SITESiteOne Landscape Supply, Inc.

Wholesale-Professional & Commercial Equipment & Supplies

Revenue: $4.7B; 3.6% YoY
Operating margin: 5.1%; 19% YoY
EBITDA: $238M; 24% YoY
Market cap: $4.8B
Employees: 8,200; $574K revenue each
Net debt / EBITDA: 1.6×; $387M net debt
AI in 10-K: 0.7; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 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
198% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
33% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
16% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$574K · 26th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.7 per 10K words · 27th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$879K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.7B	$3.5B	$4.3B	$4.5B	$4.7B	3.6%
Operating income	$180M	$314M	$250M	$192M	$238M	24%
Net income	$121M	$238M	$173M	$124M	$152M	23%
Operating cash flow	$229M	$211M	$298M	$283M	$301M	6.0%
Capex	$19M	$33M	$32M	$41M	$54M	33%
Stock-based comp	$11M	$14M	$26M	$25M	$27M	8.0%
Buybacks	$0	$0	$12M	$51M	$98M	92%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $2M · 4
Open-market sells, 12 mo: $665K · 4
Net: $879K

Pay vs performance

No pay-versus-performance disclosure yet.