Latest Ratios: P/E Ratio -85.4x · EV/EBITDA 12.5x · 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 | $2.7B | $1.3B | $1.1B | $1.5B | $1.6B | $1.9B | $1.8B | $680M | $2.0B | $1.9B |
| Enterprise Value | $5.1B | $3.7B | $3.5B | $3.7B | $3.4B | $3.5B | $2.5B | $1.4B | $2.8B | $2.7B |
| P/E Ratio → | -85.36 | — | — | 29.43 | 39.50 | — | — | — | 23.25 | — |
| P/S Ratio | 1.39 | 0.67 | 0.63 | 0.81 | 1.00 | 1.65 | 5.97 | 2.57 | 8.10 | — |
| P/B Ratio | 3.35 | 1.61 | 1.31 | 1.66 | 1.76 | 2.25 | — | — | 5.06 | 4.97 |
| P/FCF | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 7.75 | 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 | 12.49 | 9.07 | 9.76 | 9.03 | 9.57 | 15.96 | 107.28 | 11.91 | 25.16 | — |
| EV / EBIT | 36.16 | 26.25 | 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 | 0.90 | 0.90 | 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 | 1.2% | 2.5% | 2.6% | 2.6% | 0.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.2% | 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 |
High leverage and volatility
According to current market data, CTOS trades at a forward P/E of 107.37, which suggests that investors are pricing in significant future earnings growth that remains unsupported by the company's historical inability to maintain consistent GAAP profitability compared to mature rental peers like United Rentals.
The extreme valuation multiples relative to the company's negative TTM P/E of -85.29 indicate that the market is valuing the firm as a speculative infrastructure play rather than a traditional industrial rental business. This premium appears to rely heavily on the assumption that grid modernization tailwinds will eventually overcome the current structural margin compression.
Based on reported figures, CTOS has struggled to generate meaningful returns, with ROIC hovering at a marginal 0.7% in 2026Q1, a level that remains significantly below the cost of capital and highlights the difficulty of compounding value within such a capital-intensive, debt-laden business model.
The persistent low ROIC suggests that the company's heavy investment in specialized rental assets is not yet yielding sufficient incremental returns to justify the capital expenditure. Investors should monitor whether management can improve asset utilization rates, as current returns are insufficient to drive long-term shareholder value creation.
As reported in financial statements, the company's cash conversion cycle reached 259 days in 2026Q1, reflecting a significant inefficiency in inventory management and receivables collection that ties up critical liquidity compared to more agile, generalist industrial rental competitors.
The high days inventory outstanding, which peaked at 301 days in 2024Q2, indicates that the company is carrying substantial capital in the form of unsold or unrented equipment. This inefficiency suggests that the business model is highly sensitive to inventory turnover, and any slowdown in utility spending could lead to further liquidity strain.
According to recent SEC filings, the company's debt-to-equity ratio of 3.09 in 2026Q1 underscores a highly leveraged capital structure that leaves little room for error in a high-interest-rate environment, particularly given the company's ongoing struggle to generate consistent positive net income.
The interest coverage ratio, which has frequently dipped below 1.0x, suggests that the company is operating with a precarious margin of safety regarding its debt service obligations. This leverage profile likely forces management to prioritize debt reduction over fleet expansion, potentially limiting the company's ability to capitalize on future market opportunities.
Investors frequently misapply the EV/EBITDA multiple to CTOS, failing to account for the fact that the company's specialized manufacturing and aftermarket segments carry different risk profiles and margin structures than the pure-play rental businesses typically used for peer benchmarking.
Using a standard rental multiple obscures the volatility introduced by the Truck and Equipment Sales segment, which is subject to different cyclical pressures than the rental fleet. A more accurate assessment would involve a sum-of-the-parts valuation that separates the recurring rental revenue from the lumpy, capital-intensive equipment sales business.
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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 -85.4x. The historical average is 30.7x.
Custom Truck One Source, Inc.'s current EV/EBITDA is 12.5x. 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 -85.4x. 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.