Custom Truck One Source, Inc. (CTOS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-82.6%

$1.86

vs $10.69 price

Levered DCF

-$6.32

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.11

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-41.14×	-40.08×	29.43×	39.5×	-10.67×	-17.14×	-5.01×	23.25×
P/B	1.61×	1.31×	1.65×	1.76×	2.25×	-58.2×	-56.02×	5.06×
P/S	0.67×	0.63×	0.81×	0.99×	1.65×	5.97×	2.57×	8.1×
EV / EBITDA	9.34×	9.32×	8.92×	9.4×	33.32×	22.68×	13.5×	25.33×
Gross margin	18.9%	19.1%	22.0%	21.6%	14.2%	25.3%	31.6%	31.9%
Operating margin	7.3%	6.7%	9.9%	8.2%	0.8%	5.7%	16.8%	17.7%
Net margin	-1.6%	-1.6%	2.7%	2.5%	-15.6%	-7.0%	-10.2%	2.1%
Current ratio	1.33×	1.3×	1.41×	1.37×	1.49×	1.45×	1.49×	5.17×
Debt / equity	2.99×	2.82×	2.4×	2.06×	1.86×	-23.42×	-61.2×	2.01×
Interest coverage	0.9×	0.72×	1.41×	1.46×	0.14×	0.27×	0.7×	0.69×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-3.8%	-3.3%	5.5%	4.4%	-21.1%	68.5%	223.0%	1.3%
Return on invested capital	4.0%	3.6%	5.1%	3.9%	0.4%	1.0%	4.9%	10.7%
Return on assets	-0.8%	-0.8%	1.5%	1.3%	-6.8%	-2.8%	-3.3%	1.3%
Free cash flow yield	-8.2%	-31.4%	-33.8%	-23.0%	-1.6%	-1.4%	-15.7%	-1.0%
Earnings yield	-2.4%	-2.5%	3.3%	2.5%	-9.4%	-1.2%	-4.0%	0.3%
Enterprise value	$3.7B	$3.5B	$3.7B	$3.4B	$3.5B	$2.5B	$1.4B	$2.8B
Net debt / EBITDA	6.06×	6.36×	5.27×	5.05×	14.9×	6.49×	7.02×	7.2×
Cash conversion cycle (days)	233	286	266	205	178	73	82	57