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SITE, SiteOne Landscape

Trading Companies & Distributors capital-intensive

We are the largest and only national full product line wholesale distributor of landscape supplies in the United States and have an established presence in Canada.

Our consultative services include 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 that we call SiteOne University.

Our typical customer is a private landscape contractor that operates in a single market.

Latest annual: FY2025 10-K

SITE · SiteOne Landscape

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$4.7B

+3.6% YoY · 15% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $4.7B 5-yr avg $3.9B

Operating margin 5.1% 5-yr avg 6.2%

ROIC 9% 5-yr avg 13%

Owner-earnings margin 6% 5-yr avg 6%

Free cash flow margin 5% 5-yr avg 6%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Landscaping products (77%) and Agronomic (23%).
What moves the needle: Operating margin has run about 5.3% through the cycle, a thin margin, where volume, cost discipline and the price it gets all bear on the result. Inventory runs near 18% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 12%). By owner earnings: roughly 5% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Landscaping products is 77% of revenue, with Agronomic the other meaningful line at 23%.

Revenue by product line, FY2025

Landscaping products77%$3.6B
Agronomic23%$1.1B

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2025

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
									Income statement
$1.9B	$2.1B	$2.4B	$2.7B	$3.5B	$4.3B	$4.5B	$4.7B	$4.7B	RevenueRevenue
27%	27%	28%	27%	26%	29%	31%	30%	30%	SG&A / revenueSG&A/rev
$98M	$107M	$125M	$180M	$314M	$250M	$192M	$238M	$242M	Operating incomeOp. inc.
5.3%	5.1%	5.3%	6.6%	9.0%	5.8%	4.2%	5.1%	5.1%	Operating marginOp. mgn
$55M	$74M	$78M	$121M	$238M	$173M	$124M	$152M	$153M	Net incomeNet inc.
25%	2%	15%	18%	19%	22%	23%	23%	23%	Effective tax rateTax rate
									Cash flow & returns
$16M	$78M	$131M	$229M	$211M	$298M	$283M	$301M	$308M	Operating cash flowOp. cash
$14M	$22M	—	—	—	—	—	—	$24M	DepreciationDeprec.
($58M)	($25M)	$41M	$98M	($42M)	$98M	$135M	$122M	$104M	Working capital & otherWC & other
$15M	$15M	$20M	$19M	$33M	$32M	$41M	$54M	$62M	CapexCapex
0.8%	0.7%	0.8%	0.7%	0.9%	0.7%	0.9%	1.1%	1.3%	Capex / revenueCapex/rev
$2M	$63M	$111M	$211M	$178M	$265M	$243M	$265M	$285M	Owner earningsOwner earn.
0.1%	3.0%	4.7%	7.8%	5.1%	6.2%	5.3%	5.6%	6.0%	Owner earnings marginOE mgn
$2M	$63M	$111M	$211M	$178M	$265M	$243M	$247M	$246M	Free cash flowFCF
0.1%	3.0%	4.7%	7.8%	5.1%	6.2%	5.3%	5.2%	5.2%	Free cash flow marginFCF mgn
$83M	$148M	$72M	$159M	$147M	$193M	$138M	$38M	$107M	AcquisitionsAcquis.
$200K	$0	—	$0	$0	$12M	$51M	$98M	—	BuybacksBuybacks
11%	13%	12%	15%	20%	12%	8%	10%	9%	ROICROIC
26%	24%	20%	15%	23%	13%	8%	9%	9%	Return on equityROE
26%	24%	20%	15%	23%	13%	8%	9%	9%	Retained to equityRetained/eq
									Balance sheet
$16M	$17M	$19M	$55M	$54M	$83M	$107M	$191M	$84M	Cash & investmentsCash+inv
$220M	$285M	$283M	$293M	$394M	$491M	$547M	$547M	$577M	ReceivablesReceiv.
$338M	$412M	$427M	$459M	$637M	$771M	$827M	$877M	$1.1B	InventoryInvent.
$124M	$185M	$162M	$173M	$255M	$271M	$316M	$311M	$454M	Accounts payablePayables
$434M	$512M	$548M	$579M	$776M	$991M	$1.1B	$1.1B	$1.2B	Operating working capitalOper. WC
$602M	$765M	$766M	$852M	$1.1B	$1.4B	$1.5B	$1.7B	$1.9B	Current assetsCur. assets
$206M	$282M	$311M	$369M	$513M	$578M	$641M	$687M	$809M	Current liabilitiesCur. liab.
2.9×	2.7×	2.5×	2.3×	2.2×	2.4×	2.4×	2.5×	2.3×	Current ratioCurr. ratio
$107M	$148M	$181M	$251M	$311M	$486M	$518M	$530M	$568M	GoodwillGoodwill
$911M	$1.2B	$1.4B	$1.7B	$2.1B	$2.8B	$3.1B	$3.2B	$3.5B	Total assetsAssets
$464M	$558M	$525M	$264M	$255M	$373M	$388M	$385M	$536M	Total debtDebt
$447M	$541M	$506M	$208M	$202M	$290M	$281M	$195M	$452M	Net debt / (cash)Net debt
3.9×	3.3×	3.7×	5.8×	16.3×	12.5×	6.0×	6.8×	6.8×	Interest coverageInt. cov.
$213M	$302M	$393M	$795M	$1.1B	$1.3B	$1.6B	$1.7B	$1.6B	Shareholders’ equityEquity
0.3%	0.4%	0.5%	0.4%	0.4%	0.6%	0.6%	0.6%	0.6%	Stock comp / revenueSBC/rev
									Per share
42.2M	42.6M	42.8M	44.1M	45.8M	45.7M	45.6M	45.1M	44.6M	Shares out (diluted)Shares
$44.12	$49.55	$55.15	$61.34	$75.88	$94.15	$99.50	$104.36	$105.54	Revenue / shareRev/sh
$1.29	$1.73	$1.82	$2.75	$5.20	$3.80	$2.71	$3.37	$3.42	EPS (diluted)EPS
$0.04	$1.48	$2.60	$4.78	$3.89	$5.81	$5.32	$5.87	$6.38	Owner earnings / shareOE/sh
$0.04	$1.48	$2.60	$4.78	$3.89	$5.81	$5.32	$5.47	$5.52	Free cash flow / shareFCF/sh
$0.34	$0.35	$0.46	$0.42	$0.71	$0.70	$0.89	$1.19	$1.39	Cap. spending / shareCapex/sh
$5.04	$7.08	$9.20	$18.03	$23.09	$28.52	$34.46	$36.80	$36.37	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	8-yr	5-yr
Revenue / share	+11.4%/yr	+14.2%/yr (4-yr)
Owner earnings / share	+85.1%/yr	+5.3%/yr (4-yr)
EPS	+12.7%/yr	+5.2%/yr (4-yr)
Capital spending / share	+16.8%/yr	+29.6%/yr (4-yr)
Book value / share	+28.2%/yr	+19.5%/yr (4-yr)

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

Revenue+3.6%
“Net sales grew 4% in the 2025 Fiscal Year, primarily driven by the execution of our sales initiatives as well as contributions from acquisitions.”
✓ figure matches the filed record
Net income+22.8%
“Net income attributable to SiteOne increased 23% for the 2025 Fiscal Year, primarily due to Net sales growth, improved gross margin, and lower SG&A as a percentage of Net sales.”
✓ figure matches the filed record

The record, charted

FY2017–2025

Each measure over its full record; the current point and the worst year marked.

Share count

45Mpeak FY2022

ROIC

10%low FY2024

Net debt ÷ owner earnings

0.7×peak FY2017

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$265Mowner earningsvs.$152Mnet incomelow FY2017

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2017FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business earned $265M of owner earnings, the operating cash left after the $36M it takes just to hold its position. It put $18M more into growth; free cash flow, after that spending, was $247M.

Reported net income$152M

Owner earnings$265M · 6% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$152M	$124M	$173M	$238M	$121M
Stock-based compensationreal costnon-cash, but a real cost	+$27M	+$25M	+$26M	+$14M	+$11M
Working capital & othertiming of cash in and out, other non-cash items	+$122M	+$135M	+$98M	−$42M	+$98M
Cash from operations	$301M	$283M	$298M	$211M	$229M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$36M	−$41M	−$32M	−$33M	−$19M
Owner earnings	$265M	$243M	$265M	$178M	$211M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$18M	—	—	—	—
Free cash flow	$247M	$243M	$265M	$178M	$211M
Owner-earnings marginowner earnings ÷ revenue	6%	5%	6%	5%	8%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $36M, roughly its depreciation, the rate its assets wear out). The other $18M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $27M), owner earnings is nearer $238M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 6.8×

Comfortable

Operating income $238M ÷ interest expense $35M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? $195M · 0.8× operating profit

Modest net debt

Cash $191M − debt $385M

What this means
Netting $191M of cash and short-term investments against $385M of debt leaves $195M owed, about 0.8× a year's operating profit (1.6× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital 12%

Solid through the cycle

8-yr median, range 8%–20%; 10% latest = NOPAT $183M ÷ invested capital $1.9B

Industry peers: median 13%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 8 years (it ran 10% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 5%

Solid through the cycle

8-yr median margin, range 0%–8%; latest $279M = operating cash $301M − maintenance capex $22M

Industry peers: median 5%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 6% of revenue this year, a 5% median across 8 years. Treating stock comp as the real expense it is (less $27M of SBC) leaves $252M.
Are earnings backed by cash? 1.98×

Cash-backed

Cash from ops $301M ÷ net income $152M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 35%

Reinvests most of it

Dividends + buybacks $98M ÷ Owner Earnings $279M

What this means
Of $279M Owner Earnings, $98M (35%) went back to shareholders, $0 dividends, $98M buybacks. Net of $27M stock comp, the real buyback was about $71M. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 2.50×

Expanding

Capex $54M ÷ depreciation $22M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 5 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $4.7B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 2.47×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $385M vs $1.0B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (8-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +118%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $3.38/share (latest year $3.43), the averaged base the calculator's gate runs on, and book value is $37.45/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 8 of 8

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Return on capital ≥ 15% 1 of 8 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 5% → 5% (3-yr avg ends)

What this means
Through the cycle the operating margin held roughly steady — about 5% early, 5% lately, median 5%.
Reinvestment, incremental ROIC 8%

What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
Owner earnings growth +29%/yr

What this means
Owner earnings grew about 29% a year over the record.
Worst year 2024 · 4.2% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count +0.8%/yr

What this means
Roughly flat share count, little dilution, little buyback.

Does AI threaten the moat?

Moderate contestability

AI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.

The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 29, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$1.9B

Cash & short-term investments$84M
Receivables$577M
Inventory$1.1B
Other current assets$113M

Current liabilities$809M

Debt due within a year$4M
Accounts payable$454M
Other current liabilities$351M

Current ratio2.33×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.96×stricter: inventory excluded

Cash ratio0.10×strictest: cash alone against what's due

Working capital$1.1Bthe cushion left after near-term bills

Debt due this year vs. cash$4M due · $84M cash covered by cash on hand, no refinancing forced · both figures from the Mar 29, 2026 balance sheet

Revenue, latest quarter vs. a year ago+0.1%the freshest read on whether the business is still growing

Current ratio, recent quarters2.5× → 2.3×

Deeper floors

Tangible book value$822Mequity stripped of goodwill & intangibles

Net current asset value$73MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$1.0B$464M of it operating leases; with finance leases, “total fixed claims” below reaches $980M (annual-report basis)

Deferred revenue$18Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Debt maturity

the debt note, SEC EDGAR →

Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.

'26$5M

'27$4M

'28$4M

'29$5M

'30$372M

Bars scaled to the largest single year.

Due in the next 12 months$5Mthe first rung: what must be repaid or rolled over within the year

Within two years$9Mthe near wall, the part most exposed to today’s credit conditions

Biggest single year$372Min 2030the lumpiest maturity, where a refinancing, if needed, is largest

Due over the next five years$389Mthe near slice; the balance sheet carries $385M of debt in all

Against what the business has and earns

Cash & short-term investments, Mar 29, 2026$84M

One year of owner earnings (FY2025)$279M

Together, against $5M due next year74.1×

Cash on hand as of Mar 29, 2026 plus a year’s owner earnings comes to $363M against the $5M due in the twelve months after the Dec 28, 2025 schedule: 74 times it.

Maturity schedule extracted from the company’s Dec 28, 2025 annual report and reconciled to the balance-sheet debt.

Lease obligations

the lease note, SEC EDGAR →

Debt by another name. What the business owes on the property, aircraft, stores and equipment it rents rather than owns is a fixed claim due on a schedule; added back to the debt, it is the true leverage. That ladder, operating and finance leases together, and what it adds to the debt on the page above.

Operating leasesFinance leases

'26$150M

'27$142M

'28$121M

'29$97M

'30$67M

later$114M

Lease payments by year, scaled to the largest; “later” is everything beyond year five, shown apart. These are the contractual cash payments, before the interest the filing imputes back out to the balance-sheet liability.

Due in the next 12 months$150Ma fixed cash payment, owed whether or not the business has a good year

Total lease payments$692Mevery year plus the tail, undiscounted: the full cash the leases will take

On the balance sheet$595Mthe present value of those payments, the recognised lease liability

True leverage: debt plus leases

On-balance-sheet debt$385M

Lease obligations (present value)$595M

Total fixed claims on the business$980M

Counting the leases the way Buffett does, the fixed claims on this business come to $980M, of which the leases are 61%, more than the debt itself. The lease wall above and the debt schedule together are the calendar of what must be paid, and when.

Lease ladder read from the ASC 842 tags in the company’s Dec 28, 2025 annual report and reconciled: the yearly buckets sum to the undiscounted total, which less the imputed interest equals the balance-sheet liability; a ladder that doesn’t tie out is withheld.

How the cash was used, 2017–2025

Over the record, the business generated $1.5B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$226M · 15%
Buybacks$162M · 10%
Retained (debt / cash)$1.2B · 75%

Returned to owners$162M
12% of the owner earnings the business produced over the span, $0 as dividends and $162M as buybacks.
Average price paid for buybacks$115.12
Across the years where the filing reports a share count, 1M shares were bought for $162M, about $115.12 each. Year to year the price paid ranged from $18.12 (2017) to $139.99 (2024); its heaviest year, 2025, paid $120.33 ($98M).
Net change in share count5.7%
The diluted count rose from 42M to 45M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained23%
Of the earnings it kept rather than paid out ($853M over the span), annual owner earnings (first three years vs last three) grew $199M, so each retained $1 added about 0.23 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 8-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$750M23% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity32%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$978Mover 8 years buying other businesses, against $226M of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 8-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2022	Mr. Black	$6.0M	$17.9M	$178M
2023	Mr. Black	$5.4M	$10.3M	$265M
2024	Mr. Black	$5.1M	$2.8M	$243M
2025	Mr. Black	$6.2M	$4.7M	$265M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership2.1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio85:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$27M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 11% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why SiteOne Landscape is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2017–2025.

1 of the 6 tests turned up something to look into; the other 5 came back clean.

Look hereDid the share count rise anyway?5.7%
Diluted shares grew 5.7% over 2017–2025, even as the company spent $162M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.

And these came back clean

Is it less profitable than it was?
Did debt outgrow the business?
Did reported profit become cash?
Did receivables and inventory outpace sales?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Inventory as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Trading Companies & Distributors

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
HSICHenry Schein Inc.	$13.2B	31%	6.1%	13%	5%
BCCBoise Cascade L.L.C.	$6.4B	56%	4.7%	20%	4%
POOLPool Corporation	$5.3B	29%	11.3%	29%	7%
SITESiteOne Landscape	$4.7B	—	5.3%	12%	5%
RYZRyerson Holding Corporation	$4.6B	18%	3.7%	12%	2%
AITApplied Industrial	$4.6B	29%	8.4%	13%	7%
MSMMSC Industrial Direct Company Inc.	$3.8B	42%	12.0%	15%	8%
SCSCScanSource	$3.0B	12%	2.8%	8%	2%
Group median	—	—	5.7%	13%	5%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what SiteOne Landscape has delivered.

Today’s price $

Through the cycle, SiteOne Landscape earns about $247M on its 5.2% median owner-earnings margin. This year’s 5.9% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($247M) Net of stock comp (−$28M) Steady-state · maintenance capex ($287M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+7%/yr

Owner-earnings growth · ’17→’25+29%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $246M on 44M shares outstanding, per the 10-Q cover, as of 2026-04-24; net debt $452M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($62M) runs well above depreciation ($24M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $287M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh SITE against another business →

The owners of SITE: the meeting and the votes →

Cite: Owner Scorecard, "SiteOne Landscape (SITE), the owner's record," https://ownerscorecard.com/c/SITE, data as of 2026-07-09.

Manual order: ← SIRI its page in the Manual SITM →

Industry order: ← SHW the Trading Companies & Distributors chapter SUNB →