CTOSCustom Truck One Source, Inc.
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (1.5×).
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is CTOS?
Custom Truck One Source, Inc. earns 5.2% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 3.8 points below what the capital costs: growth destroys value
- Operating margin
- 8.0%
Operating margin · Rental & Leasing Services median 8.0% · 12 months to Q2 2026
- Cash conversion
- 1.53×
Cash conversion · 2.71× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +1.4%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 5.7% |
| FY2021 | −3.6% |
| FY2022 | 6.6% |
| FY2023 | 9.2% |
| FY2024 | 7.0% |
| FY2025 | 6.4% |
Details›
- Gross margin12 months to Q2 2026
- 22%
- Operating margin12 months to Q2 2026
- 8.0%
- Net margin12 months to Q2 2026
- 1.1%
- Revenue, trailing twelve months
- $2.04B
- Net income, trailing twelve months
- $21M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 5.2%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from CTOS and who it buys from, as the companies report it.
- Three customers10%
Combined share of revenue · FY2025 10-K
- Three vendors56%
Share of purchases · FY2025 10-K
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; CTOS’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Rental & Leasing Services
Ranks #5 of 13 by RyuScore