Rollins, Inc.

Rollins, Inc. is the world's largest pest control company, providing residential, commercial, and termite management services to more than two million customers across approximately 70 countries through a portfolio of brands anchored by Orkin, the industry's most recognized name. In fiscal 2025, the Atlanta-based company generated $3.76 billion in revenue and $650 million in free cash flow, extending a streak of 98 consecutive quarters of revenue growth that now spans nearly a quarter-century.

The business model is deceptively simple: send trained technicians to properties on a regular schedule, charge a recurring fee, and use the resulting cash flow to buy more routes. Roughly 75% of Rollins's revenue recurs, customer relationships extend over multiple years, and the work itself — keeping pests out of homes and workplaces — is both non-discretionary and resistant to economic cycles. The file turns on a single question: whether this compounding machine deserves its premium valuation, even after a share price decline that has brought the stock to the bottom of its 52-week range, or whether the accelerating pace of acquisitions has begun to introduce risks that the trailing numbers do not yet reflect.