Lawson Products, Inc. Aktienkurs
Vergleich mit Peer Group
📊 Peer Group
📈 Was ist das?
Die Peer Group sind die Unternehmen mit dem ähnlichsten Geschäftsmodell. Sie dienen als Vergleichsmaßstab, um eine Aktie einzuordnen.
🧮 Wie wird sie ausgewählt?
Nach Ähnlichkeit des Geschäftsmodells, also Unternehmen aus derselben Branche, mit vergleichbaren Produkten und einer ähnlichen Kundengruppe. Nur so vergleichst du Äpfel mit Äpfeln.
🏛️ Wofür ist sie wichtig?
Ob eine Aktie günstig oder teuer ist, lässt sich am ehesten im Vergleich beurteilen. Ein KGV von 18 oder ein EV/FCF von 20 wirkt je nach Maßstab günstig oder teuer. Die Peer Group liefert dabei den treffsichersten Maßstab: Unternehmen mit ähnlichem Geschäftsmodell, die denselben Bedingungen unterliegen.
🎯 Was bedeutet das für Anleger?
Liegt eine Kennzahl unter dem Peer-Durchschnitt, ist die Aktie relativ günstiger bewertet, über dem Durchschnitt entsprechend teurer. Ein Abschlag zur Peer Group kann eine Chance sein, aber auch einen Grund haben (zum Beispiel geringeres Wachstum). Der Vergleich ist ein Startpunkt, kein Urteil.
Ist Lawson Products, Inc. eine Topscorer-Aktie nach der Dividenden-, High-Growth-Investing- oder Levermann-Strategie?
Als kostenloser aktien.guide Basis-Nutzer kannst Du die Scores zu allen 9.127 weltweiten Aktien einsehen.
aktien.guide Premium
aktien.guide Unlimited
Kennzahlen
📘 Marktkapitalisierung
📈 Was ist das?
Die Marktkapitalisierung zeigt, wie viel ein Unternehmen laut Börse aktuell wert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft Unternehmen in Größenklassen (Large, Mid, Small Cap) einzuordnen und gibt Hinweise auf Marktmacht und Stabilität.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Große Unternehmen gelten als stabiler, zahlen oft Dividenden, wachsen aber langsamer.
- Kleine Firmen können stärker wachsen, sind aber schwankungsanfälliger.
- Die Marktkapitalisierung ist ein guter Indikator für Unternehmensgröße, aber kein Maß für Unter- oder Überbewertung.
📘 Enterprise Value (Unternehmenswert)
📈 Was ist das?
Der Enterprise Value (EV) zeigt, was ein Unternehmen tatsächlich kostet, wenn man es komplett übernehmen würde – inklusive Schulden und abzüglich Cash.
🧮 Wie wird es berechnet?
(= Marktkapitalisierung + Nettoverschuldung)
🏛️ Wofür ist es wichtig?
Der EV ist eine realistischere Bewertungsbasis als die Marktkapitalisierung, da er die Kapitalstruktur berücksichtigt. Er ist Grundlage für Kennzahlen wie EV/FCF oder EV/Sales.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Der Enterprise Value zeigt, was ein Unternehmen tatsächlich wert ist – unabhängig davon, wie es finanziert ist.
- Er ist besonders wichtig für professionelle Investoren, da er eine objektivere Grundlage für Bewertungsvergleiche bietet als die Marktkapitalisierung allein.
- Ein Unternehmen mit hoher Verschuldung erscheint im EV teurer, eines mit viel Cash günstiger – auch wenn sie an der Börse gleich viel wert sind.
📘 Nettoverschuldung
📈 Was ist das?
Die Nettoverschuldung zeigt, wie viele Schulden nach Abzug des verfügbaren Cashs tatsächlich verbleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie zeigt, wie stark ein Unternehmen von Fremdkapital abhängig ist – und wie gut es in der Lage ist, seine Schulden kurzfristig zu bedienen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine niedrige oder negative Nettoverschuldung bedeutet hohe finanzielle Stabilität.
- Unternehmen mit viel Cash und geringer Verschuldung sind besser gerüstet für Krisen.
- Eine hohe Nettoverschuldung erhöht das Risiko – besonders bei steigenden Zinsen oder konjunkturellen Schwächen.
📘 Cash
📈 Was ist das?
Der Cashbestand zeigt, wie viele liquide Mittel einem Unternehmen sofort zur Verfügung stehen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Er gibt Auskunft über die finanzielle Flexibilität: Ein hoher Cashbestand ermöglicht Investitionen, Rückkäufe oder Krisenresistenz.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Cashbestand zeigt finanzielle Stärke und Handlungsspielraum.
- Cash kann für Investitionen, Schuldentilgung oder Aktienrückkäufe genutzt werden.
- Allerdings: Zu viel ungenutztes Kapital kann auch auf mangelnde Investitionsideen hinweisen.
📘 Anzahl ausstehender Aktien
📈 Was ist das?
Die Anzahl ausstehender Aktien gibt an, wie viele Aktien eines Unternehmens aktuell im Umlauf sind und von Investoren gehalten werden.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie ist die Grundlage für viele Kennzahlen wie Gewinn je Aktie (EPS), Marktkapitalisierung oder KGV.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Je weniger Aktien im Umlauf sind, desto höher fällt z. B. der Gewinn je Aktie aus – wichtig für Bewertung und Dividendenrendite.
- Aktienrückkäufe verringern die Anzahl ausstehender Aktien – und steigern den Wert je Aktie.
- Kapitalerhöhungen haben den gegenteiligen Effekt: mehr Aktien → Verwässerung der bestehenden Anteile.
📘 Kurs-Gewinn-Verhältnis (KGV)
📈 Was ist das?
Das KGV zeigt, wie oft der Gewinn pro Aktie im aktuellen Aktienkurs enthalten ist – also wie „teuer“ eine Aktie im Verhältnis zum Gewinn ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KGV gehört zu den bekanntesten Bewertungskennzahlen. Es hilft Anlegern einzuschätzen, ob eine Aktie im Vergleich zu ihrem Gewinn eher günstig oder teuer erscheint.
🧮 Berechnung
📊 KGV (TTM) = bezogen auf den Gewinn der letzten 12 Monate (Trailing Twelve Months):🎯 Was bedeutet das für Anleger?
- Ein niedriges KGV kann auf eine günstige Bewertung hindeuten – oder auf Probleme im Geschäftsmodell.
- Ein hohes KGV kann Wachstumserwartungen widerspiegeln – oder eine überbewertete Aktie.
📘 Kurs-Umsatz-Verhältnis (KUV)
📈 Was ist das?
Das KUV zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen – unabhängig vom Gewinn.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KUV ist besonders bei wachstumsstarken oder noch nicht profitablen Unternehmen hilfreich. Es zeigt, wie hoch der Umsatz an der Börse bewertet wird.
🧮 Berechnung
Marktkapitalisierung = 1,62 Mrd. $ | Umsatz (TTM) = 2,05 Mrd. $
Marktkapitalisierung = 1,62 Mrd. $ | Umsatz erwartet = 2,14 Mrd. $
🎯 Was bedeutet das für Anleger?
- Ein niedriges KUV kann auf Unterbewertung hindeuten – oder auf schwache Margen.
- Ein hohes KUV kann hohe Erwartungen widerspiegeln – oder übermäßigen Optimismus.
- Besonders sinnvoll bei Wachstumsunternehmen, bei denen der Gewinn oder Free Cashflow (noch) keine Aussagekraft hat.
📘 Unternehmenswert zu Umsatz (EV/Sales)
📈 Was ist das?
EV/Sales zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen, wenn man auch Schulden und Cash berücksichtigt – es ist eine kapitalstrukturbereinigte Version des KUV.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl eignet sich besonders für den Vergleich von Unternehmen mit unterschiedlicher Verschuldung – sie zeigt, wie teuer ein Unternehmen tatsächlich im Verhältnis zum Umsatz ist.
🧮 Berechnung
Enterprise Value = 2,28 Mrd. $ | Umsatz (TTM) = 2,05 Mrd. $
Enterprise Value = 2,28 Mrd. $ | Umsatz erwartet = 2,14 Mrd. $
🎯 Was bedeutet das für Anleger?
- EV/Sales ist neutral gegenüber der Kapitalstruktur und eignet sich gut für Unternehmensvergleiche.
- Ein niedriges Verhältnis kann auf eine günstig bewertete Aktie hindeuten – ein hohes Verhältnis auf hohe Erwartungen oder Überbewertung.
- Besonders nützlich bei wachstumsstarken, noch nicht profitablen Firmen.
📘 Unternehmenswert zu Free Cashflow (EV/FCF)
📈 Was ist das?
EV/FCF zeigt, wie viele Jahre es dauern würde, bis ein Unternehmen seinen Unternehmenswert durch freien Cashflow „zurückverdient”.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Unternehmen auf Basis ihrer tatsächlichen Cash-Erträge zu bewerten – unabhängig von Bilanzierungsregeln oder buchhalterischem Gewinn.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriges EV/FCF deutet auf eine günstige Bewertung bei starker Cashgenerierung hin.
- Ein hohes EV/FCF kann entweder auf Optimismus oder auf temporär schwachen Cashflow hindeuten.
- Besonders hilfreich bei reifen, profitablen Unternehmen mit stabilen Cashflows.
📘 Kurs-Buchwert-Verhältnis (KBV)
📈 Was ist das?
Das KBV zeigt, wie hoch der Marktwert eines Unternehmens im Verhältnis zu seinem bilanziellen Eigenkapital ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KBV ist besonders bei Substanzwerten (z. B. Banken, Industrie) relevant. Es hilft Anlegern zu erkennen, ob ein Unternehmen unter oder über seinem buchhalterischen Vermögen bewertet ist.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein KBV unter 1 kann auf Unterbewertung oder schwache Rentabilität hindeuten.
- Ein KBV über 1 zeigt, dass der Markt dem Unternehmen Mehrwert über den Buchwert hinaus zuschreibt (z. B. Marken, Patente, Wachstum).
- Das KBV eignet sich besonders gut für Unternehmen mit stabilen, materiellen Vermögenswerten.
📘 Eigenkapitalquote
📈 Was ist das?
Die Eigenkapitalquote zeigt, wie hoch der Anteil des Eigenkapitals an der Bilanzsumme eines Unternehmens ist – also wie stark es sich aus eigenen Mitteln finanziert.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Eine hohe Eigenkapitalquote steht für finanzielle Stabilität, Krisenfestigkeit und gute Bonität. Sie ist besonders relevant bei der Beurteilung der Verschuldung.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalquote signalisiert finanzielle Stabilität – besonders in Krisenzeiten.
- Ein niedriger Wert kann auf ein höheres Risiko oder eine aggressive Verschuldung hinweisen.
- Wichtig: Die Eigenkapitalquote sollte immer gemeinsam mit der Eigenkapitalrendite betrachtet werden. Nur so lässt sich beurteilen, ob ein Unternehmen nicht nur solide, sondern auch effizient wirtschaftet.
📘 Eigenkapitalrendite (ROE)
📈 Was ist das?
Die Eigenkapitalrendite zeigt, wie effizient ein Unternehmen mit dem Kapital seiner Aktionäre arbeitet – also wie viel Gewinn es pro Euro Eigenkapital erwirtschaftet.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Eigenkapitalrendite ist eine zentrale Rentabilitätskennzahl. Sie hilft Anlegern zu erkennen, ob das Unternehmen eine attraktive Verzinsung auf das eingesetzte Eigenkapital erwirtschaftet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalrendite spricht für ein starkes, effizientes Geschäftsmodell.
- Besonders interessant ist sie bei kapitalintensiven Firmen oder solchen mit hoher Eigenkapitalquote.
- Wichtig: Ein sehr hoher ROE kann auch auf hohe Schulden hinweisen – daher sollte sie immer im Kontext mit der Eigenkapitalquote betrachtet werden.
📘 Return on Capital Employed (ROCE)
📈 Was ist das?
ROCE misst die Gesamtrentabilität eines Unternehmens – also wie effizient es das eingesetzte Kapital (Eigen- und Fremdkapital) zur Gewinnerzielung nutzt.
🧮 Wie wird es berechnet?
Das eingesetzte Kapital ist das gesamte betriebsnotwendige Kapital, unabhängig von der Finanzierungsquelle.
🏛️ Wofür ist es wichtig?
ROCE eignet sich besonders gut für den Vergleich unterschiedlich finanzierter Unternehmen. Es zeigt, wie effektiv ein Unternehmen Kapital investiert – unabhängig von der Kapitalstruktur.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROCE zeigt, dass ein Unternehmen sein Kapital effizient einsetzt – unabhängig davon, ob es durch Eigen- oder Fremdkapital finanziert ist.
- Je höher der ROCE im Vergleich zu ähnlichen Unternehmen, desto mehr Wert schafft das Unternehmen mit seinem investierten Kapital.
- Besonders wichtig ist der ROCE bei Firmen mit hohen Investitionen – z. B. in Industrie, Energie oder Infrastruktur.
📘 Return on Invested Capital (ROIC)
📈 Was ist das?
ROIC zeigt, wie effizient ein Unternehmen das Kapital investiert, das langfristig im operativen Geschäft gebunden ist – unabhängig davon, ob es aus Eigen- oder Fremdkapital stammt.
🧮 Wie wird es berechnet?
- NOPAT = „Net Operating Profit After Taxes“
- Investiertes Kapital = operatives Vermögen abzüglich nicht-verzinster Schulden
🏛️ Wofür ist es wichtig?
ROIC ist eine der präzisesten Kennzahlen zur Bewertung der Kapitalrendite – besonders im Vergleich zur Eigenkapitalrendite, weil es Verzerrungen durch Schulden vermeidet. Er zeigt, ob ein Unternehmen Mehrwert für alle Kapitalgeber schafft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROIC zeigt, wie gut ein Unternehmen mit dem tatsächlich investierten (betriebsnotwendigen) Kapital wirtschaftet.
- Im Unterschied zu ROCE wird nur Kapital betrachtet, das wirklich zur Finanzierung operativer Aktivitäten dient – und verzinst werden muss.
- Besonders hilfreich, um die Kapitalrendite von Unternehmen mit viel „überschüssigem“ Kapital oder zinsfreien Verbindlichkeiten realistisch zu vergleichen.
📘 Verschuldungsgrad (Leverage Ratio)
📈 Was ist das?
Der Verschuldungsgrad zeigt, wie stark ein Unternehmen durch verzinsliche Schulden (z. B. Kredite und Anleihen) im Verhältnis zum Eigenkapital finanziert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Kennzahl hilft, das finanzielle Risiko und die Abhängigkeit von Fremdkapital zu beurteilen. Ein hoher Verschuldungsgrad kann die Eigenkapitalrendite steigern – birgt aber auch erhöhte Risiken bei Zinsanstiegen oder Liquiditätsengpässen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriger Verschuldungsgrad steht für finanzielle Stabilität und Unabhängigkeit.
- Ein hoher Wert kann auf erhöhte Risiken hinweisen – insbesondere bei schwankenden Zinsen oder konjunkturellen Schwächen.
- Wichtig: Immer im Kontext zur Branche und Kapitalintensität bewerten.
📘 Umsatz
📈 Was ist das?
Der Umsatz zeigt, wie viel ein Unternehmen insgesamt mit seinen Produkten und Dienstleistungen verdient – also den Bruttoerlös vor Abzug von Kosten.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Umsatz ist eine der zentralen Kennzahlen zur Einschätzung der Unternehmensgröße, Marktstellung und Wachstumskraft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein wachsender Umsatz zeigt eine steigende Nachfrage und kann ein guter Frühindikator für Gewinnsteigerungen sein.
- Vergleiche von aktuellem und erwartetem Umsatz geben Hinweise auf das Marktumfeld und Analystenerwartungen.
- Wichtig: Starker Umsatz allein genügt nicht – auch Margen und Profitabilität zählen.
📘 EBITDA
📈 Was ist das?
EBITDA steht für „Earnings Before Interest, Taxes, Depreciation and Amortization“ – also Gewinn vor Zinsen, Steuern und Abschreibungen. Es zeigt das operative Ergebnis eines Unternehmens, bereinigt um bilanztechnische und finanzierungsbedingte Effekte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBITDA ist eine verbreitete Kennzahl zur Beurteilung der operativen Leistungsfähigkeit – insbesondere bei kapitalintensiven Unternehmen oder im internationalen Vergleich.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes oder wachsendes EBITDA spricht für starke operative Erträge – unabhängig von Bilanzierung oder Steuerlast.
- EBITDA ist besonders nützlich, um Unternehmen branchenübergreifend zu vergleichen.
- Wichtig: EBITDA ist keine offizielle Gewinnkennzahl – Abschreibungen und Finanzierungskosten werden ausgeklammert.
📘 EBIT
📈 Was ist das?
EBIT steht für „Earnings Before Interest and Taxes“ – also Gewinn vor Zinsen und Steuern. Es zeigt das operative Ergebnis eines Unternehmens nach Abschreibungen, aber vor Finanzierungs- und Steueraufwand.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBIT ist eine zentrale Kennzahl zur Beurteilung der Profitabilität aus dem Kerngeschäft – unabhängig von Kapitalstruktur oder Steuersystem.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes EBIT deutet auf ein profitables Kerngeschäft hin – vor Zinslasten oder steuerlichen Effekten.
- Es erlaubt objektivere Vergleiche zwischen Unternehmen mit unterschiedlicher Finanzierung.
- Im Vergleich mit EBITDA zeigt EBIT bereits den Einfluss von Abschreibungen auf das operative Ergebnis.
📘 Nettogewinn
📈 Was ist das?
Der Nettogewinn ist der verbleibende Jahresüberschuss (oder -fehlbetrag) eines Unternehmens – nach Abzug aller Kosten, Steuern, Zinsen und Abschreibungen
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Nettogewinn ist die zentrale Erfolgskennzahl – er zeigt, wie profitabel ein Unternehmen nach allen Kosten tatsächlich arbeitet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein steigender Nettogewinn zeigt, dass das Unternehmen effizient wirtschaftet – trotz aller Kosten.
- Die Entwicklung des Gewinns beeinflusst z. B. direkt das KGV und weitere Kennzahlen.
- Im Zeitverlauf lässt sich ablesen, wie stabil und profitabel ein Geschäftsmodell wirklich ist.
📘 Free Cashflow (FCF)
📈 Was ist das?
Der Free Cashflow gibt Aufschluss über die echte finanzielle Stärke eines Unternehmens – unabhängig von Bilanzierungsregeln. Er zeigt, wie viel Spielraum für Dividenden, Aktienrückkäufe oder Schuldenabbau besteht.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow bedeutet, dass ein Unternehmen echte Finanzkraft besitzt – unabhängig vom bilanzierten Gewinn.
- Er ist oft die solideste Grundlage für nachhaltige Dividenden und Aktienrückkäufe.
- Sinkender FCF kann ein Warnsignal sein – auch wenn der Gewinn stabil aussieht.
📘 Umsatzwachstum
📈 Was ist das?
Das Umsatzwachstum zeigt, wie stark sich die Erlöse eines Unternehmens im Vergleich zum Vorjahr verändert haben – tatsächlich (TTM) und auf Prognosebasis (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (Umsatz erwartet ÷ Umsatz Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein wachsender Umsatz ist ein zentrales Signal für steigende Nachfrage, Geschäftsausweitung und Marktanteilsgewinne – besonders bei Wachstumsunternehmen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachstum ist der Motor langfristiger Wertsteigerung – besonders bei Technologie- und Wachstumsaktien.
- Wichtig ist nicht nur das aktuelle Wachstum, sondern auch dessen Nachhaltigkeit.
- Prognosen zeigen, ob Analysten weiteres Potenzial erwarten – oder eine Verlangsamung.
📘 EBITDA-Wachstum
📈 Was ist das?
Das EBITDA-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens vor Zinsen, Steuern und Abschreibungen im Vergleich zum Vorjahr gestiegen oder gesunken ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBITDA ÷ EBITDA Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein steigendes EBITDA ist ein Zeichen für verbesserte operative Ertragskraft – unabhängig von Finanzierungsstruktur oder Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Starkes EBITDA-Wachstum signalisiert operative Effizienz und Skalierung – besonders relevant in Wachstumsphasen.
- EBITDA-Wachstum ist ein Frühindikator für Margen- und Gewinnentwicklung – sollte aber stets im Zusammenhang mit Umsatz und EBIT betrachtet werden.
📘 EBIT Wachstum
📈 Was ist das?
Das EBIT-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens (nach Abschreibungen, aber vor Zinsen und Steuern) im Vergleich zum Vorjahr gewachsen ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBIT ÷ EBIT Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Das EBIT-Wachstum ist ein direkter Indikator für die wirtschaftliche Entwicklung des operativen Geschäfts – unter Berücksichtigung der Kapitalintensität (Abschreibungen).
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Steigendes EBIT signalisiert wachsende operative Rentabilität – auch unter Berücksichtigung von Abschreibungen.
- Das EBIT-Wachstum ist ein wichtiges Maß zur Beurteilung von Geschäftsmodellen mit hohen Investitionskosten.
- Im Zusammenspiel mit Umsatz- und EBITDA-Wachstum ergibt sich ein umfassendes Bild zur operativen Entwicklung.
📘 Nettogewinn-Wachstum
📈 Was ist das?
Das Nettogewinn-Wachstum zeigt, wie stark der Jahresüberschuss eines Unternehmens gegenüber dem Vorjahr gestiegen oder gesunken ist – sowohl tatsächlich (TTM) als auch auf Basis von Prognosen (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (erwarteter Nettogewinn ÷ Nettogewinn Vorjahr − 1) × 100
Der erwartete Wert basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Der Gewinn ist die entscheidende Ergebnisgröße für ein Unternehmen. Ein wachsender Nettogewinn deutet auf steigende Effizienz, stabile Kostenkontrolle und nachhaltige Ertragskraft hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachsender Nettogewinn stärkt die Bewertung, Dividendenfähigkeit und Kursfantasie.
- Stagnierender oder rückläufiger Gewinn trotz Umsatzwachstum kann auf Margendruck hinweisen.
📘 Free Cashflow-Wachstum
📈 Was ist das?
Das Free-Cashflow-Wachstum zeigt, wie sich der freie Mittelzufluss eines Unternehmens im Vergleich zum Vorjahr verändert hat – also der Betrag, der nach allen operativen Ausgaben und Investitionen übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Free Cashflow ist der echte, verfügbare Geldzufluss. Wachstum in diesem Bereich ist ein Zeichen für finanzielle Stärke und steigende Flexibilität bei Dividenden, Rückkäufen oder Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Sinkender Free Cashflow kann auf steigende Investitionen, höhere Kosten oder stagnierende operative Erträge hindeuten.
- Besonders bei Dividendenwerten ist das FCF-Wachstum wichtig – denn Dividenden werden letztlich aus dem verfügbaren Cash gezahlt.
- Ein negativer Trend sollte genauer analysiert werden – er ist nicht zwangsläufig schlecht, aber potenziell ein Warnsignal.
📘 Bruttomarge
📈 Was ist das?
Die Bruttomarge zeigt, wie viel vom Umsatz nach Abzug der direkten Herstellungskosten (Material, Produktion) als Bruttogewinn übrig bleibt – also der „Rohgewinn“ eines Unternehmens.
🧮 Wie wird es berechnet?
Auch: Bruttomarge = Bruttogewinn ÷ Umsatz × 100
🏛️ Wofür ist es wichtig?
Die Bruttomarge gibt Aufschluss über die Profitabilität eines Produkts oder Geschäftsmodells vor Fixkosten, Steuern und Zinsen. Sie zeigt, wie effizient ein Unternehmen produzieren oder einkaufen kann.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Bruttomarge deutet auf starke Preissetzungsmacht und effiziente Herstellung hin.
- Sinkende Bruttomargen können auf Kostensteigerungen oder Preisdruck hindeuten.
- Besonders im Vergleich zu Wettbewerbern liefert die Bruttomarge wertvolle Einblicke in die Geschäftsqualität.
📘 EBITDA-Marge
📈 Was ist das?
Die EBITDA-Marge zeigt, wie viel vom Umsatz als operativer Gewinn vor Zinsen, Steuern und Abschreibungen (EBITDA) übrig bleibt. Sie misst die operative Effizienz – ohne Verzerrungen durch Finanzierung oder Buchwerte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBITDA-Marge hilft zu verstehen, wie viel operativer Gewinn ein Unternehmen aus jedem Euro Umsatz erzielt – unabhängig von Kapitalstruktur oder steuerlichem Umfeld.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBITDA-Marge zeigt starke operative Ertragskraft – unabhängig von Bilanzierungseffekten.
- Die Marge ermöglicht gute Vergleiche zwischen Unternehmen und Branchen.
- Ein stabiler oder wachsender Wert kann auf effiziente Kostenkontrolle und Skalierbarkeit hindeuten.
📘 EBIT-Marge
📈 Was ist das?
Die EBIT-Marge zeigt, wie viel Prozent des Umsatzes als operativer Gewinn nach Abschreibungen, aber vor Zinsen und Steuern übrig bleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBIT-Marge misst die operative Ertragskraft eines Unternehmens unter Berücksichtigung der Kapitalintensität (z. B. Maschinen, Anlagen). Sie eignet sich gut zum Vergleich von Geschäftsmodellen mit unterschiedlich hohen Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBIT-Marge zeigt, dass ein Unternehmen auch nach Abschreibungen effizient arbeitet.
- Sie ist besonders relevant in kapitalintensiven Branchen.
- Langfristig stabile oder steigende Margen sind ein Zeichen wirtschaftlicher Stärke und Preissetzungsmacht.
📘 Nettomarge
📈 Was ist das?
Die Nettomarge zeigt, wie viel vom Umsatz am Ende als „Reingewinn“ übrig bleibt – also nach Abzug aller Kosten, Zinsen, Steuern und Abschreibungen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Nettomarge gibt an, wie effizient ein Unternehmen über alle Stufen hinweg wirtschaftet. Sie zeigt, wie viel Gewinn tatsächlich je Euro Umsatz übrig bleibt.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Nettomarge zeigt, dass ein Unternehmen nicht nur operativ stark ist, sondern auch seine Finanzierung und Steuerbelastung im Griff hat.
- Vergleiche mit Wettbewerbern geben Einblicke in die wirtschaftliche Qualität.
- Sinkende Nettomargen trotz Umsatzwachstum können ein Warnsignal sein – etwa für steigende Kosten oder sinkende Effizienz.
📘 Free Cashflow Marge
📈 Was ist das?
Die Free-Cashflow-Marge zeigt, wie viel vom Umsatz nach Abzug aller operativen Ausgaben und Investitionen tatsächlich als freier Mittelzufluss übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Marge misst die echte Liquidität, die ein Unternehmen erwirtschaftet – unabhängig von Bilanzierungsregeln oder Abschreibungen. Sie ist besonders relevant für Dividenden, Rückkäufe und Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Free-Cashflow-Marge zeigt, dass ein Unternehmen nachhaltig liquide Mittel erwirtschaftet.
- Sie ist ein starkes Signal für finanzielle Stabilität und Ausschüttungspotenzial.
- Wichtig ist der langfristige Trend – sinkende Werte können auf steigende Investitionen oder rückläufige operative Effizienz hindeuten.
📘 Ergebnis je Aktie (EPS)
📈 Was ist das?
Das Ergebnis je Aktie (EPS) zeigt, wie viel Gewinn auf eine einzelne Aktie entfällt – und ist eine der wichtigsten Kennzahlen zur Bewertung von Unternehmen.
🧮 Wie wird es berechnet?
Die verwässerte Aktienanzahl berücksichtigt auch potenzielle neue Aktien, etwa durch Optionen, Wandelanleihen oder andere Umtauschrechte.
🏛️ Wofür ist es wichtig?
EPS bildet die Basis für viele Bewertungskennzahlen wie KGV, PEG oder Payout Ratio. Es macht den Gewinn für Aktionäre vergleichbar – unabhängig von der Unternehmensgröße.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- EPS hilft, die Profitabilität pro Aktie zu erfassen – und ist besonders wichtig im Zeitvergleich oder im Vergleich mit Analystenschätzungen.
- Steigendes EPS kann ein Zeichen für stabiles Wachstum oder Aktienrückkäufe sein.
- Wichtig: Verwende verwässertes EPS für realistische Bewertungen – besonders bei stark aktienbasierten Vergütungssystemen.
📘 Free Cashflow je Aktie (FCF je Aktie)
📈 Was ist das?
Der Free Cashflow je Aktie zeigt, wie viel freier Mittelzufluss einem Unternehmen pro Aktie zur Verfügung steht – nach Investitionen, aber vor Dividenden oder Schuldentilgung.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der FCF je Aktie zeigt, wie viel liquide Mittel pro Aktie tatsächlich im Unternehmen verbleiben – wichtig für Dividenden, Aktienrückkäufe oder Schuldentilgung. Im Gegensatz zum Gewinn ist er schwerer manipulierbar und daher besonders aussagekräftig.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow je Aktie ist ein Zeichen für hohe finanzielle Flexibilität.
- Er zeigt, wie viel Kapital ein Unternehmen effektiv einsetzen oder ausschütten kann.
- Besonders relevant für dividendenstarke Unternehmen oder solche mit starker Kapitalrendite.
📘 Short Interest
📈 Was ist das?
Short Interest zeigt, wie viele Aktien eines Unternehmens aktuell leerverkauft wurden – also von Investoren geliehen und verkauft, in der Erwartung fallender Kurse.
🧮 Wie wird es berechnet?
Der Wert zeigt den Anteil der Aktien, der aktuell auf fallende Kurse spekuliert wird.
🏛️ Wofür ist es wichtig?
Short Interest dient als Stimmungsindikator: Ein hoher Wert deutet auf Skepsis oder negative Erwartungen gegenüber dem Unternehmen hin – kann aber auch zu einem „Short Squeeze“ führen, wenn der Kurs plötzlich steigt.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriger Short Interest deutet auf Vertrauen in das Unternehmen hin.
- Ein hoher Wert kann ein Warnsignal sein – oder eine Chance, wenn sich die Stimmung dreht.
- Besonders spannend in volatilen Märkten oder vor wichtigen Quartalszahlen.
📘 Employees
📈 Was ist das?
Die Mitarbeiteranzahl zeigt, wie viele Personen ein Unternehmen weltweit beschäftigt – ein Indikator für Größe, Struktur und Geschäftsmodell.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft bei der Einschätzung von Skaleneffekten, Effizienz und Personalkosten. Zusammen mit Umsatz und Gewinn lassen sich Kennzahlen wie Produktivität je Mitarbeiter ableiten.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Viele Mitarbeiter bedeuten große operative Komplexität – aber auch hohes Umsatzpotenzial.
- Produktivität je Mitarbeiter ist ein wichtiger Indikator für Effizienz.
- Besonders spannend bei stark wachsenden Tech- oder Industrieunternehmen.
📘 Umsatz je Mitarbeiter
📈 Was ist das?
Der Umsatz je Mitarbeiter zeigt, wie viel Erlös ein Unternehmen durchschnittlich pro Beschäftigtem erwirtschaftet – eine Kennzahl für Effizienz und Produktivität.
🧮 Wie wird es berechnet?
Die Mitarbeiterzahl stammt in der Regel aus dem letzten verfügbaren Jahresbericht.
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Geschäftsmodelle zu vergleichen – insbesondere zwischen arbeitsintensiven und technologiegetriebenen Unternehmen. Ein hoher Wert deutet auf Automatisierung, Effizienz oder hohen Wertschöpfungsanteil hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Umsatz je Mitarbeiter spricht für ein skalierbares und margenstarkes Geschäftsmodell.
- Ein niedriger Wert kann auf arbeitsintensive Prozesse oder geringere Wertschöpfung hinweisen.
- Besonders hilfreich beim Vergleich von Tech- vs. Industrieunternehmen.
Lawson Products, Inc. Aktie Analyse
Analystenmeinungen
7 Analysten haben eine Lawson Products, Inc. Prognose abgegeben:
Analystenmeinungen
7 Analysten haben eine Lawson Products, Inc. Prognose abgegeben:
Lawson Products, Inc. Events
🇩🇪 Neu: Alle Transkripte jetzt auch auf Deutsch verfügbar!
Abonniere Premium, um Transkripte und KI-Zusammenfassungen auf Deutsch zu lesen.
Vergangene Events
|
MÄR
5
Q4 2025 Earnings Call
vor 7 Monaten
|
|
OKT
30
Q3 2025 Earnings Call
vor 11 Monaten
|
aktien.guide Basis
Lawson Products, Inc. — Q4 2025 Earnings Call
1. Management Discussion
Greetings. Welcome to the Distribution Solutions Group Fourth Quarter 2025 Earnings Conference Call. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to your host, Sandy Martin. You may begin.
Good morning, and welcome to the Distribution Solutions Group's Fourth Quarter and Full Year 2025 Earnings Call. Joining me on today's call are DSG's Chairman and Chief Executive Officer, Bryan King; and Executive Vice President and Chief Financial Officer, Ron Knutson.
In conjunction with today's call, we have provided a financial results slide deck posted on the company's IR website at investor.distributionsolutionsgroup.com. Please note that statements on this call and in today's press release contain forward-looking statements concerning goals, beliefs, expectations, strategies, plans, future operating results and underlying assumptions subject to risks and uncertainties that could cause actual results to differ materially from those described.
In addition, statements made during this call are based on the company's views as of today. The company anticipates that future developments may cause those views to change, and we may elect to update the forward-looking statements made today, but we disclaim any obligation to do so. Management will also refer to certain non-GAAP measures and the reconciliation to the nearest GAAP measures are available at the end of our earnings release. The earnings release issued earlier today was posted on our Investor Relations website.
A copy of the release has also been included in a current report on Form 8-K filed with the SEC. Lastly, this call is being webcast live on DSG's Investor Relations website, and a replay will be available through March 19. I will now turn the call over to Bryan King. Brian?
Thanks, Andy. Good morning, everyone, and thank you for joining us. As events unfold in the Middle East, we are actively assessing any potential implications for our business, our customers and the impact on the broader supply chain.
Our thoughts and prayers are with the military personnel and civilians who are in harm's way and with their families. We will continue to monitor the potential implications for global markets and are committed to operating with resilience, discipline and care during this period of elevated uncertainty. We are not where we want to be at the end of the quarter, but our confidence and vision for the future remains strong. 2025 was a critical internally focused reinvestment, retooling and digesting year for DSG as well as one where we managed through some dynamic pricing and supply chain and numerous onetime cost curveballs. While it was at time a dizzingly dynamic year through our daily North Star commitment to staying focused on investing in the business with a lens on long-term value creation, our urgency to offset shifting rules in the marketplace sharpened our focus on core fundamentals of building a better DSG, enhanced focus on execution tools and talent on timely accountability across the organization and made us prioritize not delaying targeted significant investments in capabilities and talent to position the company for long-term success.
As a result, we go into 2026 with an enhanced perspective on our competitive positioning and long-term levers to drive performance across our North American and global platforms. As I reflected, we navigated challenging headwinds in 2025, including a government shutdown, shifting demand environment and macroeconomic pressures and emotions, including those driven by fluid tariffs where our diligent and largely effective efforts to recapture margin still left us short.
Our financial results fell short of our expectations in the fourth quarter and for the year, and we own that. However, besides progress in our transformative investments, we enjoyed consistent operational affirmations in the marketplace around our value-added lines of business, our teams delivered important new business and wallet share wins in each vertical, held on to business on the back of service and capabilities and made meaningful progress in our customer-facing capabilities and partnerships in 2025. We leaned in on improved discipline, heightened institutional adaptability and enhanced DSGs more broadly presented and refined value-added solutions as confirmed by the marketplace, all of which add up to real 2025 successes and maturity of the business that will make us stronger in the longer term.
Turning to Slide 4. For the full year, we delivered total revenue growth of 9.8% on 1 less selling day, resulting in $1.98 billion in annual revenue. Organic average daily sales grew by 3.6%, reflecting solid underlying execution. Cash flows in 2025 were strong. We generated $84 million of cash from operations on top of $56 million in 2024. Adjusted EBITDA finished at $175 million, short of our expectations. These results demonstrate our continued focus on cash generation, working capital efficiency and profitability. Throughout the year, demand remained healthy across aerospace and defense, semiconductor-related technology, renewables and as the year progressed, industrial power.
During the fourth quarter, we began to see demand soften in renewables in North America, which we are actively managing by pivoting growth initiatives in that sector towards the strong renewables demand growth for DSG's improved presentation of capabilities in the global marketplace. and expanding our efforts on other end markets where we enjoy exceptional customer partnerships and strong secular and strengthening cyclical momentum, such as in industrial power, technology and aerospace and defense.
Our expanded platform capabilities and ability to support our historic customers and similarly discerning customers on a more global stage are supporting an expanding and accelerating set of dialogues. As we've discussed on previous calls, our financial results will not be linear. The fourth quarter is a good example of that. However, these results are certainly not indicative of our long-term plans or confidence in the future. While we anticipate some quarter-to-quarter challenges to balance earnings with our recent commitment to accelerate our talent recruitment transitions and accelerated investments, we are committed to making decisions that prioritize driving a stronger and more profitable DSG in the longer term for all of our committed stakeholders, but recognize like in this quarter, that the timing of some of those decisions unintentionally lined up with some margin near-term pressure and tax near-term earnings more than leadership expected.
While we didn't want to delay investments and talent decisions to unnaturally smooth earnings at the expense of building a better company, our leadership team still expects much better profitability performance from our DSG platform of capabilities.
Let's turn to Slide 5 to discuss our business initiatives. Gexpro Services delivered outstanding operating results in 2025, driven by the strength of the aerospace and defense, technology and renewables end markets we serve. Despite some fourth quarter sales softness, full year organic average daily sales increased 12.3% with full year ADS up 13%. We continue to invest in the technology and industrial power end markets, driven by expanding infrastructure needs and increasing AI-driven demand.
Our order backlog and new business pipeline remains strong in both segments. While renewables slowed in North America in the second half of 2025, we shifted our investment focus towards global strategies with encouragement of exceptional partners across technology, industrial power, aerospace and defense and the power generation cycle. We are seeing a meaningful growth opportunity in India while Southeast Asia is progressing more gradually due to the timing of customer qualifications. Both regions remain relatively small today, but continue to show an excellent acceleration in prospective and current customer engagement across more of our proven value-added capabilities at DSG and Gexpro Services. Our European business remains strong with increasing diversification across multiple verticals. Gexpro Services is also expanding its value-added service offerings using robotic automation and AI-enabled tools that enhance customer capabilities across VMI, kitting, manufacturing and e-commerce solutions.
Since bringing DSG together, Gexpro Services went from approximately $350 million in revenue to just under $500 million, mostly organically. Adjusted EBITDA has expanded from approximately $35 million to $64 million in 2025, with margins expanding nearly 300 basis points to 12.8% -- this margin expansion reflects scale, broader geographic reach, enhanced value-added capabilities and disciplined execution of operational efficiencies that leverage our cost structure.
As we confidently lean into further investment at Gexpro Services, we are balancing strong optimism around marketplace pull on us to support growth opportunities with an expectation to drive earnings growth while making the important long-term investments in capabilities, geographies and talent to support performing for our customers at a level that adds to the reasons we are winning wallet share and new mandates. As a reminder, Gexpro Services launching new customer programs requires upfront investment of significant time and margin, but results in exceptionally sticky customer engagements where we are critical to our customers and our commitment to doing our job for them thoughtfully and exceptionally reaffirms the partnership between us and our customers. The upfront effort and investment can cause a bit of deleveraging of profits in any given quarter as programs ramp up or mature programs slow like the shift we felt on the margin in the fourth quarter as new programs in global renewables come on, but domestic programs slow or as we felt a year or so ago in technology.
The great news is that the new business pipeline continues to expand even as mature programs may fluctuate based on each customer's program momentum. We also continue to win significant wallet share. We rarely lose programs and expanding what Gexpro Services does as a part of GSG allows us to expand our engagement with our customers. Gexpro Services continues to be one of the most exciting growth levers for GSG. Looking ahead, we are excited and focused on investing even more deliberately in additional organic and inorganic initiatives to sustain and extend the strong long-term momentum we see at Gexpro Services.
Next, Lawson Products. Average daily sales increased 2.7% in the fourth quarter, continuing the momentum from the third quarter when average daily sales grew by 3%. Although new VMI installations and wallet share expansions led to organic sales growth throughout the second half of 2025, Lawson smaller account local revenue continued to be challenged in the fourth quarter as some of the sales force and selling tools transformation over the last couple of years have distracted our resources from doing the exceptional job our customers champion from our unique service model and that we expect. Lots of focus and tools, teamed with additional investment in talent and process improvements are focused on getting this right for our customers, sales team and for DSG. EBITDA margins were negatively impacted by a slight customer mix shift, deliberate strategic investments and an unexpectedly elevated health care benefit costs in the quarter and for the full year, which Ron will discuss in more detail in a moment.
Recently, Lawson has made strategic investments in 2 leadership roles to strengthen the team through more capabilities and accountability. We brought on Jim Slumka as Chief Revenue Officer; and Hilary Bryant as Chief People Officer. Jim joined Lawson in January 2026 and brings a proven track record of commercial transformation, having led sales and operations for a $1.8 billion omnichannel enterprise overseeing more than 2,000 sales professionals, delivering a 6-year sales CAGR of 8% and expanding gross margins by 300 basis points. He brings strong discipline around accountability, urgency, process and commitments to a team-focused enthusiasm for excellence and winning, all consistent with being a former Westpoint athlete and officer. We are thrilled to welcome Jim to Lawson and DSG and are confident on the immediate impact he will have on the organization.
Hilary brings deep global HR leadership experience, most recently managing a worldwide HR organization for a $1.4 billion industrial technologies company with approximately 4,000 employees. She offers a great complement to Jim, bringing a renewed discipline and energy to employee engagement and corporate culture while elevating a clear cadence around growth-focused expectation, urgency and rewards. These important investments alongside others that have also been recruited over the last years, put in place critical pieces to now have a stronger ensemble of experience, been there, done that leadership and collectively add meaningfully to our sales and operating foundation as we pursue improved growth and execution in 2026.
Turning to our 2026 growth priorities. We are focused on continuing to capture market share and expanding wallet share for our national accounts, including Lawson, Kent and government, while reestablishing our commitment to offering the highest level of consistent service out of our sales force for our customers. And with that, a return to growth out of our smaller local accounts driven by their efforts and the investment we have made in them. A key leading indicator of our growth is in new VMI installations or internally what we refer to as ship to locations, which we are currently ramping up after a challenging couple of years as we've been working through our sales force transformation. We continue to leverage technology to increase sales effectiveness and are improving the rigor and consistency of sales rep activity supported by our CRM tool, enhanced training commitment for new FSRs and a real focus on our DSM's consistent cadence with our established FSRs around driving growth and consistency in the customer experience.
We are also in the early stages of rolling out across our field customer-facing team, a route optimization tool that we have been developing that will give them back expensive and frustrating transit time and more of an opportunity to serve and grow our customers. Although a smaller piece of our business, our e-commerce channel continues to deliver double-digit growth, and we are encouraged that more than 30% of customers purchasing through the site are new to Lawson. As we move forward, we remain focused on commercial excellence, the customer experience and technology to accelerate growth and continuously improve how we serve our customers while also providing flexibility to our customers.
Additionally, we are working more closely with our vendor partners to deliver solutions to our customers and to support our commercial team. At our recent sales leadership meeting in February, approximately 50 vendors presented their products and services to our sales team. We are working with a number of those channel partners to improve our product costs as we have in turn invested to support them and our customers with our significant recent investments in our selling and servicing capabilities. We expect some nice progress this year out of our sourcing partnerships.
Moving on to the Canadian branch division. The team made solid operational and synergy progress in the fourth quarter and across the full year despite macroeconomic headwinds and tariff-related uncertainty that pressured industrial end markets, especially in Canada throughout 2025. As expected, fourth quarter revenue declined sequentially due to typical holiday season softness and weather, leading to operational deleverage. In 2025, we completed 4 facility consolidations with the final consolidation expected by the end of the first quarter. As we discussed last quarter, because Source Atlantic's purchase price was largely tied to tangible assets, our first full year of transformation has meaningfully derisked this investment for us, and we continue to believe this was a strong strategic acquisition to grow and scale our Canadian operations, although the revenue headwind out of the gate has us a full year behind our ambitious profitability objectives, our DSG team embraced when we acquired Source Atlantic in late 2024. And more recently, the recruited Canadian leadership team reaffirmed that underwriting.
While there is still significant profitability tuning work ahead, we are encouraged by our framework and expanding profitability, insights and discipline that we are building, the team we put in place and the path and significant progress they are demonstrating to us in the marketplace as the first year of ownership is now closed. At the TestEquity Group, we are investing at a renewed feverish pace in the long-term platform we can better see now in this vertical. A massive investment in additional leadership capabilities and tools were made in the business, especially during the last part of 2025. A shift was made concurrent with these investments around dialing up a more intense focus and intentional allocation of resources towards driving a structurally higher margin shift discipline out of a daily cadence around the vertical's growth priorities, and each team member owns specific accountability on discrete levers to impact that outcome.
When we committed to these investments, we fully expected a J-curve recovery with near-term transitions impacting performance, followed by improved revenue growth and profitability as our strategic initiatives take hold. For the full year, average daily sales increased 2% and organic daily sales grew 1%, driven primarily by test and measurement, rentals and Chambers. In the fourth quarter, revenue grew 0.9% on 1 additional selling day, supported by continued momentum in rental and refurb, chambers and T-equip. While Test and measurement end markets were under pressure in the fourth quarter, we remain focused on disciplined execution of our growth and profitability prioritization initiatives and are beginning to see the tighter strategic lens and accelerated pacing around cadence and accountability at work.
The result is we are seeing the engagement deep into the organization take place. and the firming pipeline activity evolving towards our areas of most differentiated capabilities teamed with our higher margins and return on capital opportunities, including value-added solutions used in rental, test and measurement solutions, chambers and accelerating the growth and mix around our most value-added elements of our electronic production supply offering to strengthen our margins and earnings. We are currently seeing some accelerating customer engagement building around our core test and measurement expertise, where we have reinforced with a renewed and discrete effort around rededicating resources focused on T&M customer solutions selling improve our competitive moat at a time when we believe the marketplace is past the trough, and we are seeing acceleration.
We also have major initiatives underway to simplify and unify the digital ecosystem. Enhancing the customer experience through ERP consolidation, customer service and e-commerce platform integration is foundational to our strategy, and we are actively leveraging AI applications to accelerate execution. At the same time, we are strengthening performance management, incentives and accountability as we establish new key leadership roles. We're excited about the progress Berry is making to drive a much more disciplined approach to the portfolio of value-added capabilities and products offered across the TestEquity Group vertical. And for the employees, we appreciate their support of an accelerated operational pace and accountability, including the shifting of time and resources towards more differentiated growth areas to drive his objectives around mix shift rather than only adding incremental costs and elevated areas of focus.
Looking ahead, we are actively increasing our account base and deepening penetration among our existing customers. while using new product introductions and private label offerings to expand customer choice and enhance margins. Encouragingly, a growing backlog in January and February of 2026 signals momentum to come in 2026. We recognize that the full impact of these initiatives typically takes several quarters, but we are confident they will result in a structurally stronger, more competitive, materially higher-margin TestEquity business over time. With that, I'll turn it over to Ron for details on our fourth quarter and full year financials. Ron?
Thank you, Bryan, and good morning, everyone. Turning to Slide 6 and starting with our full year results for 2025. As Brian mentioned, consolidated revenues for the year were $1.98 billion, up 9.8% compared to 2024. Incremental revenue from our 2024 acquisitions was $121.5 million, and our organic average daily sales growth for the fiscal year was up 3.6% over 2024.
For the year, adjusted EBITDA was $175.2 million or 8.9% of sales, and GAAP net income per diluted share was $0.18 for the year versus a GAAP net loss per diluted share of $0.16 a year ago. Non-GAAP adjusted EPS was $1.24 for the year compared to $1.44 per share a year ago. Full year margins in 2025 were 80 bps lower than in 2024, primarily due to sales mix shifts, employee-related costs and other investments. Fourth quarter revenues were $482 million, up 0.2% versus a year ago, which translated into flat organic sales compared to the fourth quarter of 2024.
For the quarter, we generated adjusted EBITDA of $35.4 million or 7.4% of sales. Each of our businesses experienced lower year-over-year EBITDA margins, primarily due to sales mix shifts, some incremental bad debt expense and higher health employee-related costs, namely health care benefits. Cash flow from operations was strong with $16.9 million for the quarter and $84 million for the full year on top of strong results in 2024. Before I move on to the individual verticals, I wanted to comment briefly on the DSG consolidated margin for the full year and for the quarter. For the full year, adjusted EBITDA was 8.9% compared to 9.7% for the full year 2024. I would break the 80 bps compression into 2 buckets. The first is primarily longer-term people investments of approximately 20 bps. The remaining 70 bps was driven by timing items and nonrecurring items such as health care costs, specific customer bad debt reserves and some lower margin to win specific customers. From a timing perspective, many of these items hit in the fourth quarter, resulting in a larger impact on our fourth quarter margins of 7.4% -- longer-term people investments impacted the quarter by approximately 25 bps.
Other items impacting the quarter that we would classify as timing or nonrecurring include health care, approximately 40 bps, customer-specific bad debt, approximately 20 bps; recruiting and leadership start-up, approximately 25 bps, mix shifts within Gexpro Services, approximately 25 bps and timing benefits realized in the fourth quarter of 2024, which is about 40 bps.
Now moving on to Slide 7 and starting with Lawson. With Lawson, full year revenue increased $12 million. Average daily sales grew by 2.6% and organic average daily sales declined by 1.2%, primarily due to lower military customer sales. Adjusted EBITDA for the year was $51.6 million or 10.7% of revenues for the full year. For the quarter, Lawson's average daily sales were up 2.7%, and its adjusted EBITDA was $7.7 million or 6.7% of sales.
In the Lawson-based business, the margin compression from the prior year was primarily due to sales mix of about 60 bps, higher health employee-related benefit costs of approximately 100 bps and employee costs and timing of incentive accruals of approximately 110 bps. As Bryan mentioned, Lawson's most significant sales initiatives focus on new VMI installations and increased share of wallet, which are leading indicators of revenue growth. We are continuing to accelerate the adoption of our CRM platform to improve sales rep productivity, grow the core business and are currently in the early stages of route optimization planning. We are also expanding our e-commerce platform. This is a cost-effective way to do business and 1/3 of our customers on the site are new. Although sales are still small on e-commerce, we experienced about an 18% revenue growth in the fourth quarter.
Turning to Slide 8. Full year sales for the Canadian segment were USD 221.4 million, up $96.3 million, primarily due to the Source Atlantic acquisition included for a partial year in 2024. Fourth quarter sales for the Canadian segment and USD were $55.1 million, reflecting some seasonal softness. Market softness for projects and manufacturing end markets persisted, mostly in Eastern Canada. However, current backlogs have increased meaningfully. Full year adjusted EBITDA was $15.6 million or 7.1% of sales, while fourth quarter margins were 6.6%. Margins were compressed slightly due to items such as first year Sarbanes-Oxley compliance work. The Bolt Supply stand-alone business drove sales by 7.8% in local currency and generated a 14% margin for the full year. We continue to make progress on planned synergies around gross margins and branch consolidations between Bolt and Source Atlantic.
Turning to Gexpro Services on Slide 9. Full year revenue was $496.7 million, representing organic average daily sales growth of 12.3% and total ADS growth of over 13%, driven primarily by end market strength in aerospace and defense, technology and renewables for most of the year. Recall that we highlighted tougher sales comps in the fourth quarter, which declined 1% on an average daily sales basis, generating $119.4 million. Full year adjusted EBITDA was $63.7 million or 12.8% of sales. For the quarter, margins pulled back to 11.7% from 13.3% a year ago on a lower Q4 sales base, the sales mix on lower renewables and some strategic employee investments. Value creation initiatives for Gexpro Services continue to include DSG cross-selling, acquisition synergies and expanded BMI kitting, manufacturing and e-commerce offerings.
Lastly, I'll turn to TestEquity Group on Slide 10. Full year sales were $783.2 million with average daily sales growth of 2%, driven primarily by Test & Measurement, rentals and our Chambers business. Organic average daily sales for the year were up 1%. Fourth quarter sales were $192.9 million with average daily sales up 0.9% versus a year ago. TestEquity's adjusted EBITDA for the year was $51 million with adjusted EBITDA margins of 6.5% versus 7.3% for all of 2024. Margins were pressured by a sales mix shift, higher bad debt expense and higher employee-related expenses, including the build-out of the leadership team and nonrecurring favorable items from a year ago. Fourth quarter EBITDA margins were similar as full year margins at 6.4% of sales. The new leadership team has aligned priorities through performance management, incentives and accountability.
Moving to Page 11. We ended the year with total available liquidity of $469 million. And for 2025, our free cash flow conversion, defined as adjusted EBITDA less working capital investment, less CapEx was approximately 85% -- in December 2025, we expanded our senior secured credit facility through 2030. The new facility includes $700 million of term debt and a $400 million revolving credit arrangement, an increase over the previous $255 million revolver. This puts us in a strong liquidity position to best drive shareholder returns through our capital allocation playbook. We ended the year with unrestricted and restricted cash totaling $75.3 million and net debt leverage of 3.5x.
We continue to prioritize growth initiatives that enable cross-channel and collaborative selling across our customer base, expand our digital capabilities across our platform and drive growth through an asset-light model. We invested $26.8 million in net CapEx, including rental equipment, and we plan to invest a similar amount of $25 million to $30 million in 2026. As we've highlighted in the past, we have invested nearly $450 million in M&A by acquiring 9 highly complementary businesses to expand our portfolio, leverage scale and grow through product adjacency and services. We closely manage working capital across our businesses and net working capital was $473.5 million. As we mentioned, DSG generated $84 million of cash from cash from operations for the year, similar to 2024 before retention payments and a testament to management's close monitoring of our working capital.
Our strong cash generation in 2025 positioned us to be more active in share repurchases. In November 2025, the Board authorized an increase to our existing stock repurchase program for an additional $30 million in shares of DSG's common stock, taking the total aggregate authorization amount to $67.5 million. In 2025, we returned $23.5 million to our shareholders through opportunistic share repurchases and have approximately $33 million remaining in the authorized pool.
I'll now turn the call back over to Bryan.
Thank you, Ron. Despite external headwinds in periods of demand volatility in 2025, we have a clear line of sight on initiatives well underway to drive sales growth and structurally higher margins. We delivered total revenue growth of almost 10%, reaching just under $2 billion, supported by mid-single-digit organic growth despite the burden on profitability of macroeconomic and policy challenges and an ISM remaining below 50 for all of 2025 and our deliberate investments into the business in 2025. As we enter 2026, our focus is firmly on execution and demonstrating a return to improved profitability with our expected growth while balancing critical long-term value unlocking investments.
Our revenue growth strategy prioritized high-margin businesses, strong and sustainable cash flow generation, disciplined capital allocation and operational excellence. We are investing to be a company that is easy to work with and for leveraging digital and AI-enabled capabilities to respond faster to customer needs, improve operational efficiency, strengthen sales rigor and capture margin opportunities. These efforts are supported by an accelerating level of data-driven insights that guide and improve decision-making and enable us to deliver our differentiated products and solutions while enhancing our customer experience.
Operating across more than 50 countries, serving over 220,000 customers with approximately 760,000 unique products requires agility and focus. We remain nimble, ready to pivot when needed to sustain growth while focusing on delivering on improved profitability. Our leadership teams are renewing our confidence to shareholders and our colleagues that we are driving and expect growth with enhanced profitability. and with a commitment to further tune capabilities and consistent service and culture that emphasizes from our field team around volume and revenue growth from both existing and new customers.
I am confident in our enhanced leadership teams and our recent investments in them across all of our verticals and their ability to execute on their re-underwritten priorities and value creation initiatives as they enjoy line of sight on building structurally higher margin and more defensive and growing businesses with a commitment to generate strong free cash flow and an aligned incentive structure around driving accelerating long-term value for our shareholders.
Our teams remain highly aligned with the shareholders and each other, collaborating and competing together to continue to win more often. Each is accountable and appropriately incentivized to deliver results for our shareholders and for DSG and all of our colleagues. We will continue to evaluate acquisitions that strategically fit and enhance our long-term competitive position to win in our current focus areas and markets or that complement them as well as opportunities that can accelerate our growth and profitability objectives to enhance and accelerate driving long-term shareholder value. In addition to strengthening leadership within our verticals, after a thorough evaluation on ways to improve and enhance our corporate strategy and M&A capabilities, we recruited Sean Dwyer to lead DSG's efforts and dedicated team while working closely with the vertical leadership and our LKCM Headwater teams.
Sean comes to us with a background in investment banking and experience leading similar efforts at large public companies. Through his public company roles, he has led over $30 billion in 36 transactions. It's great to have Sean on board to add structure, perspective and to collaboratively lead this critical component of DSG's growth strategy. As we look ahead in 2026, we're excited about the added capabilities, discipline and prioritization we've invested in across all our verticals. While most of this comes at a cost, we're confident in these investments and in the improved performance returns the investments will deliver. While the first couple of months of 2026 have seen sales growth, we expect the first quarter to remain under margin pressure as we continue to digest initiatives, and then we expect to see an improved margin expansion trajectory consistent with our longer-term objectives as we move into the middle of the year. I'm proud of the heavy lifting from our colleagues and what it accomplished in 2025. And as I reflect on where we are versus the much smaller and less evolved DSG that we pulled together 4 years ago.
We remain focused building a better DSG on its many commercial growth initiatives and ongoing process and structure optimization, and we celebrate working together to build a more valuable enterprise, one that consistently generates cash flow and long-term shareholder value. Finally, I want to thank our employees for their dedication and hard work throughout the year. Your commitment and the strength of our culture have enabled meaningful progress across our strategic priorities. We will continue to push, test and adapt as we improve long-term performance. I also want to thank DSG's Board, our shareholders, our shareholder partners and the LKCM Headwater team as we continue advancing our specialty distribution model together.
And with that, operator, will you please open the line for questions.
Your first question for today is from Amon Moll with Stephens.
2. Question Answer
I want to start on the comment you just made regarding the sales pacing year-to-date. I think I heard you say sales are up year-over-year in Jan and Feb. So maybe just can you confirm that? And if you're able to give us the daily sales pacing and the number of selling days for the quarter, that would be appreciated as well.
Yes, this is Ron Knutson. Just to add some commentary around Bryan's notes relative to the first couple of months of the year. So we have seen growth. Really, I would say, I'd put it in the low single digits. If we look at January, February versus a year ago.
ADS so far for the first couple of months, kind of flattish versus Q4, but up against a year ago. We're seeing a little bit of pressure continue within our Canadian branch business that think both Brian and I commented on in our prepared remarks. But the other verticals or the other 3 pieces of the business are seeing some growth here in the first couple of months. Relative to -- I think the second part of your question was relative to number of days and so forth as '26 develops. So on a quarter-over-quarter basis, it shifts a little bit just because of the kind of the weighting, and we've got Gexpro services on a 445. But essentially, it's relatively consistent.
First quarter of '26 has 63 selling days versus the first quarter of '25 having 63 as well.
And I just would add, is it Tommy? I thought you said it was Aimen. I was like, wait a second. So Tommy, one of the things I was referencing when I said that was that we were -- it was on the test equity vertical, and that was that we were seeing some backlog build there in orders and kind of RFPs.
So momentum, and it's really around the test and measurement side, which we've seen -- as we've seen some messaging from the manufacturers about a little bit of accelerated activity in that space. I mean January, quite transparently, I wasn't happy with the flow-through on profitability relative to how we budgeted or what I expected. And so as the fourth quarter came together in the first month of the year, while we saw some revenue lift, we still suffered some of the same challenges of adding expenses around leadership and otherwise in the first month. We're seeing improvement on that, we believe, in February and expect that again in March, so the releveraging of our cost structure with the pickup in revenue. But there just were some changeover expenses that -- and some onetimes and some things that created noise in the fourth quarter and in January.
Yes. Brian, you anticipated my follow-up, which was on margin, and you clarified your comment, but maybe I could put a finer point on it here. If I go back to the numbers that Ron gave us in the prepared remarks, there were a series of one-timers in Q4. I just added up all those basis points, and it was about 150 basis points.
So my starting point on bridging was I just took the 7.4% you reported in Q4 plus 150 gets you 8.9% as an implied baseline to start to think about the first quarter, that would be up a little bit year-over-year, though. And so based on what you just said, that makes me think perhaps that's a bit too aggressive of a baseline. Maybe we'd be -- I don't know, it depends on the monthly assumptions, but anything you can do.
Yes, that number would be consistent with how margins flowed through for the year last year. When we look at it or when I look at it, the first quarter is still going to have a little bit more margin degradation from our average last year, I think, whereas the second and third quarters, we would expect that the EBITDA margin will be back towards above what last year's average was, if that's helpful. Is that right, Ron? I looking to...
Ron?
Yes, that is right. Yes. If I go back, Q1 of 2025, we were sitting at about 9%. And Tommy, we typically -- we do get burdened with some other items that we didn't call out specifically in our comments around some payroll taxes start over on us, that typically drags our margins a little bit, even going from Q4 into Q1. The other area that I would point to is we do have some resetting of some incentive accruals and so forth, as you can imagine, lower dollars in '25 based upon performance. And we certainly budget to hit higher goals going into the next year. So we'll have to reestablish some of those accruals as we work throughout the year as well. And those typically get spread pretty evenly throughout the year until we start to reforecast to a greater degree later in the year. So we do have some, what I would call, kind of offsets or negative items that will probably push their way through here yet in the first quarter.
But I would say, Tommy, the exercise you did, which is the same one I did yesterday when I was preparing my remarks, by adding up Ron's remarks, which were prepared ahead of mine. And I did the same bridge you did and then kind of try to double check it against looking at where we were for the quarter so far. And directionally, you're right on. I think it's just going to be a little not quite -- January is not indicating to me that we're going to get to where -- the level you said.
Understood. Shifting to some more strategic questions here on TestEquity. You have new leadership there, and you've talked before and again today about refining the customer value prop, the go-to-market, centralizing some functions, et cetera. What can you share there about the progress to date and what's ahead in 2026?
Yes. So look, the pacing on the team and the depth of our leadership bench is just very different than it has been. And part of that was that we -- adding Barry was critical, but it was not just adding Barry. Barry brought with him an ensemble of other executives, and we were able to really keep so many of the people that we had that were in -- had key institutional knowledge and that we had a lot of confidence around.
So we did double up some of our leadership expense. When I look at the total burden at the top of that company, it's different than it was 4 or 5 months ago. But with that has come a real high level of not only cadence is different and the pacing is different, but there's a high level of kind of drill-down insight, which Russ and Mark have been doing last year increasingly for us is after we made the Conres acquisition, we were able to really get a lot more accountability around the efficiency in our rental and used business and our calibration strategy and our chambers business has been taken off. And so we've been trying to build out our Chambers offering and portfolio and our inventory and stock. And then we've been working through kind of a more cohesive strategy around the total test and measurement go-to-market kind of value proposition to the customer.
So it's not just as is isolated to margins on new product. And then on top of that, we have a lot of smaller value-added capabilities that are inside of the TestEquity Group, some of which came with Hisco and some of which were ones that we had acquired. And so by breaking them each apart and really drilling accountability and ownership on each of those verticals, we're able to see very different contribution margins amongst different ones. And so of our EPS business, we've got parts of it that are more commodity that are volume, but our cost -- our channel support to that is similar to our more discrete specialty parts of the same EPS business. And so the flow-through margin on those look quite a bit different. And so the team is really reenergizing the sales force on how they're spending their time and how we're delivering our messaging in the marketplace into our employees around where the levers are to pull a lot more attention and acceleration through the parts of the business that have very different structural contribution margins. And that's just -- that energy and that focus kind of started 100 days ago, but it's trickling down through the organization more recently.
Our Chief Commercial Officer, who's been really important to the business. We made our President of Mexico for all of DSG so that we could start to really bring our cadence together across all 3 of our verticals in Mexico so that we could have more cross-sell wins and drive total revenue growth. That's the business that he had built for Hisco. And then we added another Chief Commercial Officer at the senior executive level to really focus on these lines of business efforts. And so Barry has got a lot of confidence in all the specialty businesses that we have and how it all rolls together. And some of the profitability that is inside of that business has been masked by some of the areas that have been whipping around or where we've either had too high cost to serve relative to the contribution margin and not enough focus on the areas with our sales force on much higher contribution margin opportunities. And we're seeing that shift.
Your next question for today is from Ken Newman with KeyBanc.
I was wondering if we could start on tariffs and if you're anticipating any material impacts from the recent news and how you're thinking about price cost as we go into 2026?
You want to start that off?
Yes, I'll start it off. I know we've talked about tariffs in the past relative to the value of the imports that we do and so forth and our ability to be able to pass along the majority of those from a customer relationship standpoint. I think your question is probably more pointed towards the recent news and so forth. And I would say probably too early to tell yet in terms of what direct impact that may or may not have on DSG. Certainly, we're evaluating the situation, trying to stay really current with it as others are as well. At this point, we're moving the business forward, assuming that a lot of these costs that have come through to us over the last, call it, 12 to 18 months will probably continue to be out there until we get some further direction on where this may end up.
Ken, we've got a consulting firm that we use and are using across our portfolio companies at LKCM Headwater and we have some businesses that have been much more significantly impacted than DSG, but it's allowed us to be informed across ways and levers that we should pull and also kind of navigate or engage on the SCOTUS recent ruling. So we ended up leaving some dollars on the table last year for sure, but our team did a great job of managing both pricing as well as sourcing costs and where we source things across DSG. And so much of it was mitigated by the end of the year. And -- but that -- we did end up with certainly a drag on earnings or much of it was mitigated as we looked out prospectively for this year by actions that were taken throughout last year.
Now we've got to kind of look and see whether or not there's any additional moves that we need to make or whether or not there's going to be additional shifting in where the tariff burdens are going to be and whether or not that's going to inform any of our sourcing decisions this year, our pricing decisions this year or whether or not we're contesting or protesting that we believe that we should get any refund. So -- right now, it's really early to try and know how that's going to work.
Okay. That's helpful. And then just revisiting Tommy's question a little bit on some trends that we've seen year-to-date. Any other color that you're able to provide on the segments? And then maybe for Lawson specifically, how are you thinking about these mix impacts within that segment? And should those normalize as we move through the year?
I'll start with Gexpro Services. That was pretty easy. Gexpro Services has got several key end markets that are spooling up. The power generation space has obviously gotten a lot of attention. It's a key area for that business and its legacy or its history coming out of GE. So it's -- it will enjoy some leverage there to the positive. The aerospace and defense vertical is very important to it. We know what's going on around the world. And so there's -- we expect a firm year there with growth.
The domestic renewables business, we're about 2/3 domestic, 1/3 international historically. The domestic business is down. We really started to see it tick down in the fourth quarter, kind of mid-fourth quarter, I guess, and that trend is continuing. At the same time, as we're seeing countries like India, where we had $4 million of revenue on renewables is kind of tracking towards -- and that's 2 years ago, kind of 2024, I think we were $4 million is what I remember looking at. And this year will be $14 million.
So we're backfilling with our capabilities with our manufacturing or vendor partners and some of the renewable developers programs around the world that are backfilling but not entirely backfilling. There's also some different contribution margin dynamics as you spool up new relationships at Gexpro, as I alluded to, relative to the contribution margin on a more mature vertical or customer engagement. So as we're taking on more opportunities at Gexpro Services, which is happening more broadly than just renewables, there's some launch costs that are associated with that. We do believe that Gexpro Services margins that we've seen throughout last year are consistent with how we think that business is kind of going to continue to operate. So we don't expect a significant deterioration in the EBITDA margin at Gexpro Services this year at all. We think it's kind of operating without a lot of headroom up this year, but operating at a level that we think is about consistent with where we expect it will be this year.
On the test and test equity side, as I alluded to earlier, we're seeing strong interest in the test and measurement equipment. Our ES business is continuing to see some softness. Our electronic production supplies -- one of the key areas is our electronic manufacturing, Ron helped me with that is that kind of starting to remember how we call that vertical. But that has been an area that has been really soft for us, and we've seen some firmness in it last year. I can't remember where our backlog looks right now there, but it's the biggest part of TestEquity Group's apps business. The Chambers business is very strong. The rental and used market is getting more attention and focus for us because it has a lot higher contribution margin, and it's been -- it was a source of strength last year and with renewed strength. And some of that's focus and some of that's the acceleration in demand end markets on the test and measurement side. What else, Ron? Lawson?
Yes, relative to Lawson and what I would say around that is we continue to see an increase in our -- what we call ship to or VMI installations, in particular, in the -- in our larger locations within strategic relationships and within our Kent automotive business. I would say, a renewed focus on the core local business, where historically, if you look at the last couple of years, that's where the most pressure has been seen. And we've seen, I would say, kind of flattening out in ships there. But as Brian mentioned, we had our sales leadership meeting in mid-February and a ton of focus being put on reallocating resources to be able to grow that piece of the business, which makes up that local business, we call it core as well, is about 45% of Lawson's total revenue.
So again, Lawson has seen on an overall basis, some increase here moving from January, February. And we've got great insight into a number of locations and around specific customer wins and the accountability that Brian and I have mentioned around making sure that those sites get installed on a monthly basis with Jim coming on board here in January, a renewed focus around that, making sure that we hit those numbers as well.
Your next question for today is from Kevin Steinke with Barrington Research.
I just wanted to follow up on the earlier margin discussion. I believe in response to one of the earlier questions, you mentioned that you thought the second and third quarter adjusted EBITDA margin could be above the full year 2025 average of 8.9%. So you're thinking kind of a 9-ish is appropriate for second and third quarters?
I think we believe it's going to be relevered up higher than that, Ron. But I don't think -- I think that I'm trying to remember where we are on there, but it's if you look at last year, our second and third quarter EBITDA margins were above that 8.9%. And I think we expect that it will be consistent with that or above. Can you remember -- is that right, Ron?
Yes. Yes. I think where we're going to see probably the most pressure, as we've commented on, is really here in the first quarter. And then you're correct, Brian, relative to second and third would be an acceleration north of what we posted for the full year. And typically, that's not unusual. I mean, typically, for us, the second and the third quarters are typically the strongest quarters. And in fact, even that uplift generally starts in March. March can be one, it's a longer month in terms of selling days, so we get some additional operating leverage there. And then typically, Q3, if you look back historically, Q3 and I'm sorry, Q2 and Q3 are typically the strongest uplift in sales as well as overall margin percentages.
I just look back at it in last year's Q2 was 9.7% and Q3 was 9.4%. So versus the 9% last year in the first quarter and the 7.4% that we posted in the fourth quarter. So that kind of gives you some sense of how the quarters fit in together. And I think we've got a good number of selling days. Is it in the second quarter, Ron? Or is it March? -- trying to remember.
Yes, there's -- yes, in March, there's -- I think it's either 22 or 23 days in the month of March. And then Q2 and Q3 both have 64 selling days.
Okay. Great. Got it. Yes, that's helpful. Appreciate it. I wanted to also follow up on Lawson. You mentioned there some continuing challenges just in the small account side there, maybe some loss of focus as you've gone through this transition period. But I know you've been experimenting with various things there. I think to serve the small account customer base with inside sales force or maybe some service reps who do the unpacking. Are those the sort of things you would still want to continue to work on? I know you also mentioned e-commerce. Or is it just more kind of getting the actual sales rep back on site? -- more frequently? Any more thoughts on kind of how you kind of are approaching that.
You just kind of were through all of them, which...
That's what I was going to say, Bryan...
And I are laughing because we are smiling because you're right, yes. So I would say that the shift of some tiny customers that were too small to service with the cost to serve of having a rep go see them because their order -- order flow dynamics and the size of their invoicing was too small to have somebody there unpacking and managing stuff. I think our inside sales group and our e-commerce efforts have really helped that.
So I think that our revenue there is not where we've really lost volumes. We may have lost some ship to locations. But I think, Ron, if I remember correctly, we've actually seen pretty good traction out of that total effort even though we may have had some small ship2s. Those are not the ones that we're missing. We had -- with the compression of our sales force that we did 2 years ago as we were getting set for the new sales force initiatives that we were putting in place and the technology tools and the way that we're trying to drive productivity out of our teams, we certainly saw with that some of our smaller core customers not get the level of service that we would expect. We had less salespeople. And as you might imagine, the salespeople that we had covered the bigger customers or the strategic accounts, the national accounts that we were trying to make sure we were doing a great job for across the country first. And so that caused a natural trend of losing some of our ship to locations that just had less volume in them and a real concern on our part at the leadership level on whether or not our salespeople were with that compression and then with the distraction of a lot more strategic and new national accounts, we're spending as much time focused on the smaller street business that they used to make a lot of their money on.
So Ron and Mike Decata started to national account or strategic account initiative about a decade ago, and it's grown to where it's as large in our -- as part of a part of our business as our street business is from zero. And so we're feeding our salespeople, those national accounts. And in some ways, that may be was creating some behavioral challenges that we didn't appreciate until we got more insights out of the CRM and now with kind of the insights that better data analytics are allowing us to see and how we're keeping up with some of those smaller accounts. And also, we went out in the market and did a bunch of feedback surveys that we needed to have at my level and our investment team level to be able to triangulate with our leadership team what we were hearing in the market from a lot of those smaller accounts. And so now we've got a very proactive initiative around it. And we're seeing a relift back in those base accounts, at least the ship to number, but it's been after several years of significant declines in locations. And so you don't see it in the top line as much because you're picking up the strategic accounts and you're getting more volume through those bigger relationships.
But when you get down at the profitability level on a mix shift basis, especially if your cost to serve from a commission perspective or a cost for your salesperson is the same, you're -- we get more premium pricing out of the smaller accounts than what we do out of the bigger accounts so that you're giving up some gross or some product margin and then you're losing some flow-through contribution margin that if you just kind of held pad on that would have significantly changed the total top line revenue growth and the profitability of the business. All that was at the same time as we're investing a significant amount of dollars into the company and into the sales force.
So you saw -- if you look back 2 years on Lawson, you've seen we've got less revenue today on our MRO business than we had 2 years ago. We've got more today than we had last year. But that -- most of that decrease really came out of those smaller accounts and the flow-through on that at the same time as you were investing in paying your sales force more, offering them more tools and putting dollars back into it caused a delevering dynamic at the same time as we were making a deliberate investment. And so there was a swing in profitability there that we felt in the fourth quarter more acutely than we had in the prior fourth quarter. We knew what we were doing, but we also knew that there was going to be a J curve as we were investing back in the sales force after that compression period of getting those sellers back out there into those territories that were either open or have been consolidated. So it's -- go ahead, Ron. You daily...
Kevin, the only thing I would add to Bryan's comments, one is our strategic business, really sticky business. We've got great customer relationships, servicing multisite locations. So drives really solid, sticky gross margin dollars back to us. So we love that part of the business and continues to -- we continue to expand it and continue to make investments there to win new accounts as well. Relative to the core local customers, if we do look at ships over the last year or so, we've really been I would say, kind of flattish. And so most of that decrease that we experienced within our core local customer count took place prior to the beginning of 2025.
So -- but now it's about -- as I mentioned, they make -- they're about 45% of our total revenue. To Brian's point, it's putting some headwinds against the total sales growth that we see. And now it's a renewed focus on making sure that we can get that 45% of our revenue customer base growing again. So -- and there's change in incentives and focus and even at the sales leadership meeting that I mentioned a couple of weeks ago, a lot of focus around where that business historically had been, where we sit today and where we need to take it in the future with our sales leaders.
I want to add 2 things there because I think you asked the breadth and the complexity of the question you asked was great, but I want to make sure I hit these other points. You asked about other support services or capabilities that we put in the field. So we definitely have made a real investment. We're working on it in some key markets, but we're adding some service reps and some focused new account sellers, if you will, or reengagement sellers, so not the field sales reps that we've got historically, but to support those field sales reps so that they have the time to get back in front of some of these customers that they've not spent as much time in front of by having these service reps support them on some of their higher volume relationships so that they aren't having to go by and see the account twice.
So if you think about the way that we often serve our -- even our high-volume customers like those national accounts, they're going in and they're scanning the bins, they're putting in an order and then they're coming back a couple of days later and they're breaking open boxes and they're reorganizing and reloading all those cabinets. And so that labor component that we sell as part of our value-added -- our critical part of our value proposition to our customers by having a service tech do a route and efficiently go by those customers and help take one of those stops out then we're opening up the opportunity for those sales reps to spend more time back in the field, servicing those customers that maybe were either smaller on the street level or some of the national accounts that we're adding that need kind of early touch points high or making sure that we're getting more wallet share out of them and getting them stood up on their initial kind of building out their program.
So that's been -- that's a real focus right now of the business. It's definitely been a cost center. I mean we've layered that cost in, but it's something that we are seeing strong early indications that that's a model that we want to continue to lean into to support our FSRs. It allows our FSRs, we're not changing -- it allows them to make more money because it gets their total revenue that they can have flow through them up. And we think it does a much better job of servicing the customer at a higher level. What our marketplace surveys have told us is that our customers felt like that too often our sales rep, if they were a smaller account, they just weren't getting the attention or they were being effectively fired by us, not by them. And so there's a -- it was a real message that was consistent that we heard where they were asking for us to come back out and service them again and to give them that consistency of service that they wanted from us and that maybe over this transition period with our sales force, we haven't as consistently given to the smaller accounts. And so that's been a drag of several percentage points of growth a year, the last several years at least, that we've been making up with our national sales effort. And maybe 2 years ago to last -- so to '24, it was a bigger drag because we had that compression with our sales force. And then we probably thought single digit -- mid-single digits drag on our growth last year out of that a little bit as well. Is that fair, Ron? You know the numbers.
Maybe not quite that much that and military. I'll caveat that. But military was the other area that we saw a real shift in buying behavior that we're trying to work on reengaging because they have been historically a really good end market for us. And we're still engaged with them, but their behavior shifted significantly in dollar spend over the last 1.5 years.
Sounds good. I appreciate it. I just want to lastly ask about the M&A pipeline, given your strong liquidity and the extension and expansion of your credit facility looks like you'd be set up to explore and maybe execute on some M&A opportunities.
Yes. Look, we highlighted that Sean joined us maybe 100 days ago or less. He's been a critical addition to our team. We spent the better part of the last year, 1.5 years, really evaluating our business development or M&A and corporate strategy part of our effort. we have a really strong team -- colleague that worked -- used to work at Headwater that's been on the Gexpro services side and then helping lead that effort the last several years. We brought in Sean to add some additional muscle memory to how -- to build out a team there. He's significantly increased the funnel in just 100 days.
He's gotten a lot of buy-in from the vertical leaders and from our team about where we want to spend our time and effort. We had a few things last year that were high priorities for us that we had hoped to get done that didn't get done. I'd say that none of them are off the table, but they're -- but we just weren't able to get them over the goal line. They've been high priorities for some period of time. And then we have some things that we are focused on right now that are smaller tuck-in acquisitions that significantly bolster some areas of either strength or focus that we've got in a few of our vertical -- a couple of our verticals. And we would expect that there'll be some small tuck-in acquisitions that we'll be able to get over the goal line over the first half of this year.
Okay. Sounds good.
And those are important to driving accretive -- the ones that I'm thinking of, there's 3 of them that we have prioritized. All 3 of those will add significantly to the margin construct of those 3 verticals. But they're small. They're not -- these are tuck-ins. We have reached the end of the question-and-answer session, and I will now turn the call over to Brian King for closing remarks. Appreciate everybody's engagement and your time this morning. We look forward to stronger quarters in the future. And I appreciate everybody continuing to be supportive and engage with us. Have a great next several months.
This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.
Transkripte auf Deutsch freischalten
- Alle Event Transkripte auf Deutsch
- Sofortige Übersetzung
- KI-Zusammenfassungen für die wichtigsten Insights
Lawson Products, Inc. — Q4 2025 Earnings Call
Lawson Products, Inc. — Q3 2025 Earnings Call
1. Management Discussion
Good day, everyone. Welcome to the Distribution Solutions Group Third Quarter 2025 Earnings Conference Call. [Operator Instructions]
It is now my pleasure to turn the floor over to your host, Sandy Martin. Please go ahead.
Good morning, and welcome to the Distribution Solutions Group's Third Quarter 2025 Earnings Call. Joining me on today's call are DSG's Chairman and Chief Executive Officer, Bryan King; and Executive Vice President and Chief Financial Officer, Ron Knutson.
In conjunction with today's call, we have provided a financial results slide deck posted on the company's IR website at investor.distributionsolutionsgroup.com.
Please note that statements on this call and in today's press release contain forward-looking statements concerning goals, beliefs, expectations, strategies, plans, future operating results and underlying assumptions subject to risks and uncertainties that could cause actual results to differ materially from those described.
In addition, statements made during this call are based on the company's views as of today. The company anticipates that future developments may cause those views to change, and we may elect to update the forward-looking statements made today, but we will disclaim any obligation to do so.
Management will also refer to certain non-GAAP measures and reconciliations to the nearest GAAP measures can be found at the end of our earnings release. The earnings release issued earlier today was posted on the Investor Relations section of our website. A copy of the release has also been included in a current report on Form 8-K filed with the SEC.
Lastly, this call is being webcast live on DSG's Investor Relations website, and a replay will be available through November 13.
I will now turn the call over to Bryan King.
Thanks, Sandy. Good morning, everyone. I'll start today with overall highlights for the third quarter and share some perspective on our view of the current market environment and DSG's progress on its ongoing strategic initiatives. After that, I will turn the call over to Ron to provide a more detailed review of the financial results.
Let's start on Slide 4 with a few key takeaways. Our third quarter results demonstrate the strength and resilience of our business model, even as inflation, tariffs and higher interest rates continue to challenge parts of the U.S. economy. The organization is not standing idle, waiting for market tailwinds to pick up, but continue to push the pace of initiatives that will make DSG a more profitable, durable and growing business in the long run.
We delivered 10.7% revenue growth in the quarter, supported by strong organic momentum with an average daily sales increase of 6%, plus solid revenue contributions from our 2024 acquisitions. This represents the fourth quarter in a row that we've realized an organic sales increase and puts our year-to-date organic sales increase at 4% over 2024.
Demand remained particularly healthy across aerospace and defense, renewables, semiconductor-related technology and industrial power, where production demand continues to accelerate. With solid top line performance, inclusive of the significant investments we continue to make on the income statement, we're pleased to report an increase in our shareholder returns measured through adjusted earnings per share of $0.40 for the third quarter, an increase of 8.1% compared to the same period last year. We enhanced shareholder returns with more than $20 million of share buybacks in the first 9 months of 2025, reflecting our confidence in the company's trajectory despite a challenging macro environment.
We also enjoyed generating strong quarterly operating cash flow of more than $38 million with adjusted EBITDA of $48.5 million. This is on top of strong cash flow generated in the second quarter as well. EBITDA margins for the quarter were 9.4%, primarily impacted by a combination of product and customer mix shifts as well as strategic investments across the verticals. We expect these ongoing initiatives to start realizing returns and improved EBITDA margins in the coming quarters.
Importantly, Barry Litwin and the investment we have made in the TestEquity team are moving expeditiously after a comprehensive review of our significant line of business opportunities. This review has led us to refine our go-to-market strategy, which now focuses more on lines of business and capabilities to unlock growth and margin expansion opportunities.
Gexpro Services continues to win wallet share while investing in its capabilities and delivered another record quarter. And our Canadian branch division led by Source Atlantic, showed meaningful improvement in gross margin and expense rationalization and are now in line with our shorter-term targets and offering us better line of sight on our longer-term goals. These results reflect solid progress on advancing our focus on disciplined execution of key initiatives while acknowledging we continue to invest in and refine our expanded processes and results to unlock operational efficiencies and improve profitability across the expansive opportunities in DSG.
We continue to steadily dedicate resources and investment into the list of priorities around internal initiatives despite recognizing we are in a dynamic environment with pronounced quarter-to-quarter marketplace fluctuations that also impact our priority around our profitability progression. Stacking up these internal investment priorities, while essential to long-term value creation, place demands on leadership while introducing short-term financial performance pressure, particularly when end markets are less forgiven. A large thank you from our Board, investors and me goes out to our DSG colleagues for all the hard work and transformative initiatives they are tackling currently.
With a broad portfolio, we are also enjoying a return to solid momentum in numerous end markets. For instance, we achieved much anticipated growth in test & measurement throughout the quarter despite continued softness still in electronic production supplies. Ron will go over other key financial takeaways for the quarter in a moment, but let's first turn to Slide 5 to cover more end market revenue trends and strategic updates by business focus.
At TestEquity Group, we are pleased to report strong sales growth of 5.8% in the quarter, driven by test and measurement, rental and refurbished equipment, environmental chambers and modest gains in value-added fabrication services. Electronic production supplies were flat as we maintained pricing discipline. TestEquity product mix shifts created downward pressure on gross margins and higher SG&A reflected compensation adjustments and investments in additional management resources and sales incentives and employee-related costs, including health care. Several specific large new customer programs with competitive pricing in test & measurement weighed on margins. However, our specialty products and VMI offerings continue to represent meaningful higher-margin growth opportunities.
The ConRes acquisition completed in 2024 continues to perform well and has unlocked greater focus, utilization and profit opportunity as we drive -- we are driving more rental and used test & measurement interest from our customers, which is prompting us to invest and expand around how rental and used can drive deeper customer relationships, encouraging product depth and geographic reach while further strengthening the broader TestEquity platform with better margin opportunities and customer loyalty.
Barry Litwin completed his first 90 days as CEO, much of which was focused around a comprehensive diagnostic of the TestEquity business with the team and a number of resources he brought in -- brought with him. The team developed a unified strategy for the organization that clarified the value proposition across 3 core categories: design and test, build and assembly and maintain and repair, providing a clear framework for growth, customer engagement and expanded accountability around revenue and margin and growth mix objectives by lines of business. Barry has restructured the leadership architecture to strengthen execution, enhance functional ownership and refine roles across digital, merchandising and commercial sales. These changes are designed to accelerate growth, build talent depth and improve organizational speed and agility.
Barry has also identified several targeted investments in systems and e-commerce capabilities that will enhance operational effectiveness, unlock company cross-sell, reduce back-office resources and streamline e-commerce sales. The team has undertaken multiple customer satisfaction surveys to pinpoint areas where TestEquity can deliver greater value and is actively developing a refined customer segmentation and go-to-market strategy.
On the product front, the team has identified key opportunities for new product introductions and more strategic private label expansion to unlock incremental growth and drive margin opportunities. While we expect some near-term wins for various changes, the full impact of these initiatives will take shape over the next 18 to 30 months, resulting in a structurally stronger, more competitive and materially higher-margin business.
Moving to Gexpro Services. We are excited to report that Gexpro Services delivered record adjusted EBITDA dollars in the third quarter on organic revenue expansion of 11.4%. The sustained sales growth was driven by momentum in aerospace and defense, renewables and technology with an upward production ramp in industrial power. Value creation initiatives include DSG cross-sell, acquisition synergies and expanded VMI, kitting, manufacturing and e-commerce offerings. Customers are becoming increasingly interested in Gexpro Services domestic manufacturing capabilities to mitigate the tariff impacts.
Our Europe business remains strong overall with a growing focus on diversifying across multiple verticals. The Gexpro Services recent acquisition of Tech-Component Resources in Southeast Asia and an expanded investment in people and locations positions us well to continue growing with industrial and technology customers that have encouraged our presence in the Asia Pacific region. Existing global customers are also requesting Gexpro Services global supply-chain management capabilities to support their operations more broadly across the EMEA region.
We enjoy the partnership and confidence our customers show us by asking us to grow with them, both locally and globally across multiple end markets. And our expanding diversified business portfolio enables us to capitalize and grow across macro and micro business cycles. Our capabilities improve our customers' ability to succeed in an ever-changing marketplace and their confidence in us is reflected in our extremely low churn and our ever-expanding wallet share.
We also see tailwinds from influences like the Big Beautiful Bill and domestic manufacturing opportunities for U.S. customers seeking to avoid or lower the impact of tariffs. While our sales funnel, especially from existing customers feels great, we are making very strategic investments in expanding the sales team's capabilities to drive a longer and larger tail to our strong top line revenue growth. While these investments slightly reduced the near-term profitability available with increased investment in our costs from a year ago, the incremental sales we are enjoying are still driving EBITDA dollars higher, while the investments are enhancing our already strong customer retention and expanding our sales pipeline.
Gexpro Services core strength lies in our ability to deliver industry-leading total cost of ownership savings to our valued customers through custom supply-chain management programs. These programs focus on high on-time delivery, quality, lean optimization, supplier rationalization, total working capital improvement and technology. Even with our investments, we are pleased to report sequential EBITDA margin expansion once again for Gexpro Services with a 100 basis point expansion since the first quarter of this year.
Expanded geographies and value-added capabilities achieved through disciplined execution of operational efficiencies and the benefit of our strategic M&A over the last several years continue to drive structurally stronger margins. We are excited and focused on investing even more deliberately in several additional organic and inorganic priorities to continue to fuel the momentum at Gexpro Services.
Overall, Lawson's total revenue increased 3% compared to a year ago, with increases in the majority of our business lines. We enjoyed robust performance of our recent acquisitions. S&S, our automotive product category, achieved sales growth in the high single-digit range. and ESS, our safety products business, enjoyed similarly strong increases as well. Lawson's legacy business was up 2% and business development initiatives drove higher strategic accounts and government growth in the high single-digit range. Although we are not satisfied with our total sales performance for Lawson this quarter, we know that economic pressures have negatively influenced many of our customers this year. Lawson's primary focus over the past 2 years has been executing on its multiyear sales force transformation initiative.
Over the last 12 months, we've added over 60 net new sales representatives, bringing our total field sales reps to approximately 930 at the end of September. Most of our newer reps are still scrambling to build a business that covers our significant investment in them. The current environment, even with our enhanced sales resources and tools we are now providing the sales force has not accelerated the lead time to profitability on new hires at the pace we expected, but we remain committed and optimistic. For instance, while the sales force transformation is still significantly underway, we're encouraged by the positive momentum across all sales metrics.
CRM adoption now exceeds 70% and the metrics we are tracking are trending higher. Our CRM tool, which we continue to evolve, now provides valuable analytical visibility by territory and sales rep, enabling much more data-driven decision-making and targeted performance management. We are investing in deeper sales leadership resources, talent and accountability. And sales continue to ramp for Lawson's new 24/7 web platform, expanding our customer reach and enhancing engagement.
Although there is more work ahead, Cesar and the team are executing with discipline, and we are beginning to see meaningful traction from our key sales initiatives. In the meantime, we are also investing in additional sales support roles, including business development professionals, inside sales reps, strategic account managers and technical sales specialists, all to help our sales reps become more productive. We are also supplementing our field sales team with service personnel where it makes sense, freeing up more time for our business development. We are balancing our priorities around future investments as we evaluate and refine our processes to better support our sales force to best serve our customers.
On a sequential basis, our Canadian branch division sales grew by 7% in local currency in the third quarter, driven primarily by Source Atlantic. We saw better operating expense leverage with fewer restructuring impacts in the quarter. Gross margin sequentially improved as products, services, pricing and mix shift initiatives are well underway. We have improved gross margin almost 300 basis points over the last year. Ron will discuss our solid progress on EBITDA margins this quarter as well. We've completed 2 of the 4 facility consolidations and expect to finalize all major realignments by the end of the calendar year.
Although we are still in the early innings, we appreciate that Source Atlantic and Bolt Supply have an attractive market presence, strong customer relationships and a unique strategic fit in the Canadian marketplace. After a tough initial start as the project revenue in Source Atlantic quickly bled off and wasn't replaced as the Canadian economy became softer, sales and steady-state profitability at Source Atlantic has progressed nicely as the year has developed. With much of our purchase price for Source Atlantic defined by working capital and real estate, in the first full year of transforming our Canadian business, its free cash flow will have significantly derisked what we strongly believe was an excellent acquisition to transform our Canadian business. While still chasing the profitability objectives we expect to hit within the first years, it's positive to see the momentum that we're gaining as the year has developed.
With that, I'll turn it over to Ron for details on our third quarter financials.
Thank you, Bryan, and good morning, everyone. Turning to Slide 6. DSG's consolidated revenue for the third quarter was $518 million, a 10.7% increase. The $49.9 million increase was driven by a combination of strong organic daily sales increase of 6% and $23.3 million in revenue from our 2024 acquisitions. On a sequential basis, organic daily sales were up 3.1% over the second quarter.
For the quarter, we generated adjusted EBITDA of $48.5 million or 9.4% of sales. Source Atlantic compressed our third quarter margins by approximately 11 bps. Adjusted EBITDA dollars were essentially flat versus the second quarter and 30 basis points lower, primarily due to product and customer mix shifts, strategic investments in the business and higher employee-related costs.
Cash flows from operations was $38.4 million for the quarter. This is on top of $33.3 million generated in the second quarter. GAAP net income per diluted share was $0.14 for the quarter versus $0.46 a year ago, which benefited from a substantial tax benefit. Non-GAAP adjusted EPS was $0.40 for the quarter, an improvement of 8.1% from $0.37 per share a year ago and a sequential increase of 14.3% from Q2 of $0.35 per share. In the first 9 months of 2025, we've repurchased approximately 670,000 shares, which is positively impacting our EPS return to shareholders.
Moving to Slide 7. Starting with Lawson, Q3 sales totaled $121.5 million, representing a 3% organic sales increase in average daily sales. Compared to Q2, organic average daily sales were down 2.2% pressured across most of our segments. For the quarter, Lawson reported adjusted EBITDA of $14 million or 11.5% of sales, down 110 basis points from Q2 on a sequential basis.
The net margin contraction from the prior year was primarily due to continued investments in our sales transformation and higher employee-related costs, in particular, health insurance costs compared to the same period last year. We also saw some vendor price increases this quarter from tariff impacts. However, the margin impact was minimal due to strategic pricing actions that we took earlier in the year.
As Bryan mentioned, Lawson sales rep counts have increased to approximately 930, up from 860 a year ago, driven by expanded roles that continue to boost growth and productivity. We also continue to leverage our CRM platform to connect our sales reps with our customers more efficiently. We are also pleased with the activity and engagement of Lawson's enhanced e-commerce channel, which we launched earlier this year. As we work through modifications to the site, we are realizing improved customer conversion ratios.
Turning to Slide 8. Third quarter sales for the Canadian segment in U.S. dollars were $60 million, which included $20.1 million of incremental revenue from the Source Atlantic acquisition, which was in for the full quarter this year and only a partial quarter a year ago. Q3 revenue increased sequentially by 7.4%, which is encouraging despite tariff-related market softness for projects in manufacturing, in particular, in Eastern Canada. Excluding revenues acquired from Source Atlantic, organic sales for Bolt Supply increased 6.5% over a year ago. The third quarter adjusted EBITDA for the Canadian segment was $5.8 million or 9.6% of sales, a significant increase of 300 basis points over the second quarter. We are making good progress on planned synergies around gross margins and branch consolidations and are well on our way to how we underwrote the business.
Turning to Gexpro Services on Slide 9. Third quarter revenue was strong at $130.5 million, up 11.4% from the year ago quarter from strength in renewable energy, aerospace & defense and industrial power. Organic average daily sales were up 3.7% sequentially from Q2. As Bryan mentioned, Gexpro Services adjusted EBITDA was $17.8 million, representing a record quarter. This is a 20 basis point improvement from Q2 to 13.6%. Similar to the second quarter results, operating leverage remained strong. Gexpro Services continues to invest in its business to capture top line revenue growth and incremental EBITDA dollars, albeit at slightly lower margin percentages. Gexpro Services continues to capitalize on the acquisition in Southeast Asia through wallet share expansion and cross-selling. And just as a reminder, Gexpro Services is facing tougher sales comps heading into the fourth quarter of 2025.
Lastly, I'll turn to TestEquity Group on Slide 10. Third quarter sales were $206.5 million with average daily sales up 5.8% versus a year ago and up sequentially by 5.9% over Q2. The test & measurement business improved. However, competitive pricing weighed in on margins. Revenue acquired from ConRes, which was acquired in the fourth quarter of 2024 was approximately $2 million for the quarter. TestEquity's adjusted EBITDA for the quarter was $12.4 million or 6% of sales, down sequentially by 90 bps from the second quarter. Net margins decreased from 7.4% in the prior year quarter, primarily due to shifts in customer and product mix as well as higher employee-related expenses, some of which are nonrecurring and others that are longer-term investments to improve the business. Key operating initiatives in flight currently include the expansion of service offerings, acquisition integration, pricing disciplines, sales force optimization, digital expansion and cost containment. With over 34,000 customers, our go-to-market strategy will continue to evolve to better service our customers with expanded offerings.
Moving to Slide 11. Our diversified business model has been structured to benefit from scale, product adjacencies and geographic footprint, leveraging 5 acquisitions completed last year. Since the merger of these businesses in 2022, we have invested nearly $450 million of cash and debt across 9 acquired businesses. And at the end of the quarter, our debt leverage remained at 3.5x. Starting at the bottom of the slide, we ended the quarter with total liquidity of $335 million, providing us with flexibility for accretive acquisitions and investing into organic growth initiatives. This foundation continues to underpin our disciplined capital allocation strategy. Again, this quarter, we achieved positive sales lift through our investment in organic growth. As a management team, we closely manage working capital within each of our verticals.
At the end of September, cash and cash equivalents, including restricted cash, totaled $82.7 million and net working capital was approximately $486 million. Consistent with the second quarter, at the end of the third quarter, we had no outstanding borrowings under our revolving credit agreement. And as Bryan mentioned, we generated $38 million of cash flow from operations for the quarter as we closely manage our working capital. We continue to look opportunistically at share buybacks and returned $20 million to our shareholders this year with approximately $6 million still available under our previously Board authorized program. Our free cash flow conversion is approximately 96% over the trailing 12 months, and we compute our ROIC on a TTM basis at approximately 11%. Finally, our first 9 months of net CapEx, including rental equipment was $19.3 million. We expect our full year 2025 net CapEx to be in the range of $22 million to $25 million or approximately 1% of our revenues.
I'll now turn the call back over to Bryan.
Thank you, Ron. We plan to continue navigating our businesses through market noise and volatility, remaining highly focused on making strategic data-driven decisions that generate long-term value and success through every business cycle. As we look at the fourth quarter, we're maintaining a cautious outlook given tougher year-over-year comparisons. That said, business activity remains steady, and I remain confident in our leadership teams and their ability to execute on their respective value-driving initiatives on their journey to build structurally higher-margin businesses that generate strong free cash flow and create accelerating long-term value for our shareholders.
Our teams are highly aligned, competing together to win more and each is accountable and highly incentivized for their progress. We are investing in internal and external resources at every turn to drive an enhanced financial outcome for DSG's investors. Many of our investments in the prior years are driving solid improvements to the business. That is evidenced by our ability to report 4 quarters of sequential top line revenue growth and have well more than doubled EBITDA by reinvesting our free cash flow and holding leverage flat since we created DSG 3.5 years ago.
While some of our 15 acquisitions made over the last 4 years or so, where we continue to track our underwriting and integration performance have taken more time and required more heavy lifting to get them to the targets we underwrote, we are confident that all offer strong strategic and financial accretion value to the platform we are creating and will long drive earnings and value for DSG consistent with how we underwrote them.
Based on more recent investments we've been making on the income statement, just like the acquisition investments on the balance sheet, we should be held accountable on continuing to perform and drive shareholder profits and unlock improved key performance metrics. You should continue to expect more from us through unlocking enhanced operational performance, continued market share gains, longer-term enhanced profitability unlocks and improved business momentum relative to whatever economic end market cycles we face as we look forward to 2026 and beyond.
We have a clear line of sight on how our initiatives drive intrinsic value and unlock additional value through increased future run rate earnings and deserving of a higher value assigned to the earnings we enjoy. We will continue to listen to our customers and deliver the products and services that they want and need. We, informed by our customers and our colleagues [ learned ], have identified and are strongly pursuing a number of key strategic inorganic opportunities that will strongly enhance our position to serve some of our key markets.
We want to personally thank everyone across DSG for embracing our performance-driven culture based on the core values of transparency, accountability, effort and empathy. I'm equally grateful to our Board and our shareholder partners for their trust in me, our DSG leadership and the LKCM Headwater team as we continue advancing this important investment together. We continue to engage actively with the investment community, and we'll participate in 3 conferences this November, Baird, Stephens and the Southwest IDEAS Conference.
And with that, operator, will you please open the line for questions.
[Operator Instructions] Your first question is coming from Tommy Moll with Stephens.
2. Question Answer
Cautious is the word that I think I heard you say regarding your look into fourth quarter. And so I'm curious, can you share what October looks like just in terms of the organic pacing? And when you say cautious, are we meant to take that as more likely than not, you could be down year-over-year organic? Or just help me parse that a little bit.
Yes. Tommy, this is Ron. I'll jump in on that one. So just a couple of points relative to the fourth quarter. First, when we look at the number of selling days within the quarter, keep in mind that we had 64 selling days in the third quarter of '25, and we go down to 61 days in the fourth quarter. And if you look at what we did a year ago in the fourth quarter, all in, our sales were a little bit north of about $480 million. And certainly, this quarter posted $518 million.
So as we think about it sequentially, we're -- even though we're up against tougher comps, even flat sales here in the quarter results in kind of mid-single digits looking at it sequentially going from Q3 into Q4. I will say, when we look at October, October is a little -- it gets a little skewed because there's 23 selling days in the month of October. And typically, our ADS normally gets compressed a bit when you have more selling days within a particular month.
So I would say we're not seeing any dramatic shifts, although as the third quarter developed, September was our strongest month within the quarter as well. So we saw acceleration, improving average daily sales as we went from July into August and then into September. So I'd say that it's tempered a little bit, but nothing dramatically.
The other piece I would just state and maybe it's a little cautious as well is a lot of our customers go through various types of holiday shutdowns and so forth around some of the holidays and later in the year. So it's not that we're anticipating that, that would be anything more than normal in terms of what we've experienced in previous [ four ] quarters. But just keep that in mind as well where there's always a little bit of -- we're always up against a little bit of a tougher situation just given what some of our customers are doing around the holidays.
And I would just say, Tommy, I was probably the culprit on using the word cautious as much as anybody, and it was mostly just thinking about the number of selling days for the quarter. But it doesn't reflect on how I feel about October relative to September. It was just a statement that I was making relative to thinking that we had really -- we did have strong performance out of Gexpro Services last year in the fourth quarter. And so we knew we were going up against a good number there. And while we had volume and we had both average daily sales and revenue organically were all up in the third quarter as were volume finally across all the verticals. And so that was a nice thing to see in the third quarter, and -- but we were just being cautious in our language.
Fair enough. And on the consolidated EBITDA margin percentage side, any big callouts that should drive a variance, whether positive or negative versus the 9.4% that you just reported?
Yes. The only thing I would say there, Tommy, is that -- and I think both Bryan and I covered this in our prepared remarks to some degree relative to some of the investments that we're making into the organization, if I break down the movement either sequentially or from a year ago, even 110 bps from a year ago, I would say that probably about 30 bps of that are investments that we're making into the -- that we continue to make into the organization. And really, I would attribute probably 80 bps of that more towards, I would call it timing or nonrecurring type of items around incentive accruals or start-up of some customer -- attracting customers initially at a lower margin to us purchasing -- advance purchasing some inventory last year.
So as I think about kind of that bridge from quarter-to-quarter, clearly, there are some items that are permanent that we continue to invest in the business, but there's also quite a bit of movement on some of these items that I would call more timing. And that pretty much holds true even looking at it sequentially as well.
There's nothing in the fourth quarter that we have visibility to that is anticipated significant large onetime items or positive or negative that we have visibility to today that we would see coming through in the fourth quarter.
Yes. On Gexpro, the momentum here is nice to see. You called out some of the drivers. And I'm just curious how durable does this -- does the contour of the recovery feel?
Look, Tommy, Gexpro has got a pretty broad base of wallet share and new customer wins that it's continuing to enjoy and its backlog or funnel is larger than it's been in the past of new business opportunities that they're pursuing. We've invested significantly both in being able to address some existing customers' needs in locations that are costing us some money that we've spooled up as well as some employees that we've added that are prior to getting the benefit of revenue, but where we have good visibility that there's a spooling up of more organic opportunity there.
The acquisitions that we've added to Gexpro Services over the last 4 years, going back even right before the merger are adding to the capabilities that particularly with the environment that we're in on the tariff side are allowing us to improve the supply-chain opportunity, both kind of domestically as well as more broadly for a number of the customers that we've served for a long time. And it's getting attention from customers that we haven't served for a long time.
So the sales cycle in Gexpro Services is long. As we know, it's the longest that we've got. The retention is very high. But we've made a lot of investments there besides just the acquisitions that are adding talent and capability and some relationship sellers that are helping continue to build out the pipeline. Now, there's 3 or 4 of the verticals that are hitting on cylinders and then there's the industrial power vertical that's getting stronger. And when you have 2 or 3 of your verticals that are firing on those cylinders, you look at those relative to what you've got in your backlog in the verticals that are not performing at peak level at all and you try and assess where you're going to be a year or 2 from now. And I don't have enough of a crystal ball there, but it feels very good, and it feels resilient.
Last question for me on the Lawson sales force initiatives. You mentioned that there are still some in-flight pieces there. So maybe just give us a state of the union?
Yes. I would say there's a lot still in-flight there. I think we've been trying to build the plane in the air. And so for sure. So we probably took too long to start focusing on growing our sales force again because we were trying to get more of the internal process improvements and tools available to the sales force. And so that gave us more of a J curve on our volumes and our ability to serve our customers at the level that we want to. And so now that we've been adding and filling back in territories that were open, we've been able to return to positive volume growth there. And so that's been a while coming. But we are still putting a lot of dollars against the transformation.
So there's dollars associated with resources that we are adding to support the sales force that we've called out in the call and we've talked about for some time, and we're continuing to put more of those resources in place. We're doing some pilot initiatives to try and look at how adding more selling leadership talent as well as tools and support personnel in key markets might be able to help us drive both a better customer service and more wallet share growth and to turn back on a number of the customers that we see in different markets that are not as actively using our solutions. So that's -- there's a lot still going on there.
The good news is that the metrics like CRM and sales or order flow per day or salespeople that are participating on making orders every day. Those metrics are still moving in our favor. They haven't moved as fast. The ability to spool up our new sellers and to get them to a level of profitability at the pace that we had expected 2 years ago when we were starting this initiative and part of the reason why we held off hiring new outside sellers or growing that sales force again was that we thought that we would be able to add a bunch of tools and get the sales professionals to the level of revenue that carried them much faster. That's been slower than we would like for it to have been. And while we're seeing some positive movement there, we're not seeing it at the level that we expected 2 years ago. And we don't know whether or not there's more tweaking that we need to do, which we believe and more sales leadership resources that we're putting in place to drive more support of those new sellers and how we onboard them.
But also we're looking at whether or not the sluggish environment that we're in for a lot of the customers that are the smaller job shops that Lawson sells that are much lower dollar per revenue per year relationships than we would have in a Gexpro Services, for instance, that part of our customer base has been more sluggish than the other parts of our customer base where we've got larger relationships, including the larger relationships that we have at Lawson, where those larger strategic accounts are continuing to grow.
Your next question is coming from Ken Newman with KeyBanc.
I ended up joining the call a little bit late. So sorry if I missed it. But did you speak to how much tariff-based pricing benefited sales this quarter? And just any thoughts about how you think about price cost into the fourth quarter across the businesses?
We didn't. But what I would tell you is that this quarter was -- had strong volume growth, not just revenue growth. And so that was for the first time across all of our verticals, we enjoyed volume growth again. Lawson, in particular, has struggled with pricing being to our benefit, but volume being against us. And so we returned to volume growth at Lawson. And we had volume growth at the other verticals. The pricing is -- Ron, can probably speak specifically to that.
We didn't take any new initiatives this quarter than we did have some tariff activity that we did at the beginning of the year. And we've been very transparent with our customers, like particularly at Gexpro Services where we have large relationships and contracts where we're being very open and transparent in showing exactly what the specific dollar impact is on a relationship. And we don't have full capture on all that we -- of the tariff costs that are flowing through. But the impact to our business has not been as dramatic as it's been for some of the other companies that we own. In fact, it's been much more manageable for DSG than it has been on a lot of the businesses that I'm associated with. Well, Ron, any other additions there?
No, I think you covered it, Bryan. The only thing maybe just a layer deeper, just that overall 6% organic sales increase. If we look at price volume mix there, about 1/3 of that was price and about 2/3 of that was volume. So I think to Bryan's comment, all 3 verticals saw volume -- unit volume increase this quarter, which is positive. And we have taken some pricing actions certainly earlier in the year at Lawson and then throughout as the tariff pricing or the cost increases are coming through, but nothing significantly that's burdening our overall margin percentages.
Got it. No, that's very helpful. Maybe for my follow-up, I think I saw Lawson and TestEquity margins saw some mix and labor-related headwinds this quarter. Curious, how long do you expect those higher labor costs to stay on? When do you expect those to roll off? And any visibility on kind of mix normalizing within those 2 businesses?
Yes. Look, I'll take it first. We've had some additional investments that we've made on the sales side on both those 2 businesses, be it commissions or support to higher revenue on the test & measurement piece of the business or the specific tools and capabilities that we're adding to our sales force support and as well as adding a significant number of sellers at Lawson that are not yet profitable or contributing to the P&L.
So -- and then we've also had investments on the SG&A side in talent or senior leadership across those 2 verticals. We also had some expenses there that related to health care and some severance and other things that we had that flowed through. So I wouldn't say that it's specifically inflation across more broadly across our costs. I mean we are taking compensation actions at times over the last couple of years to support our team across those verticals in all of our verticals. But the real step-up in SG&A has been very deliberate, and it's focused on trying to drive revenue growth and customer service in the future.
Okay. Maybe to ask this in a different way. And obviously, I know the crystal ball is clear as mud right now. But if you think about a normalizing upcycle, at what point do you kind of get back towards your targeted operating leverage? How much volume do you think you need in order to kind of support that 20% -- 20%, 25% EBITDA flow-through?
Yes. Lawson, I think that we probably -- and Ron, you may more specifically be able to address this. But the investments that we've been making in Lawson at the personnel level, I think that we are probably in a spot where we would expect that the leverage there to start working back in our favor. Any time you spool up a significant number of new sellers and you add a lot of resources around them or above them to support them, that level of expense has been very much a drag on operating leverage. And historically, the operating leverage at Lawson has been in that 20% to 30% or higher. And we would expect that over the next year as we see the performance and the maturity -- maturing of the sales force that we'll start enjoying that sort of leverage again in that business. That's certainly the way that we're modeling it.
On TestEquity, it's been a little bit of a different. You've had 2 dynamics there. One, we've got our apps now where it's flat. It's been negative, and we've had a return to growth on the test & measurement unit volume side, but there's been a mix shift there that has impacted the operating leverage of the business at the same time as we've been investing in SG&A. So it kind of muddies up as you put it, the ability to try and extrapolate what our operating leverage is at the TestEquity Group because we've been putting a significant amount of deliberate expense into the SG&A line to try and with the leadership change at the top to try and get that business organized in a way that we think is going to offer significantly better operating leverage than that business had historically operated around.
There's parts of the TestEquity group that have really significant contribution margin associated with it. And then there's parts of it like the test & measurement new business that's not going to have as much operating contribution margin, but has good stickiness associated with our customers as well as returns on invested capital on that business unit. So I guess that's about an answer that may be about as muddy as the question, I apologize, but that’s it. Ron, any other offerings there that you could help me on?
Yes, I think that's all you [ explained ] it, Bryan. And when I look at it even across DSG in total, most of some of these other items around health insurance, for example, most of that drag happened at TestEquity and at Lawson. And so that's -- those are typically pretty spiky. It's just some quarters you get favorability, other quarters, it goes the other direction on you. And this quarter went the other direction. And if I look at that kind of across the DSG platform, it's a 20 basis point drag on our EBITDA margin just for this quarter.
And so -- and then the mix piece that Bryan referenced, if you look at test & measurement, they went from about $30 million in sales in the second quarter to about $35 million here in the third quarter. And so that piece of the business certainly operates at a lower margin percentage for us, and that's putting a little bit of downward pressure along with getting into some larger customers from a pricing competitive standpoint as well, which put some drag, I would say, more specifically on the TestEquity business this quarter than on the Lawson side. But this is adding to the muddiness of it, right? And Lawson’s shift -- customer shift in -- more larger strategic customers is putting a little bit of pressure on the Lawson margin...
Your call out there is a fair one. We would note that TestEquity had both a mix shift issue or mix shift dynamic. I would call it an issue because we like the fact that we were -- we saw a nice recovery in the test & measurement activity. But we did have a relationship there that we were spooling up a new relationship with them and it had a drag initially on the gross margins for the quarter in the test & measurement part of the business.
And then we also had -- you had -- you called out health care. We had -- we've made a bad debt or receivable allowance there for a customer that's not been paying. We had some severance, we had some additional expenses to spooling up new leadership. And so there were a number of moving parts on the SG&A line that were -- and there was an inventory allowance there. So I think that there was maybe 4 buckets that added to a lot of the dollar delta there.
Your next question is coming from Kevin Steinke with Barrington Research.
I wanted to just follow up on the Canada branch margin, really nice sequential improvement there. It sounds like you still have a couple of facility consolidations to go. But I'm just trying to think about the sustainability of that margin going forward as well as if there's still a little room for additional uplift there.
Go ahead, Ron.
Yes, I'll jump in on that. So, Kevin, yes, if we look at -- we typically break that business into 2 separate pieces, right? The legacy Bolt Supply business and then also the Source Atlantic business as well. And I would say Bolt continues to perform really well in that 13%, 14% margin rate. It's getting a little muddy because of combining the branches and so forth. But we clearly when we underwrote the acquisition of Source Atlantic, we had a path to exceeding 10% on that business on a stand-alone basis. And so even on a weighted basis between Bolt and Source, we should be above 10%. Again, we -- it's -- we're well on our way. We're not where we want to be yet. And so we would certainly look to see margin expansion there.
I think they'll see some of the probably lumpiness a little bit in Q4 results as well. If you look at typically really across DSG, but inclusive of the Canadian operations, Q2 and Q3 are the strongest quarters typically. So, you get a little bit of deleveraging effect on slower sales as based upon some of my comments earlier just around holiday timing and so forth. But I'd say well on our way, but not where -- we're not at the end state there for sure.
Okay. Great. That's helpful. I had to jump to another call here but appreciate you taking the questions.
There appear to be no further questions in queue at this time. I would now like to turn the floor back over to Bryan King for closing remarks.
Appreciate everybody participating this morning. Thank you for your time. We are encouraged by what we're seeing out of the business, and we appreciate everybody's attention there.
Transkripte auf Deutsch freischalten
- Alle Event Transkripte auf Deutsch
- Sofortige Übersetzung
- KI-Zusammenfassungen für die wichtigsten Insights
Lawson Products, Inc. — Q3 2025 Earnings Call
Finanzdaten von Lawson Products, Inc.
Umsatz
Der Umsatz stellt die Summe aller Einnahmen eines Unternehmens z. B. für dessen Produkte oder Dienstleistungen dar.
Umsatz (TTM) einfach erklärtDirekte Kosten
Direkte Kosten sind die Kosten, die direkt im Zusammenhang mit der Herstellung des Produkts oder der Dienstleistung entstehen.
Bruttoertrag
Der Bruttoertrag gibt an, wie viel vom Umsatz nach Abzug der direkten Herstellkosten im Unternehmen verbleibt. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von der Bruttomarge (engl. Gross Margin).
Brutto Marge einfach erklärtVertriebs- und Verwaltungskosten
Die Vertriebs- & Verwaltungskosten (engl. Selling, General & Administrative expenses, kurz SG&A) beinhalten alle Aufwände für Marketing und den Verkauf sowie die allgemeine Verwaltung des Unternehmens.
Forschungs- und Entwicklungskosten
Die Forschungs- und Entwicklungskosten (engl. research & development costs, kurz R&D) geben Auskunft darüber, wie viel das Unternehmen in die Forschung und die Entwicklung seiner Produkte investiert. Vor allem prozentual vom Umsatz und im Vergleich zu direkten Wettbewerbern sind die Kosten interessant.
EBITDA
Das EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) ist der Gewinn des Unternehmens vor Zinsen, Steuern und Abschreibungen. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von der EBITDA-Marge.
Abschreibungen
Abschreibungen stellen Wertminderungen von Vermögensgegenständen des Unternehmens dar (z.B. durch Abnutzung von Maschinen).
EBIT (Operatives Ergebnis)
Das EBIT (engl. Earnings Before Interest and Taxes) ist der Gewinn des Unternehmens vor Zinsen und Steuern, das auch als operatives Ergebnis bezeichnet wird. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von
der EBIT-Marge.
Nettogewinn
Der Nettogewinn stellt den Gewinn oder Verlust nach Abzug aller Kosten dar.
Nettogewinn einfach erklärtaktien.guide Premium
| Jun '26 |
+/-
%
|
||
| Umsatz | 2.053 2.053 |
6 %
6 %
100 %
|
|
| - Direkte Kosten | 1.382 1.382 |
8 %
8 %
67 %
|
|
| Bruttoertrag | 671 671 |
3 %
3 %
33 %
|
|
| - Vertriebs- und Verwaltungskosten | 553 553 |
7 %
7 %
27 %
|
|
| - Forschungs- und Entwicklungskosten | - - |
-
-
|
|
| EBITDA | 118 118 |
12 %
12 %
6 %
|
|
| - Abschreibungen | 45 45 |
5 %
5 %
2 %
|
|
| EBIT (Operatives Ergebnis) EBIT | 73 73 |
15 %
15 %
4 %
|
|
| Nettogewinn | 8,96 8,96 |
110 %
110 %
0 %
|
|
Angaben in Millionen USD.
Nichts mehr verpassen! Wir senden Dir alle News zur Lawson Products, Inc.-Aktie direkt und kostenlos in Deine Mailbox.
Auf Wunsch erhältst Du jeden Morgen pünktlich zum Frühstück eine E-Mail, die alle für Dich relevanten Aktien-News enthält.
Lawson Products, Inc. Aktie News
Firmenprofil
Lawson Products, Inc. ist im Vertrieb von Wartungs- und Reparaturprodukten für den industriellen, kommerziellen, institutionellen und staatlichen Markt tätig. Das Unternehmen ist über die Segmente Lawson und Bolt tätig. Das Lawson-Segment konzentriert sich in dem großen Netz von Handelsvertretern darauf, den Kunden vor Ort zu besuchen und Verkaufsaufträge für Produkte zu erstellen, die dann an den Kunden versandt werden, und bietet auch Vendor Managed Inventory (VMI)-Dienstleistungen an. Das Bolt-Segment verkauft Produkte an Kunden, wenn die Kunden eine der 14 Bolt-Niederlassungen besuchen und das Produkt am Verkaufsort an die Kunden geliefert wird. Das Unternehmen wurde 1952 von Sidney L. Port gegründet und hat seinen Hauptsitz in Chicago, IL.
aktien.guide Premium
| Hauptsitz | USA |
| CEO | Mr. King |
| Mitarbeiter | 4.300 |
| Gegründet | 1952 |
| Webseite | www.lawsonproducts.com |


