Distribution Solutions Group, Inc.
DSGR Industrials Industrial Distribution
Distribution Solutions Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.0 billion, up 9.75% from fiscal 2024. In the quarter to June 2026, revenue grew 11.0%, EPS grew 63.6%, free cash flow fell 48.6% and total debt rose 1.83%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for five; insiders bought in the last twelve months.
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Distribution Solutions Group, Inc. (DSGR) Beneish M-score
Distribution Solutions Group, Inc.'s Beneish M-score for fiscal 2025 is −2.60; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.60 | (0.10) |
| FY2024 | −2.50 | 0.10 |
| FY2023 | −2.61 | (1.17) |
| FY2022 | −1.43 | 0.15 |
| FY2021 | −1.58 | 1.21 |
| FY2020 | −2.79 | (0.46) |
| FY2019 | −2.33 | 0.45 |
| FY2018 | −2.78 | (1.80) |
| FY2017 | −0.98 | 1.59 |
| FY2016 | −2.56 | 0.33 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.99 | — | 0.91 | |
| Gross margin index | 1.02 | — | 0.54 | |
| Asset quality index | 0.97 | — | 0.39 | |
| Sales growth index | 1.10 | — | 0.98 | |
| Depreciation index | 0.95 | — | 0.11 | |
| SG&A index | 0.95 | — | −0.16 | |
| Total accruals to total assets | (0.04) | — | −0.20 | |
| Leverage index | 0.98 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.60 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| TITN Titan Machinery Inc. compare | −2.9× |
| SITE SiteOne Landscape Supply, Inc. compare | −2.7× |
| XMTR Xometry, Inc. compare | −2.7× |
| DSGR Distribution Solutions Group, Inc. | −2.6× |
| BXC BlueLinx Holdings Inc. compare | −2.5× |
| GIC Global Industrial Company compare | −2.4× |
| DXPE DXP Enterprises, Inc. compare | −2.4× |
| REZI Resideo Technologies, Inc. compare | −2.2× |
| DNOW DNOW Inc. compare | −1.6× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI