Rollins, Inc.
ROL 6Price and target zones价格与目标区间
What the company does公司做什么
Rollins is the parent company of Orkin and a family of pest control brands. It sendsRollins是Orkin及一系列害虫防治品牌的母公司。它派出
Earns from营收来源 recurring service contracts, billed on a scheduled visit basis to homeowners and businesses, plus one-time termite and mosquito treatments.按约定上门服务计费的经常性服务合同,面向住宅和企业客户,此外还有一次性的白蚁和蚊虫处理服务。
Read the full description查看完整介绍
Rollins, Inc., through its subsidiaries, provides pest and wildlife control services and protection to residential and commercial customers in the United States and internationally. The company offers pest control services to residential properties protecting from common pests, including rodents, insects, and wildlife. It also provides workplace pest control solutions for customers across various end markets, such as healthcare, food service, and logistics. In addition, the company offers termite protection and ancillary services for both residential and commercial customers. It serves clients directly, as well as through franchisee operations. The company was formerly known as Rollins Broadcasting, Inc and changed its name to Rollins, Inc. in 1965. Rollins, Inc. was founded in 1901 and is headquartered in Atlanta, Georgia.
Revenue breakdown营收构成 share of revenue收入占比
This is the largest and most visible part of the business, sold under the Orkin brand and several regional brands. It depends heavily on new customer sign-ups from search engines and phone calls, so it is the most exposed part of the business to a slowdown in that demand channel.这是公司业务中规模最大、最为人熟知的部分,以Orkin品牌及多个区域品牌销售。该业务高度依赖搜索引擎和电话咨询带来的新客户注册,因此是最容易受到该需求渠道放缓影响的部分。
- Orkin residential serviceOrkin住宅服务 — a scheduled visit plan that inspects and treats a home for common pests.一种按计划上门的服务方案,对住宅进行常见害虫的检查和处理。
- Regional residential brands区域住宅品牌 — Fox Pest Control, Northwest Exterminating, and others sell the same kind of service through door-to-door sales teams instead of search ads.Fox Pest Control、Northwest Exterminating等品牌通过上门推销团队而非搜索广告销售同类服务。
Commercial customers sign longer contracts and switch providers less often than homeowners, because a failed inspection can shut down a restaurant or a food plant. This makes the segment more stable and less dependent on advertising.商业客户签订的合同期限更长,更换服务商的频率也低于住宅客户,因为一次检查不合格就可能导致餐厅或食品厂被迫停业。这使得该业务板块更为稳定,对广告的依赖也更低。
- Commercial pest management contracts商业害虫管理合同 — scheduled inspections and treatments tied to health-code compliance.与卫生法规合规要求挂钩的定期检查和处理服务。
- Food and hospitality pest programs餐饮及酒店害虫防治项目 — specialized service plans for restaurants, hotels, and food processing plants.面向餐厅、酒店和食品加工厂的专项服务方案。
Termite damage is not covered by most home insurance, so homeowners often buy a multi-year termite protection plan once and then renew it for many years. This makes the segment sticky revenue even though each job is priced as a project rather than a subscription.白蚁损害大多不在家庭保险的承保范围内,因此房主往往会一次性购买多年期的白蚁防治方案,之后连续多年续保。这使得该业务板块即便每单业务都是按项目计价而非按订阅计价,也能形成粘性收入。
- Termite protection and repair plans白蚁防治及维修方案 — bait and treatment systems sold with a renewable annual warranty.配有可续保年度保修条款的诱饵和处理系统。
- Mosquito and wildlife control蚊虫及野生动物防治 — add-on services sold to the same customer base as pest and termite plans.面向害虫和白蚁方案同一批客户销售的附加服务。
Company facts公司资料
- Founded成立时间
- 1901
- Headquarters总部
- Atlanta, Georgia
- Former name曾用名
- Rollins Broadcasting, Inc
- Employees员工人数
- 22,000
- Industry行业
- Personal Services
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
Would upgrade on
- ANALYZED 8/28 — ACCUMULATE, first file. Pest-control compounder, 24% ROIC, 0.6x net debt/EBITDA, trading below its own 45-57x P/E band for the first time in years (33.6x ttm / 27.6x fwd) after two straight EPS misses on an unexplained Orkin digital-lead slowdown. Quality is not in doubt; the price finally isn't absurd — but incremental margin (6.5% vs ~19% avg) + an open AI-search-channel question cap conviction. FV $38-50 (mid $44). Entry $34-40, staged. Trim 35x fwd.
🟢 8/28 分析——增持,首份报告。 害虫防治复利机,24% ROIC,净负债/EBITDA 0.6x,多年来首次在自身 45-57x P/E 区间下方交易(33.6x ttm / 27.6x fwd),此前连续两次 EPS 未达,因 Orkin 数字引流渠道一次未解释的放缓。 质量毫无疑问;价格终于不再离谱——但增量利润率(6.5% vs 约 19% 平均)+ 一个未决的 AI 搜索渠道问题压低了信念。 公允价值 $38-50(中值 $44),买入区 $34-40 分批,减持 35x fwd。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 37%
- Revenue growth营收增长
- +8%
- Dividend yield股息率
- 2.43%
Competitors竞争对手
Why customers stay客户为什么留下
Once a technician has serviced a property for years, the customer has little reason to switch — the provider knows the property's history, and termite plans carry renewal warranties that lock in repeat business. Rollins also buys up small local operators faster than most rivals, adding scale without needing to win every customer through advertising.技术员一旦长期为某处房产提供服务,客户就没有太大动力更换服务商——服务商了解该房产的历史情况,而白蚁防治方案还附带续保条款,能锁定重复业务。相比大多数同行,Rollins收购中小型本地经营者的速度也更快,从而在不必靠广告争取每一位客户的情况下扩大了规模。