One-glance verdict
Overvalued
$68.89 our estimate vs market $95.20
Wall Street consensus: $127.08 (84.5% higher than our fair-value estimate)
38% above our estimate, beyond the bull case
Fundamentals snapshot
SiteOne Landscape Supply, Inc.
SITE · NYQ · Industrials · Industrial Distribution
Current price
$95.20
52-week range
$90.07 - $168.56
Market cap
$4.16B
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 acts as a one-stop wholesale shop for professional landscapers, selling them everything from fertilizer and plants to irrigation systems and stone pavers. The company primarily makes money by distributing this wide range of products through its many local branches, aiming to be an essential supplier for the businesses that design and maintain lawns, gardens, and golf courses.
How the company got here
The company's roots trace back to 2001 when it was founded as John Deere Landscapes. In 2013, the private equity firm Clayton, Dubilier & Rice acquired the business from Deere & Company, and it was officially rebranded as SiteOne Landscape Supply in 2015. This marked a new chapter, leading to its initial public offering (IPO), which is the first time a company sells its shares to the public, in 2016. Since then, a key part of its strategy has been to grow by acquiring smaller, local distributors to expand its reach and product offerings across North America.
What it actually does
SiteOne is a wholesale distributor, meaning it sells landscape supplies in large quantities to professionals, not to the general public for do-it-yourself projects. Its customers are businesses that specialize in designing, installing, and maintaining lawns, gardens, golf courses, and other outdoor areas. Through a large network of more than 600 branches across the U.S. and Canada, the company provides everything from sprinkler systems and fertilizer to decorative stones and outdoor lighting. Beyond just selling products, SiteOne also offers helpful services like project planning assistance and technical advice to its professional customers.
Landscape Supplies
This is the core of SiteOne's business, making it a one-stop shop for landscaping professionals. The company sells a wide variety of products needed for outdoor projects. This includes everything from irrigation equipment like sprinkler heads and controllers, to agronomic products like fertilizer, grass seed, and pest control. It also offers hardscapes (durable materials like pavers and stones for patios and walkways), outdoor lighting, and nursery goods (plants and trees). This segment serves the professionals who are building and maintaining both residential and commercial outdoor spaces.
What management is betting on now
Management's strategy focuses on growing by continuing to acquire smaller competitors in what is a very fragmented market. This approach allows SiteOne to enter new territories and add more products to sell to its existing customers. The company is also focused on improving its profitability by managing costs carefully and executing on its commercial and operational plans to gain a larger market share. By expanding its network and product lines, SiteOne aims to become the primary supplier for landscape 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 $68.89 vs current price $95.20
Wall Street consensus is the average analyst price target: $127.08 (84.5% higher than our fair-value estimate).
Our most-likely fair value is $68.89 a share — about 27.6% below today's price of $95.20, so the stock currently looks expensive (overvalued).
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 $234.25M Interest coverage 33.62x +394% vs SITE Carries about 4.9x more debt cushion than SITE.
Total debt $2.45B 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)
26.08x
Forward P/E
18.51x
P/B
2.47x
P/S
0.87x
EV/EBITDA
13.40x
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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