One-glance verdict
Undervalued
$14.19 our estimate vs market $10.67
Wall Street consensus: $15.45 (8.9% higher than our fair-value estimate)
25% below our estimate, below the bear case
Fundamentals snapshot
BrightView Holdings, Inc.
BV · NYQ · Industrials · Specialty Business Services
Current price
$10.67
52-week range
$10.42 - $15.00
Market cap
$988.04M
Balance sheet
Stretched
2.51x Stretched
Net debt $949.00M. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
0 Risks
2 rewards · 0 risks
- Reward Returns 1.2% on equity, ahead of 50% of its peers.
- Reward Free cash flow was positive in 9/10 years.
What this company does
BrightView Holdings, Inc.
BrightView is America's largest commercial landscaping company, providing services like lawn mowing, gardening, and snow removal for businesses, schools, and parks. Most of its sales come from steady maintenance contracts, which create reliable recurring revenue (income that is likely to continue in the future, like a subscription). The company also earns money from larger, one-time projects like designing and building new landscapes or sports fields.
How the company got here
BrightView was formed in 2014 through the merger of two large landscaping companies, The Brickman Group and ValleyCrest Landscape Companies. These predecessor companies had long histories, with roots dating back to 1939 and 1949. This combination created the largest commercial landscaping services company in the United States. The company went public with an initial public offering (IPO), which is when a private company first sells shares of stock to the public, in 2018.
What it actually does
BrightView provides a wide range of commercial landscaping services for other businesses and large properties. Think of them as the company that takes care of the grounds for corporate offices, homeowners' associations, hospitals, parks, hotels, and universities. Their work includes everything from mowing lawns and planting gardens to designing and building entirely new outdoor spaces. They also provide snow and ice removal services in the winter.
Maintenance Services
This is BrightView's largest business segment, focused on recurring services that keep properties looking good year-round. This includes regular tasks like mowing, gardening, mulching, and tree care, as well as seasonal work like snow removal. Customers for these services are typically on annual or seasonal contracts, which provides a steady and predictable source of revenue (money the company earns from its business activities). This segment is the core economic engine of the company.
Development Services
This part of the business is more project-based and focuses on creating new landscapes or making major changes to existing ones. This includes services like landscape architecture (the design of outdoor spaces), installing new irrigation systems, and even moving large trees. A unique aspect of this segment is its role as the official field consultant to Major League Baseball. Unlike the maintenance business, this work is not typically based on recurring contracts but on individual projects.
What management is betting on now
The company's leadership is focused on improving the profitability of its core Maintenance Services business through better pricing and cost control. They are also working to improve how they select and manage projects in the Development Services segment to reduce risk. A key part of their strategy is to sell more services, like irrigation and tree care, to their existing maintenance customers. Management is also investing in their employees and equipment to improve service and is focused on leveraging the company's large size to gain a competitive advantage.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$21.10M
FY2025 Q1
$1.80M
FY2025 Q2
$57.60M
FY2025 Q3
$-47.80M
FY2025 Q4
$26.00M
FY2026 Q1
$-18.60M
FY2026 Q2
$-12.60M
FY2026 Q3
$-19.30M
Revenue
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Net income
$6.10M
Diluted EPS
-0.03
Operating cash flow
$46.00M
Free cash flow
$-19.30M
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Sources
Revenue
—
Net income
$1.70M
Diluted EPS
-0.08
Operating cash flow
$46.20M
Free cash flow
$-12.60M
Fetching…
Sources
Revenue
—
Net income
$-15.20M
Diluted EPS
-0.26
Operating cash flow
$36.10M
Free cash flow
$-18.60M
Fetching…
Sources
Revenue
—
Net income
$27.70M
Diluted EPS
0.21
Operating cash flow
$84.40M
Free cash flow
$26.00M
Fetching…
Sources
Revenue
—
Net income
$32.30M
Diluted EPS
0.15
Operating cash flow
$55.70M
Free cash flow
$-47.80M
Fetching…
Sources
Revenue
—
Net income
$6.40M
Diluted EPS
-0.03
Operating cash flow
$91.20M
Free cash flow
$57.60M
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Sources
Revenue
—
Net income
$-10.40M
Diluted EPS
-0.20
Operating cash flow
$60.50M
Free cash flow
$1.80M
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Sources
Revenue
—
Net income
$25.60M
Diluted EPS
0.20
Operating cash flow
$53.50M
Free cash flow
$21.10M
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Sources
Is it cheap or expensive?
Fair value $14.19 vs current price $10.67
Wall Street consensus is the average analyst price target: $15.45 (8.9% higher than our fair-value estimate).
Our most-likely fair value is $14.19 a share — about 32.9% above today's price of $10.67, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Stretched
Net debt $949.0M. Interest coverage 2.5x.
Net debt
$949.00M
Interest coverage
2.51x
BrightView Holdings, Inc.'s profit covers its interest bill about 2.5 times over. which is stronger than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Stretched
Worse cushion
Baseline
Better cushion
BV
BASELINE
BrightView Holdings, Inc.
Total debt $963.40M Interest coverage 2.51x This is the baseline the peer rows are being compared against.
Total debt $1.88B Interest coverage 3.37x +35% vs BV Carries about 1.3x more debt cushion than BV.
Total debt $420.26M Interest coverage -0.45x -100% vs BV This peer has almost no interest-payment cushion compared with BV.
Total debt $1.45B Interest coverage 1.50x -40% vs BV Carries about 1.7x less debt cushion than BV.
What you should know
The case for and against BV
2 Rewards
0 Risks
Rewards
-
Returns 1.2% on equity, ahead of 50% of its peers.
-
Free cash flow was positive in 9/10 years.
Risks
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
17.47x
P/B
0.80x
P/S
0.36x
EV/EBITDA
7.54x
PEG ratio
1.18x
Profitability
How much profit each dollar creates
Gross margin
21.2%
Operating margin
4.5%
Net margin
0.7%
ROE
1.2%
ROA
2.3%
Health
Liquidity and balance-sheet strength
Debt / equity
0.55x
Current ratio
1.28x
Quick ratio
1.12x
Total debt
$963.40M
Total cash
$14.40M
Growth
How the business has been compounding
Revenue TTM
$2.74B
Revenue 5Y CAGR
-1.2%
EPS TTM
-0.24
EPS 5Y CAGR
-2.4%
Cash flow
How much cash the business throws off
Operating CF TTM
$212.70M
Free CF TTM
$37.60M
FCF margin
1.4%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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