Global Industrial Co (GIC)
🔔 Watch stock
An industrial supplies distributor from New York, $1.38 billion in revenue, a three percent dividend, public since 1995: this is exactly what a stock looks like when nobody reads the fine print. That is where the interesting part sits. Gross margin jumped to 35.5 percent in 2025 — and the quarterly report names the reason: inventory purchased before the tariffs hit. By the first quarter of 2026 margin was back to 34.8 percent. And since December 31, 2023 every single filing has carried the same sentence: the company's own controls are not effective. Not investment advice — just a look at what actually carried a solid year.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
Uses AIDer einzige belegte KI-Bezug in den ausgewerteten Berichten ist der Kundendienst: rund um die Uhr Chat, bedient von KI-Chatbots und eigenen Mitarbeitenden — operativer Einsatz, keine KI-Umsatzquelle und kein benanntes KI-Risiko.
View the full file — quotes, sources, reviewed filings
„…led us to add additional improvements to the experience including offering 24 hour, seven days a week chat supported by both AI chatbots and live chats with our associates."
… veranlasste uns, weitere Verbesserungen des Kundenerlebnisses vorzunehmen, darunter das Angebot eines Chats rund um die Uhr an sieben Tagen pro Woche, der sowohl von KI-Chatbots als auch von Live-Chats mit unseren Mitarbeitenden getragen wird.
„…offering 24 hour, seven days a week chat supported by both AI chatbots and live chats with our associates. As part of a culture of continuous improvement, our Customer Experience team is focusing on the idea of „Make It Right“…"
… das Angebot eines Chats rund um die Uhr an sieben Tagen pro Woche, der sowohl von KI-Chatbots als auch von Live-Chats mit unseren Mitarbeitenden getragen wird. Als Teil einer Kultur der ständigen Verbesserung konzentriert sich unser Team für Kundenerlebnis auf den Gedanken „Make It Right“ …
Filings Reviewed: 10-K 2026-02-27 · 10-K 2025-02-26 · 10-Q 2026-05-05 · 10-Q 2025-10-28 · 10-Q 2025-07-29 · 10-Q 2025-04-30
Rated on July 24, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.28 | -30.20 | 302 | -5.60 | 3.50 | 16 | 15 |
| 2025: Q1 | 0.35 | 3.00 | 321 | -0.70 | 4.20 | 3 | 3 |
| 2025: Q2 | 0.65 | 23.60 | 359 | 3.20 | 7.00 | 32 | 30 |
| 2025: Q3 | 0.49 | 11.60 | 354 | 3.30 | 5.30 | 23 | 22 |
| 2025: Q4 | 0.38 | 36.40 | 346 | 14.30 | 4.20 | 20 | 19 |
| 2026: Q1 | 0.43 | 22.40 | 350 | 9.20 | 4.70 | 6 | 6 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
A proven distributor of industrial supplies with $1,379.1 million of 2025 revenue, roughly 24 percent return on equity and only $3.1 million of capital expenditure — a model that ties up little capital. The balance sheet is solid: $67.5 million cash and $313.2 million equity and no financial debt — the $103.6 million on the balance sheet are operating lease liabilities (December 31, 2025).
The strong 2025 (gross margin 35.5 percent, operating income up 21.2 percent) carries a timing effect the company names itself: the benefit from pre-tariff inventory. Quarterly margin fell from 37.1 percent (Q2 2025) to 34.8 percent (Q1 2026) — roughly $8 million of gross profit per quarter. On top of that, a third of the 2025 revenue growth was the 53rd week.
Since December 31, 2023 management has reported ineffective disclosure controls in every filing — ten consecutive quarters through March 31, 2026, most recently over IT general controls at Indoff, acquired in 2023 for $72.6 million (13 percent of 2025 revenue). No misstatements were identified per the filing and the core business was remediated — the acquired subsidiary was not, after more than two years.
The three Leeds brothers control roughly 64.9 percent of voting power together with family trusts; as a controlled company Global Industrial expressly relies on the NYSE exemption from independent board majority and reserves the right to take further exemptions. Only about 12.9 million of 38.3 million shares sit in free float; the filing calls the stock "thinly traded" itself.
A market capitalization near $1.32 billion implies a price-to-earnings ratio around 18, price-to-sales of 0.94 and roughly 12.7 times operating earnings before depreciation and amortization (as of July 24, 2026) — not an absurd price for the quality, but no margin of safety either, particularly since earnings include the pre-tariff effect. The dividend, raised to roughly $43 million, was comfortably covered in 2025 ($74.6 million free cash flow) and far less so in 2024 ($46.9 million).
Global Industrial is a solid, boring distribution business — and that is precisely what makes it dangerous to skip the three decisive chapters of the annual report. The record 2025 (gross margin 35.5 percent, operating income up 21.2 percent to $97.6 million) carries a timing benefit from pre-tariff inventory the company names itself and whose decline it reported as early as the third quarter of 2025; by the first quarter of 2026 margin was back to 34.8 percent. Since December 31, 2023 management has declared its own disclosure controls ineffective — ten consecutive quarters, most recently over the subsidiary acquired in 2023. And above it all sit three brothers with roughly 64.9 percent of the votes in a stock the filing describes as "thinly traded". Not investment advice.
- Global Industrial reached our research list through the in-house Reddit hype scanner (as of July 24, 2026) — unusual for a stock with no growth promise that the annual report itself calls "thinly traded". Conventional valuation metrics do apply here, but they rest on earnings that include the pre-tariff effect.
- Easily confused: the company was named Systemax Inc. until 2021 and Global DirectMail Corp before that (CIK 0000945114) — older sources list it under those names and sometimes still with the long-wound-down technology mail-order business. On the NYSE the ticker GIC stands solely for Global Industrial Company.
- As-of dates and method: annual figures as of December 31, 2025 from the Form 10-K, quarterly figures as of March 31, 2026 from the Form 10-Q, valuation and free float as of July 24, 2026. Quarterly margins were reconciled against the filings: the four 2025 quarterly revenues sum to $1,379.1 million and the weighted gross margin to 35.5 percent — both matching the annual report. Analyses are evergreen; daily prices are not a reason to buy.
About the Company
Global Industrial Company ist über seine Tochtergesellschaften ein Industriedistributor verschiedener Industrie- und Wartungs-, Reparatur- und Betriebsprodukte (MRO) in den USA und Kanada. Es bietet Lager- und Regalprodukte, Sicherheits- und Schutzprodukte, Wagen und Karren, HVAC und…
| Employees | 1,980 |
|---|---|
| Headquarters | Port Washington, NY |
| Website | globalindustrial.com |
| IPO Date | 26. Jun 1995 |
| Next Earnings | 4. Aug 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Richard B. Leeds | Executive Chairman | 1960 |
| Anesa T. Chaibi | CEO & Director | 1966 |
| Thomas Eugene Clark | Senior VP & CFO | 1982 |
| Manoj Shetty | Senior VP & Chief Information Officer | 1961 |
| Adina G. Storch Esq. | Senior VP, General Counsel & Corporate Secretary | 1972 |
| Claudia Hughes | Senior VP & Chief Sales Officer | 1969 |
| Bruce Leeds | Vice Chairman | 1956 |
| Robert Leeds | Vice Chairman | 1956 |
| Lisa Goldson Armstrong | Senior VP & Chief Marketing Officer | 1970 |
| Ann Miller | Senior VP & Chief Human Resources Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.