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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% | 8.4% |
| 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% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,573.09 | 1,865.10 | 1,802.28 | 1,943.96 |
| Operating 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 | 1,532.06 |
| Gross Profit | - | 383.75 | 454.26 | 390.27 | 411.89 |
| Operating Expense | - | 254.22 | 269.17 | 269.49 | 270.31 |
| Selling General And Administration | - | 210.87 | 231.40 | 229.54 | 230.08 |
| Total Expenses | - | 1,443.56 | 1,680.01 | 1,681.50 | 1,802.38 |
| Operating Income | - | 129.53 | 185.09 | 120.78 | 141.58 |
| Total Operating Income As Reported | - | 103.31 | 170.95 | 126.36 | 124.94 |
| EBITDA | - | 359.12 | 408.38 | 373.76 | 393.37 |
| Normalized EBITDA | - | 385.34 | 422.53 | 368.18 | 410.01 |
| EBIT | - | 135.64 | 189.39 | 137.92 | 129.49 |
| Interest Expense | - | 88.91 | 131.32 | 167.10 | 157.62 |
| Net Interest Income | - | -56.58 | -112.87 | -155.55 | -153.07 |
| Other Income Expense | - | -26.22 | -14.14 | 5.58 | -16.64 |
| Interest Expense Non Operating | - | 88.91 | 131.32 | 167.10 | 157.62 |
| Net Non Operating Interest Income Expense | - | -56.58 | -112.87 | -155.55 | -153.07 |
| Pretax Income | - | 46.73 | 58.08 | -29.19 | -28.13 |
| Tax Provision | - | 7.83 | 7.36 | -0.53 | 2.92 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -4.39 | -1.80 | 0.10 | -3.49 |
| Net Income Continuous Operations | - | 38.90 | 50.71 | -28.66 | -31.05 |
| Net Income From Continuing And Discontinued Operation | - | 38.90 | 50.71 | -28.66 | -31.05 |
| Net Income From Continuing Operation Net Minority Interest | - | 38.90 | 50.71 | -28.66 | -31.05 |
| Net Income | - | 38.90 | 50.71 | -28.66 | -31.05 |
| Net Income Common Stockholders | - | 38.90 | 50.71 | -28.66 | -31.05 |
| Net Income Including Noncontrolling Interests | - | 38.90 | 50.71 | -28.66 | -31.05 |
| Normalized Income | - | 60.73 | 63.06 | -34.14 | -17.91 |
| Diluted NI Availto Com Stockholders | - | 38.90 | 50.71 | -28.66 | -31.05 |
| Basic Average Shares | - | 243.16 | 245.09 | 236.98 | 221.80 |
| Diluted Average Shares | - | 243.16 | 245.73 | 236.98 | 221.80 |
| 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 |
| Total Unusual Items | - | -26.22 | -14.14 | 5.58 | -16.64 |
| Total Unusual Items Excluding Goodwill | - | -26.22 | -14.14 | 5.58 | -16.64 |
| Special Income Charges | - | -26.22 | -14.14 | 5.58 | -16.64 |
| Other Special Charges | 61.70 | - | - | - | - |
| Restructuring And Mergern Acquisition | - | 26.22 | 14.14 | 17.92 | 16.64 |
| Depreciation Amortization Depletion Income Statement | - | 43.35 | 37.77 | 39.94 | 40.23 |
| Depreciation And Amortization In Income Statement | - | 43.35 | 37.77 | 39.94 | 40.23 |
| Gain On Sale Of Ppe | - | 0 | 0 | 23.50 | 0 |
| Rent Expense Supplemental | - | 916.12 | 120.20 | 116.85 | 121.40 |
| Total Other Finance Cost | - | -32.33 | -18.44 | -11.56 | -4.55 |
| 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 |
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 | $2.3B | -73.24 | 2.81 | -3.8% | 11.91 |
| PureCycle Technologies, Inc. | PCT | $2.5B | -13.82 | 54.98 | -397.9% | -33.37 |
| Cimpress plc | CMPR | $2.3B | 157.16 | -4.03 | -2.6% | 10.82 |
| Blue Bird Corporation | BLBD | $2.3B | 17.83 | 8.91 | 50.0% | 11.11 |
| Allegiant Travel Company | ALGT | $2.3B |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 2.16 |
| -4.2% |
| 10.18 |
| Ducommun Incorporated | DCO | $2.3B | -60.64 | 3.42 | -5.6% | -2809.95 |
| American Superconductor Corporation | AMSC | $2.2B | 16.54 | 3.98 | 24.1% | 86.26 |
| TriNet Group, Inc. | TNET | $2.1B | 13.72 | 39.37 | 287.0% | 8.04 |
| The Gorman-Rupp Company | GRC | $2.1B | 38.84 | 4.97 | 12.8% | 19.39 |
| Peer Median | - | 16.54 | 4.48 | 5.1% | 10.50 | |