On this page of StockholderLetter.com we present the latest annual shareholder letter from GMS Inc. — ticker symbol GMS. Reading current and past GMS letters to shareholders can bring important insights into the investment thesis.

$333 $276 $273 5.9% 6.2% 5.0% 3.2% 0.7% FY-22 Net Income FY-23 FY-24 Net Income Margin $5,329 $5,502 $4,635 12.5% 12.2% Founded in 1971, GMS operates a network of more than 300 distribution centers with extensive product offerings of wallboard, ceilings, steel framing and complementary construction products. In addition, GMS operates over 100 tool sales, rental and service centers, providing a comprehensive selection of building products and solutions for its residential and commercial contractor customer base across the United States and Canada. The Company s unique operating model combines the benefits of a national platform and strategy with a local go-to-market focus, enabling GMS to generate significant economies of scale while maintaining high levels of customer service. 11.2% 9.7% 9.2% FY-22 Net Sales FY-23 FY-24 Adj. EBITDA Margin* $666 $567 $615 GMS at a Glance (as of April 30, 2024): A leading North American specialty distributor of interior construction products More than 300 distribution locations across the US and Canada FY-22 7,600+ employees Founded in 1971 FY-23 $442 Headquartered in Tucker, GA $389 FY-24 $433 $376 NYSE: GMS Net Sales Breakdown (Fiscal 2024) $180 $139 Wallboard 41% Complementary Products Commercial ~55%* 30% FY-22 Ceilings Steel Framing 16% 13% Cash From Operations Residential ~45%* *Represents the Company s through the cycle expectations. FY-23 FY-24 Free Cash Flow* *Adjusted EBITDA margin, Adjusted EBITDA and Free Cash Flow are Non-GAAP financial measures. For a reconciliation of Adjusted EBITDA margin, Adjusted EBITDA and Free Cash Flow to the most directly comparable GAAP measures, see Appendix.
 • shareholder letter icon 9/4/2024 Letter Continued (Full PDF)
 • stockholder letter icon 9/6/2023 GMS Stockholder Letter
 • stockholder letter icon More "Construction Materials & Machinery" Category Stockholder Letters
 • Benford's Law Stocks icon GMS Benford's Law Stock Score = 80


GMS Shareholder/Stockholder Letter Transcript:


$333
$276
$273
5.9%
6.2%
5.0%
3.2%
0.7%
FY-22
Net Income
FY-23
FY-24
Net Income Margin
$5,329
$5,502
$4,635
12.5%
12.2%
Founded in 1971, GMS operates a network of more
than 300 distribution centers with extensive product
offerings of wallboard, ceilings, steel framing and complementary construction products. In addition, GMS
operates over 100 tool sales, rental and service centers, providing a comprehensive selection of building
products and solutions for its residential and commercial contractor customer base across the United
States and Canada. The Company   s unique operating
model combines the benefits of a national platform
and strategy with a local go-to-market focus, enabling
GMS to generate significant economies of scale while
maintaining high levels of customer service.
11.2%
9.7%
9.2%
FY-22
Net Sales
FY-23
FY-24
Adj. EBITDA Margin*
$666
$567
$615
GMS at a Glance (as of April 30, 2024):
   A leading North American specialty distributor
of interior construction products
   More than 300 distribution locations across the
US and Canada
FY-22
   7,600+ employees
   Founded in 1971
FY-23
$442
   Headquartered in Tucker, GA
$389
FY-24
$433
$376
   NYSE: GMS
Net Sales Breakdown (Fiscal 2024)
$180
$139
Wallboard
41%
Complementary
Products
Commercial
~55%*
30%
FY-22
Ceilings
Steel
Framing
16%
13%
Cash From Operations
Residential
~45%*
*Represents the Company   s
   through the cycle    expectations.
FY-23
FY-24
Free Cash Flow*
*Adjusted EBITDA margin, Adjusted EBITDA and Free Cash Flow are
Non-GAAP financial measures.
For a reconciliation of Adjusted EBITDA margin, Adjusted EBITDA and
Free Cash Flow to the most directly comparable GAAP measures, see
Appendix.



shareholder letter icon 9/4/2024 Letter Continued (Full PDF)
 

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