DXP Enterprises

DXPE · Nasdaq · Industrials · Financials, fiscal 2016 to 2025

DXPE · Last close · November 6, 2026

$140.68

DXP Enterprises' revenue rose 11.9% to $2.0 billion in fiscal 2025. Its operating margin was 8.8%, up from 8.1% a year earlier. Free cash flow was $54 million, down 30.0%. It paid out $17 million in dividends and buybacks, 32% of free cash flow. The diluted share count fell 1.2%.

DXP Enterprises, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001628280-26-012382 Updated November 6, 2026

Revenue

$2.0B

11.9%

Operating margin

8.8%

0.7 pts

Net income

$89M

25.8%

Free cash flow

$54M

30.0%

Return on capital

13.4%

1.1 pts

Market cap

$2.3B

Nov 6 close

P/E

23.4x

On $6.01 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What DXP Enterprises does

DXP Enterprises distributes maintenance, repair and operating (MRO) products and services. These are the supplies, equipment and upkeep that factories and other sites need to keep running. Its customers are in industries such as general industrial, energy, food and beverage, chemicals, transportation, and water and wastewater.

It has three segments. Service Centers supply MRO products and services, with technical help and logistics, through local facilities. The pumping segment (IPS) sells pump systems and related services. Supply Chain Services runs customers' supply programs, often from sites at the customer.

DXP says it grew through internal growth and acquisitions. It operates in many U.S. states and in Canada, and has locations in the United Arab Emirates, India and Saudi Arabia. It is based in Houston, Texas.

Its biggest risks, as it describes them

Manufacturers could sell directly to end users, or cancel its distribution rights on little or no notice.
Higher product costs that it cannot pass on to customers could squeeze its margins.
Supply shortages and its reliance on outside shippers could hurt its service.
Project delays and cost changes could reduce revenue and profit.
Strong competition, and the loss of key people, could hurt its results.

From DXP Enterprises's annual report on Form 10-K, filed February 26, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share grew 30.5% a year and net income 31.2% a year, as new shares raised the share count by 4% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	49	46	173	148	304
Debt incl. finance leases	319	414	538	645	848
Net debt (negative means net cash)	270	368	365	496	544
Net debt to EBITDA	4.0x	2.9x	2.2x	2.9x	2.6x
Debt to equity	0.9x	1.1x	1.4x	1.5x	1.7x
Interest coverage	1.9x	3.4x	2.6x	2.3x	2.9x
Current ratio	2.2x	2.4x	2.9x	2.7x	3.3x
Quick ratio	1.7x	1.9x	2.4x	2.3x	2.9x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project DXP Enterprises' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open DXP Enterprises' projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought DXP Enterprises shares on the open market, and 4 insiders sold $3.7 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Jun 15, 2026	David Molero SantosChief Accounting Officer	Sold	1,100	$171.50	$188,650	Form 4
Jun 11, 2026	Paz MaestasCMO & CTO	Sold	10,000	$164.37	$1.6 million	Form 4
May 21, 2026	Timothy P HalterDirector	Sold	6,842	$141.59	$968,759	Form 4
Mar 26, 2026	Timothy P HalterDirector	Sold	5,000	$139.57	$697,850	Form 4
Mar 9, 2026	Joseph R MannesDirector	Sold	1,500	$137.95	$206,925	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	7 of 9	5 of 9	7 of 9
Rule of 40	18.9%	11.6%	14.6%
Altman Z''	4.54	4.18	4.55
Accruals ratio	−3.4%	−2.5%	−0.4%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Fail	Fail	Fail
F-score	7 of 9	5 of 9	7 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put DXP Enterprises side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
DXP Enterprises	FY25	11.9%	8.8%	2.7%	13.4%	2.6x	7
DNOW	FY25	18.8%	−3.3%	4.8%	−4.3%	—	4	Compare
MSC Industrial Direct	FY26	6.4%	8.0%	5.6%	13.2%	1.0x	8	Compare
Applied Industrial Technologies	FY26	8.8%	11.1%	9.3%	20.8%	0.2x	7	Compare
Watsco	FY25	−5.0%	9.9%	7.4%	20.1%	−0.3x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	962	1,007	1,219	1,265	1,005	1,114	1,481	1,679	1,802	2,016
Revenue growth	−22.9%	4.7%	21.1%	3.8%	−20.5%	10.8%	32.9%	13.4%	7.3%	11.9%
Gross profit	265	272	336	350	277	328	422	505	556	636
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	19	34	72	67	−28	40	98	139	145	177
Net income	8	17	38	37	−29	16	48	69	70	89
Diluted EPS (US$)	0.49	0.93	2.08	2.01	−1.65	0.83	2.47	3.89	4.22	5.37
Diluted shares (millions)	16	18	18	18	18	20	20	18	17	16
Cash flow
Cash from operations	48	12	36	41	110	37	6	106	102	94
Capital expenditure	5	3	9	22	7	6	5	12	25	40
Free cash flow	43	10	27	19	103	31	1	94	77	54
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	34	48	56	29	17
Acquisitions	0	0	11	0	115	65	48	10	157	62
Stock-based compensation	4	2	2	2	4	2	2	3	5	6
Balance sheet at fiscal year end
Cash and short-term investments	2	22	40	54	119	49	46	173	148	304
Debt incl. finance leases	225	242	240	238	330	319	414	538	645	848
Total assets	602	639	704	789	868	894	1,037	1,177	1,350	1,685
Total liabilities	350	370	386	434	507	548	672	797	927	1,187
Shareholders' equity	252	268	307	354	360	347	365	381	423	498
Margins and ratios
Gross margin	27.5%	27.0%	27.6%	27.6%	27.6%	29.5%	28.5%	30.1%	30.9%	31.5%
Operating margin	2.0%	3.3%	5.9%	5.3%	−2.8%	3.6%	6.6%	8.3%	8.1%	8.8%
Net margin	0.8%	1.7%	3.1%	2.9%	−2.9%	1.5%	3.2%	4.1%	3.9%	4.4%
Free cash flow margin	4.5%	1.0%	2.2%	1.5%	10.2%	2.8%	0.1%	5.6%	4.3%	2.7%
Rule of 40 (growth + FCF margin)	−18.3%	5.6%	23.2%	5.3%	−10.3%	13.6%	33.0%	18.9%	11.6%	14.6%
Return on capital	2.8%	6.8%	10.4%	9.9%	−4.0%	5.6%	10.6%	14.8%	14.5%	13.4%
Return on equity	3.4%	6.5%	13.3%	11.2%	−8.2%	4.7%	13.5%	18.4%	17.5%	19.2%
Return on assets	1.2%	2.7%	5.7%	5.0%	−3.5%	1.9%	5.0%	6.2%	5.6%	5.8%
Net debt to EBITDA	4.5x	3.6x	2.0x	2.0x	—	4.0x	2.9x	2.2x	2.9x	2.6x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: DXP Enterprises' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with DXP Enterprises.