CTOSCustom Truck One Source, Inc.

Services-Equipment Rental & Leasing, NEC

Revenue: $1.4B; 6.4% YoY
Operating margin: 8.6%; 7.0% YoY
EBITDA: $389M; 7.3% YoY
Market cap: $2.4B
Employees: 2,500; $579K revenue each
Net debt / EBITDA: 4.2×; $1.6B net debt
AI in 10-K: 0.8; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$3M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
11% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
20% of assets
Over 40% of assets
Shareholder dissentNo
88% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$579K · 62nd pct
Bottom quartile of its SIC industry
Quiet on AINo
0.8 per 10K words · 30th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$0 net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$788M	$1.1B	$1.3B	$1.4B	$1.4B	6.4%
Operating income	−$42M	$103M	$171M	$126M	$125M	1.1%
Net income	−$182M	$39M	$51M	−$29M	−$31M	8.4%
Operating cash flow	$139M	$46M	−$31M	$122M	$310M	154%
Stock-based comp	$17M	$12M	$13M	$12M	$8M	29%
Buybacks	$0	$10M	$39M	$29M	$33M	12%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 21, 2025	EIN MARK	SCHEDULE 13D/A	2.3%	Passive
Feb 3, 2025	ECP ControlCo, LLC	SCHEDULE 13D/A	0.0%	Passive
Feb 3, 2025	PLATINUM EQUITY, LLC	SCHEDULE 13D/A	69.6%	Passive
Dec 23, 2024	ECP ControlCo, LLC	SCHEDULE 13D/A	7.0%	Active
Dec 10, 2024	ECP ControlCo, LLC	SC 13D/A	2.3%	Active
Sep 9, 2024	ECP ControlCo, LLC	SC 13D/A	30.9%	Active
Dec 16, 2022	ECP ControlCo, LLC	SC 13D/A	—	Passive
Feb 22, 2022	Blackstone Holdings III L.P.	SC 13D/A	5.1%	Passive
Dec 29, 2021	ECP ControlCo, LLC	SC 13D/A	10.4%	Passive
Nov 23, 2021	Blackstone Holdings III L.P.	SC 13D/A	0.1%	Passive

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$3M	$2M	91	171
FY2024	—	—	78	136
FY2023	—	—	98	146
FY2022	—	—	86	114
FY2021	—	—	109	126