# Custom Truck One Source, Inc. (CTOS)

> Source: Nexqual · https://nexqual.com/CTOS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Custom Truck One Source, Inc. (CTOS), nexqual.com/CTOS" · informational, not investment advice.

**Price:** USD 8.87 (-5.13% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 9.35 · day 8.77–9.29 · 52w 5.18–12.23 · market cap $2.02B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.04B, net income $21.4M (1.1% margin) (SEC filings).
- Valuation: P/E 94.2x (avg 29.9x at the last 1 fiscal year-ends), EV/EBITDA 8.4x, net debt $1.65B.
- Earnings quality: non-operating income -$149M vs operating income $163M over the last four quarters; P/E excluding non-operating income ≈11.8x (estimate: non-operating income taxed at the company's 0% effective rate).
- 1 of 80 tracked superinvestors hold CTOS (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 2.17 on a 1–5 scale) (6 analysts), mean target USD 13.33 (range 12–15).
- Total return with dividends: 1Y +38.8% vs S&P 500 +14.9%; 5Y +2.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-26, EPS estimate USD 0, revenue estimate $516M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.17B | $1.57B | $1.87B | $1.80B | $1.94B | $2.04B |
| Gross profit | $210M | $384M | $454M | $390M | $412M | — |
| Operating income | -$42.0M | $103M | $171M | $126M | $125M | $163M |
| Net income | -$182M | $38.9M | $50.7M | -$28.7M | -$31.1M | $21.4M |
| EPS (diluted) | -$0.75 | $0.16 | $0.21 | -$0.12 | -$0.14 | — |
| Gross margin | 18.0% | 24.4% | 24.4% | 21.7% | 21.2% | — |
| Operating margin | -3.6% | 6.6% | 9.2% | 7.0% | 6.4% | 8.0% |
| Net margin | -15.6% | 2.5% | 2.7% | -1.6% | -1.6% | 1.1% |
| Revenue growth | +285.5% | +34.8% | +18.6% | -3.4% | +7.9% | — |
| Cash + short-term investments | $35.9M | $14.4M | $10.3M | $3.8M | $6.3M | — |
| Total debt | $1.31B | $1.36B | $1.50B | $1.53B | $1.65B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 94.2x · P/E ex non-operating (est.) ≈11.8x · P/S 1.0x · EV/EBITDA 8.4x · EV/Sales 1.8x · P/B 2.5x · Earnings yield 1.06% · Buyback yield (TTM) 0.00% · Net debt $1.65B · EV $3.67B
P/E at fiscal year-ends: Dec 2023 29.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold CTOS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.02% | $10.2M | Added +12.5% |

## Analysts
Consensus Buy (mean 2.17 on a 1–5 scale), 6 analysts; mean target USD 13.33 (low 12, high 15).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-15 | DA Davidson | Maintained | Buy | $13 |
| 2026-08-17 | Cantor Fitzgerald | Target raised | Overweight | $13 → $14 |
| 2026-08-05 | Oppenheimer | Target raised | Outperform | $11 → $13 |
| 2026-08-04 | Baird | Target raised | Neutral | $10 → $12 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +38.8% | +2.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +39.0% | +0.4% |
| Volatility (annualized) | 46.5% | 52.1% |
| Max drawdown | -26.4% (Jun 2026→Sep 2026) | -70.7% (Nov 2021→Oct 2024) |

## Peers (Rental & Leasing Services)
VSTS (Vestis Corporation) USD 14.55 -1.89% · LIME (Neutron Holdings, Inc.) USD 26.83 -2.98% · MGRC (McGrath RentCorp) USD 116.81 +2.22% · WSC (WillScot Holdings Corporation) USD 16.49 -0.48% · PRG (PROG Holdings, Inc.) USD 31.83 +3.85% · CAR (Avis Budget Group, Inc.) USD 101.55 +3.21%

## More
Full page: https://nexqual.com/CTOS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Specialty Truck Equipment and Manufacturing | $344.6M | 61.2% | +4.9% |
| Specialty Equipment Rentals | $218.8M | 38.8% | +19.7% |
| Total revenue | $563.4M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total sales and services | $409.7M | 72.7% | +6.2% |
| Equipment Sales | $383.6M | 68.1% | +7.7% |
| Equipment sales | $377.6M | 67.0% | +6.3% |
| Parts sales and services | $32.1M | 5.7% | +4.2% |
| Shipping and handling | $7.8M | 1.4% | +26.6% |
| Total rental revenue | $7.8M | 1.4% | +26.6% |
| Total revenue | $563.4M | 100% | — |
The lines above cover 216.3% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $553.2M | 98.2% | +10.7% |
| Canada | $10.2M | 1.8% | -14.2% |
| Total revenue | $563.4M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.00 | $0.04 | -100.0% | $516.5M | 3 |
| Next quarter (ends 2026-12-31) | $0.08 | $0.08 | +4.2% | $581.9M | 3 |
| Current fiscal year (ends 2026-12-31) | $0.13 | $0.12 | +8.3% | $2.12B | 3 |
| Next fiscal year (ends 2027-12-31) | $0.31 | $0.28 | +12.0% | $2.24B | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-10-26): ±18.9%; last 8 reports averaged ±8.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-12-18 | 56 | 68.7% | ±18.9% |
| 2027-01-15 | 84 | 57.0% | ±25.4% |