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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.9B | $393M | $-31M | $-147M | -3.8% | 7.9% | - |
| 2024 | $1.8B | $374M | $-29M | $-276M | -3.3% | -3.4% | -156.5% |
| 2023 | $1.9B | $408M | $51M | $-395M | 5.5% | 18.6% | 30.3% |
| 2022 | $1.6B | $359M | $39M | $-295M | 4.4% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 1,573.09 | 1,865.10 | 1,802.28 | 1,943.96 |
| Cost Of Revenue | 1,189.34 | 1,410.84 | 1,412.01 | 1,532.07 |
| Gross Profit | 383.75 | 454.26 | 390.27 | 411.89 |
| Operating Expense | 254.22 | 269.17 | 269.49 | 270.31 |
| Operating Income | 129.53 | 185.09 | 120.78 | 141.58 |
| EBITDA | 359.12 | 408.38 | 373.76 | 393.37 |
| EBIT | 135.64 | 189.39 | 137.92 | 129.49 |
| Pretax Income | 46.73 | 58.08 | -29.19 | -28.13 |
| Tax Provision | 7.83 | 7.36 | -0.53 | 2.92 |
| Net Income | 38.91 | 50.71 | -28.66 | -31.05 |
| Net Income Common Stockholders | 38.91 | 50.71 | -28.66 | -31.05 |
| Total Expenses | 1,443.56 | 1,680.01 | 1,681.50 | 1,802.38 |
| Interest Expense | 88.91 | 131.31 | 167.10 | 157.62 |
| Selling General And Administration | 210.87 | 231.40 | 229.54 | 230.08 |
| Normalized EBITDA | 385.34 | 422.53 | 368.18 | 410.01 |
| Normalized Income | 60.73 | 63.06 | -34.14 | -17.91 |
| Basic EPS | 0.16 | 0.21 | -0.12 | -0.14 |
| Diluted EPS | 0.16 | 0.21 | -0.12 | -0.14 |
| Tax Effect Of Unusual Items | -4.39 | -1.80 | 0.10 | -3.49 |
| Tax Rate For Calcs | 0.17 | 0.13 | 0.02 | 0.21 |
| Total Unusual Items | -26.22 | -14.14 | 5.58 | -16.64 |
| Total Unusual Items Excluding Goodwill | -26.22 | -14.14 | 5.58 | -16.64 |
| Net Income From Continuing Operation Net Minority Interest | 38.91 | 50.71 | -28.66 | -31.05 |
| Reconciled Depreciation | 223.48 | 218.99 | 235.84 | 263.88 |
| Reconciled Cost Of Revenue | 1,009.21 | 1,229.61 | 1,216.12 | 1,308.41 |
| Net Interest Income | -56.58 | -112.87 | -155.55 | -153.07 |
| Net Income From Continuing And Discontinued Operation | 38.91 | 50.71 | -28.66 | -31.05 |
| Rent Expense Supplemental | 916.12 | 120.20 | 116.85 | 121.40 |
| Total Operating Income As Reported | 103.31 | 170.95 | 126.36 | 124.94 |
| Diluted Average Shares | 243.16 | 245.73 | 236.97 | 226.96 |
| Basic Average Shares | 243.16 | 245.09 | 236.97 | 226.96 |
| Diluted NI Availto Com Stockholders | 38.91 | 50.71 | -28.66 | -31.05 |
| Net Income Including Noncontrolling Interests | 38.91 | 50.71 | -28.66 | -31.05 |
| Net Income Continuous Operations | 38.91 | 50.71 | -28.66 | -31.05 |
| Other Income Expense | -26.22 | -14.14 | 5.58 | -16.64 |
| Special Income Charges | -26.22 | -14.14 | 5.58 | -16.64 |
| Gain On Sale Of Ppe | 0 | 0 | 23.50 | 0 |
| Other Special Charges | 0 | 0 | 0 | 0 |
| Restructuring And Mergern Acquisition | 26.22 | 14.14 | 17.91 | 16.64 |
| Net Non Operating Interest Income Expense | -56.58 | -112.87 | -155.55 | -153.07 |
| Total Other Finance Cost | -32.33 | -18.44 | -11.55 | -4.55 |
| Interest Expense Non Operating | 88.91 | 131.31 | 167.10 | 157.62 |
| Depreciation Amortization Depletion Income Statement | 43.35 | 37.77 | 39.95 | 40.23 |
| Depreciation And Amortization In Income Statement | 43.35 | 37.77 | 39.95 | 40.23 |
| Amortization | 33.94 | 27.11 | 26.65 | 26.96 |
| Amortization Of Intangibles Income Statement | 33.94 | 27.11 | 26.65 | 26.96 |
| Depreciation Income Statement | 9.41 | 10.66 | 13.29 | 13.27 |
| Operating Revenue | 1,573.09 | 1,865.10 | 1,802.28 | 1,943.96 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Custom Truck One Source, Inc.this co. | CTOS | $2.1B | - | 2.57 | -3.8% | 21.79 |
| Eos Energy Enterprises, Inc. | EOSE | $2.2B | - | -0.95 | 43.3% | -15.54 |
| Huron Consulting Group Inc. | HURN | $2.1B | 22.00 | 4.01 | 19.9% | 11.58 |
| Blue Bird Corporation | BLBD | $2.1B | 15.52 | 7.17 | 50.0% | 9.57 |
| Ducommun Incorporated | DCO | $2.1B |
| - |
| 3.12 |
| -5.1% |
| 21.40 |
| V2X, Inc. | VVX | $2.1B | 26.78 | 1.89 | 7.2% | 9.34 |
| Cimpress plc | CMPR | $2.0B | 83.08 | -3.74 | -2.7% | 10.51 |
| TriNet Group, Inc. | TNET | $2.0B | 13.39 | 37.59 | 287.0% | 11.36 |
| Thermon Group Holdings, Inc. | THR | $1.9B | 33.51 | 3.62 | 10.8% | 19.03 |
| Peer Median | - | 24.39 | 3.37 | 15.3% | 10.94 | |