olivLaw · US equity research
Custom Truck One Source, Inc. CTOS
Services-Equipment Rental & Leasing, NEC · SIC 7359 · Vertical: Services-Equipment Rental & Leasing, NEC (SIC 7359)
Custom Truck One Source rents and sells specialty equipment for electric utility, telecom and infrastructure customers across North America through a one-stop-shop model. The company reported third-quarter 2026 revenue of 495.2 million USD, with utility demand supporting profit growth and lower leverage.
At the close of 04 Nov 2026, Custom Truck One Source, Inc. (CTOS) stock was 10.13 USD (−4.61% on the day), with market capitalisation 2.3 bn USD, P/E 76.7 on diluted EPS of 0.13 USD over the last 12 months, beta 1.64, 52-week range 5.34–11.97 USD. Latest reported quarter (Q3 2026): revenue of 495.2 m USD (+2.7% YoY), net income of 2.3 m USD, diluted EPS 0.01 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 54.9
- neutral
- Bollinger (20, 2)
- 8.29 – 11.08
- in the upper half of the band · %B 0.66 · band width 28.9%
- SMA 50 / 200
- 9.46 / 8.93
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.30 / 0.18
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.5% | −1.1% | +3.6 pp | — |
| 3 months | −8.2% | −0.5% | −7.7 pp | — |
| 6 months | +1.6% | +4.4% | −2.8 pp | — |
| Year to date | +75.9% | +12.3% | +63.6 pp | — |
| 1 year | +76.5% | +13.5% | +62.9 pp | +31.8% |
| 3 years | +60.3% | +76.4% | −16.1 pp | +30.7% |
| 5 years | −3.9% | +63.7% | −67.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 520.7 m | 422.2 m | 511.5 m | 482.1 m | 528.2 m | 461.6 m | 563.4 m | 495.2 m |
| Cost of revenue | 402.3 m | 336.7 m | 408.9 m | 381.3 m | 405.1 m | 358.6 m | 439.5 m | 381.9 m |
| Gross profit | 118.5 m | 85.5 m | 102.5 m | 100.8 m | 123.1 m | 103.1 m | 124.0 m | 113.3 m |
| SG&A | 61.2 m | 59.5 m | 59.2 m | 54.9 m | 56.6 m | 57.6 m | 61.3 m | 56.4 m |
| Operating income | 67.3 m | 12.4 m | 27.9 m | 32.6 m | 52.0 m | 31.5 m | 46.6 m | 38.1 m |
| Depreciation & amortisation | 62.6 m | 62.1 m | 66.0 m ≈ | 66.8 m ≈ | 68.9 m | 68.2 m | 68.9 m ≈ | 69.0 m ≈ |
| Pre-tax income | 26.5 m | -25.5 m | -10.9 m | -6.7 m | 15.0 m | -3.8 m | 9.0 m | 1.4 m |
| Income tax | -1.1 m | -7.7 m | 17.5 m | -988.0 k | -5.9 m | 297.0 k | -1.4 m | -898.0 k |
| Net income | 27.6 m | -17.8 m | -28.4 m | -5.8 m | 20.9 m | -4.1 m | 10.4 m | 2.3 m |
| Diluted EPS | 0.12 ≈ | -0.08 | -0.13 | -0.03 | 0.09 ≈ | -0.02 | 0.05 | 0.01 |
| Operating cash flow | 82.1 m | 55.6 m | 125.7 m ≈ | 81.5 m ≈ | 47.3 m | 23.8 m | 44.4 m ≈ | 163.5 m ≈ |
| Share repurchases | 0 | 32.6 m | 0 ≈ | 0 ≈ | 0 | 0 | 0 ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 78 percentile of its own 9-quarter history (min 22.5, median 40.7, max 274.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 246.3 m | 264.0 m | 302.7 m | 1.2 bn | 1.6 bn | 1.9 bn | 1.8 bn | 1.9 bn |
| Revenue YoY | +20.9% | +7.2% | +14.7% | +285.5% | +34.8% | +18.6% | −3.4% | +7.9% |
| Net income | -15.5 m | -27.1 m | -21.3 m | -181.5 m | 38.9 m | 50.7 m | -28.7 m | -31.1 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | +30.3% | −156.5% | unavailable |
| Diluted EPS | unavailable | -0.82 | -0.43 | -0.75 | 0.16 | 0.21 | -0.12 | -0.14 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | +31.3% | −157.1% | unavailable |
| net % | -6.3% | -10.2% | -7.0% | -15.6% | 2.5% | 2.7% | -1.6% | -1.6% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 6.3 m USD
- Financial debt
- 1.6 bn USD
- Net debt
- 1.6 bn USD
- Equity
- 809.1 m USD
- Total assets
- 3.4 bn USD
- Debt / equity
- 2.03x
- Current ratio
- 1.33x
- ROE
- -3.7%
- ROA
- -0.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 302.7 m | 1.2 bn | 1.6 bn | 1.9 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 10 Mar 2026verified |
| Cost of revenue | 226.3 m | 957.1 m | 1.2 bn | 1.4 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 10 Mar 2026verified |
| Gross profit | 76.4 m | 210.0 m | 383.7 m | 454.3 m | 390.3 m | 411.9 m | SEC (XBRL)· 10 Mar 2026verified |
| SG&A | 46.4 m | 155.8 m | 210.9 m | 231.4 m | 229.5 m | 230.1 m | SEC (XBRL)· 10 Mar 2026verified |
| Operating income | 17.2 m | -42.0 m | 103.3 m | 170.9 m | 126.4 m | 124.9 m | SEC (XBRL)· 10 Mar 2026verified |
| Depreciation & amortisation | 84.9 m | 209.1 m | 223.5 m | 219.0 m | 235.8 m | 263.9 m | SEC (XBRL)· 10 Mar 2026verified |
| EBITDA | 102.1 m ≈ | 167.1 m ≈ | 326.8 m ≈ | 389.9 m ≈ | 362.2 m ≈ | 388.8 m ≈ | SEC (XBRL)· 10 Mar 2026derived |
| Interest expense | — | 5.2 m | 12.6 m | 36.6 m | — | — | SEC (XBRL)· 07 Mar 2024verified |
| Pre-tax income | -51.4 m | -177.1 m | 46.7 m | 58.1 m | -29.2 m | -28.1 m | SEC (XBRL)· 10 Mar 2026verified |
| Income tax | -30.1 m | 4.4 m | 7.8 m | 7.4 m | -532.0 k | 2.9 m | SEC (XBRL)· 10 Mar 2026verified |
| Net income | -21.3 m | -181.5 m | 38.9 m | 50.7 m | -28.7 m | -31.1 m | SEC (XBRL)· 10 Mar 2026verified |
| Diluted EPS | -0.43 | -0.75 | 0.16 | 0.21 | -0.12 | -0.14 | SEC (XBRL)· 10 Mar 2026verified |
| Weighted average diluted shares | 49.1 m | 241.4 m | 247.7 m | 245.7 m | 237.0 m | 227.0 m | SEC (XBRL)· 10 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 3.4 m | 35.9 m | 14.4 m | 10.3 m | 3.8 m | 6.3 m | SEC (XBRL)· 10 Mar 2026verified |
| Receivables | 60.9 m | 168.4 m | 193.1 m | 215.1 m | 215.9 m | 195.5 m | SEC (XBRL)· 10 Mar 2026verified |
| Inventories | 31.4 m | 410.5 m | 596.7 m | 985.8 m | 1.0 bn | 930.9 m | SEC (XBRL)· 10 Mar 2026verified |
| Current assets | 103.2 m | 656.7 m | 868.2 m | 1.3 bn | 1.3 bn | 1.2 bn | SEC (XBRL)· 10 Mar 2026verified |
| Property, plant & equipment, net | 6.3 m | — | — | — | — | — | SEC (XBRL)· 09 Mar 2021verified |
| Goodwill | 238.1 m | 695.9 m | 703.8 m | 704.0 m | 704.8 m | 705.2 m | SEC (XBRL)· 10 Mar 2026verified |
| Intangibles (excl. goodwill) | 67.6 m | 327.8 m | 304.1 m | 277.2 m | 252.4 m | 225.7 m | SEC (XBRL)· 10 Mar 2026verified |
| Total assets | 768.4 m | 2.7 bn | 2.9 bn | 3.4 bn | 3.5 bn | 3.4 bn | SEC (XBRL)· 10 Mar 2026verified |
| Accounts payable | 31.8 m | 91.1 m | 87.3 m | 117.7 m | 88.5 m | 88.4 m | SEC (XBRL)· 10 Mar 2026verified |
| Short-term debt | 1.3 m | 6.4 m | 6.9 m | 8.3 m | 7.8 m | 25.9 m | SEC (XBRL)· 10 Mar 2026verified |
| Long-term debt | 715.9 m | 1.3 bn | 1.4 bn | 1.5 bn | 1.5 bn | 1.6 bn | SEC (XBRL)· 10 Mar 2026verified |
| Current liabilities | 71.4 m | 440.6 m | 634.9 m | 897.4 m | 1.0 bn | 873.3 m | SEC (XBRL)· 10 Mar 2026verified |
| Equity | -31.1 m † | 858.5 m † | 888.4 m † | 917.2 m † | 861.3 m † | 809.1 m † | SEC (XBRL)· 10 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 42.8 m | 138.9 m | 46.0 m | -30.9 m | 122.0 m | 310.1 m | SEC (XBRL)· 10 Mar 2026verified |
| Investing cash flow | -29.3 m | -1.4 bn | -218.9 m | -176.6 m | -187.5 m | -282.5 m | SEC (XBRL)· 10 Mar 2026verified |
| Financing cash flow | -16.4 m | 1.3 bn | 153.9 m | 202.9 m | 58.3 m | -25.3 m | SEC (XBRL)· 10 Mar 2026verified |
| Share repurchases | 0 | 0 | 10.3 m | 38.8 m | 29.0 m | 32.6 m | SEC (XBRL)· 10 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 30 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation20
- Balance sheet40
- Quality28
- Growth61
- Returns0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.03 – 9.40 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA6.65 – 9.40 (Mid 8.27)4 companies used · median multiple 7.9x · quartiles 7.1x – 8.5xEQPT, PRG, SUNB, TRTN-PA
- Peers: P/E1.03 – 2.70 (Mid 1.68)9 companies used · median multiple 12.7x · quartiles 7.8x – 20.5xAER, EQPT, KPLT, MGRC, PRG, SUNB, TRTN-PA, UPBD, URI
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 30/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.8% | 33 (vs peers) | 16% |
| Net margin · Quality | 1.4% | 20 (vs peers) | 9% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 7.3% | 61 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 3.7x | 40 (vs peers) | 16% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.3x | 40 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 76.7x | 0 (vs peers) | 16% |
| EV/EBITDA · Valuation | 8.9x | 40 (vs peers) | 16% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial61/100 · 1/2 factors with a value
- Quality28/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation20/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CUSTOM TRUCK ONE SOURCE, INC. (CTOS). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.9 bn USD in 2025; YoY growth 7.9%; net margin 1.4%; ROE 3.7%; net debt/EBITDA 3.7x.
The estimated value range is 3.84–6.05 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 4.98 USD, the price of 10.13 USD leaves a potential of -50.9% (value / price − 1) and a margin of safety of -103.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 30/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: 1.4%
- P/E (TTM): 76.7x
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Interest coverage, FCF yield, Payout ratio (FCF).
Versus the vertical median
Services-Equipment Rental & Leasing, NEC (SIC 7359) · same industry (4-digit SIC) · compared with 10 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| URIUnited Rentals, Inc. | 69.6 bn | 24.4 | 30.6% | 16.3% | +4.9% | +38% / +136% |
| SUNBSunbelt Rentals Holdings, Inc. | 33.1 bn | 23.8 | 18.2% | 12.1% | +3.4% | unavailable / unavailable |
| AERAerCap Holdings N.V. | 27.7 bn | 7.8 | 21.1% | 44.0% | +6.5% | +24% / +143% |
| MGRCMcGRATH RENTCORP | 3.2 bn | 20.5 | 12.9% | 16.8% | +3.7% | +29% / +31% |
| TRTN-PATriton International Limited | 2.5 bn | 4.9 | 18.8% | 854.3% | +22.4% | −4% / −4% |
| CTOSCustom Truck One Source, Inc. | 2.3 bn | 76.7 | 3.7% | 1.4% | +7.9% | +76% / +60% |
| PRGProg Holdings, Inc. | 1.6 bn | 10.8 | 20.0% | 5.5% | +0.4% | +39% / +46% |
| UPBDUpbound Group, Inc. | 1.4 bn | 12.7 | 15.5% | 2.4% | +8.7% | +35% / −17% |
| EQPTEquipmentShare.com Inc | 1.2 bn | 19.2 | 7.4% | 1.3% | +16.3% | unavailable / unavailable |
| KPLTKatapult Holdings, Inc. | 50.0 m | 7.2 | — | 5.4% | +18.0% | +62% / −9% |
| EHGOEShallGo Inc. | — | — | -117.3% | -69.4% | +21.1% | −54% / unavailable |
1- and 3-year price returns: for CTOS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 6.05 Total return -40% · Per year -40% | 10.67 Total return 5% · Per year 5% | 16.06 Total return 59% · Per year 59% |
| 3 years | 6.20 Total return -39% · Per year -15% | 12.29 Total return 21% · Per year 7% | 20.26 Total return 100% · Per year 26% |
| 5 years | 6.37 Total return -37% · Per year -9% | 14.16 Total return 40% · Per year 7% | 25.55 Total return 152% · Per year 20% |
- Exit P/E± 3.07
- Net margin± 2.15
- Annual revenue growth± 1.72
- Annual dilution± 0.18
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Custom Truck One Source rents and sells specialty equipment for electric utility, telecom and infrastructure customers across North America through a one-stop-shop model. The company reported third-quarter 2026 revenue of 495.2 million USD, with utility demand supporting profit growth and lower leverage.
SWOT
Strengths
- A large and relatively young fleet, high utilization, and a national network of locations and service capability.
- An integrated model from rental to production and service that appeals to customers wanting a single supplier.
- Rising profitability and lower leverage in recent quarters point to financial discipline.
Weaknesses
- High leverage limits financial flexibility and access to additional capital.
- The STEM segment depends on deliveries that can shift between quarters and affect revenue regularity.
- Maintenance costs could rise if equipment ages.
Opportunities
- Demand from grid and transmission projects could support long-term growth.
- If infrastructure investment expands, the company could benefit from new rental contracts.
- Growth in data center and electrification projects could open new markets.
Threats
- Delays or cuts in government infrastructure funding could reduce demand.
- Tariffs and steel cost increases could squeeze margins if they cannot be passed to customers.
- Larger competitors with greater resources could cut prices and erode market share.
Risks
- High leveragehigh
The level of debt and restrictions in financing agreements could limit investment and the ability to absorb liquidity shocks.
- Reliance on infrastructure fundinghigh
A decline or delay in government funding could reduce customer demand and company revenue.
- Equipment cost increasesmedium
Higher prices for new equipment and steel could affect margins if they cannot be fully passed on to customers.
- Supply chain disruptionmedium
Disruptions at suppliers or chassis manufacturers could delay deliveries and sales.
- Residual value of the fleetlow
Market value of used equipment could fall below book value, which could produce losses on sale.
Investment thesis
What would need to be true (bull case)
- If demand from grid and infrastructure projects holds, the company could keep growing rental revenue and improving margins.
- Lower leverage and fleet growth could give the company more flexibility in the coming years.
- The integrated model and national network could strengthen its position with large customers who prefer a single supplier.
What would break the thesis
- If infrastructure funding slows, rental demand could fall faster than expected.
- High leverage could limit the company's ability to respond to lower demand or rising costs.
- Rising competition or price pressure could reduce margins, especially in equipment sales.
What to watch
- Delivery of the 2026 SER and Adjusted EBITDA guidanceQ4 2026
- Trend in debt levels and the net leverage ratioQ4 2026
- First results of the SER and STEM segments under the new reportingQ1 2027
- Pace of Infrastructure Act spending and its effect on demand2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Custom Truck One Source, Inc. (CTOS) rents and sells specialty equipment such as bucket trucks, digger derricks, cable placers and cranes, plus parts, accessories and maintenance services. It operates from more than 40 locations in the U.S. and Canada, with a 24/7 call center, approximately 90 mobile technicians and over 2,600 third-party service partners. The rental fleet exceeds 10,400 units with an average age of about 2.9 years at year-end 2025.
Beginning January 1, 2026, the company reports two segments: Specialty Equipment Rentals (SER), covering rentals and part of parts and services, and Specialty Truck Equipment & Manufacturing (STEM), covering truck and equipment sales. Management says the change better reflects how resources are allocated, and prior periods have been recast.
The company has expanded its rental fleet to meet utility transmission and distribution demand, reporting fleet utilization of 81.5% in the third quarter of 2026. Rental revenue growth makes the model less dependent on cyclical equipment sales.
Segments
Specialty Truck Equipment & Manufacturing (STEM)
The STEM segment covers sales of trucks and specialty equipment and part of parts and services. Orders grew 22% year over year and backlog reached 342 million USD, according to the results release 3. More than 20 million USD of third-party deliveries shifted into the fourth quarter 3.
Market context
North America continues to shift from equipment ownership to rental, and the company cites grid modernization, electrification and data center demand as drivers. Roughly 1.2 trillion USD of Infrastructure Act funding is still being spent and could continue through 2026 and possibly into 2027 1. Utility capital expenditure in transmission and distribution is forecast to grow in coming years 1.
The company tracks six primary end-markets: electric utility transmission and distribution, telecom, rail, forestry, waste management and general infrastructure. Rail demand is supported by aging infrastructure, and 5G expansion remains a support for telecom 1.
Trends
- Utility grid investmenttailwind
Aging grids and the need for resilience spending drive utility outlays, and the company raised its fleet investment for long-duration transmission demand 3.
- Data center load growthtailwind
Power demand from AI data centers could accelerate the need for new transmission lines, but the effect on CTOS revenue depends on project timing 1.
- Equipment costs and tariffsheadwind
New equipment prices could rise from inflation, interest rates, tariffs and steel costs, and the company may not always pass these increases to customers 1.
- Onshoring of manufacturingmixed
Moving production back to the U.S. raises electricity and infrastructure demand, but it may also add pressure on supply chains and labor 1.
Competitive position
The equipment dealership and rental industry is fragmented, with national and multi-regional rental companies as well as small independent firms with few locations. Some competitors have greater financial and marketing resources and could cut rates, which could erode customer loyalty 1.
The company differentiates itself through its integrated rental-to-production and service model, a young fleet and a national location network. Competitive pressure could increase if new entrants arrive 1.
- National and multi-regional equipment rental companies
Large rental operators named generically in the risk factors, without specific identification in the source.
- Regional and independent rental businesses
Small firms with a few locations that compete locally on price and service.
- Commercial vehicle and chassis manufacturers
Chassis suppliers that act both as suppliers and as a source of supply pressure.
- Other specialty equipment sellers
Competitors in new and used equipment sales, identified only generically in the source.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- CTOs Agree: Cognitive Debt Is the New Technical DebtHacker News · 21 Jun 2026 · EN
The latest news item in our archive is from 21 Jun 2026; the newest SEC filing is from 26 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report26 Oct 2026
- Current report26 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report03 Aug 2026
- Current report03 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report11 Jun 2026Shareholder vote · Financial statements and exhibits
- Proxy statement29 Apr 2026
- Quarterly report27 Apr 2026
- Current report27 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report25 Mar 2026Regulation FD disclosure · Financial statements and exhibits
- Annual report10 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Custom Truck One Source, Inc. · 10 Mar 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / Custom Truck One Source, Inc. · 26 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Custom Truck One Source, Inc. · 26 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.