Revenue growth remains highly volatile, oscillating between a 4.7% contraction in 2025Q2 and a 4.0% expansion in 2026Q1, while operating margins have compressed to 7.3% as of 2026Q2.
| Metric | TTM | Aug'25 | Aug'24 | Sep'23 | Sep'22 | Aug'21 | Aug'20 | Aug'19 | Aug'18 | Aug'17 | Aug'16 | Aug'15 | Aug'14 | Aug'13 | Aug'12 | Aug'11 | Aug'10 | Aug'09 | Aug'08 | Aug'07 | Aug'06 | Aug'05 | Aug'04 | Aug'03 | Aug'02 | Aug'01 | Aug'00 | Aug'99 | Aug'98 | Aug'97 | Aug'96 |
|---|
| Sales/Revenue | 3.83B | 3.77B | 3.82B | 4.01B | 3.69B | 3.24B | 3.19B | 3.36B | 3.2B | 2.89B | 2.86B | 2.91B | 2.79B | 2.46B | 2.36B | 2.02B | 1.69B | 1.49B | 1.78B | 1.69B | 1.32B | 1.1B | 955.28M | 844.66M | 793.98M | 869.23M | 792.87M | 651.5M | 583M | 438M | 305.3M |
| Revenue Growth % | 2.16% | -1.35% | -4.7% | 8.6% | 13.83% | 1.59% | -5.1% | 4.99% | 10.95% | 0.85% | -1.61% | 4.42% | 13.41% | 4.32% | 16.53% | 19.49% | 13.6% | -16.31% | 5.43% | 28.13% | 19.78% | 15.14% | 13.1% | 6.38% | -8.66% | 9.63% | 21.7% | 11.75% | 33.11% | 43.47% | - |
| Cost of Goods Sold | 2.27B | 2.23B | 2.25B | 2.37B | 2.13B | 1.91B | 1.92B | 1.93B | 1.81B | 1.6B | 1.57B | 1.59B | 1.5B | 1.34B | 1.28B | 1.08B | 925.1M | 801.67M | 957.33M | 907.7M | 700.46M | 595.84M | 524.91M | 464.96M | 447.82M | 496.43M | 472.07M | 380.6M | 337.2M | 252.8M | 175M |
| COGS % of Revenue | - | 59.25% | 58.89% | 59.02% | 57.79% | 58.88% | 60.07% | 57.43% | 56.52% | 55.46% | 54.99% | 54.76% | 53.85% | 54.49% | 54.23% | 53.46% | 54.67% | 53.82% | 53.79% | 53.77% | 53.16% | 54.17% | 54.95% | 55.05% | 56.4% | 57.11% | 59.54% | 58.42% | 57.84% | 57.72% | 57.32% |
| Gross Profit | 1.56B | 1.54B | 1.57B | 1.64B | 1.56B | 1.33B | 1.27B | 1.43B | 1.39B | 1.29B | 1.29B | 1.32B | 1.29B | 1.12B | 1.08B | 940.92M | 766.94M | 687.85M | 822.51M | 780.49M | 617.06M | 504.07M | 430.37M | 379.7M | 346.16M | 372.8M | 320.8M | 270.9M | 245.8M | 185.2M | 130.3M |
| Gross Margin % | 40.78% | 40.75% | 41.11% | 40.98% | 42.21% | 41.12% | 39.93% | 42.57% | 43.48% | 44.54% | 45.01% | 45.24% | 46.15% | 45.51% | 45.77% | 46.54% | 45.33% | 46.18% | 46.21% | 46.23% | 46.84% | 45.83% | 45.05% | 44.95% | 43.6% | 42.89% | 40.46% | 41.58% | 42.16% | 42.28% | 42.68% |
| Gross Profit Growth % | - | -2.21% | -4.39% | 5.44% | 16.85% | 4.62% | -10.99% | 2.81% | 8.3% | -0.2% | -2.11% | 2.36% | 15% | 3.74% | 14.59% | 22.69% | 11.5% | -16.37% | 5.38% | 26.49% | 22.41% | 17.13% | 13.35% | 9.69% | -7.15% | 16.21% | 18.42% | 10.21% | 32.72% | 42.13% | - |
| Operating Expenses | 1.24B | 1.22B | 1.16B | 1.15B | 1.08B | 991.85M | 906.86M | 1B | 971.54M | 907.25M | 912.9M | 929.95M | 896.8M | 721.4M | 663.76M | 591.16M | 525.12M | 483.13M | 502.98M | 483.41M | 389.39M | 325.62M | 299.66M | 296.76M | 286.19M | 285.34M | 227.5M | 189.2M | 169.7M | 126.4M | 95.8M |
| OpEx % of Revenue | - | 32.46% | 30.48% | 28.71% | 29.33% | 30.58% | 28.41% | 29.75% | 30.32% | 31.42% | 31.88% | 31.95% | 32.18% | 29.35% | 28.17% | 29.24% | 31.03% | 32.44% | 28.26% | 28.63% | 29.56% | 29.6% | 31.37% | 35.13% | 36.04% | 32.83% | 28.69% | 29.04% | 29.11% | 28.86% | 31.38% |
| Selling, General & Admin | 1.54B | 0 | 1.17B | 1.15B | 1.08B | 991.85M | 906.86M | 1B | 971.54M | 907.25M | 912.9M | 932.55M | 885.67M | 721.39M | 0 | 0 | 0 | 0 | 502.98M | 489.61M | 392.59M | 326.42M | 299.66M | 296.76M | 286.19M | 285.34M | 213.09M | 180M | 161.9M | 120.5M | 92.3M |
| SG&A % of Revenue | - | - | 30.54% | 28.71% | 29.33% | 30.58% | 28.41% | 29.75% | 30.32% | 31.42% | 31.88% | 32.04% | 31.78% | 29.35% | - | - | - | - | 28.26% | 29% | 29.8% | 29.68% | 31.37% | 35.13% | 36.04% | 32.83% | 26.88% | 27.63% | 27.77% | 27.51% | 30.23% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 1.22B | -1.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.41M | 9.2M | 7.8M | 5.9M | 3.5M |
| Operating Income | 323.81M | 313.73M | 405.99M | 492.01M | 475.26M | 341.67M | 367.77M | 431.22M | 421.42M | 379M | 375.96M | 386.63M | 389.45M | 397.12M | 414.44M | 349.76M | 241.82M | 204.72M | 319.53M | 297.08M | 227.67M | 178.46M | 130.71M | 82.94M | 59.98M | 87.46M | 93.3M | 81.7M | 76.1M | 58.8M | 34.5M |
| Operating Margin % | 8.45% | 8.32% | 10.63% | 12.27% | 12.87% | 10.53% | 11.52% | 12.82% | 13.15% | 13.12% | 13.13% | 13.28% | 13.97% | 16.16% | 17.59% | 17.3% | 14.29% | 13.74% | 17.95% | 17.6% | 17.28% | 16.22% | 13.68% | 9.82% | 7.55% | 10.06% | 11.77% | 12.54% | 13.05% | 13.42% | 11.3% |
| Operating Income Growth % | - | -22.73% | -17.48% | 3.52% | 39.1% | -7.1% | -14.71% | 2.33% | 11.19% | 0.81% | -2.76% | -0.72% | -1.93% | -4.18% | 18.49% | 44.64% | 18.12% | -35.93% | 7.56% | 30.49% | 27.57% | 36.53% | 57.6% | 38.29% | -31.43% | -6.25% | 14.2% | 7.36% | 29.42% | 70.43% | - |
| EBITDA | 420.32M | 403.91M | 488.5M | 566.74M | 562.4M | 428.38M | 459.16M | 496.21M | 484.05M | 441.58M | 447.49M | 456.01M | 454.03M | 446.34M | 449.16M | 378.92M | 267.87M | 231.67M | 346.88M | 323.11M | 242.9M | 190.72M | 143.02M | 98.3M | 75.96M | 104.34M | 107.7M | 90.9M | 83.9M | 64.7M | 38M |
| EBITDA Margin % | 10.97% | 10.72% | 12.78% | 14.14% | 15.23% | 13.21% | 14.38% | 14.75% | 15.11% | 15.29% | 15.63% | 15.67% | 16.29% | 18.16% | 19.07% | 18.74% | 15.83% | 15.55% | 19.49% | 19.14% | 18.44% | 17.34% | 14.97% | 11.64% | 9.57% | 12% | 13.58% | 13.95% | 14.39% | 14.77% | 12.45% |
| EBITDA Growth % | -1.96% | -17.32% | -13.81% | 0.77% | 31.29% | -6.7% | -7.47% | 2.51% | 9.62% | -1.32% | -1.87% | 0.44% | 1.72% | -0.63% | 18.54% | 41.46% | 15.63% | -33.21% | 7.35% | 33.02% | 27.36% | 33.35% | 45.5% | 29.4% | -27.2% | -3.12% | 18.49% | 8.34% | 29.68% | 70.26% | - |
| D&A (Non-Cash Add-back) | 96.51M | 90.18M | 82.51M | 74.73M | 87.14M | 86.71M | 91.39M | 64.99M | 62.63M | 62.58M | 71.53M | 69.38M | 64.58M | 49.23M | 34.72M | 29.16M | 26.05M | 26.95M | 27.35M | 26.03M | 15.23M | 12.26M | 12.31M | 15.36M | 15.99M | 16.88M | 14.41M | 9.2M | 7.8M | 5.9M | 3.5M |
| EBIT | 304.06M | 287.64M | 368.52M | 478.7M | 468.73M | 302.89M | 350.92M | 400.02M | 420.65M | 380.36M | 377.54M | 379.48M | 383.4M | 385.59M | 412.38M | 349.59M | 241.97M | 205.57M | 321.74M | 292.09M | 224.7M | 181.75M | 133.04M | 82.94M | 59.98M | 86.4M | 82.03M | 81.7M | 76.2M | 58.8M | 34.5M |
| Net Interest Income | -21.8M | -22.93M | -25.36M | -21.51M | -17.45M | -14.44M | -16.34M | -16.37M | -13.82M | -11.71M | -5.15M | -5.57M | -3.46M | -2.05M | -45K | -200K | -975K | -2.81M | -3.96M | -10.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 961K | 1.13M | 412K | 1.03M | 150K | 66K | 333K | 518K | 647K | 658K | 654K | 771K | 414K | 117K | 196K | 58K | 165K | 820K | 649K | 939K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 22.77M | 24.06M | 25.77M | 22.54M | 17.6M | 14.51M | 16.67M | 16.89M | 14.46M | 12.37M | 5.81M | 6.34M | 3.87M | 2.16M | 241K | 258K | 1.14M | 3.63M | 4.61M | 11.12M | 0 | 0 | 0 | 0 | 570K | 23.79M | 5.37M | 400K | 0 | 0 | 0 |
| Other Income/Expense | -49.01M | -50.15M | -63.24M | -35.85M | -24.13M | -53.29M | -33.52M | -48.09M | -15.23M | -11.01M | -4.23M | -13.49M | -9.93M | -13.69M | -2.3M | -435K | -991K | -2.78M | -6.17M | -17.59M | -5.9M | 3.29M | 2.33M | 1.48M | 213K | -12.59M | 6.09M | -900K | 2.1M | 700K | -500K |
| Pretax Income | 274.8M | 263.58M | 342.75M | 456.16M | 451.13M | 288.38M | 334.25M | 383.13M | 406.19M | 367.99M | 371.73M | 373.14M | 379.52M | 383.43M | 412.14M | 349.33M | 240.83M | 201.94M | 313.36M | 279.49M | 221.77M | 181.75M | 133.04M | 84.41M | 60.19M | 73.81M | 88.12M | 80.8M | 78.2M | 59.5M | 34M |
| Pretax Margin % | 7.17% | 6.99% | 8.97% | 11.38% | 12.22% | 8.89% | 10.47% | 11.39% | 12.68% | 12.74% | 12.98% | 12.82% | 13.62% | 15.6% | 17.49% | 17.28% | 14.23% | 13.56% | 17.61% | 16.56% | 16.83% | 16.52% | 13.93% | 9.99% | 7.58% | 8.49% | 11.11% | 12.4% | 13.41% | 13.58% | 11.14% |
| Income Tax | 68.53M | 65.74M | 86.79M | 113.05M | 110.65M | 70.44M | 82.49M | 94.33M | 76.97M | 136.56M | 140.51M | 141.83M | 143.46M | 145.43M | 153.11M | 130.54M | 90.45M | 76.82M | 117.12M | 105.56M | 85.38M | 69.48M | 51.89M | 32.32M | 23.77M | 33.26M | 35.19M | 31.9M | 30.9M | 23.5M | 13.4M |
| Effective Tax Rate % | 24.94% | 24.94% | 25.32% | 24.78% | 24.53% | 24.43% | 24.68% | 24.62% | 18.95% | 37.11% | 37.8% | 38.01% | 37.8% | 37.93% | 37.15% | 37.37% | 37.56% | 38.04% | 37.37% | 37.77% | 38.5% | 38.23% | 39% | 38.29% | 39.5% | 45.06% | 39.94% | 39.48% | 39.51% | 39.5% | 39.41% |
| Net Income | 207.03M | 199.33M | 258.59M | 343.23M | 339.79M | 216.91M | 251.12M | 288.87M | 329.22M | 231.43M | 231.22M | 231.31M | 236.07M | 238M | 259.03M | 218.79M | 150.37M | 125.12M | 196.24M | 173.93M | 136.39M | 112.27M | 81.16M | 52.09M | 36.41M | 40.55M | 52.93M | 48.9M | 47.3M | 36M | 20.6M |
| Net Margin % | 5.4% | 5.29% | 6.77% | 8.56% | 9.2% | 6.69% | 7.87% | 8.59% | 10.28% | 8.01% | 8.07% | 7.95% | 8.47% | 9.68% | 10.99% | 10.82% | 8.89% | 8.4% | 11.03% | 10.3% | 10.35% | 10.21% | 8.5% | 6.17% | 4.59% | 4.66% | 6.68% | 7.51% | 8.11% | 8.22% | 6.75% |
| Net Income Growth % | -2.96% | -22.92% | -24.66% | 1.01% | 56.65% | -13.62% | -13.07% | -12.26% | 42.26% | 0.09% | -0.04% | -2.02% | -0.81% | -8.12% | 18.39% | 45.5% | 20.18% | -36.24% | 12.83% | 27.52% | 21.48% | 38.34% | 55.79% | 43.05% | -10.19% | -23.39% | 8.23% | 3.38% | 31.39% | 74.76% | - |
| Net Income (Continuing) | 206.26M | 197.84M | 255.96M | 343.11M | 340.48M | 217.94M | 251.76M | 288.8M | 329.22M | 231.43M | 231.22M | 231.31M | 236.07M | 238M | 259.03M | 218.79M | 150.37M | 125.12M | 196.24M | 173.93M | 136.39M | 112.27M | 81.16M | 52.09M | 36.41M | 39.91M | 46.17M | 48.9M | 47.3M | 36M | 20.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.65M | 8.29M | 9.48M | 13.42M | 11.85M | 11M | 5.63M | 5.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.70 | 3.57 | 4.58 | 6.11 | 6.06 | 3.87 | 4.51 | 5.20 | 5.81 | 4.05 | 3.77 | 3.74 | 3.76 | 3.75 | 4.09 | 3.43 | 2.37 | 2.00 | 3.04 | 2.59 | 2.00 | 1.61 | 1.17 | 0.77 | 0.51 | 0.57 | 0.68 | 0.72 | 0.69 | 0.53 | 0.48 |
| EPS Growth % | -1.85% | -22.05% | -25.04% | 0.83% | 56.59% | -14.19% | -13.27% | -10.5% | 43.46% | 7.43% | 0.8% | -0.53% | 0.27% | -8.31% | 19.24% | 44.73% | 18.5% | -34.21% | 17.37% | 29.5% | 24.22% | 37.61% | 51.95% | 50.98% | -10.53% | -16.18% | -5.56% | 4.35% | 30.19% | 10.42% | - |
| EPS (Basic) | - | 3.57 | 4.60 | 6.14 | 6.09 | 3.89 | 4.53 | 5.23 | 5.84 | 4.08 | 3.78 | 3.75 | 3.78 | 3.77 | 4.12 | 3.45 | 2.39 | 2.02 | 3.08 | 2.64 | 2.04 | 1.65 | 1.21 | 0.78 | 0.53 | 0.59 | 0.69 | 0.73 | 0.70 | 0.53 | 0.48 |
| Diluted Shares Outstanding | 55.9M | 55.89M | 56.44M | 56.21M | 56.05M | 56.09M | 55.64M | 55.51M | 56.71M | 56.97M | 61.08M | 61.49M | 62.34M | 63.01M | 62.8M | 63.32M | 62.93M | 62.58M | 64.66M | 67.06M | 68.32M | 69.89M | 69.55M | 67.91M | 70.78M | 69.45M | 68.2M | 67.92M | 68.55M | 66.75M | 60.87M |
| Basic Shares Outstanding | 55.81M | 55.78M | 56.26M | 55.92M | 55.78M | 55.74M | 55.47M | 55.24M | 56.35M | 56.59M | 60.91M | 61.29M | 62.03M | 62.7M | 62.43M | 62.9M | 62.44M | 61.8M | 63.74M | 65.8M | 66.83M | 67.93M | 67.06M | 66.54M | 68.92M | 68.2M | 67.22M | 66.99M | 67.57M | 66.75M | 60.87M |
| Dividend Payout Ratio | - | 95.14% | 72.42% | 51.49% | 49.26% | 77.13% | 176.88% | 50.44% | 38.1% | 44.17% | 45.75% | 122.88% | 34.99% | 31.87% | 24.33% | 54.51% | 34.4% | 39.86% | 24.26% | 24.32% | 26.64% | 115.58% | 24% | 6.36% | - | - | - | - | - | - | 306.31% |
Cyclical manufacturing demand sensitivity
According to recent financial filings, MSM's revenue growth has exhibited significant volatility, oscillating between a 4.7% contraction in 2025Q2 and a modest 4.0% expansion in 2026Q1, reflecting the company's high sensitivity to the broader U.S. industrial production cycle and fluctuating manufacturing capacity utilization rates.
The inconsistent revenue trajectory suggests that the company struggles to maintain organic momentum in a softening industrial environment. Investors should monitor whether the recent return to positive growth in 2026Q2 represents a sustainable recovery or merely a temporary rebound from prior-year comparisons.
As reported in quarterly income statements, MSM's operating margins have contracted from 11.4% in 2024Q3 to 7.3% in 2026Q2, indicating that the company is currently unable to fully offset rising operational costs or pricing pressures within its core metalworking and national account segments.
This margin erosion appears to be a structural challenge rather than a transient issue, potentially exacerbated by a shift in customer mix toward larger, more price-sensitive national accounts. The inability to maintain double-digit operating margins suggests that the company's technical advisory moat may be facing increased competitive pricing pressure.
Based on the provided income statement data, MSM's operating income has failed to scale proportionally with gross profit, as evidenced by the decline in operating margins despite relatively stable gross margins hovering near 41%, suggesting significant inefficiencies in managing SG&A expenses during periods of revenue stagnation.
The lack of operating leverage implies that the company's fixed-cost distribution network is currently a drag on profitability when volume growth is muted. Management's ability to control overhead costs appears insufficient to protect the bottom line, which may indicate that recent digital and operational investments are not yet yielding the expected efficiency gains.
While the company emphasizes its technical metalworking expertise, the persistent decline in operating margins from 11.4% in 2024Q3 to 7.3% in 2026Q2 suggests that the market's skepticism regarding MSM's pricing power in an increasingly transparent digital distribution landscape may be fundamentally justified.
Short-term investors should consider the risk that the 'Mission Critical' service model is becoming commoditized, forcing the company to sacrifice margin to retain large-scale national accounts. If this trend continues, the company may struggle to return to historical profitability levels, regardless of improvements in the broader manufacturing cycle.
Quick answers to the most common questions about buying MSM stock.
For fiscal year 2025, MSC Industrial Direct Co., Inc. (MSM) reported total revenue of $3.77B. This represents a 1134.7% increase compared to $305.3M in 1996.
MSC Industrial Direct Co., Inc. (MSM) is profitable, generating $199.3M in net income for the fiscal year ending 2025 with a net profit margin of 5.3%.
MSC Industrial Direct Co., Inc. (MSM) reported an operating income of $313.7M, resulting in an operating profit margin of 8.3%. This margin reflects the operational efficiency of the business before interest and taxes.
MSC Industrial Direct Co., Inc. (MSM) generated $1.54B in gross profit for the year, representing a gross profit margin of 40.8%. This demonstrates the company's core pricing power and production efficiency.