BVBrightView Holdings, Inc.

Agricultural Services

Revenue: $2.7B; 3.4% YoY
Operating margin: 5.0%; 11% YoY
EBITDA: $277M; 4.3% YoY
Market cap: $1.1B
Employees: 18,600; $144K revenue each
Net debt / EBITDA: 3.1×; $868M net debt
AI in 10-K: 0.6; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
521% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
8% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
59% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$144K per employee
Bottom quartile of its SIC industry
Quiet on AIYes
0.6 per 10K words · 24th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$316K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.6B	$2.8B	$2.8B	$2.8B	$2.7B	3.4%
Operating income	$91M	$88M	$101M	$157M	$135M	14%
Net income	$46M	$14M	−$8M	$66M	$56M	16%
Operating cash flow	$148M	$107M	$130M	$206M	$292M	42%
Capex	$61M	$107M	$71M	$78M	$254M	224%
Stock-based comp	$20M	$19M	$22M	$20M	$18M	9.9%
Buybacks	$2M	$164M	$2M	$3M	$24M	681%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Sep 6, 2023	Birch-OR Equity Holdings, LLC	SC 13D	36.2%	Passive

Insider trading

Open-market buys, 12 mo: $758K · 4
Open-market sells, 12 mo: $442K · 1
Net: $316K

Pay vs performance

No pay-versus-performance disclosure yet.