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Custom Truck One Source, Inc.
$2.1B
Market Cap
29.4
P/E
1.15
PEG
4.4%
ROCE
-3.7%
ROE
2.99
D/E
7.3%
OPM
-26.4%
% from 52W High
77
α RS
🔍 CTOS is showing a notable setup because Sector RRG has Industrials in the Improving quadrant with the trail still strengthening and RS Rating is 77. The main caution: deleveraging's Backtest win rate is only 44%. Net: Mixed signal stack, not a recommendation. ? RRG RS Rating Backtest
Sources
Industrials in Improving quadrant · RS Rating 77 · Backtest win rate 44%
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Currency-adjusted total returns for CTOS including FX impact
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📈 Price History
Ratio Health
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📊 Sector Averages
About

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.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding CTOS
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 242.2K $1.6M 0.00% Mar 2026
Jim Simons Renaissance Technologies LLC 31.7K $208K 0.00% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED Custom Truck One Source Q1 2026: Record revenue $462M, Adj EBITDA $98M, raised guidance.
Revenue & Profitability
First quarter 2026 total revenue was $462 million, up 9% year-over-year. Adjusted EBITDA was $98 million, a 33% increase versus Q1 2025. SER segment Adjusted EBITDA was $105 million (51.5% margin), and STEM segment Adjusted EBITDA was $33 million (9.0% margin). Net income and operating income were not disclosed in the call.
Outlook
Management is optimistic about sustained strong demand in T&D end markets through 2026 and beyond, driven by secular mega trends. Bidding activity remains robust, and customer conversations support continued growth. Despite broader macroeconomic volatility, the company raised its Adjusted EBITDA guidance to $415-$440 million.
Growth Drivers
Growth is primarily driven by the SER segment, with transmission and distribution markets strengthening throughout 2025 and into Q1 2026. Utilization averaged 81.4% (up 370 bps YoY) and OEC on rent averaged $1.34 billion (up 12% YoY). In STEM, backlog grew 23% sequentially to $411 million, with particular strength from local and regional utility customers. Management expects another year of growth in STEM, excluding inter-segment sales.
Balance Sheet & CapEx
Net rental CapEx in Q1 was $49 million. Full-year 2026 net rental fleet investment is expected to be $150-$170 million, a meaningful reduction from $250 million in 2025. Non-rental CapEx is guided at $40-$50 million. The company plans to reduce maintenance CapEx and age the fleet slightly, contributing to improved free cash flow.
Margins
SER segment Adjusted EBITDA margin was 51.5% in Q1, up more than 415 basis points year-over-year, driven by pricing improvements, mix shift to higher-yield transmission, and operating leverage. STEM segment margin was 9.0%, improved by cost out and productivity initiatives. On-rent yield was 38.9%, within the targeted upper 30s-low 40% range. Management expects STEM new sales margins to be in the 16%-17% range for the year.
Key Risks
Management noted tariff exposure from Section 232 on some truck bodies but said the company is well-positioned with inventory. The EPA 2027 emission standards are a key area of focus, though the young fleet, inventory, and OEM relationships mitigate risk. Macroeconomic uncertainty and potential supply chain bottlenecks (e.g., chassis and axles) were mentioned. An analyst asked about data center pushback, but management stated it is not impacting customer demand.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-04
Record Q2 revenue and EBITDA were driven by robust T&D demand and strong execution, with both segments posting growth. Full-year guidance was raised for revenue and EBITDA, and leverage improved. The company expects continued momentum, supported by a favorable market and disciplined capital allocation.
Q1 2026 Q1 2026 2026-04-28
Record Q1 2026 results with revenue up 9% and Adjusted EBITDA up 33% year-over-year, driven by strong rental and manufacturing segment performance. Guidance for 2026 was raised for Adjusted EBITDA, with robust demand, improved margins, and a focus on free cash flow and de-leveraging.
Q4 2025 Q4 2025 2026-03-10
Delivered record 2025 revenue and Adjusted EBITDA, driven by strong rental demand and robust T&D markets. 2026 guidance calls for continued growth, with a new segment structure and focus on free cash flow and deleveraging.
Q3 2025 Q3 2025 2025-10-28
Q3 2025 saw 20% adjusted EBITDA and 8% revenue growth year-over-year, driven by strong T&D demand and robust execution across segments. Guidance for 2025 is reaffirmed, with higher CapEx to support future growth and a focus on reducing leverage.
Q2 2025 Q2 2025 2025-07-31
Q2 2025 saw 21% revenue and 17% adjusted EBITDA growth year-over-year, with strong performance across all segments and robust demand in core markets. Full-year guidance was reaffirmed, and proactive inventory management limited tariff impacts. Net leverage improved, and double-digit TES growth is expected for 2025.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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