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Custom Truck One Source, Inc. (CTOS)

NYSE / Industrials / Rental & Leasing Services

Share price

9.20 USD Market dataClose of Oct 15, 2026

Market capitalisation

2.09B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Mar 10, 2026
Ratios computed
Oct 15, 2026
Filed years
9, FY2017 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

-3.8% Computed

From the FY2025 filing

Read quality

Valuation

Price to book

2.58x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

n/a Computed

FY2025 accounts, priced at the latest close

Why n/a

We do not hold this figure for this company, so there is nothing to show.

Read cash generation

Revenue and net income, by fiscal year

FY2016 Revenue: 187.1M USDFY2016 Net income: -48.0M USDFY2017 Revenue: 203.8M USDFY2017 Net income: -27.1M USDFY2018 Revenue: 246.3M USDFY2018 Net income: -15.5M USDFY2019 Revenue: 264.0M USDFY2019 Net income: -27.1M USDFY2020 Revenue: 302.7M USDFY2020 Net income: -21.3M USDFY2021 Revenue: 1.17B USDFY2021 Net income: -181.5M USDFY2022 Revenue: 1.57B USDFY2022 Net income: 38.9M USDFY2023 Revenue: 1.87B USDFY2023 Net income: 50.7M USDFY2024 Revenue: 1.80B USDFY2024 Net income: -28.7M USDFY2025 Revenue: 1.94B USDFY2025 Net income: -31.1M USD
Revenue Net income10 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
1 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it good

Return on equity was -3.8% in FY2025, in the band labelled "Likely below the cost of equity" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on shareholders' money below the usual cost of equity.

Today, against the Industrials sector (643 companies), -3.8% sits at the 33rd percentile; the middle half of that group runs from -15.6% to 15.8%.

Is it safe

Net debt to EBITDA was 4.49x in FY2025, in the band labelled "High, covenant territory" (4.00x and above), on lines set by credit-analyst convention, suggesting debt in the range lenders write covenants around.

No peer distribution is published for net debt to EBITDA today; the year-by-year comparison uses the filed annual figures.

Year by year against peers
Whether Custom Truck One Source, Inc.'s return on equity stayed above the median of the Industrials sector, year by year. (FY2021 to FY2025, 5 fiscal years of Custom Truck One Source, Inc. with a comparable figure)
The direction
Which way Custom Truck One Source, Inc.'s gross margin has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Custom Truck One Source, Inc.)
What could explain it
What in Custom Truck One Source, Inc.'s filed statements could explain the movements. (8 readings drawn from the statement lines Custom Truck One Source, Inc. filed)
What to check next
What to check next on Custom Truck One Source, Inc., and where in its filings. (4 questions for Custom Truck One Source, Inc.)
In one paragraph
One paragraph on Custom Truck One Source, Inc.'s returns, cash, balance sheet and price. (9 of sixteen figures read for Custom Truck One Source, Inc.)

These are CTOS’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research CTOSPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Mar 10, 2026, accession 0001709682-26-000008.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Custom Truck One Source, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.

n/a ComputedFY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008
Return on equity-3.8% ComputedFY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008
Return on capital employed, pre-tax4.9% ComputedFY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008
Return on assets-0.9% ComputedFY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008
Gross margin21.2% ComputedFY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008
Operating margin6.4% ComputedFY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008
Net margin-1.6% ComputedFY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008
CTOS -1.6%
PONY -118.3%WSC -2.3%EQPT 0.9%HRI 0.0%CAR -7.6%
-118.3%0.9%
Net margin: CTOS against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Custom Truck One Source, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity2.16 ComputedFY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008
Current ratio1.33 ComputedFY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008
Quick ratio0.26 ComputedFY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008
Altman Z-score1.01 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008
Net debt1.74B ComputedFY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008
Total assets 3.44BTotal liabilities 2.63BShareholders' equity 809.1MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Custom Truck One Source, Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Mar 10, 2026, 0001709682-26-000008).

Custom Truck One Source, Inc: balance sheet position
Total assets3.44B FiledFY2025 10-K, filed Mar 10, 2026
Total liabilities2.63B FiledFY2025 10-K, filed Mar 10, 2026
Shareholders' equity809.1M FiledFY2025 10-K, filed Mar 10, 2026
Cash6.3M FiledFY2025 10-K, filed Mar 10, 2026
Total debt1.75B FiledFY2025 10-K, filed Mar 10, 2026
Net debt1.74B
Current ratio1.33
Debt to equity2.16
  • Interest cover: FY2025: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Custom Truck One Source, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008
P/E on trailing twelve months95.60x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book2.58x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008
Price to sales1.07x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008
Enterprise value to EBIT30.68x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008
Enterprise value to EBITDA9.86x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008
Price to earnings over growth
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008
Diluted earnings per share-0.14 USD FiledFY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008
Graham number
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedFY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008

We publish no fair value or price target of our own. Value CTOS on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Custom Truck One Source, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Custom Truck One Source, Inc: valuation
Share price9.20 USD
Market capitalisation2.09B USD
Enterprise value to EBITDA9.86x
Graham numbern/m
Diluted earnings per share, FY2025-0.14 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Nov 13, 2018: low 12.50x, median 26.48x, high 110.60x, latest 95.60x. 548 trading days with a meaningful ratio, 1,440 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Custom Truck One Source, Inc

  1. Pony AI Inc. American Depositary Shares (PONY)Market cap 2.25B USD
  2. WillScot Holdings Corporation (WSC)Market cap 2.97B USD
  3. EquipmentShare.com Inc. (EQPT)Market cap 3.65B USD
  4. Herc Holdings Inc. (HRI)Market cap 4.14B USD
  5. Avis Budget Group, Inc. (CAR)Market cap 3.88B USD

Same industry (Rental & Leasing Services) and size band (Mid, 2B to 10B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

Computed

Custom Truck One Source, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008
Free cash flow
Why n/a

The FY2025 filing carries no free cash flow we could read.

n/a ComputedFY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008
Free cash flow margin
Why n/a

No free cash flow, and no operating cash flow and capital expenditure pair, is filed for this year.

n/a ComputedFY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008
FY2016 Free cash flow: 16.6M USDFY2016 Net income: -48.0M USDFY2017 Free cash flow: 16.8M USDFY2017 Net income: -27.1M USDFY2018 Free cash flow: 40.3M USDFY2018 Net income: -15.5M USDFY2019 Free cash flow: 15.7M USDFY2019 Net income: -27.1M USDFY2020 Free cash flow: 42.0M USDFY2020 Net income: -21.3M USDFY2021 Net income: -181.5M USDFY2022 Net income: 38.9M USDFY2023 Net income: 50.7M USDFY2024 Net income: -28.7M USDFY2025 Net income: -31.1M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Custom Truck One Source, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
2.58xFY2025Oct 15, 2026
30.68xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports neither free cash flow nor the operating cash flow and capital spending it is built from.
n/aFY2025Mar 10, 2026
n/a The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
2.16FY2025Mar 10, 2026
1.33FY2025Mar 10, 2026
1.07xFY2025Oct 15, 2026
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
1.01FY2025Oct 15, 2026
-2.90FY2025Mar 10, 2026
5/9FY2025Mar 10, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 9 filed fiscal years on record, FY2017 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 fiscal years, FY2016 to FY2025. 9 read from the annual reports Custom Truck One Source, Inc filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in USD, as reported.

Custom Truck One Source, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20251.94B124.9M-31.1M-0.14n/a6.4%-3.8%10-K, Mar 10, 20260001709682-26-000008
FY20241.80B126.4M-28.7M-0.12n/a7.0%-3.3%10-K, Mar 4, 20250001709682-25-000006
FY20231.87B170.9M50.7M0.21n/a9.2%5.5%10-K, Mar 7, 20240001709682-24-000010
FY20221.57B103.3M38.9M0.16n/a6.6%4.4%10-K, Mar 14, 20230001709682-23-000008
FY20211.17B-42.0M-181.5M-0.75n/a-3.6%-21.1%10-K, Mar 16, 20220001709682-22-000036
FY2020302.7M17.2M-21.3M-0.4342.0M5.7%n/m10-K, Mar 9, 20210001709682-21-000009
FY2019264.0M36.0M-27.1M-0.8215.7M13.6%n/m10-K, Mar 16, 20200001709682-20-000017
FY2018246.3M43.2M-15.5M-0.7240.3M17.5%n/m10-K, Mar 4, 20190001213900-19-003533
FY2017203.8M23.5M-27.1M-1.2516.8M11.5%n/m10-K, Mar 16, 20200001709682-20-000017
FY2016187.1M1.6M-48.0M-4.7616.6M0.8%n/aMarket data, supplied Oct 15, 2026accession n/a
  • Revenue, compound annual growth FY2016 to FY2025: 29.7%
  • Earnings: Earnings was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow, compound annual growth FY2016 to FY2020: 26.1%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Custom Truck One Source, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.90 ComputedFY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008
Piotroski F-score5/9 ComputedFY2025 10-K, filed Mar 10, 2026, 0001709682-26-000008
Named tests met1 of 30 Computed
Beta1.35 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 1 met, 22 not met, 7 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Owner earnings yield
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/B (David Dreman)
Not measured
Dividends and buybacks; ROIC at or above WACC; P/E times P/B (Benjamin Graham); Cash-covered dividend; Cash-flow yield and ROIC; Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(14)
  • P/E Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Return on Invested Capital: The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.
  • PEG Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Free Cash Flow Yield: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Capex To Ocf: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.
  • Price Tangible Book: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 14 figures could not be read on this company, among them P/E Ratio, Return on Invested Capital, PEG Ratio. Each blank in the table above names the rest, with its reason. 7 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 9 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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