Latest Ratios: P/E Ratio -69.9x · EV/EBITDA 11.3x · ROE -3.7%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.2B | $1.3B | $1.1B | $1.5B | $1.6B | $1.9B | $1.8B | $680M | $2.0B | $1.9B |
| Enterprise Value | $4.6B | $3.7B | $3.5B | $3.7B | $3.4B | $3.5B | $2.5B | $1.4B | $2.8B | $2.7B |
| P/E Ratio → | -69.86 | — | — | 29.43 | 39.50 | — | — | — | 23.25 | — |
| P/S Ratio | 1.14 | 0.67 | 0.63 | 0.81 | 1.00 | 1.65 | 5.97 | 2.57 | 8.10 | — |
| P/B Ratio | 2.74 | 1.61 | 1.31 | 1.66 | 1.76 | 2.25 | — | — | 5.06 | 4.97 |
| P/FCF | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 6.37 | 3.73 | 25.24 | — | — | 12.28 | 42.49 | 205.66 | 50.63 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.91 | 1.97 | 1.99 | 2.15 | 2.99 | 8.36 | 5.36 | 11.31 | — |
| EV / EBITDA | 11.31 | 9.07 | 9.76 | 9.03 | 9.57 | 15.96 | 107.28 | 11.91 | 25.16 | — |
| EV / EBIT | 32.74 | 28.70 | 25.73 | 19.56 | 24.91 | — | 94.54 | 46.68 | 65.00 | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.9% | 18.9% | 19.1% | 22.0% | 21.6% | 14.2% | 25.3% | 31.6% | 31.9% | — |
| Operating Margin | 7.3% | 7.3% | 6.7% | 9.9% | 8.2% | 0.8% | 5.7% | 16.8% | 17.7% | — |
| Net Profit Margin | -1.6% | -1.6% | -1.6% | 2.7% | 2.5% | -15.6% | -7.0% | -10.2% | 2.1% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.7% | -3.7% | -3.2% | 5.6% | 4.5% | -43.9% | — | -14.2% | 1.3% | -0.2% |
| ROA | -0.9% | -0.9% | -0.8% | 1.6% | 1.4% | -10.5% | -2.7% | -4.4% | 1.3% | -0.2% |
| ROIC | 3.3% | 3.3% | 2.8% | 4.8% | 3.8% | 0.5% | 1.8% | 3.5% | 2.8% | — |
| ROCE | 5.3% | 5.3% | 4.9% | 7.8% | 5.7% | 0.7% | 2.4% | 7.7% | 10.8% | -0.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.99 | 2.99 | 2.82 | 2.40 | 2.06 | 1.86 | — | — | 2.01 | 2.00 |
| Debt / EBITDA | 5.90 | 5.90 | 6.67 | 5.35 | 5.18 | 7.30 | 30.83 | 6.25 | 7.16 | — |
| Net Debt / Equity | — | 2.98 | 2.81 | 2.38 | 2.04 | 1.82 | — | — | 2.01 | 2.00 |
| Net Debt / EBITDA | 5.88 | 5.88 | 6.66 | 5.33 | 5.13 | 7.14 | 30.68 | 6.19 | 7.15 | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 0.82 | 0.82 | 0.83 | 1.44 | 1.53 | -1.43 | 0.42 | 0.48 | 0.68 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.33 | 1.33 | 1.30 | 1.41 | 1.37 | 1.49 | 1.45 | 1.49 | 5.17 | 3.45 |
| Quick Ratio | 0.26 | 0.26 | 0.25 | 0.31 | 0.43 | 0.56 | 1.01 | 1.07 | -120.66 | -42.13 |
| Cash Ratio | 0.01 | 0.01 | 0.00 | 0.01 | 0.02 | 0.08 | 0.05 | 0.08 | 5.15 | 2.84 |
| Asset Turnover | — | 0.52 | 0.51 | 0.55 | 0.54 | 0.43 | 0.39 | 0.32 | 0.60 | — |
| Inventory Turnover | 1.69 | 1.69 | 1.39 | 1.48 | 2.07 | 2.44 | 7.21 | 5.47 | 14.67 | — |
| Days Sales Outstanding | — | 38.38 | 45.52 | 48.13 | 53.69 | 61.62 | 73.46 | 98.60 | 77.89 | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 3.4% | 2.5% | — | — | — | 4.3% | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 1.5% | 2.5% | 2.6% | 2.6% | 0.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.5% | 2.5% | 2.6% | 2.6% | 0.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $227M | $234M | $246M | $248M | $241M | $245M | $165M | $200M | $200M |
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying CTOS stock.
Custom Truck One Source, Inc.'s current P/E ratio is -69.9x. The historical average is 30.7x.
Custom Truck One Source, Inc.'s current EV/EBITDA is 11.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.9x.
Custom Truck One Source, Inc.'s return on equity (ROE) is -3.7%. The historical average is -6.7%.
Based on historical data, Custom Truck One Source, Inc. is trading at a P/E of -69.9x. Compare with industry peers and growth rates for a complete picture.
Custom Truck One Source, Inc. has 18.9% gross margin and 7.3% operating margin.
Custom Truck One Source, Inc.'s Debt/EBITDA ratio is 5.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
High leverage and interest burden
Metrics are mathematically derived from official filings.
Margin Creep Masked by Interest Drag
Gross margin improved to 20.2% in Q2 2026 from 18.1% a year earlier, yet net margin remains negative at -1.6%, according to reported figures, indicating interest costs are absorbing operational gains.
The 200 basis point gross margin expansion suggests a favorable mix shift toward rental and aftermarket services, but the persistent negative net margin implies that the high debt load is a significant drag on bottom-line profitability. Operating margin of 9.3% in Q2 2026 is the highest in the dataset, yet interest coverage of only 1.38x indicates that earnings barely cover interest expense. Investors should monitor whether margin expansion can outpace interest costs as the company scales.
Returns Trapped Below Cost of Capital
ROIC has hovered between 0.4% and 1.3% over the past ten quarters, per financial statements, far below the cost of capital, suggesting the company is not generating sufficient returns on its invested capital.
Despite revenue growth and improved gross margins, ROIC remains in the low single digits, indicating that the capital-intensive rental fleet is not yet yielding adequate returns. The negative ROE of -3.7% in Q2 2026, despite a positive net income quarter, underscores that equity holders are not seeing value creation. This suggests that the company's growth strategy is consuming capital faster than it generates returns, a trend that warrants close monitoring.
Working Capital Cycle Stretches to 222 Days
Cash conversion cycle extended to 222 days in Q2 2026, up from 244 days a year earlier, according to reported data, driven by high inventory days of 209, indicating significant capital tied up in fleet and parts.
The CCC improvement from 244 to 222 days is modest, but the absolute level remains extremely high, reflecting the asset-heavy nature of the rental business. DSO of 38 days is stable, but DIO of 209 days highlights the substantial investment in rental fleet and inventory, which is a key driver of the negative free cash flow. This suggests that working capital efficiency is a structural challenge, not a temporary issue, and may limit cash generation.
Leverage Overhang Threatens Growth
Debt-to-equity stands at 2.97, nearly double United Rentals' 1.84, with interest coverage of only 1.38x in Q2 2026, according to financial statements, indicating a fragile debt service position.
The leverage ratio has remained above 2.5x for the past ten quarters, and interest coverage has only recently improved from 0.34x in Q1 2025 to 1.38x in Q2 2026. This suggests that the company's earnings are barely sufficient to cover interest expenses, leaving little room for adverse rate movements or operational setbacks. The high debt load may constrain future fleet investment and refinancing flexibility, warranting close monitoring.
Thin Cash Buffer Masks Adequate Current Ratio
Current ratio of 1.34 in Q2 2026 appears healthy, but quick ratio of 0.29 and cash of only $10.3 million, per balance sheet data, indicate a fragile liquidity position reliant on inventory.
The current ratio suggests short-term obligations are covered, but the quick ratio of 0.29 reveals that excluding inventory, the company has very limited liquid assets. With cash of just $10.3 million against $2.4 billion in debt, the liquidity buffer is minimal. This suggests that under stress, the company may struggle to meet short-term obligations without selling inventory or accessing credit, which could be challenging given the high leverage.
EV/EBITDA Misleads on Capital Intensity
EV/EBITDA of 11.67 appears reasonable, but it obscures the capital intensity and high depreciation, as EBITDA excludes the significant fleet replacement costs, according to reported figures, making it a misleading valuation metric.
For asset-heavy rental companies, EV/EBITDA can be misleading because it ignores the substantial capital expenditures required to maintain the fleet. CTOS's negative free cash flow and high DIO suggest that EBITDA overstates cash generation. A more appropriate metric would be EV/EBITDAR (earnings before interest, taxes, depreciation, amortization, and rental costs) or EV/OCF, which better captures the true cash-generating capacity. Investors should adjust for maintenance capex to assess the company's real earnings power.