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Custom Truck One Source, Inc. (CTOS) stock

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NYSE: CTOS NYSE Trading Companies & Distributors Next results ~January 25, 2027

C Fundamentals grade

Custom Truck One Source, Inc. is a US-listed company in the trading companies & distributors industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$5.8

Forward price-to-earnings vs peers

Base case. Range ~$5.3–$7.0. Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Custom Truck One Source, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds109 adding, 77 cuttingOf 37 active managers that changed their stake, 19 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Custom Truck One Source files

10-Q filed October 26: Custom Truck One Source

Model value +11.4%

Revenue for the twelve months to September 2026 reached $2.05bn, a gain of 5.8% on the prior year. That pace has eased from the 7.0% recorded a quarter earlier. Cash generation tells a weaker story. Free-cash-flow margin slipped to 0.2%, down sharply from 4.5% a year ago. Despite the softer cash picture, our model value moves higher, rising from $3.69 to $4.11 a share. Set against a current share price of $9.18, that estimate still sits well below where the stock trades.

Source: 10-Q filed October 26, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Custom Truck One Source stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.04bn, up 7.0% on a year earlier, slower than 9.4% a quarter earlier. Free-cash-flow margin fell to -3.7% from 1.6% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 5 financial-health checks. Our valuation models combined value is $3.69 a share, against a share price of $9.18.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 25, 2027 (estimated)

Custom Truck One Source, Inc.'s trailing-twelve-month revenue grew 5.8% year on year, with a free-cash-flow margin of 0.2%. Where it lags: gross margin of 22.6% ranks 22 of 26 trading companies & distributors companies we cover.

Current signal Net margin expanding: TTM net margin reached 1.4%, up 2.7pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 18.1% over 90 days.

Things to watch

  • High earnings multiple. The shares trade at 82 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 48% and a beta of 1.6 against the S&P 500.
  • Weak cash conversion. Free cash flow was 14% of net income over the last 12 months.
  • Below peers: gross margin. Gross margin of 22.6% ranks 22 of 26 trading companies & distributors companies we cover (median 28.9%).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 46.0% ranks 23 of 29 trading companies & distributors companies we cover (median 21.4%).

Latest results: FY2026 Q3

Filed October 26, 2026
Earnings per share
$0.06 against an average estimate of $0.00: beat by 0.0%
Revenue
$495m, up 2.7% on a year earlier
Share reaction
+16.0% in the first session after the results on October 26, 2026, against +1.3% for the S&P 500
Guidance given
SER segment revenue $870m to $890m (full year 2026); CTOS Adjusted EBITDA $447.5m to $460m (full year 2026)
Next report
October 26, 2026; average EPS estimate $0.09

Custom Truck One Source's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.3%
  • 1 week+18.0%
  • 1 month+8.7%
  • This year+84.5%
  • 1 year+80.5%
  • 5 years+7.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2B
Operating margin
8.2%
Net margin
1.4%
EPS (TTM, diluted)
$0.13

Growth

Revenue growth
+5.8%
Change in growth rate
−1.2 pts
Share count change
−0.2%

Cash

Free cash flow (TTM)
$4M
FCF margin
0.2%
Stock pay % of revenue
0.5%

Earnings

Last results
October 26, 2026
Next results (est.)
January 25, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Our research
  3. Results
  4. Guidance
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Custom Truck One Source, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Custom Truck One Source, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.06 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: the projected cash flows don't support a positive value
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$5.8 ~$5.3–$7.0 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$0.8 ~$0.4–$1.3 Left out: out of range vs price (0.07x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity below long-run growth
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$5.8 ~$5.3–$7.0 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Custom Truck One Source, Inc. with Trading Companies & Distributors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 201720182019202020212022202320242025Now
Share price$9.68$10.00$4.11$7.37$8.00$6.32$6.18$4.81$5.76$10.63
Market value$1.0bn$1.1bn$680m$1.8bn$1.9bn$1.6bn$1.5bn$1.1bn$1.3bn$2.4bn
+ Net debt (− = net cash)−$501925$763m$722m$725m$1.3bn$1.4bn$1.5bn$1.5bn$1.7bn$1.7bn
Enterprise value$1.0bn$1.8bn$1.4bn$2.5bn$3.2bn$2.9bn$3.0bn$2.7bn$3.0bn$4.1bn
Multiples
Price / sales 5.1x4.4x2.6x6.0x1.7x1.0x0.8x0.6x0.7x1.2x
Price / earnings —————40.2x29.9x——82.3x
Price / free cash flow 62.4x26.8x43.2x43.1x13.9x34.1x—9.3x4.2x8.7x
EV / EBITDA 39.8x39.9x12.4x24.8x19.4x9.0x7.8x7.4x7.6x9.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

14 /100

Weak moat

How hard Custom Truck One Source's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -0.6% of total assets over 7 years.

  • Pricing power 7 / 20

    Gross margin has been a median 22.9%, moving by 4.3 percentage points (standard deviation) across 8 years.

  • Durability 1 / 20

    Operating margin has been a median 8.2%; its worst year was -5.5%.

  • Cash conversion 7 / 20

    Free cash flow was positive in 5 of 8 years, at a median 2.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (19 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.13 +1114% $2.1bn +9%
Next $0.33 +161% $2.2bn +6%

Next year's EPS estimate has moved +18.1% in 90 days, across 3 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +4.2% on 90 days ago. In the last 30 days, 2 analysts raised Custom Truck One Source, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Custom Truck One Source, Inc., last 90 days
$0.10 $0.20 $0.30 $0.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.12 Current fiscal year, 60 days ago: $0.13 Current fiscal year, 30 days ago: $0.13 Current fiscal year, 7 days ago: $0.13 Current fiscal year, Now: $0.13 $0.13 Next fiscal year, 90 days ago: $0.28 Next fiscal year, 60 days ago: $0.31 Next fiscal year, 30 days ago: $0.31 Next fiscal year, 7 days ago: $0.31 Next fiscal year, Now: $0.33 $0.33

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.12$0.28
60 days ago $0.13$0.31
30 days ago $0.13$0.31
7 days ago $0.13$0.31
Now $0.13$0.33

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.00 $0.06 0.0%
Jun 2026 $0.01 $0.09 +500.0%
Mar 2026 −$0.05 $0.02 +136.2%
Dec 2025 $0.06 $0.13 +108.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 26, 2026
  • Consolidated Revenue 2026 Consolidated Outlook $2,100m to $2,200m Maintained vs 2,100m to 2,200m
    “Revenue $2,100 million - $2,200 million” source
  • Consolidated Revenue year-over-year growth full year 2026 8% growth to 13% growth Maintained vs 8 to 13
    “Revenue is expected to increase 8% to 13% year-over-year, with Adjusted EBITDA 1, 4 expected to increase 17% to 20%.” source
  • SER segment revenue · Specialty Equipment Rentals (SER) full year 2026 $870m to $890m Raised
    “Raising 2026 SER segment revenue guidance to $870 million to $890 million, from $850 million to $875 million, on continued strength in transmission and distribution ("T&D") end markets” source
  • CTOS Adjusted EBITDA full year 2026 $448m to $460m Non-GAAP Raised
    “Raising CTOS Adjusted EBITDA 1 guidance range to $447.5 million to $460 million, from $437.5 million to $455 million, the third increase this year and representing 17% to 20% growth over 2025” source
  • STEM segment revenue · Specialty Truck Equipment & Manufacturing (STEM) 2026 Revenue Outlook by Segment $1,630m to $1,700m Maintained vs 1,630m to 1,700m
    “STEM $1,630 million - $1,700 million” source
  • Adjusted EBITDA year-over-year growth full year 2026 17% growth to 20% growth Non-GAAP Raised vs 14 to 19
    “Revenue is expected to increase 8% to 13% year-over-year, with Adjusted EBITDA 1, 4 expected to increase 17% to 20%.” source
Show 3 more items
  • Net rental fleet investment full year 2026 $210m to $230m Raised
    “Net rental fleet investment (purchases less proceeds) for 2026 is expected to be approximately $210 million to $230 million, up from prior guidance of $170 million to $200 million to capture visible, high-return rental demand, while still reflecting a reduction from over $250 million in 2025.” source
  • Gross rental fleet investment · Specialty Equipment Rentals (SER) full year 2026 $400m to $430m Raised
    “In response to this demand, we are increasing 2026 gross rental fleet investment to approximately $400 million to $430 million, with the incremental investment concentrated in long-term transmission rentals and high-return specialty products.” source
  • STEM third-party new sales revenue growth · Specialty Truck Equipment & Manufacturing (STEM) 2026 compared to 2025 3% growth to 10% growth Maintained vs 3 to 10
    “Third-party new sales revenue is expected to increase 3% to 10% in 2026 compared to 2025, with fourth quarter third-party new sales expected to increase at a mid-to-high-teens rate year-over-year as deliveries delayed in the third quarter are completed, supported by continued customer demand, improving product availability and lead times and relationships with key customers, chassis suppliers and attachment suppliers.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

6 analysts, Oct 2026
Buy583%
Hold117%
Sell00%

Monthly trend

  1. Oct 2026516
  2. Sep 2026516
  3. Aug 2026516
  4. Jul 2026516

Counts of recommendations published by analysts covering Custom Truck One Source, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.2%
of tradable shares
Days to cover
3.99
at average volume
Short interest, 1 month
−21%
to October 15, 2026
Held by institutions
99%
of shares
Held by insiders
4.7%
of shares
Employees
2,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +80.5%

$5.89 on October 31, 2025 to $10.63

ThenNowEffect
Revenue (last 12 months) $1.9bn $2.0bn +7.0%
P/S multiple 0.7x 1.2x +66.2%
Share count 231m 227m +1.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +68.2%

$6.32 on November 3, 2023 to $10.63

ThenNowEffect
Revenue (last 12 months) $1.8bn $2.0bn +16.1%
Net margin 3.1% 1.1% −65.8%
P/E multiple 29.0x 112.8x +289.7%
Share count 247m 227m +8.8%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CTOS+9%−21%−2%−22%+20%+85%
Industry peers (median)+34%−10%+31%+0%+2%+12%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CTOS67%42%58%33%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CTOS−40%−48%−37%−56%−38%−26%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 9, 2017: 83% from April 12, 2019 to March 18, 2020. Getting back needed a 485% gain, reached on May 3, 2021, 411 days after the low.

Price behaviour

52-week range
$5.34 – $11.97
From 52-week high
−11.2%
vs 50-day average
+12.7%
vs 200-day average
+19.5%
Volatility (1 year)
48%
Beta vs S&P 500
1.59

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±11.3%
After a week
6 up, 6 down
typical move ±11.6%
After a month
6 up, 5 down
typical move ±13.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 26, 2026 +16.0% +1.3% +17.3% —
August 3, 2026 +8.6% +3.3% +4.9% −12.6%
April 27, 2026 +3.1% −0.3% +9.3% +11.9%
March 10, 2026 −5.8% −0.3% −0.9% +14.1%
October 27, 2025 −8.9% +1.4% −12.1% −6.7%
July 30, 2025 +7.1% −0.5% +1.0% +5.7%
April 30, 2025 −7.6% +0.7% −2.6% +1.7%
March 4, 2025 +16.7% −0.1% +18.6% +6.3%
October 30, 2024 +12.7% −2.3% +37.7% +64.7%
August 1, 2024 −18.8% −3.3% −15.2% −18.2%
May 2, 2024 −13.8% +2.2% −6.6% −2.9%
March 7, 2024 −16.1% +0.4% −12.8% −3.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Custom Truck One Source, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Custom Truck One Source, Inc.
$1.7B $1.8B $1.9B $2B $2.1B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $1.9B Revenue (TTM), FY24 Q1: $1.8B Revenue (TTM), FY24 Q2: $1.8B Revenue (TTM), FY24 Q3: $1.8B Revenue (TTM), FY24 Q4: $1.8B Revenue (TTM), FY25 Q1: $1.8B Revenue (TTM), FY25 Q2: $1.9B Revenue (TTM), FY25 Q3: $1.9B Revenue (TTM), FY25 Q4: $1.9B Revenue (TTM), FY26 Q1: $2B Revenue (TTM), FY26 Q2: $2B Revenue (TTM), FY26 Q3: $2B $2B

Source: SEC EDGAR filings. Retrieved October 27, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $1.9B
FY24 Q1 $1.8B
FY24 Q2 $1.8B
FY24 Q3 $1.8B
FY24 Q4 $1.8B
FY25 Q1 $1.8B
FY25 Q2 $1.9B
FY25 Q3 $1.9B
FY25 Q4 $1.9B
FY26 Q1 $2B
FY26 Q2 $2B
FY26 Q3 $2B
Revenue growth, TTM YoY Custom Truck One Source, Inc.
-10% 0% 10% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 18.6% Revenue growth, TTM YoY, FY24 Q1: 10.0% Revenue growth, TTM YoY, FY24 Q2: 2.1% Revenue growth, TTM YoY, FY24 Q3: -1.5% Revenue growth, TTM YoY, FY24 Q4: -3.4% Revenue growth, TTM YoY, FY25 Q1: -0.6% Revenue growth, TTM YoY, FY25 Q2: 6.2% Revenue growth, TTM YoY, FY25 Q3: 7.4% Revenue growth, TTM YoY, FY25 Q4: 7.9% Revenue growth, TTM YoY, FY26 Q1: 9.4% Revenue growth, TTM YoY, FY26 Q2: 7.0% Revenue growth, TTM YoY, FY26 Q3: 5.8% 5.8%

Source: SEC EDGAR filings. Retrieved October 27, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 18.6%
FY24 Q1 10.0%
FY24 Q2 2.1%
FY24 Q3 -1.5%
FY24 Q4 -3.4%
FY25 Q1 -0.6%
FY25 Q2 6.2%
FY25 Q3 7.4%
FY25 Q4 7.9%
FY26 Q1 9.4%
FY26 Q2 7.0%
FY26 Q3 5.8%
Operating margin (TTM) Custom Truck One Source, Inc.
6% 7% 8% 9% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 9.2% Operating margin (TTM), FY24 Q1: 8.2% Operating margin (TTM), FY24 Q2: 7.1% Operating margin (TTM), FY24 Q3: 6.2% Operating margin (TTM), FY24 Q4: 7.0% Operating margin (TTM), FY25 Q1: 6.6% Operating margin (TTM), FY25 Q2: 6.9% Operating margin (TTM), FY25 Q3: 7.2% Operating margin (TTM), FY25 Q4: 6.4% Operating margin (TTM), FY26 Q1: 7.3% Operating margin (TTM), FY26 Q2: 8.0% Operating margin (TTM), FY26 Q3: 8.2% 8.2%

Source: SEC EDGAR filings. Retrieved October 27, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 9.2%
FY24 Q1 8.2%
FY24 Q2 7.1%
FY24 Q3 6.2%
FY24 Q4 7.0%
FY25 Q1 6.6%
FY25 Q2 6.9%
FY25 Q3 7.2%
FY25 Q4 6.4%
FY26 Q1 7.3%
FY26 Q2 8.0%
FY26 Q3 8.2%
FCF margin (TTM) Custom Truck One Source, Inc.
-15% -10% -5% 0% 5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -13.4% FCF margin (TTM), FY24 Q1: -14.9% FCF margin (TTM), FY24 Q2: -12.9% FCF margin (TTM), FY24 Q3: -12.1% FCF margin (TTM), FY24 Q4: -6.3% FCF margin (TTM), FY25 Q1: -2.7% FCF margin (TTM), FY25 Q2: 1.6% FCF margin (TTM), FY25 Q3: 4.5% FCF margin (TTM), FY25 Q4: 2.4% FCF margin (TTM), FY26 Q1: 0.4% FCF margin (TTM), FY26 Q2: -3.7% FCF margin (TTM), FY26 Q3: 0.2% 0.2%

Source: SEC EDGAR filings. Retrieved October 27, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -13.4%
FY24 Q1 -14.9%
FY24 Q2 -12.9%
FY24 Q3 -12.1%
FY24 Q4 -6.3%
FY25 Q1 -2.7%
FY25 Q2 1.6%
FY25 Q3 4.5%
FY25 Q4 2.4%
FY26 Q1 0.4%
FY26 Q2 -3.7%
FY26 Q3 0.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 204 246 264 303 1,167 1,573 1,865 1,802 1,944 2,048
Gross profit 58 82 87 76 210 384 454 390 412 463
EBITDA 26 46 113 102 167 327 390 362 389 443
Operating income 23 43 36 17 −42 103 171 126 125 168
Net income −27 −16 −27 −21 −182 39 51 −29 −31 29
Diluted EPS −$0.25 −$0.14 −$0.16 −$0.09 −$0.75 $0.16 $0.21 −$0.12 −$0.14 $0.13
Growth (year on year)
Revenue — +20.9% +7.2% +14.7% +285.5% +34.8% +18.6% −3.4% +7.9% +5.8%
EBITDA — +75.4% +144.1% −9.4% +63.6% +95.6% +19.3% −7.1% +7.3% +11.4%
Operating income — +83.8% −16.6% −52.1% −343.3% — +65.5% −26.1% −1.1% +19.9%
Net income — — — — — — +30.3% −156.5% — —
Diluted EPS — — — — — — +31.3% −157.1% — —
Margins
Gross margin 28.3% 33.1% 32.8% 25.3% 18.0% 24.4% 24.4% 21.7% 21.2% 22.6%
EBITDA margin 12.9% 18.8% 42.7% 33.7% 14.3% 20.8% 20.9% 20.1% 20.0% 21.6%
Operating margin 11.5% 17.5% 13.6% 5.7% −3.6% 6.6% 9.2% 7.0% 6.4% 8.2%
Net margin −13.3% −6.3% −10.2% −7.0% −15.6% 2.5% 2.7% −1.6% −1.6% 1.4%
Free-cash-flow margin 8.2% 16.4% 6.0% 13.9% 11.9% 2.9% −1.7% 6.8% 16.0% 13.6%
Cash flow
Cash from operations 17 41 19 43 139 46 −31 122 310 279
Capital spending 0 1 3 1 0 0 0 0 0 0
Free cash flow 17 40 16 42 139 46 −31 122 310 279
Stock-based pay 1 1 1 2 17 12 13 12 8 10
Free cash flow after stock pay 16 39 15 40 122 34 −44 110 302 269
Balance sheet
Cash 1 2 6 3 36 14 10 4 6 15
Total debt 0 765 729 728 1,348 1,389 1,518 1,548 1,661 1,666
Net debt (negative = net cash) −1 763 722 725 1,312 1,375 1,507 1,544 1,654 1,651
Diluted shares 108m 108m 165m 245m 241m 248m 246m 237m 227m 228m
Returned to shareholders
Buybacks — — — 0 0 10 39 29 33 0
Total returned — — — 0 0 10 39 29 33 0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 5 checks passed · September 30, 2026
What it owns · $3.6bn
Short-term assets $1.3bnLonger-term assets $2.3bn
What it owes, and who funded it · $1.8bn
Short-term liabilities $981mShareholders' equity $822m
  • Short-term assets cover short-term liabilities $1.3bn of assets due within a year against $981m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $15m of cash against $1.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 201% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 154% to 201% over five years.
  • A year's operating cash flow covers at least 20% of debt $279m of operating cash flow against $1.7bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Custom Truck One Source, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$0
Returned to shareholders
0%
of free cash flow
Buybacks, last 3 fiscal years
$100M
Diluted share count
−0.2%
year over year
Total shareholder yield
0.0%
dividends 0.0% + buybacks 0.0% of market value
Sales & admin spending
11.3%
of revenue
Days sales outstanding
37 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in trading companies & distributors
Last 12 months unless stated CTOS DSGR DXPE GATX TITN ALTG Median
Revenue, last 12 months $2.0bn $2.1bn $2.1bn $2.2bn $2.3bn $1.8bn $2.2bn
Revenue growth, last 12 months 5.8% 6.4% 11.5% 29.7% −10.7% −1.8% 8.4%
Revenue growth, 3-year average 3.8% 13.6% 9.1% 17.4% −2.2% 1.8% 5.1%
Revenue growth, latest quarter 2.7% 11.0% 15.6% 36.1% −9.2% −1.2% 9.0%
Gross margin 22.6% 32.7% 31.8% — 16.5% 25.9% 28.3%
Operating margin 8.2% 3.5% 8.8% — −0.4% 0.9% 5.5%
Operating margin, 3-year average 7.2% 3.2% 8.4% — 0.8% 1.3% 6.4%
Net margin 1.4% 0.4% 4.4% 17.7% −2.5% −4.4% 3.5%
Cash from operations / revenue 13.6% 2.8% 6.3% 39.1% 2.7% 3.4% 4.9%
Free-cash-flow margin 0.2% 1.8% 5.5% 10.3% 1.1% 2.8% 2.4%
Free-cash-flow margin, 3-year average −2.5% 3.0% 4.6% 10.8% 2.1% 3.1% 3.1%
Stock pay / revenue 0.5% 0.4% 0.3% 1.1% 0.2% 0.2% 0.5%
Change in share count −0.2% 0.7% −0.8% −0.8% 0.7% −1.9% −0.5%

Median of all 32 companies we cover in trading companies & distributors. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

32 trading companies & distributors companies
Measure Company Peer median Rank
Revenue growth Growth 5.8% 8.5% 21 of 32
Change in growth rate Growth -1.2pp +0.8pp 25 of 32
Gross margin Profitability 22.6% 28.9% 22 of 26
Operating margin Profitability 8.2% 5.5% 10 of 28
Net margin Profitability 1.4% 3.5% 20 of 32
Free-cash-flow margin Cash generation 0.2% 2.8% 22 of 32
Stock pay as % of revenue Cash generation 0.5% 0.5% 14 of 29
Long-term debt as % of assets Balance sheet 46.0% 21.4% 23 of 29
Change in share count Balance sheet -0.2% -0.8% 17 of 27
Days sales outstanding Balance sheet 37 days 57 days 7 of 27

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Truck and Equipment Sales $1.1B 56.3% ▲ 3.8%
Equipment Rental Solutions $701M 36.1% ▲ 17.3%
Aftermarket Parts and Services $148M 7.6% ▼ 0.9%
Products and services
Line of business Revenue YoY
Sales and Services $1.4B ▲ 6.1%
Equipment Sales $1.3B ▲ 6.7%
Sales and Services Equipment Sales $1.3B ▲ 7.0%
Rental Revenue $506M ▲ 14.3%
Sales and Services Parts and Services $133M ▼ 2.2%
Sales and Services Parts and Services Services To Customers $31M ▲ 14.0%
Rental Revenue Shipping and Handling $25.6M ▲ 23.9%
Rental Revenue Excluding Shipping and Handling $0 —

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $1.9B 98.0% ▲ 8.5%
Canada $39.6M 2.0% ▼ 15.8%

From Custom Truck One Source, Inc.'s 10-K filed March 10, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.6B
Institutions reporting
186
Shares held vs prior quarter
▲ 2.0%
Positions opened / closed
33 / 20

Top buyers and sellers, Q2 2026: 109 institutions bought and 77 sold ; the biggest buyer was Goldman Sachs Group Inc (+1.4M shares) and the biggest seller Allspring Global Investments Holdings, LLC (−1.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Platinum Equity Advisors, LLC $1.9B 156.7M 70.2% 0.0%
Dimensional Fund Advisors LP $72.9M 6.2M 2.8% ▲ 10.2%
Mirae Asset Global Etfs Holdings Ltd. $72.7M 6.2M 2.8% ▲ 8.5%
Canvas Wealth Advisors, LLC $70.7M 6.0M 2.7% ▼ 14.8%
Blackrock, Inc. $54M 4.6M 2.0% ▲ 7.5%
Vanguard Capital Management LLC $30.5M 2.6M 1.2% ▲ 2.1%
Allspring Global Investments Holdings, LLC $29.7M 2.7M 1.1% ▼ 31.2%
Arrowstreet Capital, Limited Partnership $26M 2.2M 1.0% ▲ 108.4%
Goldman Sachs Group Inc $22.2M 1.9M 0.8% ▲ 264.1%
Geode Capital Management, LLC $20.4M 1.7M 0.8% ▲ 17.5%
First Eagle Investment Management, LLC $20.4M 1.7M 0.8% ▲ 125.1%
Alyeska Investment Group, L.P. $19.4M 1.6M 0.7% ▼ 41.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Custom Truck One Source, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 25, 2027 estimated from the company's past filing pattern, not announced

  • October 26, 2026
  • August 3, 2026
  • April 27, 2026
  • March 10, 2026
  • October 27, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Custom Truck One Source, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Custom Truck One Source, Inc. in brief

What does Custom Truck One Source, Inc. do?
Custom Truck One Source, Inc. is a US-listed company in the trading companies & distributors industry. Its financial year ends in December.
What is Custom Truck One Source, Inc.'s stock ticker?
Custom Truck One Source, Inc. trades under the ticker CTOS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Custom Truck One Source, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Custom Truck One Source, Inc. reported revenue of $2B, 5.8% higher than a year earlier, according to its SEC filings.
What is Custom Truck One Source, Inc.'s free cash flow?
Custom Truck One Source, Inc.'s free-cash-flow margin is 0.2% of revenue over the trailing twelve months, ranking 22 of the 32 trading companies & distributors companies we cover.
Who are Custom Truck One Source, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Platinum Equity Advisors, LLC, Dimensional Fund Advisors LP and Mirae Asset Global Etfs Holdings Ltd. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Custom Truck One Source, Inc. buying back stock, and does it pay a dividend?
Custom Truck One Source, Inc. spent $0 on share repurchases over the trailing twelve months, and its diluted share count fell 0.2% over the year.
What is Custom Truck One Source, Inc.'s market cap?
On November 2, 2026, Custom Truck One Source, Inc.'s market capitalisation was about $2.4B, with a price-to-earnings ratio of 82.3 and net debt of $1.7B. Market figures come from third-party market data and may be delayed.
How much debt does Custom Truck One Source, Inc. have?
Custom Truck One Source, Inc.'s debt-to-equity ratio is 201.3%, from its latest balance sheet (154.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Custom Truck One Source, Inc.'s competitors?
In our Trading Companies & Distributors peer group, the companies closest to Custom Truck One Source, Inc. are Distribution Solutions Group, Inc., DXP Enterprises Inc, Gatx Corp, Titan Machinery Inc. and Alta Equipment Group Inc. The side-by-side comparison below sets their revenue, margins and growth against Custom Truck One Source, Inc.'s.
When is Custom Truck One Source, Inc.'s next earnings date?
Around January 25, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Custom Truck One Source, Inc. announces its own schedule.