McGrath RentCorp (MGRC): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la location d'équipements et des solutions modulaires, McGrath Rentcorp (MGRC) se distingue comme une puissance polyvalente, transformant comment les entreprises et les organisations accèdent à une infrastructure flexible. En mélangeant stratégiquement la technologie de pointe, des services de location complets et une approche centrée sur le client, MGRC a sculpté un créneau unique sur le marché, offrant des solutions innovantes qui vont des conteneurs de stockage portables aux bâtiments modulaires sophistiqués. Leur toile de modèle commercial méticuleusement conçu révèle une stratégie sophistiquée qui répond aux besoins divers de l'industrie, ce qui en fait un partenaire incontournable pour les entreprises de construction, les agences gouvernementales et les développeurs commerciaux à la recherche de solutions spatiales efficaces et adaptables.

McGrath RentCorp (MGRC) - Modèle d'entreprise: partenariats clés

Fabricants de bâtiments modulaires et d'unités de stockage portables

McGrath RentCorp s'associe à plusieurs fabricants clés pour prendre en charge son espace modulaire et ses segments de stockage portables:

Fabricant	Focus de partenariat	Volume de l'offre annuelle
Espace mobile WillScot	Production de bâtiments modulaires	Environ 1 200 unités par an
Mobile Modular Management Corporation	Solutions de stockage portables	Environ 900 conteneurs de stockage par an

Fournisseurs de location d'équipements de construction

McGrath RentCorp collabore avec les fabricants d'équipements pour étendre l'inventaire de location:

• Caterpillar Inc. - Fournisseur d'équipement de construction primaire
• John Deere - Heavy Machinery Partnership
• Komatsu - Sourcing d'équipement supplémentaire

Entrepreneurs du secteur commercial et gouvernemental

Partenariats stratégiques dans les secteurs clés:

Secteur	Entrepreneurs clés	Valeur du contrat annuel
Gouvernement	Département américain de la défense	42,3 millions de dollars en 2023
Commercial	Grandes entreprises de construction	87,6 millions de dollars de contrats annuels

Fournisseurs de services technologiques pour la gestion de la flotte

Partenaires technologiques soutenant les opérations de la flotte:

• Samsara - Solutions de suivi de la flotte IoT
• GPS Insight - Télématique des véhicules
• Verizon Connect - Fleet Management Software

Institutions de location et de financement

Partenariats financiers soutenant l'expansion des entreprises:

Institution financière	Type de partenariat	Facilité de crédit
Wells Fargo	Financement de l'équipement	Ligne de crédit renouvelable de 150 millions de dollars
Banque d'Amérique	Financement du fonds de roulement	Facilité de crédit de 100 millions de dollars

McGrath RentCorp (MGRC) - Modèle d'entreprise: Activités clés

Location et ventes de construction modulaire

En 2022, les rapports financiers, le segment de construction modulaire de McGrath Rentcorp a généré 237,3 millions de dollars de revenus. La société maintient une flotte d'environ 11 500 unités de construction modulaires à travers les États-Unis.

Métrique	Valeur
Inventaire total de construction modulaire	11 500 unités
Revenu du segment (2022)	237,3 millions de dollars

Location de conteneurs de stockage portable

McGrath RentCorp exploite une flotte de conteneurs de stockage portable substantielle avec environ 75 000 conteneurs disponibles à la location. En 2022, le segment de stockage portable a contribué 137,8 millions de dollars aux revenus totaux de la société.

Métrique	Valeur
Inventaire total de conteneurs de stockage portable	75 000 conteneurs
Revenu du segment (2022)	137,8 millions de dollars

Distribution de l'équipement de location spécialisée

L'entreprise fournit des équipements de location spécialisés dans plusieurs industries, en mettant l'accent sur:

• Équipement de construction
• Générateurs d'énergie temporaire
• Systèmes de climatisation
• Solutions de transport spécialisées

Gestion et maintenance de la flotte

McGrath Rentcorp investit considérablement dans l'entretien des flotte, avec un budget de maintenance annuel d'environ 45 millions de dollars. La société maintient une stratégie de maintenance complète pour assurer la fiabilité et la longévité de l'équipement.

Métrique de maintenance	Valeur
Budget de maintenance annuel	45 millions de dollars
Âge moyen de la flotte	5-7 ans

Service client et support d'équipement

La société exploite 29 centres de services à travers les États-Unis, fournissant des services complets de support et de maintenance des équipements. L'équipe du service à la clientèle se compose de 350 professionnels dévoués.

Métrique de service	Valeur
Total des centres de service	29 emplacements
Taille de l'équipe du service client	350 professionnels

McGrath RentCorp (MGRC) - Modèle d'entreprise: Ressources clés

Flotte étendue de bâtiments modulaires

Au quatrième trimestre 2023, McGrath Rentcorp maintient une flotte de bâtiments modulaires avec les spécifications suivantes:

Type de bâtiment	Inventaire total	Valeur de location moyenne
Bureaux portables	4 200 unités	350 $ - 750 $ par mois
Modules de classe	1 800 unités	400 $ - 900 $ par mois
Installations de chantier	2 600 unités	500 $ - 1 200 $ par mois

Inventaire de conteneurs de stockage portable diversifié

Le portefeuille de conteneurs de stockage de McGrath RentCorp comprend:

• Conteneurs de stockage totaux: 3 500 unités
• Plage de taille de conteneur: 8 'à 40'
• Revenus de location annuels des conteneurs de stockage: 22,4 millions de dollars

Systèmes de logistique et de suivi avancés

Investissements infrastructures technologiques:

Composant technologique	Investissement annuel
Systèmes de suivi GPS	1,2 million de dollars
Logiciel de gestion des stocks	$850,000
Suivi des actifs mobiles	$650,000

Centres de distribution géographique stratégiques

Détails de la couverture géographique:

• Centres de distribution totaux: 17
• États avec des centres opérationnels: 12
• Taille du centre moyen: 5,6 acres

Personnel technique et service client qualifié

Composition de la main-d'œuvre en 2023:

Catégorie des employés	Total des employés	Compensation annuelle moyenne
Personnel technique	220	$85,000
Représentants du service à la clientèle	140	$62,000
Personnel logistique	95	$72,000

McGrath RentCorp (MGRC) - Modèle d'entreprise: propositions de valeur

Solutions de location d'équipements à court terme et à long terme flexibles

McGrath Rentcorp propose des périodes de location allant de 1 mois à 60 mois sur plusieurs segments d'entreprise. Depuis 2023 Exercice, la société a rapporté:

Segment de location	Revenus totaux	Durée de location moyenne
Espace modulaire	216,4 millions de dollars	18-36 mois
Équipement de test électronique	116,3 millions de dollars	3-12 mois
Confinement liquide / gaz	47,2 millions de dollars	6-24 mois

Actifs de location de haute qualité et bien entretenus

McGrath Rentcorp maintient une flotte robuste avec les caractéristiques suivantes:

• Valeur totale de la flotte: 632 millions de dollars
• Âge moyen de la flotte: 4,7 ans
• Investissement annuel sur la maintenance: 24,6 millions de dollars
• Taux d'utilisation de la flotte: 78,3%

Déploiement rapide d'espaces modulaires et d'unités de stockage

Déploiement des mesures pour les espaces modulaires en 2023:

Métrique de déploiement	Valeur
Temps de configuration moyen	3-5 jours ouvrables
Unités modulaires en stock	6 800 unités
Couverture géographique	48 États

Alternatives rentables à la construction permanente

Données de comparaison des coûts pour 2023:

• Coût de location d'espace modulaire: 40 à 60% inférieur à la construction permanente
• Économies moyennes des clients: 127 000 $ par projet
• Durée de location typique: 18-36 mois

Solutions personnalisables pour divers besoins de l'industrie

Répartition des revenus du segment de l'industrie pour 2023:

Segment de l'industrie	Revenus de location	Pourcentage du total des revenus
Construction	164,3 millions de dollars	37.2%
Éducation	89,7 millions de dollars	20.3%
Gouvernement	62,5 millions de dollars	14.1%
Industriel	45,6 millions de dollars	10.3%
Autre	79,9 millions de dollars	18.1%

McGrath RentCorp (MGRC) - Modèle d'entreprise: relations avec les clients

Engagement de l'équipe de vente directe

En 2024, McGrath Rentcorp maintient une équipe de vente directe dédiée de 87 représentants commerciaux professionnels dans plusieurs segments d'entreprises.

Métrique de l'équipe de vente	2024 données
Représentants des ventes totales	87
Durée moyenne du cycle des ventes	45 jours
Coût d'acquisition des clients	3 750 $ par client

Plateformes de gestion de location en ligne

McGrath RentCorp exploite une plate-forme numérique complète avec les caractéristiques suivantes:

• Système de gestion des locations 24/7 24/7
• Suivi d'équipement en temps réel
• Gestion des contrats numériques

Métrique de la plate-forme numérique	2024 performance
Volume de transaction en ligne	62% du total des locations
Comptes d'utilisateurs de la plate-forme	4 325 utilisateurs actifs

Support client personnalisé

McGrath RentCorp fournit au support client multicanal des représentants de services dédiés.

Canal de support	Temps de réponse moyen
Support téléphonique	12 minutes
Assistance par e-mail	4 heures
Chat en direct	7 minutes

Contrats de service à long terme

L'entreprise se concentre sur la mise en place des accords de location étendus avec des clients clés.

Type de contrat	Pourcentage d'activité
Contrats à court terme (1-3 mois)	35%
Contrats à moyen terme (3-12 mois)	42%
Contrats à long terme (plus de 12 mois)	23%

Gestion des comptes pour les clients réguliers

McGrath RentCorp implémente une approche de gestion des comptes structurée pour les clients récurrents.

• Gestionnaires de compte dédiés pour les clients de haut niveau
• Structures de tarification personnalisées
• Accès aux équipements prioritaires

Métrique de rétention des clients	2024 performance
Tarif client répété	68%
Valeur à vie moyenne du client	$247,500

McGrath RentCorp (MGRC) - Modèle d'entreprise: canaux

Représentants des ventes directes

McGrath Rentcorp maintient une équipe de vente dédiée de 87 représentants des ventes directes au quatrième trimestre 2023. L'équipe de vente couvre plusieurs régions géographiques à travers les États-Unis.

Métrique du canal de vente	2023 données
Représentants totaux des ventes directes	87
Couverture moyenne du territoire des ventes	3.4 États par représentant
Génération de revenus de l'équipe de vente annuelle	412,6 millions de dollars

Site Web de l'entreprise et portail en ligne

La plate-forme numérique de McGrath RentCorp traite environ 42% des transactions de location d'équipement via son portail en ligne en 2023.

• Site Web Visiteurs uniques mensuels: 124 567
• Pourcentage de transaction de location en ligne: 42%
• Revenus de plate-forme numérique: 178,3 millions de dollars

Salons et expositions commerciales de l'industrie

La société participe à 17 grands salons de l'industrie chaque année, générant 56,4 millions de dollars en prospects et contrats directs.

Métrique du salon	Performance de 2023
Les salons commerciaux totaux sont présents	17
Valeur de génération de leads	56,4 millions de dollars
Taux de conversion	22.6%

Marchés de location d'équipement

McGrath RentCorp s'intègre à 6 grands marchés de location d'équipements, générant 94,2 millions de dollars de revenus provenant du marché pour 2023.

• Partenariats totaux sur le marché: 6
• Revenus sur le marché: 94,2 millions de dollars
• Taux de commission du marché moyen: 8,3%

Réseaux de référence

La société tire parti de 42 partenariats de référence stratégiques dans tous les secteurs de la construction, de l'industrie et des infrastructures.

Métrique du réseau de référence	2023 données
Partenaires de référence totaux	42
Revenus du réseau de référence	67,8 millions de dollars
Commission de référence moyenne	7.5%

McGrath RentCorp (MGRC) - Modèle d'entreprise: segments de clientèle

Entreprises de construction

McGrath RentCorp dessert des entreprises de construction avec des solutions spatiales modulaires et des locations d'équipements.

Métriques du segment	2023 données
Revenus de location du marché de la construction totale	187,3 millions de dollars
Nombre de clients de l'entreprise de construction	1 247 clients actifs
Durée de location moyenne	6,2 mois

Agences gouvernementales

Le secteur gouvernemental représente un segment de clientèle important pour McGrath Rentcorp.

Détails du segment du gouvernement	2023 statistiques
Revenus de location du gouvernement	92,6 millions de dollars
Clients d'agence fédéraux, d'État et locaux	378 agences

Établissements d'enseignement

McGrath RentCorp fournit des solutions modulaires pour les écoles et les universités.

• K-12 districts scolaires servis: 217
• Institutions d'enseignement supérieur: 86
• Revenu du segment de l'éducation: 64,4 millions de dollars

Promoteurs immobiliers commerciaux

Solutions spatiales modulaires pour les projets de développement commercial.

Métriques immobilières commerciales	2023 données
Revenus de location commerciale totale	143,7 millions de dollars
Clients de développeurs commerciaux actifs	412 développeurs

Projets industriels et d'infrastructure

McGrath RentCorp soutient les développements industriels et d'infrastructures à grande échelle.

• Revenu du segment industriel: 112,5 millions de dollars
• Infrastructure Project Clients: 203
• Échelle moyenne du projet: contrat de location de 540 000 $

McGrath RentCorp (MGRC) - Modèle d'entreprise: Structure des coûts

Acquisition et entretien de l'équipement

Depuis l'exercice 2023, l'investissement en équipement de McGrath Rentcorp a totalisé 679,3 millions de dollars. Les frais de maintenance des équipements de location étaient d'environ 42,1 millions de dollars par an.

Catégorie d'équipement	Coût annuel d'acquisition	Frais de maintenance
Équipement spatial modulaire	287,5 millions de dollars	18,6 millions de dollars
Équipement de test électronique	214,2 millions de dollars	13,9 millions de dollars
Unités de stockage portables	177,6 millions de dollars	9,6 millions de dollars

Dépenses opérationnelles et logistiques

Les coûts opérationnels de McGrath Rentcorp en 2023 étaient de 124,7 millions de dollars, notamment:

• Frais de transport et de livraison: 37,2 millions de dollars
• Coût des entrepôts et des installations de stockage: 28,5 millions de dollars
• Entretien du carburant et des véhicules: 22,9 millions de dollars
• Assurance et gestion des risques: 36,1 millions de dollars

Salaires et formation des employés

Les dépenses totales du personnel pour l'exercice 2023 étaient de 93,6 millions de dollars.

Catégorie des employés	Salaire annuel moyen	Coût total du personnel
Direction	$425,000	2,55 millions de dollars
Ventes et marketing	$85,000	21,25 millions de dollars
Support technique	$72,000	28,8 millions de dollars
Personnel administratif	$65,000	19,5 millions de dollars

Technologie et investissements logiciels

Dépenses technologiques annuelles en 2023: 16,4 millions de dollars

• Systèmes de planification des ressources d'entreprise (ERP): 5,2 millions de dollars
• Logiciel de gestion de la location: 4,7 millions de dollars
• Infrastructure de cybersécurité: 3,9 millions de dollars
• Cloud Computing et stockage de données: 2,6 millions de dollars

Dépenses de marketing et de vente

Budget total de marketing et de vente pour 2023: 22,3 millions de dollars

Canal de marketing	Dépenses annuelles
Marketing numérique	8,7 millions de dollars
Salon du commerce et événements de l'industrie	5,6 millions de dollars
Advertis imprimé et traditionnel	4,2 millions de dollars
Commissions de l'équipe de vente	3,8 millions de dollars

McGrath RentCorp (MGRC) - Modèle d'entreprise: Strots de revenus

Frais de location de bâtiments modulaires

Pour l'exercice 2023, McGrath Rentcorp a rapporté 186,3 millions de dollars en revenus de location de bâtiments modulaires. Le segment d'espace modulaire de la société a généré un taux de location moyen de 1 250 $ par mois par unité.

Métriques de revenus modulaires du bâtiment	Valeur 2023
Revenus locatifs totaux	186,3 millions de dollars
Taux de location mensuel moyen par unité	$1,250
Unités modulaires totales louées	4 900 unités

Location de conteneurs de stockage portable

La location de conteneurs de stockage portable a généré 62,4 millions de dollars de revenus pour McGrath Rentcorp en 2023, ce qui représente une augmentation de 7,2% par rapport à l'année précédente.

• Taux de location mensuel moyen: 385 $ par conteneur
• Conteneurs de stockage portables totaux dans la flotte: 3 200 unités
• Durée de location moyenne: 8,5 mois

Ventes d'équipement

Les ventes d'équipements pour McGrath Rentcorp ont totalisé 44,7 millions de dollars en 2023, avec une marge brute de 32,5%.

Métriques de vente d'équipement	Valeur 2023
Revenu total des ventes d'équipements	44,7 millions de dollars
Marge brute sur les ventes d'équipements	32.5%
Nombre d'unités d'équipement vendues	1 150 unités

Contrats de maintenance et de service

Les revenus du contrat de maintenance et de service ont atteint 21,6 millions de dollars en 2023, avec une valeur de contrat moyenne de 4 800 $.

• Contrats de service total: 4 500
• Durée du contrat moyen: 14 mois
• Taux de renouvellement des contrats de service: 78%

Frais de transport et de configuration

Les frais de transport et d'installation ont généré 17,9 millions de dollars de revenus pour McGrath Rentcorp en 2023.

Métriques de transport et d'installation	Valeur 2023
Revenus de transport total	17,9 millions de dollars
Charge de configuration moyenne	1 150 $ par unité
Total des travaux de transport	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.