What the biggest landscape companies tell us about your business
These five public companies aren’t your peers, they provide historical references for diligence. Private-company comparisons depend on contract mix, earnings quality and operating scale.
Historical snapshot · Market data: April 2026 · Revenue and growth checked against SEC facts; other fields have separate limits
Selected retained transaction references 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%
23.3%
13.2%
N/A
6.5x
$148K
SITESiteOne Landscape Supply
$4.7B
+3.6%
34.8%
8.8%
N/A
14.5x
$554K
TTCThe Toro Company
$4.5B
-1.6%
33.4%
14%
N/A
15.5x
$399K
SMGScotts Miracle-Gro
$3.4B
-3.9%
30.6%
17%
N/A
11x
$656K
LNNLindsay Corporation
$659M
+12.8%
32%
15.5%
N/A
12x
$471K
What this means for you
BrightView operates field services; SiteOne distributes supplies; Toro, Scotts and Lindsay sell equipment or products. Route density and seasonal payroll are different from dealer inventory and manufacturing capital. Compare maintenance contracts, branch contribution and cash conversion within the same business model. Retained private ranges are planning scenarios.
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 operating cash remains after the stated cash capital-spending measure, before debt service and owner distributions. When a PE firm or buyer looks at your books, these are the metrics they dig into.
Metric
BV
SITE
TTC
SMG
LNN
62 days
35 days
31 days
48 days
62 days
32 days
42 days
58 days
42 days
35 days
1.15x
2.05x
1.85x
1.55x
2.85x
1.4%
5.2%
12.8%
8%
13.7%
9.5%
1.1%
1.9%
2.9%
6.4%
4.3%
9.1%
21.8%
22%
13.9%
18.5%
30.1%
20.5%
20%
16%
Apply these numbers to your business
Maintenance Revenue Mix
Revenue from recurring maintenance contracts divided by comparable total revenue. Separate enhancements, snow models and projects sold to agreement customers; contract labels do not guarantee contribution.
Comparison and operating check
Illustrative planning mixes, not measured percentiles: commercial 70-80%, residential-heavy 50-65%, install/design-build 20-40%. BrightView's retained approximately 70/30 mix is a separate historical company reference, not a private threshold.
Measure retained gross contribution after renewal losses, discounts and delivery obligations. No automatic 0.5-1.0x premium per ten-point mix shift is established. A maintenance contract can stabilize bookings while locking in insufficient prices.
Route Density (Accounts per Crew-Mile)
Record paid crew travel and service hours alongside accounts and route mileage. Account count inside a radius alone does not measure productivity or collectible work.
Comparison and operating check
Illustrative route configurations, not top or bottom quartiles: 20-30 nearby accounts, 10-15 accounts, or 5-8 spread across 30+ miles. Compare comparable property size, task scope, traffic and visit frequency.
Four people saving 30 paid travel minutes per day at an assumed $30 loaded hourly rate over 200 days create $12,000 of modeled capacity value. Saved time is not cash savings unless paid hours fall or profitable additional service uses it.
Gross Margin (after direct labor and materials)
Revenue less direct crew wages, burden, fuel, materials and defined variable equipment cost, divided by revenue. Keep direct-versus-overhead classification consistent.
Comparison and operating check
Unsourced illustrative planning ranges: commercial maintenance 30-38%, residential 35-45%, design-build 25-32%, snow 35-50%. BrightView's displayed annual gross margin has its separate statement basis, not a matched crew job-cost definition.
Bridge quoted to actual crew hours, materials, travel and rework for matched jobs. A lower margin can reflect scope, weather or classification rather than only price. Do not treat a 28% or 38% planning threshold as a measured diagnostic rule.
EBITDA Margin
EBITDA divided by revenue, with explicit owner-pay normalization and addbacks. Public adjusted EBITDA definitions differ from a private ledger's unadjusted earnings.
Comparison and operating check
Illustrative scenarios, not measured private quartiles: 5-9%, 10-14% or 15-20%. BrightView's retained 13.2% is historical adjusted EBITDA divided by matched revenue, with adjustments unreproduced.
Model a market-rate owner replacement, recurring systems, fleet requirements and branch overhead. A 15% headline before those costs does not establish buyer interest or a premium. Compare normalized contribution and cash requirements together.
Labor Cost as % of Revenue
Defined crew wages and burden divided by comparable earned revenue. Separate overtime, contract labor, recruitment and visa-related expenses where applicable; headcount is not hours.
Comparison and operating check
Unsourced illustrative planning bands: commercial 42-52%, design-build 35-42%, snow 30-40%. No bottom-decile sample is supplied. Compare matched scope, weather, paid hours and price realization.
At fixed $10M revenue, a one-point reduction in modeled labor cost is $100K before replacement labor, overtime, recruiting, quality failures or other changing costs. It is not proof that a lower labor ratio caused a $100K EBITDA improvement.
Contract Renewal Rate
Eligible contracts renewed divided by contracts reaching a renewal decision in the same cohort. Track renewal at higher pricing separately from total renewal, and define cancellation treatment.
Comparison and operating check
Illustrative planning bands, not measured quartiles: 70-80%, 85-90% or 92-96%. No measured 5-15-point difference between price-increase and total renewal rates is supplied.
Compare renewed contract contribution after price changes and delivery cost, not renewal count alone. Keeping an underpriced account can destroy contribution; losing a low-margin one can improve it. Trace replacement acquisition cost and branch capacity.
Revenue per Crew Hour
Comparable revenue divided by defined crew-person hours. State whether paid travel, overtime, shop time and subcontract hours are included; this is not revenue per crew team-hour.
Comparison and operating check
Illustrative unsourced planning bands: $65-80 or $85-105 per crew-person-hour for commercial maintenance, $50-70 residential and $95-140 design-build. Materials and service mix prevent ranking unmatched routes by this number alone.
Compare revenue, direct contribution and paid hours for matched scopes. A higher material markup can raise revenue per hour without increasing labor productivity; unpaid owner hours or omitted travel can inflate the ratio. Check cash and rework alongside the headline.
Click any row to see what the metric means for your business and where private landscape companies typically stand.
The cash collection gap
Retained BrightView references are about 62 days sales outstanding (DSO) and 32 days payable outstanding (DPO); they are historical ratios, not current invoice-payment ages. A private landscape company can face a different funding pattern: you pay crews weekly but collect from commercial clients net-30 or net-45. An HOA contract may specify a different term. Measure the actual collection cycle and payroll cash dates. At illustrative $3M annual credit sales, a 30-day DSO improvement releases about $247K in working capital once. If it replaces borrowing at an assumed 8%, the annualized interest sensitivity is about $20K while the reduced receivable and borrowing balances persist. This is a scenario, not a verified collection result.
The Valuation Bridge
From public multiples to your exit number
Use public company valuations as one reference point, then examine the adjustments and return requirements a buyer would apply.
Public Companies6.5-15.5x EBITDA
PE-Backed Regional Platforms7-10x EBITDA
Independent Multi-Market ($15-50M)5-8x EBITDA
Local / Owner-Operated (<$3M revenue)2-4x SDE
Public Companies (6.5-15.5x EBITDA)
Retained April 2026 observations: BV 6.5x, SITE 14.5x, TTC 15.5x, SMG 11.0x and LNN 12.0x. EV bases and EBITDA adjustments remain unreproduced. These span crew services, distribution and manufacturing; the cross-model spread does not isolate weather, labor or maintenance mix as a cause.
PE-Backed Regional Platforms (7-10x EBITDA)
Illustrative private valuation scenario, not a measured transaction distribution. 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)
Illustrative private valuation scenario, not a measured transaction distribution. Regional landscape maintenance companies with 10+ crews, multiple markets, and contract-based revenue. Diligence questions include maintenance revenue mix, owner dependency, and crew retention.
Local / Owner-Operated (<$3M revenue) (2-4x SDE)
Illustrative private valuation scenario, not a measured transaction distribution. Single-market landscape businesses, high owner dependency, seasonal concentration, and mixed maintenance/install revenue. Compare contract economics and required owner replacement before assuming a position in the range.
What drives the gap between public and private multiples
Maintenance vs. Install / Development Mix
Separate repeat-contract revenue from enhancements and projects sold to the same account. Contract durability, crew obligations and repricing matter together. BrightView's retained margin and 6.5x multiple do not identify a causal maintenance premium. Compare retained gross contribution after renewal discounts and delivery cost.
Route Density
Map paid crew travel and service time, not just account count inside a radius. Fictional example: four crew members saving 30 paid travel minutes a day at $30 loaded cost per person-hour over 200 days free $12,000 of modeled labor capacity. That is not cash savings unless paid hours fall, or incremental profitable work uses the time.
Contract Language & Renewal Terms
Read renewal, cancellation, price adjustment, service scope and assignability together. A multi-year headline can still allow easy cancellation or lock in unprofitable prices. No 3x versus 6-8x contractual premium is measured here. Verify jurisdiction and contract-specific rights before underwriting recurring revenue.
Snow/Seasonal Concentration
Separate per-event, seasonal fixed-fee and capped contracts. A low-snow year can reduce per-event revenue while a high-snow year can raise fixed-fee labor and materials. Stress both cases against dated cash and fleet commitments; revenue seasonality alone does not establish a valuation discount.
Labor Availability & Crew Retention
Measure returning trained crew members, recruitment cost, travel, attendance and completed scope. BrightView's approximate 18,000 employee count is not an H-2B worker count. Visa and labor rules require current verification; headcount does not establish productive capacity or a measured retention premium.
Multiple arbitrage: why PE keeps buying landscape services companies
Illustrative enterprise-value scenario: a $5M EBITDA business at an assumed 5x is $25M. Six such businesses sum to $30M EBITDA and $150M acquisition enterprise value before adjustments. An assumed 10x exit on unchanged aggregate EBITDA is $300M enterprise value, before integration spending, debt, fees, taxes and investor dilution. Neither the exit multiple nor unchanged EBITDA is established by the retained Yellowstone or Monarch references. Model owner replacement and branch contribution before assuming scale creates seller proceeds.
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 (approx.)
Why landscape company owners should care
BrightView is the closer public reference for a crew-based landscape services company. Its historical exit of about $73M non-core revenue overlaps a retained 13.2% adjusted EBITDA margin; that does not isolate a benefit from route density or contract mix. Build a branch bridge from contract price to paid crew hours, travel, materials, enhancements and renewal losses. Matched cash PPE spending is 9.5% of revenue and capital-spending free cash flow 1.4%, different from the historical company-defined adjusted cash figure. Its 6.5x April 2026 EV/EBITDA observation remains unreproduced.
“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)Retained historical quote; exact wording has not been independently checked.
SITE
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 (approx.)
Why landscape company owners should care
SiteOne's FY2025 product sales were $3,619.7M landscaping and $1,085.1M agronomic/other, about 76.9% / 23.1% of $4,704.8M. Its reported organic daily sales grew 1%, with agronomic +7% and landscaping -1%. Rounded growth measures, changing weights and acquisition exclusions prevent an exact bridge from full-year reported shares. A supplier product category is not your maintenance or install service mix. Compare your own orders, quote wins and job contribution by end market before forecasting. The retained 14.5x April 2026 multiple is not a crew-based services benchmark.
“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)Retained historical quote; exact wording has not been independently checked.
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)
Retained October 2023 structured investment reference. Preferred dividends, conversion and redemption terms differ from ordinary common equity; this reference does not establish present ownership or acquisition returns.
Retained transaction reference. A disclosed price is not a disclosed EBITDA multiple. Unless a calculation and primary source are shown, the multiple and target financial estimates have not been independently reproduced. Earnouts, assumed debt and forecast periods can change the ratio.
$500M convertible preferred
N/A (7% dividend, $9.44 conversion)
Oct 2023
Ridgemont Equity Partners
Yellowstone Landscape (add-ons)
Retained Ridgemont/Yellowstone Landscape backing reference, with approximately $400M+ historical revenue and a Sun Belt tuck-in acquisition strategy. Current sponsorship and any ranking by revenue have not been verified.
Retained transaction reference. A disclosed price is not a disclosed EBITDA multiple. Unless a calculation and primary source are shown, the multiple and target financial estimates have not been independently reproduced. Earnouts, assumed debt and forecast periods can change the ratio.
Undisclosed
~8-10x EBITDA (est.)
2024-2025
Public-market investors (seller: KKR)
BrightView secondary offering (partial exit)
Retained June 2025 secondary offering: KKR was the selling shareholder, not the buyer. Approximately 11.6M shares at an assumed $15.50 give about $180M seller proceeds before offering costs, not cash raised by BrightView. Current KKR ownership and control have not been verified.
Retained transaction reference. A disclosed price is not a disclosed EBITDA multiple. Unless a calculation and primary source are shown, the multiple and target financial estimates have not been independently reproduced. Earnouts, assumed debt and forecast periods can change the ratio.
~$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.
Retained transaction reference. A disclosed price is not a disclosed EBITDA multiple. Unless a calculation and primary source are shown, the multiple and target financial estimates have not been independently reproduced. Earnouts, assumed debt and forecast periods can change the ratio.
Underground construction equipment acquisition. Example of strategic buyers extending into adjacent specialty equipment categories.
Retained transaction reference. A disclosed price is not a disclosed EBITDA multiple. Unless a calculation and primary source are shown, the multiple and target financial estimates have not been independently reproduced. Earnouts, assumed debt and forecast periods can change the ratio.
Undisclosed
N/A
Late 2025
Private Equity (various)
Regional landscape services platforms
Historical aggregate planning reference, not a verified deal population. Price and multiple ranges are scenarios; maintenance weight alone does not establish a premium. Request the actual transaction, normalized earnings, debt and consideration structure before comparison.
Retained transaction reference. A disclosed price is not a disclosed EBITDA multiple. Unless a calculation and primary source are shown, the multiple and target financial estimates have not been independently reproduced. Earnouts, assumed debt and forecast periods can change the ratio.
Typically $5-50M
~5-8x EBITDA
2024-2025
Sources and verification limits are linked with each company and deal. Values may be disclosed or reported; a multiple labeled implied is a calculation rather than necessarily a buyer disclosure. Check the price and earnings basis in the source before treating it as a transaction comp. “N/A” or “Not disclosed” means the terms were not publicly disclosed here.
Historical results and operator tests
What the dated results can help you test
Services, distribution and equipment need separate valuation comparisons
April 2026 retained references are BV 6.5x, SITE 14.5x, TTC 15.5x and LNN 12.0x EBITDA, with unreproduced EV bases. The spread spans different labor, inventory and manufacturing models. It does not prove that changing a landscape operator's maintenance mix adds a turn of valuation. Normalize earnings and capital obligations before choosing peers.
Sources: Retained April 2026 public-company observations; peer-selection operator test
Mix improvement needs a branch contribution bridge
BrightView's retained $73M non-core revenue exit overlaps a 13.2% adjusted EBITDA margin, but does not isolate the cause of the change. Compare retained contracts, crew hours, travel, materials, price realization and overhead by branch. SiteOne's +7% agronomic and -1% landscaping organic daily sales are product-demand observations, not contractor-service margins.
The transaction structure matters more than a rollup headline
One Rock's retained $500M preferred investment and KKR's June 2025 secondary sale involve different cash recipients and ownership rights. Neither establishes an increase in buyers for every $5-20M operator. Separate capital issued to the company from shares sold by an existing owner, and verify current sponsor/control information.
Retail, agricultural irrigation and contractor demand are different markets
Scotts' retained POS units and dollars move differently; Lindsay's verified consolidated revenue grew 12.8% to $659M across agricultural irrigation and infrastructure. Neither measures commercial maintenance or U.S. landscape irrigation service growth. Compare your own quote intake, accepted jobs and gross contribution by end market instead of calling the whole category resilient.
Fleet purchases need a dated utilization and cash test
Toro's retained Professional growth includes non-landscape end markets. Its forecast does not establish a 10-15% capex target for a service operator. Matched public spending ratios vary by tag and business, including BV 9.5% cash PPE and LNN 6.4%. Compare repair downtime, required capacity, disposal proceeds, leases and dated cash before buying equipment.
Sources: Matched annual SEC cash facts; fleet planning operator test
Get the full report: Level Landscape Company Benchmarks 2026
Operating benchmarks for private landscape companies, labor %, maintenance vs. design-build margins, recurring revenue mix, route density, snow contract structures, and historical public-company references for private-business diligence. Free PDF.
Q1 2026. Snapshot last updated: April 2026. Financials come from filings and earnings releases; fiscal periods and adjusted earnings definitions vary. Market valuations are historical snapshots, and the report does not promise current prices or automatic quarterly updates.
Want to know what PE sees when they look at your landscape company books?
We can compare your financials with these dated references and identify questions for a benchmarking review, not a valuation or audit.
2,200+ businesses benchmarked·$13.25B in revenue analyzed·Weekly action cadence
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Methodology & Sources
Financial Data
Annual revenue and specifically listed fields are checked against linked historical SEC facts. Each profile retains its financial period and separate evidence limits for other ratios, market prices, quotes and transaction estimates.
Valuations & Multiples
Retained April 2026 EV/EBITDA references derive from public market data; their EV builds and EBITDA definitions are unreproduced. Private landscape company multiple ranges are Level planning scenarios, not a verified transaction distribution. Historical EV builds and EBITDA definitions remain unreproduced.
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 Annual period ended 2025-09-30; SEC filing dated 2025-11-19
SITE Annual period ended 2025-12-28; SEC filing dated 2026-02-19
TTC Annual period ended 2025-10-31; SEC filing dated 2025-12-17
SMG Annual period ended 2025-09-30; SEC filing dated 2025-11-25
LNN Annual period ended 2025-08-31; SEC filing dated 2025-10-23
Frequently Asked Questions
Why should an independent landscape company care about publicly traded competitors?
Use BrightView for crew-services questions and the other four for supplier or equipment context. Their revenue and business models differ. BrightView's retained 13.2% adjusted EBITDA margin and 6.5x April 2026 multiple are reference observations, not a matched private benchmark or guaranteed premium. Bridge your own contract contribution, route time, renewal economics and required fleet spending.
What EBITDA multiple can an independent landscape company realistically expect?
The displayed private ranges are planning scenarios, not a measured transaction distribution: local 2-4x SDE, regional 4-6x EBITDA, multi-market 5-8x and platform 7-11x+. No 70% maintenance magic threshold is measured. Normalize owner replacement, route delivery cost, contract repricing, concentration and required capital, then compare actual buyer terms.
What explains the retained BrightView 6.5x and SiteOne 14.5x references?
The April 2026 EV/EBITDA bases are unreproduced and the two observations do not isolate a cause. BrightView delivers crew-based services with about 18,000 employees; SiteOne distributes inventory. Check labor delivery, working capital, capital spending and EBITDA adjustments for each. The cross-company spread does not establish that your service firm would receive a supplier multiple.
Why isn't there a pure-play public landscape services company besides BrightView?
This selected five-company set has BrightView as its closer listed crew-services reference. It is not a census of public competitors or a probability distribution for your buyer. Yellowstone, Monarch and their historical sponsor associations are retained references requiring current verification. A preferred position such as One Rock's does not establish majority common ownership, and KKR control is not refreshed here.
How often is this data updated?
This is a retained April 2026 market snapshot, reviewed October 7, 2026. Market prices and deal status have not been refreshed to the review date. Annual revenue and specifically listed financial fields are checked against historical SEC facts. Other ratios, quotes, market prices and estimated deal multiples have independent evidence limits. Market valuations reflect publicly available data at the time of update.
Is this investment advice?
No. This is an educational historical reference. Expressly listed matched annual financial fields are reproduced from SEC facts; other ratios, quotes, transaction estimates and private valuation scenarios have separate limits. It does not verify current ownership, offers or investment returns.