Custom Truck One Source, Inc. (CTOS) Balance Sheet
CTOS balance sheet, 2025
December 31, 2025 · U.S. dollars$3.74B assets = $2.93B liabilities + $809.1M equity
Both columns are drawn to the same scale: what CTOS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
CTOS financial health
Descriptive bands, not a rating. Fiscal 2025.
CTOS balance sheet trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $403.1M2017 | $3.74B2025 | +32.1%/yr | |
| Total liabilities | $14.3M2017 | $2.93B2025 | +94.5%/yr | |
| Shareholders’ equity | $388.8M2017 | $809.1M2025 | +9.6%/yr | |
| Cash & short-term investments | $501,9252017 | $6.3M2025 | +37.1%/yr | |
| Total debt | $779.5M2017 | $2.42B2025 | +15.2%/yr | |
| Net cash (debt) | −$779.0M2017 | −$2.41B2025 | −$1.6B | |
| Working capital | $432,3722017 | $285.3M2025 | +$284.9M | |
| Book value per share | $1.952017 | $3.572025 | +7.9%/yr | |
| Current ratio | 3.452017 | 1.332025 | −2.12 | |
| Debt / equity | 2.002017 | 2.992025 | +0.98 | |
| Shares outstanding | 199.5M2017 | 226.6M2025 | +1.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CTOS assets
CTOS liabilities and equity
CTOS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
CTOS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Cash & short-term investments | $6.3M | $3.8M | $10.3M | $14.4M | $35.9M | $3.4M | $6.3M | $468,253 | $501,925 |
| Cash & equivalents | $6.3M | $3.8M | $10.3M | $14.4M | $35.9M | $3.4M | $6.3M | $468,253 | $501,925 |
| Short-term investments | — | — | — | — | — | — | — | $407.7M | — |
| Receivables | $204.4M | $224.8M | $245.9M | $231.4M | $197.0M | $60.9M | $71.3M | $52.6M | $49.8M |
| Inventory | $930.9M | $1.05B | $985.8M | $596.7M | $410.5M | $31.4M | $33.0M | $11.4M | $8.0M |
| Other current assets | $17.0M | $23.6M | $23.9M | $25.8M | $13.2M | $7.5M | $5.2M | $0 | $0 |
| Total current assets | $1.16B | $1.30B | $1.27B | $868.2M | $656.7M | $103.2M | $115.8M | $469,596 | $608,840 |
| Property, plant & equipment (net) | $1.34B | $1.23B | $1.10B | $1.04B | $979.0M | $342.1M | $390.0M | $323.5M | $2.6M |
| Goodwill & intangible assets | $930.9M | $957.2M | $981.2M | $1.01B | $1.02B | $305.6M | $308.7M | $299.5M | $298.9M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $498,000 | $0 | $0 | $0 |
| Other non-current assets | $306.9M | $16.0M | $23.4M | $26.9M | $24.4M | $17.0M | $713,000 | $0 | $101.0M |
| Total assets | $3.74B | $3.50B | $3.37B | $2.94B | $2.68B | $768.4M | $815.3M | $408.2M | $403.1M |
| Liabilities | |||||||||
| Accounts payable | $88.4M | $88.5M | $117.7M | $87.3M | $91.1M | $31.8M | $41.2M | $20.9M | $22.7M |
| Short-term debt | $692.2M | $816.6M | $677.1M | $444.2M | $253.3M | $6.6M | $6.7M | $2.5M | $4.3M |
| Deferred revenue | $23.5M | $26.2M | $28.8M | $34.7M | $35.8M | $975,000 | $2.3M | $4.8M | −$24.2M |
| Total current liabilities | $873.3M | $1.00B | $897.4M | $634.9M | $440.6M | $71.4M | $77.8M | $90,875 | $176,468 |
| Long-term debt | $1.62B | $1.52B | $1.49B | $1.35B | $1.31B | $721.1M | $735.7M | $757.3M | $754.6M |
| Lease obligations | $114.9M | $96.1M | $39.3M | $35.1M | $45.6M | $5.2M | $28.1M | — | — |
| Other long-term liabilities | $434.7M | $120.1M | $66.1M | $60.1M | $76.4M | $7.0M | $14.0M | $0 | $0 |
| Total liabilities | $2.93B | $2.64B | $2.45B | $2.05B | $1.83B | $799.5M | $827.4M | $14.2M | $14.3M |
| Shareholders' equity | |||||||||
| Common stock & paid-in capital | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $5,000 | $5,000 | $389.0M | $383.8M |
| Retained earnings (deficit) | −$617.6M | −$586.5M | −$557.9M | −$608.6M | −$647.5M | −$466.0M | −$444.7M | $4.4M | −$777,471 |
| Treasury stock | — | — | — | — | −$3.0M | — | — | — | — |
| Accumulated other comprehensive income | −$10.6M | −$14.7M | −$6.0M | −$8.9M | $0 | −$326.9M | −$282.3M | −$396,000 | — |
| Total shareholders' equity | $809.1M | $861.3M | $917.2M | $888.4M | $858.5M | −$31.1M | −$12.1M | $394.0M | $388.8M |
| Key figures | |||||||||
| Total debt | $2.42B | $2.43B | $2.20B | $1.83B | $1.60B | $727.7M | $742.4M | $792.7M | $779.5M |
| Net cash (debt) | −$2.41B | −$2.42B | −$2.19B | −$1.81B | −$1.56B | −$724.3M | −$736.1M | −$792.2M | −$779.0M |
| Working capital | $285.3M | $300.8M | $368.5M | $233.4M | $216.1M | $31.9M | $38.1M | $378,721 | $432,372 |
| Tangible book value | −$121.8M | −$95.9M | −$64.0M | −$119.5M | −$165.2M | −$336.7M | −$320.9M | $94.6M | $90.0M |
| Book value per share | $3.57 | $3.67 | $3.73 | $3.59 | $3.56 | −$0.13 | −$0.07 | $1.97 | $1.95 |
| Shares outstanding | 226.6M | 234.4M | 245.7M | 247.7M | 241.4M | 245.3M | 165.3M | 199.5M | 199.5M |
| Current ratio | 1.33 | 1.30 | 1.41 | 1.37 | 1.49 | 1.45 | 1.49 | 5.17 | 3.45 |
| Quick ratio | 0.24 | 0.23 | 0.29 | 0.39 | 0.53 | 0.90 | 1.00 | 583.52 | 284.88 |
| Debt / equity | 2.99 | 2.82 | 2.40 | 2.06 | 1.86 | — | — | 2.01 | 2.00 |
| Equity / assets | 21.7% | 24.6% | 27.2% | 30.2% | 32.0% | −4.0% | −1.5% | 96.5% | 96.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $10.3M | $9.6M | $6.3M | $13.1M | $5.3M | $5.4M | $3.8M | $8.4M | $8.1M | $8.0M | $10.3M | $8.8M |
| Cash & equivalents | $10.3M | $9.6M | $6.3M | $13.1M | $5.3M | $5.4M | $3.8M | $8.4M | $8.1M | $8.0M | $10.3M | $8.8M |
| Short-term investments | — | — | — | — | — | — | — | $8.4M | — | — | — | — |
| Receivables | $255.9M | $209.7M | $204.4M | $189.0M | $196.8M | $210.2M | $224.8M | $188.0M | $181.9M | $189.1M | $245.9M | $198.2M |
| Inventory | $1.04B | $1.02B | $930.9M | $1.04B | $1.09B | $1.08B | $1.05B | $1.20B | $1.17B | $1.10B | $985.8M | $888.8M |
| Other current assets | $17.9M | $20.5M | $17.0M | $19.8M | $39.6M | $29.2M | $23.6M | $13.6M | $20.0M | $26.1M | $23.9M | $21.0M |
| Total current assets | $1.33B | $1.26B | $1.16B | $1.26B | $1.33B | $1.32B | $1.30B | $1.41B | $1.38B | $1.33B | $1.27B | $1.12B |
| Property, plant & equipment (net) | $1.35B | $1.24B | $1.34B | $1.33B | $1.29B | $1.26B | $1.23B | $1.19B | $1.15B | $1.13B | $1.10B | $1.10B |
| Goodwill & intangible assets | $917.1M | $924.0M | $930.9M | $937.4M | $944.4M | $950.5M | $957.2M | $964.8M | $971.4M | $974.3M | $981.2M | $988.0M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $10.4M | $122.0M | $306.9M | $12.9M | $13.9M | $14.9M | $16.0M | $17.9M | $19.6M | $21.4M | $23.4M | $25.1M |
| Total assets | $3.60B | $3.55B | $3.74B | $3.54B | $3.58B | $3.54B | $3.50B | $3.58B | $3.52B | $3.45B | $3.37B | $3.23B |
| Liabilities | ||||||||||||
| Accounts payable | $115.4M | $125.4M | $88.4M | $107.1M | $128.6M | $123.6M | $88.5M | $88.7M | $119.8M | $119.2M | $117.7M | $130.5M |
| Short-term debt | $769.4M | $754.2M | $692.2M | $763.3M | $821.7M | $798.9M | $816.6M | $931.2M | $868.9M | $780.2M | $677.1M | $599.3M |
| Deferred revenue | $24.6M | $15.9M | $23.5M | $27.5M | $21.5M | $21.0M | $26.2M | $20.1M | $22.5M | $26.5M | $28.8M | $22.6M |
| Total current liabilities | $987.0M | $972.8M | $873.3M | $989.5M | $1.06B | $1.02B | $1.00B | $1.10B | $1.06B | $993.1M | $897.4M | $825.0M |
| Long-term debt | $1.66B | $1.63B | $1.62B | $1.63B | $1.59B | $1.59B | $1.52B | $1.57B | $1.53B | $1.49B | $1.49B | $1.43B |
| Lease obligations | $122.1M | $115.3M | $114.9M | $108.0M | $106.3M | $96.6M | $96.1M | $51.5M | $47.3M | $44.1M | $39.3M | $37.8M |
| Other long-term liabilities | $145.0M | $140.4M | $434.7M | $137.7M | $137.3M | $112.1M | $120.1M | $76.9M | $73.9M | $68.3M | $66.1M | $63.3M |
| Total liabilities | $2.79B | $2.74B | $2.93B | $2.76B | $2.79B | $2.73B | $2.64B | $2.74B | $2.67B | $2.55B | $2.45B | $2.31B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 |
| Retained earnings (deficit) | −$611.3M | −$621.7M | −$617.6M | −$638.5M | −$632.7M | −$604.3M | −$586.5M | −$614.1M | −$596.7M | −$572.2M | −$557.9M | −$574.0M |
| Accumulated other comprehensive income | −$12.7M | −$11.6M | −$10.6M | −$11.7M | −$9.9M | −$14.7M | −$14.7M | −$8.1M | −$9.4M | −$8.5M | −$6.0M | −$9.2M |
| Total shareholders' equity | $816.0M | $805.2M | $809.1M | $784.7M | $790.1M | $813.4M | $861.3M | $837.5M | $856.7M | $896.7M | $917.2M | $913.4M |
| Key figures | ||||||||||||
| Total debt | $2.43B | $2.49B | $2.42B | $2.49B | $2.51B | $2.48B | $2.43B | $2.54B | $2.44B | $2.31B | $2.20B | $2.06B |
| Net cash (debt) | −$2.42B | −$2.48B | −$2.41B | −$2.48B | −$2.50B | −$2.48B | −$2.42B | −$2.53B | −$2.43B | −$2.30B | −$2.19B | −$2.05B |
| Working capital | $339.3M | $289.5M | $285.3M | $268.0M | $271.3M | $296.1M | $300.8M | $312.5M | $316.0M | $333.5M | $368.5M | $291.8M |
| Tangible book value | −$101.1M | −$118.8M | −$121.8M | −$152.7M | −$154.3M | −$137.1M | −$95.9M | −$127.3M | −$114.7M | −$77.6M | −$64.0M | −$74.6M |
| Book value per share | $3.55 | $3.55 | $3.57 | $3.46 | $3.49 | $3.56 | $3.68 | $3.57 | $3.57 | $3.73 | $3.81 | $3.70 |
| Shares outstanding | 229.7M | 226.6M | 226.6M | 226.6M | 226.5M | 228.3M | 233.8M | 234.4M | 239.7M | 240.4M | 241.0M | 246.6M |
| Current ratio | 1.34 | 1.30 | 1.33 | 1.27 | 1.26 | 1.29 | 1.30 | 1.28 | 1.30 | 1.34 | 1.41 | 1.35 |
| Quick ratio | 0.27 | 0.23 | 0.24 | 0.20 | 0.19 | 0.21 | 0.23 | 0.18 | 0.18 | 0.20 | 0.29 | 0.25 |
| Debt / equity | 2.97 | 3.09 | 2.99 | 3.17 | 3.18 | 3.05 | 2.82 | 3.04 | 2.85 | 2.58 | 2.40 | 2.25 |
| Equity / assets | 22.6% | 22.7% | 21.7% | 22.2% | 22.1% | 23.0% | 24.6% | 23.4% | 24.3% | 26.0% | 27.2% | 28.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 10, 2026); data from EODHD.
CTOS financial position
At the end of fiscal 2025 (December 31, 2025), Custom Truck One Source had total assets of $3.7 billion (up 6.7% from a year earlier), total liabilities of $2.9 billion and shareholders' equity of $809.1 million. It held $6.3 million in cash and short-term investments against $2.4 billion of debt, net debt of $2.4 billion. Its current ratio was 1.33. In the latest quarter (ended June 30, 2026) total assets were $3.6 billion and equity $816.0 million.
Related: CTOS income statement, CTOS cash flow statement, CTOS key metrics. See the CTOS stock overview for the latest quote and news.
CTOS balance sheet FAQ
What are Custom Truck One Source's total assets?
Custom Truck One Source reported total assets of $3.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.5 billion a year earlier.
How much debt does Custom Truck One Source have?
Custom Truck One Source had $2.4 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 2.99.
How much cash does Custom Truck One Source have?
Custom Truck One Source held $6.3 million in cash and short-term investments at the end of fiscal 2025; with $2.4 billion of debt that is net debt of $2.4 billion.
What is Custom Truck One Source's book value?
Custom Truck One Source's shareholders' equity (book value) was $809.1 million at the end of fiscal 2025, or $3.57 per share.
What is Custom Truck One Source's current ratio?
Custom Truck One Source had current assets of $1.2 billion and current liabilities of $873.3 million, a current ratio of 1.33 (it can cover its short-term obligations).
How much goodwill does Custom Truck One Source have?
Custom Truck One Source carried $930.9 million of goodwill and intangible assets, 24.9% of total assets, at the end of fiscal 2025.