olivLaw · US equity research
WESCO International, Inc. WCC
Wholesale-Electrical Apparatus & Equipment, Wiring Supplies · SIC 5063 · Vertical: Wholesale — durable goods (SIC 506x)
WESCO International is a global business-to-business distributor of electrical, communications and utility products that also provides logistics and supply chain services. The company shows strong momentum in 2026, driven mainly by AI-driven data centers served through its CSS segment.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, WESCO International, Inc. (WCC) stock was 316.72 USD (−9.92% on the day), with market capitalisation 15.4 bn USD, P/E 19.8 on diluted EPS of 16.00 USD over the last 12 months, dividend yield 0.59%, beta 1.72, 52-week range 244.49–384.09 USD. Latest reported quarter (Q3 2026): revenue of 7.2 bn USD (+16.6% YoY), net income of 267.8 m USD (+42.8% YoY), diluted EPS 5.43 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 40.6
- weak (30–45)
- Bollinger (20, 2)
- 315.81 – 373.06
- in the lower half of the band · %B 0.02 · band width 16.6%
- SMA 50 / 200
- 350.12 / 328.55
- mixed trend
- MACD (12, 26, 9)
- -5.08 / -4.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −16.0% | −1.1% | −14.9 pp | — |
| 3 months | −15.1% | −0.5% | −14.7 pp | — |
| 6 months | −12.8% | +4.4% | −17.2 pp | — |
| Year to date | +29.5% | +12.3% | +17.1 pp | — |
| 1 year | +25.6% | +13.5% | +12.1 pp | +56.5% |
| 3 years | +121.8% | +76.4% | +45.4 pp | +70.9% |
| 5 years | +131.9% | +63.7% | +68.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.5 bn | 5.3 bn | 5.9 bn | 6.2 bn | 6.1 bn | 6.1 bn | 6.7 bn | 7.2 bn |
| Cost of revenue | 4.3 bn | 4.2 bn | 4.7 bn | 4.9 bn | 4.8 bn | 4.8 bn | 5.2 bn | 5.7 bn |
| SG&A | 817.3 m | 836.3 m | 872.2 m | 922.9 m | 910.0 m | 947.6 m | 1.0 bn | 1.1 bn |
| Operating income | 301.1 m | 240.9 m | 322.2 m | 345.4 m | 324.5 m | 293.5 m | 382.2 m | 450.8 m |
| Depreciation & amortisation | 45.6 m | 48.4 m | 48.3 m | 49.1 m | 51.8 m | 50.7 m | 51.1 m | 52.6 m |
| Pre-tax income | 209.4 m | 154.4 m | 236.6 m | 246.4 m | 218.6 m | 197.2 m | 272.0 m | 355.3 m |
| Income tax | 43.5 m | 36.1 m | 61.8 m | 57.8 m | 57.7 m | 43.1 m | 62.4 m | 86.8 m |
| Net income | 165.4 m | 118.4 m | 174.5 m | 187.5 m | 159.9 m | 153.8 m | 209.0 m | 267.8 m |
| Diluted EPS | 3.31 ≈ | 2.10 | 3.83 | 3.79 | 3.23 ≈ | 3.11 | 4.23 | 5.43 |
| Operating cash flow | 276.6 m | 28.0 m | 107.8 m ≈ | -82.7 m ≈ | 71.9 m | 221.4 m | 53.7 m ≈ | 193.9 m ≈ |
| Capex | 24.3 m | 20.4 m | 21.8 m ≈ | 13.2 m ≈ | 44.4 m | 23.4 m | 28.2 m ≈ | 29.1 m ≈ |
| Dividends paid | 20.1 m | 22.1 m | 22.1 m ≈ | 22.1 m ≈ | 22.1 m | 24.4 m | 24.4 m ≈ | 24.3 m ≈ |
| Share repurchases | 50.0 m | 25.0 m | 25.0 m ≈ | 25.0 m ≈ | 0 | 25.0 m | 14.9 m ≈ | 35.1 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 75 percentile of its own 44-quarter history (min 4.5, median 13.7, max 59.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | ⚠ 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8.2 bn | 8.4 bn | 12.3 bn | 18.2 bn | 21.4 bn | 22.4 bn | 21.8 bn | 23.5 bn |
| Revenue YoY | +6.5% | +2.2% | +47.5% | — | +17.6% | +4.5% | −2.5% | +7.8% |
| Net income | 227.3 m | 223.4 m | 100.6 m | 465.4 m | 860.5 m | 765.5 m | 717.6 m | 640.2 m |
| Net income YoY | +39.1% | −1.7% | −55.0% | — | +84.9% | −11.0% | −6.3% | −10.8% |
| Diluted EPS | 4.82 | 5.14 | 1.51 | 7.84 | 15.33 | 13.54 | 13.05 | 13.05 |
| Diluted EPS YoY | +42.6% | +6.6% | −70.6% | — | +95.5% | −11.7% | −3.6% | 0.0% |
| net % | 2.8% | 2.7% | 0.8% | 2.6% | 4.0% | 3.4% | 3.3% | 2.7% |
| Free cash flow | 260.5 m | 180.3 m | 487.3 m | 12.4 m | -88.4 m | 400.9 m | 1.0 bn | 25.2 m |
The series breaks before 2021: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 604.8 m USD
- Financial debt
- 5.8 bn USD
- Net debt
- 5.2 bn USD
- Equity
- 5.0 bn USD
- Total assets
- 16.5 bn USD
- Debt / equity
- 1.15x
- Current ratio
- 2.20x
- ROE
- 12.8%
- ROA
- 4.1%
- FCF margin
- 0.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 12.3 bn | 18.2 bn | 21.4 bn | 22.4 bn | 21.8 bn | 23.5 bn | SEC (XBRL)· 13 Feb 2026verified |
| Cost of revenue | 10.0 bn | 14.4 bn | 16.8 bn | 17.5 bn | 17.1 bn | 18.5 bn | SEC (XBRL)· 13 Feb 2026verified |
| Gross profit | 2.3 bn ≈ | 3.8 bn ≈ | 4.7 bn ≈ | 4.8 bn ≈ | 4.7 bn ≈ | 5.0 bn ≈ | SEC (XBRL)· 13 Feb 2026derived |
| SG&A | 1.9 bn | 2.8 bn | 3.0 bn | 3.3 bn | 3.3 bn | 3.5 bn | SEC (XBRL)· 13 Feb 2026verified |
| Operating income | 347.0 m | 801.9 m | 1.4 bn | 1.4 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 13 Feb 2026verified |
| Depreciation & amortisation | 121.6 m | 198.6 m | 179.0 m | 181.3 m | 183.2 m | 197.6 m | SEC (XBRL)· 13 Feb 2026verified |
| EBITDA | 468.6 m ≈ | 1.0 bn ≈ | 1.6 bn ≈ | 1.6 bn ≈ | 1.4 bn ≈ | 1.4 bn ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Pre-tax income | 122.8 m | 581.9 m | 1.1 bn | 992.0 m | 951.0 m | 855.9 m | SEC (XBRL)· 13 Feb 2026verified |
| Income tax | 22.8 m | 115.5 m | 274.5 m | 225.9 m | 231.6 m | 213.4 m | SEC (XBRL)· 13 Feb 2026verified |
| Net income | 100.6 m | 465.4 m | 860.5 m | 765.5 m | 717.6 m | 640.2 m | SEC (XBRL)· 13 Feb 2026verified |
| Diluted EPS | 1.51 | 7.84 | 15.33 | 13.54 | 13.05 | 13.05 | SEC (XBRL)· 13 Feb 2026verified |
| Weighted average diluted shares | 46.6 m | 52.0 m | 52.4 m | 52.3 m | 50.6 m | 49.5 m | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 449.1 m | 212.6 m | 527.3 m | 524.1 m | 702.6 m | 604.8 m | SEC (XBRL)· 13 Feb 2026verified |
| Receivables | 2.5 bn | 3.0 bn | 3.7 bn | 3.6 bn | 3.5 bn | 4.1 bn | SEC (XBRL)· 13 Feb 2026verified |
| Inventories | 2.2 bn | 2.7 bn | 3.5 bn | 3.6 bn | 3.5 bn | 4.0 bn | SEC (XBRL)· 13 Feb 2026verified |
| Current assets | 5.5 bn | 6.4 bn | 8.3 bn | 8.4 bn | 8.4 bn | 9.5 bn | SEC (XBRL)· 13 Feb 2026verified |
| Property, plant & equipment, net | 399.2 m | 379.0 m | 402.7 m | 423.6 m | 442.9 m | 466.8 m | SEC (XBRL)· 13 Feb 2026verified |
| Goodwill | 3.2 bn | 3.2 bn | 3.2 bn | 3.3 bn | 3.3 bn | 3.3 bn | SEC (XBRL)· 13 Feb 2026verified |
| Intangibles (excl. goodwill) | 2.1 bn | 1.9 bn | 1.9 bn | 1.9 bn | 1.8 bn | 1.8 bn | SEC (XBRL)· 13 Feb 2026verified |
| Total assets | 11.9 bn | 12.6 bn | 14.8 bn | 15.1 bn | 15.1 bn | 16.5 bn | SEC (XBRL)· 13 Feb 2026verified |
| Accounts payable | 1.7 bn | 2.1 bn | 2.7 bn | 2.4 bn | 2.7 bn | 3.0 bn | SEC (XBRL)· 13 Feb 2026verified |
| Short-term debt | 528.8 m | 9.5 m | 70.5 m | 8.6 m | 19.5 m | 25.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Long-term debt | 4.4 bn | 4.7 bn | 5.3 bn | 5.3 bn | 5.0 bn | 5.8 bn | SEC (XBRL)· 13 Feb 2026verified |
| Current liabilities | 3.0 bn | 3.0 bn | 3.8 bn | 3.4 bn | 3.8 bn | 4.3 bn | SEC (XBRL)· 13 Feb 2026verified |
| Total liabilities | 8.5 bn | 8.8 bn | 10.4 bn | 10.0 bn | 10.1 bn | 11.5 bn | SEC (XBRL)· 13 Feb 2026verified |
| Equity | 3.3 bn | 3.8 bn | 4.4 bn | 5.0 bn | 5.0 bn | 5.0 bn | SEC (XBRL)· 13 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 543.9 m | 67.1 m | 11.0 m | 493.2 m | 1.1 bn | 125.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Capex | 56.7 m | 54.7 m | 99.4 m | 92.3 m | 94.7 m | 99.8 m | SEC (XBRL)· 13 Feb 2026verified |
| Free cash flow | 487.3 m ≈ | 12.4 m ≈ | -88.4 m ≈ | 400.9 m ≈ | 1.0 bn ≈ | 25.2 m ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Investing cash flow | -3.7 bn | 2.5 m | -283.6 m | -89.6 m | 40.4 m | -140.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Financing cash flow | 3.5 bn | -310.8 m | 584.0 m | -403.9 m | -928.3 m | -92.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Dividends paid | 30.1 m | 57.4 m | 57.4 m | 76.6 m | 81.5 m | 88.4 m | SEC (XBRL)· 13 Feb 2026verified |
| Share repurchases | 0 | 0 | 11.1 m | 75.0 m | 425.0 m | 75.0 m | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 41 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 15.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation39
- Balance sheet47
- Quality55
- Growth13
- Returns49
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 236.85 – 395.97 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA236.85 – 340.13 (Mid 285.38)4 companies used · median multiple 11.5x · quartiles 10.1x – 13.1xARW, AVT, ITRN, TEL
- Peers: P/E291.24 – 395.97 (Mid 341.87)5 companies used · median multiple 21.4x · quartiles 18.2x – 24.7xARW, AVT, ITRN, RELL, TEL
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 41/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.7% | 67 (on a fixed band) | 11% |
| Net margin · Quality | 3.0% | 57 (vs peers) | 7% |
| FCF conversion · Quality | 52.6% | 32 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 3.2% | 26 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | -5.2% | 0 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 3.1x | 25 (on a fixed band) | 11% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.0x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 19.8x | 60 (vs peers) | 11% |
| EV/EBITDA · Valuation | 12.4x | 23 (on a fixed band) | 11% |
| FCF yield · Valuation | 2.7% | 34 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 1.1% | 16 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 22.9% | 100 (on a fixed band) | 4% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet47/100 · 2/3 factors with a value
- Growth13/100 · 2/2 factors with a value
- Quality55/100 · 3/3 factors with a value
- Returns49/100 · 2/2 factors with a value
- Valuation39/100 · 3/3 factors with a value
Memo
WESCO International, Inc. (WCC). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 23.5 bn USD in 2025; YoY growth 7.8%; net margin 3.0%; ROE 15.4%; net debt/EBITDA 3.1x.
The estimated value range is 264.04–368.05 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 313.63 USD, the price of 316.72 USD leaves a potential of -1.0% (value / price − 1) and a margin of safety of -1.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 41/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.0x
- Payout ratio (FCF): 22.9%
What contradicts it
- Revenue CAGR 3Y: 3.2%
- EPS CAGR 3Y: -5.2%
- Net debt / EBITDA: 3.1x
- EV/EBITDA: 12.4x
- Shareholder yield (distributions): 1.1%
Not assessed (insufficient data or a ratio without meaning): Interest coverage.
Versus the vertical median
Wholesale — durable goods (SIC 506x) · same industry group (3-digit SIC) · compared with 7 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TELTe Connectivity PLC | 63.8 bn | 27.5 | 18.5% | 12.6% | +8.9% | −3% / +68% |
| WCCWESCO International, Inc. | 15.4 bn | 19.8 | 15.4% | 3.0% | +7.8% | +26% / +122% |
| ARWArrow Electronics, Inc. | 10.3 bn | 12.9 | 12.2% | 2.3% | +10.5% | +88% / +71% |
| AVTAvnet, Inc. | 7.0 bn | 21.4 | 6.7% | 1.2% | +24.5% | +80% / +83% |
| ITRNIturan Location & Control Ltd. | 1.1 bn | 18.2 | 28.8% | 16.1% | +6.8% | +33% / +98% |
| RELLRichardson Electronics, Ltd. | 211.2 m | 24.7 | 5.2% | 3.6% | +9.4% | +87% / +50% |
| DCMDeFi Capital Markets, Inc. | 10.0 m | — | -95.0% | -437.8% | −79.4% | unavailable / unavailable |
| PLBLPolibeli Group Ltd | — | — | — | -22.6% | −12.6% | −47% / unavailable |
1- and 3-year price returns: for WCC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 187.47 Total return -40% · Per year -40% | 331.64 Total return 5% · Per year 5% | 499.85 Total return 59% · Per year 59% |
| 3 years | 177.05 Total return -43% · Per year -17% | 352.89 Total return 13% · Per year 4% | 584.68 Total return 87% · Per year 23% |
| 5 years | 167.21 Total return -45% · Per year -11% | 375.49 Total return 22% · Per year 4% | 683.90 Total return 120% · Per year 17% |
- Exit P/E± 88.22
- Net margin± 61.76
- Annual revenue growth± 51.36
- Annual dilution± 5.19
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (29 Oct 2026 · results).
In brief
WESCO International is a global business-to-business distributor of electrical, communications and utility products that also provides logistics and supply chain services. The company shows strong momentum in 2026, driven mainly by AI-driven data centers served through its CSS segment.3
SWOT
Strengths
- Global scale, an extensive network of sites and a broad portfolio of products from leading brands give the company a clear edge over local distributors.1
- Strong organic growth and record backlog in 2026 show that demand for the company's solutions is robust.3
- A diversified customer and supplier base reduces the risk of concentration on a single partner.1
Weaknesses
- Gross margins declined in 2025 across all three segments, most notably in UBS, due to competitive pressure and large lower-margin project sales.1
- Digital transformation and modernization costs can weigh on short-term results if implementation does not deliver the expected benefits.13
- Public power utility activity was weak in 2025, showing exposure to the cycles of specific customer groups.1
Opportunities
- Investment in data centers and in power and grid projects could keep generating large multi-year orders.3
- Acquisitions such as one of a cooling engineering firm could extend the offering for data center customers.3
- Debt reduction and the absence of major maturities until 2029 could free cash flow for investment and share buybacks.2
Threats
- Volatile tariff policy and retaliatory measures by other countries could raise costs and reduce product competitiveness.1
- A slowdown in data center or infrastructure investment could reduce demand in the most dynamic segments.1
- Geopolitical risks and financial instability can affect supply chains, access to financing and collection of receivables.1
Risks
- Tariff and trade volatilityhigh
Sudden tariff changes and retaliatory measures can raise costs and delay orders. The company says it may not always be able to pass these costs on to customers without losing price competitiveness.1
- Dependence on data center projectshigh
Recent growth relies heavily on data center investment. If this cycle slows, revenue and backlog could be affected.3
- International operations exposuremedium
Operations in about 50 countries expose the company to political instability, regulatory changes, export controls and currency fluctuations.1
- Margin pressuremedium
The decline in gross margin in 2025 and price pressure in utilities show that profitability could be affected if competition intensifies.1
- Execution of digital transformationlow
The multi-year digital platform could face technical difficulties or unexpected costs, which could reduce the expected benefits.13
Investment thesis
What would need to be true (bull case)
- If demand for data centers and energy infrastructure stays strong, volume growth could continue into the second half of the year.3
- Record backlog and multi-year contracts give visibility on future revenue, and the company says it can strengthen its position as market leader.3
- Reduced debt pressure and distant maturities could support cash flow and the capacity for acquisitions.2
What would break the thesis
- If data center investment slows, growth concentrated in that segment could reverse quickly and revenue could decline.13
- Margin pressure seen in 2025 and competition in utilities suggest that profitability could stay under pressure even as sales grow.1
- Financing costs and digital transformation spending could reduce profit, especially if interest rates remain high.23
What to watch
- Development of data center backlog and salesQ3 2026
- Final effect of tariffs and the Supreme Court ruling on IEEPA tariffs2026
- Trend in gross margin in the UBS segmentQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (29 Oct 2026 · results).
The business
Wesco, headquartered in Pittsburgh, Pennsylvania, is a leading provider of business-to-business distribution, logistics services and supply chain solutions. The company employs about 21,000 people, works with more than 35,000 suppliers and serves nearly 130,000 customers through more than 700 sites in about 50 countries.1
The strategy aims at becoming the best tech-enabled supply chain solutions provider in the world, built on three elements: extending scale and value proposition, developing the organization and digitalizing the business. Wesco relies on secular trends such as digitalization, electrification and supply chain reshoring in North America.1
Sales in the United States are the largest part of the business, and about 26% of revenues come from outside the U.S. The company reported that no single customer accounted for more than 5% of sales in 2025, which reduces dependence on any one buyer.1
Segments
Electrical & Electronic Solutions (EES)
The EES segment supplies electrical equipment, automation, lighting, wire and cable and MRO products to construction, industrial and OEM customers. The segment grew in 2026 thanks to demand for data center projects and infrastructure activity.12
Communications & Security Solutions (CSS)
CSS is a global leader in data center, network infrastructure and security solutions. It has been the main driver of sales growth, particularly through data center solutions, and recorded the largest sales of the company's activity in the second quarter of 2026.13
Utility & Broadband Solutions (UBS)
UBS serves utilities and broadband operators mainly in the United States and Canada. Utility activity fell in 2025 due to reduced public power activity while broadband grew; in 2026 the segment added growth, including a multi-year grid services award from a hyperscale data center customer.13
Market context
The industrial distribution market is highly fragmented, with thousands of regional and local competitors alongside several large multinational companies. Demand is supported by investment in data centers, electrification and grid modernization, but supplier price pressure, especially from tariffs, is also present.1
Organic sales growth in 2025 came mainly from volume, with roughly a 2% benefit from price, which suggests the market responded mostly to demand rather than price increases. If infrastructure investment slows, demand could weaken, particularly in segments dependent on large projects.1
Trends
- AI-driven data center investmenttailwind
Demand for data centers has generated most of the recent growth, and backlog has reached record levels. If hyperscale investment remains strong the advantage could persist; if the pace slows, growth could ease.13
- Electrification and grid modernizationmixed
Higher power generation needs and the push for grid reliability support demand for transmission and distribution equipment. However, public power activity was weaker in 2025, showing that not all parts of this trend move together.1
- Tariffs and trade volatilityheadwind
Volatile tariff policy, including a U.S. reciprocal regime, can raise purchasing costs and delay deliveries. The company said tariffs had no material effect in 2025, but the longer-term impact remains uncertain.12
- Reshoring and supply chain resiliencytailwind
The shift of production back to North America could increase demand for local distribution and supply chain services. Wesco is adapting its global network to meet this demand.1
Competitive position
Competition is intense within every end market and geography served, and customers compare product breadth, availability, services, geographic proximity and price. Large multinational companies and thousands of regional and local distributors are the main rivals.1
In the utility segment, competition in the public power market pressured margins in 2025, showing that price pressure can be stronger in some niches. The company's advantage remains its scale, broad portfolio and ability to offer integrated solutions.1
- Grainger (W.W. Grainger)GWW
Industrial distributor of MRO products and equipment with a large U.S. network. It may be a frequent rival in industrial products, though it is not named explicitly in the sources provided.
- Regional and local private distributors
The sources mention thousands of regional and local competitors in the fragmented electrical and industrial distribution market.
- Large multinational distribution companies
The sources mention several large multinational rivals competing in the company's segments.
- Security and network systems integrators
Network, security and audio-visual integrators act as channel partners but can also compete on some CSS projects.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Wesco confirms security incident after ExfilSquad claims data theftBleepingComputer · 11 Aug 2026 · EN
The latest news item in our archive is from 11 Aug 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report21 Sept 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report02 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report30 Apr 2026
- Current report30 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement17 Apr 2026
- Current report27 Feb 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / WESCO International, Inc. · 13 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / WESCO International, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / WESCO International, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.