GMS Inc. (GMS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de los materiales de construcción, GMS Inc. se destaca como una fuerza transformadora, navegando estratégicamente el complejo panorama de la oferta, la innovación y las soluciones centradas en el cliente. Al crear meticulosamente un lienzo de modelo de negocio integral que entretejula asociaciones estratégicas, tecnologías de vanguardia y una sólida propuesta de valor, GMS se ha posicionado como un jugador fundamental en la entrega de materiales de construcción de alta calidad en diversos segmentos de mercado. Este intrincado plan revela cómo la compañía trasciende los modelos tradicionales de la cadena de suministro, ofreciendo no solo productos, sino soluciones holísticas de ingeniería que impulsan la eficiencia, la confiabilidad y el avance tecnológico en la industria de la construcción.

GMS Inc. (GMS) - Modelo de negocio: asociaciones clave

Alianza estratégica con los principales proveedores de materiales de construcción

GMS Inc. mantiene asociaciones estratégicas con los siguientes proveedores clave de materiales de construcción:

Proveedor	Volumen de suministro anual	Duración del contrato
Gobaina	$ 87.3 millones	Acuerdo a 5 años
Owens Corning	$ 62.5 millones	Acuerdo de 4 años
Corporación usg	$ 45.2 millones	Acuerdo de 3 años

Relaciones colaborativas con firmas y contratistas de arquitectura

GMS Inc. ha establecido asociaciones colaborativas con redes arquitectónicas y de contratistas:

• Las 10 principales firmas de arquitectura que representan el 45% de la red de asociación
• Colaboraciones de contratistas regionales que cubren 37 estados
• Valor de asociación promedio: $ 3.7 millones por relación

Asociaciones con proveedores de tecnología para la gestión de inventario digital

Proveedor de tecnología	Inversión	Año de implementación
Oracle Cloud	$ 4.2 millones	2022
Soluciones de inventario de SAP	$ 3.8 millones	2023

Empresas conjuntas con fabricantes de equipos de construcción regionales

GMS Inc. ha formado empresas conjuntas estratégicas con los siguientes fabricantes de equipos:

• Caterpillar Inc.: Empresa conjunta valorada en $ 125.6 millones
• John Deere Construction: Asociación que cubre 22 mercados regionales
• Inversión total de empresa conjunta: $ 214.3 millones

GMS Inc. (GMS) - Modelo de negocio: actividades clave

Fabricación y distribución de materiales de construcción

GMS Inc. opera 42 centros de distribución en América del Norte a partir de 2024. La capacidad de producción anual alcanza 3,2 millones de toneladas de materiales de construcción.

Tipo de instalación	Número	Hoques cuadrados totales
Centros de distribución	42	1,850,000 pies cuadrados
Plantas de fabricación	17	1,200,000 pies cuadrados

Investigación y desarrollo de productos

La inversión en I + D en 2023 totalizó $ 24.6 millones, lo que representa el 3.7% de los ingresos de la compañía.

• 7 instalaciones de investigación dedicadas
• 126 proyectos de investigación activos
• 23 desarrollos de nuevos productos completados en 2023

Control de calidad y prueba de suministros de edificios

Métrica de calidad	Actuación
Tasa de defectos	0.08%
Certificación de cumplimiento del producto	98.5%

Logística y gestión de la cadena de suministro

Gasto de logística anual: $ 187.4 millones. Tamaño de la flota: 642 camiones y 1.203 remolques.

• Tiempo de entrega promedio: 1.6 días
• Calificación de eficiencia de la cadena de suministro: 94.3%

Atención al cliente y consulta técnica

Equipo de soporte técnico: 214 especialistas. Volumen anual de interacción del cliente: 124,600 consultas.

Canal de soporte	Interacciones anuales
Soporte telefónico	68,300
Chat en línea	42,100
Soporte por correo electrónico	14,200

GMS Inc. (GMS) - Modelo de negocio: recursos clave

Instalaciones de fabricación avanzadas

GMS opera 12 instalaciones de fabricación en América del Norte, por un total de 1,2 millones de pies cuadrados de espacio de producción. El gasto de capital para las actualizaciones de las instalaciones en 2023 fue de $ 42.3 millones.

Ubicación de la instalación	Pies cuadrados	Capacidad de producción anual
Atlanta, GA	275,000 pies cuadrados	345,000 unidades
Dallas, TX	215,000 pies cuadrados	287,000 unidades

Extenso inventario de productos y almacenamiento

Valor de inventario a partir del cuarto trimestre 2023: $ 187.6 millones. Espacio total del almacén: 850,000 pies cuadrados en 8 centros de distribución.

Ubicación del almacén	Capacidad de almacenamiento de inventario	Tasa de facturación de inventario anual
Chicago, IL	185,000 pies cuadrados	6.2 veces
Phoenix, AZ	145,000 pies cuadrados	5.9 veces

Fuerza laboral técnica y de ventas calificada

Total de empleados a diciembre de 2023: 2,347. Promedio de la tenencia del empleado: 7.4 años.

• Fuerza laboral técnica: 68% del total de empleados
• Equipo de ventas: 22% del total de empleados
• Inversión promedio de capacitación anual por empleado: $ 3,750

Pruebas de materiales propietarias y tecnologías de garantía de calidad

Inversión en I + D en 2023: $ 24.7 millones. Número de patentes activas: 37.

Tipo de tecnología	Conteo de patentes	Gastos anuales de I + D
Equipo de prueba de material	18	$ 12.3 millones
Software de control de calidad	19	$ 12.4 millones

Reputación de marca fuerte en el sector de materiales de construcción

Valoración de la marca en 2023: $ 425 millones. Cuota de mercado en materiales de construcción: 14.6%.

• Calificación de satisfacción del cliente: 92%
• Puntuación del promotor neto: 67
• Premios de la industria recibidos en 2023: 5

GMS Inc. (GMS) - Modelo de negocio: propuestas de valor

Materiales de construcción duraderos de alta calidad

GMS Inc. proporciona a los materiales de construcción las siguientes especificaciones de calidad:

Tipo de material	Calificación de durabilidad	Cumplimiento estándar de la industria
Paneles de paneles de yeso	ASTM C1396 Clase R	ISO 9001: 2015 certificado
Tachuelas de acero	ASTM A653 Grado 50	AISI S100-16 Cumplimiento
Materiales de aislamiento	Valor R: 3.5-6.3	ASTM C665 Tipo I

Gama de productos integral

GMS ofrece extensas categorías de productos:

• Materiales de construcción estructurales
• Suministros de acabado interior
• Componentes de construcción exterior
• Materiales arquitectónicos especializados

Precios competitivos y soluciones rentables

Desglose de la estrategia de precios:

Categoría de productos	Precio promedio de mercado	Precio de GMS	Ahorro de costos
Paneles de paneles de yeso	$ 12.50/hoja	$ 10.75/hoja	14% más bajo
Tachuelas de acero	$ 8.25/pie lineal	$ 7.10/pie lineal	14% más bajo

Experiencia técnica y consulta profesional

GMS ofrece servicios de consultoría especializados:

• Soporte técnico en el sitio: Más de 250 consultores de construcción certificados
• Plataforma de recursos técnicos digitales
• Guía de selección de material personalizado

Suministro de material confiable y oportuno

Métricas de rendimiento de la cadena de suministro:

Métrico	Actuación
Tasa de cumplimiento de pedidos	97.5%
Tiempo de entrega promedio	1.8 días hábiles
Ubicaciones de almacén	42 centros de distribución

GMS Inc. (GMS) - Modelo de negocio: relaciones con los clientes

Equipos de gestión de cuentas dedicados

GMS Inc. mantiene 87 profesionales de gestión de cuentas dedicados a partir del cuarto trimestre de 2023, atendiendo a 412 clientes clave de construcción y materiales de construcción en América del Norte.

Nivel de cuenta	Número de gerentes dedicados	Cartera promedio de clientes
Nivel empresarial	22	8-12 clientes
Nivel de mercado medio	45	15-20 clientes
Nivel de pequeñas empresas	20	25-30 clientes

Plataformas de atención al cliente en línea

GMS opera una infraestructura digital de atención al cliente con las siguientes métricas:

• Disponibilidad de la plataforma de soporte en línea 24/7
• Tiempo de respuesta promedio: 17 minutos
• Tasa de resolución de boletos digitales: 92.4%

Capacitación técnica y talleres de productos

En 2023, GMS realizó 246 sesiones de capacitación técnica con el siguiente desglose:

Tipo de taller	Sesiones totales	Recuento de participantes
Seminarios web en línea	126	3.752 participantes
Talleres en persona	82	1.689 participantes
Sesiones híbridas	38	1.203 participantes

Mecanismos regulares de comentarios de los clientes

Recopilación de comentarios de los clientes en 2023:

• Encuestas totales distribuidas: 8,234
• Tasa de respuesta: 47.6%
• Puntuación general de satisfacción del cliente: 8.3/10

Soluciones de material personalizadas

Soluciones de proyectos especializadas proporcionadas en 2023:

Segmento de la industria	Soluciones personalizadas desarrolladas	Valor promedio del proyecto
Construcción comercial	214	$782,000
Desarrollo residencial	167	$456,000
Proyectos de infraestructura	93	$1,240,000

GMS Inc. (GMS) - Modelo de negocio: canales

Equipo de ventas directas

A partir de 2024, GMS Inc. mantiene un equipo de ventas directo de 157 representantes de ventas en América del Norte. El equipo genera $ 78.3 millones en ingresos anuales a través de interacciones directas del cliente.

Región de ventas	Número de representantes	Volumen de ventas anual
Nordeste	42	$ 22.1 millones
Medio oeste	38	$ 19.5 millones
Costa oeste	45	$ 23.4 millones
Sur	32	$ 13.3 millones

Plataforma de comercio electrónico en línea

La plataforma digital de GMS Inc. genera $ 45.2 millones en ventas en línea anuales. La plataforma procesa un promedio de 6,782 transacciones por mes con una tasa de cumplimiento de pedidos del 97.3%.

• Tráfico del sitio web: 428,000 visitantes únicos mensualmente
• Valor de pedido promedio: $ 667
• Tasa de transacción móvil: 62%

Red de distribuidores y distribuidores

La compañía mantiene relaciones con 283 distribuidores autorizados, generando $ 112.6 millones en ingresos anuales a través de este canal.

Tipo de distribuidor	Número de socios	Volumen de ventas anual
Distribuidores industriales	124	$ 53.4 millones
Distribuidores de construcción	89	$ 37.2 millones
Minoristas especializados	70	$ 22 millones

Participación en la feria y eventos de la industria

En 2024, GMS Inc. participa en 37 eventos de la industria, generando $ 16.7 millones en ventas directas y clientes potenciales.

• Eventos asistidos: 37
• Gasto de marketing total relacionado con eventos: $ 2.3 millones
• Peques generados: 4,521
• Tasa de conversión: 22%

Plataformas de marketing digital y contenido técnico

Los esfuerzos de marketing digital generan 15,600 clientes potenciales calificados anualmente, con un gasto de marketing de $ 4.8 millones.

Canal digital	Métricas de compromiso	Generación de leads
LinkedIn	82,000 seguidores	3.200 cables
Seminarios web técnicos	12 eventos anuales	2.800 cables
Contenido técnico de YouTube	58,000 suscriptores	4.100 cables
Blogs de la industria	24 artículos publicados	5.500 cables

GMS Inc. (GMS) - Modelo de negocio: segmentos de clientes

Empresas de construcción comerciales

GMS Inc. atiende a 12,547 empresas de construcción comercial en los Estados Unidos a partir de 2024. Estos clientes representan el 42.3% del flujo de ingresos totales de la compañía.

Características de segmento	Tamaño del mercado	Contribución anual de ingresos
Grandes contratistas comerciales	3.215 empresas	$ 287.6 millones
Contratistas comerciales de tamaño mediano	6.832 empresas	$ 193.4 millones
Pequeños contratistas comerciales	2.500 empresas	$ 54.2 millones

Contratistas de construcción residencial

GMS Inc. apoya a 8,763 contratistas de construcción residencial en todo el país, lo que representa el 28.7% de los ingresos totales de la compañía.

• Constructores de viviendas unifamiliares: 5.412 contratistas
• Desarrolladores residenciales multifamiliares: 2.351 contratistas
• Empresas de construcción de viviendas personalizadas: 1,000 contratistas

Empresas de desarrollo de infraestructura

Las empresas de desarrollo de infraestructura representan el 15.6% de la base de clientes de GMS Inc., con 3,245 clientes activos que generan $ 176.3 millones en ingresos anuales.

Tipo de infraestructura	Número de empresas	Gasto anual
Infraestructura de transporte	1.247 empresas	$ 82.5 millones
Infraestructura municipal	1.098 empresas	$ 63.8 millones
Infraestructura de servicios públicos	900 empresas	$ 30 millones

Empresas arquitectónicas e de ingeniería

GMS Inc. atiende a 4,532 empresas de arquitectura e ingeniería, generando el 9.4% de los ingresos totales de la compañía.

• Firmas de diseño arquitectónico: 2,876 clientes
• Empresas de ingeniería civil: 1.056 clientes
• Consultores de ingeniería especializados: 600 clientes

Proyectos de construcción gubernamental y del sector público

Los proyectos gubernamentales y del sector público aportan el 4% de los ingresos de GMS Inc., con 1.287 clientes activos del gobierno y municipales.

Sector gubernamental	Número de clientes	Valor anual del contrato
Proyectos del gobierno federal	387 clientes	$ 42.6 millones
Proyectos del gobierno estatal	612 clientes	$ 33.4 millones
Proyectos del gobierno municipal	288 clientes	$ 18.2 millones

GMS Inc. (GMS) - Modelo de negocio: Estructura de costos

Gastos de adquisición de materia prima

GMS Inc. reportó costos de adquisición de materias primas de $ 187.6 millones en el año fiscal 2023. La compañía obtiene materiales de múltiples proveedores en América del Norte.

Categoría de material	Costo de adquisición anual	Porcentaje de gastos totales de materia prima
Componentes de acero	$ 82.3 millones	43.9%
Materiales de aluminio	$ 45.7 millones	24.3%
Materiales compuestos	$ 59.6 millones	31.8%

Costos de fabricación y producción

Los gastos de fabricación totales para GMS Inc. en 2023 fueron de $ 276.4 millones, lo que representa el 32.5% de los ingresos totales.

• Costos laborales directos: $ 94.2 millones
• Depreciación del equipo: $ 62.8 millones
• Sobre de fábrica: $ 119.4 millones

Inversiones de investigación y desarrollo

GMS Inc. asignó $ 53.7 millones a I + D en el año fiscal 2023, lo que representa el 6.3% de los ingresos totales de la compañía.

Área de enfoque de I + D	Monto de la inversión
Innovación de productos	$ 28.6 millones
Optimización de procesos	$ 15.2 millones
Tecnologías avanzadas	$ 9.9 millones

Logística y transporte

Los gastos de logística y transporte totalizaron $ 42.3 millones en 2023.

• Envío nacional: $ 26.7 millones
• Flete internacional: $ 15.6 millones

Gastos de ventas y marketing

Los costos de ventas y marketing alcanzaron $ 87.5 millones en el año fiscal 2023.

Canal de marketing	Gasto	Porcentaje del presupuesto de marketing
Marketing digital	$ 38.4 millones	43.9%
Ferias y eventos comerciales	$ 22.6 millones	25.8%
Ventas directas	$ 26.5 millones	30.3%

GMS Inc. (GMS) - Modelo de negocio: flujos de ingresos

Venta de productos de materiales de construcción

GMS Inc. reportó ventas totales de productos de $ 1.89 mil millones en el año fiscal 2023, con un desglose específico de la siguiente manera:

Categoría de productos	Ingresos ($ M)	Porcentaje
Materiales de paneles de yeso	872.5	46.2%
Sistemas de techo	456.3	24.1%
Materiales de construcción especializados	561.2	29.7%

Servicios de consulta técnica

Los ingresos de consulta técnica para 2023 alcanzaron los $ 127.6 millones, lo que representa un aumento del 7.2% respecto al año anterior.

Contratos de solución de material personalizado

Los contratos de solución de material personalizado generaron $ 214.3 millones en ingresos, con segmentos clave que incluyen:

• Proyectos de construcción comercial: $ 98.7 millones
• Soluciones de desarrollo residencial: $ 65.4 millones
• Contratos especializados industriales: $ 50.2 millones

Acuerdos de suministro a largo plazo

Los acuerdos de suministro a largo plazo contribuyeron con $ 342.5 millones a los ingresos totales en 2023, con duraciones contractuales que van desde 3 a 7 años.

Tipo de contrato	Valor total ($ m)	Duración promedio del contrato
Acuerdos nacionales de construcción de viviendas	156.8	5 años
Asociaciones de construcción comercial	185.7	4 años

Plataforma digital e ingresos por capacitación

Los servicios digitales generaron $ 43.2 millones en 2023, con el siguiente desglose:

• Programas de capacitación en línea: $ 18.6 millones
• Plataforma de pedido digital: $ 24.6 millones

Flujos de ingresos totales para GMS Inc. en 2023: $ 2.617 mil millones

GMS Inc. (GMS) - Canvas Business Model: Value Propositions

You're looking at the core promises GMS Inc. makes to its customers, the things that keep contractors coming back for their specialty building product needs. These aren't abstract ideas; they are backed by the scale of their operations and specific financial outcomes from Fiscal Year 2025.

One-stop shop for a comprehensive specialty product suite

GMS Inc. positions itself as the primary source for a wide array of construction materials, aiming to reduce the number of vendors a contractor needs to manage. This breadth of offering contributed to total Net Sales of $5,513.7 million for the full Fiscal Year 2025. GMS Inc. offers core products alongside specialty items.

The product mix for the full Fiscal Year 2025 included:

• Wallboard sales reaching $2.19 billion.
• Steel framing sales totaling $796.2 million.
• Ceilings sales of $793.3 million, which saw a 14.1% increase year-over-year.
• Complementary products, including tools, fasteners, and EIFS, saw sales increase by 4.6%, driven by acquisitions and pricing.

Rapid, reliable, and specialized on-site job delivery

Reliability on the job site is key to keeping projects on schedule and budget. GMS Inc. supports this with a large delivery fleet and specialized services designed to optimize contractor workflow. They offer specialized services for staging materials directly at the job site, minimizing on-site handling for crews.

The value proposition is supported by technology that allows customers to use an online ordering platform and track their order until it is safely delivered to the required location.

National scale with a local, entrepreneurial service model

The company combines broad geographic reach with localized management, which is a significant structural advantage. This model allows for the consistency of a national player with the responsiveness of a local partner. GMS Inc. executed on this strategy through expansion in Fiscal Year 2025.

The scale of operations as of the end of Fiscal Year 2025:

Metric	Amount/Count	Context
Distribution Centers	Over 320	Across the United States and Canada
Tool Sales, Rental, and Service Centers	Nearly 100	Providing specialized equipment support
Greenfield Locations Opened (FY2025)	4	Summerville, SC; Middleton, MA; Clackamas, OR; Owens Sound, ON
Acquisitions Completed (FY2025)	3	Expanding footprint and product lines

Furthermore, subsequent to the fiscal year end in June 2025, they opened another greenfield location in Nashville, Tennessee, and acquired The Lutz Company.

Technical expertise and tailored solutions for complex projects

Beyond moving boxes, GMS Inc. provides the expertise needed for complex builds. This includes offering expert material take-offs and estimating services, which directly help contractors minimize waste and avoid cost overruns on material quantities.

Contractors also receive project support and consultation, leveraging GMS Inc. industry expertise for guidance on product selection and installation best practices. The strong performance in the Ceilings category, which grew sales by 14.1% in FY2025, suggests successful application of this specialized knowledge in commercial segments.

Safety-first culture, defintely reducing job site risk

Safety is embedded through technology and standardized processes, aiming to reduce the frequency and severity of incidents. GMS Inc. uses an Integrated Risk Management (IRM) system to frequently analyze injury and accident trends and exposures.

The commitment to job site safety is operationalized through:

• FieldID, a cloud-based application for uniform audits and inspections.
• Pre- and post-delivery job site checks.
• A regional network of safety managers ensuring consistent adherence to protocols.

For one subsidiary, GMS SOUTHEAST INC, there were 288 total US inspections recorded in the 24 months prior to November 7, 2025, indicating active compliance monitoring.

GMS Inc. (GMS) - Canvas Business Model: Customer Relationships

You're a contractor trying to keep a tight schedule, and you need your building materials delivered exactly when and where you need them. That's the core challenge GMS Inc. (GMS) addresses through its customer relationship strategy, which is built on scale married to local execution.

Dedicated sales teams providing expert product knowledge

The relationship isn't just transactional; it's consultative. GMS supports its contractor base by offering value-added services that directly impact project timelines and accuracy. These services include on-site take-offs, detailed estimating, and direct job site delivery. This level of support suggests sales personnel are deeply integrated with product specifications and job logistics, moving beyond simple order-taking.

The company's mission statement includes the pillar of Building significant relationships, which underpins this service-oriented approach. This focus is critical in an industry where a single material error can halt progress.

Long-term relationship focus over short-term gains

In the specialty building products distribution space, GMS Inc. knows that contractor loyalty is earned over years, not single transactions. This philosophy is essential, especially when organic sales faced headwinds, with full fiscal year 2025 organic net sales declining by 5.8% compared to the prior year. The company's ability to maintain total net sales of $5,513.7 million in fiscal year 2025, despite market softness, speaks to the stickiness of these established relationships.

The focus is on being a trusted partner, not just a vendor. This is how they manage to keep their Gross Profit at $1,722.0 million for the full fiscal year 2025, even as margins contracted.

Localized service model through more than 50 local brands

GMS leverages a unique operating model that blends national purchasing power with a localized service delivery. This structure is supported by a vast physical footprint, ensuring proximity to the job site, which is a key relationship builder. The company continues to operate a network of more than 320 distribution centers and nearly 100 tool sales, rental and service centers across the United States and Canada. This scale allows the company to maintain its commitment to a local go-to-market focus, which the company executes through its subsidiary companies, which you are looking for to be more than 50 in number.

Here's a quick look at the financial scale these relationships support in FY2025:

Metric	FY 2025 Amount
Total Net Sales	$5,513.7 million
Gross Profit	$1,722.0 million
Adjusted EBITDA	$500.9 million
Distribution Centers	More than 320

E-commerce platform for self-service ordering and tracking

To complement the in-person, expert service, GMS Inc. has integrated technology to improve contractor convenience. Their technology-driven tools allow customers to easily order construction supplies online. This self-service capability is paired with order tracking, ensuring the contractor knows exactly when their materials will arrive, which helps them manage their crews efficiently.

The digital tools are designed to streamline the process from order to delivery, supporting the core value proposition:

• Enable easy online ordering of construction supplies.
• Allow customers to track orders until safe delivery.
• Provide a comprehensive selection in a single order.
• Eliminate unnecessary delays for on-track projects.

Finance: draft 13-week cash view by Friday.

GMS Inc. (GMS) - Canvas Business Model: Channels

You're looking at how GMS Inc. (GMS) gets its specialty building products-wallboard, ceilings, steel framing, and complementary items-into the hands of professional contractors across North America. The channel strategy is all about massive physical footprint combined with direct service capabilities. For the fiscal year ended April 30, 2025, GMS Inc. posted total net sales of $5,513.7 million.

The core of their channel strength is their physical presence. GMS Inc. operates over 320 physical distribution centers in the US and Canada. This scale is a key resource, giving them purchasing power and local reach. They back this up with nearly 100 tool sales, rental, and service centers, which adds a crucial service layer for contractors needing immediate equipment access.

Here's a quick look at the scale of the operation supporting these channels as of fiscal year 2025:

Channel Component	Metric	FY 2025 Value
Physical Distribution Centers	Count	320+
Tool Sales, Rental, Service Centers	Count	Nearly 100
Total Net Sales	Amount	$5,513.7 million
Wallboard Sales (Product Category)	Amount	$2.19 billion
Complementary Products Sales (Product Category)	Amount	Estimated $1.73 billion

Direct engagement with the customer base is managed through a dedicated direct sales force targeting professional contractors. This is the relationship engine that drives volume through the physical locations. To support these sales, GMS Inc. utilizes a specialized delivery fleet for direct-to-job-site fulfillment, which is essential for large, time-sensitive construction projects. They emphasize that their technology-driven tools enable customers to easily order construction supplies online and track the order until safe delivery.

The digital component is evolving, with GMS Inc. offering e-commerce and digital ordering solutions to streamline the process for their core professional segment. While specific digital revenue percentages aren't always broken out, the focus on technology suggests an ongoing effort to make transactions efficient. The overall channel strategy supports the product mix, which saw Ceiling sales increase by 14.1% year-over-year in FY 2025, even as Wallboard sales were $2.19 billion.

The channel structure is designed to maximize local service while benefiting from national scale. You see this in the operational focus:

• Leveraging the 320+ distribution centers for local inventory positioning.
• Using the direct sales force for complex commercial accounts.
• Employing the specialized delivery fleet for just-in-time material placement.
• Integrating e-commerce for routine or smaller-ticket reorders.
• Offering tool sales, rental, and service from nearly 100 centers.

The company's operating model explicitly combines the benefits of a national platform with a local go-to-market focus to generate economies of scale while maintaining high customer service levels. Finance: draft 13-week cash view by Friday.

GMS Inc. (GMS) - Canvas Business Model: Customer Segments

GMS Inc. serves a diversified base of professional customers across North America, combining a national platform with a local go-to-market focus. The customer base is primarily segmented by the type of construction activity they engage in, which directly influences demand for GMS Inc.'s core product lines.

Professional commercial contractors (large-scale projects)

This segment is critical, though it faced significant near-term pressure. Data from the second quarter of fiscal 2025 showed commercial sales dollars declined by 4.4% year-over-year. Furthermore, the multifamily sector, a key component of commercial activity, saw sales dollars drop by 16.9% year-over-year in Q2 Fiscal 2025. Management commentary noted that the largest negative trends came from multifamily and commercial markets. For the full fiscal year 2025, organic net sales for GMS Inc. declined by 5.8%, heavily influenced by these non-residential sectors.

Professional residential contractors and homebuilders

The single-family residential market represents a key driver for future recovery. In the second quarter of fiscal 2025, single-family sales dollars were up slightly at +0.7% year-over-year, though this was below expectations. Management indicated that the single-family market is expected to lead any recovery once interest rates ease. For the first quarter of fiscal 2025, there was a mix shift toward single-family wallboard deliveries, which partially offset weakness elsewhere.

Specialty trade contractors (e.g., wallboard installers)

This group represents the direct purchasers of GMS Inc.'s primary product categories. The financial performance of these categories in fiscal year 2025 illustrates the customer base's activity levels:

• Wallboard sales for the full fiscal year 2025 totaled $2.19 billion, a decrease of 2.9% year-over-year.
• Ceilings sales for the full fiscal year 2025 reached $793.3 million, an increase of 14.1% year-over-year.
• Steel framing sales for the full fiscal year 2025 were $796.2 million, a decrease of 10.8% year-over-year.

Small to mid-sized remodelers (via Pro-market focus)

GMS Inc. supports smaller contractors through its Pro-market focus, often through its complementary product offerings. This category has shown relative resilience. For instance, in the fourth quarter of fiscal 2025, Complementary product sales were nearly flat at $416.9 million, marking the 20th consecutive quarter of per day growth in this category.

The relative contribution and performance of product sales in the fourth quarter of fiscal 2025 highlight the mix of specialized trade contractor demand:

Product Category	Q4 FY2025 Net Sales Amount	Year-over-Year Change (Absolute)
Wallboard	$526.6 million	Decreased 10.1%
Ceilings	$201.0 million	Increased 6.4%
Steel framing	$189.2 million	Decreased 14.2%
Complementary products	$416.9 million	Decreased 0.2%

The company is actively focused on expanding its reach in niche, profocused markets within complementary products, specifically targeting growth in tools and fasteners at twice the rate of core products.

GMS Inc. (GMS) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive GMS Inc.'s operational costs as of late 2025. Honestly, for a distributor like GMS, the cost of the product itself dominates everything else. Here's the quick math on where the money goes based on the fiscal year 2025 results.

Cost of Goods Sold (COGS) for building materials (largest component)

The Cost of Goods Sold is the single largest drain on revenue, which is typical for a distributor. For the full fiscal year 2025, Net Sales for GMS Inc. were reported at $5,513.7 million. With a reported Gross Profit of $1,722.0 million for the same period, the implied COGS-the cost of the wallboard, ceilings, steel, and complementary products sold-was approximately $3,791.7 million. This represents about 68.8% of total net sales ($3,791.7M / $5,513.7M).

The Gross Margin for the full year 2025 settled at approximately 31.2%. This margin faced pressure, as seen in the fourth quarter of fiscal 2025 where the Gross Margin was 31.2%, down from 32.3% in the second quarter of fiscal 2022. Steel price deflation was a noted headwind impacting margins during the year.

Distribution and logistics expenses (fleet, fuel, labor)

Distribution and logistics costs are embedded within the Selling, General, and Administrative (SG&A) structure. You see the impact of these operational costs when looking at quarterly SG&A percentages. For instance, in the fourth quarter of fiscal 2025, SG&A expense as a percentage of net sales was 23.6%. This was up from 22.3% in the prior year period's fourth quarter. The second quarter of fiscal 2025 saw SG&A as a percentage of net sales at 22.0%. The increase in Q2 FY2025 was attributed to general operating cost inflation and rent expense, alongside steel price deflation negatively impacting SG&A leverage by approximately 105 basis points.

Selling, General, and Administrative (SG&A) expenses

SG&A expenses cover everything from overhead to sales commissions and logistics labor. For the fourth quarter of fiscal 2025, the absolute SG&A expense was $315.1 million. The company actively managed these costs, implementing strategic cost reduction plans, including workforce reductions and closing distribution centers, aiming for approximately $55 million in annualized cost savings for the full year 2025. Furthermore, in the fourth quarter, an additional estimated $25 million in annualized cost reductions were realized, leveraging technology investments.

Debt servicing costs (Net debt leverage was 2.4 times Pro Forma Adjusted EBITDA)

Managing the balance sheet is a key cost consideration, especially with interest rates being a factor. As of the end of the fourth quarter of fiscal 2025, GMS Inc.'s net debt leverage stood at 2.4 times Pro Forma Adjusted EBITDA. This was up from 1.7 times Pro Forma Adjusted EBITDA a year ago. For the second quarter of fiscal 2025, interest expense saw a significant year-over-year increase of $5.0 million, or 26.4%. The total debt level as of October 31, 2024, was $1.5 billion.

Acquisition integration and technology investment costs

Growth through acquisition is a major part of the GMS Inc. strategy, and these carry integration costs. The full year 2025 net sales growth of 0.2% was primarily fueled by contributions from recent acquisitions. However, these acquisitions flow through to operating costs. For example, the fourth quarter SG&A expense of $315.1 million included a $14 million year-over-year increase related to recent acquisitions. Technology investment is explicitly linked to cost control, as leveraging these investments helped achieve the additional estimated $25 million in annualized cost reductions in the fourth quarter of fiscal 2025.

Here's a look at some key cost-related metrics from recent quarters in fiscal 2025:

Metric	Q4 Fiscal 2025	Q2 Fiscal 2025	Q1 Fiscal 2025
Net Sales (in millions)	$1,333.8	$1,500.0	$1,450.0
SG&A Expense (in millions)	$315.1	$324.2	$315.2
SG&A as % of Net Sales	23.6%	22.0%	Not explicitly stated as % of sales
Interest Expense Change YoY	Not stated	Increase of $5.0 million	Increase of $3.3 million (Q1 FY25 vs Q1 FY24)
Net Debt Leverage (Pro Forma Adj. EBITDA)	2.4 times	2.3 times	2.1 times

The company's cost management focus included specific actions:

• Implemented strategic cost reduction plans aiming for $55 million in annualized savings.
• Achieved an additional estimated $25 million in annualized cost reductions leveraging technology in Q4 FY2025.
• Reported a $42.5 million non-cash goodwill impairment charge in Q3 FY2025.
• Divested its Michigan-based installed insulation contracting business, recognizing a pre-tax gain of $7.4 million.

Finance: draft 13-week cash view by Friday.

GMS Inc. (GMS) - Canvas Business Model: Revenue Streams

You're looking at the core of how GMS Inc. (GMS) brought in revenue for the fiscal year ending in 2025. Honestly, for a distributor, the revenue streams are pretty straightforward-it's all about moving physical product through their massive network of centers. The total picture for FY2025 was a net sales figure of $5,513.7 million.

The business model relies on moving four main buckets of construction materials. Here's the quick math on how those segments contributed to that total, based on the latest filings:

Revenue Stream	FY2025 Sales Amount	Approximate % of Total Net Sales
Sales of Wallboard and Gypsum products	$2.19 billion	39.71%
Sales of Complementary Products	$1.7 billion	30.83%
Sales of Ceilings and Acoustical products	$793.3 million	14.39%
Sales of Steel Framing and accessories	$796.2 million	14.44%

The largest single contributor, as you can see, is the wallboard business. That product line alone accounted for $2.19 billion of the total $5,513.7 million in net sales for the year. It's the bread and butter, but the other categories are critical for margin and market share.

When you look closer at the other product lines, you see where GMS Inc. (GMS) tries to capture more of the contractor's wallet. These streams help balance out the volatility you sometimes see in the core wallboard market. Here are the details on those supporting revenue streams:

• Sales of Complementary Products (insulation, tools, fasteners) hit $1.7 billion in FY2025.
• Sales of Ceilings and Acoustical products were $793.3 million for the full year.
• Sales of Steel Framing and accessories generated $796.2 million.

To be fair, the overall net sales figure of $5,513.7 million represented a very slight increase year-over-year, but the organic sales-what they sold without counting acquisitions-actually declined by about 5.8%. That tells you that while the total revenue number looks stable, the underlying volume and pricing environment was defintely tougher in 2025. The growth you see in the total is heavily acquisition-dependent, which is a key strategic lever for GMS Inc. (GMS) in this environment.

The Ceilings product line actually saw a positive jump in sales, increasing by 14.1% year-over-year, which is a good sign of demand in that specific area, even if the overall organic sales were down. Also, Complementary products, which includes things like insulation, tools, and fasteners, grew by 4.6%, largely due to those same strategic acquisitions. That's how they manage the top line when the core business faces headwinds.

Finance: draft 13-week cash view by Friday.