On February 17, 2026, 59 North Capital Management disclosed a sale of 208,619 shares of SiteOne Landscape Supply (SITE 3.49%), an estimated $26.41 million trade based on quarterly average pricing.
What happened
According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, 59 North Capital Management sold 208,619 shares of SiteOne Landscape Supply (SITE 3.49%), with the estimated value of the transaction at $26.41 million based on the average closing price during the fourth quarter. The quarter-end value of the SITE position decreased by $33.04 million, incorporating both share sales and price changes.
What else to know
- This was a reduction of the stake, which now represents 5.65% of 13F reportable assets under management.
- Top five holdings after the filing:
- NYSE: AER: $475.93 million (14.8% of AUM)
- NYSE: DTM: $365.06 million (11.4% of AUM)
- NASDAQ: NWSA: $338.63 million (10.5% of AUM)
- NYSE: KMI: $312.66 million (9.7% of AUM)
- NYSE: LPX: $285.64 million (8.9% of AUM)
- As of Tuesday, SITE shares were priced at $140.14, up 13% over the past year and slightly underperforming the S&P 500’s roughly 16% gain in the same period.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $4.70 billion |
| Net income (TTM) | $151.80 million |
| Market capitalization | $6.2 billion |
| Price (as of Tuesday) | $140.14 |
Company snapshot
- SITE offers approximately 180,000 SKUs, including irrigation supplies, fertilizers, control products, landscape accessories, nursery goods, hardscapes, and outdoor lighting products.
- The company operates a wholesale distribution model, generating revenue through direct sales to landscape professionals via a broad branch network and direct distribution channels.
- It serves residential and commercial landscape professionals focused on the design, installation, and maintenance of outdoor spaces across the United States and Canada.
SiteOne Landscape Supply is a leading distributor of landscape supplies in North America, with a diversified product portfolio and a strong branch network. The company leverages its scale and consultative services to provide comprehensive solutions to professional customers. Its broad offering and established presence position it as a key partner for landscape professionals seeking efficiency and product variety.
What this transaction means for investors
Even after the trim, SiteOne remains a meaningful 6% of 59 North’s reported assets, sitting alongside infrastructure and asset-heavy names like AER, DTM and KMI. That tells you this was likely risk management, not a thesis break.
Fundamentally, the business looks durable. Full year 2025 net sales rose 4% to $4.7 billion, with net income climbing 23% to $151.8 million. Adjusted EBITDA increased 10% to $414.2 million, and the company generated $300.5 million in operating cash flow. Gross margin improved to 34.8% for the year, and leverage remains conservative with net debt to EBITDA at 0.8x.
That balance sheet strength matters in a cyclical end market tied to housing and commercial construction. Management expects low single-digit organic growth in 2026 and further margin expansion.
For long-term investors, the takeaway is discipline. SiteOne is not a hyper-growth story, but it throws off cash, repurchases shares, and maintains pricing power. Trimming into relative strength while keeping a sizable position fits a portfolio built around durable operators.
