Logo

CTOS

Custom Truck One Source, Inc.

CTOS

Custom Truck One Source, Inc. • NYSE
$6.39 ▼ -1.24% (-0.08)
Market Cap $1.45 B
52w High $6.78
52w Low $3.18
Dividend Yield 0%
P/E -58.09
Volume 305.10K
Outstanding Shares 226.56M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $482.058M ▼ $54.863M ▼ $-5.756M ▲ -1.194% ▲ $-0.03 ▲ $103.677M ▲
Q2-2025 $511.483M ▲ $59.165M ▼ $-28.38M ▼ -5.549% ▼ $-0.13 ▼ $98.565M ▲
Q1-2025 $422.232M ▼ $59.451M ▼ $-17.791M ▼ -4.214% ▼ $-0.078 ▼ $78.898M ▼
Q4-2024 $520.74M ▲ $61.222M ▲ $27.574M ▲ 5.295% ▲ $0.118 ▲ $132.006M ▲
Q3-2024 $447.22M $54.63M $-17.416M -3.894% $-0.074 $88.64M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $13.058M ▲ $3.541B ▼ $2.756B ▼ $784.682M ▼
Q2-2025 $5.259M ▼ $3.577B ▲ $2.787B ▲ $790.127M ▼
Q1-2025 $5.38M ▲ $3.543B ▲ $2.729B ▲ $813.419M ▼
Q4-2024 $3.805M ▼ $3.502B ▼ $2.641B ▼ $861.309M ▲
Q3-2024 $8.438M $3.58B $2.742B $837.509M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-5.756M ▲ $81.451M ▼ $-93.979M ▼ $20.192M ▲ $7.799M ▲ $-42.173M ▼
Q2-2025 $-28.38M ▼ $125.718M ▲ $-68.501M ▲ $-57.085M ▼ $-121K ▼ $12.352M ▲
Q1-2025 $-17.791M ▼ $55.635M ▼ $-71.306M ▼ $17.196M ▲ $1.575M ▲ $-56.298M ▼
Q4-2024 $27.574M ▲ $82.051M ▲ $-22.602M ▲ $-64.496M ▼ $-4.633M ▼ $-37.759M ▲
Q3-2024 $-17.416M $16.526M $-66.195M $49.806M $379K $-96.767M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Rental Revenue Excluding Shipping And Handling
Rental Revenue Excluding Shipping And Handling
 $120.00M ▲$110.00M ▼$110.00M ▲$120.00M ▲
Rental Revenue Shipping And Handling
Rental Revenue Shipping And Handling
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Sales and Services Equipment Sales
Sales and Services Equipment Sales
 $0 ▲$0 ▲$0 ▲$320.00M ▲
Sales And Services Parts And Services
Sales And Services Parts And Services
 $0 ▲$0 ▲$0 ▲$30.00M ▲
Sales And Services
Sales And Services
 $400.00M ▲$310.00M ▼$390.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown strongly over the past several years as the company scaled its rental and equipment business, although the most recent year shows a small step back rather than a new high. Profitability has improved a lot from the early years, but it is still not fully stable: operating profits are positive, yet net income slipped back into a small loss most recently after two years in the black. That pattern suggests the business model works, but is sensitive to costs, financing expenses, and the economic cycle. Overall, the income statement shows a company that has moved beyond the startup phase, but still needs to prove it can deliver steady, reliable earnings through different market conditions.

Balance Sheet

Balance Sheet The balance sheet is built around a large base of equipment and other assets funded primarily with sizeable debt. Equity has turned positive and grown from earlier negative levels, which is a good sign, but leverage remains high relative to the company’s size. Cash on hand is very thin, so financial flexibility likely depends on access to credit lines and the ability to refinance or roll over borrowings. In simple terms, this is a capital‑intensive, debt‑heavy balance sheet: powerful when times are good, but it adds risk if demand slows or financing conditions tighten.

Cash Flow

Cash Flow Cash generation from the core business has been modest and somewhat inconsistent, with operating cash flow occasionally dipping into negative territory. Free cash flow has been consistently negative because the company spends heavily on equipment and growth investments. That pattern is typical for a fleet‑based rental business in expansion mode, but it also means the company depends on lenders or asset sales to fund growth. The key question going forward is whether management can gradually shift from cash consumption toward self‑funded growth without sacrificing competitiveness.

Competitive Edge

Competitive Edge Custom Truck One Source operates as a specialized “one‑stop shop” for heavy and utility‑focused equipment, offering rental, sales, manufacturing, customization, parts, and service under one roof. This integrated model, combined with a large national footprint and a relatively young fleet, creates switching costs for customers and makes it harder for smaller rivals to match its breadth. Vertical integration through Load King lets the company tailor equipment to niche needs and react faster to customer feedback. However, the company still faces competition from large generalist rental firms and remains tied to infrastructure, utility, and telecom spending cycles, so demand can be lumpy even with a strong moat.

Innovation and R&D

Innovation and R&D Innovation is a clear focus area, even if formal R&D spending is not broken out. The Lightning PTO system, telematics tools, and early moves into electrified bucket trucks show a push toward cleaner, more efficient equipment that can lower fuel use and downtime for customers. Adopting modern cloud‑based design tools should help speed up product development and customization, especially through Load King. Continued expansion of electric and hybrid offerings, plus smarter data and reporting around fleet performance, could deepen customer loyalty. The main uncertainty is how quickly customers in traditional industries will adopt these newer technologies and whether CTOS can capture adequate returns on these investments given its leveraged balance sheet.

Summary

Custom Truck One Source has evolved into a sizable, vertically integrated player in a specialized corner of the rental and equipment market, with a business model that can create sticky, recurring customer relationships. On the positive side, revenue has grown sharply over time, operating performance has improved, and the company appears well positioned competitively through its one‑stop platform and manufacturing capabilities. On the risk side, financial leverage is high, cash reserves are thin, free cash flow is consistently negative, and net income has not yet become reliably durable. The long‑term story hinges on CTOS’s ability to convert its competitive strengths and innovation in electrification into steadier profits and stronger cash generation, while carefully managing debt through the ups and downs of infrastructure and utility spending cycles.

NEWS

November 19, 2025 · 4:10 PM UTC

Custom Truck One Source to Participate in the BofA Securities 2025 Leveraged Finance Conference

Read more

November 12, 2025 · 9:30 AM UTC

Deciphera Announces Multiple Data Presentations at the Connective Tissue Oncology Society (CTOS) Annual Meeting 2025

Read more

October 27, 2025 · 4:10 PM UTC

Custom Truck One Source, Inc. Reports Third Quarter 2025 Results and Reaffirms 2025 Guidance

Read more

October 16, 2025 · 4:10 PM UTC

Custom Truck One Source Announces Third Quarter 2025 Earnings Release and Conference Call

Read more

October 7, 2025 · 10:00 AM UTC

Custom Truck One Source and Load King Manufacturing Unveil Newest Equipment at Utility Expo 2025

Read more