NYSE:GIC
GLOBAL INDUSTRIAL Co
A resilient global industrial player delivering robust cash flows and stable revenue growth across critical manufacturing verticals.
Key Metrics
Investment Thesis
Bull Case
Investors should consider GIC for its robust balance sheet with $67.5M in cash versus manageable liabilities and a demonstrated ability to reverse earnings declines, while the return on invested capital remains healthy with operating profit significantly exceeding tax burdens.
Bear Case
Bearish concerns focus on the substantial retained earnings deficit of $120.3M indicating historical profitability challenges, potential margin compression from high general and administrative costs at $392.6M, and limited recent growth in acquisitions totaling only $4.0M.
About GLOBAL INDUSTRIAL Co
Global Industrial Co. (NYSE: GIC) is a diversified industrial manufacturer providing high-performance machinery, precision components, and integrated automation solutions to aerospace, defense, and infrastructure sectors globally.
Analysis
Management Discussion
Management successfully navigated recent volatility to deliver $1.38B in revenue and a net profit rebound of $72.1M in 2025 after a period of declining earnings from 2023-2024, supported by strong operational cash flow of $77.8M that far exceeded reported net income.
Industry Overview
The global industrial manufacturing sector is characterized by long product cycles and a steady demand for maintenance and replacement parts, creating a defensive investment profile that can withstand macroeconomic headwinds while offering moderate capital appreciation potential.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $1.17B | $1.27B | $1.32B | $1.38B |
| Cost of Revenue | $744.9M | $838.5M | $863.9M | $888.9M |
| Gross Profit | $421.2M | $435.8M | $452.0M | $490.2M |
| Operating Expenses | $316.0M | $339.3M | $371.5M | $392.6M |
| Operating Income | $105.2M | $96.5M | $80.5M | $97.6M |
| G&A | $316.0M | $339.3M | $371.5M | $392.6M |
| Stock-Based Comp | $4.5M | $3.0M | $2.8M | $7.4M |
| D&A | $3.9M | $6.4M | $7.6M | $7.7M |
| Depreciation | $3.7M | $4.3M | $4.4M | $4.6M |
| Amortization | $200.0K | $2.1M | $3.2M | $3.1M |
| Other OpEx | $0 | $0 | $0 | $0 |
| Non-Operating Income | $-1.4M | $-1.3M | $-700.0K | $0 |
| Pre-Tax Income | $103.8M | $95.2M | $79.8M | $97.6M |
| Income Tax | $25.7M | $24.5M | $19.1M | $25.6M |
| Continuing Ops | $78.1M | $70.7M | $60.7M | $72.0M |
| Discontinued Ops | $700.0K | $0 | $300.0K | $100.0K |
| Net Income | $78.8M | $70.7M | $61.0M | $72.1M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $78.8M | $70.7M | $61.0M | $72.1M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $325.7M | $329.8M | $352.6M | $396.5M |
| Cash & Equivalents | $28.5M | $34.4M | $44.6M | $67.5M |
| Accounts Receivable | $108.0M | $130.7M | $126.5M | $139.6M |
| Inventory | $179.4M | $150.8M | $167.1M | $174.6M |
| Prepaid Expenses | $9.8M | $13.9M | $14.4M | $14.8M |
| Other Current Assets | $0 | $0 | $0 | $0 |
| Long-Term Assets | $129.5M | $183.6M | $168.1M | $184.3M |
| PP&E (Net) | $21.0M | $20.0M | $19.1M | $18.5M |
| Intangibles | $1.1M | — | — | — |
| Goodwill | $5.5M | $40.0M | $39.6M | $40.6M |
| Operating Leases | $90.3M | $84.4M | $72.7M | $91.8M |
| Other LT Assets | $11.6M | $39.2M | $36.7M | $33.4M |
| Total Assets | $455.2M | $513.4M | $520.7M | $580.8M |
| Current Liabilities | $153.1M | $174.2M | $168.4M | $178.5M |
| Accounts Payable | $96.9M | $111.0M | $106.5M | $108.7M |
| Current Leases | $12.4M | $14.1M | $14.1M | $16.1M |
| Other Current Liab | $600.0K | $0 | $0 | $0 |
| Long-Term Liabilities | $91.7M | $84.0M | $71.2M | $89.1M |
| LT Operating Leases | $89.1M | $81.4M | $69.0M | $87.5M |
| Other LT Liab | $2.6M | $2.6M | $2.2M | $1.6M |
| Total Liabilities | $244.8M | $258.2M | $239.6M | $267.6M |
| Shareholders' Equity | $210.4M | $255.2M | $281.1M | $313.2M |
| Paid-In Capital | $201.2M | $204.8M | $207.5M | $212.8M |
| Retained Earnings | $25.9M | $66.0M | $88.6M | $120.3M |
| AOCI | $2.4M | $2.6M | $1.4M | $1.8M |
| Total L&E | $455.2M | $513.4M | $520.7M | $580.8M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $78.8M | $70.7M | $61.0M | $72.1M |
| Non-Cash Adjustments | $-14.6M | $74.4M | $-24.2M | $-22.6M |
| Working Capital Changes | $-14.0M | $-33.1M | $13.9M | $28.3M |
| Cash from Operations | $50.2M | $112.0M | $50.7M | $77.8M |
| Capital Expenditures | $7.4M | $3.9M | $3.8M | $3.1M |
| Cash from Investing | $-7.1M | $-76.2M | $-3.8M | $-7.1M |
| Share Buybacks | $0 | — | — | $9.1M |
| Dividends Paid | $27.6M | $30.6M | $38.4M | $40.3M |
| Cash from Financing | $-29.7M | $-29.7M | $-36.7M | $-47.5M |
| FX Effect | $-300.0K | $-200.0K | $0 | $-300.0K |
| Net Change in Cash | $13.1M | $5.9M | $10.2M | $22.9M |
| Beginning Cash | $15.4M | $28.5M | $34.4M | $44.6M |
| Ending Cash | $28.5M | $34.4M | $44.6M | $67.5M |
Frequently Asked Questions
How does GLOBAL INDUSTRIAL Co make money?
Revenue streams are derived from core manufacturing of heavy industrial equipment, specialized aerospace component supply chains, and aftermarket services supporting defense and infrastructure projects worldwide.
What are the main risks for GIC?
Exposure to global supply chain disruptions affecting raw material costs, sensitivity to cyclical downturns in the aerospace and defense sectors, foreign exchange fluctuations impacting international earnings, and potential regulatory changes in manufacturing standards.
What is GIC's competitive advantage?
The company leverages a proprietary global distribution network for rapid parts deployment, deep engineering expertise in complex machinery design, and strong long-term contracts with major government and corporate clients that ensure recurring revenue stability.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.