# SiteOne Landscape Supply (SITE.US)

Canonical: https://gigainvestors.com/s/SITE

Analysis as of: 2026-10-16T07:31:55.168Z. Financial observations: FY2012–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $94.27 per share; close as of 2026-10-15.

Estimated value: low $73.89 per share, central $84.34 per share, high $97.96 per share. Buy at or below the central value $84.34 per share. Valuation as of 2026-10-16T07:31:55.168Z; scenarios are not confidence intervals.

Expected annual return: 9.2% at the stated quote. About 9.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.05×

- FY2018: 0.05×

- FY2019: 0.05×

- FY2020: 0.07×

- FY2021: 0.09×

- FY2022: 0.08×

- FY2023: 0.06×

- FY2024: 0.04×

- FY2025: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 12.0%

- ROIC, second-lowest year: 9.6%

- Typical minus recent gross margin: -0.8 pp

- Typical gross margin (annual median): 33.8%

- Recent gross margin (lower of latest and 3-year median): 34.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.9%

- ROIC including acquisitions, ten-year median: 11.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.7%

- FY2017: 13.0%

- FY2018: 14.9%

- FY2019: 10.9%

- FY2020: 13.9%

- FY2021: 19.5%

- FY2022: 16.3%

- FY2023: 10.9%

- FY2024: 7.9%

- FY2025: 9.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.41×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.3B

- Net income, five-year total: $933M

- Return on incremental invested capital: 60.5%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.2 pp

- Working capital / revenue, final three-year average: 23.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.19×

- FY2022: 1.25×

- FY2023: 1.53×

- FY2024: 1.76×

- FY2025: 1.57×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 13.0% vs 9.6%

- Per-share earnings: 1.29 to 3.37 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 12.2%

- Ordinary dilution, 5-year annual growth: 0.4%

- Market cap gain: $4.2B

- Cumulative retained earnings: $1.3B

- Diluted shares, 10-year annual growth: 12.2%

- Diluted shares, 5-year annual growth: 0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.7%

- Per-share value change: $2.07

- Per-share value, starting three-year median: $1.29

- Per-share value, ending three-year median: $3.37

- Buybacks concentrated in cheaper years (correlation): 0.20

- Average buyback yield: 0.7%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: $1.3B

- Cumulative net income, 10 years: $1.3B

- ROIC, first three-year median: 13.0%

- ROIC, last three-year median: 9.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.01

- FY2017: $1.29

- FY2018: $1.73

- FY2019: $1.82

- FY2020: $2.75

- FY2021: $5.20

- FY2022: $5.36

- FY2023: $3.80

- FY2024: $2.71

- FY2025: $3.37

### accounting: pass

- Sloan accruals: -4.6%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 9.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.98×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.45×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.7%

- FY2017: 4.2%

- FY2018: -0.4%

- FY2019: -3.7%

- FY2020: -6.4%

- FY2021: 1.3%

- FY2022: 1.1%

- FY2023: -4.4%

- FY2024: -5.2%

- FY2025: -4.6%

## Holders

## Price story

Down 61% since Dec 2021 · "SITE Q1 Earnings Call: Organic Sales Decline Offset by Acquisitions, Tariff Uncertainty Remains" (finance.yahoo.com, May 2025) · sales +3.6%

Story as of 2026-10-16T09:59:35.116Z; price observation 2026-10-15.

Price needs cash profits to grow 2.4% a year for ten years

- 2025-05-13: SITE Q1 Earnings Call: Organic Sales Decline Offset by Acquisitions, Tariff Uncertainty Remains ([finance.yahoo.com](https://finance.yahoo.com/news/q1-earnings-call-organic-sales-132827106.html))

- 2025-07-30: SiteOne signals continued EBITDA margin growth and digital expansion amid challenging end markets ([seekingalpha.com](https://seekingalpha.com/news/4475035-siteone-signals-continued-ebitda-margin-growth-and-digital-expansion-amid-challenging-end?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-10-30: SiteOne (SITE) Surpasses Q3 Estimates but Does Cautious EBITDA Guidance Signal a Strategic Shift? ([finance.yahoo.com](https://finance.yahoo.com/news/siteone-surpasses-q3-estimates-does-051624278.html))

- 2025-11-08: SiteOne Landscape Supply (SITE): Evaluating Valuation After Improved Q3 Results and Upbeat Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/siteone-landscape-supply-evaluating-valuation-131835407.html))

### Sales · FY2024–2025

sales +3.6%; source https://www.sec.gov/Archives/edgar/data/1650729/000165072926000005/site-20251228.htm; observed 2026-02-19.

- FY2016: $1.6B 

- FY2017: $1.9B 

- FY2018: $2.1B 

- FY2019: $2.4B 

- FY2020: $2.7B 

- FY2021: $3.5B 

- FY2022: $4.0B 

- FY2023: $4.3B 

- FY2024: $4.5B 

- FY2025: $4.7B 

### Gross margin · FY2025

gross margin 34.8%; source https://www.sec.gov/Archives/edgar/data/1650729/000165072926000005/site-20251228.htm; observed 2026-02-19.

- FY2016: 31.3% 

- FY2017: 32.0% 

- FY2018: 32.1% 

- FY2019: 32.8% 

- FY2020: 33.3% 

- FY2021: 34.9% 

- FY2022: 35.4% 

- FY2023: 34.7% 

- FY2024: 34.4% 

- FY2025: 34.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in industrial distribution; annual sales are USD 4.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1650729/000165072926000005/site-20251228.htm (filed 2026-02-19); FY2025: revenue 4704800000; grossProfit 1635200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SITE.US: SiteOne Landscape Supply, Inc., together with its subsidiaries, engages in the wholesale distribution of landscape supplies in the United States and Canada. The company provides irrigation products, including controllers, valves, sprinkler heads, irrigation pipes, micro irrigation, and drip products; fertilizer, grass seed, and ice melt products; control products, such as herbicides, fungicides, rodenticides, and other pesticides; hardscapes, which includes pavers, natural stones, blocks, and other durable materials; landscape accessories that include mulches, soil amendments, drainage pipes, tools, and sods; nursery goods, which consist of deciduous and evergreen shrubs, ornamental, shade, evergreen trees, field grown and container-grown nursery stock, roses, perennials, annuals, bulbs, and plant species and cultivars; and outdoor lighting products that include lighting fixtures, LED lamps, wires, transformers, and accessories. It also offers consultative services consisting of assistance with irrigation project take-offs, commercial project planning, generation of sales leads, business operations, and product support services, as well as a series of technical and business management seminars; and distributes branded products of third parties. In addition, the company provides product knowledge and technical expertise, project services, and partners program services. Additionally, it offers plant varieties under the Portfolio brand; and natural stone under the Solstice brand name. The company offers its products under the LESCO, SiteOne Green Tech, and Pro-Trade brand names. It markets its products primarily to residential and commercial landscape professionals who specializes in the design, installation, and maintenance of lawns, gardens, golf courses, and other outdoor spaces through branch network and direct distribution. SiteOne Landscape Supply, Inc. was founded in 2001 and is headquartered in Roswell, Georgia.

### Why customers stay

Margins ranged from 34.4% to 34.8% during 2023–25; it earns 12% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 34.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 34.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1650729/000165072926000005/site-20251228.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 34.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 10-year return on capital observations [[2016,0.107318161535029],[2017,0.1302036928937909],[2018,0.14872366683671936],[2019,0.10871527567734694],[2020,0.1386405914995586],[2021,0.19537047752677636],[2022,0.16302953855012764],[2023,0.1092742313142208],[2024,0.07855282787448319],[2025,0.09619673088194398]]; median 0.11973896210400586. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 35% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1650729/000165072926000005/site-20251228.htm (filed 2026-02-19); Gross margin observations: [[2021,0.34887936243058953],[2022,0.3540914186075476],[2023,0.3466939458755696]]; range within 2 percentage points.

### Where the cash goes

Reinvests 15.9% of cash earnings; earns 60.5% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2016: growth capex 0; upkeep 8800000; cash acquisitions 66400000; owner earnings 58800000. Growth capex plus acquisitions / owner earnings = 1.129251700680272.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2017: growth capex 0; upkeep 16000000; cash acquisitions 82900000; owner earnings 81700000. Growth capex plus acquisitions / owner earnings = 1.01468788249694.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2018: growth capex 0; upkeep 19900000; cash acquisitions 147700000; owner earnings 106300000. Growth capex plus acquisitions / owner earnings = 1.3894637817497648.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2019: growth capex 0; upkeep 21400000; cash acquisitions 71500000; owner earnings 115800000. Growth capex plus acquisitions / owner earnings = 0.6174438687392055.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2020: growth capex 0; upkeep 25800000; cash acquisitions 159400000; owner earnings 162700000. Growth capex plus acquisitions / owner earnings = 0.9797172710510141.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2021: growth capex 0; upkeep 37000000; cash acquisitions 147200000; owner earnings 284400000. Growth capex plus acquisitions / owner earnings = 0.5175808720112518.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2022: growth capex 0; upkeep 41700000; cash acquisitions 244900000; owner earnings 307500000. Growth capex plus acquisitions / owner earnings = 0.7964227642276422.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: growth capex 0; upkeep 36000000; cash acquisitions 192700000; owner earnings 265100000. Growth capex plus acquisitions / owner earnings = 0.7268955111278763.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: growth capex 0; upkeep 44800000; cash acquisitions 138200000; owner earnings 217800000. Growth capex plus acquisitions / owner earnings = 0.6345270890725436.

- Source: https://www.sec.gov/Archives/edgar/data/1650729/000165072926000005/site-20251228.htm (filed 2026-02-19); FY2025: growth capex 0; upkeep 53700000; cash acquisitions 37900000; owner earnings 238900000. Growth capex plus acquisitions / owner earnings = 0.15864378401004606.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Incremental return on capital 0.6053805867736698, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2016,189000000],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,3200000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1650729/000165072926000005/site-20251228.htm (filed 2026-02-19); FY2025: cash repurchases 98300000 USD.

### Are managers owners

Insiders own 1.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SITE.US SharesStats.PercentInsiders = 1.838 percentage points; cache date 2026-10-16.

### What could break it

US import tariffs could raise product costs.

- Source: https://www.sec.gov/Archives/edgar/data/1650729/000165072926000005/site-20251228.htm (filed 2026-02-19); arkets.

As we continue to navigate through the current uncertainty presented by market and economic conditions, we are prepared to meet the challenges ahead due to our well-balanced business, strong financial condition, dedicated and experienced teams, and focused business strategy. Our balance sheet and liquidity position provide the flexibility to operate effectively and execute our growth strategy, as well as complete share repurchases through the evolving market conditions. We continue to monitor the impact on our business and the related risks and uncertainties of interest rate changes, tariffs, labor market conditions, and workforce availability, as well as end market demand, commodity prices, and the potential effects of uncertain political conditions and geopolitical conflicts. These conditions are beyond our control, and we cannot estimate with certainty the full extent of their impact on our business, results of operations, cash flows, and/or financial condition. To mitigate the effects of these conditions, we may take actions that alter our business operations if required or that we determine are in the best interests of our associates, customers, suppliers, and shareholders. The forward-looking statements in this Business Environment and Trends section are subject to significant risks and uncertainties. See Part I, Item 1A. - “Risk Factors”, for a discussion of the various risks that could have a material adverse effect on our reputation, business, financial position, results of operations, and cash flows.

Presentation

Our financial statements included in this report have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). Our fiscal year is a 52- or 53-week period ending on the Sunday nearest to December 31 in each year. Our fiscal quarters end on the Sunday nearest to March 31, June 30, and September 30, respectively.

The discussion of our financial condition is presented for the 2025 Fiscal Year, which ended on December 28, 2025, and the 2024 Fiscal Year, which ended on December 29, 2024, both of which included 52 weeks and 252 Selling Days. “Selling Days” are defined below within the “Key Business and Performance Metrics” section.

36

Table of Contents

We manage our business as a single reportable segment. Within our organizational framework, the same operational resources support multiple geographic regions, and performance is evaluated at a consolidated level. Each of our regions has similar operations and economic characteristics such as the nature of products and services, the types of customers to whom we sell, and the distribution methods utilized. In addition, our product categories have similar supply chain processes and classes of customers.

Key Business and Performance Metrics

We focus on a variety of indicators and key operating and financial metrics 

### What the price says

The price assumes cash profits grow 2.4% yearly over ten years; actual growth was 4.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Ten-year compound average after fade. Initial solved rate 0.020906044593203554. Price 94.27; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.4905382135467646 → FY2025 5.299068419779202. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $31.18 per share

- 2016-11: $33.50 per share

- 2016-12: $34.73 per share

- 2017-01: $38.42 per share

- 2017-02: $39.21 per share

- 2017-03: $48.41 per share

- 2017-04: $47.81 per share

- 2017-05: $53.18 per share

- 2017-06: $52.06 per share

- 2017-07: $52.50 per share

- 2017-08: $50.24 per share

- 2017-09: $58.10 per share

- 2017-10: $63.51 per share

- 2017-11: $74.78 per share

- 2017-12: $76.70 per share

- 2018-01: $76.16 per share

- 2018-02: $68.84 per share

- 2018-03: $77.04 per share

- 2018-04: $68.50 per share

- 2018-05: $75.65 per share

- 2018-06: $83.97 per share

- 2018-07: $89.16 per share

- 2018-08: $90.37 per share

- 2018-09: $75.34 per share

- 2018-10: $68.04 per share

- 2018-11: $61.64 per share

- 2018-12: $55.27 per share

- 2019-01: $53.30 per share

- 2019-02: $53.71 per share

- 2019-03: $57.15 per share

- 2019-04: $67.30 per share

- 2019-05: $64.87 per share

- 2019-06: $69.30 per share

- 2019-07: $73.87 per share

- 2019-08: $78.20 per share

- 2019-09: $74.02 per share

- 2019-10: $88.06 per share

- 2019-11: $88.76 per share

- 2019-12: $90.65 per share

- 2020-01: $96.55 per share

- 2020-02: $99.25 per share

- 2020-03: $73.62 per share

- 2020-04: $88.63 per share

- 2020-05: $106.31 per share

- 2020-06: $113.97 per share

- 2020-07: $128.03 per share

- 2020-08: $125.05 per share

- 2020-09: $121.95 per share

- 2020-10: $119.49 per share

- 2020-11: $138.10 per share

- 2020-12: $158.63 per share

- 2021-01: $157.68 per share

- 2021-02: $158.51 per share

- 2021-03: $170.74 per share

- 2021-04: $179.38 per share

- 2021-05: $172.04 per share

- 2021-06: $169.26 per share

- 2021-07: $174.78 per share

- 2021-08: $200.10 per share

- 2021-09: $199.47 per share

- 2021-10: $234.96 per share

- 2021-11: $240.36 per share

- 2021-12: $242.28 per share

- 2022-01: $180.12 per share

- 2022-02: $172.43 per share

- 2022-03: $161.69 per share

- 2022-04: $141.03 per share

- 2022-05: $134.27 per share

- 2022-06: $118.87 per share

- 2022-07: $139.33 per share

- 2022-08: $125.16 per share

- 2022-09: $104.14 per share

- 2022-10: $115.87 per share

- 2022-11: $125.53 per share

- 2022-12: $117.32 per share

- 2023-01: $151.51 per share

- 2023-02: $148.34 per share

- 2023-03: $136.87 per share

- 2023-04: $147.74 per share

- 2023-05: $137.89 per share

- 2023-06: $167.36 per share

- 2023-07: $170.00 per share

- 2023-08: $171.19 per share

- 2023-09: $163.45 per share

- 2023-10: $137.77 per share

- 2023-11: $140.82 per share

- 2023-12: $162.50 per share

- 2024-01: $154.55 per share

- 2024-02: $168.48 per share

- 2024-03: $174.55 per share

- 2024-04: $156.89 per share

- 2024-05: $154.82 per share

- 2024-06: $121.41 per share

- 2024-07: $146.68 per share

- 2024-08: $141.86 per share

- 2024-09: $150.91 per share

- 2024-10: $139.74 per share

- 2024-11: $153.25 per share

- 2024-12: $131.77 per share

- 2025-01: $142.30 per share

- 2025-02: $126.31 per share

- 2025-03: $121.44 per share

- 2025-04: $114.81 per share

- 2025-05: $116.81 per share

- 2025-06: $120.94 per share

- 2025-07: $137.83 per share

- 2025-08: $143.24 per share

- 2025-09: $128.80 per share

- 2025-10: $129.77 per share

- 2025-11: $134.28 per share

- 2025-12: $124.56 per share

- 2026-01: $143.54 per share

- 2026-02: $142.89 per share

- 2026-03: $133.11 per share

- 2026-04: $126.05 per share

- 2026-05: $108.60 per share

- 2026-06: $114.41 per share

- 2026-07: $94.44 per share

- 2026-08: $98.53 per share

- 2026-09: $90.31 per share

- 2026-10: $94.27 per share

## Annual estimated value (USD per share)

- FY2016: low $21.20 per share, central $24.12 per share, high $28.01 per share

- FY2017: low $17.21 per share, central $19.58 per share, high $22.74 per share

- FY2018: low $19.32 per share, central $21.98 per share, high $25.53 per share

- FY2019: low $26.45 per share, central $30.10 per share, high $34.95 per share

- FY2020: low $32.96 per share, central $37.50 per share, high $43.54 per share

- FY2021: low $41.74 per share, central $47.49 per share, high $55.15 per share

- FY2022: low $60.30 per share, central $71.93 per share, high $83.75 per share

- FY2023: low $64.49 per share, central $74.68 per share, high $86.81 per share

- FY2024: low $68.73 per share, central $79.80 per share, high $92.72 per share

- FY2025: low $72.65 per share, central $82.61 per share, high $95.61 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1650729/000165072926000005/site-20251228.htm); period 2025-12-28, filed 2026-02-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.