NYSE:BV
BrightView Holdings, Inc.
BrightView Holdings is a premier US-based yard care giant offering integrated lawn maintenance, tree care, and storm recovery services through a vast franchise network.
Key Metrics
Investment Thesis
Bull Case
The stock offers attractive value given its consistent positive free cash flow generation relative to its market cap, allowing for potential share repurchases or debt reduction. As a defensive utility-like play within the discretionary services sector, BrightView provides exposure to essential yard care needs regardless of economic cycles. The company's strong balance sheet with $74.5M in cash and manageable debt levels positions it well to weather macroeconomic headwinds.
Bear Case
Investors may be concerned about the secular decline in lawn care demand driven by prolonged droughts and water conservation mandates in major markets. The company faces significant competition from lower-cost entrants that could erode pricing power in a saturated market. Recent flat revenue trends suggest potential saturation of its franchise network, limiting future organic growth opportunities without aggressive expansion.
About BrightView Holdings, Inc.
BrightView Holdings (BV) is a leading provider of comprehensive yard care services, including lawn maintenance, tree trimming, and storm cleanup. The company operates across residential and commercial markets in the United States, leveraging its extensive network of franchisees to deliver essential property management solutions. Its diversified service portfolio helps stabilize cash flows against seasonal weather variations.
Analysis
Management Discussion
BrightView reported a net profit of $56.0M in 2025, following a rebound from a $-7.7M loss in 2023 and a peak of $66.4M in 2024. Despite a slight revenue decline to $2.67B, the company maintains robust operating profit margins supported by strong cash flow from operations of $291.8M. The shift from net income growth to flat revenue suggests management is prioritizing margin defense and capital allocation over top-line expansion in the current market.
Industry Overview
The yard care industry is a fragmented sector dominated by large regional players like BrightView that combine service delivery with equipment manufacturing capabilities. Market dynamics are heavily influenced by climatic patterns, seasonal demand fluctuations, and local water availability which dictate the scope of residential services offered. Consolidation trends favor larger operators who can absorb weather volatility and invest in technology to improve efficiency.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $2.82B | $2.77B | $2.67B |
| Cost of Revenue | $2.14B | $2.12B | $2.05B |
| Gross Profit | $678.9M | $645.6M | $621.7M |
| Operating Expenses | $577.9M | $488.7M | $487.1M |
| Operating Income | $101.0M | $156.9M | $134.6M |
| G&A | $533.4M | $496.5M | $457.8M |
| Stock-Based Comp | $22.1M | $20.2M | $18.2M |
| Depreciation | $105.2M | $108.4M | $142.2M |
| Amortization | $44.5M | $35.8M | $29.3M |
| Other OpEx | $44.5M | $-7.8M | $29.3M |
| Non-Operating Income | $-104.1M | $-60.4M | $-53.3M |
| Interest Expense | $97.4M | $62.4M | $53.7M |
| Pre-Tax Income | $-3.1M | $96.5M | $81.3M |
| Income Tax | $4.6M | $30.1M | $25.3M |
| Continuing Ops | $-7.7M | $66.4M | $56.0M |
| Discontinued Ops | $0 | $0 | $0 |
| Net Income | $-7.7M | $66.4M | $56.0M |
| Minority Interest | $0 | $0 | $0 |
| Net to Common | $-7.7M | $66.4M | $56.0M |
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Current Assets | $742.1M | $780.1M | $666.3M |
| Cash & Equivalents | $67.0M | $140.4M | $74.5M |
| Accounts Receivable | $442.3M | $415.2M | $393.1M |
| Other Current Assets | $232.8M | $224.5M | $198.7M |
| Long-Term Assets | $2.61B | $2.61B | $2.73B |
| PP&E (Net) | $315.2M | $391.9M | $541.6M |
| Intangibles | $132.3M | $95.8M | $66.5M |
| Goodwill | $2.02B | $2.02B | $2.02B |
| Operating Leases | $86.1M | $81.3M | $72.1M |
| Other LT Assets | $55.1M | $27.0M | $29.8M |
| Total Assets | $3.35B | $3.39B | $3.39B |
| Current Liabilities | $466.7M | $543.3M | $514.5M |
| Accounts Payable | $136.2M | $144.1M | $137.7M |
| Current Debt | $0 | $0 | $0 |
| Current Leases | $27.3M | $24.9M | $24.7M |
| Deferred Revenue | $68.2M | $83.8M | $87.6M |
| Other Current Liab | $54.8M | $52.8M | $52.3M |
| Long-Term Liabilities | $1.14B | $1.07B | $1.08B |
| Long-Term Debt | $888.1M | $802.5M | $790.2M |
| LT Operating Leases | $65.1M | $62.6M | $53.5M |
| Other LT Liab | $190.8M | $201.0M | $233.7M |
| Total Liabilities | $1.61B | $1.61B | $1.59B |
| Shareholders' Equity | $1.74B | $1.78B | $1.80B |
| Retained Earnings | $-135.3M | $-68.9M | $-12.9M |
| AOCI | $17.1M | $-1.5M | $-900.0K |
| Total L&E | $3.35B | $3.39B | $3.39B |
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net Income (CFO) | $-7.7M | $66.4M | $56.0M |
| Non-Cash Adjustments | $65.2M | $170.8M | $244.5M |
| Working Capital Changes | $72.4M | $-31.6M | $-8.7M |
| Cash from Operations | $129.9M | $205.6M | $291.8M |
| Capital Expenditures | $71.3M | $78.4M | $254.2M |
| Cash from Investing | $-61.4M | $-5.6M | $-223.9M |
| Debt Repayments | $554.5M | $87.3M | $29.1M |
| Share Buybacks | $2.2M | $3.1M | $24.2M |
| Cash from Financing | $-21.6M | $-126.6M | $-133.8M |
| FX Effect | $0 | $0 | $0 |
| Net Change in Cash | $46.9M | $73.4M | $-65.9M |
| Beginning Cash | $20.1M | $67.0M | $140.4M |
| Ending Cash | $67.0M | $140.4M | $74.5M |
Frequently Asked Questions
How does BrightView Holdings, Inc. make money?
Primary revenue streams include residential lawn care and commercial property management for municipalities and businesses. Secondary segments encompass specialized tree services such as trimming and removal, alongside critical post-storm cleanup operations that generate significant seasonal cash flow during severe weather events.
What are the main risks for BV?
Revenue exposure to adverse weather conditions, particularly droughts that suppress lawn care demand or hurricanes that disrupt operations. Rising input costs for fuel, fertilizers, and equipment can compress margins given the labor-intensive nature of the business. Regulatory changes regarding water usage restrictions in growing regions could impact service offerings in key markets.
What is BV's competitive advantage?
The company benefits from a massive scale advantage with one of the largest networks of yard care franchisees in North America, ensuring consistent market coverage. High switching costs for commercial clients and municipalities due to long-term contracts provide revenue stability. Operational efficiency is enhanced by proprietary technology and data analytics used for route optimization and predictive maintenance.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.