Inside a $4.1 Million Bet on a $25 Billion Market: Why SiteOne’s 680-Branch Scale Matters Now

20 hours ago 1

Jonathan Ponciano, The Motley Fool

Tue, February 3, 2026 astatine 8:05 AM CST 4 min read

Wilson Asset Management initiated a caller presumption successful SiteOne Landscape Supply (NYSE:SITE) during the 4th quarter, according to a February 2 SEC filing, acquiring shares successful a commercialized estimated astatine $4.12 cardinal based connected quarter-end pricing.

According to a SEC filing dated February 2, Wilson Asset Management reported acquiring 33,094 shares of SiteOne Landscape Supply successful the 4th quarter. The quarter-end worth of the holding accrued by $4.12 million, reflecting the initiation of the caller position.

This was a caller presumption for the fund, bringing the involvement to 1.06% of its $389.64 cardinal successful reportable U.S. equity assets arsenic of December 31.

Top holdings aft the filing:

NASDAQ:GOOGL: $38.09 cardinal (9.8% of AUM)
NASDAQ:INTU: $26.77 cardinal (6.9% of AUM)
NYSE:PWR: $23.31 cardinal (6.0% of AUM)
NYSE:ICE: $20.16 cardinal (5.2% of AUM)
NYSE:MSCI: $19.98 cardinal (5.1% of AUM)

As of February 2, SiteOne shares were priced astatine $144.21, up conscionable astir 1% implicit the past twelvemonth and good underperforming the S&P 500’s astir 15% summation successful the aforesaid period.

Metric

Value

Price (as of 2026-02-02)	$144.21
Market capitalization	$6.42 billion
Revenue (TTM)	$4.67 billion
Net income (TTM)	$139.10 million

SiteOne Landscape Supply’s offerings includeirrigation supplies, fertilizer, power products, scenery accessories, nursery goods, hardscapes, and outdoor lighting products.
The institution operates a wholesale organisation model, generating gross done nonstop income of branded and third-party scenery supplies to nonrecreational customers via a subdivision web and nonstop organisation channels.
It targets residential and commercialized scenery professionals, including those specializing successful design, installation, and attraction of outdoor spaces, lawns, gardens, and play courses crossed the United States and Canada.

SiteOne Landscape Supply, Inc. is simply a starring distributor of scenery supplies successful North America, serving a wide nonrecreational lawsuit basal done an extended subdivision network. The institution leverages a divers merchandise portfolio and value-added consultative services to enactment scenery professionals successful some residential and commercialized markets. Its scale, broad offering, and established lawsuit relationships supply a competitory vantage successful the fragmented scenery proviso industry.

SiteOne sits astatine the intersection of scale, pricing discipline, and consolidation successful a highly fragmented $25 cardinal scenery proviso manufacture wherever nary nationalist rival comes adjacent to its footprint, which includes 680 branches and 4 organisation centers covering 45 U.S. states and six Canadian provinces. That mightiness beryllium wherefore Wilson Asset Management is leaning in.

In its astir caller quarterly report, SiteOne posted 4% gross maturation to $1.26 billion, but the existent awesome was beneath the surface. Gross borderline expanded 70 ground points to 34.7%, adjusted EBITDA climbed 11% to $127.5 million, and nett income jumped 33%, driven by pricing, outgo control, and SG&A leverage. Net indebtedness ended the 4th astatine astir 1.0x adjusted EBITDA, giving the institution flexibility to support consolidating smaller operators without stressing the equilibrium sheet.

For Wilson, this is simply a humble 1.06% presumption alongside higher-conviction holdings similar Alphabet and Intuit. In different words, SiteOne is apt not being treated arsenic a halfway compounder but arsenic a focused stake connected disciplined execution and accretive M&A. Long-term investors should ticker borderline durability, acquisition pacing, and whether SiteOne continues converting standard into currency travel successful a softer operation backdrop.