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Driven Brands Holdings set a long-term net leverage target of 2 to 3 times adjusted EBITDA on September 15, alongside a new $100 million share buyback authorization.
This marks the company's first significant capital return move in years, signaling a strategic pivot from debt reduction to shareholder value creation. The shift follows a multi-year effort to repair the balance sheet.
When Driven Brands began this process in 2023, net leverage stood at 5.0 times adjusted EBITDA.
Management now projects the ratio will reach 3.0 times by the end of the third quarter of 2026, a full quarter ahead of previous internal schedules.
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