A Business at a Glance
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Company Overview Custom Truck One Source, Inc. (“we,” “our,” “us,” “Custom Truck,” or “the Company”), a Delaware corporation, and its wholly owned subsidiaries are engaged in the business of providing a range of services and products to customers through rentals and sales of specialty equipment, rentals and sales of aftermarket parts and services related to the specialty equipment, and repair, maintenance, and customization services related to that equipment. Immediately following the acquisition by Nesco Holdings II, Inc. of Custom Truck One Source, L.P. (“Custom Truck LP”) on April 1, 2021 (the “Acquisition”), Nesco Holdings, Inc. (“Nesco Holdings”) changed its name to “Custom Truck One Source, Inc.” and changed The New York Stock Exchange ticker for its shares of common stock from “NSCO” to “CTOS.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.9B | 1.9B | 1.8B | 1.9B | 1.6B | 1.2B |
| Net Income | -31M | -31M | -29M | 51M | 39M | -182M |
| EPS | $-0.14 | $-0.14 | $-0.12 | $0.21 | $0.16 | $-0.75 |
| Free Cash Flow | -148M | -148M | -277M | -397M | -295M | -49M |
| ROIC | 4.0% | 5.1% | 5.3% | 6.1% | 3.9% | -2.0% |
| Gross Margin | 21.2% | 21.2% | 21.7% | 24.4% | 24.4% | 18.0% |
| Debt/Equity | 2.07 | 2.07 | 1.78 | 1.68 | 1.54 | 1.54 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 125M | 125M | 126M | 171M | 103M | -42M |
| Operating Margin | 6.4% | 6.4% | 7.0% | 9.2% | 6.6% | -3.6% |
| ROE | -3.8% | -3.7% | -3.3% | 5.5% | 4.4% | -21.1% |
| Shares Outstanding | 222M | 222M | 239M | 241M | 243M | 242M |
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 246M | 264M | 303M | 1.2B | 1.6B | 1.9B | 1.8B | 1.9B | 1.9B |
| Gross Margin | 33.1% | 32.8% | 25.3% | 18.0% | 24.4% | 24.4% | 21.7% | 21.2% | 21.2% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 33M | 35M | 46M | 156M | 211M | 231M | 230M | 230M | 230M |
| EBIT | 43M | 36M | 17M | -42M | 103M | 171M | 126M | 125M | 125M |
| Op. Margin | 17.5% | 13.6% | 5.7% | -3.6% | 6.6% | 9.2% | 7.0% | 6.4% | 6.4% |
| Net Income | -16M | -27M | -21M | -182M | 39M | 51M | -29M | -31M | -31M |
| Net Margin | -6.3% | -10.2% | -7.0% | -15.6% | 2.5% | 2.7% | -1.6% | -1.6% | -1.6% |
| Non-Recurring | 0 | 657K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||
| ROIC | 7.2% | 5.2% | 2.5% | -2.0% | 3.9% | 6.1% | 5.3% | 5.1% | 4.0% |
| ROE | N/A | N/A | N/A | -21.1% | 4.4% | 5.5% | -3.3% | -3.7% | -3.8% |
| ROA | -2.2% | -3.3% | -2.8% | -6.8% | 1.3% | 1.5% | -0.8% | -0.9% | -0.9% |
| Cash Flow | |||||||||
| Op. Cash Flow | 41M | 19M | 43M | 139M | 46M | -31M | 122M | 310M | 310M |
| Free Cash Flow | -28M | -109M | -34M | -49M | -295M | -397M | -277M | -148M | -148M |
| Owner Earnings | -27M | -57M | -44M | -87M | -190M | -263M | -126M | 38M | 38M |
| CapEx | 69M | 128M | 77M | 188M | 341M | 366M | 399M | 458M | 458M |
| Maint. CapEx | 67M | 75M | 85M | 209M | 223M | 219M | 236M | 264M | 264M |
| Growth CapEx | 2.1M | 54M | 0 | 0 | 117M | 147M | 163M | 194M | 194M |
| D&A | 67M | 75M | 85M | 209M | 223M | 219M | 236M | 264M | 264M |
| CapEx/OCF | 168.7% | 682.7% | 179.0% | 135.6% | 741.5% | N/A | 327.0% | N/A | 147.7% |
| Capital Allocation | |||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 10M | 39M | 29M | 33M | 33M |
| Buyback Yield | N/A | N/A | N/A | N/A | 0.7% | 2.5% | 2.6% | 0.0% | 2.0% |
| Stock-Based Comp | 1.1M | 1.0M | 2.4M | 17M | 12M | 13M | 12M | 8.5M | 8.5M |
| Debt Repayment | 50M | 272M | 85M | 347M | 110M | 106M | 225M | 231M | 231M |
| Balance Sheet | |||||||||
| Net Debt | 758M | 703M | 712M | 1.2B | 1.3B | 1.5B | 1.5B | 1.7B | 1.7B |
| Cash & Equiv. | 2.1M | 6.3M | 3.4M | 36M | 14M | 10M | 3.8M | 6.3M | 6.3M |
| Long-Term Debt | 757M | 713M | 716M | 1.3B | 1.4B | 1.5B | 1.5B | 1.6B | 1.6B |
| Debt/Equity | -4.80 | -58.99 | -23.12 | 1.54 | 1.54 | 1.68 | 1.78 | 2.07 | 2.07 |
| Interest Coverage | N/A | 9.0 | N/A | -0.7 | 8.2 | 1.3 | 0.8 | 0.8 | 0.8 |
| Equity | -159M | -12M | -31M | 859M | 888M | 917M | 861M | 809M | 809M |
| Total Assets | 692M | 815M | 768M | 2.7B | 2.9B | 3.4B | 3.5B | 3.4B | 3.4B |
| Total Liabilities | 850M | 827M | 799M | 1.8B | 2.0B | 2.5B | 2.6B | 2.6B | 2.6B |
| Intangibles | 0 | 0 | 68M | 328M | 304M | 277M | 252M | 226M | 226M |
| Retained Earnings | -418M | -445M | -466M | -647M | -609M | -558M | -587M | -618M | -618M |
| Working Capital | 15M | 38M | 32M | 216M | 233M | 369M | 301M | 285M | 285M |
| Current Assets | 69M | 116M | 103M | 657M | 868M | 1.3B | 1.3B | 1.2B | 1.2B |
| Current Liabilities | 53M | 78M | 71M | 441M | 635M | 897M | 1.0B | 873M | 873M |
| Per Share Data | |||||||||
| EPS | -0.72 | -0.82 | -0.43 | -0.75 | 0.16 | 0.21 | -0.12 | -0.14 | -0.14 |
| Owner EPS | -0.56 | -1.72 | -0.18 | -0.36 | -0.78 | -1.09 | -0.53 | 0.17 | 0.17 |
| Book Value | -3.24 | -0.37 | -0.13 | 3.55 | 3.65 | 3.80 | 3.61 | 3.65 | 3.65 |
| Cash Flow/Share | 0.84 | 0.57 | 0.17 | 0.57 | 0.19 | -0.13 | 0.51 | 1.40 | 1.05 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 49.0M | 33.0M | 247.0M | 242.0M | 243.2M | 241.5M | 238.8M | 221.8M | 221.8M |
| Valuation | |||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 38.2 | 30.2 | N/A | N/A | -52.6 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | 28.9 | 23.4 | 147.5 | N/A | 27.4 | 17.6 | 21.0 | N/A | 26.4 |
| Price/Book | N/A | N/A | N/A | 2.2 | 1.7 | 1.7 | 1.3 | N/A | 2.0 |
| Price/Sales | 2.0 | 1.0 | 3.2 | 1.8 | 1.1 | 0.8 | 0.7 | N/A | 0.8 |
| FCF Yield | -5.8% | -81.9% | -1.8% | -2.6% | -19.8% | -25.9% | -24.6% | N/A | -9.1% |
| Market Cap | 490M | 134M | 1.8B | 1.9B | 1.5B | 1.5B | 1.1B | 0 | 1.6B |
| Avg. Price | 9.82 | 8.15 | 3.87 | 8.74 | 6.81 | 6.51 | 4.94 | 0.00 | 7.36 |
| Year-End Price | 9.99 | 4.05 | 7.41 | 7.95 | 6.11 | 6.34 | 4.72 | 0.00 | 7.36 |
Custom Truck One Source, Inc. passes 0 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average ROIC is 3.7% with a gross margin of 21.9%. Total shareholder yield (buybacks) is 2.0%. At current prices, the estimated annualized return to fair value is +2.0%.
Custom Truck One Source, Inc. (CTOS) has a 5-year average return on invested capital (ROIC) of 3.7%. This is below average and may indicate limited pricing power.
Custom Truck One Source, Inc. (CTOS) has a market capitalization of $1.6B. It is classified as a small-cap stock.
Custom Truck One Source, Inc. (CTOS) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 2.00%.
Custom Truck One Source, Inc. (CTOS) operates in the Services-Equipment Rental & Leasing, Nec industry, within the Industrials sector.
Custom Truck One Source, Inc. (CTOS) reported annual revenue of $1.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
Custom Truck One Source, Inc. (CTOS) has a net profit margin of -1.6%. The company is currently unprofitable.
Custom Truck One Source, Inc. (CTOS) generated $-148 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Custom Truck One Source, Inc. (CTOS) has a debt-to-equity ratio of 2.07. This indicates higher leverage, which may increase financial risk.
Custom Truck One Source, Inc. (CTOS) reported earnings per share (EPS) of $-0.14 in its most recent fiscal year.
Custom Truck One Source, Inc. (CTOS) has a return on equity (ROE) of -3.7%. A negative ROE may indicate losses or negative equity.
Custom Truck One Source, Inc. (CTOS) has a 5-year average gross margin of 21.9%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 8 years of financial data for Custom Truck One Source, Inc. (CTOS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Custom Truck One Source, Inc. (CTOS) has a book value per share of $3.65, based on its most recent annual SEC filing.