Distribution Solutions Group, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Distribution Solutions Group, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	277	306	350	371	352	520	1,151	1,570	1,804	1,980
Cost of revenue	109	123	160	173	165	390	761	1,019	1,190	1,318
Gross profit	168	183	190	197	187	130	391	552	614	662
Selling, general and administrative	170	179	180			119	349	509	558	584
General and administrative	76.6	80.5	92.7	103	89.2	111
Operating expenses	170	173	180	188	166	207
Operating income	-1.46	9.94	9.21	9.07	20.6	11.4	41.8	43	56	78.3
Interest expense	0.5	0.62	1.01	0.6	0.65	16.7	24.3	42.8	55.1	55.4
Other non-operating income	0.42	0.78	-1.34	1.21	0.89	0.58	-0.67	-2.98	-0.36	-2.5
Pre-tax income	-1.53	10.1	6.86	9.67	20.8	-4.74	12.9	-2.01	-0.54	19.4
Income tax	0.1	-19.6	0.65	2.45	5.67	0.31	5.53	6.96	6.8	11.1
Income from continuing operations	-1.63
Net income	-1.63	29.7	6.21	7.22	15.1	-5.05	7.41	-8.97	-7.33	8.35
EBITDA	6.61	16.7	16.1	15	27.3	30.1	87	107	130	159
EPS, basic	-0.10	1.68	0.35	0.41	0.84	-0.25	0.22	-0.20	-0.16	0.18
EPS, diluted	-0.10	1.63	0.34	0.39	0.81	-0.25	0.21	-0.20	-0.16	0.18
Shares, basic (weighted)	17.6	17.7	17.8	17.9	18	20.5	34.3	44.9	46.8	46.4
Shares, diluted (weighted)	17.6	18.3	18.5	18.8	18.7	20.5	35.1	44.9	46.8	47.2

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	10.4	4.42	11.9	5.5	28.4	14.7	24.6	83.9	66.5	61.8
Receivables	30.2	38.6	37.7	38.8	44.5	80.6	166	213	251	271
Inventory	42.6	50.9	52.9	55.9	61.9	133	264	316	348	353
Other current assets	3.79	3.73	3.65	5.38	7.29	8.1	22.8	28.3	31.5	46.9
Total current assets	87.8	98.4	107	106	143	236	478	657	712	747
Property, plant and equipment	30.9	27.3	23.5	16.5	15.8	9.08	64.4	114	126	127
Lease right-of-use assets				10.6	8.25	19.7	46.8	76.3	92	111
Goodwill	5.52	19.6	20.1	20.9	93	104	348	400	463	468
Intangible assets	0.84	11.8	13.1	12.3	18.5	96.6	228	254	270	226
Other non-current assets	0.2	0.25	0.31	0.28	0.33	0.75	5.74	5.93	5.62	8.3
Total assets	135	191	197	204	256	491	1,216	1,550	1,727	1,749
Accounts payable	11.3	12.4	15.2	13.8	22.3	48	80.5	98.7	126	151
Accrued liabilities	27.3	33	40.2	39.3	38.5	46.7
Deferred revenue						0.49	2.31	0.81	3.73	5.21
Short-term debt						134	16.4	32.6	40.5	35.5
Total current liabilities	39.4	60	66.2	56.9	98	215	169	242	266	291
Long-term debt						93.1	396	536	694	664
Lease liabilities				9.13	5.5	16.1	38.9	66.2	76.8	98
Other non-current liabilities	4.47	5.7	4.11	3.33	5.59	0.57	23.6	25.4	26.5	24.6
Total liabilities	74.2	97.6	98	96.4	134	326	653	889	1,087	1,099
Total debt						93.1	396	536	694	664
Paid-in capital	11.1	13	15.6	18.1	19.8	197	572	671	677	686
Retained earnings	41.9	71.5	77.3	86.5	102	-33.1	-25.7	-34.7	-42	-33.7
Treasury stock	-0.69	-0.71	-1.23	-5.76	-9.02	-10	-12.5	-16.4	-19.6	-44
Other comprehensive income	-0.04	0.82	-1.56	-0	0.7	1.57	-9.96	-5.17	-22.1	-5.32
Shareholders' equity	61.1	93.5	99.2	108	155	166	563	662	641	649
Total equity	61.1	93.5	99.2	108	155	166	563	662	641	649
Total liabilities and equity	135	191	197	204	256	491	1,216	1,550	1,727	1,749
Shares outstanding	17.7	17.8	17.9	18.1	18.1	20.6	38.8	46.8	46.9	46.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-1.63	29.7	6.21	7.22	15.1	-5.05	7.41	-8.97	-7.33	8.35
Depreciation and amortization	8.07	6.77	6.86	5.89	6.7	18.7	45.2	63.6	74.4	80.9
Stock-based compensation	2.47	3.11	7.51	4.05	1.48	4.84	2.4	7.94	5.23	6.67
Deferred income tax	0.03	-21.2	0.23	2.03	-0.18	-4	-2.41	-8.03	-6.65	-4.01
Change in receivables	-3.25	-5.28	-0.19	-1.38	1.76	6.94	-21.8	18	-1.42	-21.4
Change in inventory	2.23	-1.71	-2.92	-2.31	1.43	-5.06	-42.4	-1.24	-9.23	-7.24
Change in payables	0.57	1.98	2.85	-3.23	5.79	-2.24	-8.84	3.05	11.3	23.6
Cash from operations	8.64	7.2	20.3	9.2	32.5	10.3	-11	102	56.5	83.8
Capital expenditures	-3.11	-1.26	-2.52	-2.03	-1.69	-3.03	-8.31	-15.3	-13.7	-21
Acquisitions	-6.03	-32.3	-5.31	0	-2.3	-33.9	-115	-260	-199	-2.18
Cash from investing	-9.14	-27.4	-7.83	-2.03	-3.99	-41.4	-127	-279	-230	-29.5
Stock issued	0	0.02	0.01	0.03	0.02	0	0.2	98.5	0	0
Share buybacks	-0.18	-0.02	-0.52	-4.53	-3.25	0	-1.94	-3.62	-2.58	-23.8
Cash from financing	-0.26	13.4	-4.49	-13.9	-5.77	34.7	148	250	159	-64.3
Exchange rate effect	0.42	0.78	-0.51	0.34	0.32	0.66	-0.68	0.72	-3.97	3.51
Net change in cash	-0.34	-6.01	7.47	-6.39	23.1	4.27	10.1	74.9	-17.9	-6.4
Free cash flow	5.52	5.95	17.8	7.17	30.8	7.29	-19.3	86.9	42.8	62.8
Interest paid	0.2	0.6	1.04	0.59	0.4	15.4	22.2	38	52.9	51.9
Income taxes paid	0.2	0.3	1.27	0.95	5.38	3	13.8	12.4	15.3	18.2

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $34.96 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	32.7%	Gross profit / revenue.
Operating margin	3.5%	Operating income / revenue.
EBITDA margin	7.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.8%	Pre-tax income / revenue.
Net margin	0.4%	Net income / revenue.
FCF margin	1.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.8%	Cash from operations / revenue.
Effective tax rate	47.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	1.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.5%	Net income / average total assets.
Return on invested capital (ROIC)	3.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	29.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.0%	Capital expenditures / revenue.
D&A / revenue	3.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	19.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	41.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	7.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	19.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	28.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	39.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	23.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	30.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	22.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	22.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	42.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	4.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-11.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	-5.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-26.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	48.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	20.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	46.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	15.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	1.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	33.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	12.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	46.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	10.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	20.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.54x	Current assets / current liabilities.
Quick ratio	1.22x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.20x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.06x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	38.2%	Total debt / total assets.
Liabilities / assets	64.0%	Total liabilities / total assets.
Net debt	$626.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.10x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.40x	Operating income / interest expense.
Working capital	$504.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	37.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$25.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.13x	Revenue / average total assets.
Fixed asset turnover	16.5x	Revenue / average property, plant and equipment.
Inventory turnover	3.65x	Cost of revenue / average inventory.
Days inventory	100 days	365 x average inventory / cost of revenue.
Receivables turnover	6.19x	Revenue / average receivables.
Days sales outstanding	59 days	365 x average receivables / revenue.
Days payables	50 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	109 days	Days inventory + days sales outstanding - days payables.
FCF conversion	416.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	34.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.19	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$44.22	Revenue / diluted weighted shares.
FCF per share	$0.80	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.23	Cash from operations / diluted weighted shares.
Book value per share	$14.16	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.55	Tangible book value / shares outstanding.
Cash per share	$1.45	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.62B	Share price x shares outstanding.
Enterprise value	$2.24B	Market cap + total debt - cash - short-term investments.
P/E	181x	Market cap / net income. Only when net income is positive.
P/S	0.79x	Market cap / revenue.
P/B	2.47x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	43.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	28.4x	Market cap / cash from operations, when positive.
EV/Sales	1.09x	Enterprise value / revenue.
EV/EBIT	30.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	60.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.3%	Free cash flow / market cap.
Earnings yield	0.6%	Net income / market cap (the inverse of P/E).

What was Distribution Solutions Group, Inc.'s revenue in fiscal 2025?

Distribution Solutions Group, Inc. reported revenue of $1.98B for fiscal 2025, 9.8% higher than the year before.

Was Distribution Solutions Group, Inc. profitable in fiscal 2025?

Yes. Net income was $8.3M, a net margin of 0.4%.

How much free cash flow did Distribution Solutions Group, Inc. generate in fiscal 2025?

Cash from operations of $83.8M minus capital expenditures of $21.0M left free cash flow of $62.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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