One-glance verdict
Within fair range
$120.36 our estimate vs market $108.80
Wall Street consensus: $119.42 (-0.8% lower than our fair-value estimate)
10% below our estimate
Fundamentals snapshot
SiteOne Landscape Supply, Inc.
SITE · NYQ · Industrials · Industrial Distribution
Current price
$108.80
52-week range
$82.00 - $168.56
Market cap
$4.69B
Balance sheet
Watch
6.80x Adequate
Net debt $1.01B. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
2 Risks
2 rewards · 2 risks
- Reward Revenue grew 2.2% last year.
- Reward Free cash flow was positive in 10/10 years.
- Risk Net debt grew 11.1% over 3 years.
- Risk Operating margin compressed from 8.3% to 7.4% over 3 years.
What this company does
SiteOne Landscape Supply, Inc.
SiteOne acts as a massive wholesale store for professional landscapers, selling them everything from fertilizer and plants to irrigation systems and stone for patios. The company makes its money by being the convenient, go-to supplier for these businesses, meaning its sales are often linked to a strong housing market and spending on property maintenance.
How the company got here
The company began in 2001 as John Deere Landscapes, a part of the famous tractor company. [3, 5] In 2013, a private investment firm bought the business and renamed it SiteOne Landscape Supply two years later. [1, 3] It became a public company in 2016, trading on the stock market under the ticker symbol SITE. [3] Since then, a key part of its growth has been acquiring (buying) many smaller, local landscape supply companies across the country. [1]
What it actually does
SiteOne is a wholesale distributor, which means it sells landscape supplies in large quantities to other businesses, not to the general public for do-it-yourself projects. [1, 2] Its main customers are landscaping professionals — the people who design, build, and maintain lawns, gardens, golf courses, and other outdoor spaces. [2, 6] Through a network of hundreds of local branches across the U.S. and Canada, it acts as a one-stop shop for these professionals. [12] They sell everything from sprinkler systems and fertilizer to stone for patios and live plants. [1]
Wholesale Landscape Distribution
The company operates as a single business and doesn't have separate divisions, so all its sales are grouped into one main segment. [1] It makes money by selling a wide variety of products that landscaping professionals need for their jobs. These product lines include agronomics (things like fertilizer, grass seed, and weed control), irrigation systems (sprinklers, pipes, and controllers), and hardscapes (materials like stone pavers and blocks for building patios and walls). [1] It also sells nursery goods (live trees and shrubs) and other supplies like outdoor lighting and tools, earning a profit on the sale of each item. [15]
What management is betting on now
A primary strategy is to continue acquiring smaller competitors to expand its national footprint and gain market share (its slice of the total industry's sales). [7, 17] Management is also focused on improving its supply chain (the system of getting products from manufacturers to its stores) to run the business more efficiently. [7] They aim to be a single source for all of a professional's needs, offering a broader product selection and better service than smaller, local suppliers. [1] The company is also investing in technology to help its sales teams and make it easier for customers to order products online. [17, 20]
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$109.90M
FY2025 Q1
$-144.40M
FY2025 Q2
$122.40M
FY2025 Q3
$118.50M
FY2025 Q4
$150.30M
FY2026 Q1
$-145.10M
FY2026 Q2
$135.60M
FY2026 Q3
$108.30M
Revenue
$1.29B
Net income
$63.90M
Diluted EPS
1.46
Operating cash flow
$125.60M
Free cash flow
$108.30M
Fetching…
Sources
Revenue
$1.53B
Net income
$139.30M
Diluted EPS
3.14
Operating cash flow
$153.20M
Free cash flow
$135.60M
Fetching…
Sources
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
Is it cheap or expensive?
Fair value $120.36 vs current price $108.80
Wall Street consensus is the average analyst price target: $119.42 (-0.8% lower than our fair-value estimate).
Our most-likely fair value is $120.36 a share — about 10.6% away from today's price of $108.80, so the stock currently looks fairly priced.
Is it drowning in debt?
Watch
Net debt $1.0B. Interest coverage 6.8x.
Net debt
$1.01B
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 $1.10B Interest coverage 6.80x This is the baseline the peer rows are being compared against.
Total debt $1.52B Interest coverage 12.41x +82% vs SITE Carries about 1.8x 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 $553.72M Interest coverage 140.77x +1,969% vs SITE Carries about 20.7x more debt cushion than SITE.
What you should know
The case for and against SITE
2 Rewards
2 Risks
Rewards
-
Revenue grew 2.2% last year.
-
Free cash flow was positive in 10/10 years.
Risks
-
Net debt grew 11.1% over 3 years.
-
Operating margin compressed from 8.3% to 7.4% over 3 years.
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)
28.71x
Forward P/E
21.38x
P/B
2.77x
P/S
0.98x
EV/EBITDA
13.72x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
35.3%
Operating margin
7.4%
Net margin
3.5%
ROE
10.0%
ROA
4.9%
Health
Liquidity and balance-sheet strength
Debt / equity
0.65x
Current ratio
2.41x
Quick ratio
0.89x
Total debt
$1.10B
Total cash
$88.40M
Growth
How the business has been compounding
Revenue TTM
$4.81B
Revenue 5Y CAGR
7.9%
EPS TTM
3.79
EPS 5Y CAGR
-14.3%
Cash flow
How much cash the business throws off
Operating CF TTM
$321.50M
Free CF TTM
$246.80M
FCF margin
5.1%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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