GMS Financials
Newest figures come from the 10-Q for Q1 FY2026, filed Aug 28, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the GMS SEC filings page.
GMS Inc. (GMS) reported $5.5B in revenue over the twelve months to Jul 31, 2025, down 1.1% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
GMS still turns sales into cash, but FY2025 exposed weaker margins, rising overhead, and reduced returns despite nearly flat revenue.
From FY2023 to FY2025, revenue grew3.5% while operating income fell49.0% , indicating that the recent deterioration came from economics below gross profit rather than shrinking sales alone. Nearly flat gross profit alongside sharply lower operating profit points to overhead and other operating costs absorbing more of each gross-profit dollar.
FY2025 operating cash flow was
The balance sheet remains debt-funded without a major change in long-term leverage: debt-to-equity was 0.8x in both FY2024 and FY2025. Meanwhile, current assets fell while current liabilities rose, leaving a narrower short-term liquidity cushion at a current ratio of 1.9x even as debt leverage held steady.
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of GMS Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
GMS Inc. has an operating margin of 4.7%, meaning the company retains $5 of operating profit per $100 of revenue. This results in a moderate score of 58/100, indicating healthy but not exceptional operating efficiency. This is down from 8.1% the prior year.
GMS Inc.'s revenue grew a modest 0.2% year-over-year to $5.5B. This slow but positive growth earns a score of 36/100.
GMS Inc. has elevated debt relative to equity (D/E of 0.85), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 22/100, reflecting increased financial risk.
GMS Inc.'s current ratio of 1.91 indicates adequate short-term liquidity, earning a score of 57/100. The company can meet its near-term obligations, though with limited headroom.
GMS Inc. has a free cash flow margin of 6.1%, earning a moderate score of 53/100. The company generates positive cash flow after capital investments, but with room for improvement.
GMS Inc. earns a strong 8.1% return on equity (ROE), meaning it generates $8 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 74/100. This is down from 18.9% the prior year.
GMS Inc. passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, GMS Inc. generates $3.32 in operating cash flow ($383.6M OCF vs $115.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
GMS Inc. earns $2.89 in operating income for every $1 of interest expense ($257.6M vs $89.1M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
GMS Inc. generated $1.4B in revenue in Q1 2026. This represents a decrease of 2.4% from the same quarter a year earlier. Against the prior quarter it is up 6.0%.
GMS Inc.'s EBITDA was $122.1M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 10.5% from the same quarter a year earlier.
GMS Inc. reported $43.6M in net income in Q1 2026. This represents a decrease of 23.9% from the same quarter a year earlier. Against the prior quarter it is up 66.9%.
GMS Inc. earned $1.13 per diluted share (EPS) in Q1 2026. This represents a decrease of 20.4% from the same quarter a year earlier. Against the prior quarter it is up 68.7%.
Cash & Balance Sheet
GMS Inc. recorded an outflow of $39.4M in free cash flow in Q1 2026, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is down 121.5%.
GMS Inc. held $39.9M in cash against $1.3B in long-term debt as of Q1 2026.
Not reported for Q1 2026.
Margins & Returns
GMS Inc.'s gross margin was 30.9% in Q1 2026, indicating the percentage of revenue retained after direct costs. This is down 0.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.4 percentage points.
GMS Inc.'s operating margin was 5.7% in Q1 2026, reflecting core business profitability. This is down 1.1 percentage points from the same quarter a year earlier.
GMS Inc.'s net profit margin was 3.1% in Q1 2026, showing the share of revenue converted to profit. This is down 0.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.1 percentage points.
GMS Inc.'s quarterly ROE was 3.0% in Q1 2026: one quarter's net income over shareholder equity, not annualized. This is down 0.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.2 percentage points.
Capital Allocation
GMS Inc. spent $12.9M on share buybacks in Q1 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 72.4% from the same quarter a year earlier. Against the prior quarter it is down 51.7%.
GMS Inc. invested $8.4M in capex in Q1 2026, funding long-term assets and infrastructure. This represents a decrease of 5.9% from the same quarter a year earlier. Against the prior quarter it is down 37.0%.
Not reported for Q1 2026.
GMS Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-K | Q3'2510-K | Q2'2510-K | Q1'2510-Q | Q4'2410-K | Q3'2410-K | Q2'2410-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.4B-2.4% | $1.3B-5.6% | $1.3B+0.2% | $1.5B+3.5% | $1.4B+2.8% | $1.4B+8.4% | $1.3B+1.9% | $1.4B-0.7% |
| Cost of Revenue | $977.8M-1.9% | N/A | $867.6M+2.8% | $1.0B+4.9% | $996.9M+3.9% | N/A | $843.6M+1.4% | $962.3M-0.4% |
| Gross Profit | $436.5M-3.3% | $416.2M-7.7% | $393.1M-5.2% | $461.1M+0.5% | $451.6M+0.2% | $451.2M+6.3% | $414.7M+3.1% | $458.6M-1.3% |
| SG&A Expenses | $314.4M-0.2% | N/A | $310.8M+5.1% | $324.2M+7.8% | $315.2M+9.9% | N/A | $295.7M+10.6% | $300.9M+7.8% |
| Operating Income | $81.2M-17.4% | N/A | $4.8M-94.5% | $94.8M-24.0% | $98.4M-25.3% | N/A | $86.2M-16.6% | $124.8M-18.6% |
| EBITDA | $122.1M-10.5% | N/A | $47.2M-60.3% | $136.9M-13.2% | $136.4M-16.7% | N/A | $119.0M-11.7% | $157.7M-15.0% |
| Interest Expense | $21.1M-5.2% | N/A | $23.1M+22.8% | $23.7M+26.4% | $22.2M+17.4% | N/A | $18.8M+10.9% | $18.7M+16.7% |
| Income Tax | $17.5M-16.4% | N/A | $4.2M-76.1% | $18.9M-30.6% | $20.9M-21.7% | N/A | $17.5M-26.3% | $27.2M-24.4% |
| Net Income | $43.6M-23.9% | $26.1M-53.7% | -$21.4M-141.2% | $53.5M-33.9% | $57.2M-34.1% | $56.4M-25.4% | $51.9M-19.9% | $81.0M-21.5% |
| EPS (Basic) | $1.14-21.4% | $0.68-52.1% | -$0.55-142.3% | $1.37-31.5% | $1.45-31.9% | $1.42-22.4% | $1.30-16.7% | $2.00-18.0% |
| EPS (Diluted) | $1.13-20.4% | $0.67-51.8% | -$0.55-143.0% | $1.35-31.5% | $1.42-32.1% | $1.39-22.8% | $1.28-16.3% | $1.97-18.3% |
| Diluted Shares (Avg) | 39M-4.0% | 39M-4.3% | 39M-4.5% | 40M-3.4% | 40M-3.0% | 41M-3.3% | 41M-4.1% | 41M-4.2% |
Not reported in any period shown, so not listed: R&D Expenses.
GMS Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-K | Q3'2510-K | Q2'2510-K | Q1'2510-Q | Q4'2410-K | Q3'2410-K | Q2'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.8B-1.2% | $3.8B+1.9% | $3.8B+15.9% | $4.0B+21.4% | $3.9B+18.0% | $3.8B+15.1% | $3.3B+1.2% | $3.3B+2.1% |
| Current Assets | $1.5B-5.8% | $1.5B-7.3% | $1.5B-0.6% | $1.7B+7.9% | $1.6B+6.4% | $1.6B+5.8% | $1.5B-4.3% | $1.5B-3.1% |
| Cash & Equivalents | $39.9M-24.9% | $55.6M-66.5% | $59.0M-33.2% | $83.9M+9.7% | $53.2M-34.7% | $166.1M+0.9% | $88.3M-52.7% | $76.5M-38.4% |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Inventory | $583.8M-3.9% | $586.2M+0.9% | $599.3M+2.9% | $594.3M+6.2% | $607.4M+4.2% | $580.8M+0.9% | $582.6M-0.7% | $559.4M-2.9% |
| Accounts Receivable | $733.3M-5.5% | $706.9M-3.0% | $639.2M-2.5% | $759.3M+4.4% | $776.2M+8.0% | $729.0M+4.2% | $655.7M+1.0% | $727.0M-0.8% |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Goodwill | $882.5M-0.9% | $881.3M+3.2% | $870.0M+20.3% | $936.5M+30.0% | $890.7M+23.7% | $853.8M+21.8% | $723.0M+4.2% | $720.3M+4.3% |
| Total Liabilities | $2.4B-1.2% | $2.4B+4.9% | $2.4B+29.5% | $2.6B+31.7% | $2.4B+24.5% | $2.3B+15.4% | $1.9B-7.5% | $1.9B-6.0% |
| Current Liabilities | $728.5M+2.9% | $797.6M+5.4% | $648.2M+3.8% | $748.7M+12.4% | $708.2M+9.3% | $757.0M+7.2% | $624.4M+0.8% | $666.3M-2.1% |
| Non-Current Liabilities | $1.7B-2.9% | $1.6B+4.6% | $1.8B+42.6% | $1.8B+41.9% | $1.7B+32.2% | $1.5B+19.9% | $1.2B-11.2% | $1.3B-7.9% |
| Long-Term Debt | $1.3B-5.3% | $1.2B-1.9% | $1.4B+37.7% | $1.4B+38.7% | $1.3B+26.6% | $1.2B+17.7% | $982.7M-16.0% | $1.0B-11.9% |
| Total Equity | $1.5B-1.3% | $1.4B-2.8% | $1.4B-1.8% | $1.5B+6.8% | $1.5B+8.5% | $1.5B+14.6% | $1.4B+15.3% | $1.4B+16.2% |
| Retained Earnings | $1.3B+8.4% | $1.3B+10.0% | $1.2B+13.2% | $1.3B+20.9% | $1.2B+25.5% | $1.2B+31.3% | $1.1B+36.7% | $1.0B+41.6% |
GMS Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-K | Q3'2510-K | Q2'2510-K | Q1'2510-Q | Q4'2410-K | Q3'2410-K | Q2'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$30.9Mn/m | $196.8M-3.7% | $94.1M-9.7% | $115.6M-2.1% | -$22.9M-445.1% | $204.2M-0.3% | $104.3M-22.2% | $118.1M+10.1% |
| Depreciation & Amortization | $40.9M+7.6% | $41.6M+16.9% | $42.4M+29.3% | $42.1M+27.8% | $38.0M+18.8% | $35.6M+15.5% | $32.8M+4.4% | $32.9M+2.2% |
| Stock-Based Compensation | $4.7M+8.2% | N/A | $3.4M-3.8% | $4.9M-3.6% | $4.3M-13.2% | N/A | $3.6M+8.3% | $5.1M+35.2% |
| Capital Expenditures | $8.4M-5.9% | $13.4M-23.5% | $11.0M+8.4% | $14.1M-12.1% | $9.0M-33.7% | $17.5M-9.8% | $10.2M-12.1% | $16.0M+49.2% |
| Free Cash Flow | -$39.4Mn/m | $183.4M-1.8% | $83.1M-11.7% | $101.5M-0.6% | -$31.9Mn/m | $186.7M+0.7% | $94.1M-23.2% | $102.1M+5.8% |
| Investing Cash Flow | -$8.6Mn/m | -$11.8Mn/m | $5.5Mn/m | -$107.0Mn/m | -$126.2Mn/m | -$337.6Mn/m | -$9.4Mn/m | -$32.3Mn/m |
| Financing Cash Flow | $23.9M-32.3% | -$189.3M-189.2% | -$123.6Mn/m | $22.4Mn/m | $35.3Mn/m | $212.2Mn/m | -$83.9Mn/m | -$89.7Mn/m |
| Share Buybacks | $12.9M-72.4% | $26.6M+64.7% | $39.7M+59.0% | $52.6M+18.1% | $46.6M+51.4% | $16.1M-42.4% | $24.9M-24.9% | $44.6M+72.9% |
Not reported in any period shown, so not listed: Dividends Paid.
GMS Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-K | Q3'2510-K | Q2'2510-K | Q1'2510-Q | Q4'2410-K | Q3'2410-K | Q2'2410-K |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.9%-0.3pp | 31.2%-0.7pp | 31.2%-1.8pp | 31.4%-0.9pp | 31.2%-0.8pp | 31.9%-0.6pp | 33.0%+0.4pp | 32.3%-0.2pp |
| Operating Margin | 5.7%-1.1pp | N/A | 0.4%-6.5pp | 6.5%-2.3pp | 6.8%-2.6pp | N/A | 6.9%-1.5pp | 8.8%-1.9pp |
| Net Margin | 3.1%-0.9pp | 2.0%-2.0pp | -1.7%-5.8pp | 3.6%-2.1pp | 4.0%-2.2pp | 4.0%-1.8pp | 4.1%-1.1pp | 5.7%-1.5pp |
| Return on Equity | 3.0%-0.9pp | 1.8%-2.0pp | -1.5%-5.2pp | 3.6%-2.2pp | 3.9%-2.5pp | 3.9%-2.1pp | 3.7%-1.6pp | 5.9%-2.8pp |
| Return on Assets | 1.1%-0.3pp | 0.7%-0.8pp | -0.6%-2.2pp | 1.3%-1.1pp | 1.5%-1.2pp | 1.5%-0.8pp | 1.6%-0.4pp | 2.4%-0.7pp |
| Current Ratio | 2.11-0.2x | 1.91-0.3x | 2.30-0.1x | 2.23-0.1x | 2.31-0.1x | 2.170.0x | 2.40-0.1x | 2.320.0x |
| Debt-to-Equity | 0.870.0x | 0.850.0x | 0.97+0.3x | 0.97+0.2x | 0.90+0.1x | 0.840.0x | 0.69-0.3x | 0.75-0.2x |
| Liabilities-to-Equity | 1.650.0x | 1.70+0.1x | 1.72+0.4x | 1.74+0.3x | 1.65+0.2x | 1.570.0x | 1.31-0.3x | 1.41-0.3x |
| Asset Turnover | 0.370.0x | 0.350.0x | 0.33-0.1x | 0.37-0.1x | 0.37-0.1x | 0.380.0x | 0.380.0x | 0.430.0x |
| FCF Margin | -2.8%-0.6pp | 13.8%+0.5pp | 6.6%-0.9pp | 6.9%-0.3pp | -2.2%-1.7pp | 13.2%-1.0pp | 7.5%-2.4pp | 7.2%+0.4pp |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| GMS Inc. GMS | FY2025 | $5.5B | $115.5M | 2.1% | N/A | 50/100 |
| JELD-WEN Holding, Inc. JELD | FY2025 | $3.2B | -$621.2M | -19.4% | $88.5M | 19/100 |
| SPX Technologies, Inc. SPXC | FY2025 | $2.3B | $244.0M | 10.8% | $7.2B | 70/100 |
| Builders FirstSource, Inc. BLDR | FY2025 | $15.2B | $435.2M | 2.9% | $6.7B | 47/100 |
| Quanex Building Products Corporation NX | FY2025 | $1.8B | -$250.8M | -13.7% | $948.6M | 49/100 |
| NPK International Inc. NPKI | FY2025 | $277.0M | $38.9M | 14.1% | $725.1M | 66/100 |
Where GMS Inc. Ranks
Frequently Asked Questions
GMS Inc. (GMS) reported $5.5B in total revenue for fiscal year 2025. This represents a 0.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
GMS Inc. (GMS) revenue grew by 0.2% year-over-year, from $5.5B to $5.5B in fiscal year 2025.
Yes, GMS Inc. (GMS) reported a net income of $101.8M over the trailing 12 months to July 31, 2025. In fiscal year 2025 it reported a net income of $115.5M, with a net profit margin of 2.1%.
GMS Inc. (GMS) had EBITDA of $421.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, GMS Inc. (GMS) had $55.6M in cash and equivalents against $1.2B in long-term debt.
GMS Inc. (GMS) had a gross margin of 31.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
GMS Inc. (GMS) had an operating margin of 4.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
GMS Inc. (GMS) had a net profit margin of 2.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
GMS Inc. (GMS) has a return on equity of 8.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
GMS Inc. (GMS) generated $336.1M in free cash flow during fiscal year 2025. This represents a -10.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
GMS Inc. (GMS) generated $383.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
GMS Inc. (GMS) had $3.8B in total assets as of fiscal year 2025, including both current and long-term assets.
GMS Inc. (GMS) invested $47.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
GMS Inc. (GMS) had a current ratio of 1.91 as of fiscal year 2025, which is generally considered healthy.
GMS Inc. (GMS) had a debt-to-equity ratio of 0.85 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
GMS Inc. (GMS) had a liabilities-to-equity ratio of 1.70 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
GMS Inc. (GMS) had a return on assets of 3.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
GMS Inc. (GMS) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
GMS Inc. (GMS) has an earnings quality ratio of 3.32x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
GMS Inc. (GMS) has an interest coverage ratio of 2.89x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
GMS Inc. (GMS) scores 50 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.