CTOS
Custom Truck One Source, Inc.
CTOS's fundamentals are mixed, but it looks expensive: trading at 74x earnings, about twice its usual 39x. Analysts expect strong earnings growth, though they disagree widely on how much.
CTOS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Stable | |
| Under pressure |
CTOS's profitability is currently healthy, and its revenue and cash flow are stable, but its balance sheet is under pressure.
CTOS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 24x | $3.42 | -67% |
| Fair | 39x | $5.42 | -48% |
| Forward | 41x | $10.34 | — |
| Current | 74x | $10.34 | — |
| Expensive | 202x | $28.34 | +174% |
Historical ranges are pointers, not guarantees.
CTOS's PE is in its expensive range at 74x. If earnings grow as analysts expect, today's price would be 41x next year's earnings, in its fair range.
CTOS Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for CTOS, with profitability improving. However, they disagree widely on these estimates.
CTOS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.25 | +80% |
| Q3 2026 | $0.14 | +$0.27 |
| Q2 2026 | $0.10 | +$0.27 |
| Q1 2026 | -$0.08 | +$0.06 |
| Q4 2025 | -$0.14 | -$0.02 |
| Q3 2025 | -$0.13 | +$0.04 |
| Q2 2025 | -$0.17 | -$0.11 |
| Q1 2025 | -$0.14 | -256% |
| Q4 2024 | -$0.12 | -157% |
CTOS has returned to profit: it earned $0.14 per share over the past year, after losing money the year before.
CTOS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $495.2M | +2.7% |
| Q2 2026 | $563.4M | +10% |
| Q1 2026 | $461.6M | +9.3% |
| Q4 2025 | $528.2M | +1.4% |
| Q3 2025 | $482.1M | +7.8% |
| Q2 2025 | $511.5M | +21% |
| Q1 2025 | $422.2M | +2.7% |
| Q4 2024 | $520.7M | -0.2% |
CTOS's revenue has grown year over year for seven quarters in a row: $495M last quarter, up 2.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 7.7% | +0.9 points |
| Q2 2026 | 8.3% | +2.8 points |
| Q1 2026 | 6.8% | +3.9 points |
| Q4 2025 | 9.8% | -3.1 points |
| Q3 2025 | 6.8% | +1.6 points |
| Q2 2025 | 5.5% | +1.3 points |
| Q1 2025 | 2.9% | -1.5 points |
| Q4 2024 | 13% | +2.7 points |
CTOS's operating margin was 7.7% last quarter, up 0.9 points from the same quarter a year ago.
CTOS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $163.5M | +101% |
| Q2 2026 | $44.4M | -65% |
| Q1 2026 | $23.8M | -57% |
| Q4 2025 | $47.3M | -42% |
| Q3 2025 | $81.5M | +393% |
| Q2 2025 | $125.7M | +233% |
| Q1 2025 | $55.6M | +$70M |
| Q4 2024 | $82.1M | +$110.2M |
CTOS generated $279M in free cash flow over the past year, down 19% from the year before.
CTOS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +221K shares |
| 1 year | +1.5% | +3.3M shares |
| 3 years | -6.8% | -16.7M shares |
| 5 years | -5.9% | -14.4M shares |
| Available history | +369% | +181M shares |
CTOS has 230M diluted shares, up 1.5% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $32.6M |
| Q4 2024 | — |
CTOS hasn't bought back shares in the past year.
CTOS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.7x | Elevated |
| Q2 2026 | 3.8x | Elevated |
| Q1 2026 | 3.9x | Elevated |
| Q4 2025 | 4.2x | High |
| Q3 2025 | 4.1x | High |
| Q2 2025 | 4.2x | High |
| Q1 2025 | 4.4x | High |
| Q4 2024 | 4.2x | High |
CTOS's net debt is about 3.7 years of its operating earnings (EBITDA), down from 4.1 years a year ago.
CTOS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 56.3 | Neutral |
| Stochastic | 56.6 | Neutral |
CTOS's weekly RSI is 56 (neutral) and its Stochastic is 57 (neutral).
CTOS PE vs Industrials Sector
| Metric | CTOS | Sector median | Relative |
|---|---|---|---|
| PE | 74x | 24x | 207% above |
| PE % | 70 | 58 | 12 pts above |
CTOS is trading at 74x earnings, a 207% premium to the Industrials sector's median of 24x.
CTOS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $9.61 | 7.6% above |
| 20 week MA | $9.82 | 5.3% above |
| 50 week MA | $8.55 | 21% above |
| 100 week MA | $6.86 | 51% above |
| 200 week MA | $6.29 | 64% above |
CTOS is in an uptrend: it's above all five of its weekly moving averages, and 64% above its 200-week average.
CTOS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $4.05 | $7.24 | +79% |
| 2021 | $7.24 | $8.04 | +11% |
| 2022 | $8.04 | $6.14 | -24% |
| 2023 | $6.14 | $6.18 | +0.7% |
| 2024 | $6.18 | $4.72 | -24% |
| 2025 | $4.72 | $5.97 | +26% |
| 2026 YTD | $5.97 | $10.3 | +73% |
CTOS has finished higher in four of the last six years. It's up 73% so far in 2026.