, which ties directly into your labor costs.

Labor costs for field service technicians and sales coverage are embedded within SG&A and Cost of Revenue. The increase in Q3 2025 SG&A was partly due to operating with broader sales coverage to support long-term business growth. You're paying people to service the fleet and find new rentals.

Capital expenditures for new rental equipment are managed based on demand signals. For the full year 2025, McGrath RentCorp guided Gross rental equipment capital expenditures to be between $115 million and $125 million. This is a strategic lever; they reduced year-to-date purchases to $92 million as of Q3 2025, focusing on using existing fleet inventory first.

Here's a quick look at some of the key financial figures impacting the cost side from the Q3 2025 results:

Cost Component	Amount/Guidance	Period/Context
Net Borrowings	$552 million	Q3 2025 Quarter End
Selling and Administrative Expenses	$52.5 million	Q3 2025
Interest Expense	$8.2 million	Q3 2025
Gross Rental CapEx Guidance	$115 million-$125 million	Full Year 2025 Guidance
Year-to-Date Rental Equipment Purchases	$92 million	Year-to-Date Q3 2025

You can see the cost of capital in action:

• Interest expense for Q3 2025 was $8.2 million.
• This was a decrease of $4.5 million from the prior year due to lower rates and debt.
• Funded debt to last twelve months' adjusted EBITDA stood at 1.58x as of Q3 2025.

The management team is actively managing CapEx based on current fleet levels. They noted that lower year-to-date purchases of $92 million were consistent with lower fleet utilization and a plan to use available fleet to satisfy orders. If onboarding takes 14+ days, churn risk rises, which means higher reconditioning and repositioning costs for the fleet.

McGrath RentCorp (MGRC) - Canvas Business Model: Revenue Streams

McGrath RentCorp's revenue generation is fundamentally built around its asset-heavy rental fleet, supplemented by equipment sales and value-added services. This model provides recurring revenue stability, which is the core of the business.

The primary engine remains the leasing of equipment across its three main segments. For the first quarter of 2025, the company reported that its primary revenue from rental operations reached $154.0 million, representing a 3% year-over-year growth, showing the underlying strength in asset utilization despite some market softness. This recurring rental income is the most predictable component of the revenue mix.

A significant secondary stream is the monetization of the asset base through outright sales. In Q1 2025, sales of new and used rental equipment contributed $38.9 million to the top line, marking an 11% increase over the prior year's first quarter. This stream is more cyclical, tied to new equipment investment decisions by customers and the company's own fleet management strategy.

Value-added services are an increasingly important area for margin enhancement. Specifically within the Mobile Modular division, revenue from rental-related services, such as the Mobile Modular Plus offering, saw growth of 12% in the first half of 2025. This focus on services helps to increase the overall revenue per unit on rent.

The company's near-term financial expectations for the full fiscal year 2025 reflect a cautiously optimistic view based on year-to-date performance and current demand signals. McGrath RentCorp has issued guidance for its full-year 2025 Total Revenue to be in the range of $935 million to $955 million. To complement this revenue outlook, the company projects its Adjusted EBITDA guidance for 2025 to fall between $350 million to $357 million.

Here's a quick look at how the key revenue components stacked up in Q1 2025 and the full-year targets you need to keep an eye on:

Revenue Component	Q1 2025 Amount	Full Year 2025 Guidance Range
Primary Rental Operations Revenue	$154.0 million	Not specified in guidance breakdown
Sales Revenue (New/Used Equipment)	$38.9 million	Not specified in guidance breakdown
Rental-Related Services Growth (H1 2025)	12% increase	Not specified in guidance breakdown
Total Revenue Guidance	($195.4 million total revenue in Q1 2025)	$935 million to $955 million
Adjusted EBITDA Guidance	($74.5 million Adjusted EBITDA in Q1 2025)	$350 million to $357 million

The revenue streams are further detailed by the underlying business activities that generate them. You should track the performance of these distinct areas:

• Rental revenue growth across all three rental businesses.
• Progress in expanding Mobile Modular Plus and site-related services.
• The impact of pricing optimization on revenue per unit.
• The performance of the Portable Storage division against softer construction markets.