# Industrial Distribution — company-by-company sector analysis

> Industrial Distribution: Ferguson Enterprises Inc. owns the largest revenue base; QXO, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Industrial Distribution has underperformed S&P 500 by 2.6% over 52 weeks and 0.3% over 13 weeks. 9 of 20 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 20 beat the sector itself. Ferguson Enterprises Inc. leads with revenue of $31,759 million, based on 15 of 20 comparable companies through Mar 2026.

### Is the Industrial Distribution sector outperforming S&P 500?

Industrial Distribution has underperformed S&P 500 by 2.6% over 52 weeks and 0.3% over 13 weeks. 9 of 20 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 20 beat the sector itself.

### Which Industrial Distribution company is largest by revenue?

Ferguson Enterprises Inc. leads with revenue of $31,759 million, based on 15 of 20 comparable companies through Mar 2026.

### Which Industrial Distribution company is growing fastest?

QXO, Inc. has the fastest current revenue growth at 100%, across 15 of 20 comparable companies.

### Which Industrial Distribution company has the strongest 4-Factor Sector Score?

MSC Industrial Direct Co., Inc. ranks first at 69.7/100 with 86.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Industrial Distribution company reports the most CAPEX?

W.W. Grainger, Inc. reports the largest latest CAPEX at $170 million, with 20 of 20 companies comparable.

### Which Industrial Distribution company has the least gross debt?

EVI Industries, Inc. has the lowest comparable gross debt at $73 million. WESCO International, Inc. has the highest at $6,533 million.

### Which Industrial Distribution company has the lowest comparable PEG?

Ferguson Enterprises Inc. has the lowest comparable Guarded PEG at 0.7, among 10 of 20 companies that pass the metric’s comparability rules.

### How much history does this Industrial Distribution comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Industrial Distribution has underperformed S&P 500 by 2.6% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 0.3%. 9 of 20 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Xometry, Inc. is the strongest against the sector itself at +26.9%.

13-week sector return versus NIFTY 500: -0.3%
52-week sector return versus NIFTY 500: -2.6%
Stocks leading NIFTY: 9/20
Stocks leading sector: 9/20

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 20
Combined market value: ₹2.7 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. MSC Industrial Direct Co., Inc. (MSM): 70/100 — Favorable setup; evidence 86%
   - Growth & earnings 23.9/35 | Capital efficiency 15.3/25 | Valuation 11.5/20 | Relative strength 19.0/20
   - Exact sum: 23.9 + 15.3 + 11.5 + 19 = 69.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Fastenal Company (FAST): 61/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 20.6/35 | Capital efficiency 19.4/25 | Valuation 9.2/20 | Relative strength 11.6/20
   - Exact sum: 20.6 + 19.4 + 9.2 + 11.6 = 60.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. W.W. Grainger, Inc. (GWW): 60/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 18.8/35 | Capital efficiency 16.4/25 | Valuation 5.6/20 | Relative strength 18.8/20
   - Exact sum: 18.8 + 16.4 + 5.6 + 18.8 = 59.6
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
4. Xometry, Inc. (XMTR): 59/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 24.0/35 | Capital efficiency 5.3/25 | Valuation 10.0/20 | Relative strength 20.0/20
   - Exact sum: 24 + 5.3 + 10 + 20 = 59.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Applied Industrial Technologies, Inc. (AIT): 58/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 18.1/35 | Capital efficiency 16.0/25 | Valuation 5.8/20 | Relative strength 17.7/20
   - Exact sum: 18.1 + 16 + 5.8 + 17.7 = 57.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Ferguson Enterprises Inc. (FERG): 53/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 20.1/35 | Capital efficiency 12.5/25 | Valuation 15.5/20 | Relative strength 4.5/20
   - Exact sum: 20.1 + 12.5 + 15.5 + 4.5 = 52.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Global Industrial Company (GIC): 52/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 12.3/35 | Capital efficiency 14.7/25 | Valuation 11.2/20 | Relative strength 13.6/20
   - Exact sum: 12.3 + 14.7 + 11.2 + 13.6 = 51.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. DXP Enterprises, Inc. (DXPE): 48/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 17.3/35 | Capital efficiency 9.5/25 | Valuation 8.8/20 | Relative strength 11.9/20
   - Exact sum: 17.3 + 9.5 + 8.8 + 11.9 = 47.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Distribution Solutions Group, Inc. (DSGR): 47/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 17.0/35 | Capital efficiency 6.2/25 | Valuation 8.7/20 | Relative strength 15.1/20
   - Exact sum: 17 + 6.2 + 8.7 + 15.1 = 47
   - Decision use: Price leads the evidence: RS versus the benchmark is 12.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
10. WESCO International, Inc. (WCC): 47/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 18.7/35 | Capital efficiency 9.6/25 | Valuation 7.3/20 | Relative strength 11.1/20
   - Exact sum: 18.7 + 9.6 + 7.3 + 11.1 = 46.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Pool Corporation (POOL): 45/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 17.8/35 | Capital efficiency 11.9/25 | Valuation 10.8/20 | Relative strength 4.9/20
   - Exact sum: 17.8 + 11.9 + 10.8 + 4.9 = 45.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. Titan Machinery Inc. (TITN): 44/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 13.2/35 | Capital efficiency 8.7/25 | Valuation 11.3/20 | Relative strength 11.1/20
   - Exact sum: 13.2 + 8.7 + 11.3 + 11.1 = 44.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Core & Main, Inc. (CNM): 44/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 17.3/35 | Capital efficiency 11.7/25 | Valuation 10.2/20 | Relative strength 4.3/20
   - Exact sum: 17.3 + 11.7 + 10.2 + 4.3 = 43.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. EVI Industries, Inc. (EVI): 41/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 16.9/35 | Capital efficiency 10.5/25 | Valuation 11.0/20 | Relative strength 3.0/20
   - Exact sum: 16.9 + 10.5 + 11 + 3 = 41.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Watsco, Inc. (WSO): 40/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 9.4/35 | Capital efficiency 19.3/25 | Valuation 6.9/20 | Relative strength 4.5/20
   - Exact sum: 9.4 + 19.3 + 6.9 + 4.5 = 40.1
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
16. DNOW Inc. (DNOW): 38/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 10.2/35 | Capital efficiency 8.9/25 | Valuation 9.8/20 | Relative strength 8.7/20
   - Exact sum: 10.2 + 8.9 + 9.8 + 8.7 = 37.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. Resideo Technologies, Inc. (REZI): 37/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 12.7/35 | Capital efficiency 9.5/25 | Valuation 8.8/20 | Relative strength 5.8/20
   - Exact sum: 12.7 + 9.5 + 8.8 + 5.8 = 36.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
18. QXO, Inc. (QXO): 36/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 16.7/35 | Capital efficiency 7.0/25 | Valuation 11.5/20 | Relative strength 1.0/20
   - Exact sum: 16.7 + 7 + 11.5 + 1 = 36.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19. BlueLinx Holdings Inc. (BXC): 36/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 14.4/35 | Capital efficiency 7.8/25 | Valuation 8.5/20 | Relative strength 5.4/20
   - Exact sum: 14.4 + 7.8 + 8.5 + 5.4 = 36.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
20. SiteOne Landscape Supply, Inc. (SITE): 30/100 — Adverse evidence; evidence 75%
   - Growth & earnings 16.2/35 | Capital efficiency 6.9/25 | Valuation 4.3/20 | Relative strength 2.8/20
   - Exact sum: 16.2 + 6.9 + 4.3 + 2.8 = 30.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Ferguson Enterprises Inc. is the scale leader at $31,759 million, 31% ahead of WESCO International, Inc.. QXO, Inc.'s growth is stored at the ≥100% scoring cap; the uncapped TTM change is 14914% from a $8,558 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Ferguson Enterprises Inc. is the scale benchmark; QXO, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Ferguson Enterprises Inc.'s growth falls below QXO, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Ferguson Enterprises Inc. · $31,759 million | 31% versus #2 · WESCO International, Inc. | 8/8 recent comparable periods | 15/20 companies · 378 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Ferguson Enterprises Inc. (FERG): ₹31.8K Cr
2. WESCO International, Inc. (WCC): ₹24.2K Cr
3. W.W. Grainger, Inc. (GWW): ₹18.4K Cr
4. QXO, Inc. (QXO): ₹8.6K Cr
5. Core & Main, Inc. (CNM): ₹7.6K Cr

### Revenue growth — fastest growers
1. QXO, Inc. (QXO): 100%
2. DNOW Inc. (DNOW): 41%
3. Xometry, Inc. (XMTR): 29%
4. EVI Industries, Inc. (EVI): 17%
5. WESCO International, Inc. (WCC): 11%

### 20-quarter Revenue history
- GWW: Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.6K Cr | Jun 2022 ₹3.8K Cr | Sep 2022 ₹3.9K Cr | Dec 2022 ₹3.8K Cr | Mar 2023 ₹4.1K Cr | Jun 2023 ₹4.2K Cr | Sep 2023 ₹4.2K Cr | Dec 2023 ₹4.0K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹4.3K Cr | Sep 2024 ₹4.4K Cr | Dec 2024 ₹4.2K Cr | Mar 2025 ₹4.3K Cr | Jun 2025 ₹4.6K Cr | Sep 2025 ₹4.7K Cr | Dec 2025 ₹4.4K Cr | Mar 2026 ₹4.7K Cr | Jun 2026 —
- FAST: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- FERG: Sep 2021 — | Dec 2021 — | Mar 2022 ₹6.5K Cr | Jun 2022 ₹7.3K Cr | Sep 2022 ₹8.0K Cr | Dec 2022 ₹7.9K Cr | Mar 2023 ₹6.8K Cr | Jun 2023 ₹7.1K Cr | Sep 2023 ₹7.8K Cr | Dec 2023 ₹7.7K Cr | Mar 2024 ₹6.7K Cr | Jun 2024 ₹7.3K Cr | Sep 2024 ₹7.9K Cr | Dec 2024 ₹7.8K Cr | Mar 2025 ₹6.9K Cr | Jun 2025 ₹7.6K Cr | Sep 2025 ₹8.5K Cr | Dec 2025 ₹8.2K Cr | Mar 2026 ₹7.5K Cr | Jun 2026 —
- WCC: Sep 2021 ₹4.7K Cr | Dec 2021 ₹4.9K Cr | Mar 2022 ₹4.9K Cr | Jun 2022 ₹5.5K Cr | Sep 2022 ₹5.4K Cr | Dec 2022 ₹5.6K Cr | Mar 2023 ₹5.5K Cr | Jun 2023 ₹5.7K Cr | Sep 2023 ₹5.6K Cr | Dec 2023 ₹5.5K Cr | Mar 2024 ₹5.4K Cr | Jun 2024 ₹5.5K Cr | Sep 2024 ₹5.5K Cr | Dec 2024 ₹5.5K Cr | Mar 2025 ₹5.3K Cr | Jun 2025 ₹5.9K Cr | Sep 2025 ₹6.2K Cr | Dec 2025 ₹6.1K Cr | Mar 2026 ₹6.1K Cr | Jun 2026 —
- QXO: Sep 2021 ₹10 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- WSO: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- AIT: Sep 2021 ₹892 Cr | Dec 2021 ₹877 Cr | Mar 2022 ₹981 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- CNM: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 ₹1.9K Cr
- POOL: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹987 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹982 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- MSM: Sep 2021 ₹831 Cr | Dec 2021 ₹849 Cr | Mar 2022 ₹863 Cr | Jun 2022 ₹959 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹958 Cr | Mar 2023 ₹962 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹954 Cr | Mar 2024 ₹935 Cr | Jun 2024 ₹979 Cr | Sep 2024 ₹952 Cr | Dec 2024 ₹928 Cr | Mar 2025 ₹892 Cr | Jun 2025 ₹971 Cr | Sep 2025 ₹978 Cr | Dec 2025 ₹966 Cr | Mar 2026 ₹918 Cr | Jun 2026 ₹1.0K Cr
- REZI: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 — | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 — | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 — | Jun 2026 ₹1.9K Cr
- XMTR: Sep 2021 ₹57 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹84 Cr | Jun 2022 ₹96 Cr | Sep 2022 ₹104 Cr | Dec 2022 ₹98 Cr | Mar 2023 ₹105 Cr | Jun 2023 ₹111 Cr | Sep 2023 ₹119 Cr | Dec 2023 ₹128 Cr | Mar 2024 ₹123 Cr | Jun 2024 ₹133 Cr | Sep 2024 ₹142 Cr | Dec 2024 ₹149 Cr | Mar 2025 ₹151 Cr | Jun 2025 ₹163 Cr | Sep 2025 ₹181 Cr | Dec 2025 ₹192 Cr | Mar 2026 ₹205 Cr | Jun 2026 —
- SITE: Sep 2021 ₹1.1K Cr | Dec 2021 ₹936 Cr | Mar 2022 ₹805 Cr | Jun 2022 ₹805 Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹890 Cr | Jun 2023 ₹837 Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹905 Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹939 Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹940 Cr | Jun 2026 —
- DNOW: Sep 2021 ₹439 Cr | Dec 2021 ₹432 Cr | Mar 2022 ₹473 Cr | Jun 2022 ₹539 Cr | Sep 2022 ₹577 Cr | Dec 2022 ₹547 Cr | Mar 2023 ₹584 Cr | Jun 2023 ₹594 Cr | Sep 2023 ₹588 Cr | Dec 2023 ₹555 Cr | Mar 2024 ₹563 Cr | Jun 2024 ₹633 Cr | Sep 2024 ₹606 Cr | Dec 2024 ₹571 Cr | Mar 2025 ₹599 Cr | Jun 2025 ₹628 Cr | Sep 2025 ₹634 Cr | Dec 2025 ₹959 Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- DXPE: Sep 2021 ₹289 Cr | Dec 2021 ₹293 Cr | Mar 2022 ₹319 Cr | Jun 2022 ₹368 Cr | Sep 2022 ₹387 Cr | Dec 2022 ₹406 Cr | Mar 2023 ₹424 Cr | Jun 2023 ₹428 Cr | Sep 2023 ₹419 Cr | Dec 2023 ₹407 Cr | Mar 2024 ₹413 Cr | Jun 2024 ₹446 Cr | Sep 2024 ₹473 Cr | Dec 2024 ₹471 Cr | Mar 2025 ₹477 Cr | Jun 2025 ₹499 Cr | Sep 2025 ₹514 Cr | Dec 2025 ₹527 Cr | Mar 2026 ₹522 Cr | Jun 2026 —
- DSGR: Sep 2021 ₹132 Cr | Dec 2021 ₹129 Cr | Mar 2022 ₹154 Cr | Jun 2022 ₹321 Cr | Sep 2022 ₹347 Cr | Dec 2022 ₹329 Cr | Mar 2023 ₹348 Cr | Jun 2023 ₹378 Cr | Sep 2023 ₹439 Cr | Dec 2023 ₹405 Cr | Mar 2024 ₹416 Cr | Jun 2024 ₹440 Cr | Sep 2024 ₹468 Cr | Dec 2024 ₹480 Cr | Mar 2025 ₹478 Cr | Jun 2025 ₹502 Cr | Sep 2025 ₹518 Cr | Dec 2025 ₹482 Cr | Mar 2026 ₹496 Cr | Jun 2026 —
- GIC: Sep 2021 ₹277 Cr | Dec 2021 ₹262 Cr | Mar 2022 ₹289 Cr | Jun 2022 ₹319 Cr | Sep 2022 ₹299 Cr | Dec 2022 ₹261 Cr | Mar 2023 ₹274 Cr | Jun 2023 ₹326 Cr | Sep 2023 ₹355 Cr | Dec 2023 ₹320 Cr | Mar 2024 ₹323 Cr | Jun 2024 ₹348 Cr | Sep 2024 ₹342 Cr | Dec 2024 ₹302 Cr | Mar 2025 ₹321 Cr | Jun 2025 ₹359 Cr | Sep 2025 ₹354 Cr | Dec 2025 ₹346 Cr | Mar 2026 — | Jun 2026 ₹350 Cr
- BXC: Sep 2021 ₹1.3K Cr | Dec 2021 ₹971 Cr | Mar 2022 ₹973 Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 — | Jun 2023 ₹798 Cr | Sep 2023 ₹816 Cr | Dec 2023 ₹713 Cr | Mar 2024 ₹726 Cr | Jun 2024 ₹768 Cr | Sep 2024 ₹747 Cr | Dec 2024 ₹711 Cr | Mar 2025 ₹709 Cr | Jun 2025 ₹780 Cr | Sep 2025 ₹749 Cr | Dec 2025 — | Mar 2026 ₹716 Cr | Jun 2026 ₹731 Cr
- TITN: Sep 2021 ₹378 Cr | Dec 2021 ₹454 Cr | Mar 2022 ₹508 Cr | Jun 2022 ₹461 Cr | Sep 2022 ₹497 Cr | Dec 2022 ₹669 Cr | Mar 2023 ₹583 Cr | Jun 2023 ₹570 Cr | Sep 2023 ₹643 Cr | Dec 2023 ₹694 Cr | Mar 2024 ₹852 Cr | Jun 2024 ₹629 Cr | Sep 2024 ₹634 Cr | Dec 2024 ₹680 Cr | Mar 2025 ₹760 Cr | Jun 2025 ₹594 Cr | Sep 2025 ₹546 Cr | Dec 2025 ₹645 Cr | Mar 2026 ₹642 Cr | Jun 2026 ₹522 Cr
- EVI: Sep 2021 ₹64 Cr | Dec 2021 ₹61 Cr | Mar 2022 ₹60 Cr | Jun 2022 ₹83 Cr | Sep 2022 ₹83 Cr | Dec 2022 ₹83 Cr | Mar 2023 ₹94 Cr | Jun 2023 ₹94 Cr | Sep 2023 ₹88 Cr | Dec 2023 ₹91 Cr | Mar 2024 ₹84 Cr | Jun 2024 ₹90 Cr | Sep 2024 ₹94 Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹94 Cr | Jun 2025 ₹110 Cr | Sep 2025 ₹108 Cr | Dec 2025 ₹115 Cr | Mar 2026 ₹101 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- GWW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 17% | Dec 2022 13% | Mar 2023 12% | Jun 2023 9.0% | Sep 2023 6.8% | Dec 2023 5.1% | Mar 2024 3.5% | Jun 2024 3.1% | Sep 2024 4.3% | Dec 2024 5.9% | Mar 2025 1.7% | Jun 2025 5.6% | Sep 2025 6.1% | Dec 2025 4.5% | Mar 2026 10% | Jun 2026 —
- FAST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 16% | Dec 2022 11% | Mar 2023 9.1% | Jun 2023 5.9% | Sep 2023 2.4% | Dec 2023 3.7% | Mar 2024 1.9% | Jun 2024 1.8% | Sep 2024 3.5% | Dec 2024 3.8% | Mar 2025 3.4% | Jun 2025 8.6% | Sep 2025 12% | Dec 2025 11% | Mar 2026 12% | Jun 2026 —
- FERG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 4.9% | Jun 2023 -2.0% | Sep 2023 -1.7% | Dec 2023 -2.8% | Mar 2024 -2.2% | Jun 2024 2.4% | Sep 2024 1.4% | Dec 2024 0.8% | Mar 2025 3.0% | Jun 2025 4.3% | Sep 2025 6.9% | Dec 2025 5.1% | Mar 2026 8.7% | Jun 2026 —
- WCC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 15% | Dec 2022 15% | Mar 2023 12% | Jun 2023 4.8% | Sep 2023 3.6% | Dec 2023 -1.6% | Mar 2024 -3.1% | Jun 2024 -4.6% | Sep 2024 -2.8% | Dec 2024 0.5% | Mar 2025 -0.1% | Jun 2025 7.7% | Sep 2025 13% | Dec 2025 10% | Mar 2026 14% | Jun 2026 —
- QXO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10% | Sep 2022 10% | Dec 2022 20% | Mar 2023 18% | Jun 2023 18% | Sep 2023 18% | Dec 2023 25% | Mar 2024 7.7% | Jun 2024 15% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 12,607% | Sep 2025 — | Dec 2025 14,527% | Mar 2026 12,257% | Jun 2026 —
- WSO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 14% | Dec 2022 4.6% | Mar 2023 1.8% | Jun 2023 -6.1% | Sep 2023 4.5% | Dec 2023 1.4% | Mar 2024 0.9% | Jun 2024 6.8% | Sep 2024 1.6% | Dec 2024 9.4% | Mar 2025 -2.2% | Jun 2025 -3.6% | Sep 2025 -4.3% | Dec 2025 -10.0% | Mar 2026 0.1% | Jun 2026 —
- AIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 19% | Dec 2022 21% | Mar 2023 15% | Jun 2023 9.1% | Sep 2023 3.1% | Dec 2023 1.6% | Mar 2024 1.2% | Jun 2024 0.3% | Sep 2024 0.4% | Dec 2024 -0.4% | Mar 2025 1.8% | Jun 2025 5.5% | Sep 2025 9.2% | Dec 2025 8.4% | Mar 2026 7.2% | Jun 2026 —
- CNM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 43% | Dec 2022 29% | Mar 2023 10% | Jun 2023 -1.5% | Sep 2023 0.0% | Dec 2023 0.5% | Mar 2024 4.8% | Jun 2024 11% | Sep 2024 5.5% | Dec 2024 12% | Mar 2025 18% | Jun 2025 9.8% | Sep 2025 6.6% | Dec 2025 1.2% | Mar 2026 -6.9% | Jun 2026 -0.1%
- POOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 14% | Dec 2022 5.8% | Mar 2023 -15% | Jun 2023 -9.7% | Sep 2023 -8.7% | Dec 2023 -8.5% | Mar 2024 -7.1% | Jun 2024 -4.7% | Sep 2024 -2.8% | Dec 2024 -1.6% | Mar 2025 -4.4% | Jun 2025 0.9% | Sep 2025 1.3% | Dec 2025 -0.5% | Mar 2026 6.2% | Jun 2026 —
- MSM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 23% | Dec 2022 13% | Mar 2023 11% | Jun 2023 9.9% | Sep 2023 1.3% | Dec 2023 -0.4% | Mar 2024 -2.8% | Jun 2024 -7.1% | Sep 2024 -8.0% | Dec 2024 -2.7% | Mar 2025 -4.6% | Jun 2025 -0.8% | Sep 2025 2.7% | Dec 2025 4.1% | Mar 2026 2.9% | Jun 2026 7.8%
- REZI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 14% | Dec 2022 8.2% | Mar 2023 — | Jun 2023 2.9% | Sep 2023 -5.0% | Dec 2023 -5.0% | Mar 2024 — | Jun 2024 2.6% | Sep 2024 14% | Dec 2024 21% | Mar 2025 19% | Jun 2025 22% | Sep 2025 2.0% | Dec 2025 2.0% | Mar 2026 — | Jun 2026 -1.6%
- XMTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 88% | Sep 2022 82% | Dec 2022 46% | Mar 2023 25% | Jun 2023 16% | Sep 2023 14% | Dec 2023 31% | Mar 2024 17% | Jun 2024 20% | Sep 2024 19% | Dec 2024 16% | Mar 2025 23% | Jun 2025 23% | Sep 2025 27% | Dec 2025 29% | Mar 2026 36% | Jun 2026 —
- SITE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 12% | Dec 2022 18% | Mar 2023 11% | Jun 2023 4.0% | Sep 2023 11% | Dec 2023 3.8% | Mar 2024 1.7% | Jun 2024 69% | Sep 2024 -11% | Dec 2024 -12% | Mar 2025 3.8% | Jun 2025 3.4% | Sep 2025 4.1% | Dec 2025 3.3% | Mar 2026 0.1% | Jun 2026 —
- DNOW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 35% | Sep 2022 31% | Dec 2022 27% | Mar 2023 23% | Jun 2023 10% | Sep 2023 1.9% | Dec 2023 1.5% | Mar 2024 -3.6% | Jun 2024 6.6% | Sep 2024 3.1% | Dec 2024 2.9% | Mar 2025 6.4% | Jun 2025 -0.8% | Sep 2025 4.6% | Dec 2025 68% | Mar 2026 98% | Jun 2026 —
- DXPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 34% | Dec 2022 39% | Mar 2023 33% | Jun 2023 16% | Sep 2023 8.3% | Dec 2023 0.3% | Mar 2024 -2.6% | Jun 2024 4.2% | Sep 2024 13% | Dec 2024 16% | Mar 2025 16% | Jun 2025 12% | Sep 2025 8.7% | Dec 2025 12% | Mar 2026 9.4% | Jun 2026 —
- DSGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 140% | Sep 2022 163% | Dec 2022 155% | Mar 2023 126% | Jun 2023 18% | Sep 2023 27% | Dec 2023 23% | Mar 2024 20% | Jun 2024 16% | Sep 2024 6.6% | Dec 2024 19% | Mar 2025 15% | Jun 2025 14% | Sep 2025 11% | Dec 2025 0.4% | Mar 2026 3.8% | Jun 2026 —
- GIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 7.9% | Dec 2022 -0.4% | Mar 2023 -5.2% | Jun 2023 2.2% | Sep 2023 19% | Dec 2023 23% | Mar 2024 18% | Jun 2024 6.8% | Sep 2024 -3.7% | Dec 2024 -5.6% | Mar 2025 -0.6% | Jun 2025 3.2% | Sep 2025 3.5% | Dec 2025 15% | Mar 2026 — | Jun 2026 -2.5%
- BXC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -5.3% | Dec 2022 9.3% | Mar 2023 — | Jun 2023 -39% | Sep 2023 -34% | Dec 2023 -33% | Mar 2024 — | Jun 2024 -3.8% | Sep 2024 -8.5% | Dec 2024 -0.3% | Mar 2025 -2.3% | Jun 2025 1.6% | Sep 2025 0.3% | Dec 2025 — | Mar 2026 1.0% | Jun 2026 -6.3%
- TITN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 31% | Dec 2022 47% | Mar 2023 15% | Jun 2023 24% | Sep 2023 29% | Dec 2023 3.7% | Mar 2024 46% | Jun 2024 10% | Sep 2024 -1.4% | Dec 2024 -2.0% | Mar 2025 -11% | Jun 2025 -5.6% | Sep 2025 -14% | Dec 2025 -5.2% | Mar 2026 -16% | Jun 2026 -12%
- EVI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 30% | Dec 2022 36% | Mar 2023 57% | Jun 2023 13% | Sep 2023 6.0% | Dec 2023 9.6% | Mar 2024 -11% | Jun 2024 -4.3% | Sep 2024 6.8% | Dec 2024 2.2% | Mar 2025 12% | Jun 2025 22% | Sep 2025 15% | Dec 2025 24% | Mar 2026 7.5% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Fastenal Company leads opm at 20.3%; QXO, Inc. leads margin change at +276.5 percentage points.

Investor read: Fastenal Company sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Fastenal Company · 20.3% | 21.6% versus #2 · W.W. Grainger, Inc. | 4/8 recent comparable periods | 20/20 companies · 378 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Fastenal Company (FAST): 20%
2. W.W. Grainger, Inc. (GWW): 17%
3. Applied Industrial Technologies, Inc. (AIT): 11%
4. MSC Industrial Direct Co., Inc. (MSM): 10%
5. Core & Main, Inc. (CNM): 9.3%

### Margin change — fastest expanders
1. QXO, Inc. (QXO): +276.5 pp
2. Xometry, Inc. (XMTR): +7.7 pp
3. Ferguson Enterprises Inc. (FERG): +2.2 pp
4. MSC Industrial Direct Co., Inc. (MSM): +1.7 pp
5. W.W. Grainger, Inc. (GWW): +1.1 pp

### 20-quarter OPM history
- GWW: Sep 2021 13% | Dec 2021 12% | Mar 2022 15% | Jun 2022 14% | Sep 2022 15% | Dec 2022 14% | Mar 2023 17% | Jun 2023 16% | Sep 2023 16% | Dec 2023 14% | Mar 2024 16% | Jun 2024 15% | Sep 2024 16% | Dec 2024 15% | Mar 2025 16% | Jun 2025 15% | Sep 2025 11% | Dec 2025 14% | Mar 2026 17% | Jun 2026 —
- FAST: Sep 2021 21% | Dec 2021 20% | Mar 2022 21% | Jun 2022 22% | Sep 2022 21% | Dec 2022 20% | Mar 2023 21% | Jun 2023 21% | Sep 2023 21% | Dec 2023 20% | Mar 2024 21% | Jun 2024 20% | Sep 2024 20% | Dec 2024 19% | Mar 2025 20% | Jun 2025 21% | Sep 2025 21% | Dec 2025 19% | Mar 2026 20% | Jun 2026 —
- FERG: Sep 2021 — | Dec 2021 — | Mar 2022 8.5% | Jun 2022 9.8% | Sep 2022 10% | Dec 2022 11% | Mar 2023 8.0% | Jun 2023 7.0% | Sep 2023 10% | Dec 2023 9.6% | Mar 2024 7.1% | Jun 2024 8.6% | Sep 2024 10% | Dec 2024 8.6% | Mar 2025 6.0% | Jun 2025 8.0% | Sep 2025 11% | Dec 2025 9.4% | Mar 2026 8.2% | Jun 2026 —
- WCC: Sep 2021 4.9% | Dec 2021 4.5% | Mar 2022 5.8% | Jun 2022 6.8% | Sep 2022 7.4% | Dec 2022 6.9% | Mar 2023 6.3% | Jun 2023 6.3% | Sep 2023 6.7% | Dec 2023 5.8% | Mar 2024 4.9% | Jun 2024 5.9% | Sep 2024 6.1% | Dec 2024 5.5% | Mar 2025 4.5% | Jun 2025 5.5% | Sep 2025 5.6% | Dec 2025 5.3% | Mar 2026 4.8% | Jun 2026 —
- QXO: Sep 2021 -2.9% | Dec 2021 -6.1% | Mar 2022 -0.2% | Jun 2022 -0.7% | Sep 2022 -1.1% | Dec 2022 100% | Mar 2023 2.8% | Jun 2023 3.4% | Sep 2023 -19% | Dec 2023 2.9% | Mar 2024 1.6% | Jun 2024 -30% | Sep 2024 -257% | Dec 2024 -224% | Mar 2025 -291% | Jun 2025 -8.5% | Sep 2025 0.9% | Dec 2025 -3.2% | Mar 2026 -15% | Jun 2026 —
- WSO: Sep 2021 12% | Dec 2021 8.1% | Mar 2022 11% | Jun 2022 14% | Sep 2022 12% | Dec 2022 8.7% | Mar 2023 11% | Jun 2023 13% | Sep 2023 12% | Dec 2023 6.7% | Mar 2024 8.1% | Jun 2024 13% | Sep 2024 12% | Dec 2024 7.8% | Mar 2025 7.3% | Jun 2025 13% | Sep 2025 11% | Dec 2025 6.4% | Mar 2026 7.2% | Jun 2026 —
- AIT: Sep 2021 8.4% | Dec 2021 8.9% | Mar 2022 9.8% | Jun 2022 10% | Sep 2022 10% | Dec 2022 11% | Mar 2023 11% | Jun 2023 11% | Sep 2023 11% | Dec 2023 11% | Mar 2024 11% | Jun 2024 12% | Sep 2024 10% | Dec 2024 11% | Mar 2025 11% | Jun 2025 11% | Sep 2025 11% | Dec 2025 11% | Mar 2026 11% | Jun 2026 —
- CNM: Sep 2021 7.7% | Dec 2021 11% | Mar 2022 8.7% | Jun 2022 11% | Sep 2022 13% | Dec 2022 13% | Mar 2023 9.0% | Jun 2023 12% | Sep 2023 12% | Dec 2023 12% | Mar 2024 8.1% | Jun 2024 9.6% | Sep 2024 10% | Dec 2024 11% | Mar 2025 7.3% | Jun 2025 8.9% | Sep 2025 10% | Dec 2025 11% | Mar 2026 7.5% | Jun 2026 9.3%
- POOL: Sep 2021 17% | Dec 2021 12% | Mar 2022 17% | Jun 2022 20% | Sep 2022 16% | Dec 2022 9.8% | Mar 2023 12% | Jun 2023 18% | Sep 2023 13% | Dec 2023 7.9% | Mar 2024 9.7% | Jun 2024 15% | Sep 2024 12% | Dec 2024 6.1% | Mar 2025 7.2% | Jun 2025 15% | Sep 2025 12% | Dec 2025 5.3% | Mar 2026 7.3% | Jun 2026 —
- MSM: Sep 2021 11% | Dec 2021 11% | Mar 2022 11% | Jun 2022 14% | Sep 2022 14% | Dec 2022 12% | Mar 2023 12% | Jun 2023 13% | Sep 2023 11% | Dec 2023 11% | Mar 2024 9.7% | Jun 2024 11% | Sep 2024 9.5% | Dec 2024 7.8% | Mar 2025 7.0% | Jun 2025 8.5% | Sep 2025 8.6% | Dec 2025 7.9% | Mar 2026 7.1% | Jun 2026 10%
- REZI: Sep 2021 8.2% | Dec 2021 11% | Mar 2022 — | Jun 2022 11% | Sep 2022 11% | Dec 2022 9.6% | Mar 2023 — | Jun 2023 8.9% | Sep 2023 9.6% | Dec 2023 9.6% | Mar 2024 8.6% | Jun 2024 7.7% | Sep 2024 6.9% | Dec 2024 7.8% | Mar 2025 7.7% | Jun 2025 9.1% | Sep 2025 8.3% | Dec 2025 7.4% | Mar 2026 — | Jun 2026 5.3%
- XMTR: Sep 2021 -25% | Dec 2021 -34% | Mar 2022 -23% | Jun 2022 -16% | Sep 2022 -15% | Dec 2022 -25% | Mar 2023 -19% | Jun 2023 -25% | Sep 2023 -11% | Dec 2023 -9.8% | Mar 2024 -15% | Jun 2024 -12% | Sep 2024 -8.1% | Dec 2024 -7.8% | Mar 2025 -10% | Jun 2025 -6.3% | Sep 2025 -6.1% | Dec 2025 -4.6% | Mar 2026 -2.5% | Jun 2026 —
- SITE: Sep 2021 15% | Dec 2021 11% | Mar 2022 4.4% | Jun 2022 5.1% | Sep 2022 16% | Dec 2022 9.2% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 13% | Dec 2023 7.1% | Mar 2024 -2.5% | Jun 2024 12% | Sep 2024 5.8% | Dec 2024 -2.5% | Mar 2025 -3.1% | Jun 2025 13% | Sep 2025 6.8% | Dec 2025 -0.5% | Mar 2026 -2.8% | Jun 2026 —
- DNOW: Sep 2021 2.3% | Dec 2021 1.6% | Mar 2022 4.9% | Jun 2022 5.4% | Sep 2022 7.6% | Dec 2022 6.4% | Mar 2023 6.0% | Jun 2023 6.1% | Sep 2023 6.3% | Dec 2023 6.5% | Mar 2024 5.0% | Jun 2024 5.2% | Sep 2024 3.8% | Dec 2024 5.1% | Mar 2025 4.8% | Jun 2025 5.1% | Sep 2025 5.2% | Dec 2025 -20% | Mar 2026 -4.2% | Jun 2026 —
- DXPE: Sep 2021 3.9% | Dec 2021 2.6% | Mar 2022 6.7% | Jun 2022 7.0% | Sep 2022 6.9% | Dec 2022 5.8% | Mar 2023 8.3% | Jun 2023 8.8% | Sep 2023 8.6% | Dec 2023 7.4% | Mar 2024 7.1% | Jun 2024 8.4% | Sep 2024 8.4% | Dec 2024 8.3% | Mar 2025 8.5% | Jun 2025 9.2% | Sep 2025 8.5% | Dec 2025 8.8% | Mar 2026 8.1% | Jun 2026 —
- DSGR: Sep 2021 4.2% | Dec 2021 -1.4% | Mar 2022 1.9% | Jun 2022 1.3% | Sep 2022 6.3% | Dec 2022 3.8% | Mar 2023 4.8% | Jun 2023 3.6% | Sep 2023 2.9% | Dec 2023 -0.1% | Mar 2024 0.7% | Jun 2024 3.2% | Sep 2024 4.0% | Dec 2024 4.2% | Mar 2025 4.2% | Jun 2025 5.3% | Sep 2025 4.6% | Dec 2025 1.6% | Mar 2026 2.7% | Jun 2026 —
- GIC: Sep 2021 11% | Dec 2021 10% | Mar 2022 10% | Jun 2022 9.6% | Sep 2022 9.2% | Dec 2022 6.8% | Mar 2023 6.5% | Jun 2023 8.9% | Sep 2023 8.0% | Dec 2023 6.7% | Mar 2024 5.4% | Jun 2024 7.6% | Sep 2024 6.5% | Dec 2024 4.8% | Mar 2025 5.7% | Jun 2025 9.3% | Sep 2025 7.4% | Dec 2025 5.7% | Mar 2026 — | Jun 2026 5.9%
- BXC: Sep 2021 12% | Dec 2021 7.3% | Mar 2022 11% | Jun 2022 15% | Sep 2022 8.4% | Dec 2022 8.6% | Mar 2023 — | Jun 2023 4.1% | Sep 2023 4.8% | Dec 2023 3.8% | Mar 2024 3.8% | Jun 2024 3.1% | Sep 2024 3.2% | Dec 2024 1.7% | Mar 2025 1.5% | Jun 2025 1.9% | Sep 2025 1.3% | Dec 2025 — | Mar 2026 -0.5% | Jun 2026 1.0%
- TITN: Sep 2021 4.4% | Dec 2021 6.5% | Mar 2022 5.8% | Jun 2022 5.3% | Sep 2022 6.8% | Dec 2022 8.2% | Mar 2023 4.3% | Jun 2023 6.5% | Sep 2023 6.9% | Dec 2023 6.7% | Mar 2024 4.8% | Jun 2024 3.6% | Sep 2024 2.5% | Dec 2024 1.7% | Mar 2025 -6.0% | Jun 2025 -1.0% | Sep 2025 0.1% | Dec 2025 1.6% | Mar 2026 -1.9% | Jun 2026 -1.1%
- EVI: Sep 2021 4.2% | Dec 2021 1.6% | Mar 2022 0.3% | Jun 2022 3.1% | Sep 2022 5.3% | Dec 2022 4.4% | Mar 2023 4.7% | Jun 2023 4.3% | Sep 2023 3.0% | Dec 2023 3.2% | Mar 2024 2.9% | Jun 2024 4.1% | Sep 2024 5.3% | Dec 2024 2.6% | Mar 2025 2.4% | Jun 2025 3.7% | Sep 2025 3.3% | Dec 2025 3.7% | Mar 2026 2.2% | Jun 2026 —

### 20-quarter Margin change history
- GWW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.5 pp | Sep 2022 +2.3 pp | Dec 2022 +1.9 pp | Mar 2023 +2.0 pp | Jun 2023 +1.9 pp | Sep 2023 +0.6 pp | Dec 2023 −0.4 pp | Mar 2024 −0.8 pp | Jun 2024 −0.7 pp | Sep 2024 −0.3 pp | Dec 2024 +1.1 pp | Mar 2025 −0.2 pp | Jun 2025 −0.2 pp | Sep 2025 −4.6 pp | Dec 2025 −0.7 pp | Mar 2026 +1.1 pp | Jun 2026 —
- FAST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.5 pp | Sep 2022 +0.5 pp | Dec 2022 0.0 pp | Mar 2023 +0.1 pp | Jun 2023 −0.6 pp | Sep 2023 −0.1 pp | Dec 2023 +0.5 pp | Mar 2024 −0.5 pp | Jun 2024 −0.8 pp | Sep 2024 −0.6 pp | Dec 2024 −1.2 pp | Mar 2025 −0.5 pp | Jun 2025 +0.8 pp | Sep 2025 +0.4 pp | Dec 2025 +0.1 pp | Mar 2026 +0.2 pp | Jun 2026 —
- FERG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −0.5 pp | Jun 2023 −2.8 pp | Sep 2023 −0.2 pp | Dec 2023 −0.9 pp | Mar 2024 −0.9 pp | Jun 2024 +1.6 pp | Sep 2024 +0.2 pp | Dec 2024 −1.0 pp | Mar 2025 −1.1 pp | Jun 2025 −0.6 pp | Sep 2025 +0.7 pp | Dec 2025 +0.8 pp | Mar 2026 +2.2 pp | Jun 2026 —
- WCC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.0 pp | Sep 2022 +2.5 pp | Dec 2022 +2.4 pp | Mar 2023 +0.5 pp | Jun 2023 −0.5 pp | Sep 2023 −0.7 pp | Dec 2023 −1.1 pp | Mar 2024 −1.4 pp | Jun 2024 −0.4 pp | Sep 2024 −0.6 pp | Dec 2024 −0.3 pp | Mar 2025 −0.4 pp | Jun 2025 −0.4 pp | Sep 2025 −0.5 pp | Dec 2025 −0.2 pp | Mar 2026 +0.3 pp | Jun 2026 —
- QXO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.7 pp | Sep 2022 +1.8 pp | Dec 2022 +106.1 pp | Mar 2023 +3.0 pp | Jun 2023 +4.1 pp | Sep 2023 −18.0 pp | Dec 2023 −97.1 pp | Mar 2024 −1.2 pp | Jun 2024 −33.1 pp | Sep 2024 −238.2 pp | Dec 2024 −227.2 pp | Mar 2025 −292.7 pp | Jun 2025 +21.2 pp | Sep 2025 +258.2 pp | Dec 2025 +221.1 pp | Mar 2026 +276.5 pp | Jun 2026 —
- WSO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.8 pp | Sep 2022 0.0 pp | Dec 2022 +0.6 pp | Mar 2023 −0.6 pp | Jun 2023 −0.2 pp | Sep 2023 +0.5 pp | Dec 2023 −2.0 pp | Mar 2024 −2.5 pp | Jun 2024 −0.7 pp | Sep 2024 −0.5 pp | Dec 2024 +1.1 pp | Mar 2025 −0.8 pp | Jun 2025 +0.6 pp | Sep 2025 −0.2 pp | Dec 2025 −1.4 pp | Mar 2026 −0.1 pp | Jun 2026 —
- AIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.2 pp | Sep 2022 +1.6 pp | Dec 2022 +1.7 pp | Mar 2023 +1.4 pp | Jun 2023 +0.7 pp | Sep 2023 +1.0 pp | Dec 2023 0.0 pp | Mar 2024 −0.6 pp | Jun 2024 +1.0 pp | Sep 2024 −0.7 pp | Dec 2024 +0.7 pp | Mar 2025 +0.5 pp | Jun 2025 −1.0 pp | Sep 2025 +0.5 pp | Dec 2025 −0.7 pp | Mar 2026 −0.1 pp | Jun 2026 —
- CNM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.0 pp | Dec 2022 +2.4 pp | Mar 2023 +0.3 pp | Jun 2023 +0.2 pp | Sep 2023 −0.6 pp | Dec 2023 −1.0 pp | Mar 2024 −0.9 pp | Jun 2024 −1.9 pp | Sep 2024 −1.7 pp | Dec 2024 −1.0 pp | Mar 2025 −0.8 pp | Jun 2025 −0.7 pp | Sep 2025 −0.2 pp | Dec 2025 −0.2 pp | Mar 2026 +0.2 pp | Jun 2026 +0.4 pp
- POOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.5 pp | Sep 2022 −0.5 pp | Dec 2022 −2.5 pp | Mar 2023 −4.6 pp | Jun 2023 −2.8 pp | Sep 2023 −3.1 pp | Dec 2023 −1.9 pp | Mar 2024 −2.4 pp | Jun 2024 −2.3 pp | Sep 2024 −0.9 pp | Dec 2024 −1.8 pp | Mar 2025 −2.5 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 −0.8 pp | Mar 2026 +0.1 pp | Jun 2026 —
- MSM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.1 pp | Dec 2022 +1.4 pp | Mar 2023 +0.6 pp | Jun 2023 −1.5 pp | Sep 2023 −2.7 pp | Dec 2023 −1.5 pp | Mar 2024 −2.2 pp | Jun 2024 −1.9 pp | Sep 2024 −1.9 pp | Dec 2024 −2.8 pp | Mar 2025 −2.7 pp | Jun 2025 −2.4 pp | Sep 2025 −0.9 pp | Dec 2025 +0.1 pp | Mar 2026 +0.1 pp | Jun 2026 +1.7 pp
- REZI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.8 pp | Dec 2022 −1.6 pp | Mar 2023 — | Jun 2023 −2.5 pp | Sep 2023 −1.4 pp | Dec 2023 0.0 pp | Mar 2024 — | Jun 2024 −1.2 pp | Sep 2024 −2.7 pp | Dec 2024 −1.8 pp | Mar 2025 −0.9 pp | Jun 2025 +1.4 pp | Sep 2025 +1.4 pp | Dec 2025 −0.4 pp | Mar 2026 — | Jun 2026 −3.8 pp
- XMTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +7.0 pp | Sep 2022 +10.4 pp | Dec 2022 +8.8 pp | Mar 2023 +3.9 pp | Jun 2023 −9.0 pp | Sep 2023 +3.6 pp | Dec 2023 +15.0 pp | Mar 2024 +4.2 pp | Jun 2024 +13.8 pp | Sep 2024 +3.0 pp | Dec 2024 +2.0 pp | Mar 2025 +4.4 pp | Jun 2025 +5.2 pp | Sep 2025 +2.0 pp | Dec 2025 +3.2 pp | Mar 2026 +7.7 pp | Jun 2026 —
- SITE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 −1.8 pp | Mar 2023 −4.4 pp | Jun 2023 −5.1 pp | Sep 2023 −2.9 pp | Dec 2023 −2.1 pp | Mar 2024 −2.5 pp | Jun 2024 +12.0 pp | Sep 2024 −6.9 pp | Dec 2024 −9.6 pp | Mar 2025 −0.6 pp | Jun 2025 +0.8 pp | Sep 2025 +1.0 pp | Dec 2025 +2.0 pp | Mar 2026 +0.3 pp | Jun 2026 —
- DNOW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +5.4 pp | Sep 2022 +5.3 pp | Dec 2022 +4.8 pp | Mar 2023 +1.1 pp | Jun 2023 +0.7 pp | Sep 2023 −1.3 pp | Dec 2023 +0.1 pp | Mar 2024 −1.0 pp | Jun 2024 −0.9 pp | Sep 2024 −2.5 pp | Dec 2024 −1.4 pp | Mar 2025 −0.2 pp | Jun 2025 −0.1 pp | Sep 2025 +1.4 pp | Dec 2025 −24.7 pp | Mar 2026 −9.0 pp | Jun 2026 —
- DXPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.8 pp | Sep 2022 +3.0 pp | Dec 2022 +3.2 pp | Mar 2023 +1.6 pp | Jun 2023 +1.8 pp | Sep 2023 +1.7 pp | Dec 2023 +1.6 pp | Mar 2024 −1.2 pp | Jun 2024 −0.4 pp | Sep 2024 −0.2 pp | Dec 2024 +0.9 pp | Mar 2025 +1.4 pp | Jun 2025 +0.8 pp | Sep 2025 +0.1 pp | Dec 2025 +0.5 pp | Mar 2026 −0.4 pp | Jun 2026 —
- DSGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.8 pp | Sep 2022 +2.1 pp | Dec 2022 +5.2 pp | Mar 2023 +2.9 pp | Jun 2023 +2.3 pp | Sep 2023 −3.4 pp | Dec 2023 −3.9 pp | Mar 2024 −4.1 pp | Jun 2024 −0.4 pp | Sep 2024 +1.1 pp | Dec 2024 +4.3 pp | Mar 2025 +3.5 pp | Jun 2025 +2.1 pp | Sep 2025 +0.6 pp | Dec 2025 −2.6 pp | Mar 2026 −1.5 pp | Jun 2026 —
- GIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.5 pp | Sep 2022 −1.8 pp | Dec 2022 −3.2 pp | Mar 2023 −3.7 pp | Jun 2023 −0.7 pp | Sep 2023 −1.2 pp | Dec 2023 −0.1 pp | Mar 2024 −1.1 pp | Jun 2024 −1.3 pp | Sep 2024 −1.5 pp | Dec 2024 −1.9 pp | Mar 2025 +0.3 pp | Jun 2025 +1.7 pp | Sep 2025 +0.9 pp | Dec 2025 +0.9 pp | Mar 2026 — | Jun 2026 −3.4 pp
- BXC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.6 pp | Dec 2022 +1.3 pp | Mar 2023 — | Jun 2023 −10.7 pp | Sep 2023 −3.6 pp | Dec 2023 −4.8 pp | Mar 2024 — | Jun 2024 −1.0 pp | Sep 2024 −1.6 pp | Dec 2024 −2.1 pp | Mar 2025 −2.3 pp | Jun 2025 −1.2 pp | Sep 2025 −1.9 pp | Dec 2025 — | Mar 2026 −2.0 pp | Jun 2026 −0.9 pp
- TITN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.4 pp | Dec 2022 +1.7 pp | Mar 2023 −1.5 pp | Jun 2023 +1.2 pp | Sep 2023 +0.1 pp | Dec 2023 −1.5 pp | Mar 2024 +0.5 pp | Jun 2024 −2.9 pp | Sep 2024 −4.4 pp | Dec 2024 −5.0 pp | Mar 2025 −10.8 pp | Jun 2025 −4.6 pp | Sep 2025 −2.4 pp | Dec 2025 −0.1 pp | Mar 2026 +4.1 pp | Jun 2026 −0.1 pp
- EVI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.4 pp | Sep 2022 +1.1 pp | Dec 2022 +2.8 pp | Mar 2023 +4.4 pp | Jun 2023 +1.2 pp | Sep 2023 −2.3 pp | Dec 2023 −1.2 pp | Mar 2024 −1.8 pp | Jun 2024 −0.2 pp | Sep 2024 +2.3 pp | Dec 2024 −0.6 pp | Mar 2025 −0.5 pp | Jun 2025 −0.4 pp | Sep 2025 −2.0 pp | Dec 2025 +1.1 pp | Mar 2026 −0.2 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Ferguson Enterprises Inc. leads with $2,094 million of TTM profit, 12.4% above W.W. Grainger, Inc.. Distribution Solutions Group, Inc. shows ≥100% on the scoring scale (400% uncapped) growth from a $5 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Ferguson Enterprises Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Ferguson Enterprises Inc. · $2,094 million | 12.4% versus #2 · W.W. Grainger, Inc. | 4/8 recent comparable periods | 15/20 companies · 378 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Ferguson Enterprises Inc. (FERG): ₹2.1K Cr
2. W.W. Grainger, Inc. (GWW): ₹1.9K Cr
3. WESCO International, Inc. (WCC): ₹679 Cr
4. Watsco, Inc. (WSO): ₹586 Cr
5. Core & Main, Inc. (CNM): ₹470 Cr

### Profit growth — fastest growers
1. Distribution Solutions Group, Inc. (DSGR): 100%
2. Ferguson Enterprises Inc. (FERG): 28%
3. MSC Industrial Direct Co., Inc. (MSM): 16%
4. DXP Enterprises, Inc. (DXPE): 11%
5. Core & Main, Inc. (CNM): 7.3%

### 20-quarter Net profit history
- GWW: Sep 2021 ₹303 Cr | Dec 2021 ₹289 Cr | Mar 2022 ₹373 Cr | Jun 2022 ₹379 Cr | Sep 2022 ₹424 Cr | Dec 2022 ₹389 Cr | Mar 2023 ₹496 Cr | Jun 2023 ₹474 Cr | Sep 2023 ₹479 Cr | Dec 2023 ₹398 Cr | Mar 2024 ₹483 Cr | Jun 2024 ₹476 Cr | Sep 2024 ₹497 Cr | Dec 2024 ₹485 Cr | Mar 2025 ₹488 Cr | Jun 2025 ₹502 Cr | Sep 2025 ₹319 Cr | Dec 2025 ₹467 Cr | Mar 2026 ₹575 Cr | Jun 2026 —
- FAST: Sep 2021 ₹244 Cr | Dec 2021 ₹231 Cr | Mar 2022 ₹270 Cr | Jun 2022 ₹287 Cr | Sep 2022 ₹285 Cr | Dec 2022 ₹246 Cr | Mar 2023 ₹295 Cr | Jun 2023 ₹298 Cr | Sep 2023 ₹296 Cr | Dec 2023 ₹266 Cr | Mar 2024 ₹298 Cr | Jun 2024 ₹293 Cr | Sep 2024 ₹298 Cr | Dec 2024 ₹262 Cr | Mar 2025 ₹299 Cr | Jun 2025 ₹330 Cr | Sep 2025 ₹336 Cr | Dec 2025 ₹294 Cr | Mar 2026 ₹340 Cr | Jun 2026 —
- FERG: Sep 2021 — | Dec 2021 — | Mar 2022 ₹436 Cr | Jun 2022 ₹546 Cr | Sep 2022 ₹582 Cr | Dec 2022 ₹595 Cr | Mar 2023 ₹374 Cr | Jun 2023 ₹336 Cr | Sep 2023 ₹584 Cr | Dec 2023 ₹519 Cr | Mar 2024 ₹322 Cr | Jun 2024 ₹443 Cr | Sep 2024 ₹451 Cr | Dec 2024 ₹470 Cr | Mar 2025 ₹276 Cr | Jun 2025 ₹410 Cr | Sep 2025 ₹700 Cr | Dec 2025 ₹570 Cr | Mar 2026 ₹414 Cr | Jun 2026 —
- WCC: Sep 2021 ₹120 Cr | Dec 2021 ₹168 Cr | Mar 2022 ₹182 Cr | Jun 2022 ₹221 Cr | Sep 2022 ₹240 Cr | Dec 2022 ₹219 Cr | Mar 2023 ₹197 Cr | Jun 2023 ₹192 Cr | Sep 2023 ₹234 Cr | Dec 2023 ₹143 Cr | Mar 2024 ₹116 Cr | Jun 2024 ₹233 Cr | Sep 2024 ₹205 Cr | Dec 2024 ₹166 Cr | Mar 2025 ₹118 Cr | Jun 2025 ₹175 Cr | Sep 2025 ₹189 Cr | Dec 2025 ₹161 Cr | Mar 2026 ₹154 Cr | Jun 2026 —
- QXO: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹-59 Cr | Sep 2025 ₹-139 Cr | Dec 2025 ₹-90 Cr | Mar 2026 ₹-227 Cr | Jun 2026 —
- WSO: Sep 2021 ₹165 Cr | Dec 2021 ₹96 Cr | Mar 2022 ₹135 Cr | Jun 2022 ₹226 Cr | Sep 2022 ₹186 Cr | Dec 2022 ₹157 Cr | Mar 2023 ₹130 Cr | Jun 2023 ₹205 Cr | Sep 2023 ₹201 Cr | Dec 2023 ₹98 Cr | Mar 2024 ₹104 Cr | Jun 2024 ₹215 Cr | Sep 2024 ₹202 Cr | Dec 2024 ₹115 Cr | Mar 2025 ₹95 Cr | Jun 2025 ₹217 Cr | Sep 2025 ₹189 Cr | Dec 2025 ₹87 Cr | Mar 2026 ₹93 Cr | Jun 2026 —
- AIT: Sep 2021 ₹53 Cr | Dec 2021 ₹57 Cr | Mar 2022 ₹68 Cr | Jun 2022 ₹79 Cr | Sep 2022 ₹77 Cr | Dec 2022 ₹80 Cr | Mar 2023 ₹97 Cr | Jun 2023 ₹92 Cr | Sep 2023 ₹94 Cr | Dec 2023 ₹91 Cr | Mar 2024 ₹97 Cr | Jun 2024 ₹103 Cr | Sep 2024 ₹92 Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹100 Cr | Jun 2025 ₹108 Cr | Sep 2025 ₹101 Cr | Dec 2025 ₹95 Cr | Mar 2026 ₹100 Cr | Jun 2026 —
- CNM: Sep 2021 ₹10 Cr | Dec 2021 ₹109 Cr | Mar 2022 ₹79 Cr | Jun 2022 ₹137 Cr | Sep 2022 ₹182 Cr | Dec 2022 ₹178 Cr | Mar 2023 ₹84 Cr | Jun 2023 ₹133 Cr | Sep 2023 ₹164 Cr | Dec 2023 ₹158 Cr | Mar 2024 ₹76 Cr | Jun 2024 ₹101 Cr | Sep 2024 ₹126 Cr | Dec 2024 ₹140 Cr | Mar 2025 ₹67 Cr | Jun 2025 ₹105 Cr | Sep 2025 ₹141 Cr | Dec 2025 ₹143 Cr | Mar 2026 ₹73 Cr | Jun 2026 ₹113 Cr
- POOL: Sep 2021 ₹185 Cr | Dec 2021 ₹108 Cr | Mar 2022 ₹179 Cr | Jun 2022 ₹307 Cr | Sep 2022 ₹190 Cr | Dec 2022 ₹72 Cr | Mar 2023 ₹102 Cr | Jun 2023 ₹232 Cr | Sep 2023 ₹138 Cr | Dec 2023 ₹51 Cr | Mar 2024 ₹79 Cr | Jun 2024 ₹192 Cr | Sep 2024 ₹126 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹54 Cr | Jun 2025 ₹194 Cr | Sep 2025 ₹127 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹53 Cr | Jun 2026 —
- MSM: Sep 2021 ₹66 Cr | Dec 2021 ₹66 Cr | Mar 2022 ₹70 Cr | Jun 2022 ₹100 Cr | Sep 2022 ₹104 Cr | Dec 2022 ₹81 Cr | Mar 2023 ₹79 Cr | Jun 2023 ₹95 Cr | Sep 2023 ₹87 Cr | Dec 2023 ₹69 Cr | Mar 2024 ₹62 Cr | Jun 2024 ₹71 Cr | Sep 2024 ₹54 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹56 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹42 Cr | Jun 2026 ₹79 Cr
- REZI: Sep 2021 ₹58 Cr | Dec 2021 ₹68 Cr | Mar 2022 — | Jun 2022 ₹87 Cr | Sep 2022 ₹94 Cr | Dec 2022 ₹63 Cr | Mar 2023 — | Jun 2023 ₹57 Cr | Sep 2023 ₹50 Cr | Dec 2023 ₹82 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹-825 Cr | Sep 2025 ₹156 Cr | Dec 2025 ₹136 Cr | Mar 2026 — | Jun 2026 ₹38 Cr
- XMTR: Sep 2021 ₹-15 Cr | Dec 2021 ₹-24 Cr | Mar 2022 ₹-20 Cr | Jun 2022 ₹-17 Cr | Sep 2022 ₹-15 Cr | Dec 2022 ₹-24 Cr | Mar 2023 ₹-18 Cr | Jun 2023 ₹-27 Cr | Sep 2023 ₹-12 Cr | Dec 2023 ₹-11 Cr | Mar 2024 ₹-17 Cr | Jun 2024 ₹-14 Cr | Sep 2024 ₹-10 Cr | Dec 2024 ₹-10 Cr | Mar 2025 ₹-15 Cr | Jun 2025 ₹-26 Cr | Sep 2025 ₹-12 Cr | Dec 2025 ₹-9 Cr | Mar 2026 ₹-5 Cr | Jun 2026 —
- SITE: Sep 2021 ₹124 Cr | Dec 2021 ₹80 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹141 Cr | Dec 2022 ₹73 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹124 Cr | Dec 2023 ₹57 Cr | Mar 2024 ₹-19 Cr | Jun 2024 ₹121 Cr | Sep 2024 ₹45 Cr | Dec 2024 ₹-22 Cr | Mar 2025 ₹-28 Cr | Jun 2025 ₹132 Cr | Sep 2025 ₹61 Cr | Dec 2025 ₹-8 Cr | Mar 2026 ₹-24 Cr | Jun 2026 —
- DNOW: Sep 2021 ₹5 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹41 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹34 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹150 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹-161 Cr | Mar 2026 ₹-44 Cr | Jun 2026 —
- DXPE: Sep 2021 ₹7 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹20 Cr | Jun 2026 —
- DSGR: Sep 2021 ₹1 Cr | Dec 2021 ₹-5 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹-16 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹-26 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹-6 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- GIC: Sep 2021 ₹23 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹15 Cr | Mar 2026 — | Jun 2026 ₹15 Cr
- BXC: Sep 2021 ₹113 Cr | Dec 2021 ₹47 Cr | Mar 2022 ₹74 Cr | Jun 2022 ₹133 Cr | Sep 2022 ₹71 Cr | Dec 2022 ₹60 Cr | Mar 2023 — | Jun 2023 ₹18 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹-18 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹2 Cr | Dec 2025 — | Mar 2026 ₹-9 Cr | Jun 2026 ₹-1 Cr
- TITN: Sep 2021 ₹11 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹41 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹-4 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹-44 Cr | Jun 2025 ₹-13 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹-36 Cr | Jun 2026 ₹-13 Cr
- EVI: Sep 2021 ₹2 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹1 Cr | Jun 2026 —

### 20-quarter Profit growth history
- GWW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 66% | Sep 2022 40% | Dec 2022 35% | Mar 2023 33% | Jun 2023 25% | Sep 2023 13% | Dec 2023 2.3% | Mar 2024 -2.6% | Jun 2024 0.4% | Sep 2024 3.8% | Dec 2024 22% | Mar 2025 1.0% | Jun 2025 5.5% | Sep 2025 -36% | Dec 2025 -3.7% | Mar 2026 18% | Jun 2026 —
- FAST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 17% | Dec 2022 6.5% | Mar 2023 9.3% | Jun 2023 3.8% | Sep 2023 3.9% | Dec 2023 8.1% | Mar 2024 1.0% | Jun 2024 -1.7% | Sep 2024 0.7% | Dec 2024 -1.5% | Mar 2025 0.3% | Jun 2025 13% | Sep 2025 13% | Dec 2025 12% | Mar 2026 14% | Jun 2026 —
- FERG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -14% | Jun 2023 -38% | Sep 2023 0.3% | Dec 2023 -13% | Mar 2024 -14% | Jun 2024 32% | Sep 2024 -23% | Dec 2024 -9.4% | Mar 2025 -14% | Jun 2025 -7.5% | Sep 2025 55% | Dec 2025 21% | Mar 2026 50% | Jun 2026 —
- WCC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 86% | Sep 2022 100% | Dec 2022 30% | Mar 2023 8.2% | Jun 2023 -13% | Sep 2023 -2.5% | Dec 2023 -35% | Mar 2024 -41% | Jun 2024 21% | Sep 2024 -12% | Dec 2024 16% | Mar 2025 1.7% | Jun 2025 -25% | Sep 2025 -7.8% | Dec 2025 -3.0% | Mar 2026 31% | Jun 2026 —
- QXO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -100% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -918% | Dec 2025 -918% | Mar 2026 -2,622% | Jun 2026 —
- WSO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 31% | Sep 2022 13% | Dec 2022 64% | Mar 2023 -3.7% | Jun 2023 -9.3% | Sep 2023 8.1% | Dec 2023 -38% | Mar 2024 -20% | Jun 2024 4.9% | Sep 2024 0.5% | Dec 2024 17% | Mar 2025 -8.7% | Jun 2025 0.9% | Sep 2025 -6.4% | Dec 2025 -24% | Mar 2026 -2.1% | Jun 2026 —
- AIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 34% | Sep 2022 45% | Dec 2022 40% | Mar 2023 43% | Jun 2023 16% | Sep 2023 22% | Dec 2023 14% | Mar 2024 0.0% | Jun 2024 12% | Sep 2024 -2.1% | Dec 2024 2.2% | Mar 2025 3.1% | Jun 2025 4.9% | Sep 2025 9.8% | Dec 2025 2.2% | Mar 2026 0.0% | Jun 2026 —
- CNM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1,720% | Dec 2022 63% | Mar 2023 6.3% | Jun 2023 -2.9% | Sep 2023 -9.9% | Dec 2023 -11% | Mar 2024 -9.5% | Jun 2024 -24% | Sep 2024 -23% | Dec 2024 -11% | Mar 2025 -12% | Jun 2025 4.0% | Sep 2025 12% | Dec 2025 2.1% | Mar 2026 9.0% | Jun 2026 7.6%
- POOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 2.7% | Dec 2022 -33% | Mar 2023 -43% | Jun 2023 -24% | Sep 2023 -27% | Dec 2023 -29% | Mar 2024 -23% | Jun 2024 -17% | Sep 2024 -8.7% | Dec 2024 -27% | Mar 2025 -32% | Jun 2025 1.0% | Sep 2025 0.8% | Dec 2025 -14% | Mar 2026 -1.9% | Jun 2026 —
- MSM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 58% | Dec 2022 23% | Mar 2023 13% | Jun 2023 -5.0% | Sep 2023 -16% | Dec 2023 -15% | Mar 2024 -22% | Jun 2024 -25% | Sep 2024 -38% | Dec 2024 -33% | Mar 2025 -37% | Jun 2025 -20% | Sep 2025 3.7% | Dec 2025 11% | Mar 2026 7.7% | Jun 2026 39%
- REZI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 62% | Dec 2022 -7.4% | Mar 2023 — | Jun 2023 -34% | Sep 2023 -47% | Dec 2023 30% | Mar 2024 — | Jun 2024 -47% | Sep 2024 -60% | Dec 2024 -72% | Mar 2025 -86% | Jun 2025 -2,850% | Sep 2025 680% | Dec 2025 491% | Mar 2026 — | Jun 2026 —
- SITE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 14% | Dec 2022 -8.8% | Mar 2023 -104% | Jun 2023 -116% | Sep 2023 -12% | Dec 2023 -22% | Mar 2024 — | Jun 2024 — | Sep 2024 -64% | Dec 2024 -139% | Mar 2025 — | Jun 2025 9.1% | Sep 2025 36% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DNOW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 720% | Dec 2022 167% | Mar 2023 6.7% | Jun 2023 31% | Sep 2023 -15% | Dec 2023 369% | Mar 2024 -34% | Jun 2024 -26% | Sep 2024 -63% | Dec 2024 -85% | Mar 2025 4.8% | Jun 2025 0.0% | Sep 2025 92% | Dec 2025 -800% | Mar 2026 -300% | Jun 2026 —
- DXPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 75% | Sep 2022 86% | Dec 2022 700% | Mar 2023 38% | Jun 2023 36% | Sep 2023 23% | Dec 2023 100% | Mar 2024 -39% | Jun 2024 -11% | Sep 2024 31% | Dec 2024 31% | Mar 2025 91% | Jun 2025 41% | Sep 2025 4.8% | Dec 2025 9.5% | Mar 2026 -4.8% | Jun 2026 —
- DSGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1,600% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -112% | Dec 2023 — | Mar 2024 -183% | Jun 2024 -33% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 150% | Sep 2025 -73% | Dec 2025 — | Mar 2026 -100% | Jun 2026 —
- GIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.5% | Sep 2022 -13% | Dec 2022 -35% | Mar 2023 -41% | Jun 2023 -4.4% | Sep 2023 5.0% | Dec 2023 15% | Mar 2024 0.0% | Jun 2024 -9.1% | Sep 2024 -19% | Dec 2024 -27% | Mar 2025 7.7% | Jun 2025 25% | Sep 2025 12% | Dec 2025 36% | Mar 2026 — | Jun 2026 -40%
- BXC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -37% | Dec 2022 28% | Mar 2023 — | Jun 2023 -86% | Sep 2023 -66% | Dec 2023 -130% | Mar 2024 — | Jun 2024 -22% | Sep 2024 -33% | Dec 2024 — | Mar 2025 -82% | Jun 2025 -71% | Sep 2025 -88% | Dec 2025 — | Mar 2026 -400% | Jun 2026 -125%
- TITN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 127% | Dec 2022 86% | Mar 2023 -18% | Jun 2023 50% | Sep 2023 24% | Dec 2023 -27% | Mar 2024 33% | Jun 2024 -67% | Sep 2024 -113% | Dec 2024 -93% | Mar 2025 -283% | Jun 2025 -244% | Sep 2025 — | Dec 2025 -50% | Mar 2026 — | Jun 2026 —
- EVI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -71% | Sep 2022 50% | Dec 2022 100% | Mar 2023 — | Jun 2023 0.0% | Sep 2023 -67% | Dec 2023 -50% | Mar 2024 -67% | Jun 2024 0.0% | Sep 2024 200% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 -33% | Dec 2025 100% | Mar 2026 0.0% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: W.W. Grainger, Inc. reports $170 million of CAPEX; Xometry, Inc. has the highest covered intensity at 5.4%. Coverage is only 20 of 20 companies and 378 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: W.W. Grainger, Inc. · $170 million | 84.8% versus #2 · Ferguson Enterprises Inc. | 8/8 recent comparable periods | 20/20 companies · 378 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. W.W. Grainger, Inc. (GWW): ₹170 Cr
2. Ferguson Enterprises Inc. (FERG): ₹92 Cr
3. Fastenal Company (FAST): ₹64 Cr
4. Resideo Technologies, Inc. (REZI): ₹36 Cr
5. Pool Corporation (POOL): ₹28 Cr

### CAPEX intensity — highest reinvestment intensity
1. Xometry, Inc. (XMTR): 5.4%
2. W.W. Grainger, Inc. (GWW): 3.6%
3. Fastenal Company (FAST): 2.7%
4. SiteOne Landscape Supply, Inc. (SITE): 2.4%
5. EVI Industries, Inc. (EVI): 2.0%

### 20-quarter CAPEX history
- GWW: Sep 2021 ₹50 Cr | Dec 2021 ₹58 Cr | Mar 2022 ₹57 Cr | Jun 2022 ₹106 Cr | Sep 2022 ₹45 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹98 Cr | Jun 2023 ₹95 Cr | Sep 2023 ₹125 Cr | Dec 2023 ₹127 Cr | Mar 2024 ₹119 Cr | Jun 2024 ₹76 Cr | Sep 2024 ₹88 Cr | Dec 2024 ₹258 Cr | Mar 2025 ₹125 Cr | Jun 2025 ₹175 Cr | Sep 2025 ₹258 Cr | Dec 2025 ₹126 Cr | Mar 2026 ₹170 Cr | Jun 2026 —
- FAST: Sep 2021 ₹47 Cr | Dec 2021 ₹42 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹48 Cr | Sep 2022 ₹48 Cr | Dec 2022 ₹43 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹56 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹51 Cr | Jun 2024 ₹56 Cr | Sep 2024 ₹59 Cr | Dec 2024 ₹60 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹69 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹59 Cr | Jun 2026 ₹64 Cr
- FERG: Sep 2021 — | Dec 2021 — | Mar 2022 ₹68 Cr | Jun 2022 ₹73 Cr | Sep 2022 ₹95 Cr | Dec 2022 ₹95 Cr | Mar 2023 ₹147 Cr | Jun 2023 ₹119 Cr | Sep 2023 ₹80 Cr | Dec 2023 ₹91 Cr | Mar 2024 ₹101 Cr | Jun 2024 ₹71 Cr | Sep 2024 ₹109 Cr | Dec 2024 ₹77 Cr | Mar 2025 ₹81 Cr | Jun 2025 ₹77 Cr | Sep 2025 ₹70 Cr | Dec 2025 ₹118 Cr | Mar 2026 ₹92 Cr | Jun 2026 —
- WCC: Sep 2021 ₹5 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹28 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹44 Cr | Mar 2026 ₹23 Cr | Jun 2026 —
- QXO: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹23 Cr | Jun 2026 —
- WSO: Sep 2021 ₹6 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- AIT: Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- CNM: Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹15 Cr | Jun 2026 ₹14 Cr
- POOL: Sep 2021 ₹7 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹9 Cr | Jun 2026 ₹28 Cr
- MSM: Sep 2021 ₹16 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹21 Cr | Jun 2026 ₹21 Cr
- REZI: Sep 2021 ₹16 Cr | Dec 2021 ₹13 Cr | Mar 2022 — | Jun 2022 ₹19 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹10 Cr | Mar 2023 — | Jun 2023 ₹20 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹37 Cr | Mar 2026 — | Jun 2026 ₹36 Cr
- XMTR: Sep 2021 — | Dec 2021 ₹2 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- SITE: Sep 2021 ₹9 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹23 Cr | Jun 2026 —
- DNOW: Sep 2021 ₹2 Cr | Dec 2021 ₹1 Cr | Mar 2022 — | Jun 2022 ₹6 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- DXPE: Sep 2021 ₹1 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- DSGR: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- GIC: Sep 2021 ₹1 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 — | Jun 2026 ₹1 Cr
- BXC: Sep 2021 ₹2 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹12 Cr | Mar 2023 — | Jun 2023 ₹9 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹6 Cr | Dec 2025 — | Mar 2026 ₹5 Cr | Jun 2026 ₹3 Cr
- TITN: Sep 2021 ₹11 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹4 Cr | Jun 2026 ₹3 Cr
- EVI: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- GWW: Sep 2021 1.5% | Dec 2021 1.7% | Mar 2022 1.6% | Jun 2022 2.8% | Sep 2022 1.1% | Dec 2022 1.3% | Mar 2023 2.4% | Jun 2023 2.3% | Sep 2023 3.0% | Dec 2023 3.2% | Mar 2024 2.8% | Jun 2024 1.8% | Sep 2024 2.0% | Dec 2024 6.1% | Mar 2025 2.9% | Jun 2025 3.8% | Sep 2025 5.5% | Dec 2025 2.8% | Mar 2026 3.6% | Jun 2026 —
- FAST: Sep 2021 3.0% | Dec 2021 2.7% | Mar 2022 2.1% | Jun 2022 2.7% | Sep 2022 2.7% | Dec 2022 2.5% | Mar 2023 1.8% | Jun 2023 3.0% | Sep 2023 2.5% | Dec 2023 2.0% | Mar 2024 2.7% | Jun 2024 2.9% | Sep 2024 3.1% | Dec 2024 3.3% | Mar 2025 2.9% | Jun 2025 3.3% | Sep 2025 2.8% | Dec 2025 3.0% | Mar 2026 2.7% | Jun 2026 —
- FERG: Sep 2021 — | Dec 2021 — | Mar 2022 1.0% | Jun 2022 1.0% | Sep 2022 1.2% | Dec 2022 1.2% | Mar 2023 2.2% | Jun 2023 1.7% | Sep 2023 1.0% | Dec 2023 1.2% | Mar 2024 1.5% | Jun 2024 1.0% | Sep 2024 1.4% | Dec 2024 1.0% | Mar 2025 1.2% | Jun 2025 1.0% | Sep 2025 0.8% | Dec 2025 1.4% | Mar 2026 1.2% | Jun 2026 —
- WCC: Sep 2021 0.1% | Dec 2021 0.6% | Mar 2022 0.3% | Jun 2022 0.3% | Sep 2022 0.5% | Dec 2022 0.7% | Mar 2023 0.3% | Jun 2023 0.5% | Sep 2023 0.3% | Dec 2023 0.5% | Mar 2024 0.4% | Jun 2024 0.4% | Sep 2024 0.5% | Dec 2024 0.4% | Mar 2025 0.4% | Jun 2025 0.4% | Sep 2025 0.2% | Dec 2025 0.7% | Mar 2026 0.4% | Jun 2026 —
- QXO: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 1.0% | Sep 2025 1.1% | Dec 2025 1.3% | Mar 2026 1.3% | Jun 2026 —
- WSO: Sep 2021 0.3% | Dec 2021 0.6% | Mar 2022 0.5% | Jun 2022 0.5% | Sep 2022 0.4% | Dec 2022 0.6% | Mar 2023 0.5% | Jun 2023 0.4% | Sep 2023 0.5% | Dec 2023 0.6% | Mar 2024 0.4% | Jun 2024 0.3% | Sep 2024 0.5% | Dec 2024 0.5% | Mar 2025 0.5% | Jun 2025 0.3% | Sep 2025 0.4% | Dec 2025 0.7% | Mar 2026 0.5% | Jun 2026 —
- AIT: Sep 2021 0.4% | Dec 2021 0.5% | Mar 2022 0.4% | Jun 2022 0.6% | Sep 2022 0.6% | Dec 2022 0.7% | Mar 2023 0.7% | Jun 2023 0.5% | Sep 2023 0.4% | Dec 2023 0.6% | Mar 2024 0.6% | Jun 2024 0.7% | Sep 2024 0.5% | Dec 2024 0.5% | Mar 2025 0.7% | Jun 2025 0.7% | Sep 2025 0.6% | Dec 2025 0.5% | Mar 2026 0.4% | Jun 2026 —
- CNM: Sep 2021 0.3% | Dec 2021 0.3% | Mar 2022 0.6% | Jun 2022 0.4% | Sep 2022 0.5% | Dec 2022 0.3% | Mar 2023 0.4% | Jun 2023 0.6% | Sep 2023 0.3% | Dec 2023 1.0% | Mar 2024 0.3% | Jun 2024 0.4% | Sep 2024 0.5% | Dec 2024 0.4% | Mar 2025 0.6% | Jun 2025 0.7% | Sep 2025 0.5% | Dec 2025 0.4% | Mar 2026 0.9% | Jun 2026 0.7%
- POOL: Sep 2021 0.5% | Dec 2021 1.3% | Mar 2022 0.6% | Jun 2022 0.5% | Sep 2022 0.5% | Dec 2022 1.5% | Mar 2023 1.3% | Jun 2023 0.8% | Sep 2023 0.9% | Dec 2023 1.7% | Mar 2024 1.5% | Jun 2024 1.0% | Sep 2024 0.8% | Dec 2024 1.4% | Mar 2025 1.2% | Jun 2025 0.8% | Sep 2025 1.4% | Dec 2025 0.8% | Mar 2026 0.8% | Jun 2026 —
- MSM: Sep 2021 1.9% | Dec 2021 1.8% | Mar 2022 1.9% | Jun 2022 1.5% | Sep 2022 1.6% | Dec 2022 2.7% | Mar 2023 1.6% | Jun 2023 2.3% | Sep 2023 2.7% | Dec 2023 1.9% | Mar 2024 2.7% | Jun 2024 3.1% | Sep 2024 2.7% | Dec 2024 2.2% | Mar 2025 3.4% | Jun 2025 2.2% | Sep 2025 2.2% | Dec 2025 2.3% | Mar 2026 2.3% | Jun 2026 2.0%
- REZI: Sep 2021 1.1% | Dec 2021 0.9% | Mar 2022 — | Jun 2022 1.3% | Sep 2022 0.3% | Dec 2022 0.6% | Mar 2023 — | Jun 2023 1.3% | Sep 2023 1.8% | Dec 2023 2.0% | Mar 2024 1.4% | Jun 2024 0.9% | Sep 2024 1.2% | Dec 2024 1.2% | Mar 2025 1.8% | Jun 2025 1.0% | Sep 2025 1.5% | Dec 2025 2.0% | Mar 2026 — | Jun 2026 1.9%
- XMTR: Sep 2021 — | Dec 2021 3.0% | Mar 2022 3.6% | Jun 2022 3.1% | Sep 2022 3.8% | Dec 2022 4.1% | Mar 2023 3.8% | Jun 2023 3.6% | Sep 2023 3.4% | Dec 2023 4.7% | Mar 2024 3.3% | Jun 2024 3.0% | Sep 2024 3.5% | Dec 2024 3.4% | Mar 2025 3.3% | Jun 2025 4.3% | Sep 2025 3.9% | Dec 2025 5.2% | Mar 2026 5.4% | Jun 2026 —
- SITE: Sep 2021 0.8% | Dec 2021 0.9% | Mar 2022 1.0% | Jun 2022 1.0% | Sep 2022 0.7% | Dec 2022 0.4% | Mar 2023 0.8% | Jun 2023 0.8% | Sep 2023 0.7% | Dec 2023 0.7% | Mar 2024 1.0% | Jun 2024 0.8% | Sep 2024 0.8% | Dec 2024 1.0% | Mar 2025 1.6% | Jun 2025 1.0% | Sep 2025 0.8% | Dec 2025 1.4% | Mar 2026 2.4% | Jun 2026 —
- DNOW: Sep 2021 0.5% | Dec 2021 0.2% | Mar 2022 — | Jun 2022 1.1% | Sep 2022 0.2% | Dec 2022 0.4% | Mar 2023 0.9% | Jun 2023 1.0% | Sep 2023 0.7% | Dec 2023 0.4% | Mar 2024 0.2% | Jun 2024 0.5% | Sep 2024 0.3% | Dec 2024 0.5% | Mar 2025 1.0% | Jun 2025 0.6% | Sep 2025 0.6% | Dec 2025 0.7% | Mar 2026 0.7% | Jun 2026 —
- DXPE: Sep 2021 0.3% | Dec 2021 1.0% | Mar 2022 0.3% | Jun 2022 0.3% | Sep 2022 0.5% | Dec 2022 0.2% | Mar 2023 0.9% | Jun 2023 0.5% | Sep 2023 0.2% | Dec 2023 1.2% | Mar 2024 0.7% | Jun 2024 2.0% | Sep 2024 0.8% | Dec 2024 1.9% | Mar 2025 4.2% | Jun 2025 2.0% | Sep 2025 1.4% | Dec 2025 0.6% | Mar 2026 0.6% | Jun 2026 —
- DSGR: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.9% | Sep 2022 0.6% | Dec 2022 0.9% | Mar 2023 1.1% | Jun 2023 0.8% | Sep 2023 0.7% | Dec 2023 1.0% | Mar 2024 0.5% | Jun 2024 0.7% | Sep 2024 0.6% | Dec 2024 1.0% | Mar 2025 1.3% | Jun 2025 1.0% | Sep 2025 1.2% | Dec 2025 1.0% | Mar 2026 0.6% | Jun 2026 —
- GIC: Sep 2021 0.4% | Dec 2021 0.0% | Mar 2022 0.3% | Jun 2022 0.3% | Sep 2022 1.0% | Dec 2022 1.1% | Mar 2023 0.4% | Jun 2023 0.3% | Sep 2023 0.6% | Dec 2023 0.3% | Mar 2024 0.3% | Jun 2024 0.3% | Sep 2024 0.3% | Dec 2024 0.3% | Mar 2025 0.0% | Jun 2025 0.3% | Sep 2025 0.3% | Dec 2025 0.3% | Mar 2026 — | Jun 2026 0.3%
- BXC: Sep 2021 0.2% | Dec 2021 0.3% | Mar 2022 0.9% | Jun 2022 0.2% | Sep 2022 0.3% | Dec 2022 1.1% | Mar 2023 — | Jun 2023 1.1% | Sep 2023 0.6% | Dec 2023 1.3% | Mar 2024 0.7% | Jun 2024 0.8% | Sep 2024 1.1% | Dec 2024 2.8% | Mar 2025 0.8% | Jun 2025 1.3% | Sep 2025 0.8% | Dec 2025 — | Mar 2026 0.7% | Jun 2026 0.4%
- TITN: Sep 2021 2.9% | Dec 2021 2.2% | Mar 2022 1.6% | Jun 2022 1.1% | Sep 2022 1.8% | Dec 2022 1.6% | Mar 2023 2.1% | Jun 2023 1.9% | Sep 2023 2.6% | Dec 2023 2.0% | Mar 2024 2.3% | Jun 2024 2.2% | Sep 2024 1.4% | Dec 2024 1.2% | Mar 2025 2.8% | Jun 2025 1.3% | Sep 2025 1.5% | Dec 2025 0.5% | Mar 2026 0.6% | Jun 2026 0.6%
- EVI: Sep 2021 1.6% | Dec 2021 1.6% | Mar 2022 1.7% | Jun 2022 1.2% | Sep 2022 1.2% | Dec 2022 1.2% | Mar 2023 0.0% | Jun 2023 1.1% | Sep 2023 1.1% | Dec 2023 1.1% | Mar 2024 1.2% | Jun 2024 1.1% | Sep 2024 1.1% | Dec 2024 1.1% | Mar 2025 1.1% | Jun 2025 1.8% | Sep 2025 1.9% | Dec 2025 1.7% | Mar 2026 2.0% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Watsco, Inc. has the clearest covered balance-sheet capacity with $107 million net cash and gross debt of $486 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: EVI Industries, Inc. · $73 million | 26.3% versus #2 · Global Industrial Company | 0/8 recent comparable periods | 20/20 companies · 380 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. EVI Industries, Inc. (EVI): ₹73 Cr
2. Global Industrial Company (GIC): ₹99 Cr
3. Titan Machinery Inc. (TITN): ₹269 Cr
4. Xometry, Inc. (XMTR): ₹340 Cr
5. Applied Industrial Technologies, Inc. (AIT): ₹365 Cr

### Net debt — lowest net debt
1. Watsco, Inc. (WSO): ₹-107 Cr
2. Global Industrial Company (GIC): ₹37 Cr
3. EVI Industries, Inc. (EVI): ₹69 Cr
4. Xometry, Inc. (XMTR): ₹116 Cr
5. Applied Industrial Technologies, Inc. (AIT): ₹193 Cr

### 20-quarter Gross debt history
- GWW: Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 —
- FAST: Sep 2021 ₹618 Cr | Dec 2021 ₹637 Cr | Mar 2022 ₹616 Cr | Jun 2022 ₹764 Cr | Sep 2022 ₹809 Cr | Dec 2022 ₹802 Cr | Mar 2023 ₹648 Cr | Jun 2023 ₹618 Cr | Sep 2023 ₹539 Cr | Dec 2023 ₹535 Cr | Mar 2024 ₹483 Cr | Jun 2024 ₹516 Cr | Sep 2024 ₹527 Cr | Dec 2024 ₹485 Cr | Mar 2025 ₹496 Cr | Jun 2025 ₹545 Cr | Sep 2025 ₹517 Cr | Dec 2025 ₹442 Cr | Mar 2026 ₹446 Cr | Jun 2026 ₹442 Cr
- FERG: Sep 2021 ₹3.6K Cr | Dec 2021 — | Mar 2022 — | Jun 2022 ₹4.7K Cr | Sep 2022 ₹5.1K Cr | Dec 2022 ₹5.0K Cr | Mar 2023 ₹5.3K Cr | Jun 2023 ₹5.3K Cr | Sep 2023 ₹5.3K Cr | Dec 2023 ₹5.3K Cr | Mar 2024 ₹5.3K Cr | Jun 2024 ₹5.5K Cr | Sep 2024 ₹5.5K Cr | Dec 2024 ₹5.6K Cr | Mar 2025 ₹6.0K Cr | Jun 2025 ₹5.8K Cr | Sep 2025 ₹6.0K Cr | Dec 2025 ₹6.0K Cr | Mar 2026 ₹6.1K Cr | Jun 2026 —
- WCC: Sep 2021 ₹5.0K Cr | Dec 2021 ₹5.1K Cr | Mar 2022 ₹5.4K Cr | Jun 2022 ₹5.6K Cr | Sep 2022 ₹5.8K Cr | Dec 2022 ₹6.0K Cr | Mar 2023 ₹6.2K Cr | Jun 2023 ₹6.1K Cr | Sep 2023 ₹6.0K Cr | Dec 2023 ₹6.0K Cr | Mar 2024 ₹5.9K Cr | Jun 2024 ₹5.9K Cr | Sep 2024 ₹5.7K Cr | Dec 2024 ₹5.7K Cr | Mar 2025 ₹5.8K Cr | Jun 2025 ₹6.4K Cr | Sep 2025 ₹6.5K Cr | Dec 2025 ₹6.6K Cr | Mar 2026 ₹6.5K Cr | Jun 2026 —
- QXO: Sep 2021 ₹3 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹4.1K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹3.9K Cr | Jun 2026 —
- WSO: Sep 2021 ₹274 Cr | Dec 2021 ₹370 Cr | Mar 2022 ₹565 Cr | Jun 2022 ₹516 Cr | Sep 2022 ₹336 Cr | Dec 2022 ₹391 Cr | Mar 2023 ₹541 Cr | Jun 2023 ₹695 Cr | Sep 2023 ₹489 Cr | Dec 2023 ₹405 Cr | Mar 2024 ₹409 Cr | Jun 2024 ₹412 Cr | Sep 2024 ₹428 Cr | Dec 2024 ₹447 Cr | Mar 2025 ₹460 Cr | Jun 2025 ₹454 Cr | Sep 2025 ₹458 Cr | Dec 2025 ₹479 Cr | Mar 2026 ₹486 Cr | Jun 2026 —
- AIT: Sep 2021 ₹819 Cr | Dec 2021 ₹721 Cr | Mar 2022 ₹721 Cr | Jun 2022 ₹689 Cr | Sep 2022 ₹649 Cr | Dec 2022 ₹649 Cr | Mar 2023 ₹622 Cr | Jun 2023 ₹622 Cr | Sep 2023 ₹622 Cr | Dec 2023 ₹597 Cr | Mar 2024 ₹597 Cr | Jun 2024 ₹597 Cr | Sep 2024 ₹597 Cr | Dec 2024 ₹572 Cr | Mar 2025 ₹572 Cr | Jun 2025 ₹572 Cr | Sep 2025 ₹572 Cr | Dec 2025 ₹572 Cr | Mar 2026 ₹365 Cr | Jun 2026 —
- CNM: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 ₹2.4K Cr
- POOL: Sep 2021 ₹587 Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 ₹1.7K Cr
- MSM: Sep 2021 ₹836 Cr | Dec 2021 ₹817 Cr | Mar 2022 ₹888 Cr | Jun 2022 ₹850 Cr | Sep 2022 ₹861 Cr | Dec 2022 ₹844 Cr | Mar 2023 ₹615 Cr | Jun 2023 ₹526 Cr | Sep 2023 ₹521 Cr | Dec 2023 ₹601 Cr | Mar 2024 ₹615 Cr | Jun 2024 ₹568 Cr | Sep 2024 ₹568 Cr | Dec 2024 ₹576 Cr | Mar 2025 ₹590 Cr | Jun 2025 ₹576 Cr | Sep 2025 ₹539 Cr | Dec 2025 ₹580 Cr | Mar 2026 ₹559 Cr | Jun 2026 ₹555 Cr
- REZI: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 — | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 — | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 — | Jun 2026 ₹3.2K Cr
- XMTR: Sep 2021 ₹3 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹300 Cr | Jun 2022 ₹299 Cr | Sep 2022 ₹299 Cr | Dec 2022 ₹302 Cr | Mar 2023 ₹302 Cr | Jun 2023 ₹302 Cr | Sep 2023 ₹301 Cr | Dec 2023 ₹300 Cr | Mar 2024 ₹298 Cr | Jun 2024 ₹297 Cr | Sep 2024 ₹297 Cr | Dec 2024 ₹295 Cr | Mar 2025 ₹294 Cr | Jun 2025 ₹335 Cr | Sep 2025 ₹333 Cr | Dec 2025 ₹339 Cr | Mar 2026 ₹340 Cr | Jun 2026 —
- SITE: Sep 2021 ₹636 Cr | Dec 2021 ₹639 Cr | Mar 2022 ₹127 Cr | Jun 2022 ₹777 Cr | Sep 2022 ₹798 Cr | Dec 2022 ₹761 Cr | Mar 2023 ₹153 Cr | Jun 2023 ₹162 Cr | Sep 2023 ₹174 Cr | Dec 2023 ₹199 Cr | Mar 2024 ₹938 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹226 Cr | Dec 2024 ₹951 Cr | Mar 2025 ₹574 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹956 Cr | Dec 2025 ₹980 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- DNOW: Sep 2021 ₹17 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹25 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹28 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹540 Cr | Mar 2026 ₹689 Cr | Jun 2026 —
- DXPE: Sep 2021 ₹373 Cr | Dec 2021 ₹377 Cr | Mar 2022 ₹375 Cr | Jun 2022 ₹406 Cr | Sep 2022 ₹412 Cr | Dec 2022 ₹472 Cr | Mar 2023 ₹469 Cr | Jun 2023 ₹468 Cr | Sep 2023 ₹462 Cr | Dec 2023 ₹576 Cr | Mar 2024 ₹580 Cr | Jun 2024 ₹577 Cr | Sep 2024 ₹575 Cr | Dec 2024 ₹676 Cr | Mar 2025 ₹689 Cr | Jun 2025 ₹689 Cr | Sep 2025 ₹688 Cr | Dec 2025 ₹904 Cr | Mar 2026 ₹902 Cr | Jun 2026 —
- DSGR: Sep 2021 ₹25 Cr | Dec 2021 ₹248 Cr | Mar 2022 ₹34 Cr | Jun 2022 ₹455 Cr | Sep 2022 ₹462 Cr | Dec 2022 ₹462 Cr | Mar 2023 ₹461 Cr | Jun 2023 ₹662 Cr | Sep 2023 ₹666 Cr | Dec 2023 ₹649 Cr | Mar 2024 ₹650 Cr | Jun 2024 ₹695 Cr | Sep 2024 ₹841 Cr | Dec 2024 ₹831 Cr | Mar 2025 ₹866 Cr | Jun 2025 ₹827 Cr | Sep 2025 ₹821 Cr | Dec 2025 ₹819 Cr | Mar 2026 ₹849 Cr | Jun 2026 —
- GIC: Sep 2021 ₹81 Cr | Dec 2021 ₹84 Cr | Mar 2022 ₹101 Cr | Jun 2022 ₹138 Cr | Sep 2022 ₹112 Cr | Dec 2022 ₹102 Cr | Mar 2023 ₹98 Cr | Jun 2023 ₹142 Cr | Sep 2023 ₹98 Cr | Dec 2023 ₹96 Cr | Mar 2024 ₹92 Cr | Jun 2024 ₹88 Cr | Sep 2024 ₹86 Cr | Dec 2024 ₹83 Cr | Mar 2025 ₹80 Cr | Jun 2025 ₹107 Cr | Sep 2025 ₹115 Cr | Dec 2025 ₹104 Cr | Mar 2026 — | Jun 2026 ₹99 Cr
- BXC: Sep 2021 ₹647 Cr | Dec 2021 ₹548 Cr | Mar 2022 ₹616 Cr | Jun 2022 ₹611 Cr | Sep 2022 ₹611 Cr | Dec 2022 ₹615 Cr | Mar 2023 — | Jun 2023 ₹608 Cr | Sep 2023 ₹609 Cr | Dec 2023 ₹618 Cr | Mar 2024 ₹622 Cr | Jun 2024 ₹632 Cr | Sep 2024 ₹636 Cr | Dec 2024 ₹636 Cr | Mar 2025 ₹659 Cr | Jun 2025 ₹666 Cr | Sep 2025 ₹669 Cr | Dec 2025 — | Mar 2026 ₹674 Cr | Jun 2026 ₹667 Cr
- TITN: Sep 2021 ₹147 Cr | Dec 2021 ₹145 Cr | Mar 2022 ₹146 Cr | Jun 2022 ₹151 Cr | Sep 2022 ₹154 Cr | Dec 2022 ₹158 Cr | Mar 2023 ₹156 Cr | Jun 2023 ₹157 Cr | Sep 2023 ₹150 Cr | Dec 2023 ₹147 Cr | Mar 2024 ₹183 Cr | Jun 2024 ₹178 Cr | Sep 2024 ₹170 Cr | Dec 2024 ₹184 Cr | Mar 2025 ₹245 Cr | Jun 2025 ₹242 Cr | Sep 2025 ₹259 Cr | Dec 2025 ₹266 Cr | Mar 2026 ₹272 Cr | Jun 2026 ₹269 Cr
- EVI: Sep 2021 ₹28 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹44 Cr | Dec 2022 ₹44 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹65 Cr | Sep 2025 ₹65 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹73 Cr | Jun 2026 —

### 20-quarter Net debt history
- GWW: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- FAST: Sep 2021 ₹367 Cr | Dec 2021 ₹401 Cr | Mar 2022 ₹382 Cr | Jun 2022 ₹516 Cr | Sep 2022 ₹577 Cr | Dec 2022 ₹572 Cr | Mar 2023 ₹408 Cr | Jun 2023 ₹374 Cr | Sep 2023 ₹241 Cr | Dec 2023 ₹314 Cr | Mar 2024 ₹246 Cr | Jun 2024 ₹260 Cr | Sep 2024 ₹235 Cr | Dec 2024 ₹229 Cr | Mar 2025 ₹264 Cr | Jun 2025 ₹307 Cr | Sep 2025 ₹229 Cr | Dec 2025 ₹165 Cr | Mar 2026 ₹137 Cr | Jun 2026 ₹237 Cr
- FERG: Sep 2021 ₹2.3K Cr | Dec 2021 — | Mar 2022 — | Jun 2022 ₹3.5K Cr | Sep 2022 ₹4.4K Cr | Dec 2022 ₹4.3K Cr | Mar 2023 ₹4.7K Cr | Jun 2023 ₹4.7K Cr | Sep 2023 ₹4.7K Cr | Dec 2023 ₹4.5K Cr | Mar 2024 ₹4.7K Cr | Jun 2024 ₹4.9K Cr | Sep 2024 ₹4.9K Cr | Dec 2024 ₹5.0K Cr | Mar 2025 ₹5.3K Cr | Jun 2025 ₹5.3K Cr | Sep 2025 ₹5.3K Cr | Dec 2025 ₹5.5K Cr | Mar 2026 ₹5.3K Cr | Jun 2026 —
- WCC: Sep 2021 ₹4.8K Cr | Dec 2021 ₹4.9K Cr | Mar 2022 ₹5.2K Cr | Jun 2022 ₹5.4K Cr | Sep 2022 ₹5.6K Cr | Dec 2022 ₹5.5K Cr | Mar 2023 ₹5.8K Cr | Jun 2023 ₹5.6K Cr | Sep 2023 ₹5.4K Cr | Dec 2023 ₹5.4K Cr | Mar 2024 ₹4.9K Cr | Jun 2024 ₹5.2K Cr | Sep 2024 ₹5.0K Cr | Dec 2024 ₹5.0K Cr | Mar 2025 ₹5.2K Cr | Jun 2025 ₹5.7K Cr | Sep 2025 ₹6.0K Cr | Dec 2025 ₹6.0K Cr | Mar 2026 ₹5.8K Cr | Jun 2026 —
- QXO: Sep 2021 ₹-4 Cr | Dec 2021 ₹-5 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹-3 Cr | Sep 2022 ₹-4 Cr | Dec 2022 ₹-6 Cr | Mar 2023 ₹-5 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹-5 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-4 Cr | Jun 2024 ₹-969 Cr | Sep 2024 ₹-5.0K Cr | Dec 2024 ₹-5.1K Cr | Mar 2025 ₹-5.1K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹857 Cr | Jun 2026 —
- WSO: Sep 2021 ₹137 Cr | Dec 2021 ₹252 Cr | Mar 2022 ₹454 Cr | Jun 2022 ₹387 Cr | Sep 2022 ₹206 Cr | Dec 2022 ₹243 Cr | Mar 2023 ₹400 Cr | Jun 2023 ₹532 Cr | Sep 2023 ₹314 Cr | Dec 2023 ₹195 Cr | Mar 2024 ₹-70 Cr | Jun 2024 ₹-13 Cr | Sep 2024 ₹-122 Cr | Dec 2024 ₹-335 Cr | Mar 2025 ₹28 Cr | Jun 2025 ₹161 Cr | Sep 2025 ₹-66 Cr | Dec 2025 ₹-254 Cr | Mar 2026 ₹-107 Cr | Jun 2026 —
- AIT: Sep 2021 ₹572 Cr | Dec 2021 ₹566 Cr | Mar 2022 ₹533 Cr | Jun 2022 ₹505 Cr | Sep 2022 ₹501 Cr | Dec 2022 ₹483 Cr | Mar 2023 ₹440 Cr | Jun 2023 ₹278 Cr | Sep 2023 ₹262 Cr | Dec 2023 ₹184 Cr | Mar 2024 ₹140 Cr | Jun 2024 ₹136 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹269 Cr | Mar 2025 ₹219 Cr | Jun 2025 ₹184 Cr | Sep 2025 ₹153 Cr | Dec 2025 ₹166 Cr | Mar 2026 ₹193 Cr | Jun 2026 —
- CNM: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹509 Cr | Dec 2022 — | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 ₹2.3K Cr
- POOL: Sep 2021 ₹504 Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 ₹1.7K Cr
- MSM: Sep 2021 ₹795 Cr | Dec 2021 ₹754 Cr | Mar 2022 ₹846 Cr | Jun 2022 ₹821 Cr | Sep 2022 ₹817 Cr | Dec 2022 ₹818 Cr | Mar 2023 ₹565 Cr | Jun 2023 ₹468 Cr | Sep 2023 ₹471 Cr | Dec 2023 ₹575 Cr | Mar 2024 ₹593 Cr | Jun 2024 ₹542 Cr | Sep 2024 ₹538 Cr | Dec 2024 ₹519 Cr | Mar 2025 ₹549 Cr | Jun 2025 ₹504 Cr | Sep 2025 ₹483 Cr | Dec 2025 ₹540 Cr | Mar 2026 ₹513 Cr | Jun 2026 ₹481 Cr
- REZI: Sep 2021 ₹615 Cr | Dec 2021 ₹546 Cr | Mar 2022 — | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 — | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹760 Cr | Mar 2024 ₹803 Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 — | Jun 2026 ₹2.7K Cr
- XMTR: Sep 2021 ₹-322 Cr | Dec 2021 ₹-95 Cr | Mar 2022 ₹-69 Cr | Jun 2022 ₹-58 Cr | Sep 2022 ₹-42 Cr | Dec 2022 ₹-17 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹56 Cr | Sep 2024 ₹63 Cr | Dec 2024 ₹55 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹109 Cr | Sep 2025 ₹108 Cr | Dec 2025 ₹120 Cr | Mar 2026 ₹116 Cr | Jun 2026 —
- SITE: Sep 2021 ₹528 Cr | Dec 2021 ₹481 Cr | Mar 2022 ₹73 Cr | Jun 2022 ₹732 Cr | Sep 2022 ₹748 Cr | Dec 2022 ₹698 Cr | Mar 2023 ₹124 Cr | Jun 2023 ₹122 Cr | Sep 2023 ₹104 Cr | Dec 2023 ₹124 Cr | Mar 2024 ₹896 Cr | Jun 2024 ₹937 Cr | Sep 2024 ₹140 Cr | Dec 2024 ₹844 Cr | Mar 2025 ₹517 Cr | Jun 2025 ₹963 Cr | Sep 2025 ₹849 Cr | Dec 2025 ₹789 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- DNOW: Sep 2021 ₹-295 Cr | Dec 2021 ₹-296 Cr | Mar 2022 ₹-278 Cr | Jun 2022 ₹-220 Cr | Sep 2022 ₹-256 Cr | Dec 2022 ₹-187 Cr | Mar 2023 ₹-143 Cr | Jun 2023 ₹-177 Cr | Sep 2023 ₹-166 Cr | Dec 2023 ₹-269 Cr | Mar 2024 ₹-155 Cr | Jun 2024 ₹-165 Cr | Sep 2024 ₹-230 Cr | Dec 2024 ₹-227 Cr | Mar 2025 ₹-191 Cr | Jun 2025 ₹-204 Cr | Sep 2025 ₹-241 Cr | Dec 2025 ₹376 Cr | Mar 2026 ₹573 Cr | Jun 2026 —
- DXPE: Sep 2021 ₹310 Cr | Dec 2021 ₹328 Cr | Mar 2022 ₹338 Cr | Jun 2022 ₹385 Cr | Sep 2022 ₹395 Cr | Dec 2022 ₹426 Cr | Mar 2023 ₹411 Cr | Jun 2023 ₹452 Cr | Sep 2023 ₹435 Cr | Dec 2023 ₹403 Cr | Mar 2024 ₹440 Cr | Jun 2024 ₹527 Cr | Sep 2024 ₹540 Cr | Dec 2024 ₹528 Cr | Mar 2025 ₹575 Cr | Jun 2025 ₹576 Cr | Sep 2025 ₹564 Cr | Dec 2025 ₹600 Cr | Mar 2026 ₹689 Cr | Jun 2026 —
- DSGR: Sep 2021 ₹17 Cr | Dec 2021 ₹233 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹437 Cr | Sep 2022 ₹437 Cr | Dec 2022 ₹437 Cr | Mar 2023 ₹430 Cr | Jun 2023 ₹597 Cr | Sep 2023 ₹565 Cr | Dec 2023 ₹549 Cr | Mar 2024 ₹564 Cr | Jun 2024 ₹638 Cr | Sep 2024 ₹765 Cr | Dec 2024 ₹749 Cr | Mar 2025 ₹786 Cr | Jun 2025 ₹765 Cr | Sep 2025 ₹738 Cr | Dec 2025 ₹744 Cr | Mar 2026 ₹784 Cr | Jun 2026 —
- GIC: Sep 2021 ₹27 Cr | Dec 2021 ₹69 Cr | Mar 2022 ₹86 Cr | Jun 2022 ₹114 Cr | Sep 2022 ₹92 Cr | Dec 2022 ₹73 Cr | Mar 2023 ₹50 Cr | Jun 2023 ₹97 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹62 Cr | Mar 2024 ₹62 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹47 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹52 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹36 Cr | Mar 2026 — | Jun 2026 ₹37 Cr
- BXC: Sep 2021 ₹647 Cr | Dec 2021 ₹548 Cr | Mar 2022 ₹531 Cr | Jun 2022 ₹537 Cr | Sep 2022 ₹506 Cr | Dec 2022 ₹386 Cr | Mar 2023 — | Jun 2023 ₹232 Cr | Sep 2023 ₹191 Cr | Dec 2023 ₹96 Cr | Mar 2024 ₹141 Cr | Jun 2024 ₹141 Cr | Sep 2024 ₹110 Cr | Dec 2024 ₹130 Cr | Mar 2025 ₹210 Cr | Jun 2025 ₹279 Cr | Sep 2025 ₹240 Cr | Dec 2025 — | Mar 2026 ₹288 Cr | Jun 2026 ₹348 Cr
- TITN: Sep 2021 ₹81 Cr | Dec 2021 ₹54 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹112 Cr | Mar 2023 ₹112 Cr | Jun 2023 ₹119 Cr | Sep 2023 ₹97 Cr | Dec 2023 ₹77 Cr | Mar 2024 ₹145 Cr | Jun 2024 ₹142 Cr | Sep 2024 ₹139 Cr | Dec 2024 ₹161 Cr | Mar 2025 ₹209 Cr | Jun 2025 ₹220 Cr | Sep 2025 ₹226 Cr | Dec 2025 ₹217 Cr | Mar 2026 ₹244 Cr | Jun 2026 ₹239 Cr
- EVI: Sep 2021 ₹25 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹56 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹67 Cr | Mar 2026 ₹69 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Watsco, Inc. leads ROCE at 18.7%, 7 percentage points above Fastenal Company. MSC Industrial Direct Co., Inc. has the strongest latest improvement at +1.6 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Watsco, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Watsco, Inc. · 18.7% | 59.8% versus #2 · Fastenal Company | 0/8 recent comparable periods | 20/20 companies · 369 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Watsco, Inc. (WSO): 19%
2. Fastenal Company (FAST): 12%
3. W.W. Grainger, Inc. (GWW): 11%
4. Pool Corporation (POOL): 9.2%
5. MSC Industrial Direct Co., Inc. (MSM): 6.1%

### ROCE change — fastest improvers
1. MSC Industrial Direct Co., Inc. (MSM): +1.6 pp
2. Xometry, Inc. (XMTR): +1.6 pp
3. Fastenal Company (FAST): +0.9 pp
4. W.W. Grainger, Inc. (GWW): +0.7 pp
5. WESCO International, Inc. (WCC): +0.4 pp

### 20-quarter ROCE history
- GWW: Sep 2021 8.8% | Dec 2021 8.4% | Mar 2022 11% | Jun 2022 11% | Sep 2022 12% | Dec 2022 10% | Mar 2023 12% | Jun 2023 12% | Sep 2023 11% | Dec 2023 9.4% | Mar 2024 11% | Jun 2024 11% | Sep 2024 11% | Dec 2024 9.9% | Mar 2025 11% | Jun 2025 11% | Sep 2025 7.5% | Dec 2025 9.4% | Mar 2026 11% | Jun 2026 —
- FAST: Sep 2021 9.0% | Dec 2021 8.6% | Mar 2022 10% | Jun 2022 11% | Sep 2022 10% | Dec 2022 9.0% | Mar 2023 11% | Jun 2023 10% | Sep 2023 10% | Dec 2023 9.4% | Mar 2024 10% | Jun 2024 10% | Sep 2024 9.8% | Dec 2024 8.8% | Mar 2025 9.9% | Jun 2025 11% | Sep 2025 11% | Dec 2025 9.2% | Mar 2026 11% | Jun 2026 12%
- FERG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 16% | Mar 2023 11% | Jun 2023 0.0% | Sep 2023 15% | Dec 2023 — | Mar 2024 — | Jun 2024 5.7% | Sep 2024 7.4% | Dec 2024 12% | Mar 2025 7.1% | Jun 2025 5.4% | Sep 2025 8.0% | Dec 2025 6.5% | Mar 2026 5.2% | Jun 2026 —
- WCC: Sep 2021 2.5% | Dec 2021 2.4% | Mar 2022 3.0% | Jun 2022 3.8% | Sep 2022 4.0% | Dec 2022 3.7% | Mar 2023 3.2% | Jun 2023 3.3% | Sep 2023 3.5% | Dec 2023 2.8% | Mar 2024 2.3% | Jun 2024 2.8% | Sep 2024 2.9% | Dec 2024 2.6% | Mar 2025 2.1% | Jun 2025 2.8% | Sep 2025 3.0% | Dec 2025 2.8% | Mar 2026 2.5% | Jun 2026 —
- QXO: Sep 2021 -2.7% | Dec 2021 -6.4% | Mar 2022 -0.2% | Jun 2022 -0.6% | Sep 2022 -1.1% | Dec 2022 117% | Mar 2023 3.4% | Jun 2023 4.1% | Sep 2023 -27% | Dec 2023 4.3% | Mar 2024 2.3% | Jun 2024 -0.9% | Sep 2024 -1.3% | Dec 2024 -1.3% | Mar 2025 -1.6% | Jun 2025 -2.0% | Sep 2025 0.3% | Dec 2025 -0.7% | Mar 2026 -2.5% | Jun 2026 —
- WSO: Sep 2021 24% | Dec 2021 26% | Mar 2022 27% | Jun 2022 28% | Sep 2022 30% | Dec 2022 31% | Mar 2023 28% | Jun 2023 25% | Sep 2023 25% | Dec 2023 26% | Mar 2024 22% | Jun 2024 21% | Sep 2024 20% | Dec 2024 21% | Mar 2025 21% | Jun 2025 20% | Sep 2025 19% | Dec 2025 19% | Mar 2026 19% | Jun 2026 —
- AIT: Sep 2021 4.1% | Dec 2021 4.3% | Mar 2022 5.1% | Jun 2022 5.8% | Sep 2022 5.5% | Dec 2022 5.8% | Mar 2023 6.3% | Jun 2023 6.1% | Sep 2023 5.6% | Dec 2023 5.2% | Mar 2024 5.4% | Jun 2024 6.0% | Sep 2024 4.7% | Dec 2024 4.9% | Mar 2025 5.1% | Jun 2025 5.3% | Sep 2025 5.0% | Dec 2025 4.7% | Mar 2026 5.4% | Jun 2026 —
- CNM: Sep 2021 — | Dec 2021 4.2% | Mar 2022 3.1% | Jun 2022 7.5% | Sep 2022 6.4% | Dec 2022 6.0% | Mar 2023 3.2% | Jun 2023 4.5% | Sep 2023 5.5% | Dec 2023 5.2% | Mar 2024 2.7% | Jun 2024 3.7% | Sep 2024 4.4% | Dec 2024 4.8% | Mar 2025 2.7% | Jun 2025 3.4% | Sep 2025 4.1% | Dec 2025 4.3% | Mar 2026 2.3% | Jun 2026 3.5%
- POOL: Sep 2021 18% | Dec 2021 6.8% | Mar 2022 11% | Jun 2022 18% | Sep 2022 12% | Dec 2022 4.0% | Mar 2023 5.0% | Jun 2023 11% | Sep 2023 6.9% | Dec 2023 2.9% | Mar 2024 3.9% | Jun 2024 9.5% | Sep 2024 6.6% | Dec 2024 2.3% | Mar 2025 3.0% | Jun 2025 9.6% | Sep 2025 6.6% | Dec 2025 2.0% | Mar 2026 3.1% | Jun 2026 9.2%
- MSM: Sep 2021 — | Dec 2021 4.9% | Mar 2022 5.2% | Jun 2022 7.5% | Sep 2022 7.4% | Dec 2022 5.9% | Mar 2023 5.9% | Jun 2023 7.0% | Sep 2023 6.1% | Dec 2023 5.2% | Mar 2024 4.9% | Jun 2024 5.7% | Sep 2024 4.8% | Dec 2024 3.9% | Mar 2025 3.4% | Jun 2025 4.5% | Sep 2025 4.7% | Dec 2025 4.2% | Mar 2026 3.6% | Jun 2026 6.1%
- REZI: Sep 2021 — | Dec 2021 4.2% | Mar 2022 — | Jun 2022 3.9% | Sep 2022 4.2% | Dec 2022 3.4% | Mar 2023 — | Jun 2023 2.9% | Sep 2023 3.1% | Dec 2023 3.0% | Mar 2024 2.5% | Jun 2024 2.1% | Sep 2024 2.2% | Dec 2024 2.5% | Mar 2025 2.3% | Jun 2025 3.1% | Sep 2025 2.4% | Dec 2025 2.1% | Mar 2026 — | Jun 2026 1.5%
- XMTR: Sep 2021 -7.7% | Dec 2021 -9.1% | Mar 2022 -5.1% | Jun 2022 -4.3% | Sep 2022 -2.9% | Dec 2022 -4.4% | Mar 2023 -2.9% | Jun 2023 -4.2% | Sep 2023 -2.0% | Dec 2023 -1.9% | Mar 2024 -2.8% | Jun 2024 -2.5% | Sep 2024 -1.9% | Dec 2024 -1.9% | Mar 2025 -2.5% | Jun 2025 -1.7% | Sep 2025 -1.8% | Dec 2025 -1.4% | Mar 2026 -0.9% | Jun 2026 —
- SITE: Sep 2021 — | Dec 2021 6.8% | Mar 2022 2.4% | Jun 2022 2.6% | Sep 2022 11% | Dec 2022 5.6% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 8.2% | Dec 2023 3.7% | Mar 2024 -1.0% | Jun 2024 7.2% | Sep 2024 2.9% | Dec 2024 -1.1% | Mar 2025 -1.2% | Jun 2025 7.4% | Sep 2025 3.4% | Dec 2025 -0.2% | Mar 2026 -1.0% | Jun 2026 —
- DNOW: Sep 2021 1.3% | Dec 2021 1.0% | Mar 2022 3.1% | Jun 2022 3.8% | Sep 2022 5.7% | Dec 2022 4.3% | Mar 2023 4.2% | Jun 2023 4.2% | Sep 2023 4.2% | Dec 2023 3.6% | Mar 2024 2.8% | Jun 2024 3.2% | Sep 2024 2.2% | Dec 2024 2.5% | Mar 2025 2.5% | Jun 2025 2.7% | Sep 2025 2.8% | Dec 2025 -9.1% | Mar 2026 -2.4% | Jun 2026 —
- DXPE: Sep 2021 1.7% | Dec 2021 1.1% | Mar 2022 3.0% | Jun 2022 3.5% | Sep 2022 3.6% | Dec 2022 3.1% | Mar 2023 4.6% | Jun 2023 4.8% | Sep 2023 4.6% | Dec 2023 3.4% | Mar 2024 3.3% | Jun 2024 4.2% | Sep 2024 4.4% | Dec 2024 3.8% | Mar 2025 3.9% | Jun 2025 4.3% | Sep 2025 4.0% | Dec 2025 3.7% | Mar 2026 3.3% | Jun 2026 —
- DSGR: Sep 2021 3.2% | Dec 2021 -0.8% | Mar 2022 1.6% | Jun 2022 0.7% | Sep 2022 3.6% | Dec 2022 1.9% | Mar 2023 2.7% | Jun 2023 1.2% | Sep 2023 1.1% | Dec 2023 0.0% | Mar 2024 0.2% | Jun 2024 1.1% | Sep 2024 1.3% | Dec 2024 1.4% | Mar 2025 1.4% | Jun 2025 1.9% | Sep 2025 1.6% | Dec 2025 0.5% | Mar 2026 0.9% | Jun 2026 —
- GIC: Sep 2021 13% | Dec 2021 13% | Mar 2022 14% | Jun 2022 12% | Sep 2022 11% | Dec 2022 6.7% | Mar 2023 6.5% | Jun 2023 9.6% | Sep 2023 9.0% | Dec 2023 6.7% | Mar 2024 5.4% | Jun 2024 7.9% | Sep 2024 6.5% | Dec 2024 4.2% | Mar 2025 5.2% | Jun 2025 9.0% | Sep 2025 6.8% | Dec 2025 5.2% | Mar 2026 — | Jun 2026 5.4%
- BXC: Sep 2021 — | Dec 2021 8.2% | Mar 2022 12% | Jun 2022 18% | Sep 2022 9.5% | Dec 2022 8.2% | Mar 2023 — | Jun 2023 2.6% | Sep 2023 3.1% | Dec 2023 2.1% | Mar 2024 2.1% | Jun 2024 1.8% | Sep 2024 1.8% | Dec 2024 0.9% | Mar 2025 0.8% | Jun 2025 1.1% | Sep 2025 0.7% | Dec 2025 — | Mar 2026 -0.2% | Jun 2026 0.5%
- TITN: Sep 2021 — | Dec 2021 5.5% | Mar 2022 5.5% | Jun 2022 4.4% | Sep 2022 5.9% | Dec 2022 9.0% | Mar 2023 4.0% | Jun 2023 5.7% | Sep 2023 6.6% | Dec 2023 6.5% | Mar 2024 5.3% | Jun 2024 2.9% | Sep 2024 1.9% | Dec 2024 1.4% | Mar 2025 -5.4% | Jun 2025 -0.7% | Sep 2025 0.1% | Dec 2025 1.2% | Mar 2026 -1.4% | Jun 2026 -0.7%
- EVI: Sep 2021 2.1% | Dec 2021 0.7% | Mar 2022 0.1% | Jun 2022 1.8% | Sep 2022 2.9% | Dec 2022 2.4% | Mar 2023 2.7% | Jun 2023 2.4% | Sep 2023 1.5% | Dec 2023 1.7% | Mar 2024 1.4% | Jun 2024 2.2% | Sep 2024 2.9% | Dec 2024 1.4% | Mar 2025 1.3% | Jun 2025 2.2% | Sep 2025 1.9% | Dec 2025 2.1% | Mar 2026 1.1% | Jun 2026 —

### 20-quarter ROCE change history
- GWW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.0 pp | Dec 2022 +1.8 pp | Mar 2023 +1.6 pp | Jun 2023 +1.1 pp | Sep 2023 −0.4 pp | Dec 2023 −0.8 pp | Mar 2024 −0.8 pp | Jun 2024 −0.8 pp | Sep 2024 −0.8 pp | Dec 2024 +0.5 pp | Mar 2025 −0.7 pp | Jun 2025 −0.3 pp | Sep 2025 −3.1 pp | Dec 2025 −0.5 pp | Mar 2026 +0.7 pp | Jun 2026 —
- FAST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 +0.4 pp | Mar 2023 +0.6 pp | Jun 2023 −0.2 pp | Sep 2023 −0.3 pp | Dec 2023 +0.4 pp | Mar 2024 −0.3 pp | Jun 2024 −0.4 pp | Sep 2024 −0.2 pp | Dec 2024 −0.6 pp | Mar 2025 −0.4 pp | Jun 2025 +0.8 pp | Sep 2025 +0.9 pp | Dec 2025 +0.4 pp | Mar 2026 +0.7 pp | Jun 2026 +0.9 pp
- FERG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +5.7 pp | Sep 2024 −7.4 pp | Dec 2024 — | Mar 2025 — | Jun 2025 −0.3 pp | Sep 2025 +0.6 pp | Dec 2025 −5.5 pp | Mar 2026 −1.9 pp | Jun 2026 —
- WCC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.5 pp | Dec 2022 +1.3 pp | Mar 2023 +0.2 pp | Jun 2023 −0.5 pp | Sep 2023 −0.5 pp | Dec 2023 −0.9 pp | Mar 2024 −0.9 pp | Jun 2024 −0.5 pp | Sep 2024 −0.6 pp | Dec 2024 −0.2 pp | Mar 2025 −0.2 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 +0.2 pp | Mar 2026 +0.4 pp | Jun 2026 —
- QXO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.6 pp | Dec 2022 +122.9 pp | Mar 2023 +3.6 pp | Jun 2023 +4.7 pp | Sep 2023 −26.2 pp | Dec 2023 −112.2 pp | Mar 2024 −1.1 pp | Jun 2024 −5.0 pp | Sep 2024 +26.0 pp | Dec 2024 −5.6 pp | Mar 2025 −3.9 pp | Jun 2025 −1.1 pp | Sep 2025 +1.6 pp | Dec 2025 +0.6 pp | Mar 2026 −0.9 pp | Jun 2026 —
- WSO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.9 pp | Dec 2022 +5.6 pp | Mar 2023 +1.7 pp | Jun 2023 −3.3 pp | Sep 2023 −4.8 pp | Dec 2023 −5.8 pp | Mar 2024 −6.2 pp | Jun 2024 −3.7 pp | Sep 2024 −5.3 pp | Dec 2024 −4.2 pp | Mar 2025 −1.2 pp | Jun 2025 −1.0 pp | Sep 2025 −0.7 pp | Dec 2025 −2.6 pp | Mar 2026 −2.1 pp | Jun 2026 —
- AIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.4 pp | Dec 2022 +1.5 pp | Mar 2023 +1.2 pp | Jun 2023 +0.3 pp | Sep 2023 +0.1 pp | Dec 2023 −0.6 pp | Mar 2024 −0.9 pp | Jun 2024 −0.1 pp | Sep 2024 −0.9 pp | Dec 2024 −0.3 pp | Mar 2025 −0.3 pp | Jun 2025 −0.7 pp | Sep 2025 +0.3 pp | Dec 2025 −0.2 pp | Mar 2026 +0.3 pp | Jun 2026 —
- CNM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.8 pp | Mar 2023 +0.1 pp | Jun 2023 −3.0 pp | Sep 2023 −0.9 pp | Dec 2023 −0.8 pp | Mar 2024 −0.5 pp | Jun 2024 −0.8 pp | Sep 2024 −1.1 pp | Dec 2024 −0.4 pp | Mar 2025 0.0 pp | Jun 2025 −0.3 pp | Sep 2025 −0.3 pp | Dec 2025 −0.5 pp | Mar 2026 −0.4 pp | Jun 2026 +0.1 pp
- POOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.1 pp | Dec 2022 −2.8 pp | Mar 2023 −6.2 pp | Jun 2023 −7.4 pp | Sep 2023 −4.8 pp | Dec 2023 −1.1 pp | Mar 2024 −1.1 pp | Jun 2024 −1.4 pp | Sep 2024 −0.3 pp | Dec 2024 −0.6 pp | Mar 2025 −0.9 pp | Jun 2025 +0.1 pp | Sep 2025 0.0 pp | Dec 2025 −0.3 pp | Mar 2026 +0.1 pp | Jun 2026 −0.4 pp
- MSM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.0 pp | Mar 2023 +0.7 pp | Jun 2023 −0.5 pp | Sep 2023 −1.3 pp | Dec 2023 −0.7 pp | Mar 2024 −1.0 pp | Jun 2024 −1.3 pp | Sep 2024 −1.3 pp | Dec 2024 −1.3 pp | Mar 2025 −1.5 pp | Jun 2025 −1.2 pp | Sep 2025 −0.1 pp | Dec 2025 +0.3 pp | Mar 2026 +0.2 pp | Jun 2026 +1.6 pp
- REZI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.8 pp | Mar 2023 — | Jun 2023 −1.0 pp | Sep 2023 −1.1 pp | Dec 2023 −0.4 pp | Mar 2024 — | Jun 2024 −0.8 pp | Sep 2024 −0.9 pp | Dec 2024 −0.5 pp | Mar 2025 −0.2 pp | Jun 2025 +1.0 pp | Sep 2025 +0.2 pp | Dec 2025 −0.4 pp | Mar 2026 — | Jun 2026 −1.6 pp
- XMTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.8 pp | Dec 2022 +4.7 pp | Mar 2023 +2.2 pp | Jun 2023 +0.1 pp | Sep 2023 +0.9 pp | Dec 2023 +2.5 pp | Mar 2024 +0.1 pp | Jun 2024 +1.7 pp | Sep 2024 +0.1 pp | Dec 2024 0.0 pp | Mar 2025 +0.3 pp | Jun 2025 +0.8 pp | Sep 2025 +0.1 pp | Dec 2025 +0.5 pp | Mar 2026 +1.6 pp | Jun 2026 —
- SITE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.2 pp | Mar 2023 −2.4 pp | Jun 2023 −2.6 pp | Sep 2023 −2.7 pp | Dec 2023 −1.9 pp | Mar 2024 −1.0 pp | Jun 2024 +7.2 pp | Sep 2024 −5.3 pp | Dec 2024 −4.8 pp | Mar 2025 −0.2 pp | Jun 2025 +0.2 pp | Sep 2025 +0.5 pp | Dec 2025 +0.9 pp | Mar 2026 +0.2 pp | Jun 2026 —
- DNOW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.4 pp | Dec 2022 +3.3 pp | Mar 2023 +1.1 pp | Jun 2023 +0.4 pp | Sep 2023 −1.5 pp | Dec 2023 −0.7 pp | Mar 2024 −1.4 pp | Jun 2024 −1.0 pp | Sep 2024 −2.0 pp | Dec 2024 −1.1 pp | Mar 2025 −0.3 pp | Jun 2025 −0.5 pp | Sep 2025 +0.6 pp | Dec 2025 −11.6 pp | Mar 2026 −4.9 pp | Jun 2026 —
- DXPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.9 pp | Dec 2022 +2.0 pp | Mar 2023 +1.6 pp | Jun 2023 +1.3 pp | Sep 2023 +1.0 pp | Dec 2023 +0.3 pp | Mar 2024 −1.3 pp | Jun 2024 −0.6 pp | Sep 2024 −0.2 pp | Dec 2024 +0.4 pp | Mar 2025 +0.6 pp | Jun 2025 +0.1 pp | Sep 2025 −0.4 pp | Dec 2025 −0.1 pp | Mar 2026 −0.6 pp | Jun 2026 —
- DSGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +2.7 pp | Mar 2023 +1.1 pp | Jun 2023 +0.5 pp | Sep 2023 −2.5 pp | Dec 2023 −1.9 pp | Mar 2024 −2.5 pp | Jun 2024 −0.1 pp | Sep 2024 +0.2 pp | Dec 2024 +1.4 pp | Mar 2025 +1.2 pp | Jun 2025 +0.8 pp | Sep 2025 +0.3 pp | Dec 2025 −0.9 pp | Mar 2026 −0.5 pp | Jun 2026 —
- GIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.2 pp | Dec 2022 −5.9 pp | Mar 2023 −7.0 pp | Jun 2023 −2.6 pp | Sep 2023 −1.5 pp | Dec 2023 0.0 pp | Mar 2024 −1.1 pp | Jun 2024 −1.7 pp | Sep 2024 −2.5 pp | Dec 2024 −2.5 pp | Mar 2025 −0.2 pp | Jun 2025 +1.1 pp | Sep 2025 +0.3 pp | Dec 2025 +1.0 pp | Mar 2026 — | Jun 2026 −3.6 pp
- BXC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.0 pp | Mar 2023 — | Jun 2023 −15.6 pp | Sep 2023 −6.4 pp | Dec 2023 −6.1 pp | Mar 2024 — | Jun 2024 −0.8 pp | Sep 2024 −1.3 pp | Dec 2024 −1.2 pp | Mar 2025 −1.3 pp | Jun 2025 −0.7 pp | Sep 2025 −1.1 pp | Dec 2025 — | Mar 2026 −1.0 pp | Jun 2026 −0.6 pp
- TITN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +3.5 pp | Mar 2023 −1.5 pp | Jun 2023 +1.3 pp | Sep 2023 +0.7 pp | Dec 2023 −2.5 pp | Mar 2024 +1.3 pp | Jun 2024 −2.8 pp | Sep 2024 −4.7 pp | Dec 2024 −5.1 pp | Mar 2025 −10.7 pp | Jun 2025 −3.6 pp | Sep 2025 −1.8 pp | Dec 2025 −0.2 pp | Mar 2026 +4.0 pp | Jun 2026 0.0 pp
- EVI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 +1.7 pp | Mar 2023 +2.6 pp | Jun 2023 +0.6 pp | Sep 2023 −1.4 pp | Dec 2023 −0.7 pp | Mar 2024 −1.3 pp | Jun 2024 −0.2 pp | Sep 2024 +1.4 pp | Dec 2024 −0.3 pp | Mar 2025 −0.1 pp | Jun 2025 0.0 pp | Sep 2025 −1.0 pp | Dec 2025 +0.7 pp | Mar 2026 −0.2 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Ferguson Enterprises Inc. has the lowest comparable Guarded PEG at 0.7×, 54.5% below EVI Industries, Inc.. Only 10 of 20 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Ferguson Enterprises Inc. · 0.7× | 54.5% versus #2 · EVI Industries, Inc. | 0/8 recent comparable periods | 10/20 companies · 65 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Ferguson Enterprises Inc. (FERG): 0.7
2. EVI Industries, Inc. (EVI): 1.5
3. MSC Industrial Direct Co., Inc. (MSM): 1.6
4. Core & Main, Inc. (CNM): 2.1
5. DXP Enterprises, Inc. (DXPE): 2.3

### P/E — lowest P/E
1. QXO, Inc. (QXO): 2.8
2. Titan Machinery Inc. (TITN): 10.2
3. Global Industrial Company (GIC): 16.0
4. WESCO International, Inc. (WCC): 19.4
5. Pool Corporation (POOL): 19.8

### 20-quarter Guarded PEG history
- GWW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.5 | Jun 2023 0.6 | Sep 2023 0.7 | Dec 2023 1.1 | Mar 2024 2.5 | Jun 2024 4.9 | Sep 2024 — | Dec 2024 4.0 | Mar 2025 3.4 | Jun 2025 3.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FAST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.0 | Jun 2023 3.4 | Sep 2023 5.2 | Dec 2023 5.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 6.6 | Dec 2025 3.7 | Mar 2026 2.9 | Jun 2026 —
- FERG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.5 | Dec 2025 1.3 | Mar 2026 0.7 | Jun 2026 —
- WCC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 0.5 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.2 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 3.0 | Jun 2026 —
- WSO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.8 | Jun 2023 2.6 | Sep 2023 2.7 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 0.5 | Sep 2023 0.6 | Dec 2023 0.8 | Mar 2024 1.7 | Jun 2024 1.8 | Sep 2024 3.9 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 4.2 | Dec 2025 3.8 | Mar 2026 4.0 | Jun 2026 —
- CNM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.8 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 3.9 | Dec 2025 3.5 | Mar 2026 2.6 | Jun 2026 2.1
- MSM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.8 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 1.6
- SITE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.0 | Sep 2024 8.9 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DNOW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.3 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DXPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.2 | Dec 2023 0.2 | Mar 2024 0.5 | Jun 2024 0.9 | Sep 2024 0.8 | Dec 2024 2.2 | Mar 2025 0.5 | Jun 2025 0.4 | Sep 2025 0.6 | Dec 2025 0.8 | Mar 2026 2.3 | Jun 2026 —
- GIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.9 | Mar 2026 — | Jun 2026 —
- TITN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.1 | Sep 2023 0.2 | Dec 2023 — | Mar 2024 0.6 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- EVI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.7 | Dec 2023 5.5 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.1 | Jun 2025 1.5 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- GWW: Sep 2021 22.4 | Dec 2021 26.1 | Mar 2022 23.0 | Jun 2022 17.9 | Sep 2022 17.5 | Dec 2022 18.5 | Mar 2023 21.1 | Jun 2023 22.7 | Sep 2023 19.3 | Dec 2023 22.9 | Mar 2024 28.1 | Jun 2024 24.8 | Sep 2024 28.2 | Dec 2024 27.2 | Mar 2025 25.4 | Jun 2025 26.4 | Sep 2025 26.7 | Dec 2025 28.5 | Mar 2026 29.3 | Jun 2026 —
- FAST: Sep 2021 33.3 | Dec 2021 40.0 | Mar 2022 34.7 | Jun 2022 27.9 | Sep 2022 24.6 | Dec 2022 25.0 | Mar 2023 27.7 | Jun 2023 30.0 | Sep 2023 27.5 | Dec 2023 32.1 | Mar 2024 38.2 | Jun 2024 31.4 | Sep 2024 35.7 | Dec 2024 36.0 | Mar 2025 38.8 | Jun 2025 40.4 | Sep 2025 45.8 | Dec 2025 36.8 | Mar 2026 40.7 | Jun 2026 40.7
- FERG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 12.5 | Dec 2022 10.9 | Mar 2023 14.4 | Jun 2023 — | Sep 2023 17.5 | Dec 2023 — | Mar 2024 — | Jun 2024 22.7 | Sep 2024 25.8 | Dec 2024 23.4 | Mar 2025 23.2 | Jun 2025 24.2 | Sep 2025 23.7 | Dec 2025 24.0 | Mar 2026 21.8 | Jun 2026 —
- WCC: Sep 2021 23.0 | Dec 2021 16.8 | Mar 2022 12.8 | Jun 2022 8.9 | Sep 2022 8.3 | Dec 2022 8.2 | Mar 2023 9.9 | Jun 2023 11.9 | Sep 2023 9.6 | Dec 2023 12.8 | Mar 2024 14.3 | Jun 2024 12.3 | Sep 2024 13.5 | Dec 2024 13.9 | Mar 2025 11.8 | Jun 2025 14.5 | Sep 2025 16.6 | Dec 2025 18.8 | Mar 2026 19.5 | Jun 2026 —
- QXO: Sep 2021 346.9 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 10.3 | Mar 2023 3.9 | Jun 2023 3.5 | Sep 2023 2.9 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 2.8 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- WSO: Sep 2021 26.7 | Dec 2021 29.0 | Mar 2022 24.9 | Jun 2022 17.8 | Sep 2022 18.8 | Dec 2022 16.0 | Mar 2023 21.0 | Jun 2023 25.7 | Sep 2023 24.9 | Dec 2023 31.5 | Mar 2024 33.3 | Jun 2024 35.7 | Sep 2024 38.2 | Dec 2024 36.5 | Mar 2025 39.1 | Jun 2025 33.9 | Sep 2025 31.6 | Dec 2025 27.7 | Mar 2026 30.0 | Jun 2026 —
- AIT: Sep 2021 21.7 | Dec 2021 17.9 | Mar 2022 16.9 | Jun 2022 14.6 | Sep 2022 14.3 | Dec 2022 16.2 | Mar 2023 16.7 | Jun 2023 16.4 | Sep 2023 16.7 | Dec 2023 18.1 | Mar 2024 20.7 | Jun 2024 19.7 | Sep 2024 22.8 | Dec 2024 24.3 | Mar 2025 22.6 | Jun 2025 23.0 | Sep 2025 25.1 | Dec 2025 24.4 | Mar 2026 25.1 | Jun 2026 —
- CNM: Sep 2021 — | Dec 2021 29.9 | Mar 2022 42.6 | Jun 2022 26.1 | Sep 2022 14.0 | Dec 2022 11.9 | Mar 2023 10.0 | Jun 2023 12.2 | Sep 2023 15.3 | Dec 2023 13.9 | Mar 2024 18.9 | Jun 2024 26.8 | Sep 2024 25.6 | Dec 2024 21.2 | Mar 2025 26.5 | Jun 2025 25.1 | Sep 2025 28.0 | Dec 2025 23.0 | Mar 2026 23.1 | Jun 2026 20.8
- POOL: Sep 2021 29.4 | Dec 2021 35.4 | Mar 2022 23.5 | Jun 2022 18.3 | Sep 2022 16.3 | Dec 2022 16.2 | Mar 2023 20.4 | Jun 2023 24.8 | Sep 2023 25.8 | Dec 2023 29.9 | Mar 2024 31.6 | Jun 2024 25.9 | Sep 2024 32.4 | Dec 2024 30.2 | Mar 2025 29.9 | Jun 2025 26.9 | Sep 2025 28.3 | Dec 2025 21.1 | Mar 2026 18.6 | Jun 2026 19.8
- MSM: Sep 2021 — | Dec 2021 18.7 | Mar 2022 14.7 | Jun 2022 15.8 | Sep 2022 13.0 | Dec 2022 13.5 | Mar 2023 13.2 | Jun 2023 14.6 | Sep 2023 16.6 | Dec 2023 16.8 | Mar 2024 18.0 | Jun 2024 16.7 | Sep 2024 18.0 | Dec 2024 20.5 | Mar 2025 21.2 | Jun 2025 22.9 | Sep 2025 25.3 | Dec 2025 24.3 | Mar 2026 25.2 | Jun 2026 26.4
- REZI: Sep 2021 — | Dec 2021 15.5 | Mar 2022 — | Jun 2022 13.0 | Sep 2022 9.1 | Dec 2022 9.2 | Mar 2023 — | Jun 2023 10.8 | Sep 2023 12.6 | Dec 2023 13.3 | Mar 2024 16.9 | Jun 2024 16.6 | Sep 2024 18.1 | Dec 2024 37.8 | Mar 2025 55.7 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SITE: Sep 2021 — | Dec 2021 42.0 | Mar 2022 46.6 | Jun 2022 28.6 | Sep 2022 19.7 | Dec 2022 17.4 | Mar 2023 21.9 | Jun 2023 30.1 | Sep 2023 39.9 | Dec 2023 42.6 | Mar 2024 50.6 | Jun 2024 36.0 | Sep 2024 48.9 | Dec 2024 49.3 | Mar 2025 48.6 | Jun 2025 44.0 | Sep 2025 41.9 | Dec 2025 37.8 | Mar 2026 38.7 | Jun 2026 —
- DNOW: Sep 2021 — | Dec 2021 170.8 | Mar 2022 31.5 | Jun 2022 16.3 | Sep 2022 11.2 | Dec 2022 21.2 | Mar 2023 9.8 | Jun 2023 8.5 | Sep 2023 10.0 | Dec 2023 5.0 | Mar 2024 7.0 | Jun 2024 6.6 | Sep 2024 6.4 | Dec 2024 18.3 | Mar 2025 19.4 | Jun 2025 16.5 | Sep 2025 29.3 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DXPE: Sep 2021 48.5 | Dec 2021 30.9 | Mar 2022 18.4 | Jun 2022 17.0 | Sep 2022 11.0 | Dec 2022 11.2 | Mar 2023 9.7 | Jun 2023 11.8 | Sep 2023 10.6 | Dec 2023 8.7 | Mar 2024 14.9 | Jun 2024 13.0 | Sep 2024 13.8 | Dec 2024 19.6 | Mar 2025 17.1 | Jun 2025 16.7 | Sep 2025 22.6 | Dec 2025 20.5 | Mar 2026 26.1 | Jun 2026 —
- DSGR: Sep 2021 87.7 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 87.8 | Mar 2023 26.9 | Jun 2023 25.3 | Sep 2023 44.8 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 962.8 | Dec 2024 — | Mar 2025 1,400.0 | Jun 2025 305.2 | Sep 2025 — | Dec 2025 152.2 | Mar 2026 218.7 | Jun 2026 —
- GIC: Sep 2021 19.2 | Dec 2021 22.2 | Mar 2022 11.2 | Jun 2022 11.6 | Sep 2022 9.5 | Dec 2022 11.5 | Mar 2023 14.6 | Jun 2023 15.4 | Sep 2023 18.5 | Dec 2023 21.1 | Mar 2024 24.3 | Jun 2024 17.4 | Sep 2024 20.0 | Dec 2024 15.7 | Mar 2025 14.2 | Jun 2025 15.8 | Sep 2025 21.0 | Dec 2025 15.8 | Mar 2026 — | Jun 2026 16.0
- BXC: Sep 2021 — | Dec 2021 2.0 | Mar 2022 3.2 | Jun 2022 2.0 | Sep 2022 2.1 | Dec 2022 1.8 | Mar 2023 — | Jun 2023 3.5 | Sep 2023 6.5 | Dec 2023 21.0 | Mar 2024 24.4 | Jun 2024 21.8 | Sep 2024 30.4 | Dec 2024 16.8 | Mar 2025 17.1 | Jun 2025 22.1 | Sep 2025 43.8 | Dec 2025 — | Mar 2026 3,037.5 | Jun 2026 —
- TITN: Sep 2021 — | Dec 2021 14.4 | Mar 2022 10.6 | Jun 2022 7.3 | Sep 2022 7.3 | Dec 2022 7.3 | Mar 2023 9.8 | Jun 2023 6.4 | Sep 2023 6.2 | Dec 2023 5.3 | Mar 2024 5.4 | Jun 2024 5.4 | Sep 2024 6.9 | Dec 2024 10.3 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- EVI: Sep 2021 38.3 | Dec 2021 43.4 | Mar 2022 27.3 | Jun 2022 34.5 | Sep 2022 51.8 | Dec 2022 51.9 | Mar 2023 30.5 | Jun 2023 32.8 | Sep 2023 44.3 | Dec 2023 47.5 | Mar 2024 67.3 | Jun 2024 51.1 | Sep 2024 38.7 | Dec 2024 34.1 | Mar 2025 34.2 | Jun 2025 44.6 | Sep 2025 81.1 | Dec 2025 52.4 | Mar 2026 45.7 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: DNOW Inc. leads ev/ebitda at 8.26×; BlueLinx Holdings Inc. leads p/bv at 0.65×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: DNOW Inc. · 8.26× | 21.3% versus #2 · BlueLinx Holdings Inc. | 0/8 recent comparable periods | 19/20 companies · 339 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. DNOW Inc. (DNOW): 8.3
2. BlueLinx Holdings Inc. (BXC): 10.5
3. Resideo Technologies, Inc. (REZI): 11.0
4. Global Industrial Company (GIC): 11.5
5. Core & Main, Inc. (CNM): 12.6

### P/BV — lowest P/BV
1. BlueLinx Holdings Inc. (BXC): 0.7
2. Titan Machinery Inc. (TITN): 0.9
3. DNOW Inc. (DNOW): 1.0
4. QXO, Inc. (QXO): 1.4
5. Resideo Technologies, Inc. (REZI): 1.8

### 20-quarter EV/EBITDA history
- GWW: Sep 2021 14.2 | Dec 2021 16.9 | Mar 2022 15.1 | Jun 2022 12.2 | Sep 2022 11.9 | Dec 2022 12.7 | Mar 2023 14.4 | Jun 2023 15.5 | Sep 2023 13.3 | Dec 2023 15.6 | Mar 2024 18.8 | Jun 2024 16.7 | Sep 2024 18.9 | Dec 2024 18.6 | Mar 2025 17.3 | Jun 2025 18.0 | Sep 2025 17.5 | Dec 2025 18.4 | Mar 2026 18.8 | Jun 2026 —
- FAST: Sep 2021 22.3 | Dec 2021 26.9 | Mar 2022 23.6 | Jun 2022 19.0 | Sep 2022 16.9 | Dec 2022 16.9 | Mar 2023 18.7 | Jun 2023 20.3 | Sep 2023 18.7 | Dec 2023 21.9 | Mar 2024 26.1 | Jun 2024 21.4 | Sep 2024 24.3 | Dec 2024 24.6 | Mar 2025 26.5 | Jun 2025 27.9 | Sep 2025 31.5 | Dec 2025 25.2 | Mar 2026 28.3 | Jun 2026 28.3
- FERG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 8.5 | Dec 2022 8.5 | Mar 2023 10.7 | Jun 2023 — | Sep 2023 12.6 | Dec 2023 — | Mar 2024 — | Jun 2024 18.1 | Sep 2024 16.7 | Dec 2024 15.2 | Mar 2025 14.9 | Jun 2025 16.1 | Sep 2025 16.5 | Dec 2025 17.0 | Mar 2026 15.4 | Jun 2026 —
- WCC: Sep 2021 12.3 | Dec 2021 11.6 | Mar 2022 10.2 | Jun 2022 8.3 | Sep 2022 7.9 | Dec 2022 7.3 | Mar 2023 8.2 | Jun 2023 8.8 | Sep 2023 7.7 | Dec 2023 9.0 | Mar 2024 9.0 | Jun 2024 8.8 | Sep 2024 9.3 | Dec 2024 9.8 | Mar 2025 9.2 | Jun 2025 10.6 | Sep 2025 11.6 | Dec 2025 13.2 | Mar 2026 13.7 | Jun 2026 —
- QXO: Sep 2021 143.8 | Dec 2021 277.2 | Mar 2022 581.9 | Jun 2022 8,572.5 | Sep 2022 447.2 | Dec 2022 161.9 | Mar 2023 3.6 | Jun 2023 3.3 | Sep 2023 2.8 | Dec 2023 — | Mar 2024 — | Jun 2024 78.9 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 275.9 | Dec 2025 87.8 | Mar 2026 121.5 | Jun 2026 —
- WSO: Sep 2021 17.2 | Dec 2021 18.1 | Mar 2022 15.7 | Jun 2022 11.7 | Sep 2022 12.1 | Dec 2022 11.2 | Mar 2023 14.5 | Jun 2023 17.8 | Sep 2023 17.6 | Dec 2023 20.5 | Mar 2024 21.4 | Jun 2024 23.0 | Sep 2024 24.9 | Dec 2024 23.5 | Mar 2025 24.8 | Jun 2025 21.9 | Sep 2025 20.7 | Dec 2025 17.9 | Mar 2026 19.0 | Jun 2026 —
- AIT: Sep 2021 14.4 | Dec 2021 12.5 | Mar 2022 11.7 | Jun 2022 10.2 | Sep 2022 10.1 | Dec 2022 11.2 | Mar 2023 11.7 | Jun 2023 11.2 | Sep 2023 11.6 | Dec 2023 12.7 | Mar 2024 14.5 | Jun 2024 13.8 | Sep 2024 16.0 | Dec 2024 17.3 | Mar 2025 15.8 | Jun 2025 16.1 | Sep 2025 17.3 | Dec 2025 16.7 | Mar 2026 17.0 | Jun 2026 —
- CNM: Sep 2021 — | Dec 2021 13.1 | Mar 2022 10.5 | Jun 2022 9.1 | Sep 2022 6.3 | Dec 2022 7.1 | Mar 2023 6.4 | Jun 2023 7.2 | Sep 2023 8.4 | Dec 2023 7.9 | Mar 2024 11.1 | Jun 2024 15.4 | Sep 2024 14.8 | Dec 2024 12.6 | Mar 2025 14.6 | Jun 2025 14.0 | Sep 2025 15.7 | Dec 2025 13.4 | Mar 2026 13.5 | Jun 2026 12.6
- POOL: Sep 2021 22.2 | Dec 2021 28.0 | Mar 2022 19.2 | Jun 2022 14.9 | Sep 2022 13.1 | Dec 2022 12.6 | Mar 2023 15.4 | Jun 2023 18.2 | Sep 2023 18.5 | Dec 2023 21.1 | Mar 2024 22.3 | Jun 2024 18.8 | Sep 2024 22.8 | Dec 2024 21.2 | Mar 2025 21.0 | Jun 2025 19.4 | Sep 2025 20.1 | Dec 2025 15.5 | Mar 2026 13.9 | Jun 2026 15.0
- MSM: Sep 2021 — | Dec 2021 13.0 | Mar 2022 10.9 | Jun 2022 11.5 | Sep 2022 9.7 | Dec 2022 9.9 | Mar 2023 9.7 | Jun 2023 10.1 | Sep 2023 11.3 | Dec 2023 11.3 | Mar 2024 11.9 | Jun 2024 10.8 | Sep 2024 10.9 | Dec 2024 11.9 | Mar 2025 12.0 | Jun 2025 12.6 | Sep 2025 14.0 | Dec 2025 13.7 | Mar 2026 14.2 | Jun 2026 15.3
- REZI: Sep 2021 — | Dec 2021 6.3 | Mar 2022 — | Jun 2022 6.9 | Sep 2022 5.3 | Dec 2022 5.3 | Mar 2023 — | Jun 2023 5.7 | Sep 2023 5.7 | Dec 2023 5.4 | Mar 2024 6.4 | Jun 2024 8.1 | Sep 2024 7.5 | Dec 2024 7.8 | Mar 2025 6.5 | Jun 2025 6.6 | Sep 2025 11.3 | Dec 2025 10.3 | Mar 2026 — | Jun 2026 11.0
- SITE: Sep 2021 — | Dec 2021 25.3 | Mar 2022 27.5 | Jun 2022 18.9 | Sep 2022 13.5 | Dec 2022 11.7 | Mar 2023 12.4 | Jun 2023 15.5 | Sep 2023 19.4 | Dec 2023 19.9 | Mar 2024 24.5 | Jun 2024 17.9 | Sep 2024 19.8 | Dec 2024 20.7 | Mar 2025 18.4 | Jun 2025 18.4 | Sep 2025 18.5 | Dec 2025 17.1 | Mar 2026 17.9 | Jun 2026 —
- DNOW: Sep 2021 — | Dec 2021 20.3 | Mar 2022 15.5 | Jun 2022 9.7 | Sep 2022 7.0 | Dec 2022 8.1 | Mar 2023 6.4 | Jun 2023 5.4 | Sep 2023 6.6 | Dec 2023 5.5 | Mar 2024 9.0 | Jun 2024 7.9 | Sep 2024 7.6 | Dec 2024 8.1 | Mar 2025 10.7 | Jun 2025 8.9 | Sep 2025 8.3 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DXPE: Sep 2021 17.5 | Dec 2021 12.0 | Mar 2022 13.0 | Jun 2022 12.7 | Sep 2022 7.6 | Dec 2022 6.2 | Mar 2023 6.4 | Jun 2023 8.1 | Sep 2023 6.2 | Dec 2023 5.6 | Mar 2024 7.9 | Jun 2024 7.6 | Sep 2024 8.1 | Dec 2024 10.2 | Mar 2025 9.7 | Jun 2025 9.7 | Sep 2025 11.7 | Dec 2025 10.7 | Mar 2026 12.9 | Jun 2026 —
- DSGR: Sep 2021 20.5 | Dec 2021 26.5 | Mar 2022 12.1 | Jun 2022 33.5 | Sep 2022 15.4 | Dec 2022 13.3 | Mar 2023 12.8 | Jun 2023 15.3 | Sep 2023 15.2 | Dec 2023 19.0 | Mar 2024 23.7 | Jun 2024 20.8 | Sep 2024 24.2 | Dec 2024 18.1 | Mar 2025 13.9 | Jun 2025 12.3 | Sep 2025 12.5 | Dec 2025 12.6 | Mar 2026 13.1 | Jun 2026 —
- GIC: Sep 2021 16.8 | Dec 2021 17.6 | Mar 2022 11.4 | Jun 2022 11.6 | Sep 2022 9.5 | Dec 2022 8.9 | Mar 2023 11.0 | Jun 2023 11.9 | Sep 2023 13.6 | Dec 2023 15.0 | Mar 2024 17.2 | Jun 2024 12.4 | Sep 2024 14.2 | Dec 2024 11.2 | Mar 2025 10.1 | Jun 2025 11.3 | Sep 2025 14.6 | Dec 2025 10.9 | Mar 2026 — | Jun 2026 11.5
- BXC: Sep 2021 — | Dec 2021 2.7 | Mar 2022 3.1 | Jun 2022 2.2 | Sep 2022 2.3 | Dec 2022 1.8 | Mar 2023 — | Jun 2023 2.8 | Sep 2023 4.3 | Dec 2023 6.3 | Mar 2024 7.6 | Jun 2024 6.1 | Sep 2024 7.1 | Dec 2024 8.2 | Mar 2025 7.6 | Jun 2025 8.6 | Sep 2025 9.5 | Dec 2025 — | Mar 2026 10.6 | Jun 2026 10.5
- TITN: Sep 2021 — | Dec 2021 7.8 | Mar 2022 6.2 | Jun 2022 4.4 | Sep 2022 4.6 | Dec 2022 5.4 | Mar 2023 6.8 | Jun 2023 4.7 | Sep 2023 4.3 | Dec 2023 3.5 | Mar 2024 3.8 | Jun 2024 3.5 | Sep 2024 3.4 | Dec 2024 3.7 | Mar 2025 15.1 | Jun 2025 41.7 | Sep 2025 — | Dec 2025 — | Mar 2026 20.2 | Jun 2026 23.4
- EVI: Sep 2021 36.4 | Dec 2021 38.5 | Mar 2022 26.0 | Jun 2022 13.6 | Sep 2022 19.8 | Dec 2022 20.7 | Mar 2023 14.0 | Jun 2023 14.0 | Sep 2023 16.8 | Dec 2023 16.8 | Mar 2024 19.0 | Jun 2024 14.6 | Sep 2024 13.5 | Dec 2024 12.4 | Mar 2025 12.4 | Jun 2025 16.4 | Sep 2025 23.9 | Dec 2025 17.7 | Mar 2026 15.1 | Jun 2026 —

### 20-quarter P/BV history
- GWW: Sep 2021 11.1 | Dec 2021 14.2 | Mar 2022 12.7 | Jun 2022 10.5 | Sep 2022 10.7 | Dec 2022 11.5 | Mar 2023 12.6 | Jun 2023 13.4 | Sep 2023 11.1 | Dec 2023 13.1 | Mar 2024 15.6 | Jun 2024 13.5 | Sep 2024 14.4 | Dec 2024 15.2 | Mar 2025 13.7 | Jun 2025 13.6 | Sep 2025 12.7 | Dec 2025 12.8 | Mar 2026 13.1 | Jun 2026 —
- FAST: Sep 2021 10.0 | Dec 2021 12.1 | Mar 2022 10.9 | Jun 2022 9.0 | Sep 2022 8.3 | Dec 2022 8.5 | Mar 2023 9.4 | Jun 2023 10.0 | Sep 2023 9.0 | Dec 2023 11.1 | Mar 2024 12.9 | Jun 2024 10.3 | Sep 2024 11.4 | Dec 2024 11.4 | Mar 2025 12.1 | Jun 2025 12.7 | Sep 2025 14.5 | Dec 2025 11.7 | Mar 2026 13.4 | Jun 2026 13.6
- FERG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 4.5 | Mar 2023 6.3 | Jun 2023 5.9 | Sep 2023 6.6 | Dec 2023 — | Mar 2024 — | Jun 2024 7.6 | Sep 2024 8.0 | Dec 2024 7.0 | Mar 2025 6.6 | Jun 2025 6.1 | Sep 2025 7.5 | Dec 2025 8.0 | Mar 2026 7.7 | Jun 2026 —
- WCC: Sep 2021 1.6 | Dec 2021 1.8 | Mar 2022 1.7 | Jun 2022 1.3 | Sep 2022 1.5 | Dec 2022 1.4 | Mar 2023 1.7 | Jun 2023 1.9 | Sep 2023 1.5 | Dec 2023 1.8 | Mar 2024 1.8 | Jun 2024 1.6 | Sep 2024 1.6 | Dec 2024 1.8 | Mar 2025 1.5 | Jun 2025 1.9 | Sep 2025 2.1 | Dec 2025 2.6 | Mar 2026 2.8 | Jun 2026 —
- QXO: Sep 2021 26.6 | Dec 2021 19.6 | Mar 2022 14.3 | Jun 2022 12.0 | Sep 2022 12.1 | Dec 2022 13.0 | Mar 2023 13.0 | Jun 2023 13.9 | Sep 2023 19.6 | Dec 2023 12.2 | Mar 2024 9.2 | Jun 2024 0.1 | Sep 2024 1.3 | Dec 2024 1.3 | Mar 2025 1.1 | Jun 2025 1.5 | Sep 2025 1.3 | Dec 2025 1.3 | Mar 2026 1.4 | Jun 2026 —
- WSO: Sep 2021 4.7 | Dec 2021 5.5 | Mar 2022 5.2 | Jun 2022 3.8 | Sep 2022 4.0 | Dec 2022 3.9 | Mar 2023 5.0 | Jun 2023 5.6 | Sep 2023 5.1 | Dec 2023 6.0 | Mar 2024 5.4 | Jun 2024 5.7 | Sep 2024 5.9 | Dec 2024 5.9 | Mar 2025 6.2 | Jun 2025 5.2 | Sep 2025 4.6 | Dec 2025 4.0 | Mar 2026 4.3 | Jun 2026 —
- AIT: Sep 2021 3.6 | Dec 2021 3.9 | Mar 2022 3.6 | Jun 2022 3.2 | Sep 2022 3.3 | Dec 2022 3.8 | Mar 2023 4.0 | Jun 2023 3.8 | Sep 2023 3.9 | Dec 2023 4.2 | Mar 2024 4.6 | Jun 2024 4.4 | Sep 2024 4.9 | Dec 2024 5.1 | Mar 2025 4.7 | Jun 2025 4.8 | Sep 2025 5.2 | Dec 2025 5.1 | Mar 2026 5.3 | Jun 2026 —
- CNM: Sep 2021 — | Dec 2021 3.6 | Mar 2022 3.0 | Jun 2022 2.8 | Sep 2022 2.6 | Dec 2022 2.4 | Mar 2023 2.1 | Jun 2023 2.7 | Sep 2023 3.2 | Dec 2023 2.9 | Mar 2024 5.4 | Jun 2024 7.0 | Sep 2024 6.3 | Dec 2024 5.1 | Mar 2025 6.3 | Jun 2025 5.9 | Sep 2025 6.3 | Dec 2025 5.0 | Mar 2026 5.0 | Jun 2026 4.5
- POOL: Sep 2021 17.7 | Dec 2021 21.2 | Mar 2022 14.4 | Jun 2022 11.3 | Sep 2022 10.4 | Dec 2022 9.6 | Mar 2023 10.6 | Jun 2023 10.0 | Sep 2023 9.7 | Dec 2023 11.7 | Mar 2024 11.5 | Jun 2024 8.3 | Sep 2024 10.0 | Dec 2024 10.1 | Mar 2025 9.7 | Jun 2025 8.4 | Sep 2025 8.4 | Dec 2025 7.1 | Mar 2026 6.5 | Jun 2026 —
- MSM: Sep 2021 — | Dec 2021 3.8 | Mar 2022 3.6 | Jun 2022 3.7 | Sep 2022 3.3 | Dec 2022 3.5 | Mar 2023 3.6 | Jun 2023 3.6 | Sep 2023 4.0 | Dec 2023 4.0 | Mar 2024 4.1 | Jun 2024 3.4 | Sep 2024 3.3 | Dec 2024 3.5 | Mar 2025 3.3 | Jun 2025 3.3 | Sep 2025 3.6 | Dec 2025 3.6 | Mar 2026 3.8 | Jun 2026 4.3
- REZI: Sep 2021 — | Dec 2021 1.7 | Mar 2022 — | Jun 2022 1.5 | Sep 2022 1.2 | Dec 2022 1.2 | Mar 2023 — | Jun 2023 1.0 | Sep 2023 1.0 | Dec 2023 1.0 | Mar 2024 1.2 | Jun 2024 0.9 | Sep 2024 0.9 | Dec 2024 1.0 | Mar 2025 0.8 | Jun 2025 1.3 | Sep 2025 2.2 | Dec 2025 1.8 | Mar 2026 — | Jun 2026 1.8
- XMTR: Sep 2021 7.5 | Dec 2021 5.6 | Mar 2022 4.2 | Jun 2022 4.0 | Sep 2022 6.9 | Dec 2022 4.1 | Mar 2023 2.0 | Jun 2023 3.0 | Sep 2023 2.4 | Dec 2023 5.3 | Mar 2024 2.6 | Jun 2024 1.8 | Sep 2024 2.9 | Dec 2024 6.8 | Mar 2025 4.1 | Jun 2025 6.3 | Sep 2025 10.2 | Dec 2025 11.0 | Mar 2026 7.6 | Jun 2026 —
- SITE: Sep 2021 — | Dec 2021 8.9 | Mar 2022 10.3 | Jun 2022 6.7 | Sep 2022 4.4 | Dec 2022 3.6 | Mar 2023 4.0 | Jun 2023 4.7 | Sep 2023 5.3 | Dec 2023 4.9 | Mar 2024 5.4 | Jun 2024 3.5 | Sep 2024 4.2 | Dec 2024 3.8 | Mar 2025 3.5 | Jun 2025 3.3 | Sep 2025 3.4 | Dec 2025 3.4 | Mar 2026 3.6 | Jun 2026 —
- DNOW: Sep 2021 1.2 | Dec 2021 1.3 | Mar 2022 1.6 | Jun 2022 1.4 | Sep 2022 1.4 | Dec 2022 1.7 | Mar 2023 1.4 | Jun 2023 1.3 | Sep 2023 1.4 | Dec 2023 1.1 | Mar 2024 1.5 | Jun 2024 1.3 | Sep 2024 1.2 | Dec 2024 1.2 | Mar 2025 1.6 | Jun 2025 1.4 | Sep 2025 1.4 | Dec 2025 1.1 | Mar 2026 1.0 | Jun 2026 —
- DXPE: Sep 2021 1.5 | Dec 2021 1.4 | Mar 2022 1.4 | Jun 2022 1.5 | Sep 2022 1.2 | Dec 2022 1.2 | Mar 2023 1.1 | Jun 2023 1.7 | Sep 2023 1.6 | Dec 2023 1.4 | Mar 2024 2.3 | Jun 2024 1.9 | Sep 2024 2.1 | Dec 2024 3.1 | Mar 2025 2.9 | Jun 2025 2.9 | Sep 2025 3.8 | Dec 2025 3.4 | Mar 2026 4.2 | Jun 2026 —
- DSGR: Sep 2021 3.8 | Dec 2021 3.4 | Mar 2022 2.5 | Jun 2022 1.8 | Sep 2022 1.0 | Dec 2022 1.3 | Mar 2023 1.7 | Jun 2023 1.8 | Sep 2023 1.8 | Dec 2023 2.2 | Mar 2024 2.5 | Jun 2024 2.2 | Sep 2024 2.7 | Dec 2024 2.5 | Mar 2025 2.1 | Jun 2025 2.0 | Sep 2025 2.1 | Dec 2025 2.0 | Mar 2026 1.9 | Jun 2026 —
- GIC: Sep 2021 9.4 | Dec 2021 10.1 | Mar 2022 7.2 | Jun 2022 6.8 | Sep 2022 5.0 | Dec 2022 4.3 | Mar 2023 4.7 | Jun 2023 4.6 | Sep 2023 5.2 | Dec 2023 5.8 | Mar 2024 6.6 | Jun 2024 4.4 | Sep 2024 4.7 | Dec 2024 3.4 | Mar 2025 3.0 | Jun 2025 3.4 | Sep 2025 4.5 | Dec 2025 3.6 | Mar 2026 — | Jun 2026 3.8
- BXC: Sep 2021 — | Dec 2021 1.7 | Mar 2022 2.6 | Jun 2022 1.4 | Sep 2022 1.3 | Dec 2022 1.0 | Mar 2023 — | Jun 2023 1.0 | Sep 2023 1.4 | Dec 2023 1.6 | Mar 2024 1.7 | Jun 2024 1.2 | Sep 2024 1.3 | Dec 2024 1.4 | Mar 2025 1.0 | Jun 2025 0.9 | Sep 2025 0.9 | Dec 2025 — | Mar 2026 0.8 | Jun 2026 0.7
- TITN: Sep 2021 — | Dec 2021 1.6 | Mar 2022 1.6 | Jun 2022 1.2 | Sep 2022 1.4 | Dec 2022 1.5 | Mar 2023 1.9 | Jun 2023 1.3 | Sep 2023 1.2 | Dec 2023 0.9 | Mar 2024 0.9 | Jun 2024 0.8 | Sep 2024 0.6 | Dec 2024 0.5 | Mar 2025 0.7 | Jun 2025 0.6 | Sep 2025 0.7 | Dec 2025 0.6 | Mar 2026 0.7 | Jun 2026 0.9
- EVI: Sep 2021 3.1 | Dec 2021 3.5 | Mar 2022 2.0 | Jun 2022 1.1 | Sep 2022 1.9 | Dec 2022 2.4 | Mar 2023 1.9 | Jun 2023 2.1 | Sep 2023 2.3 | Dec 2023 2.3 | Mar 2024 2.4 | Jun 2024 1.8 | Sep 2024 1.8 | Dec 2024 1.5 | Mar 2025 1.5 | Jun 2025 1.9 | Sep 2025 2.9 | Dec 2025 2.2 | Mar 2026 1.8 | Jun 2026 —

## Market action

Xometry, Inc. has the strongest one-year price move in Industrial Distribution at +167.1%. It also leads on Mansfield relative strength against the S&P 500 at +26.9%. 9 of 20 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Xometry, Inc. (XMTR): 167%
2. WESCO International, Inc. (WCC): 63%
3. W.W. Grainger, Inc. (GWW): 50%
4. MSC Industrial Direct Co., Inc. (MSM): 47%
5. DXP Enterprises, Inc. (DXPE): 46%

### Strongest relative strength versus NIFTY 500
1. Xometry, Inc. (XMTR): 27%
2. MSC Industrial Direct Co., Inc. (MSM): 21%
3. W.W. Grainger, Inc. (GWW): 18%
4. Applied Industrial Technologies, Inc. (AIT): 16%
5. Distribution Solutions Group, Inc. (DSGR): 12%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- W.W. Grainger, Inc. (GWW) — market value ₹66.0K Cr; latest fundamentals Mar 2026
- Fastenal Company (FAST) — market value ₹55.2K Cr; latest fundamentals Jun 2026
- Ferguson Enterprises Inc. (FERG) — market value ₹45.0K Cr; latest fundamentals Mar 2026
- WESCO International, Inc. (WCC) — market value ₹16.1K Cr; latest fundamentals Mar 2026
- QXO, Inc. (QXO) — market value ₹14.8K Cr; latest fundamentals Mar 2026
- Watsco, Inc. (WSO) — market value ₹14.2K Cr; latest fundamentals Mar 2026
- Applied Industrial Technologies, Inc. (AIT) — market value ₹12.9K Cr; latest fundamentals Mar 2026
- Core & Main, Inc. (CNM) — market value ₹8.5K Cr; latest fundamentals Jun 2026
- Pool Corporation (POOL) — market value ₹7.0K Cr; latest fundamentals Jun 2026
- MSC Industrial Direct Co., Inc. (MSM) — market value ₹7.0K Cr; latest fundamentals Jun 2026
- Resideo Technologies, Inc. (REZI) — market value ₹5.6K Cr; latest fundamentals Jun 2026
- Xometry, Inc. (XMTR) — market value ₹4.7K Cr; latest fundamentals Mar 2026
- SiteOne Landscape Supply, Inc. (SITE) — market value ₹4.6K Cr; latest fundamentals Mar 2026
- DNOW Inc. (DNOW) — market value ₹2.5K Cr; latest fundamentals Mar 2026
- DXP Enterprises, Inc. (DXPE) — market value ₹2.5K Cr; latest fundamentals Mar 2026
- Distribution Solutions Group, Inc. (DSGR) — market value ₹1.6K Cr; latest fundamentals Mar 2026
- Global Industrial Company (GIC) — market value ₹1.4K Cr; latest fundamentals Jun 2026
- BlueLinx Holdings Inc. (BXC) — market value ₹465 Cr; latest fundamentals Jun 2026
- Titan Machinery Inc. (TITN) — market value ₹446 Cr; latest fundamentals Jun 2026
- EVI Industries, Inc. (EVI) — market value ₹194 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Industrial Distribution company is the biggest?

Ferguson Enterprises Inc. is the largest, with trailing-twelve-month revenue of $31,759 million, ahead of WESCO International, Inc. at $24,248 million. That covers 15 of 20 companies with comparable reporting through Mar 2026.

### Which Industrial Distribution company is growing fastest?

QXO, Inc. has the fastest revenue growth at 100% year on year, across 15 of 20 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Industrial Distribution company has the best profit margins?

Fastenal Company has the highest operating margin at 20.3%, from 20 of 20 comparable companies. QXO, Inc. shows the biggest recent improvement, at +276.5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Industrial Distribution company makes the most profit?

Ferguson Enterprises Inc. earns the most, at $2,094 million of trailing-twelve-month net profit, from 15 of 20 comparable companies. Distribution Solutions Group, Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Industrial Distribution company earns the highest return on capital?

Watsco, Inc. leads on return on capital employed at 18.7%, across 20 of 20 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Industrial Distribution stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Ferguson Enterprises Inc. screens cheapest at 0.7×. Only 10 of 20 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Industrial Distribution company has the strongest balance sheet?

EVI Industries, Inc. carries the lowest comparable gross debt at $73 million, from 20 of 20 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Industrial Distribution company is investing most in new capacity?

W.W. Grainger, Inc. reports the largest capital spending at $170 million, across 20 of 20 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Industrial Distribution sector beating the market?

Industrial Distribution has underperformed S&P 500 by 2.6% over the last 52 weeks and 0.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 9 of 20 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Industrial Distribution stock has the strongest price momentum?

Xometry, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Industrial Distribution company scores highest for research priority?

MSC Industrial Direct Co., Inc. scores 69.7 out of 100 with 86.2% evidence confidence, from 23.9 points on growth and earnings, 15.3 on capital efficiency, 11.5 on valuation and 19 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Industrial Distribution companies does this comparison cover, and over what period?

It compares 20 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Industrial Distribution sector?

The 20 Industrial Distribution companies on this page carry $270,553 million of combined market value. W.W. Grainger, Inc. is the largest at $66,046 million, about 24% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Industrial Distribution sector's P/E ratio?

The median price-to-earnings ratio across the 20 Industrial Distribution companies on this page is 26.4×, measured on the 19 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Industrial Distribution sector performing?

9 of the 20 covered Industrial Distribution companies are beating S&P 500 on Mansfield relative strength. The sector itself is 2.6% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Industrial Distribution stocks are listed in the US?

This comparison covers 20 listed Industrial Distribution companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/industrial-distribution