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Distribution Solutions Group (DSGR) investor relations material
Distribution Solutions Group 17th Annual Southwest IDEAS Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.17th Annual Southwest IDEAS Conference summary20 Nov, 2025
Company Overview and Growth Strategy
Formed by merging three specialty distributors in early 2022, focusing on product distribution and value-added services in sourcing, labor, and vendor-managed inventory.
Achieved rapid growth, doubling revenue to $2 billion and EBITDA to $190 million in about three years through organic expansion and nine acquisitions.
M&A is a core growth driver, supported by a dedicated team and strong balance sheet, with $550 million deployed since formation.
Operates three verticals: Lawson Products (MRO, vendor-managed inventory), Gexpro Services (OEM, Class C parts), and TestEquity (electronic test equipment and supplies).
Serves over 200,000 customers with minimal concentration risk and broad end-market exposure, leveraging a multi-platform approach for cross-selling and operational efficiencies.
Operational Highlights and Vertical Performance
Lawson Products integrates deeply with customers, providing labor-intensive MRO solutions and maintaining high gross margins (~60%).
Gexpro Services focuses on OEM customers, managing Class C procurement with high retention (98%) and record EBITDA in Q3.
TestEquity, representing 40% of sales, is undergoing a strategic transformation under new leadership, targeting margin improvement above 10%.
Investments in sales productivity, AI, and inside sales are driving organic growth, with four consecutive quarters of organic sales increases.
Asset-light model with CapEx at ~1% of revenue, generating strong free cash flow for reinvestment and share buybacks.
Financial Performance and Capital Allocation
Q3 2025 revenue reached $518 million, up 10.7% year-over-year, with adjusted EBITDA of $48.5 million (9.4% margin); organic daily sales growth was 6.0%.
Leverage is managed at 3.5x, with $80 million in cash and an undrawn $250 million revolver, providing ample capacity for M&A and organic investment.
Working capital is tightly managed, achieving a 40% return on net working capital.
Active share repurchase program: 780,000 shares bought back in 2025 (~2% of shares), with an additional $30 million authorized and a $37.5 million program in place.
Adjusted free cash flow was $177 million as of September 30, 2025, with strong liquidity of ~$335 million and a TTM ROIC of ~11%.
TestEquity margin improvement strategy
Capital deployment to enhance shareholder value
Cross-selling strategy across verticals
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Next Distribution Solutions Group earnings date
Q4 202513 Mar, 2026
Next Distribution Solutions Group earnings date
Q4 202513 Mar, 2026
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Frequently asked questions
Distribution Solutions Group, Inc. is an industrial distribution company that provides a wide range of products and services to various sectors, including maintenance, repair, and operations (MRO), industrial, and safety markets. The company offers products such as fasteners, cutting tools, safety supplies, and electrical components. In addition to product distribution, Distribution Solutions Group provides value-added services like inventory management, technical support, and procurement solutions to help clients optimize their operations. The company is headquartered in Chicago, United States, and its shares are listed on the NASDAQ.
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