Custom Truck One Source (CTOS) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Custom Truck One Source

NYSE•Industrials•Rental & Leasing Services

$10.62-0.01(<0.01%)After hours

Market Cap

$2.41B

P/E

81.9x

P/S

1.2x

P/B

2.9x

Custom Truck One Source, Inc. provides specialty equipment rental and sale services to electric utility transmission and distribution, telecommunications, rail, forestry, waste management, and other infrastructure-related industries in the United States and Canada. It operates through two segments: Specialty Equipment Rentals (SER); and Specialty Truck Equipment and Manufacturing (STEM). The company owns new and used specialty equipment, including truck-mounted aerial lifts, cranes, service trucks, dump trucks, trailers, digger derricks, and other machinery and equipment. It offers new equipment for sale to be used for end-markets, which can be modified to meet customers specific needs. In addition, the company provides truck and equipment maintenance and repair services; and rents and sells specialized tools, including stringing blocks, insulated hot stick, and rigging equipment, as well as sale of specialized aftermarket parts. The company was formerly known as Nesco Holdings, Inc. and changed its name to Custom Truck One Source, Inc. in April 2021. The company was founded in 1988 and is headquartered in Kansas City, Missouri.

How this company scores

AverageMetricSide Score: 44/100

Strongest: Growth (21/25); weakest: Cash & Earnings Quality (1/25).

Profitability12/25

Growth21/25

Balance Sheet & Red Flags10/25

Cash & Earnings Quality1/25

Strengths

Rising earningsProfit converts from growthConsistent growthNo share dilution

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 81.9x5y range 23.3x – 349.3x

Currently above its 9-quarter median.

P/S · 1.2x5y range 0.4x – 1.6x

Currently above its 20-quarter median.

P/B · 2.9x5y range 1.0x – 3.3x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Red Flag

Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.

Leverage Risk

Watch

D/E ratio of 2.0 is elevated. Watch for further debt accumulation.

Price & Volume

Market Cap $2.41B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $2.05B
Q. Revenue: $495.22M
TTM EBITDA: $575.99M
TTM Op. Income: $168.14M
Q. Op. Income: $38.08M
TTM Net Income: $29.48M
Q. Net Income: $2.31M
EPS: $0.01
Shares Out.: $227.28M

$2.05B in TTM revenue grew 5.8% YoY, reaching $495.22M last quarter. TTM EBITDA of $575.99M and TTM operating income of $168.14M show growth is flowing through to the bottom line. TTM net income of $29.48M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 22.9%
EBITDA Margin: 21.6%
Op. Margin: 7.7%
Net Margin: 0.5%

Op. margin of 7.7% is up 0.9% YoY — cost efficiency is improving. Net margin at 0.5% and gross margin of 22.9% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 14% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 81.9x
P/S Ratio: 1.2x
P/B Ratio: 2.9x

At 81.9x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 1.2x and P/B of 2.9x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is up 0% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $3.60B
Cash: $14.56M
Long-Term Debt: $1.65B
Book Value: $821.52M
D/E Ratio: 2.0
Debt/EBITDA: 15.4

With $3.60B in assets and $1.65B in long-term debt, D/E is 2.0and book value is $821.52M — elevated leverage, meaning significant financial risk in a downturn. Over the past year, debt/equity is down 3% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $163.47M
TTM Free Cash Flow: $-223.77M
FCF Margin: -10.9%
FCF / Net Income: -7.6

TTM FCF of $-223.77M on $163.47M in operating cash flow. The FCF / Net Income ratio of -7.6x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is down 48% — an improving trend.