Distribution Solutions Group, Inc. (DSG) operates four specialized distribution segments serving fragmented industrial and electronics markets in North America. Between 2023 and 2025, DSG exhibited consistent top-line growth driven by acquisitions and organic gains, particularly from expanding its Canadian operations and TestEquity’s rental equipment business. However, margin erosion due to higher costs and sales mix shifts poses a challenge. The company refinanced debt in late 2025 to extend maturities but maintains substantial leverage with floating interest rates. Management’s increased stock repurchase authorization signals confidence despite modest net income and limited returns on equity.