Distribution Solutions Group, Inc. DSGR
Distribution Solutions Group, Inc. ("DSG"), a Delaware corporation, is a global specialty distribution company providing value-added distribution solutions to the maintenance, repair and operations ("MRO"), original equipment manufacturer ("OEM") and industrial technology markets.
Through the strategic Mergers (as defined below) completed in 2022, the complementary distribution businesses of Lawson Products, Inc. ("Lawson"), a leader in MRO distribution of C-parts, TestEquity Acquisition, LLC ("TestEquity"), a leader in electronic test and measurement solutions, and 301 HW Opus Holdings, Inc., which conducts business as Gexpro Services ("Gexpro Services"), a leading global supply chain services provider to manufacturing customers were combined under the DSG holding company. On April 1, 2022, DSG, which at the time already owned Lawson, acquired TestEquity and Gexpro Services, in transactions in which TestEquity and Gexpro Services were merged with and into subsidiaries of DSG, with Lawson, TestEquity and Gexpro Services surviving as wholly-owned subsidiaries of DSG, and in connection with which DSG issued shares of DSG common stock to the former equityholders of TestEquity and Gexpro Services in exchange for their equity interests in TestEquity and Gexpro Services ("the Mergers").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.98B | $1.80B | $1.57B | $1.15B | $520.3M | $351.6M | $370.8M | $349.6M | $305.9M | $276.6M |
| Cost of revenue | $1.32B | $1.19B | $1.02B | $760.5M | $390.0M | $165.1M | $173.4M | $160.1M | $0 | $108.5M |
| Gross profit | $662.0M | $613.8M | $551.9M | $390.9M | $130.3M | $186.5M | $197.4M | $189.5M | $183.0M | $168.1M |
| SG&A | $583.8M | $557.8M | $508.9M | $349.1M | $118.9M | $89.2M | $102.9M | $92.7M | $178.5M | $169.5M |
| Total operating expenses | — | — | — | — | $207.2M | $166.0M | $188.3M | $180.3M | $173.1M | $169.5M |
| Operating income | $78.3M | $56.0M | $43.0M | $41.8M | $11.4M | $20.6M | $9.1M | $9.2M | $9.9M | -$1.5M |
| Interest expense | $55.4M | $55.1M | $42.8M | $24.3M | $16.7M | $654.0K | $603.0K | $1.0M | $622.0K | $496.0K |
| Pre-tax income | $19.4M | -$536.0K | -$2.0M | $12.9M | -$4.7M | $20.8M | $9.7M | $6.9M | $10.1M | -$1.5M |
| Income tax | $11.1M | $6.8M | $7.0M | $5.5M | $313.0K | $5.7M | $2.5M | $649.0K | $19.6M | $98.0K |
| Net income | $8.3M | -$7.3M | -$9.0M | $7.4M | -$5.1M | $15.1M | $7.2M | $6.2M | $29.7M | -$1.6M |
| EPS, basic | 0.18 | -0.16 | -0.20 | 0.22 | -0.49 | 1.68 | 0.81 | 0.70 | 3.35 | -0.19 |
| EPS, diluted | 0.18 | -0.16 | -0.20 | 0.21 | -0.49 | 1.62 | 0.77 | 0.67 | 3.25 | -0.19 |
| Shares, diluted (wtd. avg.) | $47.2M | $46.8M | $44.9M | $35.1M | $10.2M | $9.3M | $9.4M | $9.3M | $9.1M | $8.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $61.8M | $66.5M | $83.9M | $24.7M | $14.7M | $10.4M | $6.3M | $12.7M | $5.2M | $11.2M |
| Receivables | $271.3M | $250.7M | $213.4M | $166.3M | $80.6M | $44.5M | $38.8M | $37.7M | $38.6M | $30.2M |
| Inventory | $353.4M | $348.2M | $316.0M | $264.4M | $132.7M | $61.9M | $55.9M | $52.9M | $50.9M | $42.6M |
| Total current assets | $746.9M | $712.2M | $657.3M | $478.2M | $236.1M | $143.1M | $106.4M | $106.9M | $98.4M | $87.8M |
| Property, plant and equipment | $126.6M | $125.5M | $113.8M | $64.4M | $9.1M | $15.8M | $16.5M | $23.5M | $27.3M | $30.9M |
| Goodwill | $467.9M | $462.8M | $399.9M | $348.0M | $104.2M | $93.0M | $20.9M | $20.1M | $19.6M | $5.5M |
| Other intangibles | $226.1M | $269.8M | $253.8M | $228.0M | $96.6M | $18.5M | $12.3M | $13.1M | $11.8M | $844.0K |
| Total assets | $1.75B | $1.73B | $1.55B | $1.22B | $491.4M | $256.3M | $204.4M | $197.1M | $191.1M | $135.3M |
| Accounts payable | $151.2M | $125.6M | $98.7M | $80.5M | $48.0M | $22.3M | $13.8M | $15.2M | $12.4M | $11.3M |
| Short-term debt | $35.5M | $40.5M | $32.6M | $16.4M | $134.4M | — | — | — | — | — |
| Total current liabilities | $291.5M | $266.3M | $242.0M | $169.5M | $214.9M | $98.0M | $56.9M | $66.2M | $60.0M | $39.4M |
| Long-term debt | $664.2M | $693.9M | $535.9M | $395.8M | $93.1M | — | — | — | — | — |
| Total liabilities | $1.10B | $1.09B | $888.7M | $652.6M | $325.6M | $133.9M | $96.4M | $98.0M | $97.6M | $74.2M |
| Retained earnings | -$33.7M | -$42.0M | -$34.7M | -$25.7M | -$33.1M | $101.6M | $86.5M | $77.3M | $71.5M | $41.9M |
| Total equity | $649.3M | $640.5M | $661.6M | $563.0M | $165.8M | $155.2M | $108.0M | $99.2M | $93.5M | $61.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $83.8M | $56.5M | $102.3M | -$11.0M | $10.3M | $32.5M | $9.2M | $20.3M | $7.2M | $8.6M |
| Depreciation and amortisation | $80.9M | $74.4M | $63.6M | $45.2M | $18.7M | $6.7M | $5.9M | $6.9M | $6.8M | $8.1M |
| Stock-based compensation | — | — | — | — | $4.8M | $1.5M | $4.1M | $7.5M | $3.1M | $2.5M |
| Capital expenditure | $21.0M | $13.7M | $15.3M | $8.3M | $3.0M | $1.7M | $2.0M | $2.5M | $1.3M | $3.1M |
| Investing cash flow | -$29.5M | -$229.7M | -$278.5M | -$126.7M | -$41.4M | -$4.0M | -$2.0M | -$7.8M | -$27.4M | -$9.1M |
| Financing cash flow | -$64.3M | $159.3M | $250.4M | $148.5M | $34.7M | -$5.8M | -$13.9M | -$4.5M | $13.4M | -$260.0K |
| Buybacks | $23.8M | $2.6M | $3.6M | $1.9M | $0 | $3.3M | $4.5M | $523.0K | $20.0K | $176.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000703604-26-000008.
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