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Industrial distribution · Industrials · Fiscal year ends Dec 31
DXP Enterprises reported revenue of $2B in the fiscal year ended Dec 2025, up 11.9% from the year before. Operating income was $177M, an operating margin of 8.8%, and net income was $89M. Operating cash flow of $94M less capital expenditure of $40M left free cash flow of $54M. Net debt was $523M.
Ranks among the 15 industrial distribution companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,114 | 1,481 | 1,679 | 1,802 | 2,016 |
| Cost of revenue | 785 | 1,059 | 1,173 | 1,246 | 1,380 |
| Gross profit | 329 | 422 | 505 | 556 | 636 |
| Selling, general & admin | 289 | 324 | 367 | 411 | 459 |
| Operating income | 39.9 | 97.8 | 139 | 145 | 177 |
| Interest expense | 21.1 | 29.1 | 53.1 | 63.9 | 60.5 |
| Pre-tax income | 19.2 | 65.9 | 86.9 | 85.0 | 119 |
| Income tax | 3.4 | 17.8 | 18.1 | 14.5 | 30.5 |
| Net income | 16.5 | 48.2 | 68.8 | 70.5 | 88.7 |
| Diluted EPS | 0.83 | 2.47 | 3.89 | 4.22 | 5.37 |
| Diluted shares | 19.8 | 19.5 | 17.7 | 16.7 | 16.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 49.0 | 46.0 | 173 | 148 | 304 |
| Receivables | 218 | 321 | 311 | 339 | 398 |
| Inventory | 101 | 101 | 104 | 103 | 108 |
| Current assets | 405 | 516 | 649 | 662 | 910 |
| Net PP&E | 51.9 | 46.0 | 61.6 | 81.6 | 115 |
| Goodwill | 297 | 334 | 344 | 452 | 495 |
| Total assets | 894 | 1,037 | 1,177 | 1,349 | 1,685 |
| Payables | 77.8 | 92.8 | 96.5 | 104 | 117 |
| Deferred revenue | 3.6 | 10.4 | 9.5 | 12.7 | 15.7 |
| Current liabilities | 181 | 213 | 224 | 244 | 272 |
| Short-term debt | 3.3 | 4.4 | 5.5 | 6.6 | 8.6 |
| Long-term debt | 315 | 409 | 521 | 622 | 818 |
| Total liabilities | 548 | 672 | 797 | 927 | 1,187 |
| Shareholders' equity | 347 | 365 | 381 | 423 | 498 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 37.1 | 5.9 | 106 | 102 | 94.3 |
| Capital expenditure | 6.0 | 4.9 | 12.3 | 25.1 | 40.3 |
| Free cash flow | 31.1 | 1.0 | 94.0 | 77.1 | 54.0 |
| Depreciation & amortisation | 9.9 | 9.6 | 8.4 | 9.0 | 10.4 |
| Stock-based compensation | 1.8 | 1.9 | 3.1 | 4.7 | 5.7 |
| Acquisitions | 64.7 | 48.5 | 10.4 | 157 | 61.7 |
| Share buybacks | 33.5 | 47.9 | 56.2 | 29.0 | 17.1 |
| Dividends paid | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 32.9% | 13.4% | 7.4% | 11.9% |
| Operating income growth (YoY) | – | 145.3% | 41.9% | 4.8% | 21.7% |
| EPS growth (YoY) | – | 197.6% | 57.5% | 8.5% | 27.3% |
| Gross margin | 29.5% | 28.5% | 30.1% | 30.9% | 31.5% |
| Operating margin | 3.6% | 6.6% | 8.3% | 8.1% | 8.8% |
| Net margin | 1.5% | 3.3% | 4.1% | 3.9% | 4.4% |
| Return on equityBlank when equity is negative | 4.8% | 13.2% | 18.1% | 16.7% | 17.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.6% | 11.9% | 14.6% | 13.2% | 12.5% |
| Free cash flow margin | 2.8% | 0.1% | 5.6% | 4.3% | 2.7% |
| Cash conversion (CFO ÷ net income) | 2.25x | 0.12x | 1.54x | 1.45x | 1.06x |
| Receivable days | 71 | 79 | 68 | 69 | 72 |
| Inventory days | 47 | 35 | 32 | 30 | 29 |
| Payable days | 36 | 32 | 30 | 30 | 31 |
| Interest cover | 1.89x | 3.36x | 2.61x | 2.27x | 2.92x |
| Debt ÷ equity | 0.92x | 1.13x | 1.38x | 1.49x | 1.66x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 270 | 368 | 353 | 480 | 523 |
| Current ratio | 2.23x | 2.42x | 2.89x | 2.71x | 3.34x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.