Custom Truck One Source (CTOS) Financials

$6.14 +0.26 (+4.33%)

Closing price 03:59 PM Eastern

Extended Trading

$6.04 -0.11 (-1.79%)

As of 04:10 PM Eastern

Annual Income Statements for Custom Truck One Source

This table shows Custom Truck One Source's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-27	-16	-27	-21	-182	39	51	-29
Consolidated Net Income / (Loss)	-27	-16	-27	-21	-182	39	51	-29
Net Income / (Loss) Continuing Operations	-27	-16	-27	-21	-182	39	51	-29
Total Pre-Tax Income	-31	-14	-33	-51	-177	47	58	-29
Total Operating Income	23	43	36	17	-42	103	171	126
Total Gross Profit	58	82	87	76	210	384	454	390
Total Revenue	204	246	264	303	1,167	1,573	1,865	1,802
Operating Revenue	204	246	264	303	1,167	1,573	1,865	1,802
Total Cost of Revenue	146	165	177	226	957	1,189	1,411	1,412
Operating Cost of Revenue	146	165	177	226	957	1,189	1,411	1,412
Total Operating Expenses	34	38	51	59	252	280	283	264
Selling, General & Admin Expense	28	33	37	46	156	211	231	230
Depreciation Expense	2.86	3.05	0.12	0.10	3.61	9.41	11	13
Amortization Expense	-	-	3.01	3.15	41	34	27	27
Other Operating Expenses / (Income)	2.45	2.68	10	9.54	52	26	14	-5.58
Total Other Income / (Expense), net	-54	-57	-69	-69	-135	-57	-113	-156
Interest & Investment Income	-54	-57	-63	-63	-73	-89	-131	-167
Other Income / (Expense), net	-0.37	-0.29	-1.69	-5.40	-0.57	32	18	12
Income Tax Expense	-3.49	1.71	-5.99	-30	4.43	7.83	7.36	-0.53
Basic Earnings per Share	($1.25)	($0.72)	($0.82)	($0.43)	($0.75)	$0.16	$0.21	($0.12)
Weighted Average Basic Shares Outstanding	21.66M	21.66M	33.07M	49.07M	241.37M	247.15M	245.09M	236.98M
Diluted Earnings per Share	($1.25)	($0.72)	($0.82)	($0.43)	($0.75)	$0.16	$0.21	($0.12)
Weighted Average Diluted Shares Outstanding	21.66M	21.66M	33.07M	49.07M	241.37M	247.71M	245.73M	236.98M
Weighted Average Basic & Diluted Shares Outstanding	21.66M	21.66M	33.07M	49.06M	247.04M	246.11M	240.27M	225.65M

This table shows Custom Truck One Source's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	31	14	12	9.18	16	-14	-24	-17	28	-18	-28
Consolidated Net Income / (Loss)	31	14	12	9.18	16	-14	-24	-17	28	-18	-28
Net Income / (Loss) Continuing Operations	31	14	12	9.18	16	-14	-24	-17	28	-18	-28
Total Pre-Tax Income	31	15	13	9.61	21	-16	-21	-18	27	-25	-11
Total Operating Income	52	40	40	38	53	18	18	23	67	12	28
Total Gross Profit	128	110	111	107	127	91	89	92	118	86	103
Total Revenue	487	452	457	434	522	411	423	447	521	422	511
Operating Revenue	487	452	457	434	522	411	423	447	521	422	511
Total Cost of Revenue	358	343	346	327	395	321	334	355	402	337	409
Operating Cost of Revenue	358	343	346	327	395	321	334	355	402	337	409
Total Operating Expenses	77	70	71	69	73	72	72	69	51	73	75
Selling, General & Admin Expense	59	57	58	57	59	58	56	55	61	59	59
Depreciation Expense	2.11	2.65	2.72	2.60	2.68	2.92	3.36	3.47	3.54	3.34	3.23
Amortization Expense	6.94	6.67	6.61	6.70	7.13	6.58	6.69	6.70	6.69	6.68	6.91
Other Operating Expenses / (Income)	9.03	3.46	3.69	2.89	4.10	4.85	5.84	3.99	-20	3.66	5.30
Total Other Income / (Expense), net	-20	-25	-27	-28	-33	-35	-39	-41	-41	-38	-39
Interest & Investment Income	-27	-29	-32	-34	-36	-38	-42	-44	-43	-39	-40
Other Income / (Expense), net	6.43	3.95	5.05	5.75	3.70	3.26	3.32	2.82	2.16	1.02	1.37
Income Tax Expense	0.55	0.86	1.39	0.43	4.68	-1.95	3.07	-0.60	-1.05	-7.70	17
Basic Earnings per Share	$0.13	$0.06	$0.05	$0.04	$0.06	($0.06)	($0.10)	($0.07)	$0.11	($0.08)	($0.13)
Weighted Average Basic Shares Outstanding	247.15M	246.05M	246.13M	245.81M	245.09M	240.36M	239.73M	234.44M	236.98M	228.28M	226.48M
Diluted Earnings per Share	$0.13	$0.06	$0.05	$0.04	$0.06	($0.06)	($0.10)	($0.07)	$0.11	($0.08)	($0.13)
Weighted Average Diluted Shares Outstanding	247.71M	247.05M	246.96M	246.59M	245.73M	240.36M	239.73M	234.44M	236.98M	228.28M	226.48M
Weighted Average Basic & Diluted Shares Outstanding	246.11M	246.09M	246.26M	242.88M	240.27M	240.42M	236.21M	233.43M	225.65M	226.48M	226.56M

This table details how cash moves in and out of Custom Truck One Source's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-0.36	1.18	4.16	-2.89	32	-22	-4.05	-6.50
Net Cash From Operating Activities	17	41	19	43	139	46	-31	122
Net Cash From Continuing Operating Activities	17	41	19	43	139	46	-31	122
Net Income / (Loss) Continuing Operations	-27	-16	-27	-21	-182	39	51	-29
Consolidated Net Income / (Loss)	-27	-16	-27	-21	-182	39	51	-29
Depreciation Expense	62	64	77	85	209	223	219	236
Amortization Expense	5.55	6.36	2.91	3.29	4.74	4.86	5.65	5.69
Non-Cash Adjustments To Reconcile Net Income	3.34	3.16	4.60	3.43	79	-62	-45	-46
Changes in Operating Assets and Liabilities, net	-27	-17	-38	-28	28	-159	-261	-45
Net Cash From Investing Activities	-21	-27	-130	-29	-1,429	-219	-177	-187
Net Cash From Continuing Investing Activities	-21	-27	-130	-29	-1,429	-219	-177	-187
Purchase of Property, Plant & Equipment	-47	-59	-107	-68	-188	-341	-364	-398
Acquisitions	-0.48	-1.52	-48	0.00	-1,338	-50	0.00	-6.02
Sale of Property, Plant & Equipment	27	33	28	39	100	206	230	257
Other Investing Activities, net	0.00	0.00	-3.07	-0.70	-3.24	-34	-42	-40
Net Cash From Financing Activities	3.78	-12	115	-16	1,323	154	203	58
Net Cash From Continuing Financing Activities	3.78	-12	115	-16	1,323	154	203	58
Repayment of Debt	-26	-61	-820	-87	-943	-111	-93	-229
Repurchase of Common Equity	-	-	0.00	0.00	-6.39	-10	-39	-29
Issuance of Debt	30	49	788	86	1,444	153	221	256
Other Financing Activities, net	0.00	0.00	147	-16	-55	123	114	61
Effect of Exchange Rate Changes	-	-	-	0.00	0.00	-2.47	0.55	0.71
Cash Interest Paid	50	54	54	60	93	81	123	152
Cash Income Taxes Paid	0.60	0.53	0.46	0.65	0.54	0.57	2.13	4.14

This table details how cash moves in and out of Custom Truck One Source's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-12	18	10	-33	1.52	-2.32	0.07	0.38	-4.63	1.58	-0.12
Net Cash From Operating Activities	42	3.91	-5.01	-1.60	-28	-14	38	17	82	56	126
Net Cash From Continuing Operating Activities	42	3.91	-5.01	-1.60	-28	-14	38	17	82	56	126
Net Income / (Loss) Continuing Operations	31	14	12	9.18	16	-14	-24	-17	28	-18	-28
Consolidated Net Income / (Loss)	31	14	12	9.18	16	-14	-24	-17	28	-18	-28
Depreciation Expense	52	52	55	55	57	56	58	59	63	62	66
Amortization Expense	1.38	2.41	0.62	1.19	1.43	1.43	1.45	1.75	1.07	1.06	1.16
Non-Cash Adjustments To Reconcile Net Income	-27	-22	-4.13	-3.89	-15	-8.68	2.80	0.33	-40	-10	-17
Changes in Operating Assets and Liabilities, net	-16	-43	-69	-63	-88	-49	0.21	-27	31	21	104
Net Cash From Investing Activities	-65	-40	-63	-43	-31	-33	-65	-66	-23	-71	-69
Net Cash From Continuing Investing Activities	-65	-40	-63	-43	-31	-33	-65	-66	-23	-71	-69
Purchase of Property, Plant & Equipment	-117	-109	-101	-80	-74	-76	-90	-113	-120	-112	-113
Sale of Property, Plant & Equipment	70	79	52	47	52	60	39	56	101	45	49
Other Investing Activities, net	-19	-9.43	-13	-10	-8.72	-17	-11	-9.11	-4.13	-3.92	-4.56
Net Cash From Financing Activities	12	54	78	11	60	45	27	50	-64	17	-57
Net Cash From Continuing Financing Activities	12	54	78	11	60	45	27	50	-64	17	-57
Repayment of Debt	-70	-12	-32	-19	-30	-33	-30	-36	-125	-2.22	-59
Issuance of Debt	66	49	60	16	96	35	63	71	83	73	72
Other Financing Activities, net	25	19	53	29	13	51	11	21	-23	-21	-70
Effect of Exchange Rate Changes	-0.47	0.05	0.20	-0.06	0.36	-0.03	0.09	0.24	0.41	0.05	-0.25
Cash Interest Paid	37	13	43	-5.02	72	23	53	29	47	27	51
Cash Income Taxes Paid	0.57	0.01	1.44	0.45	0.24	2.13	1.97	0.04	-	0.00	0.70

This table presents Custom Truck One Source's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	403	692	815	768	2,684	2,938	3,368	3,502
Total Current Assets	0.61	69	116	103	657	868	1,266	1,301
Cash & Equivalents	0.50	2.14	6.30	3.41	36	14	10	3.81
Note & Lease Receivable	-	-	-	0.00	29	38	31	8.91
Accounts Receivable	-	53	71	61	168	193	215	216
Inventories, net	-	11	33	31	411	597	986	1,049
Prepaid Expenses	0.11	2.48	5.22	7.53	13	26	24	24
Plant, Property, & Equipment, net	0.00	323	390	336	834	884	917	1,002
Total Noncurrent Assets	403	299	309	329	1,193	1,186	1,185	1,199
Goodwill	-	-	309	238	696	704	704	705
Intangible Assets	-	299	-	68	328	304	277	252
Other Noncurrent Operating Assets	403	-	-	6.77	169	178	204	242
Total Liabilities & Shareholders' Equity	403	692	815	768	2,684	2,938	3,368	3,502
Total Liabilities	14	850	827	799	1,825	2,050	2,451	2,641
Total Current Liabilities	0.18	53	78	71	441	635	897	1,001
Short-Term Debt	-	12	6.73	6.56	6.35	6.94	8.26	7.84
Accounts Payable	0.18	21	41	32	164	224	371	419
Accrued Expenses	-	20	28	32	60	69	74	69
Current Deferred Revenue	-	-	2.27	0.98	41	40	35	34
Other Current Liabilities	-	-	-	0.00	169	295	409	471
Total Noncurrent Liabilities	14	797	750	728	1,385	1,415	1,553	1,640
Long-Term Debt	-	757	713	716	1,308	1,355	1,487	1,520
Noncurrent Deferred & Payable Income Tax Liabilities	-	11	12	0.00	16	29	33	31
Other Noncurrent Operating Liabilities	14	0.42	1.71	7.01	61	31	33	89
Total Equity & Noncontrolling Interests	5.00	-159	-12	-31	859	888	917	861
Total Preferred & Common Equity	5.00	-159	-12	-31	859	888	917	861
Total Common Equity	5.00	-159	-12	-31	859	888	917	861
Common Stock	5.78	259	433	435	1,509	1,522	1,538	1,551
Retained Earnings	-0.78	-418	-445	-466	-647	-609	-558	-587
Treasury Stock	-	-	-	0.00	-3.02	-16	-57	-88
Accumulated Other Comprehensive Income / (Loss)	-	-0.40	-	-	0.00	-8.95	-5.98	-15

This table presents Custom Truck One Source's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	2,814	2,854	3,069	3,139	3,228	3,451	3,524	3,580	3,543	3,577
Total Current Assets	783	802	990	1,029	1,117	1,327	1,381	1,411	1,320	1,331
Cash & Equivalents	29	26	32	42	8.79	7.99	8.06	8.44	5.38	5.26
Note & Lease Receivable	35	33	46	42	42	20	15	12	7.96	7.83
Accounts Receivable	169	177	168	152	156	169	167	176	202	189
Inventories, net	536	556	714	765	889	1,103	1,170	1,201	1,076	1,089
Prepaid Expenses	14	9.99	29	28	21	26	20	14	29	40
Plant, Property, & Equipment, net	834	866	1,023	921	924	932	948	975	1,034	1,055
Total Noncurrent Assets	1,197	1,186	1,056	1,189	1,187	1,192	1,195	1,194	1,189	1,191
Goodwill	706	703	704	704	704	704	705	705	705	705
Intangible Assets	319	311	297	291	284	270	266	259	246	239
Other Noncurrent Operating Assets	173	172	55	194	199	218	224	229	238	247
Total Liabilities & Shareholders' Equity	2,814	2,854	3,069	3,139	3,228	3,451	3,524	3,580	3,543	3,577
Total Liabilities	1,944	1,992	2,165	2,219	2,314	2,554	2,667	2,742	2,729	2,787
Total Current Liabilities	531	562	711	729	825	993	1,065	1,098	1,024	1,060
Short-Term Debt	3.18	1.59	6.10	3.55	1.29	6.07	3.78	1.46	5.97	23
Accounts Payable	199	184	285	117	325	427	505	518	124	537
Accrued Expenses	52	71	70	67	73	67	53	58	81	88
Current Deferred Revenue	34	36	38	36	29	33	30	20	29	30
Other Current Liabilities	243	270	312	506	397	460	473	501	785	382
Total Noncurrent Liabilities	1,413	1,429	1,453	1,490	1,489	1,561	1,602	1,644	1,705	1,727
Long-Term Debt	1,350	1,363	1,394	1,425	1,426	1,492	1,528	1,567	1,593	1,590
Noncurrent Deferred & Payable Income Tax Liabilities	24	28	30	31	31	31	34	33	23	39
Other Noncurrent Operating Liabilities	39	38	30	34	32	37	40	44	89	98
Total Equity & Noncontrolling Interests	870	862	905	919	913	897	857	838	813	790
Total Preferred & Common Equity	870	862	905	919	913	897	857	838	813	790
Total Common Equity	870	862	905	919	913	897	857	838	813	790
Common Stock	1,514	1,519	1,525	1,530	1,534	1,540	1,545	1,547	1,553	1,555
Retained Earnings	-637	-640	-595	-583	-574	-572	-597	-614	-604	-633
Treasury Stock	-4.46	-6.90	-17	-21	-37	-63	-82	-88	-121	-123
Accumulated Other Comprehensive Income / (Loss)	-2.64	-10	-8.61	-6.38	-9.21	-8.51	-9.45	-8.14	-15	-9.91

This table displays calculated financial ratios and metrics derived from Custom Truck One Source's official financial filings.

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	20.87%	7.20%	14.66%	285.53%	34.78%	18.56%	-3.37%
EBITDA Growth	0.00%	25.12%	0.41%	-12.27%	71.23%	112.51%	13.75%	-8.35%
EBIT Growth	0.00%	85.44%	-19.94%	-65.48%	-459.00%	418.86%	39.63%	-27.18%
NOPAT Growth	0.00%	83.77%	-16.56%	-52.11%	-343.32%	392.76%	73.56%	-40.74%
Net Income Growth	0.00%	42.70%	-74.24%	21.35%	-753.04%	121.44%	30.35%	-156.51%
EPS Growth	0.00%	42.40%	-13.89%	47.56%	-74.42%	121.33%	31.25%	-157.14%
Operating Cash Flow Growth	0.00%	138.34%	-54.21%	127.91%	224.37%	-66.91%	-167.18%	494.99%
Free Cash Flow Firm Growth	0.00%	0.00%	71.47%	168.89%	-3,539.22%	99.15%	-37.19%	712.52%
Invested Capital Growth	0.00%	63.92%	13.73%	-4.25%	208.32%	4.61%	7.45%	-0.71%
Revenue Q/Q Growth	0.00%	0.00%	-28.45%	2.03%	30.56%	9.03%	1.91%	-0.06%
EBITDA Q/Q Growth	0.00%	0.00%	-14.13%	-9.16%	38.77%	11.65%	0.90%	4.85%
EBIT Q/Q Growth	0.00%	0.00%	-40.02%	-43.04%	11.62%	55.95%	-0.47%	9.76%
NOPAT Q/Q Growth	0.00%	0.00%	-37.06%	-34.15%	14.06%	80.27%	-7.38%	12.27%
Net Income Q/Q Growth	0.00%	0.00%	38.49%	-96.26%	1.95%	814.34%	-22.61%	28.55%
EPS Q/Q Growth	0.00%	0.00%	49.07%	-330.00%	43.18%	-65.22%	-25.00%	29.41%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-47.91%	30.01%	-1.27%	50.64%	-179.35%	937.55%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	256.41%	-0.17%	-201.13%	-158.23%	705.29%
Invested Capital Q/Q Growth	0.00%	0.00%	6.06%	-4.82%	-1.29%	1.61%	3.02%	-0.52%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	28.34%	33.14%	32.78%	25.25%	17.99%	24.39%	24.36%	21.65%
EBITDA Margin	44.54%	46.10%	43.18%	33.04%	14.67%	23.14%	22.20%	21.05%
Operating Margin	11.53%	17.53%	13.64%	5.70%	-3.60%	6.57%	9.17%	7.01%
EBIT Margin	11.35%	17.41%	13.00%	3.91%	-3.64%	8.62%	10.15%	7.65%
Profit (Net Income) Margin	-13.30%	-6.30%	-10.25%	-7.03%	-15.55%	2.47%	2.72%	-1.59%
Tax Burden Percent	88.58%	112.34%	81.88%	41.43%	102.50%	83.25%	87.32%	98.18%
Interest Burden Percent	-132.29%	-32.23%	-96.24%	-433.38%	416.28%	34.45%	30.66%	-21.16%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	16.75%	12.68%	0.00%
Return on Invested Capital (ROIC)	4.23%	5.90%	3.71%	1.70%	-2.08%	3.93%	6.44%	3.70%
ROIC Less NNEP Spread (ROIC-NNEP)	8,678.16%	-5.61%	-3.12%	-2.86%	-17.27%	0.35%	-0.52%	-4.09%
Return on Net Nonoperating Assets (RNNOA)	-11.20%	-19.39%	27.95%	96.81%	-41.79%	0.52%	-0.82%	-6.92%
Return on Equity (ROE)	-6.97%	-13.50%	31.66%	98.51%	-43.87%	4.45%	5.62%	-3.22%
Cash Return on Invested Capital (CROIC)	0.00%	-42.54%	-9.14%	6.05%	-104.11%	-0.57%	-0.74%	4.41%
Operating Return on Assets (OROA)	5.74%	7.83%	4.56%	1.50%	-2.46%	4.83%	6.01%	4.02%
Return on Assets (ROA)	-6.72%	-2.84%	-3.59%	-2.69%	-10.52%	1.38%	1.61%	-0.83%
Return on Common Equity (ROCE)	-0.09%	9.02%	31.66%	98.51%	-43.87%	4.45%	5.62%	-3.22%
Return on Equity Simple (ROE_SIMPLE)	-541.90%	9.78%	223.02%	68.49%	-21.14%	4.38%	5.53%	-3.33%
Net Operating Profit after Tax (NOPAT)	16	30	25	12	-29	86	149	88
NOPAT Margin	8.07%	12.27%	9.55%	3.99%	-2.52%	5.47%	8.00%	4.91%
Net Nonoperating Expense Percent (NNEP)	-8,673.93%	11.51%	6.83%	4.57%	15.19%	3.59%	6.96%	7.78%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	3.82%	6.19%	3.70%
Cost of Revenue to Revenue	71.66%	66.86%	67.22%	74.75%	82.01%	75.61%	75.64%	78.35%
SG&A Expenses to Revenue	13.91%	13.29%	14.12%	15.33%	13.35%	13.40%	12.41%	12.74%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	16.81%	15.61%	19.14%	19.55%	21.59%	17.83%	15.19%	14.64%
Earnings before Interest and Taxes (EBIT)	23	43	34	12	-43	136	189	138
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	91	114	114	100	171	364	414	379
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	97.41	0.00	0.00	0.00	2.30	1.75	1.64	1.30
Price to Tangible Book Value (P/TBV)	97.41	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.39	2.04	0.76	1.19	1.70	0.99	0.80	0.62
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	40.06	29.60	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	2.50%	3.38%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.24	2.04	1.30	1.57	1.52	1.30	1.24	1.11
Enterprise Value to Revenue (EV/Rev)	4.27	5.27	3.55	3.59	2.79	1.85	1.60	1.47
Enterprise Value to EBITDA (EV/EBITDA)	9.59	11.43	8.22	10.85	19.02	7.98	7.21	6.98
Enterprise Value to EBIT (EV/EBIT)	37.64	30.28	27.31	91.62	0.00	21.42	15.77	19.19
Enterprise Value to NOPAT (EV/NOPAT)	52.94	42.97	37.19	89.92	0.00	33.79	20.00	29.92
Enterprise Value to Operating Cash Flow (EV/OCF)	50.55	31.63	49.89	25.35	23.45	63.21	0.00	21.70
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	25.34	0.00	0.00	0.00	25.08
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.00	-5.02	-61.20	-23.42	1.53	1.53	1.63	1.77
Long-Term Debt to Equity	0.00	-4.95	-60.65	-23.21	1.52	1.52	1.62	1.76
Financial Leverage	0.00	3.45	-8.96	-33.81	2.42	1.50	1.57	1.69
Leverage Ratio	1.04	4.76	-8.82	-36.66	4.17	3.22	3.49	3.86
Compound Leverage Factor	-1.37	-1.53	8.49	158.89	17.37	1.11	1.07	-0.82
Debt to Total Capital	0.00%	124.86%	101.66%	104.46%	60.49%	60.52%	61.98%	63.95%
Short-Term Debt to Total Capital	0.00%	1.90%	0.92%	0.94%	0.29%	0.31%	0.34%	0.33%
Long-Term Debt to Total Capital	0.00%	122.95%	100.74%	103.52%	60.20%	60.21%	61.64%	63.62%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	98.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	1.29%	-24.86%	-1.66%	-4.46%	39.51%	39.48%	38.02%	36.05%
Debt to EBITDA	0.00	7.02	6.51	7.27	7.68	3.74	3.61	4.03
Net Debt to EBITDA	0.00	7.00	6.46	7.24	7.47	3.70	3.59	4.02
Long-Term Debt to EBITDA	0.00	6.92	6.45	7.21	7.64	3.72	3.59	4.01
Debt to NOPAT	0.00	26.39	29.45	60.27	-44.75	15.83	10.02	17.27
Net Debt to NOPAT	0.00	26.32	29.20	59.99	-43.53	15.67	9.95	17.23
Long-Term Debt to NOPAT	0.00	25.99	29.18	59.73	-44.53	15.75	9.96	17.18
Altman Z-Score	21.18	0.10	-0.10	-0.08	0.79	0.95	1.01	0.77
Noncontrolling Interest Sharing Ratio	98.71%	166.82%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	3.45	1.28	1.49	1.45	1.49	1.37	1.41	1.30
Quick Ratio	2.84	1.02	1.00	0.90	0.53	0.39	0.29	0.23
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-218	-62	43	-1,473	-13	-17	106
Operating Cash Flow to CapEx	82.43%	158.37%	24.03%	149.68%	156.88%	34.07%	-22.94%	86.40%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-15.53	0.00	-23.88	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	4.69	0.00	2.25	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-14.83	0.00	0.82	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	0.51	0.45	0.35	0.38	0.68	0.56	0.59	0.52
Accounts Receivable Turnover	0.00	0.00	4.26	4.58	10.18	8.70	9.14	8.36
Inventory Turnover	0.00	0.00	7.99	7.03	4.33	2.36	1.78	1.39
Fixed Asset Turnover	0.00	0.00	0.74	0.83	1.99	1.83	2.07	1.88
Accounts Payable Turnover	827.47	15.65	5.72	6.20	9.78	6.13	4.74	3.58
Days Sales Outstanding (DSO)	0.00	0.00	85.63	79.73	35.86	41.94	39.94	43.64
Days Inventory Outstanding (DIO)	0.00	0.00	45.69	51.91	84.26	154.56	204.71	263.03
Days Payable Outstanding (DPO)	0.44	23.32	63.79	58.87	37.31	59.50	76.93	102.08
Cash Conversion Cycle (CCC)	-0.44	-23.32	67.53	72.77	82.81	137.01	167.72	204.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	388	637	724	693	2,137	2,236	2,402	2,385
Invested Capital Turnover	0.52	0.48	0.39	0.43	0.82	0.72	0.80	0.75
Increase / (Decrease) in Invested Capital	0.00	248	87	-31	1,444	99	166	-17
Enterprise Value (EV)	870	1,298	938	1,086	3,257	2,906	2,986	2,647
Market Capitalization	487	503	202	361	1,978	1,558	1,501	1,123
Book Value per Share	$0.10	($3.16)	($0.25)	($0.63)	$3.47	$3.60	$3.78	$3.69
Tangible Book Value per Share	$0.10	($9.11)	($6.54)	($6.87)	($0.67)	($0.48)	($0.26)	($0.41)
Total Capital	389	639	730	697	2,173	2,250	2,413	2,389
Total Debt	0.00	797	742	728	1,315	1,362	1,495	1,528
Total Long-Term Debt	0.00	785	736	721	1,308	1,355	1,487	1,520
Net Debt	-0.50	795	736	724	1,279	1,347	1,485	1,524
Capital Expenditures (CapEx)	21	26	78	29	89	135	135	141
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.07	25	39	35	187	226	366	305
Debt-free Net Working Capital (DFNWC)	0.43	27	45	38	222	240	377	309
Net Working Capital (NWC)	0.43	15	38	32	216	233	369	301
Net Nonoperating Expense (NNE)	44	46	52	33	152	47	99	117
Net Nonoperating Obligations (NNO)	-0.50	795	736	724	1,279	1,347	1,485	1,524
Total Depreciation and Amortization (D&A)	68	71	80	88	214	228	225	242
Debt-free, Cash-free Net Working Capital to Revenue	-0.03%	10.24%	14.58%	11.57%	15.99%	14.36%	19.65%	16.91%
Debt-free Net Working Capital to Revenue	0.21%	11.11%	16.97%	12.70%	19.06%	15.28%	20.20%	17.12%
Net Working Capital to Revenue	0.21%	6.17%	14.42%	10.53%	18.52%	14.84%	19.76%	16.69%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.02	($0.82)	($0.43)	($0.75)	$0.16	$0.21	($0.12)
Adjusted Weighted Average Basic Shares Outstanding	0.00	50.31M	49.03M	49.16M	241.37M	247.15M	245.09M	236.98M
Adjusted Diluted Earnings per Share	$0.00	$0.02	($0.82)	($0.43)	($0.75)	$0.16	$0.21	($0.12)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	50.31M	49.03M	49.16M	241.37M	247.71M	245.73M	236.98M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.02	($0.82)	($0.43)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	11.93M	33.07M	49.06M	247.04M	246.11M	240.27M	225.65M
Normalized Net Operating Profit after Tax (NOPAT)	17	30	25	12	-29	86	149	88
Normalized NOPAT Margin	8.28%	12.27%	9.55%	3.99%	-2.52%	5.47%	8.00%	4.91%
Pre Tax Income Margin	-15.01%	-5.61%	-12.51%	-16.96%	-15.17%	2.97%	3.11%	-1.62%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	8.57	0.00	-0.69	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	6.30	0.00	-0.48	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	-10.95	0.00	-2.12	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	-13.23	0.00	-1.91	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	-3.52%	26.42%	76.60%	-101.15%

This table displays calculated financial ratios and metrics derived from Custom Truck One Source's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	36.55%	23.38%	26.16%	21.40%	7.20%	-9.04%	-7.40%	2.96%	-0.19%	2.66%	20.91%
EBITDA Growth	51.42%	18.89%	12.78%	24.10%	3.31%	-19.44%	-20.31%	-12.65%	15.20%	-3.28%	20.25%
EBIT Growth	516.94%	132.10%	31.93%	76.05%	-1.55%	-50.66%	-52.95%	-40.91%	21.45%	-37.96%	39.58%
NOPAT Growth	636.56%	446.79%	87.46%	229.74%	-18.32%	-65.75%	-65.00%	-55.58%	68.78%	-32.47%	58.03%
Net Income Growth	933.21%	521.63%	-14.78%	485.39%	-47.89%	-203.88%	-310.84%	-289.72%	71.03%	-24.11%	-15.94%
EPS Growth	-69.77%	700.00%	0.00%	500.00%	-53.85%	-200.00%	-300.00%	-275.00%	83.33%	-33.33%	-30.00%
Operating Cash Flow Growth	59.05%	113.12%	-159.61%	-106.23%	-167.69%	-468.02%	854.00%	1,132.23%	391.20%	487.03%	232.74%
Free Cash Flow Firm Growth	96.67%	96.46%	-301.46%	-50.57%	-161.50%	-89.78%	17.50%	47.98%	169.57%	88.77%	104.03%
Invested Capital Growth	4.61%	4.17%	5.07%	5.98%	7.45%	5.03%	3.25%	2.82%	-0.71%	0.84%	0.72%
Revenue Q/Q Growth	36.04%	-7.10%	1.03%	-4.92%	20.12%	-21.17%	2.85%	5.72%	16.44%	-18.92%	21.14%
EBITDA Q/Q Growth	39.45%	-12.05%	2.39%	-1.17%	16.09%	-31.42%	1.28%	8.32%	53.10%	-42.42%	25.93%
EBIT Q/Q Growth	133.66%	-24.51%	1.79%	-1.94%	30.66%	-62.16%	-2.95%	23.16%	168.57%	-80.67%	118.33%
NOPAT Q/Q Growth	281.33%	-26.01%	-5.84%	2.70%	14.16%	-68.97%	-3.79%	30.34%	333.75%	-87.59%	125.16%
Net Income Q/Q Growth	1,398.78%	-55.39%	-15.87%	-20.93%	75.62%	-188.92%	-70.76%	28.85%	258.33%	-164.52%	-59.52%
EPS Q/Q Growth	1,400.00%	-53.85%	-16.67%	-20.00%	50.00%	-200.00%	-66.67%	30.00%	257.14%	-172.73%	-62.50%
Operating Cash Flow Q/Q Growth	61.91%	-90.62%	-228.29%	68.05%	-1,659.96%	48.98%	362.84%	-56.26%	396.50%	-32.19%	125.97%
Free Cash Flow Firm Q/Q Growth	24.42%	-11.82%	-41.78%	-25.66%	-31.26%	18.85%	38.36%	20.77%	275.55%	-113.10%	122.13%
Invested Capital Q/Q Growth	1.61%	1.65%	1.46%	1.13%	3.02%	-0.63%	-0.26%	0.71%	-0.52%	0.92%	-0.39%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	26.37%	24.25%	24.21%	24.67%	24.31%	22.05%	21.10%	20.53%	22.75%	20.26%	20.05%
EBITDA Margin	22.97%	21.75%	22.04%	22.91%	22.14%	19.26%	18.97%	19.43%	25.55%	18.15%	18.86%
Operating Margin	10.61%	8.82%	8.66%	8.75%	10.25%	4.47%	4.18%	5.15%	12.92%	2.94%	5.46%
EBIT Margin	11.93%	9.70%	9.77%	10.07%	10.96%	5.26%	4.96%	5.78%	13.33%	3.18%	5.73%
Profit (Net Income) Margin	6.36%	3.05%	2.54%	2.11%	3.09%	-3.49%	-5.79%	-3.89%	5.30%	-4.21%	-5.55%
Tax Burden Percent	98.24%	94.11%	89.32%	95.51%	77.50%	88.04%	114.34%	96.65%	103.96%	69.79%	260.32%
Interest Burden Percent	54.23%	33.45%	29.13%	21.97%	36.39%	-75.27%	-101.98%	-69.70%	38.20%	-189.94%	-37.21%
Effective Tax Rate	1.76%	5.89%	10.68%	4.49%	22.50%	0.00%	0.00%	0.00%	-3.96%	0.00%	0.00%
Return on Invested Capital (ROIC)	7.50%	6.18%	6.03%	6.75%	6.39%	2.45%	2.23%	2.75%	10.11%	1.56%	3.04%
ROIC Less NNEP Spread (ROIC-NNEP)	5.99%	4.42%	4.28%	4.78%	4.60%	0.55%	-0.30%	0.50%	7.30%	-0.16%	-0.02%
Return on Net Nonoperating Assets (RNNOA)	9.01%	6.74%	6.48%	7.43%	7.22%	0.86%	-0.49%	0.85%	12.35%	-0.29%	-0.04%
Return on Equity (ROE)	16.51%	12.93%	12.51%	14.17%	13.60%	3.31%	1.75%	3.60%	22.46%	1.26%	3.01%
Cash Return on Invested Capital (CROIC)	-0.57%	1.35%	1.11%	1.31%	-0.74%	0.43%	0.61%	0.55%	4.41%	2.68%	3.12%
Operating Return on Assets (OROA)	6.68%	5.53%	5.75%	6.06%	6.48%	2.94%	2.67%	3.06%	7.00%	1.65%	3.07%
Return on Assets (ROA)	3.56%	1.74%	1.50%	1.27%	1.83%	-1.95%	-3.11%	-2.06%	2.78%	-2.18%	-2.97%
Return on Common Equity (ROCE)	16.51%	12.93%	12.51%	14.17%	13.60%	3.31%	1.75%	3.60%	22.46%	1.26%	3.01%
Return on Equity Simple (ROE_SIMPLE)	0.00%	6.19%	5.87%	7.17%	0.00%	2.52%	-1.58%	-4.79%	0.00%	-3.95%	0.00%
Net Operating Profit after Tax (NOPAT)	51	38	35	36	41	13	12	16	70	8.68	20
NOPAT Margin	10.42%	8.30%	7.74%	8.36%	7.94%	3.13%	2.92%	3.61%	13.43%	2.06%	3.82%
Net Nonoperating Expense Percent (NNEP)	1.51%	1.76%	1.75%	1.97%	1.79%	1.90%	2.53%	2.25%	2.82%	1.72%	3.06%
Return On Investment Capital (ROIC_SIMPLE)	2.25%	-	-	-	1.72%	-	-	-	2.93%	0.36%	0.81%
Cost of Revenue to Revenue	73.64%	75.75%	75.79%	75.33%	75.69%	77.95%	78.90%	79.47%	77.25%	79.74%	79.95%
SG&A Expenses to Revenue	12.04%	12.60%	12.70%	13.11%	11.39%	14.10%	13.17%	12.22%	11.76%	14.08%	11.57%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	15.75%	15.43%	15.55%	15.92%	14.06%	17.59%	16.92%	15.38%	9.83%	17.32%	14.59%
Earnings before Interest and Taxes (EBIT)	58	44	45	44	57	22	21	26	69	13	29
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	112	98	101	100	116	79	80	87	133	77	96
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.75	1.85	1.80	1.67	1.64	1.56	1.22	0.97	1.30	1.17	1.42
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.99	1.01	0.95	0.83	0.80	0.77	0.58	0.45	0.62	0.53	0.59
Price to Earnings (P/E)	40.06	29.85	30.74	23.30	29.60	61.94	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.50%	3.35%	3.25%	4.29%	3.38%	1.61%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.30	1.34	1.32	1.26	1.24	1.21	1.08	0.99	1.11	1.06	1.14
Enterprise Value to Revenue (EV/Rev)	1.85	1.83	1.74	1.61	1.60	1.58	1.44	1.32	1.47	1.40	1.43
Enterprise Value to EBITDA (EV/EBITDA)	7.98	8.01	7.79	7.18	7.21	7.31	6.86	6.56	6.98	6.76	6.94
Enterprise Value to EBIT (EV/EBIT)	21.42	18.92	17.77	15.48	15.77	17.28	17.90	18.90	19.19	19.63	19.76
Enterprise Value to NOPAT (EV/NOPAT)	33.79	25.10	22.36	18.28	20.00	23.23	28.79	30.14	29.92	30.21	29.81
Enterprise Value to Operating Cash Flow (EV/OCF)	63.21	38.16	45.98	75.68	0.00	0.00	0.00	202.01	21.70	13.26	9.74
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	101.05	121.81	99.56	0.00	288.72	179.15	181.27	25.08	39.66	36.63
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.53	1.55	1.55	1.56	1.63	1.67	1.79	1.87	1.77	1.97	2.04
Long-Term Debt to Equity	1.52	1.54	1.55	1.56	1.62	1.66	1.78	1.87	1.76	1.96	2.01
Financial Leverage	1.50	1.53	1.51	1.55	1.57	1.59	1.64	1.70	1.69	1.80	1.90
Leverage Ratio	3.22	3.30	3.33	3.43	3.49	3.62	3.75	3.89	3.86	4.09	4.31
Compound Leverage Factor	1.75	1.10	0.97	0.75	1.27	-2.72	-3.83	-2.71	1.48	-7.77	-1.60
Debt to Total Capital	60.52%	60.74%	60.84%	60.98%	61.98%	62.56%	64.14%	65.19%	63.95%	66.28%	67.12%
Short-Term Debt to Total Capital	0.31%	0.26%	0.15%	0.05%	0.34%	0.25%	0.16%	0.06%	0.33%	0.25%	0.96%
Long-Term Debt to Total Capital	60.21%	60.48%	60.69%	60.92%	61.64%	62.31%	63.98%	65.13%	63.62%	66.04%	66.16%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	39.48%	39.26%	39.16%	39.02%	38.02%	37.44%	35.86%	34.81%	36.05%	33.72%	32.88%
Debt to EBITDA	3.74	3.69	3.65	3.48	3.61	3.79	4.09	4.33	4.03	4.24	4.10
Net Debt to EBITDA	3.70	3.60	3.55	3.46	3.59	3.77	4.07	4.31	4.02	4.23	4.09
Long-Term Debt to EBITDA	3.72	3.67	3.64	3.48	3.59	3.78	4.08	4.33	4.01	4.23	4.04
Debt to NOPAT	15.83	11.56	10.49	8.86	10.02	12.05	17.16	19.91	17.27	18.97	17.64
Net Debt to NOPAT	15.67	11.30	10.18	8.80	9.95	11.99	17.07	19.80	17.23	18.91	17.58
Long-Term Debt to NOPAT	15.75	11.51	10.47	8.85	9.96	12.00	17.12	19.89	17.18	18.90	17.38
Altman Z-Score	0.86	0.89	0.91	0.87	0.88	0.76	0.63	0.57	0.70	0.60	0.64
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.37	1.39	1.41	1.35	1.41	1.34	1.30	1.28	1.30	1.29	1.26
Quick Ratio	0.39	0.35	0.32	0.25	0.29	0.20	0.18	0.18	0.23	0.21	0.19
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-48	-53	-76	-95	-125	-101	-63	-50	87	-11	2.52
Operating Cash Flow to CapEx	89.76%	12.80%	-10.10%	-4.96%	-126.52%	-92.90%	75.32%	28.95%	444.14%	82.56%	196.60%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.56	0.57	0.59	0.60	0.59	0.56	0.54	0.53	0.52	0.52	0.54
Accounts Receivable Turnover	8.70	9.71	10.93	10.98	9.14	10.83	11.24	10.85	8.36	9.76	10.69
Inventory Turnover	2.36	2.12	2.02	1.90	1.78	1.53	1.42	1.34	1.39	1.31	1.33
Fixed Asset Turnover	1.83	1.79	2.00	2.04	2.07	1.87	1.92	1.90	1.88	1.85	1.90
Accounts Payable Turnover	6.13	6.35	8.33	5.39	4.74	3.90	4.42	3.33	3.58	5.19	2.88
Days Sales Outstanding (DSO)	41.94	37.59	33.40	33.24	39.94	33.71	32.48	33.63	43.64	37.40	34.14
Days Inventory Outstanding (DIO)	154.56	172.02	180.39	191.83	204.71	238.85	256.67	271.50	263.03	278.47	274.33
Days Payable Outstanding (DPO)	59.50	57.47	43.80	67.66	76.93	93.55	82.52	109.51	102.08	70.35	126.52
Cash Conversion Cycle (CCC)	137.01	152.15	169.99	157.41	167.72	179.01	206.63	195.62	204.59	245.51	181.95
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,236	2,273	2,306	2,332	2,402	2,387	2,381	2,398	2,385	2,407	2,398
Invested Capital Turnover	0.72	0.74	0.78	0.81	0.80	0.78	0.76	0.76	0.75	0.76	0.80
Increase / (Decrease) in Invested Capital	99	91	111	132	166	114	75	66	-17	20	17
Enterprise Value (EV)	2,906	3,039	3,045	2,945	2,986	2,889	2,570	2,375	2,647	2,546	2,727
Market Capitalization	1,558	1,671	1,659	1,527	1,501	1,398	1,046	815	1,123	952	1,119
Book Value per Share	$3.60	$3.68	$3.74	$3.71	$3.78	$3.73	$3.56	$3.55	$3.69	$3.60	$3.49
Tangible Book Value per Share	($0.48)	($0.39)	($0.31)	($0.30)	($0.26)	($0.32)	($0.48)	($0.54)	($0.41)	($0.61)	($0.68)
Total Capital	2,250	2,305	2,348	2,341	2,413	2,395	2,389	2,406	2,389	2,413	2,403
Total Debt	1,362	1,400	1,429	1,427	1,495	1,498	1,532	1,569	1,528	1,599	1,613
Total Long-Term Debt	1,355	1,394	1,425	1,426	1,487	1,492	1,528	1,567	1,520	1,593	1,590
Net Debt	1,347	1,368	1,386	1,419	1,485	1,490	1,524	1,560	1,524	1,594	1,608
Capital Expenditures (CapEx)	46	31	50	32	22	15	50	57	18	67	64
Debt-free, Cash-free Net Working Capital (DFCFNWC)	226	252	261	284	366	332	312	306	305	297	289
Debt-free Net Working Capital (DFNWC)	240	285	303	293	377	340	320	314	309	302	294
Net Working Capital (NWC)	233	278	300	292	369	333	316	313	301	296	271
Net Nonoperating Expense (NNE)	20	24	24	27	25	27	37	34	42	26	48
Net Nonoperating Obligations (NNO)	1,347	1,368	1,386	1,419	1,485	1,490	1,524	1,560	1,524	1,594	1,608
Total Depreciation and Amortization (D&A)	54	54	56	56	58	58	59	61	64	63	67
Debt-free, Cash-free Net Working Capital to Revenue	14.36%	15.21%	14.89%	15.54%	19.65%	18.17%	17.41%	16.94%	16.91%	16.36%	15.20%
Debt-free Net Working Capital to Revenue	15.28%	17.16%	17.30%	16.02%	20.20%	18.61%	17.86%	17.41%	17.12%	16.66%	15.48%
Net Working Capital to Revenue	14.84%	16.79%	17.10%	15.95%	19.76%	18.28%	17.65%	17.33%	16.69%	16.33%	14.27%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.13	$0.06	$0.05	$0.04	$0.06	($0.06)	($0.10)	($0.07)	$0.11	($0.08)	($0.13)
Adjusted Weighted Average Basic Shares Outstanding	247.15M	246.05M	246.13M	245.81M	245.09M	240.36M	239.73M	234.44M	236.98M	228.28M	226.48M
Adjusted Diluted Earnings per Share	$0.13	$0.06	$0.05	$0.04	$0.06	($0.06)	($0.10)	($0.07)	$0.11	($0.08)	($0.13)
Adjusted Weighted Average Diluted Shares Outstanding	247.71M	247.05M	246.96M	246.59M	245.73M	240.36M	239.73M	234.44M	236.98M	228.28M	226.48M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	246.11M	246.09M	246.26M	242.88M	240.27M	240.42M	236.21M	233.43M	225.65M	226.48M	226.56M
Normalized Net Operating Profit after Tax (NOPAT)	51	38	35	36	41	13	12	16	47	8.68	20
Normalized NOPAT Margin	10.42%	8.30%	7.74%	8.36%	7.94%	3.13%	2.92%	3.61%	9.04%	2.06%	3.82%
Pre Tax Income Margin	6.47%	3.24%	2.85%	2.21%	3.99%	-3.96%	-5.06%	-4.03%	5.09%	-6.04%	-2.13%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	26.42%	20.37%	27.45%	43.44%	76.60%	197.04%	-424.30%	-119.41%	-101.15%	-170.65%	-107.03%

Key Financial Trends

Custom Truck One Source (NYSE: CTOS) continues to navigate a complex financial landscape through the past four years, with some notable trends in revenue, profitability, cash flow, and leverage that investors should be aware of.

Revenue and Profitability Trends:

Operating revenue has generally increased from approximately $362 million in Q2 2022 to over $511 million by Q2 2025, indicating steady top-line growth.
Despite revenue growth, the company reported net losses in recent quarters, including a net loss of $28.4 million in Q2 2025, reflecting pressure on profitability.
Gross profit margins have fluctuated, with gross profit around $102.5 million in Q2 2025, but high operating expenses and significant interest costs have hurt earnings.
Interest and investment expenses have been substantial, with interest expense impacting earnings significantly each quarter (e.g., $40.2 million expense in Q2 2025).
Earnings per share have been negative recently (-$0.13 in Q2 2025), with diluted shares generally stable around 226-248 million, signaling dilution risks remain stable.

Cash Flow and Liquidity:

Operating cash flow has improved notably, from a negative $5 million in Q2 2023 to a positive $126 million in Q2 2025, demonstrating improved cash generation capacity.
Capital expenditures remain high (e.g., $113 million spent on property, plant, and equipment in Q2 2025), exerting pressure on free cash flow.
Net cash from investing activities is consistently negative due to capital expenditures exceeding proceeds from asset sales.

Balance Sheet and Leverage:

Total liabilities have increased over time, reaching approximately $2.79 billion as of Q2 2025, driven largely by substantial long-term debt ($1.59 billion in Q2 2025).
Total equity has fluctuated but remains positive at about $790 million as of Q2 2025, showing some cushion against liabilities.
High leverage and significant interest payments (e.g., $50.8 million cash interest paid in Q2 2025) strain the company's financial flexibility and profitability.

Summary:

Custom Truck One Source has shown steady revenue growth and improved cash flow from operations, key positives for the business’s long-term health. However, persistent net losses, high interest expenses, and expanding debt levels underscore ongoing challenges in profitability and leverage. The capital-intensive nature of the business keeps investing cash outflows high, which, coupled with high debt servicing costs, creates pressure on free cash flows.

Investors should monitor the company's ability to control costs and reduce interest burden while sustaining revenue growth. Attention to leverage metrics and potential refinancing or deleveraging efforts will be important to gauge future financial stability and equity value appreciation potential.

08/18/25 04:08 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Custom Truck One Source's Financials

When does Custom Truck One Source's fiscal year end?

According to the most recent income statement we have on file, Custom Truck One Source's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Custom Truck One Source's net income changed over the last 7 years?

Custom Truck One Source's net income appears to be on a downward trend, with a most recent value of -$28.66 million in 2024, rising from -$27.10 million in 2017. The previous period was $50.71 million in 2023. See Custom Truck One Source's forecast for analyst expectations on what’s next for the company.

What is Custom Truck One Source's operating income?

Custom Truck One Source's total operating income in 2024 was $126.36 million, based on the following breakdown:

Total Gross Profit: $390.27 million
Total Operating Expenses: $263.91 million

How has Custom Truck One Source's revenue changed over the last 7 years?

Over the last 7 years, Custom Truck One Source's total revenue changed from $203.77 million in 2017 to $1.80 billion in 2024, a change of 784.5%.

How much debt does Custom Truck One Source have?

Custom Truck One Source's total liabilities were at $2.64 billion at the end of 2024, a 7.8% increase from 2023, and a 18,412.8% increase since 2017.

How much cash does Custom Truck One Source have?

In the past 7 years, Custom Truck One Source's cash and equivalents has ranged from $501.93 thousand in 2017 to $35.90 million in 2021, and is currently $3.81 million as of their latest financial filing in 2024.

How has Custom Truck One Source's book value per share changed over the last 7 years?

Over the last 7 years, Custom Truck One Source's book value per share changed from 0.10 in 2017 to 3.69 in 2024, a change of 3,612.1%.

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This page (NYSE:CTOS) was last updated on 8/18/2025 by MarketBeat.com Staff

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Custom Truck One Source (CTOS) Financials

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Custom Truck One Source (CTOS) Financials

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