GMS is a specialty distributor of building products, operating over 320 distribution centers and nearly 100 tool sales, rental, and service centers across 48 U.S. states and six Canadian provinces. GMS buys wallboard, ceilings, steel framing, and complementary products (tools, insulation, EIFS, stucco, lumber) from manufacturers and resells them to professional contractors and homebuilders at a markup. Wallboard is the largest product category at roughly 38-40% of net sales, followed by complementary products at 28-30%, with ceilings and steel framing each contributing 13-15%. GMS's revenue is driven by construction volume, realized selling prices (particularly in wallboard and steel framing, which fluctuate with commodity cycles), and product mix. Gross margins are also shaped by vendor rebates tied to volume and by the lag in passing through manufacturer price increases to customers. GMS argues its business model generates significant operating leverage on volume recovery, since most of its fixed cost infrastructure — branches, equipment, delivery trucks — is already in place. GMS differentiates through specialized delivery capabilities, job site expertise, trade credit, and exclusive distribution agreements with leading ceiling brands in many local markets. Growth is driven by acquisitions of core distributors and complementary product specialists, plus organic expansion in higher-margin complementary categories. Data centers have emerged as a near-term commercial tailwind. GMS targets net debt/EBITDA of 1.5-2.5x and balances capex, acquisitions, share repurchases, and debt reduction.