Distribution Solutions Group, Inc. (DSGR)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$2.1B

Revenue growth

6.4%

Net income, last twelve months

$9.0M

Earnings per share

$0.19

Gross margin

32.7%

Operating margin

3.5%

Net margin

0.4%

Free cash flow

$37.3M

Return on equity

1.4%

Market value

$1.6B

Price to earnings

184.2x

Cash

$66.9M

Debt

$729.5M

Debt to equity

1.11

Shares outstanding

46.2M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 6 August 2026.

• Revenue grew 11.0% year over year. Revenue rose to $557.7 million from $502.4 million in the second quarter of 2025.
• Operating income rose 3.9%. Operating income was $27.9 million against $26.8 million a year earlier, a 5.0% margin compared with 5.3%.
• Net income and diluted EPS rose. Net income was $8.5 million and diluted EPS $0.18, against $5.0 million and $0.11 a year earlier.
• Adjusted diluted EPS reached $0.47. Non-GAAP adjusted diluted EPS was $0.47, compared with $0.35 a year earlier and $0.24 in the first quarter of 2026.
• TestEquity led segment revenue growth. TestEquity revenue rose to $229.0 million from $195.0 million; Gexpro Services reached $140.1 million from $127.8 million; Canada Branch Division $63.7 million from $55.9 million; Lawson Products $125.5 million from $124.3 million.
• Lawson Products operating income fell. Lawson Products operating income was $2.5 million, down from $8.0 million. TestEquity rose to $10.8 million from $4.8 million, and Canada Branch Division to $3.8 million from $1.8 million.
• Adjusted EBITDA by segment. Lawson Products adjusted EBITDA was $11.9 million, against $15.7 million; TestEquity $20.0 million against $13.5 million; Gexpro Services $18.3 million against $17.1 million; All Other $(2.0) million against $(1.3) million.
• Serves MRO, OEM and industrial technologies. The company describes its offering as high-touch, value-added distribution for the MRO, OEM and industrial technologies markets.
• Three business lines: C-parts, supply chain, test. Lawson Products distributes MRO C-parts; Gexpro Services provides supply chain services to manufacturing customers; TestEquity offers electronic test and measurement solutions.
• Ships to customers across several regions. Shipments go from distribution and service centers to customers in North America, Europe, Asia, South America and the Middle East.
• Eastern Valve added $4.1 million. Eastern Valve, acquired in the first quarter, contributed approximately $4.1 million of revenue in the second quarter.
• Gross margin fell to 32.3%. Gross margin was 32.3% against 33.9% a year earlier, on customer and vertical sales mix shifts and higher tariff rates on inbound shipments, partly offset by pricing benefits.
• Amortization and non-recurring items netted. Operating income was net of $11.1 million of non-cash intangible amortization and $6.2 million of severance, retention, stock-based compensation, acquisition and other non-recurring items.
• SG&A rose to 27.3% of sales. Selling, general and administrative expenses were $152.3 million, against $143.3 million a year earlier, or 27.3% of revenue against 28.5%.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

By region, FY2025

Company events

The newest 8-K filings of 273 held.

Every filing

The newest filings with the SEC of 529 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

121 funds held it at 30 Jun 2026: 52 added and 30 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Applied Industrial Technologies Inc. (AIT): revenue $5.1B, market value $10.9B

What the company does

Distribution Solutions Group, Inc., which the filing calls DSG, is a specialty distribution company serving the maintenance, repair and operations (MRO), original equipment manufacturer (OEM) and industrial technology markets. It reports four segments: Lawson, TestEquity, Gexpro Services and Canada Branch Division. DSG serves approximately 220,000 distinct customers with approximately 4,300 employees. It ships from distribution and service centers to customers in North America, Europe, Asia, South America and the Middle East. The company was originally incorporated in Illinois in 1952 and reincorporated in Delaware in 1982.

How the business is organised

On 1 April 2022 it acquired TestEquity and Gexpro Services, and it already owned Lawson. Each of the three operates under its own business unit management team, and DSG's leadership team oversees them. The filing says this structure lets the companies share best practices, back-office resources and technologies. The fourth segment, Canada Branch Division, combines the Bolt Supply House and Source Atlantic subsidiaries.

By share of total revenue, TestEquity accounts for 39.6%, Gexpro Services for 25.1%, Lawson for 24.3% and Canada Branch Division for 11.2%. Intersegment sales are eliminated at (0.1)%.

The workforce is split by function into approximately 1,770 in sales and marketing, approximately 1,860 in operation and distribution and approximately 680 in management and administration. By segment, Lawson has approximately 1,740 people, TestEquity 1,140, Gexpro Services 800 and Canada Branch Division 630.

Lawson

Lawson distributes specialty products and services to the industrial, commercial, institutional and governmental MRO market. It sells mainly through sales representatives in the United States and Canada, and approximately 920 of its people are field sales representatives. Its main service is Vendor Managed Inventory (VMI), in which Lawson's representatives manage the product inventory held at customers.

Lawson offers over 226,000 products, of which over 92,000 are kept in distribution centers. It sold to over 51,000 distinct customers in 2025 and ships to all 50 states, Puerto Rico, Canada, Mexico and the Caribbean. About 92% of its revenue comes from the United States. Lawson buys from approximately 2,200 suppliers, and none accounts for more than 6% of purchases.

TestEquity

TestEquity is based in North Richland Hills, Texas. It distributes test and measurement equipment, electronic production supplies, VMI programs, and converting, fabrication and adhesive solutions. It operates five distribution brands: TestEquity, Hisco, Techni-Pro, Techni-Tool and Jensen Tools. Techni-Pro is its private label brand. TestEquity also designs, rents and sells environmental test chambers and offers calibration, refurbishment and rental services.

Approximately 7,000 fast-moving products are held across 41 distribution centers for next day delivery. TestEquity buys from approximately 2,300 suppliers, and 32 key suppliers made up approximately 38% of purchases.

Gexpro Services

Gexpro Services provides supply chain management to OEMs. Its services include VMI, kitting, global logistics management, manufacturing localization and import expertise, value engineering and quality assurance. It has over 35 service center sites across thirteen countries and serves over 2,100 customers in over 52 countries through 32 facilities. Customers use over 155,000 installed bins for VMI.

Approximately 70% of its 2025 revenue came from customers under long-term agreements. It has approximately 3,300 suppliers offering approximately 53,000 products, and approximately 61% of those suppliers are based in the United States.

Canada Branch Division

Canada Branch Division distributes industrial MRO supplies, safety products, fasteners, power tools and related services in Canada. It sells through warehouse shipments and to walk-up customers at 35 branch locations. It offers over 85,000 products, of which approximately 53,700 are kept in distribution centers and branches. It buys from approximately 3,000 suppliers, and the largest represents approximately 9% of purchases.

Competition and strategy

Lawson, TestEquity and Canada Branch Division each say that some competitors have greater financial and personnel resources, carry more extensive lines of merchandise, operate larger facilities and price some merchandise more competitively. Gexpro Services names large global distributors and national, regional and local distributors as its competitors.

Revenue at Lawson and Canada Branch Division is historically lower in the fourth quarter because of fewer selling days. The company says it intends to grow organically through collaborative selling across its customer bases and expanded digital capabilities, and to pursue acquisitions that complement its businesses.

*From Distribution Solutions Group's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/703604/000070360426000008/dsgr-20251231.htm)*

From the company's 10-K.