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what it is
SiteOne sells the stuff landscapers need, from irrigation parts to plants, through more than 670 branches.
how it gets paid
Last year Siteone Landscape made $4.7B in revenue. Irrigation was the main engine at $1.22B, or 26% of sales.
why it's growing
Revenue grew 3.6% last year. The 34.9% gross margin mattered most because this is a distribution business.
what just happened
SiteOne posted quarterly EPS of $3.56, ahead of the -$0.21 expectation tied to the latest reported quarter data.
At a glance
B balance sheet — gets the job done, barely
60/100 earnings predictability — reasonably predictable
42.1x trailing p/e — you're paying up for this one
10.5% return on capital — nothing to write home about
xvary composite: 54/100 — below average
What they do
SiteOne sells the stuff landscapers need, from irrigation parts to plants, through more than 670 branches.
This is a scale business. SiteOne has more than 670 branches across 45 states and five Canadian provinces, so your local landscaper can get product fast instead of waiting on a fragmented distributor. Distribution density (lots of nearby branches) → faster delivery and fuller trucks → so what: that helps SiteOne hold price and spread costs across $4.7 billion of annual sales.
How they make money
$4.7B
annual revenue · their business grew +3.6% last year
Irrigation
$1.22B
Agronomics
$1.08B
Nursery
$0.89B
Hardscapes
$0.80B
Landscape accessories
$0.70B
The products that matter
wholesale landscape distribution
Landscape Supplies
$4.7B revenue · entire business
it's the whole company: $4.7B of revenue, 3.6% growth last year, and just a 4.7% net margin. when demand softens, there is nowhere else to hide.
100% of revenue
Key numbers
42.1x
trailing p/e
You are paying 42.1 times past earnings for a distributor with a 5.3% net margin, so execution has to stay clean.
$4.7B
annual revenue
That sales base gives SiteOne purchasing leverage and branch density, which is the whole point of the model.
9.0%
operating margin
Operating margin → profit after running the business → so what: there is some discipline here, but not much room for errors.
$483M
long-term debt
Debt is 7% of capital, which means the balance sheet is not the main problem. The stock price is.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 40 / 100
- long-term debt $483M (7% of capital)
- net profit margin 5.3% — keeps 5 cents of every dollar in revenue
- return on equity 12% — $0.12 profit for every $1 investors have put in
B — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in SITE 3 years ago → it's now worth $9,700.
The index would have given you $14,540.
source: institutional data · total return
What just happened
beat estimates
SiteOne posted quarterly EPS of $3.56, ahead of the -$0.21 expectation tied to the latest reported quarter data.
Full-year 2025 EPS was $3.37 versus $2.71 in 2024. Gross margin was 34.9%, and management said cost controls and pricing helped offset softer sales trends.
$3.7B
revenue
$3.56
eps
34.9%
gross margin
the number that mattered
The 34.9% gross margin mattered most because this is a distribution business, and margin discipline is what turns branch scale into actual earnings.
-
siteone landscape supply concluded 2025 on a mixed note.fourth-quarter losses narrowed relative to the prior year, to $0.20 a share, and also surpassed consensus expectations by a healthy margin.
-
this performance was bolstered in large part by benefits from costcontrol initiatives and recently implemented pricing strategies, which helped to mitigate lingering softness across the company’s new residential construction and repair/upgrade end markets.
-
on the negative side, total sales of $1.5 billion (+1.4% vs. prior year) came in a bit light, and leadership’s 2026 outlook was somewhat underwhelming versus what wall street had been looking for (more below).
-
the company is targeting adjusted ebitda in the range of $425 million$455 million this year.
-
this implies annual improvement of 6% at the midpoint, but also signals a deceleration compared to the 10% growth rate achieved in 2025.
source: company earnings report, 2026
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What could go wrong
the #1 risk is continued weakness in new residential construction and repair or upgrade demand.
med
end-market softness lasts longer
management already called out softness in new residential construction and repair or upgrade. with one core business generating all $4.7B of revenue, there is no second engine to offset a sluggish season.
thin margins make this bite harder. a 4.7% net margin means even a small demand miss can hit earnings faster than revenue.
med
cost-control and pricing gains fade
recent EPS improvement leaned on cost actions and pricing. if those benefits slow before demand comes back, the earnings recovery story gets thinner fast.
the current operating margin is 8.5%. that is enough to matter, but not enough to absorb much slippage while the stock still trades at 42.1x trailing earnings.
med
valuation compresses toward the business model
this is a distributor with a B balance sheet, 10.0% return on capital, and a three-year return that turned $10,000 into $9,700. the premium multiple assumes cleaner growth than the business has recently delivered.
if 2026 lands closer to the low end of the $425M–$455M EBITDA range, investors may pay less for each dollar of profit even if earnings still rise.
all three risks point to the same pressure point: a single-line, $4.7B distribution business with 4.7% net margins does not get many mistakes at 42.1x trailing earnings.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
2026 adjusted ebitda guide
$425M–$455M is the scorecard management handed you. results near $455M support the cleanup story. results near $425M keep the valuation argument uncomfortable.
trend
sales growth versus last year's 3.6%
the business needs to move from low-single-digit growth toward the $5B revenue expectation. if sales stay stuck around the current pace, the multiple has a math problem.
metric
margin durability
8.5% operating margin and 4.7% net margin are doing a lot of work here. if cost control and pricing stop helping, earnings can roll over faster than revenue.
risk
institutional flow
institutions have been net sellers for three straight quarters. that is not fatal, but you would rather see support return while the company asks investors to keep paying a premium multiple.
Analyst rankings
short-term outlook
average
momentum score 3 — the stock is acting like the broader market. in human-speak, analysts see no clear short-term edge.
risk profile
average
stability score 3 — neither a bunker stock nor a chaos stock. you are taking normal market risk with less-than-normal valuation comfort.
chart momentum
top 5%
technical score 1 — the chart looks better than most stocks right now. that says traders like the setup more than it says the valuation is solved.
earnings predictability
60 / 100
reasonably predictable, but not spotless. you should expect the occasional surprise when end markets soften.
source: institutional data
Institutional activity
institutions have been net selling for 3 consecutive quarters — 132 buyers vs. 145 sellers in 4q2025. total institutional holdings: 48.1M shares. net selling for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$105
$204
$142
current price
$155
target midpoint · +9% from current · 3-5yr high: $265 (+85% · 17% ann'l return)
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