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OMI

Owens & Minor, Inc.

OMI

Owens & Minor, Inc. • NYSE
$2.72 ▼ -1.09% (-0.03)
Market Cap $210.16 M
52w High $15.54
52w Low $2.58
Dividend Yield 0%
P/E -0.48
Volume 719.49K
Outstanding Shares 77.26M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $697.264M ▲ $295.727M ▼ $-150.276M ▲ -21.552% ▲ $-1.94 ▲ $89.493M ▲
Q2-2025 $681.917M ▼ $364.312M ▼ $-869.058M ▼ -127.443% ▼ $-11.3 ▼ $459K ▼
Q1-2025 $2.632B ▼ $525.889M ▼ $-24.982M ▲ -0.949% ▲ $-0.32 ▲ $60.038M ▲
Q4-2024 $2.696B ▲ $841.733M ▲ $-296.116M ▼ -10.983% ▼ $-3.84 ▼ $-198.768M ▼
Q3-2024 $686.846M $300.692M $-12.77M -1.859% $-0.17 $91.525M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $32.837M ▼ $4.036B ▼ $4.466B ▲ $-429.507M ▼
Q2-2025 $38.258M ▼ $4.155B ▼ $4.436B ▲ $-281.01M ▼
Q1-2025 $59.436M ▲ $4.856B ▲ $4.285B ▲ $570.979M ▲
Q4-2024 $49.382M ▲ $4.656B ▼ $4.091B ▼ $565.226M ▼
Q3-2024 $45.454M $5.081B $4.207B $874.592M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-150.276M ▼ $-172.52M ▼ $-39.464M ▲ $181.097M ▲ $-30.921M ▼ $-230.349M ▼
Q2-2025 $-83.822M ▼ $37.61M ▲ $-52.917M ▼ $31.699M ▼ $-21.178M ▼ $-30.269M ▲
Q1-2025 $-24.982M ▲ $-35.066M ▼ $-48.2M ▲ $92.778M ▲ $10.054M ▲ $-99.74M ▼
Q4-2024 $-296.116M ▼ $71.001M ▲ $-52.304M ▼ $-43.096M ▲ $-25.708M ▲ $8.167M ▲
Q3-2024 $-12.771M $27.307M $-27.189M $-199.587M $-198.379M $-34.211M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Diabetes Product
Diabetes Product
 $0 ▲$0 ▲$190.00M ▲$200.00M ▲
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$70.00M ▲$70.00M ▲
Urology
Urology
 $0 ▲$0 ▲$30.00M ▲$30.00M ▲
Wound Care
Wound Care
 $0 ▲$0 ▲$50.00M ▲$50.00M ▲
Patient Direct
Patient Direct
 $700.00M ▲$670.00M ▼$0 ▼$0 ▲
Products Healthcare Services
Products Healthcare Services
 $2.00Bn ▲$1.96Bn ▼$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Owens & Minor has grown its overall sales steadily over the past five years, but profits have been inconsistent and recently weak. Revenue has climbed meaningfully, and gross profit has improved as the mix shifts toward higher-value offerings. However, operating performance has been choppy: small profits in prior years gave way to an operating loss most recently. Net income has now been negative for two years in a row, with the latest year showing a sizable loss. Overall, this is a high-volume, low-margin business where small changes in costs, pricing, or utilization have a big impact on earnings, and that pressure is clearly visible in the recent results.

Balance Sheet

Balance Sheet The balance sheet shows a company with meaningful scale but a fairly thin financial cushion. Total assets are sizable, reflecting the large distribution footprint and acquired businesses, but debt sits high relative to the company’s equity. Leverage has increased compared with a few years ago, and book equity has drifted lower, which narrows the buffer against future shocks. Cash on hand is low versus the overall debt load, meaning the company relies heavily on ongoing cash generation and access to credit markets rather than a large cash reserve. Overall, financial flexibility exists but is not abundant, and balance sheet risk is something to keep in mind.

Cash Flow

Cash Flow Cash generation has been positive but uneven. Operating cash flow has swung from modest to strong and back again, suggesting that working capital (inventory and receivables) moves have a big influence from year to year. Free cash flow has typically been positive but thin, and it dipped negative in the most recent year as investment spending outpaced cash from operations. Capital spending has crept up as the company modernizes its network and technology, which can be healthy for long-term competitiveness but weighs on near-term free cash flow. The business model can produce cash, but it requires careful management of inventory, payables, and investment levels to avoid strain.

Competitive Edge

Competitive Edge Owens & Minor operates in a fiercely competitive, price-sensitive distribution market, but it does have some notable strengths. Its long-standing, nationwide distribution network, broad product catalog, and deep relationships with hospitals and group purchasing organizations create switching frictions for customers. The company’s own brands, such as HALYARD, add a layer of differentiation and slightly better economics than pure third-party distribution. The Patient Direct (Byram Healthcare) business gives O&M a specialized position in home delivery and reimbursement-heavy categories, which is harder for generic distributors or simple e-commerce players to replicate. That said, competition from larger distributors, ongoing price pressure, and customer bargaining power limit pricing flexibility. The moat exists but is not overwhelming, and it must be actively defended through service quality, technology, and cost discipline.

Innovation and R&D

Innovation and R&D Innovation at Owens & Minor is centered less on traditional lab research and more on logistics, technology, and business model evolution. The company is upgrading its distribution centers with automation, robotics, and augmented reality to improve accuracy and cut handling costs. It uses AI-driven systems and data platforms like QSight to help customers manage inventory and standardize supplies, deepening customer integration. Sustainability efforts such as the BLUE RENEW recycling program enhance brand value and align with hospital sustainability goals. The most strategic innovation push is in the Patient Direct segment—building out e-commerce, digital engagement, and insurance billing expertise for at-home care. The Vision 2028 plan and the new Optum relationship highlight a deliberate pivot toward home-based, higher-margin categories. Overall, O&M is innovating in how it delivers care-related products and services rather than inventing new therapies, aiming to turn operational excellence and data into a competitive edge.

Summary

Owens & Minor is a large, long-established healthcare distributor that is successfully growing its top line and expanding into more specialized, higher-value areas like home-based Patient Direct services. Its extensive network, proprietary brands, and deep customer relationships provide meaningful advantages in an industry where reliability and integration matter. At the same time, the financial picture shows a business under pressure: thin margins, recent losses, elevated debt, and uneven cash flow leave less room for error. The strategy to pivot toward higher-margin, direct-to-patient and branded products—supported by technology, automation, and partnerships—offers a path to better profitability, but it comes with execution risk. Key things to watch include the company’s ability to restore and sustain profit margins, manage its leverage, generate consistent free cash flow, and prove that its investments in Patient Direct and supply chain technology translate into a more durable and resilient business over time.

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