Rollins demonstrates high-quality earnings with an OCF/NI ratio frequently exceeding 1.10, supported by a low capital intensity model where CapEx as a percentage of revenue rarely exceeds 1.0%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 649.58M | 678.11M | 607.65M | 528.37M | 465.93M | 401.81M | 435.79M | 309.19M | 286.27M | 235.37M | 226.53M | 196.36M | 194.15M | 162.66M | 141.92M | 154.65M | 124.05M | 110.85M | 90.74M | 88.76M | 85.2M | 77.39M | 71.93M | 62.02M | 53.69M | 29.56M | 11.45M | 8.2M | -700K | 6.5M | 58.1M |
| Operating CF Margin % | - | 18.03% | 17.93% | 17.19% | 17.28% | 16.57% | 20.16% | 15.34% | 15.72% | 14.06% | 14.4% | 13.22% | 13.75% | 12.16% | 11.17% | 12.83% | 10.91% | 10.32% | 8.89% | 9.92% | 9.92% | 9.64% | 9.58% | 9.16% | 8.07% | 4.53% | 1.76% | 1.4% | -0.13% | 1.21% | 9.26% |
| Operating CF Growth % | 19.03% | 11.59% | 15.01% | 13.4% | 15.96% | -7.8% | 40.95% | 8% | 21.63% | 3.9% | 15.36% | 1.14% | 19.35% | 14.62% | -8.23% | 24.66% | 11.91% | 22.15% | 2.23% | 4.18% | 10.09% | 7.59% | 15.98% | 15.5% | 81.66% | 158.22% | 39.6% | 1271.43% | -110.77% | -88.81% | 23.88% |
| Net Income | 529.29M | 526.71M | 466.38M | 434.96M | 368.6M | 350.69M | 260.82M | 203.35M | 231.66M | 179.12M | 167.37M | 152.15M | 137.66M | 123.33M | 111.33M | 100.71M | 90M | 83.98M | 68.93M | 64.73M | 57.81M | 52.77M | 52.05M | 35.76M | 27.11M | 16.94M | 9.55M | 7.2M | 6.6M | 1.5M | 22.8M |
| Depreciation & Amortization | 128.03M | 124.74M | 113.22M | 99.75M | 91.33M | 94.2M | 89.44M | 79.54M | 64.67M | 55.53M | 49.89M | 42.14M | 42.28M | 39.57M | 38.66M | 37.5M | 36.41M | 37.17M | 33.44M | 27.07M | 26.86M | 24.28M | 23.03M | 20.18M | 21.64M | 20.29M | 18.42M | 13.4M | 8.9M | 8.4M | 8.6M |
| Stock-Based Compensation | 21.07M | 0 | 29.98M | 24.61M | 21.21M | 14.87M | 20.85M | 14.16M | 13.73M | 12.4M | 12.41M | 12.11M | 10.58M | 10.43M | 9.49M | 7.55M | 7.54M | 5.8M | 4.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 6.68M | 19.15M | -10.34M | -7.64M | 1.59M | 1.65M | -1.22M | -7.23M | 7.63M | 18.64M | -3.25M | 3.49M | 8.44M | 356K | -1.87M | 784K | 2.08M | 2.76M | 4.46M | 1.03M | 6.01M | 3.65M | 13.62M | 10.4M | 3.64M | 3.36M | 2.67M | 7.1M | 9M | -69.2M | 1M |
| Other Non-Cash Items | 32.25M | 72.51M | 32.53M | 4.78M | 11.27M | -20.39M | 17.54M | 65.04M | 13.61M | 10.46M | 7.56M | 8.17M | 6.45M | 6.4M | 8.28M | 6.16M | 6.74M | 10.2M | -10.01M | 152K | 1.83M | -4.73M | -17.11M | 654K | 955K | 250K | 1.1M | 100K | 200K | -100K | 100K |
| Working Capital Changes | -67.74M | -65M | -24.13M | -28.08M | -28.08M | -39.21M | 48.35M | -45.68M | -45.03M | -40.78M | -7.46M | -21.7M | -11.27M | -17.42M | -23.98M | 1.94M | -18.7M | -29.06M | -10.48M | -3.94M | -6.68M | 1.42M | 334K | -4.98M | 351K | -11.29M | -20.3M | -21.1M | -27.1M | 24.2M | 24.1M |
| Change in Receivables | -65.57M | -57.87M | -66.65M | -61.67M | -57.89M | -22.44M | -12.04M | -20.15M | -12.55M | -13.66M | -15.87M | -12.49M | -13.37M | -13.62M | -16.44M | -10.66M | -15.07M | -9.89M | 8.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -606K | -1.72M | -5.87M | -4.28M | -540K | 2.64M | -10.71M | -2.15M | -374K | -837K | -671K | 814K | -1.52M | -118K | -655K | 837K | -1.39M | 1.04M | -422K | -26K | 681K | 2.38M | 2.65M | 878K | 1.24M | 1.08M | 614K | 1.3M | 1.7M | -3.4M | -1M |
| Change in Payables | -17.69M | -9.48M | 47.67M | 43.41M | 304K | -24.21M | 50.21M | -9.93M | -23.82M | -25.69M | 11.18M | -2.04M | 15.27M | 4.92M | -2.17M | 14.77M | 4.41M | -18.8M | -17.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -318.7M | -326.7M | -176.23M | -372.89M | -134.14M | -98.97M | -162.4M | -455.11M | -101.38M | -154.18M | -76.84M | -69.94M | -89.47M | -30.79M | -42.69M | -29.15M | -47.65M | -26.56M | -166.72M | -22.75M | -27.98M | -52.03M | -64.7M | -34.01M | -12.15M | -9.18M | -8.76M | 17.4M | -49M | 155.9M | -37.3M |
| Capital Expenditures | -28.44M | -28.09M | -27.57M | -32.47M | -30.63M | -27.19M | -23.23M | -27.15M | -27.18M | -24.68M | -33.08M | -39.49M | -28.74M | -18.63M | -19.04M | -18.65M | -13.04M | -15.74M | -14.81M | -16.24M | -18.73M | -25.54M | -14.2M | -10.6M | -10.37M | -8.47M | -14.41M | -79.8M | -10.4M | -9M | -10M |
| CapEx % of Revenue | 0.74% | 0.75% | 0.81% | 1.06% | 1.14% | 1.12% | 1.07% | 1.35% | 1.49% | 1.47% | 2.1% | 2.66% | 2.04% | 1.39% | 1.5% | 1.55% | 1.15% | 1.47% | 1.45% | 1.82% | 2.18% | 3.18% | 1.89% | 1.57% | 1.56% | 1.3% | 2.22% | 13.6% | 1.89% | 1.67% | 1.59% |
| Acquisitions | -300.81M | -309.52M | -153.4M | -350.95M | -119.19M | -146.1M | -147.61M | -430.56M | -76.77M | -130.19M | -46.31M | -33.46M | -63.34M | -12.63M | -25.03M | -11.41M | -34.76M | -10.97M | -152.37M | -6.6M | -10.09M | -27.24M | -98.09M | -1.54M | -1.79M | -704K | -7.44M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 10.56M | 10.9M | 4.74M | 10.52M | 15.68M | 74.33M | -15M | -24.65M | 1.93M | 439K | 2.55M | 3.02M | 2.6M | 474K | 1.38M | 908K | 155K | 144K | 467K | 87K | 835K | 754K | 25.73M | 0 | 0 | 0 | 0 | 100K | -3.5M | 155.1M | -7.6M |
| Cash from Financing | -415.16M | -343.58M | -440.71M | -149.42M | -336.02M | -290.16M | -281.27M | 127.66M | -162.28M | -130.26M | -136.37M | -97.22M | -106.52M | -75.65M | -80.99M | -99.43M | -65.5M | -89.75M | 21.03M | -59.8M | -36.39M | -40.15M | -10.03M | -6.79M | -11.87M | -12.13M | -7.97M | -21.1M | -75M | -48.7M | -42.3M |
| Debt Issued (Net) | -237.99M | 209.65M | -96M | 438M | -100M | -48M | -88.5M | 291.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -30.54M | -1.72M | -33.47M | 68.77M | -1.92M | -763K | 0 | 0 | 0 | -256K | -3.23M | -2M | -3.4M | -2.9M | -2.5M | 4.2M |
| Equity Issued (Net) | -224.53M | -216.85M | -11.61M | -315.01M | -7.07M | -10.69M | -8.28M | -10.01M | -9.54M | -8.25M | -31.07M | -7.41M | -35.51M | -13.72M | -19.94M | -30.21M | -29.69M | -29.11M | -23.24M | -40.59M | -18.37M | -26.99M | 1.08M | 0 | -6.17M | -1.61M | -154K | -11.8M | -56.2M | -26.1M | -26.2M |
| Dividends Paid | -335.84M | -327.9M | -297.99M | -264.35M | -211.62M | -208.66M | -160.49M | -153.84M | -152.74M | -122.02M | -109M | -91.75M | -75.75M | -65.66M | -64.28M | -41.11M | -35.52M | -27.85M | -24.97M | -20.33M | -17.02M | -13.71M | -10.92M | -9.01M | -6M | -6.03M | -6.03M | -6.1M | -16.1M | -20.4M | -20.7M |
| Share Repurchases | -224.53M | -216.85M | -11.61M | -315.01M | -7.07M | -10.69M | -8.28M | -10.01M | -9.54M | -8.25M | -31.07M | -7.41M | -35.51M | -13.72M | -19.94M | -30.21M | -29.69M | -29.11M | -23.24M | -41.97M | -19.45M | -30.31M | -937K | 0 | -6.17M | -1.61M | -154K | -11.8M | -56.2M | -26.1M | -26.2M |
| Other Financing | 383.2M | -8.47M | -35.11M | -8.06M | -17.33M | -22.81M | -24.01M | 0 | 0 | 0 | 3.7M | 1.95M | 4.74M | 3.73M | 3.23M | 2.44M | 1.44M | 679K | 470K | 3.04M | -235K | 558K | -590K | 2.22M | 552K | -1.26M | 209K | 200K | 200K | 300K | 400K |
| Net Change in Cash | -84.63M | 10.37M | -14.2M | 8.48M | -9.96M | 6.82M | 4.2M | -21.21M | 8.44M | -35.73M | 8.21M | 26.2M | -9.84M | 53.13M | 18.81M | 25.36M | 11.41M | -4.21M | -57.56M | 7.94M | 20.28M | -13.67M | -2.8M | 21.23M | 29.66M | 8.25M | -5.29M | 4.5M | -124.7M | 113.7M | -21.5M |
| Free Cash Flow | 621.14M | 650.02M | 580.08M | 495.9M | 435.3M | 374.61M | 412.56M | 282.04M | 259.09M | 210.69M | 193.44M | 156.86M | 165.41M | 144.03M | 122.88M | 136M | 111.02M | 95.11M | 75.93M | 72.52M | 66.47M | 51.85M | 57.72M | 51.42M | 43.33M | 21.08M | -2.96M | -71.6M | -11.1M | -2.5M | 48.1M |
| FCF Margin % | 16.15% | 17.28% | 17.12% | 16.14% | 16.15% | 15.45% | 19.09% | 13.99% | 14.22% | 12.59% | 12.29% | 10.56% | 11.72% | 10.77% | 9.67% | 11.29% | 9.77% | 8.86% | 7.44% | 8.1% | 7.74% | 6.46% | 7.69% | 7.6% | 6.51% | 3.23% | -0.46% | -12.21% | -2.02% | -0.46% | 7.67% |
| FCF Growth % | 3.54% | 12.06% | 16.98% | 13.92% | 16.2% | -9.2% | 46.27% | 8.86% | 22.97% | 8.92% | 23.32% | -5.17% | 14.84% | 17.22% | -9.64% | 22.5% | 16.73% | 25.26% | 4.7% | 9.1% | 28.21% | -10.18% | 12.25% | 18.68% | 105.5% | 811.34% | 95.86% | -545.04% | -344% | -105.2% | 27.25% |
| FCF per Share | 1.29 | 1.34 | 1.20 | 1.01 | 0.88 | 0.76 | 0.84 | 0.57 | 0.53 | 0.43 | 0.39 | 0.32 | 0.34 | 0.29 | 0.25 | 0.27 | 0.22 | 0.19 | 0.15 | 0.14 | 0.13 | 0.10 | 0.11 | 0.10 | 0.08 | 0.04 | -0.01 | -0.14 | -0.02 | -0.00 | 0.08 |
| FCF Conversion (FCF/Net Income) | 1.17x | 1.29x | 1.30x | 1.21x | 1.26x | 1.13x | 1.63x | 1.52x | 1.24x | 1.31x | 1.35x | 1.29x | 1.41x | 1.32x | 1.27x | 1.54x | 1.38x | 1.32x | 1.32x | 1.37x | 1.47x | 1.47x | 1.38x | 1.73x | 1.98x | 1.74x | 1.20x | 1.14x | -0.11x | 4.33x | 2.55x |
| Interest Paid | 15.42M | 0 | 32.56M | 19.24M | 4.16M | 1.31M | 5.06M | 6.45M | 25K | 0 | 13K | 0 | 0 | 0 | 0 | 123K | 248K | 1.03M | 1.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 104.98M | 0 | 145.64M | 159.15M | 119.57M | 119.76M | 81.18M | 75.81M | 77.35M | 90.7M | 88.77M | 82.69M | 74.45M | -69.35M | 63M | 51.98M | 60.1M | 46.43M | 41.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Acquisition integration margin dilution
According to reported financial statements, Rollins consistently generates operating cash flow in excess of net income, with the OCF/NI ratio frequently exceeding 1.10, which suggests that the company's reported earnings are supported by high-quality, cash-generative operations rather than aggressive accounting accruals or non-cash adjustments.
The persistent gap between net income and operating cash flow indicates that the company's underlying business model is highly efficient at converting service revenue into actual liquidity. Investors should monitor this relationship, as any sustained compression in the OCF/NI ratio could signal a deterioration in the quality of earnings or an unexpected increase in working capital requirements.
As evidenced by the last ten quarters of data, Rollins maintains a robust free cash flow trajectory, with margins peaking at 22.1% in 2024Q4, demonstrating that the company's service-based model requires minimal capital expenditure to sustain its recurring revenue streams and support ongoing operational expansion.
The ability to consistently generate significant free cash flow despite aggressive acquisition activity suggests that the company's capital-light service model is highly scalable. This cash-generative profile provides the firm with substantial flexibility to fund its dividend policy and tuck-in acquisitions without relying heavily on external financing.
Based on the provided figures, Rollins maintains a remarkably low capital intensity, with CapEx as a percentage of revenue rarely exceeding 1.0%, which highlights the company's ability to scale its service fleet without the burden of heavy investment in property, plant, or equipment.
The low level of maintenance CapEx relative to revenue suggests that the company's primary investment is in human capital and route density rather than physical infrastructure. This structural advantage allows a larger portion of operating cash flow to be directed toward shareholder returns and strategic acquisitions.
As reported in recent filings, Rollins utilizes its strong cash flow to fund a consistent dividend program and selective tuck-in acquisitions, with net acquisition spending reaching $226.4 million in 2025Q2, reflecting a disciplined approach to inorganic growth that prioritizes long-term route density over transformative, high-risk mergers.
The company's capital deployment appears balanced between rewarding shareholders and reinvesting in the business to maintain its competitive moat. Investors should continue to evaluate whether the returns on these acquisitions remain accretive as the company faces the law of large numbers in a consolidating industry.
Quick answers to the most common questions about buying ROL stock.
Rollins, Inc. (ROL) generated $678.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Rollins, Inc. (ROL) generated $650.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Rollins, Inc. (ROL) spent $28.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Rollins, Inc. (ROL) returned $327.9M to shareholders via cash dividends and spent $216.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.