The Level Market Monitor
Landscaping & Lawn CareWhat the biggest landscape companies tell us about your business
These five public companies aren’t your peers — they’re what an exit looks like at scale. PE firms use their financials as the starting comp set when they value your landscape business.
Updated quarterly · Last update: April 2026 · All data from SEC filings
$16.0B
Combined Revenue
5 public landscape-adjacent companies
44K+
Combined Employees
Services + distribution + manufacturing
12.0x
Median EV/EBITDA
What the market pays
6
Deals Tracked
Transactions since 2023
Industry Scorecard
Five public landscape-adjacent companies, side by side
| Company | Revenue | Growth | Gross Margin | EBITDA Margin | Backlog | EV/EBITDA | Rev/Employee |
|---|---|---|---|---|---|---|---|
| BVBrightView Holdings | $2.7B | +-3.4% | 26.5% | 13.2% | N/A | 6.5x | $148K |
| SITESiteOne Landscape Supply | $4.7B | +4% | 34.8% | 8.8% | N/A | 14.5x | $553K |
| TTCThe Toro Company | $4.5B | +-1.6% | 34% | 14% | N/A | 15.5x | $399K |
| SMGScotts Miracle-Gro | $3.4B | +-4% | 30.6% | 17% | N/A | 11x | $656K |
| LNNLindsay Corporation | $676M | +11.4% | 29% | 15.5% | N/A | 12x | $483K |
What this means for you
A $3M landscape company won’t trade at 13x EBITDA. But these public multiples set the ceiling for the landscape industry. Private landscape services companies in the $3–30M range typically trade at 4–8x EBITDA. The gap is explained by maintenance mix, route density, contract language, and management depth. Understanding the ceiling helps you understand what to work toward.
Operating Benchmarks
How these companies manage labor, cash, and overhead
Revenue and margins only tell half the story. These are the numbers that show how efficiently a landscape business actually runs — how fast they collect, how much they spend on equipment, and how much cash they actually take home. When a PE firm or buyer looks at your books, these are the metrics they dig into.
| Metric | BV | SITE | TTC | SMG | LNN |
|---|---|---|---|---|---|
Collection SpeedHow many days before you get paid | 62 days | 35 days | 31 days | 48 days | 62 days |
Supplier Payment SpeedHow many days you take to pay vendors | 32 days | 42 days | 58 days | 42 days | 35 days |
Short-Term LiquidityCan you cover bills due in 12 months? | 1.15x | 2.05x | 1.85x | 1.55x | 2.85x |
Cash Actually Generated% of revenue that becomes real cash | 2.4% | 5% | 12.8% | 8% | 11.1% |
Equipment & Vehicle SpendTrucks, tools, facilities as % of revenue | 2.8% | 1.4% | 1.9% | 1.8% | 2.2% |
Return on Owner’s InvestmentProfit per dollar invested in the business | 7% | 14% | 25% | 22% | 14% |
Overhead RateNon-job costs as % of revenue | 18.5% | 30.1% | 20.5% | 20% | 16% |
Click any row to see what the metric means for your businessand where private landscape companies typically stand.
The cash collection gap
BrightView collects in ~62 days (DSO) and pays suppliers in ~32 days (DPO). Most private landscape companies have the same mismatch: you pay crews weekly but collect from commercial clients net-30 or net-45, while HOAs frequently stretch to net-60. At $3M revenue and 8% cost of capital, a 30-day DSO improvement frees up $20K per year — real money for a business running on single-digit net margins.
The Valuation Bridge
From public multiples to your exit number
PE firms start with public company valuations as the ceiling, then adjust down. Here’s how the math works.
Public Companies (7–14x EBITDA)
BV (pure-play services) trades at ~7.5x — held back by Development Services lumpiness. SITE (distribution) at ~13.5x. TTC (equipment) ~13x. SMG (consumer products) ~12.5x. LNN (irrigation) ~14x. The services multiple is meaningfully below product/distribution multiples.
PE-Backed Regional Platforms (7–10x EBITDA)
Yellowstone Landscape, Monarch Landscape, LandCare, and similar Sun Belt and national platforms. Maintenance-weighted, multi-state, $150M+ revenue with professional management.
Independent Multi-Market ($15-50M) (5–8x EBITDA)
Regional landscape maintenance companies with 10+ crews, multiple markets, and contract-based revenue. Multiple driven by maintenance revenue mix, owner dependency, and crew retention.
Local / Owner-Operated (<$10M) (3–5x SDE)
Single-market landscape businesses — high owner dependency, seasonal concentration, and mixed maintenance/install revenue. Install-heavy shops trade at the low end; pure commercial maintenance trades at the high end.
What drives the gap between public and private multiples
Maintenance vs. Install / Development Mix
This is the single biggest multiple driver in landscape services. Recurring maintenance contracts are worth 8–12x+ EBITDA. Install/development revenue is lumpy, project-based, and rarely trades above 5–6x. BrightView's Maintenance Services segment runs ~13%+ EBITDA margin with predictable recurring revenue; their Development segment is equally profitable per project but valued lower because it's not contractually locked.
Route Density
Drive time between accounts is the #1 cost driver a landscape P&L can control. A maintenance contractor with 25 accounts in a 5-mile radius crushes one with 25 accounts across 40 miles — same revenue, completely different margin profile. PE buyers underwrite route density explicitly during diligence.
Contract Language & Renewal Terms
Month-to-month handshakes are worth 3x. Multi-year contracts with automatic renewal and CPI-linked price escalators are worth 6-8x+. Your contract structure (not just the work) determines your multiple.
Snow/Seasonal Concentration
Northern landscape companies that over-index on snow have bimodal P&Ls — profit concentrated in Q4/Q1. Buyers discount for snow-event risk. Diversified year-round revenue mix (maintenance + enhancements + snow) earns higher multiples than snow-heavy books.
Labor Availability & Crew Retention
H-2B visa dependency is the landscape industry's quiet Achilles heel. Companies with documented year-round crew retention and employer-of-choice status earn a premium. Companies that cycle through labor — even profitable ones — get discounted because the buyer has to bet on labor continuity.
Multiple arbitrage: why PE keeps buying landscape services companies
PE firms buy regional landscape operators at 4-6x EBITDA, professionalize operations (route optimization, CRM, contract language, crew retention), bolt on adjacent maintenance contracts, and exit the platform at 8-12x. A $5M EBITDA maintenance-heavy landscape business at 5x is worth $25M. Combine it with 5 similar regional operators into a $30M EBITDA platform with professional management, and the combined entity commands 9-11x EBITDA — exactly the Yellowstone Landscape and Monarch playbook.
What private landscape companies sell for (by revenue tier)
| Revenue Tier | Typical Multiple | Typical Buyer | Key Drivers |
|---|---|---|---|
| Local / Owner-Operated (<$3M revenue) | 2–4x SDE | Individuals, crew leaders, SBA loans | Crew retention, customer list quality, equipment condition, owner transition plan |
| Regional ($3M–$15M revenue) | 4–6x EBITDA | Larger independents, emerging PE platforms, strategics | Maintenance revenue mix, route density, recurring contract base, management depth |
| Multi-Market ($15M–$50M revenue) | 5–8x EBITDA | PE platforms, strategic acquirers, regional aggregators | Geographic footprint, contract language, customer concentration, H-2B dependency management |
| Platform ($50M+ revenue) | 7–11x+ EBITDA | Middle-market PE, large strategics, public company roll-ups | Scale, audited financials, multi-state operations, systems, proprietary technology, maintenance mix >70% |
Company Profiles
Inside each company’s financials
BrightView Holdings
The largest commercial landscaping services company in the United States. BrightView (formerly Brickman + ValleyCrest) delivers maintenance and development services to corporate campuses, HOAs, healthcare facilities, universities, and sports venues — the closest pure-play public comp for a landscape services company.
$2.7B
Revenue
13.2%
EBITDA Margin
6.5x
EV/EBITDA
18,000
Employees
Why landscape company owners should care
BrightView is the only pure-play public landscape services company and the single best comp for a commercial landscaping owner thinking about an exit. They intentionally walked away from ~$73M of non-core commercial landscaping revenue in FY2025 to focus on contract quality — and their Adjusted EBITDA margin expanded to a record 13.2%. That's the playbook PE buyers want to see: shed unprofitable revenue, improve route density, grow maintenance contract base. They trade at ~7.5x EBITDA because Development Services is lumpy — maintenance-only businesses command higher multiples.
“Fiscal 2025 was another record year for BrightView, as we achieved our second consecutive year of record Adjusted EBITDA and Adjusted EBITDA margin while generating significant free cash flow and maintaining our financial flexibility.”
— Dale Asplund, President & CEO — FY2025 Earnings Release (Nov 19, 2025)
SiteOne Landscape Supply
The #1 wholesale distributor of landscape supplies in North America. SiteOne stocks irrigation, nursery, hardscapes, fertilizer, outdoor lighting, and equipment across 700+ branches — effectively the Home Depot for the commercial landscape contractor.
$4.7B
Revenue
8.8%
EBITDA Margin
14.5x
EV/EBITDA
8,500
Employees
Why landscape company owners should care
SiteOne doesn't do landscape services — but they're the scoreboard for where contractor demand is heading. In 2025, their Organic Daily Sales grew just 1%, with maintenance agronomic products up 7% and landscape/hardscape products down 1% on soft new-residential and repair/remodel demand. If your revenue is weighted toward install and new construction, SiteOne's numbers are the leading indicator that the market is cooling. If you're weighted toward recurring maintenance, you're fishing in a growing pond. They trade at 13.5x EBITDA on a roll-up playbook — 8 acquisitions in 2025 alone totaling ~$55M of added revenue.
“We delivered 4% net sales growth, 10% Adjusted EBITDA growth, and expanded margins despite softer demand in new residential construction and repair and upgrade end markets. Our Partners Program continues to drive share gains with the largest landscape professionals.”
— Doug Black, Chairman & CEO — FY2025 Earnings Release (Feb 11, 2026)
The Toro Company
Leading global provider of outdoor environment solutions — turf and landscape maintenance equipment, irrigation systems, snow/ice management, and underground construction. Brands include Toro, Exmark, Ditch Witch, BOSS, Spartan, Ventrac, and Irritrol.
Scotts Miracle-Gro
The leading marketer of branded consumer lawn and garden products in North America. Scotts owns Scotts Turf Builder, Miracle-Gro, Ortho, and Tomcat — dominant in the DIY lawn-care aisle and a secondary read on residential landscape demand.
M&A Deal Tracker
The consolidation wave is real
Major landscape services and supply deals since 2023. Who’s buying, what they’re paying, and what it means for the industry.
| Buyer | Target | Deal Value | Multiple | Date |
|---|---|---|---|---|
| One Rock Capital Partners | BrightView Holdings (structured equity) Landmark investment in the only pure-play public landscape services company. Used to de-lever balance sheet and fund acquisitions; validates PE appetite for platform landscape roll-ups. | $500M convertible preferred | N/A (7% dividend, $9.44 conversion) | Oct 2023 |
| Ridgemont Equity Partners | Yellowstone Landscape (add-ons) Ridgemont continues to back Yellowstone Landscape (~$400M+ revenue), the largest commercial landscape services platform after BrightView. Active tuck-in acquisition strategy across Sun Belt markets. | Undisclosed | ~8–10x EBITDA (est.) | 2024–2025 |
| KKR | BrightView secondary offering (partial exit) KKR monetized part of its BV stake via underwritten secondary. Still retains majority control. Signals continued public-market appetite for landscape services but also a long, slow PE exit timeline. | ~$180M (11.6M shares @ ~$15.50) | N/A (secondary sale) | June 2025 |
| SiteOne Landscape Supply | Multiple tuck-in distributors 8 distribution acquisitions in 2025 alone. Classic consolidator roll-up strategy in a fragmented landscape supply market with thousands of local distributors. | Multiple deals | ~0.8–1.2x revenue (typical distribution) | 2025 |
| The Toro Company | Tornado Infrastructure Equipment Underground construction equipment acquisition. Example of strategic buyers extending into adjacent specialty equipment categories. | Undisclosed | N/A | Late 2025 |
| Private Equity (various) | Regional landscape services platforms Steady PE activity at the platform-formation level — regional commercial landscape maintenance businesses being aggregated into multi-state platforms. Maintenance-weighted businesses with recurring contracts command the top of the range. | Typically $5-50M | ~5–8x EBITDA | 2024-2025 |
Sources: Company IR press releases, SEC filings, Reuters. Deal values and multiples as disclosed by buyers. “N/A” where terms were not publicly disclosed.
What the CEOs Are Saying
Key themes from recent earnings calls
Commercial landscape services trade at a discount to adjacent industries
BrightView — the only pure-play public landscape services company — trades at ~7.5x EBITDA. Meanwhile SiteOne (distribution) trades at 13.5x, Toro (equipment) at 13x, and Lindsay (irrigation products) at 14x. Landscape services as a category carries a multiple discount vs. products/distribution, driven by weather risk, labor risk, and Development Services lumpiness. For a landscape owner, this is the argument to push maintenance mix over install mix — it's worth a full turn or two on the multiple.
Sources: BV, SITE, TTC, LNN FY2025 earnings releases
The maintenance/install trade-off is the whole game
BrightView intentionally walked away from ~$73M of non-core commercial landscaping revenue in FY2025 to improve mix — and Adjusted EBITDA margin expanded 170 bps to a record 13.2%. SiteOne's agronomic (maintenance-linked) products grew 7% while landscape/hardscape products (install-linked) declined 1%. The pattern is consistent: recurring maintenance revenue is more valuable per dollar than install revenue.
Sources: BV FY2025 10-K; SITE FY2025 10-K
PE activity is rotating from mega-deals to platform formation
One Rock's $500M BrightView investment, KKR's partial secondary exit, and Ridgemont's continued Yellowstone backing show that PE appetite for landscape services remains strong — but the action has shifted from take-privates (expensive at current public multiples) to building $30M+ EBITDA regional platforms. For owners in the $5-20M revenue range, more buyers are in the market than ever.
Sources: One Rock press release (2023); BV secondary offering (2025); industry press
Residential is slowing; commercial maintenance is growing
Scotts Miracle-Gro's FY2025 U.S. Consumer POS units were up 8.5% but dollars only up 1.4% — homeowners trading down. SiteOne's new-residential demand was described as "softer" all year. Meanwhile Lindsay's irrigation grew 11% and BrightView's Maintenance Services margin expanded. The pattern: residential install = weak; commercial maintenance + irrigation = resilient.
Sources: SMG, SITE, LNN, BV FY2025 results
Equipment cycle is stabilizing, not booming
Toro's FY2025 professional segment grew just 1.9% and residential declined 14% — equipment OEMs are guiding to modest 2026 growth with field inventories still normalizing. For landscape operators, this means fleet capex discipline: target 10-15% of revenue in capex through a mid-cycle period, not the 18-22% typical during a boom.
Sources: TTC FY2025 annual report
Get the full report: Level Landscaping Market Monitor Q1 2026
All 5 company profiles, operating benchmarks, M&A deal tracker, valuation bridge, and private landscape company multiple ranges. Free PDF.
Financial data sourced from SEC EDGAR filings (10-K) and company earnings releases. Market valuations from publicly available data. Updated quarterly.
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Methodology & Sources
Financial Data
All company financials sourced from SEC EDGAR filings (Form 10-K) and official company earnings releases. Revenue, margins, and employee counts are as reported by each company for their most recent completed fiscal year.
Valuations & Multiples
Enterprise value and EV/EBITDA multiples use publicly available market data. Private landscape company multiple ranges are sourced from M&A advisory reports and disclosed transaction terms. Multiples are point-in-time estimates.
Disclaimer: The Level Market Monitor is for educational and informational purposes only. Level is not a registered investment advisor, broker-dealer, or valuation firm. The information presented does not constitute investment advice, financial advice, or a recommendation to buy or sell securities. All forward-looking statements reflect company guidance and public analyst estimates, not Level projections. Past performance does not guarantee future results.
SEC Filings Referenced
- BV — FY2025 10-K (filed Nov 2025); FY2025 earnings release (Nov 19, 2025)
- SITE — FY2025 10-K (filed Feb 2026); FY2025 earnings release (Feb 11, 2026)
- TTC — FY2025 10-K (filed Dec 2025); FY2025 earnings release (Dec 17, 2025)
- SMG — FY2025 10-K (filed Nov 2025); FY2025 earnings release (Nov 5, 2025)
- LNN — FY2025 10-K (filed Oct 2025); FY2025 earnings release (Oct 23, 2025)
Frequently Asked Questions
Why should an independent landscape company care about publicly traded competitors?
Because BrightView, SiteOne, Toro, Scotts, and Lindsay collectively shape the benchmarks PE buyers and strategic acquirers use when they look at your business. BrightView's 13.2% Adjusted EBITDA margin and ~7.5x multiple define the comp set. If your landscape business has 15%+ EBITDA margins and 70%+ maintenance mix, you're above the public comp — and you'll command a premium when you exit.
What EBITDA multiple can an independent landscape company realistically expect?
Local/owner-operated: 2-4x SDE. Regional ($3-15M revenue): 4-6x EBITDA. Multi-market ($15-50M): 5-8x. Platform ($50M+): 7-11x+. The biggest drivers are maintenance mix (>70% is the magic threshold), route density, contract language (multi-year + CPI escalators), and crew/management continuity. A $10M regional landscape company with 80% maintenance revenue, documented systems, and a GM running day-to-day ops can command the top of its range.
Why does BrightView trade at 7.5x but SiteOne trades at 13.5x?
Labor vs. inventory. BrightView deploys 18,000 H-2B and domestic laborers across every weather region in America — that's the full risk stack of wage inflation, visa policy, and seasonal concentration. SiteOne stocks products in distribution centers. The market pays a premium for asset-light distribution over labor-intensive services. Your landscape services business is closer to BrightView's risk profile than SiteOne's — which is why most private landscape services trade in the 5-8x range.
Why isn't there a pure-play public landscape services company besides BrightView?
Landscape services is massively fragmented (200,000+ U.S. companies) and PE-owned at the upper end — Yellowstone (Ridgemont), Monarch (Aurora Capital), and others. BrightView's 2018 IPO was the exception, not the rule, and even they remain majority-owned by KKR and One Rock. Most of the category's institutional capital prefers to stay private — which means your exit buyer is statistically more likely to be a PE platform than a strategic public acquirer.
How often is this data updated?
We update the Market Monitor quarterly, after each earnings season. All financial data is sourced directly from SEC filings (10-K and 10-Q) and company earnings releases. Market valuations reflect publicly available data at the time of update.
Is this investment advice?
No. The Level Market Monitor is for educational purposes — helping landscape business owners understand the capital markets context around their industry. We are not a registered investment advisor. All financial data is sourced from public filings and is presented as-is.
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