BrightView Holdings, Inc. (NYSE: BV)

BrightView Holdings, Inc. is the largest provider of commercial landscaping services in the United States. The company delivers a full range of services including landscape maintenance, enhancements, tree care and landscape development through a network of over 265 branches. It combines its branch footprint with a qualified service partner network to offer a single source end to end solution for customers at the national, regional and local levels. BrightView’s model emphasizes recurring, non discretionary services that customers view as essential to property appearance and safety.

Revenue comes from two primary segments: Maintenance Services and Development Services. Maintenance Services provides routine work such as mowing, gardening, mulching, water management, irrigation maintenance, tree care and golf course maintenance, plus seasonal snow removal and value added landscape enhancements. Development Services delivers design, installation and project management for new construction, major renovations and specialty features like sports fields, pools and water features. For the fiscal year ended September 30 2025 BrightView recorded total net service revenue of $2,672.8 million. Maintenance Services contributed $1,891.3 million and Development Services contributed $789.1 million. Segment Adjusted EBITDA was $245.5 million for Maintenance Services and $106.8 million for Development Services, representing margins of 13.0% and 13.5% respectively.

The company operates through the following segments: Maintenance Services and Development Services.

• Maintenance Services: This segment delivers a full suite of recurring commercial landscaping services such as mowing, gardening, mulching, water management, irrigation maintenance, tree care and golf course maintenance, along with snow removal and landscape enhancements. It serves customers including corporate and commercial properties, homeowners associations, public parks, hospitals, educational institutions and golf courses. In fiscal 2025 the segment generated $1,891.3 million of revenue and $245.5 million of Adjusted EBITDA.

• Development Services: This segment provides landscape architecture and development services for new facilities and major redesign projects, including project design and management, landscape installation, irrigation installation, tree moving, pool and water features, sports field services and specialty turf work. It works with corporate owners, universities, hotels and general contractors on projects ranging from $100,000 to over $10 million with an average size of about $1.5 million. In fiscal 2025 the segment generated $789.1 million of revenue and $106.8 million of Adjusted EBITDA.

BrightView Holdings, Inc. holds the leading position in the US commercial landscaping market with revenues about four times those of its nearest competitor. The company controls approximately 1.5% of the fragmented $124 billion market for landscape maintenance and snow removal, which includes over 720,000 enterprises nationwide. Key competitors include Yellowstone Landscape, Mariani Premier Group and HeartLand. Competitive advantages stem from its national branch network, integrated service model, broad service offering and investment in technology that improves efficiency and customer retention. The industry is expected to grow at a compound annual growth rate of 2.9% from 2021 through 2028, providing a favorable backdrop for continued expansion.

The company serves a diverse customer base that includes approximately 7,400 office parks and corporate campuses, 6,100 residential communities and 500 educational institutions. Its customers also span hotels and resorts, hospitals and other healthcare facilities, restaurants and retail establishments and golf courses. BrightView is the Official Field Consultant for Major League Baseball. Its top ten customers accounted for about 17% of fiscal 2025 revenue with no single customer exceeding 4% of revenue.