Global Industrial
GIC on NYSE. Global Industrial sells industrial equipment and maintenance supplies to businesses in North America. Market value $1.7bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Look carefully before going further
Why it could be worth it
What to watch out for
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $5.27 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 70 of 100. Price score: 75 of 100. Our list needs 70 on quality and 60 on price.
$43.44 a share, 65% above its 1-year low
Over the past year the price has ranged from $26.40 to $44.36.
Dividend: 2.4% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.1bn | $1.2bn | $1.3bn | $1.3bn | $1.4bn |
| Operating margin | |||||
| Operating margin | 8.3% | 9.0% | 7.6% | 6.1% | 7.1% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.04bn | 0.04bn | 0.04bn | 0.04bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)7 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsSlow, 6.0% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $387 million last quarter, up 8% on a year ago.
- Profit: $37 million, up 48% on a year ago.
- It keeps 8 cents of each $1 of sales as operating profit, up from 7 cents a year earlier.
- Spare cash over the past 12 months: $87 million, up from $57 million.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $342m |
| December 2024 | $302m |
| March 2025 | $321m |
| June 2025 | $359m |
| September 2025 | $354m |
| December 2025 | $346m |
| March 2026 | $350m |
| June 2026 | $387m |
| Quarter to | Amount |
|---|---|
| September 2024 | $17m |
| December 2024 | $11m |
| March 2025 | $14m |
| June 2025 | $25m |
| September 2025 | $19m |
| December 2025 | $15m |
| March 2026 | $17m |
| June 2026 | $37m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
3 long-term investors we follow own it, up from 2 last quarter. 164 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Hotchkis & WileyHotchkis & Wiley team | $7m | <0.1% | Added |
| LSV Asset ManagementJosef Lakonishok | $3m | <0.1% | New |
| GoodHaven Capital ManagementLarry Pitkowsky | $988,743 | 0.3% | Cut |
Largest holders overall
- FMR$107m
- BlackRock$53mAdded
- Dimensional Fund Advisors LP$30m
- Vanguard Capital Management$20mAdded
- Geode Capital Management$17mAdded
- State Street$12mAdded
- Bank of New York Mellon$11m
- Renaissance Technologies$10mCut
- Morgan Stanley$7mAdded
- Hotchkis & Wiley$7mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $1,938 of shares on the open market. 3 sold $1m.
- Hughes ClaudiaSVP & Chief Sales OfficerSold
- Date
- 28 August 2026
- Shares
- 4,753
- Price
- $39.78
- Value
- $189,078
- Hughes ClaudiaSVP & Chief Sales OfficerSold
- Date
- 27 August 2026
- Shares
- 1,734
- Price
- $38.22
- Value
- $66,273
- Hughes ClaudiaSVP & Chief Sales OfficerBought
- Date
- 24 August 2026
- Shares
- 15
- Price
- $38.67
- Value
- $580
- AXMACHER THOMASVP & ControllerSold
- Date
- 13 August 2026
- Shares
- 952
- Price
- $39.10
- Value
- $37,223
- AXMACHER THOMASVP & ControllerSold
- Date
- 6 August 2026
- Shares
- 1,848
- Price
- $38.60
- Value
- $71,333
- Clark Thomas EugeneSVP & Chief Financial OfficerSold
- Date
- 6 August 2026
- Shares
- 17,500
- Price
- $39.14
- Value
- $684,962
- Hughes ClaudiaSVP & Chief Sales OfficerBought
- Date
- 26 May 2026
- Shares
- 16
- Price
- $29.48
- Value
- $472
- Hughes ClaudiaSVP & Chief Sales OfficerBought
- Date
- 16 March 2026
- Shares
- 15
- Price
- $30.53
- Value
- $458
- Hughes ClaudiaSVP & Chief Sales OfficerBought
- Date
- 17 November 2025
- Shares
- 16
- Price
- $26.80
- Value
- $429
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 28 August 2026 | Hughes Claudia SVP & Chief Sales Officer | Sold | 4,753 | $39.78 | $189,078 |
| 27 August 2026 | Hughes Claudia SVP & Chief Sales Officer | Sold | 1,734 | $38.22 | $66,273 |
| 24 August 2026 | Hughes Claudia SVP & Chief Sales Officer | Bought | 15 | $38.67 | $580 |
| 13 August 2026 | AXMACHER THOMAS VP & Controller | Sold | 952 | $39.10 | $37,223 |
| 6 August 2026 | AXMACHER THOMAS VP & Controller | Sold | 1,848 | $38.60 | $71,333 |
| 6 August 2026 | Clark Thomas Eugene SVP & Chief Financial Officer | Sold | 17,500 | $39.14 | $684,962 |
| 26 May 2026 | Hughes Claudia SVP & Chief Sales Officer | Bought | 16 | $29.48 | $472 |
| 16 March 2026 | Hughes Claudia SVP & Chief Sales Officer | Bought | 15 | $30.53 | $458 |
| 17 November 2025 | Hughes Claudia SVP & Chief Sales Officer | Bought | 16 | $26.80 | $429 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Global Industrial’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 4 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based on the evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that, as of June 30, 2026, the Company’s disclosure controls and procedures were not effective due to material weaknesses identified at its subsidiary, Indoff LLC (Indoff), which represents approximately 12% of revenue.”
Show the full paragraph
Under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, the Company carried out an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures as of June 30, 2026. Based on the evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that, as of June 30, 2026, the Company’s disclosure controls and procedures were not effective due to material weaknesses identified at its subsidiary, Indoff LLC (Indoff), which represents approximately 12% of revenue. The material weaknesses at Indoff relate to the design and operation of certain key Information Technology General Controls (“ITGCs”), specifically related to change management, segregation of duties, and privileged access. These material weaknesses were initially identified during Management’s evaluation and assessment of Indoff’s control environment in the second quarter of 2024.
From the 10-Q filed 4 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.