GWWW.W. GRAINGER, INC.

Wholesale-Durable Goods

Revenue: $17.9B; 4.5% YoY
Operating margin: 13.9%; 9.5% YoY
EBITDA: $2.8B; 4.2% YoY
Market cap: $64.0B
Employees: 25,000; $718K revenue each
Net debt / EBITDA: 0.6×; $1.8B net debt
AI in 10-K: 6.3; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
118% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
75% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$718K · 35th pct
Bottom quartile of its SIC industry
Quiet on AINo
6.3 per 10K words · 86th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$64.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$34M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$13.0B	$15.2B	$16.5B	$17.2B	$17.9B	4.5%
Operating income	$1.5B	$2.2B	$2.6B	$2.6B	$2.5B	5.4%
Net income	$1.0B	$1.5B	$1.8B	$1.9B	$1.7B	11%
Operating cash flow	$937M	$1.3B	$2.0B	$2.1B	$2.0B	4.5%
Capex	$255M	$256M	$445M	$541M	$684M	26%
Stock-based comp	$42M	$48M	$62M	$62M	$64M	3.2%
Buybacks	$695M	$603M	$850M	$1.2B	$1.0B	13%
Dividends	$357M	$370M	$392M	$421M	$467M	11%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $34M · 62
Net: −$34M

Pay vs performance

No pay-versus-performance disclosure yet.