Aramark

ARMKActive

CIK 1584509 · Business Services & Route-Based

Aramark is a public company in Specialty Business Services, tracked in the business services and route-based compounders sub-sector, with $19B TTM revenue and $1.3B TTM EBITDA.

Market data as of May 10, 2026

Financials: LTM / latest available company filings

Sources: FMP, ARMK filings, SEC EDGAR

$11,849

Market cap ($MM)

$18,244

Enterprise value ($MM)

$18,786

Revenue · LTM ($MM)

$1,269

EBITDA · LTM ($MM)

EBITDA margin

1.0x

EV / revenue

14.4x

EV / EBITDA

4.4x

Net debt / EBITDA

Coverage

Coverage view

The analytical read on the name and the balance-sheet capacity behind the program.

Key points

01ARMK is a scaled public consolidator in Route-Based, a benchmark for how the sub-sector buys, pays, and trades.
02The relevant peer set is CTAS, ROL, BRO, ABM, WSC, SCI.

Balance sheet & capacity

Indicative capacity read: 4.4x net debt / EBITDA with EBITDA of $1.3B.

$476

Cash & equiv. ($MM)

$6,056

Total debt ($MM)

$5,581

Net debt ($MM)

4.4x

Net debt / EBITDA

Valuation

Where it trades against its peer set

ARMK versus the scaled public Business Services & Route-Based comparables.

EV / EBITDA distribution · peer set

ARMK 14.4x

Indexed share-price performance

ARMK versus available Business Services & Route-Based peers and SPY.

+94%

ARMK

+42%

Peer med.

+79%

SPY

Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.

Company	Ticker	Revenue ($MM)	EBITDA ($MM)	Margin	Market cap ($MM)	EV ($MM)	EV / rev	EV / EBITDA	Net debt / EBITDA
Aramark	ARMK	$18,786	$1,269	7%	$11,849	$18,244	1.0x	14.4x	4.4x
Cintas Corporation	CTAS	$11,027	$2,910	26%	$66,803	$69,538	6.3x	23.9x	0.8x
Rollins Inc.	ROL	$3,845	$859	22%	$25,917	$26,868	7.0x	31.3x	0.6x
Brown & Brown, Inc.	BRO	$6,425	$2,167	34%	$19,134	$26,191	4.1x	12.1x	3.1x
ABM Industries Incorporated	ABM	$8,875	$422	5%	$2,353	$3,991	0.4x	9.5x	3.6x
Willscot Holdings Corporation	WSC	$2,271	$490	22%	$5,086	$8,886	3.9x	18.1x	7.1x
Service Corporation International	SCI	$4,332	$1,244	29%	$10,737	$15,642	3.6x	12.6x	3.9x
Brink’s Co.	BCO	$5,390	$878	16%	$4,415	$6,786	1.3x	7.7x	3.0x
Business Services & Route-Based median		$5,907	$1,061	22%	$11,293	$16,943	3.8x	13.5x	3.4x

Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.

M&A program

A sustained, programmatic tuck-in cadence

ARMK's disclosed acquisition footprint and the deals behind it.

Disclosed acquisitions

Active years

Named deals

Avg / active year

1.9

Acq. cash outflow ($MM)

N/A

Banker read

01ARMK reads as a programmatic acquirer: 17 disclosed acquisitions across 9 active years, or 1.9 per active year. The chart shows activity in 9 of the last 9 visible years.
02In the last three years, the file shows 5 acquisitions versus 4 in the prior three; recent activity is running above the prior three-year period.
03Spend is not clean enough for the visual yet, so the banker read should lean on cadence, named deals, and management language.

Annual acquisition count

count named deal

ARMK cadence shown by annual acquisition count because verified spend is N/A.

Program diagnostics

Recent / prior

5 / 4

Last three years is up 25% vs prior three.

Peak count year

FY16

4 disclosed acquisitions in the peak visible year.

Spend check

N/A

Disclosed spend is not clean enough for the chart.

Named evidence

5 rows

29% selected source-cited transaction coverage.

Selected transactions

Date	Target	Segment	Consideration ($MM)	Strategic rationale	Source
Dec 11, 2017	Avendra	Business services and route-based compounders	$1,386	On December 11, 2017, we completed the acquisition of Avendra, a leading hospitality procurement services provider in North America that manages purchasing spend for over 650 co...	10-K^†
Oct 13, 2017	Avendra, LLC	Business services and route-based compounders	$1,350	On October 13, 2017, we entered into definitive agreements to acquire, in separate transactions, Avendra, LLC, a Delaware limited liability company (“Avendra”), and AmeriPride S...	10-K^†
Jan 19, 2018	AmeriPride	Business services and route-based compounders	$995	On January 19, 2018, we completed the acquisition of AmeriPride, a uniform and linen rental and supply company headquartered in Minneapolis with 6,000 employees and serving 150,...	10-K^†
Jun 4, 2021	Next Level Hospitality	Business services and route-based compounders	$226	On June 4, 2021, the Company completed the acquisition of Next Level Hospitality ("Next Level"), a premier provider of culinary and environmental services in the senior living i...	10-K^†
Jun 2, 2022	Union Supply Group Inc.	Business services and route-based compounders	$200	On June 2, 2022, the Company completed the acquisition of Union Supply Group Inc. ("Union Supply"), a commissary goods and services supplier, pursuant to the Stock Purchase Agre...	10-K^†

Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 10 SEC-backed facts across 5 cited filings.

Evidence

Source archive

A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.

Annual 10-Ks

Named deal filings

Recent SEC filings

Evidence clips

Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.11 rows+

Fiscal year	Filing date	Form	Status	Count	Cash spend	Purchase consideration	Source
FY2025	Nov 25, 2025	Annual M&A 10-K	warning (1 warn)	N/A	$264MM	N/A	SEC filing
FY2024	Nov 19, 2024	Annual M&A 10-K	warning (1 warn)	N/A	$149MM	N/A	SEC filing
FY2023	Nov 21, 2023	Annual M&A 10-K	warning (1 warn)	N/A	$50.2MM	N/A	SEC filing
FY2022	Nov 22, 2022	Annual M&A 10-K	accepted	1	$340MM	$340MM	SEC filing
FY2021	Nov 23, 2021	Annual M&A 10-K	accepted	2	$307MM	$305MM	SEC filing
FY2019	Nov 26, 2019	Annual M&A 10-K	warning (1 warn)	N/A	$44.9MM	N/A	SEC filing
FY2018	Nov 21, 2018	Annual M&A 10-K	quarantined (1 issue)	2	$1.0B	$2.4B	SEC filing
FY2017	Nov 22, 2017	Annual M&A 10-K	warning (1 warn)	N/A	$142MM	N/A	SEC filing
FY2016	Nov 23, 2016	Annual M&A 10-K	quarantined (1 issue)	2	$206MM	$206MM	SEC filing
FY2015	Dec 1, 2015	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2014	Dec 3, 2014	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing

Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.4 rows+

Filing date	Form	Targets / topics	Support	Source
Nov 21, 2023	10-K	Next Level Hospitality	Annual M&ANamed deals	SEC filing
Nov 22, 2022	10-K	Union Supply Group Inc.	Annual M&ANamed deals	SEC filing
Nov 26, 2019	10-K	Avendra; AmeriPride	Annual M&ANamed deals	SEC filing
Nov 22, 2017	10-K	Avendra, LLC	Annual M&ANamed deals	SEC filing

Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.10 rows+

Filing date	Form	Items	Description	Support	Source
Nov 25, 2025	10-K	N/A	10-K	FinancialsAnnual M&ARecent SEC	SEC filing
Feb 20, 2026	8-K	5.02,7.01	8-K	Recent SEC	SEC filing
Feb 10, 2026	8-K	2.02,9.01	8-K	Recent SEC	SEC filing
Feb 10, 2026	10-Q	N/A	10-Q	Recent SEC	SEC filing
Feb 4, 2026	8-K	5.07	8-K	Recent SEC	SEC filing
Feb 1, 2026	10-Q	N/A	Quarterly report from SEC company index	Recent SEC	SEC filing
Dec 22, 2025	DEFA14A	N/A	DEFA14A	Recent SEC	SEC filing
Dec 22, 2025	DEF 14A	N/A	DEF 14A	Recent SEC	SEC filing
Dec 12, 2025	8-K	1.01	8-K	Recent SEC	SEC filing
Nov 17, 2025	8-K	2.02,9.01	8-K	Recent SEC	SEC filing

Evidence clipsShort excerpts used on the page; expand only when you want the language.5 rows+

Avendra acquisition

10-K - Nov 26, 2019

Medium

On December 11, 2017, we completed the acquisition of Avendra, a leading hospitality procurement services provider in North America that manages purchasing spend for over 650 companies at more than 8,500 locations. Aven…

SEC source

Avendra acquisition

10-K - Nov 22, 2017

Medium

On October 13, 2017, we entered into definitive agreements to acquire, in separate transactions, Avendra, LLC, a Delaware limited liability company (“Avendra”), and AmeriPride Services Inc., a Delaware corporation (“Ame…

SEC source

AmeriPride acquisition

10-K - Nov 26, 2019

Medium

On January 19, 2018, we completed the acquisition of AmeriPride, a uniform and linen rental and supply company headquartered in Minneapolis with 6,000 employees and serving 150,000 customers in the U.S. and Canada. The…

SEC source

Next Level Hospitality

10-K - Nov 21, 2023

Medium

On June 4, 2021, the Company completed the acquisition of Next Level Hospitality ("Next Level"), a premier provider of culinary and environmental services in the senior living industry, specializing in skilled nursing a…

SEC source

Union Supply Group, Inc.

10-K - Nov 22, 2022

Medium

On June 2, 2022, the Company completed the acquisition of Union Supply Group Inc. ("Union Supply"), a commissary goods and services supplier, pursuant to the Stock Purchase Agreement ("Union Supply Purchase Agreement")…

SEC source

Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.

Search

Coverage view

Where it trades against its peer set

A sustained, programmatic tuck-in cadence

Source archive