Custom Truck One Source vs VSE
Custom Truck One Source is the larger business, with $1.94bn of revenue in fiscal 2025 against $1.11bn for VSE (1.7 times as much). VSE grew faster (41.5% against 7.9%). VSE kept more of each dollar of sales as profit: a net margin of 1.1% against -1.6%.
| Latest fiscal year | Custom Truck One SourceCTOS, 2025 | VSEVSEC, 2025 |
|---|---|---|
| Revenue | $1.94bn | $1.11bn |
| Revenue growth | 7.9% | 41.5% |
| Net income | −$31.1m | $11.7m |
| Operating margin | 6.4% | — |
| Net margin | -1.6% | 1.1% |
| Return on equity | -3.7% | 1.0% |
| Free cash flow | $310m | $5.7m |
| Cash | $6.3m | $69.4m |
| Total debt | $1.66bn | $296m |
| Debt to equity | 205.3% | — |
| Dividend per share | — | $0.40 |
| Dividend yield | — | 0.2% |
| Share buybacks | $32.6m | — |
| Employees | 2,500 | 1,600 |
| Market value | $2.42bn | $4.58bn |
| Price vs our value range | — | — |
| Moat score | 14 (Weak) | 25 (Weak) |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 13 sales |