BrightView Holdings, Inc. BV
BrightView Holdings, Inc. is a holding company that conducts substantially all of its activity through its direct, wholly-owned operating subsidiary, BrightView Landscapes, LLC ("BrightView Landscapes") and its consolidated subsidiaries. The holding company and BrightView Landscapes are collectively referred to in this Form 10-K (the "Annual Report") as "we," "us," "our," "ourselves," "Company," or "BrightView."
We are the largest provider of commercial landscaping services in the United States, with revenues approximately 4 times those of our next largest commercial landscaping competitor. We provide commercial landscaping services, ranging from landscape maintenance and enhancements to tree care and landscape development. We operate through a differentiated and integrated national service model which systematically delivers services at the local level by combining our network of over 265 branches with a qualified service partner network. Our branch delivery model underpins our position as a single-source end-to-end landscaping solution provider to our diverse customer base at the national, regional and local levels, which we believe represents a significant competitive advantage. We believe our commercial customer base understands the financial and reputational risk associated with inadequate landscape maintenance and considers our services to be essential and non-discretionary.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.67B | $2.77B | $2.82B | $2.77B | $2.55B | $2.35B | $2.40B | $2.35B | — | $2.19B |
| Cost of revenue | $2.05B | $2.12B | $2.14B | $2.10B | $1.90B | $1.75B | $1.77B | $1.73B | — | $1.58B |
| Gross profit | $621.7M | $645.6M | $678.9M | $674.8M | $650.8M | $595.3M | $638.2M | $626.1M | — | $607.2M |
| SG&A | $457.8M | $496.5M | $533.4M | $534.9M | $508.0M | $527.4M | $452.2M | $481.2M | — | $468.0M |
| Operating income | $134.6M | $156.9M | $101.0M | $88.4M | $90.5M | $12.1M | $129.7M | $40.0M | — | $7.6M |
| Interest expense | $53.7M | $62.4M | $97.4M | $53.3M | $42.3M | $64.6M | $72.5M | $97.8M | — | $94.7M |
| Pre-tax income | $81.3M | $96.5M | -$3.1M | $19.6M | $50.9M | -$51.2M | $57.2M | -$81.3M | — | -$84.9M |
| Income tax | $25.3M | $30.1M | $4.6M | $5.6M | $4.6M | $9.6M | $12.8M | $66.2M | — | $32.5M |
| Net income | $56.0M | $66.4M | -$7.7M | $14.0M | $46.3M | -$41.6M | $44.4M | -$15.1M | — | -$52.4M |
| EPS, basic | 0.13 | 0.21 | -0.12 | 0.14 | 0.44 | -0.40 | 0.43 | -0.18 | — | — |
| EPS, diluted | 0.13 | 0.20 | -0.12 | 0.14 | 0.44 | -0.40 | 0.43 | -0.18 | — | -0.67 |
| Shares, diluted (wtd. avg.) | $96.5M | $96.1M | $93.4M | $98.2M | $105.7M | $103.7M | $103.4M | $83.4M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $74.5M | $140.4M | $67.0M | $20.1M | $123.7M | $157.1M | $39.1M | $35.2M | $12.8M | $68.0M |
| Receivables | $393.1M | $415.2M | $442.3M | $397.6M | $378.9M | $319.2M | $333.7M | $317.1M | $330.2M | — |
| Inventory | — | — | — | — | — | $6.5M | $26.5M | $23.8M | $25.0M | — |
| Total current assets | $666.3M | $780.1M | $742.1M | $677.1M | $710.8M | $633.1M | $551.4M | $531.2M | $502.5M | — |
| Property, plant and equipment | $541.6M | $391.9M | $315.2M | $328.3M | $264.4M | $251.5M | $272.4M | $256.8M | $245.5M | — |
| Goodwill | $2.02B | $2.02B | $2.02B | $2.01B | $1.95B | $1.86B | $1.81B | $1.77B | $1.70B | $1.67B |
| Other intangibles | $66.5M | $95.8M | $132.3M | $174.3M | $197.6M | $221.3M | $251.5M | $290.5M | $371.3M | — |
| Total assets | $3.39B | $3.39B | $3.35B | $3.31B | $3.24B | $3.07B | $2.93B | $2.89B | $2.86B | — |
| Accounts payable | $137.7M | $144.1M | $136.2M | $151.2M | $144.4M | $116.8M | $99.8M | $93.6M | $76.1M | — |
| Short-term debt | $0 | $0 | $0 | $12.0M | $10.4M | $12.3M | $10.4M | $13.0M | $14.6M | — |
| Total current liabilities | $514.5M | $543.3M | $466.7M | $488.4M | $496.1M | $450.1M | $332.7M | $331.5M | $342.1M | — |
| Long-term debt | $790.2M | $802.5M | $888.1M | $1.33B | $1.13B | $1.13B | $1.13B | $1.14B | $1.57B | — |
| Total liabilities | $1.59B | $1.61B | $1.61B | $2.09B | $1.89B | $1.80B | $1.64B | $1.66B | $2.16B | — |
| Retained earnings | -$12.9M | -$68.9M | -$135.3M | -$127.6M | -$141.6M | -$187.9M | -$146.3M | -$189.6M | -$178.0M | — |
| Total equity | $1.29B | $1.28B | $1.24B | $1.22B | $1.34B | $1.27B | $1.28B | $1.23B | $696.2M | $705.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $291.8M | $205.6M | $129.9M | $106.9M | $148.4M | $245.1M | $169.7M | $180.4M | — | $111.9M |
| Depreciation and amortisation | $142.2M | $108.4M | $105.2M | $98.9M | $84.7M | $80.5M | $80.1M | $75.3M | — | $79.3M |
| Stock-based compensation | $18.2M | $20.2M | $22.1M | $18.9M | $19.7M | $23.6M | $15.7M | $28.8M | — | $2.8M |
| Capital expenditure | $254.2M | $78.4M | $71.3M | $107.3M | $61.2M | $52.7M | $89.9M | $86.4M | — | $75.6M |
| Investing cash flow | -$223.9M | -$5.6M | -$61.4M | -$193.7M | -$158.7M | -$108.8M | -$145.5M | -$179.3M | — | -$69.5M |
| Financing cash flow | -$133.8M | -$126.6M | -$21.6M | -$16.8M | -$23.1M | -$18.3M | -$20.3M | $21.3M | — | -$46.4M |
| Buybacks | $24.2M | $3.1M | $2.2M | $163.8M | $1.9M | $1.5M | $1.2M | $2.9M | — | $30.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-25-288109.
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