ROLROLLINS INC

Services-To Dwellings & Other Buildings

Revenue: $3.8B; 11% YoY
Operating margin: 19.3%; 0.5% YoY
EBITDA: $851M; 10% YoY
Market cap: $16.6B
Employees: 21,946; $171K revenue each
Net debt / EBITDA: 0.4×; $359M net debt
AI in 10-K: 1.8; 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
129% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
80% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
44% of assets
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$171K · 9th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.8 per 10K words · 52nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$16.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$3.4B net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.4B	$2.7B	$3.1B	$3.4B	$3.8B	11%
Operating income	$448M	$493M	$583M	$657M	$726M	10%
Net income	$357M	$369M	$435M	$466M	$527M	13%
Operating cash flow	$402M	$466M	$528M	$608M	$678M	12%
Capex	$27M	$31M	$32M	$28M	$28M	1.9%
Stock-based comp	$15M	$21M	$25M	$30M	$40M	32%
Buybacks	$11M	$7M	$315M	$12M	$217M	1768%
Dividends	$209M	$212M	$264M	$298M	$328M	10%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Sep 21, 2026	ROLLINS GARY W	SCHEDULE 13D/A	33.3%	Passive
Nov 12, 2025	ROLLINS GARY W	SCHEDULE 13D/A	33.3%	Passive
Sep 11, 2023	ROLLINS GARY W	SC 13D/A	—	Passive
Jun 5, 2023	ROLLINS GARY W	SC 13D/A	45.6%	Passive
Dec 13, 2022	ROLLINS GARY W	SC 13D/A	50.6%	Passive
Dec 5, 2022	ROLLINS GARY W	SC 13D/A	50.6%	Passive
Aug 26, 2022	ROLLINS GARY W	SC 13D/A	50.5%	Passive
Jun 9, 2022	ROLLINS GARY W	SC 13D/A	51.6%	Passive
Dec 9, 2020	ROLLINS GARY W	SC 13D/A	0.1%	Passive
Aug 21, 2020	ROLLINS GARY W	SC 13D/A	0.2%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $3.4B · 20
Net: −$3.4B

Pay vs performance

No pay-versus-performance disclosure yet.