ODP
ODP | Market Cap: $843.3M (12/10/25)
Industry:
Consumer Distribution & Retail

DESCRIPTION

ODP (The ODP Corporation) is a distributor of office supplies and business products operating through two customer-facing businesses: a B2B distribution arm (ODP Business Solutions) and a retail chain of Office Depot and OfficeMax stores. ODP Business Solutions sells office supplies, technology products, furniture, and adjacency products like cleaning, janitorial, and breakroom supplies to businesses and government and education entities through a dedicated sales force, catalogs, telesales, and online channels. Adjacency categories represent roughly 44% of ODP Business Solutions revenue. The retail segment operates 869 stores across the U.S. and territories, plus an eCommerce platform that accounts for roughly 33% of retail sales; in-store services include printing, copying, shipping, and tech support. ODP also operates Veyer, an internal supply chain and distribution arm that serves both segments and runs a small but growing third-party logistics business. ODP makes money by buying products from manufacturers and reselling them at a markup, aided by vendor volume rebates and private label products sourced through its global sourcing office in Shenzhen. Retail is a shrinking part of the business — ODP has closed over 300 stores since 2020 — and ODP is pivoting aggressively toward B2B growth. The "Optimize for Growth" plan announced in early 2025 involves accelerating store closures through 2028 and redeploying capital toward B2B, including expansion into adjacency markets like hospitality, healthcare, and elder care, continued acquisition of small regional distributors, and growing Veyer's third-party logistics business.

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