GICGLOBAL INDUSTRIAL Co

Wholesale-Industrial Machinery & Equipment

Revenue: $1.4B; 4.8% YoY
Operating margin: 7.1%; 16% YoY
EBITDA: $105M; 20% YoY
Market cap: $1.7B
Employees: 1,980; $697K revenue each
Net debt / EBITDA: -0.8×; −$85M net debt
AI in 10-K: 0.2; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
108% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
63% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
6% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeNo
$697K · 32nd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.2 per 10K words · 14th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.8× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.1B	$1.2B	$1.3B	$1.3B	$1.4B	4.8%
Operating income	$88M	$105M	$97M	$81M	$98M	21%
Net income	$103M	$79M	$71M	$61M	$72M	18%
Operating cash flow	$50M	$50M	$112M	$51M	$78M	53%
Capex	$3M	$7M	$4M	$4M	$3M	18%
Stock-based comp	$3M	$5M	$3M	$3M	$7M	164%
Buybacks	$0	$0	$0	$0	$9M
Dividends	$63M	$28M	$31M	$38M	$40M	4.9%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $2K · 4
Open-market sells, 12 mo: $1M · 13
Net: −$1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	96	143
FY2024	—	—	79	132
FY2023	—	—	120	118
FY2022	—	—	71	97
FY2021	—	—	120	143