One-glance verdict
Within fair range
$80.02 our estimate vs market $92.82
Wall Street consensus: $127.08 (58.8% higher than our fair-value estimate)
16% above our estimate
Fundamentals snapshot
SiteOne Landscape Supply, Inc.
SITE · NYQ · Industrials · Industrial Distribution
Current price
$92.82
52-week range
$90.07 - $168.56
Market cap
$4.05B
Balance sheet
Watch
6.80x Adequate
Net debt $1.04B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 0.0% last year.
- Reward Returns 10.1% on equity, ahead of 40% of its peers.
- Risk Net debt grew 11.1% over 3 years.
- Risk Insider ownership is only 1.8% (peer median: 2.3%).
What this company does
SiteOne Landscape Supply, Inc.
SiteOne Landscape Supply is a one-stop-shop for professional landscapers, selling everything from fertilizer and sprinkler systems to stone pavers and outdoor lighting. The company makes its money primarily by supplying the businesses that design, build, and maintain lawns, gardens, and golf courses across North America. This matters because by serving professional, repeat customers, SiteOne becomes an essential part of their supply chain (the system for getting goods from the manufacturer to the end user).
How the company got here
The company's roots trace back to 2001 when it began as John Deere Landscapes. In 2013, a private investment firm called Clayton, Dubilier & Rice bought the business from Deere & Company, and it was officially renamed SiteOne Landscape Supply in 2015. A major turning point came in 2016 when the company went public on the New York Stock Exchange, allowing it to raise money from investors to fuel its growth. Since then, a key part of its strategy has been to grow by making numerous acquisitions (buying smaller, local landscaping supply companies) to expand its reach across North America.
What it actually does
SiteOne is a wholesale distributor, which means it's like a giant one-stop-shop for professional landscapers, not everyday homeowners. Instead of selling to do-it-yourselfers, it supplies the tools and materials that landscaping businesses need to design, install, and maintain lawns, gardens, and other outdoor areas. Think of it as the middleman between the manufacturers of landscaping products and the professionals who use them for their jobs. Their customers are businesses that specialize in everything from lawn care and garden design to installing irrigation systems and building patios.
Landscaping Products
This is the company's largest business area, making up the majority of its sales. It includes a wide variety of products that landscaping professionals use for installation and maintenance projects. This part of the business sells everything from irrigation supplies (like sprinkler heads and pipes), hardscapes (such as pavers and stone for patios), nursery goods (trees and shrubs), and outdoor lighting. Professionals who are installing a new backyard, for example, would come to SiteOne to get almost everything they need for the project.
Agronomic and Other Products
This part of the business focuses on the products needed to maintain and care for lawns, gardens, and golf courses. It includes items like fertilizer, grass seed, and control products (chemicals that manage weeds, insects, and diseases). This segment serves the recurring needs of landscape maintenance professionals who regularly treat and care for outdoor spaces. While smaller than the landscaping products segment, it provides a steady stream of business because these are items that customers need to buy again and again throughout the seasons.
What management is betting on now
A primary focus for SiteOne's management is to continue growing by acquiring smaller, independent distributors to expand into new locations and offer a wider range of products. They are also working to be a 'full-line provider', meaning a single source where a landscaping professional can buy everything they need, from sprinkler systems to plants and stone. The company is investing in technology, like its website and e-commerce platform, to make it easier for its professional customers to order supplies. By offering a complete range of products and making them easy to purchase, management aims to become the go-to supplier for landscaping professionals across North America.
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 Q2
$135.30M
FY2024 Q3
$105.90M
FY2024 Q4
$109.90M
FY2025 Q1
$-144.40M
FY2025 Q2
$122.40M
FY2025 Q3
$118.50M
FY2025 Q4
$150.30M
FY2026 Q1
$-145.10M
Revenue
$940.10M
Net income
$-26.60M
Diluted EPS
-0.60
Operating cash flow
$-122.10M
Free cash flow
$-145.10M
Fetching…
Sources
Revenue
$1.05B
Net income
$-9.00M
Diluted EPS
-0.19
Operating cash flow
$164.80M
Free cash flow
$150.30M
Fetching…
Sources
Revenue
$1.26B
Net income
$59.10M
Diluted EPS
1.31
Operating cash flow
$128.60M
Free cash flow
$118.50M
Fetching…
Sources
Revenue
$1.46B
Net income
$129.00M
Diluted EPS
2.86
Operating cash flow
$136.70M
Free cash flow
$122.40M
Fetching…
Sources
Revenue
$939.40M
Net income
$-27.30M
Diluted EPS
-0.61
Operating cash flow
$-129.60M
Free cash flow
$-144.40M
Fetching…
Sources
Revenue
$1.01B
Net income
$-21.70M
Diluted EPS
-0.46
Operating cash flow
$119.40M
Free cash flow
$109.90M
Fetching…
Sources
Revenue
$1.21B
Net income
$44.40M
Diluted EPS
0.97
Operating cash flow
$115.90M
Free cash flow
$105.90M
Fetching…
Sources
Revenue
$1.41B
Net income
$120.20M
Diluted EPS
2.63
Operating cash flow
$147.40M
Free cash flow
$135.30M
Fetching…
Sources
Is it cheap or expensive?
Fair value $80.02 vs current price $92.82
Wall Street consensus is the average analyst price target: $127.08 (58.8% higher than our fair-value estimate).
Our most-likely fair value is $80.02 a share — about 13.8% away from today's price of $92.82, so the stock currently looks fairly priced.
Is it drowning in debt?
Watch
Net debt $1.0B. Interest coverage 6.8x.
Net debt
$1.04B
Interest coverage
6.80x
SiteOne Landscape Supply, Inc.'s profit covers its interest bill about 6.8 times over. which is stronger than most peers shown here.
Watch
Worse cushion
Baseline
Better cushion
SITE
BASELINE
SiteOne Landscape Supply, Inc.
Total debt $1.13B Interest coverage 6.80x This is the baseline the peer rows are being compared against.
Total debt $1.70B Interest coverage 12.41x +82% vs SITE Carries about 1.8x more debt cushion than SITE.
Total debt $408.40M Interest coverage 33.62x +394% vs SITE Carries about 4.9x more debt cushion than SITE.
Total debt $2.75B Interest coverage 6.02x -12% vs SITE Has roughly the same debt cushion as SITE.
Total debt $5.24B Interest coverage 2.87x -58% vs SITE Carries about 2.4x less debt cushion than SITE.
What you should know
The case for and against SITE
3 Rewards
2 Risks
Rewards
-
Revenue grew 0.0% last year.
-
Returns 10.1% on equity, ahead of 40% of its peers.
-
Free cash flow was positive in 10/10 years.
Risks
-
Net debt grew 11.1% over 3 years.
-
Insider ownership is only 1.8% (peer median: 2.3%).
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)
25.43x
Forward P/E
18.05x
P/B
2.41x
P/S
0.85x
EV/EBITDA
13.16x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
35.1%
Operating margin
12.9%
Net margin
3.4%
ROE
10.1%
ROA
4.6%
Health
Liquidity and balance-sheet strength
Debt / equity
0.67x
Current ratio
2.31x
Quick ratio
0.90x
Total debt
$1.13B
Total cash
$87.40M
Growth
How the business has been compounding
Revenue TTM
$4.71B
Revenue 5Y CAGR
7.9%
EPS TTM
3.65
EPS 5Y CAGR
-14.3%
Cash flow
How much cash the business throws off
Operating CF TTM
$308.00M
Free CF TTM
$246.80M
FCF margin
5.2%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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