CTOSCustom Truck One Source, Inc.
Services-Equipment Rental & Leasing, NEC
- Revenue
- $1.4B
- 6.4% YoY
- Operating margin
- 8.6%
- 7.0% YoY
- EBITDA
- $389M
- 7.3% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 4.2×
- $1.6B net debt
- AI in 10-K
- —
Red flags 0 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCClear1% of revenueOver 10% of revenue
- Payouts exceed cash flowClear11% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear20% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $788M | $1.1B | $1.3B | $1.4B | $1.4B | 6.4% |
| Operating income | −$42M | $103M | $171M | $126M | $125M | 1.1% |
| Net income | −$182M | $39M | $51M | −$29M | −$31M | 8.4% |
| Operating cash flow | $139M | $46M | −$31M | $122M | $310M | 154% |
| Stock-based comp | $17M | $12M | $13M | $12M | $8M | 29% |
| Buybacks | $0 | $10M | $39M | $29M | $33M | 12% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $3M | $2M | 91 | 171 |
| FY2024 | — | — | 78 | 136 |
| FY2023 | — | — | 98 | 146 |
| FY2022 | — | — | 86 | 114 |
| FY2021 | — | — | 109 | 126 |