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LANDSCAPING · Q1 2026 · 2.0×–3.5× SDE band held quarter-over-quarter (n=85, BizBuySell trailing-12-month closed deals)LANDSCAPING · Maintenance vs install revenue co-mingled in 63% of deals · First Earnings Quality finding pre-LOILANDSCAPING · H-2B dependency above 20% in 29% of deals · No documented renewal pipeline = post-close operational cliffLANDSCAPING · Equipment fleet over 8 years in 34% of deals · 8–12% of revenue capex reserve requiredLANDSCAPING · Seasonal DSCR trough Dec–Feb · Monthly modeling required north of the 35th parallelLANDSCAPING · H-2B program cap 66,000 visas annually · 33,000 first-half + 33,000 second-half · Supplemental allocations discretionaryLANDSCAPING · Industry size $176B (IBISWorld 2024) · 4.5% CAGR 2020–2025LANDSCAPING · BLS 37-3011 median wage $36,440 (May 2024) · 1M+ employed; supervisor 37-1012 median $57,180LANDSCAPING · BrightView (KKR take-private 2024) · Yellowstone Landscape (CIVC) · Monarch (Charlesbank) lead PE roll-up activityLANDSCAPING · NALP industry research · Recurring maintenance contract share is dominant Pricing pillar driverJAPAN · 造園工事業 license under Construction Business Act (建設業法) · Prefectural or MLIT-issuedMETHODOLOGY · Acquidex v1.0 · Sample window 2025-05 → 2026-04 · Trailing 12 months · n=85 SMB transactionsLANDSCAPING · Q1 2026 · 2.0×–3.5× SDE band held quarter-over-quarter (n=85, BizBuySell trailing-12-month closed deals)LANDSCAPING · Maintenance vs install revenue co-mingled in 63% of deals · First Earnings Quality finding pre-LOILANDSCAPING · H-2B dependency above 20% in 29% of deals · No documented renewal pipeline = post-close operational cliffLANDSCAPING · Equipment fleet over 8 years in 34% of deals · 8–12% of revenue capex reserve requiredLANDSCAPING · Seasonal DSCR trough Dec–Feb · Monthly modeling required north of the 35th parallelLANDSCAPING · H-2B program cap 66,000 visas annually · 33,000 first-half + 33,000 second-half · Supplemental allocations discretionaryLANDSCAPING · Industry size $176B (IBISWorld 2024) · 4.5% CAGR 2020–2025LANDSCAPING · BLS 37-3011 median wage $36,440 (May 2024) · 1M+ employed; supervisor 37-1012 median $57,180LANDSCAPING · BrightView (KKR take-private 2024) · Yellowstone Landscape (CIVC) · Monarch (Charlesbank) lead PE roll-up activityLANDSCAPING · NALP industry research · Recurring maintenance contract share is dominant Pricing pillar driverJAPAN · 造園工事業 license under Construction Business Act (建設業法) · Prefectural or MLIT-issuedMETHODOLOGY · Acquidex v1.0 · Sample window 2025-05 → 2026-04 · Trailing 12 months · n=85 SMB transactions
Industry Intelligence · Landscaping · Q1 2026
Updated · 2026-05-02Refresh · QuarterlyAuthor · Avery Hastings, CPA

Landscaping business acquisitions sit in a 2.0×–3.5× SDE band. Top-of-band placement requires maintenance-contract revenue dominance and demonstrated year-round operational continuity.

Q1 2026 headline read
Quarterly · Updated 2026-05-02
PILLAR 01
Earnings Quality
63%
Q1 2026 baseline

of deals co-mingled installation/enhancement revenue with recurring maintenance. Install revenue is episodic; maintenance is the recurring foundation.

PILLAR 02
Pricing
2.0×–3.5×
→ Band held

SDE band stable. Peak installation year used as baseline is the most common pricing failure in Q1 2026.

PILLAR 03
Fundability
Q4–Q1
Q1 2026 baseline

Seasonal DSCR failure window for northern-climate operations. Lenders require monthly DSCR modeling — annual average masks the trough.

PILLAR 04
Transferability
29%
Q1 2026 baseline

of deals had H-2B visa dependency with no documented renewal pipeline. Visa program continuity is a post-close operational cliff.

This quarter in
Landscaping
Q1 2026 · Jan–Mar

The most common pricing error in landscaping deals this quarter is using a peak installation year as the SDE baseline. Installation revenue is episodic — it follows housing starts, commercial construction, and owner relationships unlikely to transfer at the same volume. Isolate recurring maintenance revenue, apply a maintenance multiple (typically 2.8×–3.5×), and treat the installation book as a forward opportunity, not a multiple justification.

H-2B visa dependency is underpriced in most deal structures. A landscaping business that sources 35% of its seasonal labor through H-2B with no documented backup plan is carrying operational discontinuity risk that the SDE multiple does not reflect. Require the seller to produce prior-year H-2B application history, allocation dates, and slot counts before the LOI stage.

Read the full Q1 2026 Atlas →
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  1. Q1 2026Maintenance vs Install, H-2B Dependency, and the Seasonal DSCR TroughRead →
Methodology

Acquidex v1.0, §3.4 (Earnings Quality), §3.3 (Transferability), §5.1 (Add-Back Stripping per SBA SOP 50 10 8). Methodology paper forthcoming Q3 2026.

Sample

Window: 2025-05 → 2026-04 (trailing 12 months). BizBuySell closed-deal data, IBBA Market Pulse Q3–4 2025 and Q1 2026, Pratt's Stats SMB transaction database, Acquidex direct deal observations

Refresh

Quarterly. Last update: 2026-05-02. Atlas archive at /intel/landscaping/atlas.

Author

Avery Hastings, CPA. Tokyo-based; SMB and lower-middle-market acquisitions in the US and Japan.

Acquidex · Industry Intelligence · 2026
AQX-IR-LSC-2026Q1 · v1.0
Landscaping Acquisition Intelligence: Multiples Band, Atlas, Playbook, Scored Deals | Acquidex