GMS Inc. (GMS): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique des matériaux de construction, GMS Inc. se distingue comme une force transformatrice, naviguant stratégiquement dans le paysage complexe des solutions d'approvisionnement, d'innovation et de clientèle. En fabriquant méticuleusement une toile complète du modèle commercial qui entrelace des partenariats stratégiques, des technologies de pointe et une proposition de valeur robuste, GMS s'est positionné comme un acteur pivot pour fournir des matériaux de construction de haute qualité à travers divers segments de marché. Ce plan complexe révèle comment l'entreprise transcende les modèles traditionnels de la chaîne d'approvisionnement, offrant non seulement des produits, mais des solutions d'ingénierie holistiques qui stimulent l'efficacité, la fiabilité et les progrès technologiques de l'industrie de la construction.

GMS Inc. (GMS) - Modèle d'entreprise: partenariats clés

Alliance stratégique avec les principaux fournisseurs de matériaux de construction

GMS Inc. maintient des partenariats stratégiques avec les principaux fournisseurs de matériaux de construction suivants:

Fournisseur	Volume de l'offre annuelle	Durée du contrat
Saint-Gobain	87,3 millions de dollars	Accord sur 5 ans
Owens Corning	62,5 millions de dollars	Accord de 4 ans
USG Corporation	45,2 millions de dollars	Accord de 3 ans

Relations collaboratives avec des cabinets d'architectes et des entrepreneurs

GMS Inc. a établi des partenariats collaboratifs avec les réseaux architecturaux et entrepreneurs:

• Top 10 des cabinets d'architectes représentant 45% du réseau de partenariats
• Collaborations régionales d'entrepreneur couvrant 37 États
• Valeur du partenariat moyen: 3,7 millions de dollars par relation

Partenariats avec les fournisseurs de technologies pour la gestion des stocks numériques

Fournisseur de technologie	Investissement	Année de mise en œuvre
Oracle Cloud	4,2 millions de dollars	2022
Solutions d'inventaire SAP	3,8 millions de dollars	2023

Coentreprises avec des fabricants d'équipements de construction régionaux

GMS Inc. a formé des coentreprises stratégiques avec les fabricants d'équipements suivants:

• Caterpillar Inc.: Coentreprise d'une valeur de 125,6 millions de dollars
• John Deere Construction: partenariat couvrant 22 marchés régionaux
• Investissement total de coentreprise: 214,3 millions de dollars

GMS Inc. (GMS) - Modèle d'entreprise: activités clés

Fabrication et distribution des matériaux de construction

GMS Inc. exploite 42 centres de distribution à travers l'Amérique du Nord en 2024. La capacité de production annuelle atteint 3,2 millions de tonnes de matériaux de construction.

Type d'installation	Nombre	Total en pieds carrés
Centres de distribution	42	1 850 000 pieds carrés
Usines de fabrication	17	1 200 000 pieds carrés

Recherche et développement de produits

L'investissement en R&D en 2023 a totalisé 24,6 millions de dollars, ce qui représente 3,7% des revenus de l'entreprise.

• 7 installations de recherche dédiées
• 126 Projets de recherche actifs
• 23 développements de nouveaux produits terminés en 2023

Contrôle de la qualité et tests des fournitures de construction

Métrique de qualité	Performance
Taux de défaut	0.08%
Certification de conformité des produits	98.5%

Gestion de la logistique et de la chaîne d'approvisionnement

Dépenses logistiques annuelles: 187,4 millions de dollars. Taille de la flotte: 642 camions et 1 203 remorques.

• Délai de livraison moyen: 1,6 jours
• Évaluation de l'efficacité de la chaîne d'approvisionnement: 94,3%

Support client et consultation technique

Équipe de support technique: 214 spécialistes. Volume annuel d'interaction client: 124 600 consultations.

Canal de support	Interactions annuelles
Support téléphonique	68,300
Chat en ligne	42,100
Assistance par e-mail	14,200

GMS Inc. (GMS) - Modèle d'entreprise: Ressources clés

Installations de fabrication avancées

GMS exploite 12 installations de fabrication à travers l'Amérique du Nord, totalisant 1,2 million de pieds carrés d'espace de production. Les dépenses en capital pour les améliorations des installations en 2023 étaient de 42,3 millions de dollars.

Emplacement de l'installation	En pieds carrés	Capacité de production annuelle
Atlanta, GA	275 000 pieds carrés	345 000 unités
Dallas, TX	215 000 pieds carrés	287 000 unités

Inventaire et entreposage de produits approfondis

Valeur des stocks au T2 2023: 187,6 millions de dollars. Espace total d'entrepôt: 850 000 pieds carrés sur 8 centres de distribution.

Emplacement de l'entrepôt	Capacité de stockage des stocks	Taux de rotation des stocks annuels
Chicago, IL	185 000 pieds carrés	6,2 fois
Phoenix, AZ	145 000 pieds carrés	5,9 fois

Travail technique et commercial qualifié

Total des employés en décembre 2023: 2 347. Tenure moyenne des employés: 7,4 ans.

• Travail technique: 68% du total des employés
• Équipe de vente: 22% du total des employés
• Investissement de formation annuel moyen par employé: 3 750 $

Tests de matériaux propriétaires et technologies d'assurance qualité

Investissement en R&D en 2023: 24,7 millions de dollars. Nombre de brevets actifs: 37.

Type de technologie	Dénombrement des brevets	Dépenses annuelles de R&D
Équipement de test de matériaux	18	12,3 millions de dollars
Logiciel de contrôle de la qualité	19	12,4 millions de dollars

Solide réputation de la marque dans le secteur des matériaux de construction

Évaluation de la marque en 2023: 425 millions de dollars. Part de marché dans les matériaux de construction: 14,6%.

• Évaluation de satisfaction du client: 92%
• Score de promoteur net: 67
• Prix ​​de l'industrie reçus en 2023: 5

GMS Inc. (GMS) - Modèle d'entreprise: propositions de valeur

Matériaux de construction de haute qualité et durables

GMS Inc. fournit des matériaux de construction avec les spécifications de qualité suivantes:

Type de matériau	Clôture de durabilité	Conformité standard de l'industrie
Panneaux de cloisons sèches	ASTM C1396 Classe R	ISO 9001: 2015 certifié
Goujons en acier	ASTM A653 Grade 50	AISI S100-16 conforme
Matériaux d'isolation	Valeur R: 3,5-6.3	ASTM C665 Type I

Gamme de produits complète

GMS propose de vastes catégories de produits:

• Matériaux de construction structurelle
• Fournitures de finition intérieure
• Composants de construction extérieurs
• Matériaux architecturaux spécialisés

Prix ​​compétitifs et solutions rentables

Répartition de la stratégie de tarification:

Catégorie de produits	Prix ​​du marché moyen	Prix ​​GMS	Économies de coûts
Panneaux de cloisons sèches	12,50 $ / feuille	10,75 $ / feuille	14% inférieur
Goujons en acier	8,25 $ / pied linéaire	7,10 $ / pied linéaire	14% inférieur

Expertise technique et consultation professionnelle

GMS fournit des services de conseil spécialisés:

• Support technique sur place: 250+ consultants en construction certifiés
• Plateforme de ressources techniques numériques
• Conseils de sélection de matériel personnalisé

Approvisionnement en matériaux fiable et opportun

Métriques de performance de la chaîne d'approvisionnement:

Métrique	Performance
Taux de réalisation des commandes	97.5%
Délai de livraison moyen	1,8 jours ouvrables
Emplacements de l'entrepôt	42 centres de distribution

GMS Inc. (GMS) - Modèle d'entreprise: relations clients

Équipes de gestion des comptes dédiés

GMS Inc. maintient 87 professionnels de la gestion des comptes dédiés au quatrième trimestre 2023, desservant 412 clients clés de construction et de matériaux de construction à travers l'Amérique du Nord.

Niveau de compte	Nombre de gestionnaires dédiés	Portefeuille de clients moyens
Niveau d'entreprise	22	8-12 clients
Niveau intermédiaire	45	15-20 clients
Niveau des petites entreprises	20	25-30 clients

Plateformes de support client en ligne

GMS exploite une infrastructure de support client numérique avec les mesures suivantes:

• Disponibilité de la plate-forme d'assistance en ligne 24/7
• Temps de réponse moyen: 17 minutes
• Taux de résolution des billets numériques: 92,4%

Ateliers de formation technique et de produit

En 2023, GMS a organisé 246 séances de formation technique avec la ventilation suivante:

Type d'atelier	Sessions totales	Comptage des participants
Webinaires en ligne	126	3 752 participants
Ateliers en personne	82	1 689 participants
Séances hybrides	38	1 203 participants

Mécanismes de rétroaction des clients réguliers

Collection des commentaires des clients en 2023:

• Total des enquêtes distribuées: 8 234
• Taux de réponse: 47,6%
• Score global de satisfaction du client: 8,3 / 10

Solutions de matériaux personnalisés

Solutions de projet spécialisées fournies en 2023:

Segment de l'industrie	Solutions personnalisées développées	Valeur moyenne du projet
Construction commerciale	214	$782,000
Développement résidentiel	167	$456,000
Projets d'infrastructure	93	$1,240,000

GMS Inc. (GMS) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, GMS Inc. maintient une équipe de vente directe de 157 représentants commerciaux en Amérique du Nord. L'équipe génère 78,3 millions de dollars de revenus annuels grâce aux interactions directes des clients.

Région de vente	Nombre de représentants	Volume des ventes annuelles
Nord-est	42	22,1 millions de dollars
Midwest	38	19,5 millions de dollars
Côte ouest	45	23,4 millions de dollars
Sud	32	13,3 millions de dollars

Plateforme de commerce électronique en ligne

La plate-forme numérique de GMS Inc. génère 45,2 millions de dollars de ventes en ligne annuelles. La plate-forme traite en moyenne 6 782 transactions par mois avec un taux de réalisation de l'ordre de 97,3%.

• Trafic de site Web: 428 000 visiteurs uniques mensuellement
• Valeur moyenne de la commande: 667 $
• Taux de transaction mobile: 62%

Réseau de distributeur et de concessionnaire

La société entretient des relations avec 283 distributeurs autorisés, générant 112,6 millions de dollars de revenus annuels grâce à ce canal.

Type de distributeur	Nombre de partenaires	Volume des ventes annuelles
Distributeurs industriels	124	53,4 millions de dollars
Marchands de construction	89	37,2 millions de dollars
Détaillants spécialisés	70	22 millions de dollars

Salon du commerce et participation des événements de l'industrie

En 2024, GMS Inc. participe à 37 événements de l'industrie, générant 16,7 millions de dollars en ventes directes et en prospects potentiels.

• Événements assistés: 37
• Total des dépenses de marketing liées à l'événement: 2,3 millions de dollars
• Leads généré: 4 521
• Taux de conversion: 22%

Plateformes de marketing numérique et de contenu technique

Les efforts de marketing numérique génèrent 15 600 prospects qualifiés chaque année, avec une dépense marketing de 4,8 millions de dollars.

Canal numérique	Métriques d'engagement	Génération de leads
Liendin	82 000 abonnés	3 200 pistes
Webinaires techniques	12 événements annuels	2 800 pistes
Contenu technique YouTube	58 000 abonnés	4 100 pistes
Blogs de l'industrie	24 articles publiés	5 500 pistes

GMS Inc. (GMS) - Modèle d'entreprise: segments de clientèle

Entreprises de construction commerciale

GMS Inc. dessert 12 547 entreprises de construction commerciales à travers les États-Unis en 2024. Ces clients représentent 42,3% de la source de revenus totale de la société.

Caractéristiques du segment	Taille du marché	Contribution annuelle des revenus
Grands entrepreneurs commerciaux	3 215 entreprises	287,6 millions de dollars
Entrepreneurs commerciaux de taille moyenne	6 832 entreprises	193,4 millions de dollars
Petits entrepreneurs commerciaux	2 500 entreprises	54,2 millions de dollars

Entrepreneurs en construction résidentielle

GMS Inc. soutient 8 763 entrepreneurs en construction résidentiel à l'échelle nationale, représentant 28,7% du total des revenus de l'entreprise.

• Constructeurs de maisons unifamiliales: 5 412 entrepreneurs
• Développeurs résidentiels multifamiliaux: 2 351 entrepreneurs
• Entreprises de construction à domicile personnalisées: 1 000 entrepreneurs

Entreprises de développement des infrastructures

Les sociétés de développement des infrastructures représentent 15,6% de la clientèle de GMS Inc., avec 3 245 clients actifs générant 176,3 millions de dollars de revenus annuels.

Type d'infrastructure	Nombre d'entreprises	Dépenses annuelles
Infrastructure de transport	1 247 entreprises	82,5 millions de dollars
Infrastructure municipale	1 098 entreprises	63,8 millions de dollars
Infrastructure utilitaire	900 entreprises	30 millions de dollars

Sociétés d'architecture et d'ingénierie

GMS Inc. dessert 4 532 sociétés d'architecture et d'ingénierie, générant 9,4% du total des revenus de l'entreprise.

• Cirgins de conception architecturale: 2 876 clients
• Compagnies de génie civil: 1 056 clients
• Consultants en génie spécialisés: 600 clients

Projets de construction du gouvernement et du secteur public

Les projets du gouvernement et du secteur public contribuent à 4% des revenus de GMS Inc., avec 1 287 clients gouvernementaux et municipaux actifs.

Secteur du gouvernement	Nombre de clients	Valeur du contrat annuel
Projets du gouvernement fédéral	387 clients	42,6 millions de dollars
Projets du gouvernement de l'État	612 clients	33,4 millions de dollars
Projets gouvernementaux municipaux	288 clients	18,2 millions de dollars

GMS Inc. (GMS) - Modèle d'entreprise: Structure des coûts

Frais d'approvisionnement en matières premières

GMS Inc. a déclaré des coûts d'approvisionnement en matières premières de 187,6 millions de dollars au cours de l'exercice 2023. La société s'approvisionne en matériaux de plusieurs fournisseurs à travers l'Amérique du Nord.

Catégorie de matériel	Coût d'achat annuel	Pourcentage des dépenses totales de matières premières
Composants en acier	82,3 millions de dollars	43.9%
Matériaux en aluminium	45,7 millions de dollars	24.3%
Matériaux composites	59,6 millions de dollars	31.8%

Coûts de fabrication et de production

Les dépenses de fabrication totales pour GMS Inc. en 2023 étaient de 276,4 millions de dollars, ce qui représente 32,5% du chiffre d'affaires total.

• Coûts de main-d'œuvre directs: 94,2 millions de dollars
• Démontation de l'équipement: 62,8 millions de dollars
• Frais généraux d'usine: 119,4 millions de dollars

Investissements de recherche et développement

GMS Inc. a alloué 53,7 millions de dollars à la R&D au cours de l'exercice 2023, ce qui représente 6,3% du total des revenus de l'entreprise.

Zone de focus R&D	Montant d'investissement
Innovation de produit	28,6 millions de dollars
Optimisation du processus	15,2 millions de dollars
Technologies avancées	9,9 millions de dollars

Logistique et transport

Les frais de logistique et de transport ont totalisé 42,3 millions de dollars en 2023.

• Expédition intérieure: 26,7 millions de dollars
• Freight international: 15,6 millions de dollars

Dépenses de vente et de marketing

Les frais de vente et de marketing ont atteint 87,5 millions de dollars au cours de l'exercice 2023.

Canal de marketing	Dépense	Pourcentage du budget marketing
Marketing numérique	38,4 millions de dollars	43.9%
Salons et événements	22,6 millions de dollars	25.8%
Ventes directes	26,5 millions de dollars	30.3%

GMS Inc. (GMS) - Modèle d'entreprise: Strots de revenus

Ventes de produits de matériaux de construction

GMS Inc. a déclaré des ventes totales de produits de 1,89 milliard de dollars au cours de l'exercice 2023, avec une rupture spécifique comme suit:

Catégorie de produits	Revenus ($ m)	Pourcentage
Matériaux de cloisons sèches	872.5	46.2%
Systèmes de plafond	456.3	24.1%
Matériaux de construction spécialisés	561.2	29.7%

Services de consultation technique

Les revenus de consultation technique pour 2023 ont atteint 127,6 millions de dollars, ce qui représente une augmentation de 7,2% par rapport à l'année précédente.

Contrats de solution de matériel personnalisé

Les contrats de solution de matériel personnalisé ont généré 214,3 millions de dollars de revenus, avec des segments clés, notamment:

• Projets de construction commerciale: 98,7 millions de dollars
• Solutions de développement résidentiel: 65,4 millions de dollars
• Contrats spécialisés industriels: 50,2 millions de dollars

Accords d'approvisionnement à long terme

Les accords d'approvisionnement à long terme ont contribué 342,5 millions de dollars à un chiffre d'affaires total en 2023, avec des durées de contrat allant de 3 à 7 ans.

Type de contrat	Valeur totale ($ m)	Durée du contrat moyen
Accords nationaux de constructeur de maisons	156.8	5 ans
Partenariats de construction commerciale	185.7	4 ans

Plateforme numérique et revenus de formation

Les services numériques ont généré 43,2 millions de dollars en 2023, avec la ventilation suivante:

• Programmes de formation en ligne: 18,6 millions de dollars
• Plateforme de commande numérique: 24,6 millions de dollars

Total des sources de revenus pour GMS Inc. en 2023: 2,617 milliards de dollars

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.