Rollins Inc. Overview
| Field | Detail | Source |
|---|---|---|
| Entity profiled | Rollins, Inc. (exact legal-name match; the listed type "Public company" is correct) | 10-K FY2025 |
| Legal name | Rollins, Inc. | DEF 14A 2026 |
| Former names | Rollins Broadcasting, Inc. (original operating entity; renamed Rollins; Inc. after the 1964 Orkin acquisition) | Company history page |
| Founded | 1948, by brothers O. Wayne Rollins and John W. Rollins (began as a radio broadcasting business) | Company history page |
| Incorporation | Delaware | DEF 14A 2026 |
| Headquarters | 2170 Piedmont Road NE, Atlanta, Georgia 30324, USA | DEF 14A 2026 |
| Exchange / ticker | New York Stock Exchange: ROL (NYSE-listed since 1968; American Stock Exchange from 1961) | Company history page |
| ISIN | US7757111049 | Exchange data |
| CUSIP | 775,711,104 | Derived from ISIN |
| Fiscal year end | 31 December | 10-K FY2025 |
| Shares outstanding | 481,988,844 at 2 March 2026 (record date); about 481.15M cited by data vendors in Aug–Sep 2026 | DEF 14A 2026; vendor data |
| Employees (latest) | About 22,000 (FY2025) | FY2025 8-K Ex. 99.1 |
| Locations | More than 850 | FY2025 8-K Ex. 99.1 |
| Customers | More than 2.8 million | FY2025 8-K Ex. 99.1 |
| Independent auditor | Deloitte & Touche LLP (auditor since FY2023; ratified for FY2026) | DEF 14A 2026 |
| Market capitalization | About USD 15.6bn at the 18 Sep 2026 close of USD 32.43 × 481.15M shares (analyst-derived) | Vendor price data |
| Website | www.rollins.com | — |
| Credit ratings | Fitch BBB+ (Stable); S&P BBB (Stable); inaugural ratings assigned Feb 2025; no Moody's rating identified | Company PR, 13 Feb 2025 |
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Employees (approx., thousands) | 17 | 19 | 20.3 | 22 |
Sources: FY2022 release ("more than 17,000"); FY2023 release ("more than 19,000"); FY2024 figure of 20,265 from a vendor profile, cross-checked with the Feb 2025 PR ("more than 20,000"); FY2025 release ("approximately 22,000").
Rollins is the second-largest pest control operator in North America and one of the two dominant global consolidators, alongside Rentokil Initial (owner of Terminix). It describes itself as a "premier global consumer and commercial services company." Its model is route-based and recurring: more than 80% of revenue comes from recurring service contracts and ancillary services. It runs a portfolio of more than 20 brands rather than a single banner. Orkin is the flagship, supported by regional and channel-specialist brands such as HomeTeam (homebuilder channel), Fox, Saela and Romex (door-to-door sales), and Critter Control (wildlife franchising). Rollins has grown revenue for 24 consecutive years and 99 consecutive quarters. FY2025 brought USD 3.76bn of revenue, a 22.7% adjusted EBITDA margin and USD 650m of free cash flow. It carries low leverage (0.9–1.0x lease-adjusted). Its equity long traded at a premium "compounder" multiple. That rating compressed sharply in 2026 after a Q2 organic-growth miss linked to weaker digital lead flow.
Company's own description (paraphrased from FY2025 10-K / 2026 Annual Report)
Rollins describes itself as a premier global consumer and commercial services company. Through its family of brands and franchises, it provides pest control services and protection against termite damage, rodents and insects. It serves more than 2.8 million customers across North America, South America, Europe, Asia, Africa and Australia, with about 22,000 employees in more than 850 locations. The 2026 proxy groups the business into three service lines:
Residential pest control: protection of homes from rodents, insects and wildlife. Management describes demand as recession-resistant because it is driven by property-protection and health concerns.
Commercial pest control: workplace programmes for healthcare, food service, logistics and similar sectors. Services include mosquito control, rodent exclusion, termite management and bird control. Customers buy partly to meet regulatory and audit requirements.
Termite & ancillary services: wood treatments, liquid soil treatments and Sentricon® baiting systems. The HomeTeam and Northwest brands also provide termite pretreatment to homebuilders. Management notes that US termite damage costs exceed USD 5bn a year and is usually excluded from homeowner insurance.
Business model and revenue model
| Dimension | Characterization |
|---|---|
| Model type | Route-density field services; technician-delivered recurring service contracts |
| Revenue model mix | Effectively 100% service revenue (all income reported as "customer services"). Within this, more than 80% is recurring contract or ancillary revenue (FY2025 CFO commentary); the rest is one-time jobs (e.g., single treatments, seasonal work). Franchise royalties and other revenue were USD 41.5m in FY2025 (1.1%). |
| Product sales | Not material; materials and supplies are consumed in service delivery (6.0% of revenue, FY2025) |
| Subscription characteristics | Monthly, bi-monthly or quarterly residential plans; commercial service agreements; annual termite renewal and warranty contracts (renewal-driven, high retention) |
| Licensing | Franchise model for Orkin International, Critter Control and MissQuito (royalty income) |
| Customer financing | Termite and ancillary installations can be financed; financed receivables were USD 154.8m (ST + LT) at FY2025 |
| Cash characteristics | Negative working capital (unearned revenue of USD 187.7m at FY2025 from prepaid services); capex of only about 0.7% of revenue; FCF conversion above 120% of net income in FY2024–FY2025 |
Value chain position
Rollins sits at the service-delivery end of the pest-management value chain. Upstream, specialty chemical and device manufacturers (e.g., Corteva for Sentricon, BASF, Syngenta, Bayer Environmental Science/Envu, FMC) and distributors (e.g., Univar Solutions' pest business, Target Specialty Products) supply active ingredients, baits, traps and monitoring devices. Rollins adds value through technician labour, routing density, inspection and diagnosis, regulatory compliance (pesticide licensing and recordkeeping), warranties, and brand-driven customer acquisition. It does not materially manufacture chemistry. Its competitive edge rests on local density, sales and marketing capability, M&A integration, and pricing power within a fragmented field.
Customer types and end-markets
| Customer type | End-markets | Revenue line (FY2025, USD Mn) |
|---|---|---|
| Homeowners / renters | Single-family and multi-family residential; new-build homebuyers (via builder channel) | Residential 1,693.2 |
| Businesses and institutions | Food processing, food service and restaurants, healthcare, hospitality, retail, logistics and warehousing, property management, government, education | Commercial 1,244.7 |
| Homeowners and builders | Termite protection (renewals and new), pretreatment for builders, insulation, moisture control, wildlife exclusion, mosquito | Termite & ancillary 781.5 |
| Franchisees | International Orkin franchises; Critter Control and MissQuito franchisees | Franchise & other 41.5 |
Source: FY2025 8-K Ex. 99.1 (11 Feb 2026): ### Independent characterization
Rollins is best understood as a compounding route-density roll-up with a strong cash yield. Its economics resemble other high-quality route businesses (e.g., uniform rental, waste collection): recurring revenue, pricing roughly at or above CPI, and incremental margins that improve with density. The capital need is far lower because the "asset" is a technician, a truck and a customer list. The multi-brand structure is a deliberate channel hedge. Orkin depends on brand awareness and inbound demand from search, digital and calls, while HomeTeam (builders) and Fox, Saela and Romex (door-to-door) generate outbound or relationship-based demand.
That hedge was tested in Q2 2026, when digital lead volume at inbound-dependent brands fell. Management acknowledged a possible, unquantified effect from AI and LLM-mediated search on lead generation. The core issue for 2026–2027 is whether the 7–8% organic growth algorithm is structural or was flattered by a 2021–2024 demand cycle.
Strategy
Stated strategic themes (2026 proxy letter and Annual Report, paraphrased)
-
People first: Rollins aims to be the employer of choice in the industry, investing in tools, training and development, since teammate retention drives customer retention.
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Customer loyalty: Build trust and exceed expectations through skilled, well-resourced teammates.
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Growth mindset: Stay adaptable to change and new ideas.
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Continuous improvement and operational efficiency: "Everything can be improved", including optimizing the business model and modernizing the business (finance, systems, procurement, capital structure).
Medium-term financial framework (Investor & Analyst Conference, 14 May 2026)
| Target | Value | Status |
|---|---|---|
| Organic revenue growth | 7–8% a year | Reiterated May 2026. In Jul 2026 management said the business can still deliver at least 7% over time. |
| Acquisition-driven growth | 2–3% a year | Reiterated (also for FY2026) |
| Adjusted incremental EBITDA margin | 30–35% | Medium-term; FY2026 guide reduced to at least 10% |
| Free cash flow conversion | Above 100% of net income | Maintained |
| Effective tax rate | Under 25% (FY2026) | Maintained |
| Organic growth drivers named | Market growth, pricing, recurring revenue, commercial growth, ancillary services | May 2026 PR |
FY2026 guidance evolution
| Item | Feb 2026 (FY2025 release / Q1 10-Q) | Jul 2026 (Q2 call) |
|---|---|---|
| Organic growth | 7–8% | At least 6% |
| Inorganic growth | 2–3% | 2–3% (unchanged) |
| Incremental margin | "Improving margin profile" | At least 10%, with improvement weighted to Q4 |
| FCF conversion | Above 100% | Above 100% (unchanged) |
Strategic initiatives (last 24 months)
| Initiative | Date | Description | Targets / status |
|---|---|---|---|
| Capital structure modernization | Feb 2025 | Inaugural IG ratings; USD 500m 10-year notes; subsidiary guarantees released; commercial paper programme | Done; leverage 1.0x (Q2 2026) |
| Finance and accounting transformation | 2025– | CAO hire (Harkins) to build "world-class accounting operations"; now CFO | Ongoing |
| Multi-brand channel diversification | 2023–2026 | Fox (2023), Saela (2025), Romex (2026) add D2D capacity; HomeTeam builder channel | Q2 2026 showed double-digit organic growth in these brands |
| Commercial growth push | 2023– | Sales staffing; Fox commercial division; national and regional account focus | Commercial organic +7.6% (FY2025) |
| Demand generation investment | 2025–2026 | Higher selling and marketing (12.9% of revenue in FY2025; 14.1% in Q2 2026) | Under review after Q2 digital lead decline |
| Organizational realignment | Jul 2026 | Changes to "improve local execution, strengthen accountability, align resources with demand"; COO appointment | No cost-savings figure disclosed |
| Digital, SEO and AI-search adaptation | 2,026 | Management will monitor and adjust digital marketing given possible AI/LLM search effects | No targets disclosed |
| Fleet, insurance and claims cost management | Ongoing | Insurance and claims fell from 2.0% to 1.8% of revenue (cost of services) in FY2025; fleet costs rising | — |
| Sustainability oversight | Ongoing | Management Sustainability Oversight Committee led by the CLO; Board oversight via Nominating & Governance | — |
Products & Services
Pricing is generally not publicly disclosed at brand level. Residential plans are typically sold as recurring visit-based subscriptions with an initial service fee. Commercial contracts are custom-quoted. Termite contracts combine installation pricing with annual renewal or warranty fees.
Residential pest control brands
| Brand | Description and capabilities | Target customer | Year joined Rollins | Pricing model | Flagship offerings |
|---|---|---|---|---|---|
| Orkin (US) | National flagship; general pest, rodent, mosquito, bed bug, wildlife and termite; inbound demand from brand, search, digital and call centres | Homeowners nationwide | 1,964 | Recurring plans plus initial fee; not disclosed | Recurring home pest plans; termite protection; mosquito service |
| HomeTeam Pest Defense | Residential pest and termite; strong homebuilder channel; Taexx in-wall tube pest delivery system installed during construction | New-build homeowners; builders | 2,008 | Recurring plans; builder contracts | Taexx tubes-in-wall; builder termite pretreatment |
| Fox Pest Control | Door-to-door-led residential provider; launched a commercial services division after acquisition | Suburban homeowners (Sun Belt, Midwest) | 2,023 | Recurring plans | Quarterly residential pest plans |
| Saela Pest Control | D2D residential model based in Orem, Utah | Homeowners in western and other US markets | 2,025 | Recurring plans | Residential recurring programmes |
| Romex Pest Control | Residential and commercial; about 200+ employees; four states; PCT "top 40" | Homeowners and small commercial accounts | 2,026 | Recurring plans | Residential pest plans |
| Northwest Exterminating | Southeast US pest and termite; builder termite pretreat; acquired Gilstrap Exterminating (north Georgia) | Homeowners; builders | 2017 (approx.) | Recurring plans; builder contracts | Termite pretreat; pest plans |
| Clark Pest Control | California's largest independent at acquisition; residential and commercial | California homeowners and businesses | 2,019 | Recurring plans | General pest; termite; fumigation |
| Western Pest Services | Mid-Atlantic and Northeast residential and commercial | New Jersey, Pennsylvania, New York and region | 2,004 | Recurring plans; contracts | Commercial food safety; residential |
| Waltham Services | New England residential and commercial | Massachusetts and region | — | Recurring plans | General pest; wildlife |
| McCall Service | Southeast US residential and commercial | Florida and Georgia region | — | Recurring plans | Pest and termite |
| OPC Pest Services | Kentucky-based; acquired McGee, Toby's and Schopen Pest Solutions as tuck-ins | Kentucky and Ohio Valley | 2017 (approx.) | Recurring plans | Pest and termite |
| PermaTreat | Virginia-based pest and termite | Mid-Atlantic homeowners | — | Recurring plans | Termite protection |
Wildlife, mosquito and specialty brands
| Brand | Description | Model | Year joined | Notes |
|---|---|---|---|---|
| Critter Control | Humane wildlife removal and exclusion; franchisor | Franchise royalties plus company-owned units | 2,015 | Ongoing franchise openings in 2026 (e.g., Cookeville, Tennessee; a new California franchise) |
| Trutech | Wildlife and animal removal; was the largest in the US Southeast at acquisition | Company-operated | 2,010 | — |
| MissQuito | Mosquito control (seasonal recurring) | Franchise / company | — | Seasonal ancillary |
| The Industrial Fumigant Company (IFC) | Fumigation and sanitation for food, grain and commodity industries | Commercial contracts | 2,005 | Regulatory-driven demand |
Commercial pest control offerings (all brands, led by Orkin Commercial)
| Offering | Description | Target sectors |
|---|---|---|
| Integrated pest management (IPM) programmes | Inspection, monitoring, exclusion, documentation for audits (e.g., food-safety standards) | Food processing, restaurants, healthcare, hospitality, logistics |
| Rodent exclusion and monitoring | Bait stations, remote monitoring devices, exclusion work | Warehouses, food, retail |
| Bird control | Netting, spikes, deterrents | Industrial, retail, transport |
| Commercial mosquito and termite | Perimeter and structural programmes | Hospitality, campuses, property managers |
| Fumigation (IFC) | Commodity and structural fumigation | Agriculture, food storage, ports |
| Fox commercial division | New commercial services launched by Fox | Office complexes, multi-industry |
Termite & ancillary services
| Offering | Description | Notes |
|---|---|---|
| Liquid soil treatments | Barrier treatments with annual renewal or warranty | High-retention renewal base |
| Baiting systems (Sentricon®) | Corteva-branded bait station monitoring | Named in 2026 proxy |
| Wood treatments | Borate and other wood treatments | — |
| Builder pretreatment | Pre-construction termite protection | HomeTeam and Northwest |
| Ancillary (insulation, moisture control, crawl space, wildlife exclusion) | Add-on services sold to the installed base | Fastest-growing line (FY2025 organic +9.9%) |
| Customer financing | Instalment financing on larger jobs | Financed receivables USD 154.8m (FY2025) |
International operations and franchise
| Brand / unit | Geography | Model | Notes |
|---|---|---|---|
| Orkin Canada (ex-PCO Services) | Canada | Company-operated | Entered 1999 |
| Orkin Australia (incl. Allpest WA, Murray, Adams) | Australia | Company-operated | Biosecurity border-protection consulting cited by vendor profiles |
| Orkin UK / Safeguard / NBC Environment / Pestproof / Vermatech | United Kingdom | Company-operated | Tuck-ins: Pestproof (Manchester, Jan 2023), Vermatech (Thames Valley, May 2023) |
| Aardwolf Pestkare | Singapore | Company-operated | — |
| Orkin International franchises | Latin America, Middle East, Asia, Africa, Europe | Franchise royalties | First franchise 1995; Mexico from 2000; China and Africa from 2011 |
Divested or discontinued
| Business | Date | Notes |
|---|---|---|
| Lawn care (insect, fertilization and weed control for turf) and other non-core businesses | Q4 2023 | Gain on sale of USD 15.45m; excluded from adjusted results |
Financial Narrative
All figures are in USD m unless noted, from 8-K Ex. 99.1 earnings releases (FY2021–FY2022 per FY2022 release, incl. restated FY2021; FY2023 per FY2023 release; FY2024–FY2025 per FY2025 release). FY2021 net income was originally reported as USD 350.7m (EPS USD 0.71) and later revised to USD 356.6m (EPS USD 0.72) after an immaterial ASC 805 correction. Revised figures are used below.
Income statement
Notes: - FY2021 other income includes USD 54.7m pre-tax property disposition gains from the 2019 Clark acquisition (USD 31.5m after tax) and an USD 8.0m non-deductible SEC accrual.
- FY2023 other income includes a USD 15.45m gain on business sales.
FY2025 cost structure: notes and sources
Source: FY2025 8-K Ex. 99.1: Selling and marketing grew 13.3% in FY2025, faster than revenue. This is relevant to the 2026 debate on customer-acquisition efficiency.
Balance sheet
FY2021 balance sheet is as revised (FY2022 8-K appendix). Intangibles for FY2021–FY2022 are the sum of customer contracts, trademarks and other intangibles.
Interim (30 Jun 2026): total assets USD 3,354.9m; cash USD 109.1m; short-term debt USD 215.9m (commercial paper and overdraft); long-term debt USD 487.1m; equity USD 1,429.6m; goodwill USD 1,449.4m; intangibles USD 601.5m. Lease-adjusted leverage was 1.0x (Q2 2026 8-K).
Cash flow
FY2021–FY2022 repurchases are not separately broken out in the earnings releases (embedded in "other financing", mainly tax-withholding share purchases). FY2023 includes the USD 300m concurrent repurchase in the LOR secondary. FY2025 includes the USD 200m concurrent repurchase in the November 2025 secondary. FY2024 OCF was flattered by about USD 21.7m of Hurricane Helene tax deferral, reversed in FY2025; adjusted FCF was USD 558.4m in FY2024 and USD 671.7m in FY2025.
Ratios (analyst-derived)
Methodology: - ROIC = operating income × (1 − ETR) ÷ (equity + debt − cash), year-end, excluding leases.
- DSO uses trade receivables only (excludes financed receivables).
DIO and DPO are measured against cost of services: - The CCC excludes the benefit of unearned revenue, which makes true cash working capital negative.
Commentary on trends, inflections and drivers
Revenue: Growth has been consistently double-digit (10–14%) since FY2021, combining 7–9.5% organic growth with 2–6 points from acquisitions. The FY2023 peak (14.0%) reflects the Fox acquisition (about 6 points of M&A). FY2025's 11.0% split into 6.9% organic and 4.1% inorganic (Saela plus tuck-ins).
The key inflection is the deceleration of organic growth: from 9.5% (FY2021) to 6.9% (FY2025), then 6.6% (Q1 2026) and 5.7% (Q2 2026). This was driven almost entirely by residential, where organic growth fell to 3.6% in Q2 2026. Commercial (7.2%) and termite & ancillary (8.9%) held up.
Margins: Gross margin (excl. D&A) rose steadily from 51.5% (FY2022) to 52.8% (FY2025), helped by pricing above cost inflation, route density and lower insurance and claims. However, SG&A held near 30% of revenue as selling and marketing spend rose. As a result, GAAP operating margin has been essentially flat at 19.0–19.4% since FY2023, and adjusted EBITDA margin has sat at about 22.7–22.8% for three years.
The incremental adjusted EBITDA margin of 22.5% in FY2025 was below the company's 30–35% medium-term target. H1 2026 incremental adjusted EBITDA margin fell to just 7.8%. Pressure came from insurance, claims and fleet costs (Q1) and from medical costs, fuel and fixed costs built for a higher-growth peak season (Q2).
Earnings quality: GAAP and adjusted earnings track closely. Adjustments are limited to acquisition amortization and contingent consideration for Fox, Saela and Romex, plus asset-sale gains. FY2021 earnings were flattered by property gains. The effective tax rate fell below 25% in FY2025 and H1 2026 (23.0%), and management guides to under 25% for 2026.
Balance sheet: Rollins shifted from near-zero debt (FY2022 net cash) to modest leverage. It drew the revolver to fund the Fox deal and the 2023 buyback, then refinanced in February 2025 with USD 500m of 10-year notes. It has also run a commercial paper programme since 2025. Goodwill and intangibles now make up 62% of total assets (FY2025), reflecting the roll-up model. Negative working capital is structural and favourable.
Cash flow: FCF has compounded at about 15% a year, and FCF conversion has run at 105–124% of net income. The main uses are dividends (about 50% of FCF), acquisitions and opportunistic buybacks tied to family secondary offerings. H1 2026 OCF fell 9.7% because of working-capital timing (higher receivables and other current assets).
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View Subscription PlansFinancial Detail
Revenue by Segment
| Service line (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Residential pest control | 1,099.4 | 1,207.1 | 1,409.9 | 1,535.1 | 1,693.2 |
Commercial pest control | 834.6 | 920.6 | 1,024.2 | 1,126.0 | 1,244.7 |
Termite & ancillary | 464.0 | 535.5 | 605.5 | 688.2 | 781.5 |
Franchise & other | 26.3 | 32.6 | 33.7 | 39.5 | 41.5 |
Total revenue | 2,424.3 | 2,695.8 | 3,073.3 | 3,388.7 | 3,761.1 |
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View Subscription PlansReported growth (%)
| Reported growth (%) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Residential | 9.8 | 16.8 | 8.9 | 10.3 |
Commercial | 10.3 | 11.2 | 9.9 | 10.5 |
Termite & ancillary | 15.4 | 13.1 | 13.7 | 13.6 |
Total company | 11.2 | 14.0 | 10.3 | 11.0 |
Organic growth (%)
| Organic growth (%) | FY2021 | FY2022 | FY2023 | FY2025 |
|---|---|---|---|---|
Residential | 10.0 | 5.5 | 6.2 | 5.0 |
Commercial | 7.4 | 8.7 | 9.7 | 7.6 |
Termite & ancillary | 11.9 | 10.9 | 10.2 | 9.9 |
Total company | 9.5 | 7.8 | 8.2 | 6.9 |
Share of revenue (%)
| Share of revenue (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Residential | 45.9 | 45.3 | 45.0 |
Commercial | 33.3 | 33.2 | 33.1 |
Termite & ancillary | 19.7 | 20.3 | 20.8 |
Franchise & other | 1.1 | 1.2 | 1.1 |
Consolidated profitability (USD Mn)
| Consolidated profitability (USD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Operating income | 583.2 | 657.2 | 726.1 |
Operating margin (%) | 19.0 | 19.4 | 19.3 |
Adjusted operating income | 604.2 | 675.1 | 752.2 |
Adjusted operating margin (%) | 19.7 | 19.9 | 20.0 |
Segment Revenue
| Service line | Q2 2026 rev (USD Mn) | Q2 reported growth % | Q2 organic % | H1 2026 rev (USD Mn) | H1 organic % |
|---|---|---|---|---|---|
Residential | 485.8 | 6.6 | 3.6 | 875.3 | 3.9 |
Commercial | 347.9 | 8.6 | 7.2 | 659.6 | 7.4 |
Termite & ancillary | 234.2 | 10.5 | 8.9 | 429.6 | 9.3 |
Franchise & other | 10.7 | -7.4 | -7.4 | 20.4 | -3.7 |
Total | 1,078.6 | 7.9 | 5.7 | 1,985.0 | 6.1 |
Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 2,424.3 | 2,695.8 | 3,073.3 | 3,388.7 | 3,761.1 |
Revenue growth (%) | 12.2 | 11.2 | 14.0 | 10.3 | 11.0 |
Organic revenue growth (%) | 9.5 | 7.8 | 8.2 | — | 6.9 |
Cost of services excl. D&A (USD Mn) | 1,162.6 | 1,308.4 | 1,469.9 | 1,603.2 | 1,777.0 |
Gross profit excl. D&A (USD Mn) | 1,261.7 | 1,387.4 | 1,603.4 | 1,785.5 | 1,984.0 |
SG&A (USD Mn) | 727.5 | 802.7 | 915.2 | 1,015.1 | 1,133.2 |
Restructuring (USD Mn) | 0.0 | 0.0 | 5.2 | 0.0 | 0.0 |
Depreciation & amortization (USD Mn) | 86.6 | 91.3 | 99.8 | 113.2 | 124.7 |
Operating income (USD Mn) | 447.6 | 493.4 | 583.2 | 657.2 | 726.1 |
Interest expense, net (USD Mn) | 0.8 | 2.6 | 19.1 | 27.7 | 28.6 |
Other income, net (USD Mn) | 35.7 | 8.2 | 22.1 | 0.7 | 3.4 |
Pre-tax income (USD Mn) | 482.5 | 498.9 | 586.3 | 630.2 | 700.9 |
Income tax (USD Mn) | 125.9 | 130.3 | 151.3 | 163.9 | 174.2 |
Effective tax rate (%) | 26.1 | 26.1 | 25.8 | 26.0 | 24.9 |
Net income (USD Mn) | 356.6 | 368.6 | 435.0 | 466.4 | 526.7 |
EBITDA (USD Mn) | 569.9 | 592.9 | 705.1 | 771.1 | 854.2 |
Adjusted EBITDA (USD Mn) | 546.4 | 592.9 | 698.0 | 771.5 | 855.1 |
Adjusted net income (USD Mn) | 341.3 | 368.6 | 439.1 | 479.2 | 544.4 |
EPS basic and diluted (USD) | 0.72 | 0.75 | 0.89 | 0.96 | 1.09 |
Adjusted EPS (USD) | 0.69 | 0.75 | 0.90 | 0.99 | 1.12 |
Dividends per share paid (USD) | 0.42 | 0.43 | 0.54 | 0.615 | 0.6775 |
Weighted avg diluted shares (m) | 492.1 | 492.4 | 490.1 | 484.3 | 484.1 |
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View Subscription PlansMargin (%)
| Margin (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin excl. D&A | 52.0 | 51.5 | 52.2 | 52.7 | 52.8 |
SG&A / revenue | 30.0 | 29.8 | 29.8 | 30.0 | 30.1 |
Operating margin | 18.5 | 18.3 | 19.0 | 19.4 | 19.3 |
EBITDA margin | 23.5 | 22.0 | 22.9 | 22.8 | 22.7 |
Adjusted EBITDA margin | 22.5 | 22.0 | 22.7 | 22.8 | 22.7 |
Net margin | 14.7 | 13.7 | 14.2 | 13.8 | 14.0 |
CAGR FY2021–FY2025 (analyst-derived) | Value (%) | — | — | — | — |
Revenue | 11.6 | — | — | — | — |
Net income | 10.2 | — | — | — | — |
Diluted EPS | 10.9 | — | — | — | — |
Adjusted EBITDA | 11.9 | — | — | — | — |
Free cash flow | 14.8 | — | — | — | — |
Cost category
| Cost category | FY2024 | FY2025 |
|---|---|---|
Service employee expenses (USD Mn) | 1,049.0 | 1,166.0 |
Materials & supplies (USD Mn) | 212.3 | 225.5 |
Insurance & claims, cost of services (USD Mn) | 68.3 | 66.9 |
Fleet, cost of services (USD Mn) | 131.9 | 157.5 |
Selling & marketing (USD Mn) | 427.9 | 484.9 |
Administrative employee expenses (USD Mn) | 313.8 | 345.6 |
Selling & marketing as % of revenue | 12.6 | 12.9 |
Fleet (total) as % of revenue | 4.9 | 5.2 |
Balance Sheet
| Metric (USD Mn, year-end) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets | 2,021.5 | 2,122.0 | 2,595.5 | 2,819.7 | 3,140.5 |
Cash & equivalents | 105.3 | 95.3 | 103.8 | 89.6 | 100.0 |
Short-term debt / current portion | 18.8 | 15.0 | 0.0 | 0.0 | 123.7 |
Long-term debt | 136.3 | 39.9 | 490.8 | 395.3 | 486.1 |
Total debt | 155.0 | 54.9 | 490.8 | 395.3 | 609.8 |
Net debt (cash) | 49.7 | -40.4 | 387.0 | 305.7 | 509.8 |
Operating lease liabilities | 247.8 | 281.4 | 325.6 | 417.2 | 428.2 |
Total stockholders' equity | 1,111.2 | 1,267.2 | 1,155.6 | 1,330.6 | 1,374.3 |
Goodwill | 786.5 | 846.7 | 1,070.3 | 1,161.1 | 1,374.7 |
Intangibles, net | 422.6 | 418.7 | 545.7 | 541.6 | 582.4 |
Goodwill + intangibles | 1,209.1 | 1,265.4 | 1,616.0 | 1,702.7 | 1,957.0 |
Current assets | 352.4 | 348.6 | 406.6 | 442.6 | 472.7 |
Current liabilities | 491.2 | 493.8 | 576.7 | 645.2 | 785.5 |
Working capital | -138.8 | -145.2 | -170.1 | -202.5 | -312.8 |
Unearned revenue | 145.1 | 158.1 | 172.4 | 180.9 | 187.7 |
Cash Flow and Margin Analysis (%)
| Metric (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow | 401.8 | 465.9 | 528.4 | 607.7 | 678.1 |
Capital expenditures | 27.2 | 30.6 | 32.5 | 27.6 | 28.1 |
Free cash flow | 374.6 | 435.3 | 495.9 | 580.1 | 650.0 |
Acquisitions, net of cash | 146.1 | 119.2 | 366.9 | 157.5 | 309.5 |
Dividends paid | 208.7 | 211.6 | 264.3 | 298.0 | 327.9 |
Share repurchases | — | — | 300.0 | 11.6 | 216.9 |
Net debt borrowing (repayment) | -48.0 | -100.0 | 438.0 | -96.0 | 209.6 |
FCF conversion (% of net income) | 105.1 | 118.1 | 114.0 | 124.4 | 123.4 |
Capex / revenue (%) | 1.1 | 1.1 | 1.1 | 0.8 | 0.7 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE (%) | 32.1 | 31.0 | 35.9 | 37.5 | 38.9 |
ROA (%) | 17.6 | 17.8 | 18.4 | 17.2 | 17.7 |
ROIC (%) | 28.5 | 29.7 | 28.1 | 29.7 | 28.9 |
Current ratio (x) | 0.72 | 0.71 | 0.71 | 0.69 | 0.60 |
Debt / equity (x) | 0.14 | 0.04 | 0.42 | 0.30 | 0.44 |
Net debt / EBITDA (x) | 0.09 | -0.07 | 0.55 | 0.40 | 0.60 |
Lease-adj. leverage, company definition (x) | — | — | — | 0.8 | 0.9 |
Interest coverage, EBIT / net interest (x) | 539 | 187 | 31 | 24 | 25 |
Asset turnover (x) | 1.20 | 1.30 | 1.30 | 1.25 | 1.26 |
DSO (days) | 21.0 | 21.1 | 21.2 | 21.1 | 19.7 |
DIO (days) | 9.1 | 8.3 | 8.3 | 9.0 | 8.8 |
DPO (days) | 14.0 | 11.9 | 12.2 | 11.3 | 9.1 |
Cash conversion cycle (days) | 16.1 | 17.5 | 17.3 | 18.8 | 19.4 |
Geographic share of revenue (%)
| Geographic share of revenue (%) | FY2022 | FY2023 |
|---|---|---|
United States | 93 | 93 |
Other countries | 7 | 7 |
Operating Areas
| Area | Direction | Evidence and reasons |
|---|---|---|
US door-to-door and builder channels (HomeTeam, Fox, Saela, Romex) | Fastest-growing | Q2 2026 call: relationship-based brands delivered double-digit organic residential growth |
US termite & ancillary | Strong | FY2025 organic +9.9%; Q2 2026 organic +8.9% (attach rates, ancillary upsell, pricing) |
US commercial | Solid | FY2025 organic +7.6%; Q2 2026 +7.2%; sales-force investment and Fox commercial launch |
US inbound-dependent residential (Orkin core) | Decelerating | Q2 2026: fewer consumers searching digital channels; management called the AI/LLM search effect possible but unquantifiable |
Franchise & other | Declining in 2026 | Q2 2026 −7.4%; H1 2026 −3.7% |
International (UK, Australia, Canada) | Growth via tuck-ins | Pestproof, Vermatech and NBC acquisitions (UK); Adams (Australia); revenue not separately disclosed |
Share price (USD, month-end or as noted)
| Share price (USD, month-end or as noted) | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | Sep 2026 |
|---|---|---|---|---|---|---|
Closing price, not dividend-adjusted | 35.33 | 34.68 | 37.33 | 50.58 | 58.74 | 32.43 |
Price return to 18 Sep 2026 (analyst-derived)
| Price return to 18 Sep 2026 (analyst-derived) | Value (%) |
|---|---|
1-year (vs Sep 2025 month-end) | -44.8 |
3-year (vs Sep 2023 month-end) | -13.1 |
5-year (vs Sep 2021 month-end) | -8.2 |
Year-to-date 2026 (MarketScreener) | -46.0 |
Jan 2026 by Month
| Month | Jan 2026 | Feb 2026 | Mar 2026 | Apr 2026 | May 2026 | Jun 2026 | Jul 2026 | Aug 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|
Price | 63.34 | 60.89 | 53.41 | 55.73 | 47.60 | 41.74 | 39.44 | 36.38 | 32.43 |
Valuation Multiples
| Multiple | Rollins | Basis |
|---|---|---|
Market cap (USD Bn) | 15.6 | 481.15M shares |
Enterprise value (USD Bn, excl. leases) | 16.2 |
|
P/E, TTM GAAP | 29.5x | TTM EPS USD 1.10 |
P/E, FY2026E consensus | 27.3x | Consensus EPS USD 1.19 (Barchart, Aug 2026) |
EV / adj. EBITDA, TTM | 18.7x | TTM adj. EBITDA USD 867.9m |
EV / Sales, TTM | 4.1x | TTM revenue USD 3,924.1m |
P/B | 10.9x | Equity USD 1,429.6m |
Dividend yield | 2.3% | USD 0.73 annualized (0.1825 × 4) |
Capital Markets
| Item | Value | Source |
|---|---|---|
Analysts covering | 17 | Barchart, Aug–Sep 2026 |
Rating mix | 6 Strong Buy; 1 Moderate Buy; 7 Hold; 1 Moderate Sell; 2 Strong Sell (consensus "Moderate Buy") | Barchart |
Mean price target | USD 45.07 | Barchart |
FY2026 consensus EPS | USD 1.19 (+6.3%) | Barchart |
Q3 2026 consensus EPS | about USD 0.35 | Tickeron |
Notable actions | Wells Fargo cut to Underweight; RBC cut to Sector Perform; Argus cut to Hold (PT USD 22); JPMorgan Underweight; Piper PT USD 46; Raymond James PT USD 35; Citi Neutral PT USD 46 | Rating-change trackers, Jul–Aug 2026 |
Dividend (USD)
| Dividend (USD) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividends paid per share | 0.42 | 0.43 | 0.54 | 0.615 | 0.6775 |
Total dividends paid (USD Mn) | 208.7 | 211.6 | 264.3 | 298.0 | 327.9 |
Payout ratio (% of GAAP EPS) | 58 | 57 | 61 | 64 | 62 |
Amount by Period
| Period | Amount (USD Mn) | Mechanism |
|---|---|---|
FY2023 | 300.0 | Concurrent repurchase in LOR secondary (8.72M shares at USD 34.39) |
FY2024 | 11.6 | Mainly tax withholding |
FY2025 | 216.9 | Incl. USD 200m concurrent repurchase (3.48M shares at USD 56.93) |
H1 2026 | 42.8 | Open market and withholding |
Credit Ratings
| Agency | Rating | Outlook | Date |
|---|---|---|---|
Fitch | BBB+ (Long-Term IDR) | Stable | Feb 2025 |
S&P Global | BBB (Issuer) | Stable | Feb 2025 |
Moody's | Not rated (none identified) | — | — |
Instrument (30 Jun 2026) | Amount (USD m) | Maturity | Rate |
5.25% Senior Notes | 500.0 | 24 Feb 2035 | 5.25% coupon; 5.6% effective |
Commercial paper and overdraft | 215.9 | Short-term (under 1 year) | Floating |
Revolving Credit Facility | 0.0 drawn | — | Floating |
Operating leases | 412.3 | Various | — |
Analyst Conclusions
Management guidance (as of 23 Jul 2026)
| Item | FY2026 guidance |
|---|---|
| Organic revenue growth | At least 6% (cut from 7–8%) |
| Acquisition revenue growth | 2–3% |
| Incremental margin | At least 10%, with improvement weighted to Q4 |
| FCF conversion | Above 100% of net income |
| Effective tax rate | Under 25% |
| Medium-term | Organic growth of at least 7% (7–8% framework); 30–35% adjusted incremental EBITDA margin over time |
Consensus expectations
Consensus FY2026 EPS is about USD 1.19 (+6.3% year on year, adjusted basis). Implied H2 2026 adjusted EPS is about USD 0.64 vs USD 0.59 in H2 2025, which requires margin recovery in Q4. Applying guidance (≥6% organic plus 2–3% M&A) to FY2025 revenue of USD 3,761m implies FY2026 revenue of at least about USD 4.06–4.10bn (analyst-derived).
Bull case
-
Channel diversification is working. Relationship brands grew double-digit organically in Q2 2026, and lead volume improved from late June into July. If inbound demand stabilizes, organic growth can return toward 7% in 2027 on a commercial and ancillary base already growing 7–9%.
-
Balance sheet and FCF optionality at a reset price. About USD 650m+ of annual FCF, leverage of 1.0x and an IG rating allow continued M&A (2–3% growth) plus buybacks well below the USD 56.93 paid in Nov 2025, and dividend growth.
-
Industry-wide, not company-specific, weakness. Rentokil reported the same NA residential lead softness and grows organically at less than half Rollins' rate. Rollins' relative position is intact, and the multiple (about 27x forward) is at a multi-year low relative to its history.
Bear case
-
Structural demand-generation disruption. If AI answer engines permanently reduce the volume or efficiency of search-driven leads, Orkin's core model faces rising customer-acquisition costs. Selling and marketing is already 14.1% of revenue in Q2 2026, and residential organic growth is 3.6%.
-
Margin algorithm broken. Incremental adjusted EBITDA margin was 7.8% in H1 2026 against a 30–35% target. Margins have been flat for three years despite double-digit revenue growth. Labour, medical, fuel and claims inflation may keep the cost base sticky.
-
Supply and governance overhang. Family lock-up expiry (about Nov 2026), a recent CFO change, and potential securities litigation could weigh on the shares. The stock still trades at about 30x trailing earnings and 19x EBITDA, a premium that offers little cushion if FY2027 organic growth guidance resets to 5–6%.
Catalysts and monitorables (next 12 months)
| Timing | Catalyst / monitorable | What to watch |
|---|---|---|
| Late Oct 2026 | Q3 2026 results | Residential organic growth vs Q2's 3.6%; peak-season lead trends; incremental margin delivery |
| Q4 2026 | Dividend decision | Whether the customary Q4 increase continues |
| ~10 Nov 2026 | Family lock-up expiry | Further secondary offerings and any concurrent buyback |
| Feb 2027 | FY2026 results and FY2027 outlook | Whether the 7–8% organic framework is reaffirmed or reset |
| Ongoing | M&A announcements | Deal size and multiples; D2D vs commercial mix |
| Ongoing | Selling and marketing intensity | Selling and marketing as % of revenue vs the 12.9% FY2025 baseline |
| Ongoing | Litigation | Any filed securities class action |
| Ongoing | Peer read-across | Rentokil Q3 trading update and NA lead commentary |
Analyst verdict
Rollins remains one of the highest-quality operators in consumer and commercial services. It combines 24 years of uninterrupted revenue growth, more than 80% recurring revenue, returns on capital near 30%, FCF conversion above 120% and an investment-grade balance sheet with leverage around 1x. None of these fundamentals broke in 2026. What broke was the market's confidence that the growth and margin algorithm (7–8% organic growth, 30–35% incremental margins) was durable enough to justify a 50x earnings multiple.
The Q2 2026 evidence is mixed rather than damning. Residential organic growth at inbound-dependent brands slowed to 3.6%, but commercial (7.2%) and termite & ancillary (8.9%) remained healthy, and relationship-driven brands grew double-digit organically. Rentokil's simultaneous report of North American lead weakness points to an industry-wide demand-discovery shift rather than a Rollins-specific execution failure. Yet the AI-search question is genuinely new, cannot yet be measured, and cuts straight into the brand-and-inbound model on which Orkin was built.
The margin picture is the more serious concern. Three years of flat operating margins, rising selling and marketing intensity, and an H1 2026 incremental margin under 8% suggest the cost base may have been built for a growth rate that is no longer reliable. The leadership change in finance and the new COO appointment indicate management sees this too.
At about USD 32, the equity trades near 27x forward earnings and 19x EBITDA. The valuation premium has compressed by roughly half, but it is not yet distressed. Our stance is Neutral, with a constructive bias. The risk-reward becomes compelling if Q3 2026 shows residential organic growth recovering toward 5% and Q4 margins expanding as guided. Failure on either would likely lead to a lower medium-term framework and further multiple compression toward peers.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure in role | Prior roles | Education | Age (Mar 2026) |
|---|---|---|---|---|---|
Jerry E. Gahlhoff Jr. | President and CEO; Director | CEO since 1 Jan 2023; President since 2020; Director since 2021 | President and COO (2020–22); President, Specialty Brands; VP HR; President of HomeTeam (2008+); entomologist at Wilson Pest Control (1999) | MS Entomology, University of Florida | 53 |
John F. Wilson | Executive Chairman of the Board | Since 2025; Director since 2013 | Vice Chairman (2020–25); President and COO (2013–20); President, Orkin (2009–13) | — | 68 |
William (Will) W. Harkins | EVP and CFO (also CAO) | CFO since 15 Jun 2026; CAO since Mar 2025 | CAO and Corporate Controller, Mohawk Industries; Mars Inc.; 14 years at The Coca-Cola Co.; EY audit | MAcc and BBA Accounting, University of Georgia; CPA (Georgia) | — |
Elizabeth B. Chandler | Chief Legal Officer, General Counsel and Corporate Secretary | GC since 2013; CLO since Jan 2025 | GC, Asbury Automotive; City Attorney of Atlanta; Mirant Corp.; partner at Troutman Pepper | BBA and JD, University of Georgia | 62 |
Thomas D. Tesh | EVP, Chief Administrative Officer | CAO since Jan 2023 | CIO (2020–23); VP IT (2012); ServiceMaster and Terminix (2000–12) | — | 47 |
Scott Weaver | Chief Operating Officer (US residential and commercial) | Promoted Q2 2026 (per call summaries) | — | — | — |
Gary W. Rollins | Chairman Emeritus (honorary, non-voting) | Retired from Board at 28 Apr 2026 AGM | CEO 2001–22; Chairman 2020–24; Executive Chairman Emeritus 2025 | BS Business Administration, University of Tennessee | 81 |
Kenneth D. Krause (departed) | Former EVP and CFO | Sep 2022 – 15 Jun 2026 | CFO, MSA Safety; KPMG | BS Slippery Rock; MBA Pittsburgh | 51 |
“—” = not publicly disclosed.
Directors' Remuneration
| CEO / PEO total compensation (USD) | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
PEO total, Summary Compensation Table | 5,475,195 | 8,393,601 | 7,760,204 | 6,743,889 | 8,236,749 | 8,970,000 |
Average non-PEO NEO total | 2,094,217 | 2,220,844 | 2,629,526 | 3,163,663 | 3,537,674 | — |
Board of Directors
| Director | Age | Independent | Director since | Committees | Principal background |
|---|---|---|---|---|---|
John F. Wilson | 68 | No | 2013 | Board Chair (Executive) | Former Rollins President and COO |
Jerry E. Gahlhoff Jr. | 53 | No | 2021 | — | President and CEO |
Louise S. Sams | 68 | Yes | 2022 | Lead Independent Director; Chair, Nominating & Governance; HCM & Compensation | Former EVP and GC, Turner Broadcasting; Chair of CoStar Group |
Susan R. Bell | 63 | Yes | 2021 | Chair, Audit (financial expert) | Retired EY partner; director of RPC, Marine Products, First Advantage |
Donald P. Carson | 76 | Yes | 2021 | Audit; Nominating & Governance | Ansley Capital; ex-President of RFA Management (Rollins family office) |
Paul D. Donahue | 69 | Yes | 2025 | HCM & Compensation | Non-Executive Chairman, Genuine Parts Co. |
Patrick J. Gunning | 66 | Yes | 2021 | Audit (financial expert) | Retired EY partner; ex-CFO of Woodruff Arts Center |
Gregory B. Morrison | 66 | Yes | 2021 | Chair, HCM & Compensation; Audit | Ex-CIO, Cox Enterprises; director of RB Global |
P. Russell Hardin | 68 | Yes | 2023 | Nominating & Governance | Ex-President, Robert W. Woodruff Foundation; Lead Independent Director of GPC |
Dale E. Jones | 66 | Yes | 2024 | HCM & Compensation | CEO, Magna Vista Partners; director of Chick-fil-A |
Pamela R. Rollins | 69 | No | 2015 | — | Rollins family; director and officer of LOR, Inc. |
Timothy C. Rollins | 63 | No | 2026 | — | VP, LOR, Inc.; director of RPC and Marine Products |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
1 Jan 2023 | Gahlhoff succeeds Gary Rollins as CEO | Planned succession |
Jan 2025 | Wilson named Executive Chairman; Gary Rollins named Executive Chairman Emeritus; Chandler named CLO | Generational transition |
17 Mar 2025 | Harkins joins as CAO | Finance modernization |
| 2025 | Paul Donahue joins Board | Adds large-cap CEO experience |
28 Apr 2026 | Gary Rollins leaves Board (honorary Chairman Emeritus); Timothy Rollins elected | Family representation continues |
27 May 2026 | CFO Krause resigns (effective 15 Jun) for an unrelated-industry role; Harkins promoted | No disagreement disclosed; Krause advises through 30 Sep 2026 |
Q2 2026 | Scott Weaver promoted to COO | Accountability and execution reset after Q2 miss |
Major Shareholders
| Holder category | Stake | Source / note |
|---|---|---|
Rollins family entities (LOR, Inc.; Rollins Holding Company, Inc.; RFA and related trusts) — the "Significant Shareholder Group" | Free float of about 309.0M of 481.15M shares (≈64%) per a market-data vendor implies about 36% held by insiders and affiliates. | Vendor data; Schedule 13D/A (Nov 2025) |
Directors and officers (as defined in the proxy record-date statement) | About 5.77% of outstanding shares (record date 2 Mar 2026) | DEF 14A 2026 |
Discrepancy note | The 5.77% proxy figure and the vendor-implied ~36% non-float figure differ materially. The difference likely reflects how family holding companies are attributed (they are not all attributable to sitting directors after Gary Rollins' board departure). Verify against the beneficial ownership table (proxy page 70) and the latest 13D/A. | Analyst note |
Lock-up | The family selling stockholders' 365-day lock-up from the Nov 2025 secondary expires about 10 Nov 2026 | 8-K Nov 2025 |
Competitive Landscape
Key Competitors
| Competitor | Ownership | Key lines | Revenue (latest available) | Positioning vs Rollins |
|---|---|---|---|---|
Rentokil Initial plc (incl. Terminix) | Public (LSE: RTO; NYSE ADR) | Residential, commercial, termite; hygiene | H1 2026 group revenue USD 3,589m; North America USD 2,197m (+4.2%) | Largest global peer; NA pest organic growth only 2.6% in H1 2026; still integrating Terminix |
Anticimex | Private (EQT-backed) | Commercial-led, digital "SMART" monitoring; growing US residential via acquisitions | — | Aggressive US acquirer; tech-forward commercial model |
Ecolab (Pest Elimination) | Public (NYSE: ECL), division | Commercial pest (food service, hospitality) | Division revenue not separately verified | Strong in food-safety commercial accounts; cross-sells with sanitation |
Massey Services | Private | Residential, termite, lawn (Southeast) | — | Regional leader in Florida and Southeast |
Arrow Exterminators | Private | Residential and commercial (Southeast) | — | Regional consolidator |
Aptive Environmental | Private | D2D residential | — | Direct D2D rival to Fox, Saela and Romex |
Cook's Pest Control | Private | Residential and termite (Southeast) | — | Regional |
Truly Nolen | Private | Residential, termite, international franchises | — | Regional plus franchise |
ABC Home & Commercial Services | Private | Residential and commercial (Texas, Florida) | — | Regional |
PestCo Holdings / Hawx / other PE platforms | Private equity | Roll-ups and D2D | — | Compete for acquisition targets, raising deal multiples |
Independent local operators (≈20,000+ firms) | Private | All | — | Fragmented long tail; Rollins' acquisition pipeline |
“—” = not publicly disclosed.
Peer Comparison FY2025
| Metric | Rollins (H1 2026) | Rentokil (H1 2026) | Rentokil North America (H1 2026) |
|---|---|---|---|
Revenue (USD Mn, H1) | 1,985.0 | 3,589.0 | 2,197.0 |
Reported revenue growth (%) | 8.9 | 4.5 | 4.2 |
Organic growth (%) | 6.1 | 3.6 | 3.7 (Pest Control Services 2.6) |
Profit margin | Adj. EBITDA 20.9%; op. 17.5% | Adj. op. profit margin ≈15.5% (USD 556m / USD 3,589m, derived) | NA adj. op. margin 17.9%; NA Pest Control Services 19.7% |
R&D intensity | — | Not disclosed (consolidated) | — |
Leverage | 1.0x (lease-adjusted, company definition) | 2.4x (company definition) | — |
“—” = not publicly disclosed.
Recent Developments
Includes two Q1 2025 items for context on capital structure.*
