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BrightView Holdings (BV)
NYSE:BV
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BrightView Holdings
(NYSE:BV)
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Rating:59Neutral
Price Target:
$14.50
▲(5.30% Upside)
Action:ReiteratedDate:02/04/26
The score is driven primarily by improved financial stability (much lower leverage) and a constructive earnings-call outlook with reiterated guidance and strengthening operating indicators. These positives are tempered by weak free-cash-flow quality and an unfavorable valuation profile (very high P/E), with technicals modestly supportive but not decisively long-term bullish.
Positive Factors
Balance Sheet Strength
Material deleveraging and a conservative capital structure provide durable financial flexibility: lower interest burdens, more headroom for fleet and tech investment, and optionality for M&A or buybacks without stressing liquidity, supporting multi-quarter strategic initiatives.
Improving Operational Metrics
Sustained gains in retention and lower turnover strengthen recurring revenue and reduce hiring/training costs. These durable workforce and customer-stability improvements increase predictability of service delivery and margin expansion potential across multiple quarters.
Capital Allocation & Liquidity
An expanded repurchase program combined with reported liquidity signals disciplined capital allocation and balance-sheet optionality. This long-term flexibility supports shareholder returns while preserving capacity to fund fleet refresh, tech rollouts, or opportunistic M&A.
Negative Factors
Weak Free Cash Flow Quality
Very low and volatile FCF constrains the firm's ability to fund capex, accelerated sales hires, and buybacks without dipping into liquidity. Persistent weak cash conversion requires sustained operating improvements to ensure investments are self-financing over coming quarters.
Thin Profitability Metrics
Modest net margin and low ROE leave limited buffer against rising costs or downward revenue pressure. Even with improving operating margins, the company must sustain structural margin expansion to generate meaningful returns and absorb cyclical headwinds over the medium term.
Weather-Driven Revenue Volatility
Core Landscaping revenues are exposed to seasonality and extreme weather, causing durable volatility in quarterly revenue recognition and margins. This structural exposure complicates forecasting and requires ongoing operational buffers and pricing strategies to stabilize long-term cash flows.
BrightView Holdings (BV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.30B
Dividend YieldN/A
Average Volume (3M)845.45K
Price to Earnings (P/E)―
Beta (1Y)1.02
Revenue Growth-3.40%
EPS Growth-51.58%
CountryUS
Employees19,100
SectorIndustrials
Sector Strength72
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)-0.01
Shares Outstanding94,200,000
10 Day Avg. Volume754,172
30 Day Avg. Volume845,453
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)0.71
Price to Sales (P/S)0.48
P/FCF Ratio33.94
Enterprise Value/Market Cap1.03
Enterprise Value/Revenue0.50
Enterprise Value/Gross Profit2.20
Enterprise Value/Ebitda4.27
Forecast
1Y Price Target
$15.67Price Target Upside13.80% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
BrightView Holdings Business Overview & Revenue Model
Company DescriptionBrightView Holdings, Inc., through its subsidiaries, provides commercial landscaping services in the United States. It operates through two segments, Maintenance Services and Development Services. The Maintenance Services segment delivers a suite of recurring commercial landscaping services, including mowing, gardening, mulching and snow removal, water management, irrigation maintenance, tree care, golf course maintenance, and specialty turf maintenance. Its customers' properties include corporate and commercial properties, homeowners associations, public parks, hotels and resorts, hospitals and other healthcare facilities, educational institutions, restaurants and retail, and golf courses. This segment's customer base includes approximately 13,000 office parks and corporate campuses, 8,000 residential communities, and 450 educational institutions. The Development Services segment offers landscape architecture and development services for new facilities and redesign projects. Its services include project design and management services, landscape architecture and installation, irrigation installation, tree moving and installation, pool and water features, sports field, and other services. BrightView Holdings, Inc. also operates as official field consultant to various league baseball. The company was founded in 1939 and is headquartered in Blue Bell, Pennsylvania.
How the Company Makes MoneyBrightView Holdings generates revenue primarily through its landscape maintenance services, which account for a substantial portion of its income. The company charges clients based on contracts for ongoing maintenance services, which can include weekly or monthly lawn care, seasonal planting, and landscape enhancements. In addition to maintenance, BrightView earns revenue from landscape installation projects, where it designs and installs new landscapes for commercial and residential clients. Tree care services, including pruning, removal, and health assessments, also contribute to the company’s revenue stream. BrightView's strategic partnerships with various property management companies and municipalities help secure long-term contracts, providing a steady source of recurring income. Furthermore, the company emphasizes sustainable practices, which attract environmentally conscious clients and can lead to increased project opportunities and revenue growth.
BrightView Holdings Earnings Call Summary
Earnings Call Date:Feb 03, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive tone: management reported revenue growth (+3%), adjusted EBITDA expansion, major operational improvements (customer retention up ~450 bps, employee turnover down ~30%), and a growing Land contract book (+~2%). They are accelerating a sales force ramp (180 hires, ~20% increase) and cited strong liquidity, an increased share repurchase program, and ongoing fleet and technology investments. Key near-term negatives were weather-related impacts—heavy snow and a prior‑year storm step-over—that depressed Maintenance Land and Development revenues in the quarter (Maintenance down ~2%, Development down ~7%) and create timing risk. Management reiterated 2026 guidance and emphasized confidence in back‑half revenue growth driven by contract book momentum and sales hires. Overall, positives (structural improvements, pipeline, balance sheet, and guidance reaffirmation) substantially outweigh the near-term weather and timing headwinds.Q1-2026 Updates
Positive Updates
Revenue Growth and Improved Profitability
Total revenue of $615 million, up 3% year-over-year, with adjusted EBITDA growth and management reiterating guidance for 2026 (third consecutive year of record adjusted EBITDA).
Strong Snow Performance Driving Near-Term Revenue
Snow revenue was a major benefit in the quarter, increasing ~110% year-over-year (approximately a $36 million positive impact in the quarter) and contributed materially to Q1 results.
Sales Force Ramp Accelerating Growth Pipeline
Added ~80 sellers in Q1 and ~180 sellers (~20% increase year-over-year) since early 2025; management plans further hires toward a 500-seller 2030 target. Early productivity from sellers contributed to sequential improvement in net new contract sales.
Improved Customer Retention and Employee Turnover
Customer retention improved ~450 basis points since 2023 to ~83.5% (approximate), and frontline employee turnover improved ~30% over two years — both cited as drivers of more reliable service and margin expansion.
Land Contract Book Expansion — Leading Indicator
Land Contract book of business grew approximately 2% over three consecutive quarters of positive net new contract sales, providing a leading indicator for expected Land revenue growth in back half of 2026.
Capital Allocation Discipline and Share Repurchases
Board increased share repurchase authorization from $100 million to $150 million; $14 million of repurchases executed in Q1 (roughly double prior quarterly average). Management highlighted repurchases at an average multiple of ~7.5x as an efficient use of capital.
Strong Balance Sheet and Liquidity
Reported leverage of ~2.4x, approximately $0.5 billion of liquidity, and no long‑term debt maturities until 2029 — providing flexibility for continued investments and potential M&A when appropriate.
Fleet Refresh and Technology Investments
Accelerated fleet refresh reduced average age of core mowers and production vehicles; 2026 CapEx expected elevated (~6.5% of revenue) as trailer refresh completes, then targeted to return to ~3.5%–4% thereafter. Field-management and HRIS rollouts progressing (1/3 of branches on field software) with reported capacity gains in branches live on the tool.
Guidance Reiteration
Management reiterated 2026 revenue, adjusted EBITDA and free cash flow guidance, citing confidence from underlying metrics (contract book growth, retention, turnover improvements and sales hires).
Negative Updates
Maintenance Land Contraction Due to Weather and Storm Step-Over
Maintenance Land revenue shrank by approximately $8.9 million in Q1 (down a little more than 2% year-over-year), driven by unusually high snow (which limited ability to perform core land maintenance) and a ~ $3.5 million step-over impact from two named hurricanes in prior-year Q1.
Development Revenue Decline and Timing Headwinds
Development segment revenue decreased ~7% year-over-year in Q1 due to project timing and mix; management indicated the decline was timing-related rather than lost long-term revenue, but recognition timing could cause near-term volatility.
Snow Timing Can Create Near-Term Land Service Disruption
While snow provided material near-term revenue upside, heavy snow also caused reduced ability to perform ancillary and core Land services in affected markets (~$6 million of Land shrink attributed to outsized snow), creating timing risk for Land revenue in early quarters.
Elevated Investments Pressuring Near-Term P&L and CapEx
Accelerated investments in the sales force (revenue-generating resources up ~180 employees or ~20% year-over-year) and elevated 2026 CapEx (~6.5%) partially offset flow-through benefits; these investments increased G&A and reduced immediate flow-through despite long-term growth goals.
Operational Execution and Rollout Disruptions
Field-management software live in ~1/3 of branches; some branch rollouts were delayed due to high snow volumes and operational priorities, indicating potential short-term implementation risks and uneven productivity gains until full roll-out.
Remaining Branch Retention Variability
Despite overall retention improvement, management noted a portion of branches remain below target retention (historically some were below 70%; current distribution improved but not all branches exceed the desired 80%+ retention threshold), presenting continued opportunities and risks to uniform growth.
Weather-Dependent Guidance Risk
Management acknowledged that continued heavy snow or unusual weather patterns through Q2 could delay Land maintenance activity and create headwinds to quarterly cadence, requiring stronger back-half performance to meet full-year Land growth targets.
Company Guidance
BrightView reiterated its 2026 revenue, adjusted EBITDA and free cash flow guidance, forecasting Land revenue to return to growth (guidance of +1% to +2% for the year) and a third consecutive year of record adjusted EBITDA. In Q1 the company reported $615 million of revenue (+3% YoY), with snow revenue up ~110% (about +$36M) versus prior year and a snow-season guide of roughly $190–$220M (incremental snow flow‑through targeted at ~20–25%). Management highlighted leading indicators for topline growth — the Land contract book is up ~2% over the last three quarters (roughly $22–$23M on an estimated $1.15B contract base), customer retention has improved ~450 bps to ~83.5%, and frontline turnover is down ~30% over two years — while the sales organization has added ~180 sellers Y/Y (80 in Q1), pacing toward a 500‑seller increase by 2030. Capital priorities remain fleet refresh and technology (CapEx ~6.5% in 2026, normalizing to ~3.5–4% thereafter), an expanded $150M buyback authorization with $14M repurchased in Q1, and a strong balance sheet (net leverage ~2.4x, ~$0.5B liquidity) with M&A optional as valuation and timing permit.BrightView Holdings Financial Statement Overview
Summary
Balance sheet strength is a major positive (very low debt and conservative leverage), and profitability has stabilized with improving operating margins. Offsetting this, net margins and ROE remain thin, and free cash flow is currently very low and has deteriorated versus last year, reducing cash-quality and flexibility.Income Statement
TTM (Trailing-Twelve-Months) revenue jumped to ~$2.69B with strong reported growth (+58%), but profitability remains modest with ~23% gross margin and ~2.1% net margin. Operating performance is steady-to-improving versus earlier years (EBIT margin ~5.2% TTM vs ~3.3% in 2023), and the company has returned to consistent profitability after a 2023 loss. Offsetting this, recent annual revenue trends were slightly negative (2024–2025), and net income has stepped down from 2024 to TTM, suggesting earnings are still sensitive to costs and/or one-time items.56
Neutral
Balance Sheet
Leverage has improved dramatically: total debt is very low in TTM/2025 (~$81M) versus much higher levels in 2022–2024, driving a conservative debt-to-equity profile (~0.06 in TTM/2025). Equity is sizable (~$1.76B TTM) against ~$3.32B of assets, supporting balance-sheet stability. The main weakness is that shareholder returns remain low (return on equity ~3.4% TTM), reflecting thin net profitability despite the stronger capital structure.78
Positive
Cash Flow
Operating cash flow is solid in dollar terms (TTM ~$267M), but cash conversion is a concern: free cash flow is very thin in TTM (~$17M) and down sharply versus 2024 (free cash flow growth ~-54%). Free cash flow is also low relative to earnings (about 13% of net income in TTM), indicating meaningful reinvestment needs or working-capital/capex pressure. A positive is the company has generally produced positive operating cash flow across periods, even when earnings were weak, but free cash flow volatility reduces overall quality.49
Neutral
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.69B | 2.67B | 2.77B | 2.82B | 2.77B | 2.55B |
| Gross Profit | 609.20M | 621.70M | 645.60M | 678.90M | 674.80M | 650.80M |
| EBITDA | 314.20M | 306.50M | 303.10M | 244.00M | 222.80M | 230.20M |
| Net Income | 51.20M | 56.00M | 66.40M | -7.70M | 14.00M | 46.30M |
Balance Sheet | ||||||
| Total Assets | 3.32B | 3.39B | 3.39B | 3.35B | 3.31B | 3.24B |
| Cash, Cash Equivalents and Short-Term Investments | 37.00M | 74.50M | 140.40M | 67.00M | 20.10M | 123.70M |
| Total Debt | 80.80M | 913.20M | 927.00M | 1.00B | 1.43B | 1.22B |
| Total Liabilities | 1.55B | 1.59B | 1.61B | 1.61B | 2.09B | 1.89B |
| Stockholders Equity | 1.76B | 1.80B | 1.78B | 1.74B | 1.22B | 1.34B |
Cash Flow | ||||||
| Free Cash Flow | 17.20M | 37.60M | 127.20M | 58.60M | -400.00K | 87.20M |
| Operating Cash Flow | 267.40M | 291.80M | 205.60M | 129.90M | 106.90M | 148.40M |
| Investing Cash Flow | -220.40M | -223.90M | -5.60M | -61.40M | -193.70M | -158.70M |
| Financing Cash Flow | -108.30M | -133.80M | -126.60M | -21.60M | -16.80M | -23.10M |
BrightView Holdings Technical Analysis
Neutral
13.77
Price Trends
13.15
Positive
12.92
Positive
14.10
Negative
Market Momentum
0.17
Negative
52.05
Neutral
62.77
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BV, the sentiment is Neutral. The current price of 13.77 is above the 20-day moving average (MA) of 13.47, above the 50-day MA of 13.15, and below the 200-day MA of 14.10, indicating a neutral trend. The MACD of 0.17 indicates Negative momentum. The RSI at 52.05 is Neutral, neither overbought nor oversold. The STOCH value of 62.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BV.
BrightView Holdings Risk Analysis
BrightView Holdings disclosed 48 risk factors in its most recent earnings report. BrightView Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
BrightView Holdings Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $4.05B | 30.97 | 6.50% | 0.71% | 0.20% | 2.72% | |
73 Outperform | $2.64B | 17.40 | 9.10% | 2.20% | 4.62% | 102.72% | |
68 Neutral | $10.77B | 34.11 | 10.08% | 1.14% | 6.35% | 24.07% | |
66 Neutral | $15.13B | 47.40 | 5.86% | 2.20% | 1.56% | -32.50% | |
64 Neutral | $4.00B | 11.01 | 22.09% | 1.38% | 2.36% | 11.30% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | $1.30B | -1,659.04 | 3.13% | ― | -3.40% | -51.58% |
* Industrials Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.