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MRC Global Inc. is a leading global distributor headquartered in Houston, Texas, specializing in pipe, valves, fittings (PVF), and other infrastructure products and services. The company operates across diversified end-markets, including gas utilities, downstream, industrial, and energy transition sectors, as well as production and transmission infrastructure. MRC Global offers a wide range of products sourced from thousands of suppliers, simplifying the supply chain for its extensive customer base.
- Valves, Automation, Measurement, and Instrumentation - Provides a comprehensive range of valves and related products, focusing on automation and measurement solutions for various industries.
- Gas Products - Supplies products essential for the storage and distribution of natural gas, catering to gas utilities and related sectors.
- Total Carbon Steel Pipe, Fittings, and Flanges - Offers carbon steel pipes, fittings, and flanges, serving industries involved in oil and gas production and transmission.
- General Products - Distributes a variety of general industrial products, supporting diverse industrial applications.
- Stainless Steel and Alloy Pipe and Fittings - Provides stainless steel and alloy pipes and fittings, catering to industries requiring high corrosion resistance.
| Revenue by Segment - in Millions of USD | Q1 2014 | Q2 2014 | Q3 2014 | FY 2014 | Q1 2015 | Q2 2015 | Q3 2015 | FY 2015 | Q1 2016 | Q2 2016 | Q3 2016 | FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | FY 2017 | Q1 2018 | Q2 2018 | Q3 2018 | FY 2018 | Q1 2019 | Q2 2019 | Q3 2019 | FY 2019 | Q1 2020 | Q2 2020 | Q3 2020 | FY 2020 | Q1 2021 | Q2 2021 | Q3 2021 | FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gas Utilities | 314 | 253 | 1,197 | 266 | 287 | 295 | 25 | 1,098 | |||||||||||||||||||||||||||||||||||||||
| DIET | 279 | 258 | 1,060 | 276 | 268 | 248 | 178 | 970 | |||||||||||||||||||||||||||||||||||||||
| PTI | 295 | 257 | 1,155 | 264 | 277 | 254 | 148 | 943 | |||||||||||||||||||||||||||||||||||||||
| - Line Pipe | 164 | 133 | 566 | 117 | 129 | 105 | 54 | 405 | |||||||||||||||||||||||||||||||||||||||
| - Carbon Fittings and Flanges | 117 | 98 | 451 | 100 | 106 | 99 | 66 | 371 | |||||||||||||||||||||||||||||||||||||||
| - Total Carbon Pipe, Fittings, and Flanges | 281 | 231 | 1,017 | 217 | 235 | 204 | 12 | 776 | |||||||||||||||||||||||||||||||||||||||
| - Valves, Automation, Measurement, and Instrumentation | 306 | 272 | 1,192 | 291 | 302 | 285 | 208 | 1,086 | |||||||||||||||||||||||||||||||||||||||
| - Gas Products | 191 | 17 | 782 | 187 | 193 | 194 | 179 | 753 | |||||||||||||||||||||||||||||||||||||||
| - Stainless Steel and Alloy Pipe and Fittings | 40 | 29 | 137 | 41 | 35 | 54 | 39 | 169 | |||||||||||||||||||||||||||||||||||||||
| - General Products | 70 | 66 | 284 | 70 | 67 | 60 | 3 | 227 | |||||||||||||||||||||||||||||||||||||||
| Total Revenue | 888 | 768 | 3,412 | 806 | 832 | 797 | 576 | 3,011 | |||||||||||||||||||||||||||||||||||||||
| KPIs - Metric (Unit, Scale) | Q1 2014 | Q2 2014 | Q3 2014 | FY 2014 | Q1 2015 | Q2 2015 | Q3 2015 | FY 2015 | Q1 2016 | Q2 2016 | Q3 2016 | FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | FY 2017 | Q1 2018 | Q2 2018 | Q3 2018 | FY 2018 | Q1 2019 | Q2 2019 | Q3 2019 | FY 2019 | Q1 2020 | Q2 2020 | Q3 2020 | FY 2020 | Q1 2021 | Q2 2021 | Q3 2021 | FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 |
| Percentage of valve sales that are low-emission valves (percentage) | - | - | - | - | - | - | - | 96 | |||||||||||||||||||||||||||||||||||||||
| Backlog in U.S. segment (USD millions) | 473 | - | 418 | 412 | 328 | 288 | - | 304 | |||||||||||||||||||||||||||||||||||||||
| Backlog in International segment (USD millions) | 214 | - | 245 | 253 | 271 | 261 | - | 254 | |||||||||||||||||||||||||||||||||||||||
| Total backlog (USD millions) | 718 | - | 694 | 710 | 636 | 580 | - | 558 | |||||||||||||||||||||||||||||||||||||||
| Adjusted Gross Profit (USD millions) | 189 | - | 732 | 174 | 184 | 166 | - | 659 | |||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA (USD millions) | 70 | - | 250 | 57 | 65 | 48 | - | - | |||||||||||||||||||||||||||||||||||||||
| Average Rig Count in the U.S. (count) | 649 | - | 687 | 623 | 602 | 586 | - | 599 | |||||||||||||||||||||||||||||||||||||||
| Average Rig Count in International segment (count) | 951 | - | 948 | 965 | 963 | 937 | - | 948 | |||||||||||||||||||||||||||||||||||||||
| Average Rig Count worldwide total (count) | 1,788 | - | 1,812 | 1,796 | 1,701 | 1,733 | - | 1,547 | |||||||||||||||||||||||||||||||||||||||
| WTI Crude Oil Price (USD per barrel) | 82.25 | - | 77.58 | 77.50 | 82.79 | 76.43 | - | 76.63 | |||||||||||||||||||||||||||||||||||||||
| Brent Crude Oil Price (USD per barrel) | 86.65 | - | 82.49 | 82.92 | 84.68 | 80.01 | - | 80.52 | |||||||||||||||||||||||||||||||||||||||
| Henry Hub Natural Gas Price (USD per MMBtu) | 2.59 | - | 2.53 | 2.15 | 2.07 | 2.11 | - | 2.19 | |||||||||||||||||||||||||||||||||||||||
| Number of U.S. wells completed (count) | 2,850 | - | 12,250 | 2,597 | 2,756 | 2,757 | - | 11,659 | |||||||||||||||||||||||||||||||||||||||
| 3:2:1 Crack Spread (USD) | 35.43 | - | 31.52 | 23.79 | 26.49 | 20.04 | - | 22.77 |
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Robert J. Saltiel ExecutiveBoard | President and Chief Executive Officer | Robert J. Saltiel serves as the President and CEO of MRC Global and is also a Board member since March 2021. He brings extensive leadership experience from previous roles at other companies. | View Report → | |
Daniel J. Churay Executive | Executive Vice President – Corporate Affairs, General Counsel, and Corporate Secretary | Daniel J. Churay has been serving in his current role at MRC Global since May 2012, where he manages legal, risk, compliance, and external affairs functions. He previously held roles as Executive Vice President and General Counsel starting in August 2011 and as Chief Human Resources Officer from 2012 until 2021. | ||
Emily Shields Executive | Senior Vice President of Sustainability and Assistant General Counsel | Emily Shields has been serving as the Senior Vice President of Sustainability and Assistant General Counsel at MRC Global since June 2022. She previously held roles such as Vice President - ESG, Assistant General Counsel, and Compliance Officer from 2021 to 2022 and Senior Counsel from 2013 to 2020. | ||
Gillian Anderson Executive | Vice President and Chief Accounting Officer | Gillian Anderson serves as Vice President and Chief Accounting Officer at MRC Global since July 2021 and has extensive audit experience from her tenure at Ernst & Young LLP from 2007 until 2021. | ||
Grant Bates Executive | Senior Vice President of North America Operations and E-Commerce | Grant Bates has been the Senior Vice President of North America Operations and E-Commerce at MRC Global since July 2021. Previously, he served as the Senior Vice President of Strategy, Corporate Development, and E-Commerce from April 2020 and held other senior roles including Senior Vice President and Chief Information Officer from April 2016. | ||
Jack McCarthy Executive | Senior Vice President of Supply Chain Management, Quality, and Technical Sales | Senior Vice President of Supply Chain Management, Quality, and Technical Sales at MRC Global since July 2020. Previously, he held multiple VP roles at MRC Global from 2011 to 2020 and brought extensive experience from the industrial distribution sector. | ||
Kelly Youngblood Executive | Executive Vice President and Chief Financial Officer | Kelly Youngblood is the Executive Vice President and Chief Financial Officer at MRC Global since March 2020 (as CFO) and November 2019 (as Executive Vice President), and he previously served as CFO at BJ Services and Senior Vice President and CFO at Diamond Offshore Drilling. | ||
Rance Long Executive | Senior Vice President – Marketing Strategy | Rance Long is the Senior Vice President – Marketing Strategy at MRC Global since October 2024, responsible for guiding the company’s marketing strategy until his planned retirement on May 2, 2025. Previously, he served as Senior Vice President, Sales & Marketing since July 2019 and held leadership roles including Vice President, Business Development and Vice President of Line Pipe after joining MRC Global in 2008. | ||
Shweta Kurvey-Mishra Executive | Senior Vice President and Chief Human Resources Officer | Shweta Kurvey-Mishra is the Senior Vice President and Chief Human Resources Officer at MRC Global since January 2023. She brings extensive HR expertise from previous leadership roles at Waste Management, Silver Eagle Distributors, and Illinois Tool Works. | ||
Steve Smith Executive | Senior Vice President of International Operations | Steve Smith is the Senior Vice President of International Operations at MRC Global since January 2022. He previously served as the Vice President of Europe, Middle East, and Africa from 2018 to 2022. | ||
Daniel B. Silvers Board | Board of Directors | Managing Member of Matthews Lane Capital Partners LLC; Executive Chairman of Winventory, Inc. | Daniel B. Silvers serves on MRC Global Inc.'s Board of Directors, having been appointed on April 1, 2024 where he contributes to the Compensation & Human Capital and Environmental, Social, Governance & Enterprise Risk Committees. He has an extensive background in finance, currently serving as the Managing Member of Matthews Lane Capital Partners LLC since 2015 and as the Executive Chairman of Winventory, Inc. since January 2024. | |
David A. Hager Board | Independent Director | David A. Hager is an independent director on MRC Global's Board since March 11, 2024. He brings over 40 years of oil and gas industry experience and has served on key committees such as the Audit Committee and the ESG & Enterprise Risk Committee. | ||
Deborah G. Adams Board | Chair of the Board of Directors | Board Member at Austin Industries ; Board Member at EnLink Midstream LLC ; Board Member at Amplify Energy Corp ; Advisory Board Member at NACD TriCities Chapter | Deborah G. Adams is the Chair of the Board of Directors at MRC Global since November 5, 2024 and has served as a board member since 2017. She brings extensive leadership experience in the energy sector from her previous roles at Phillips 66 and ConocoPhillips. | |
Dr. Anne McEntee Board | independent director | Managing Director of Asset Management at Wren House Infrastructure Management Ltd. ; Director of privately held i3 Broadband and Seacube Container Leasing Limited | Dr. Anne McEntee has served as an independent director on the board of MRC Global Inc. since September 27, 2022. She also serves on the Audit and Compensation & Human Capital Committees. | |
George J. Damiris Board | Director | Board Member at Eagle Materials, Inc. | George J. Damiris has been a director at MRC Global since 2021, serving as an independent director and chairing the Environmental, Social, Governance & Enterprise Risk Committee while also contributing his extensive leadership experience from his tenure as CEO of HollyFrontier Corporation and Holly Energy Partners from 2016 to 2019. | |
Leonard M. Anthony Board | Director | Leonard M. Anthony has been a director at MRC since 2008, serving on both the Audit Committee and the Compensation & Human Capital Committee and recognized as a financial expert. He previously held executive roles, including President and CEO of WCI Steel, Inc. (December 2007 to October 2008) and Executive Vice President and Chief Financial Officer of Dresser-Rand Group, Inc. (April 2005 to August 2007). | ||
Ronald L. Jadin Board | Director | Ronald L. Jadin has been a Director at MRC Global since 2021, serving as an independent director, Chair of the Audit Committee, and a member of the ESG & Enterprise Risk Committee. Previously, he served as CFO of W.W. Grainger, Inc. from 2008 to 2018. |
- Given your projection of an EBITDA margin in the mid‑6% range, can you elaborate on the specific assumptions around stock compensation and D&A, and what risk factors might cause significant deviations?
- With the recent balance sheet simplification and the announcement of the $125 million share buyback, how do you plan to balance cash allocation between deleveraging, CAPEX needs—especially the ERP project—and potential M&A opportunities?
- You have guided for an average adjusted gross margin of approximately 21% for 2025; can you detail the potential headwinds from tariff uncertainties and international pricing dynamics that could challenge this target?
- The U.S. backlog increased by 19% compared to year‑end, which appears to be above typical seasonal growth—can you provide more detail on the timing and sustainability of these new projects relative to historical trends?
- Regarding the MTech joint venture, which is expected to unlock tens of millions in incremental revenue from meter sales, what operational or market risks do you anticipate, and how are you positioned to mitigate them in an evolving tariffs and inflation environment?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Engages in the distribution business to the energy industry, which is competitive with the company's business. | |
RK Supply | Operates in the distribution business to the energy industry, competing with the company's offerings. |
Elite Supply | Participates in the distribution business to the energy industry, presenting competition to the company. |
Jet Specialty | Competes in the distribution business to the energy industry, overlapping with the company's market. |
Charbonneau Industries | Involved in the distribution business to the energy industry, directly competing with the company. |
Floworks (Sunbelt business) | Operates in the distribution business to the energy industry, specifically through its Sunbelt business, competing with the company. |
Russell Metals | Engages in the distribution business to the energy industry, competing with the company's operations. |
Score Group | Competes in the distribution business to the energy industry, presenting challenges to the company. |
Operates in the industrial business, competing with the company's offerings in the distribution sector. | |
Van Leeuwen | Participates in the distribution business to the energy industry, directly competing with the company. |
Marubeni (distribution businesses) | Engages in distribution businesses that compete with the company's operations. |
Sumitomo (distribution businesses) | Operates distribution businesses that present competition to the company. |
Recent press releases and 8-K filings for MRC.
- Revenue of approximately $710 million with a sequential increase and net income of about $7 million were reported for Q1 2025.
- The company achieved an Adjusted EBITDA of $35 million and an Adjusted Gross Profit of $153 million, indicating solid margin performance.
- Management highlighted strong performance in key US segments and mentioned the initiation of a $125 million share repurchase program in Q2 2025.
- Strong operating cash flow of $268 million was generated from continuing operations in 2024, marking one of the highest levels in the company's history.
- The company simplified its capital structure by repurchasing convertible preferred shares using proceeds from a new $350 million Senior Secured Term Loan B, and extended its asset-based lending facility to 2029 for enhanced liquidity.
- The divestiture of the Canadian operations has reclassified these results to discontinued operations, allowing the focus to shift to higher-growth geographies and improving margins.
- The outlook for 2025 includes low to upper single-digit revenue growth, backed by efforts in growth initiatives, improved working capital efficiency, and plans for ERP implementation to strengthen inventory controls.
- Results Release & Conference Call: MRC Global will release its Q4 and full year 2024 financial results on March 14, 2025 before market open, with a conference call at 10:00 a.m. ET and the Annual Meeting of Stockholders on May 29, 2025 .
- Strategic Guidance for 2025: Expect low- to upper single-digit revenue growth, at least $100M in operating cash flow, and a $125M share buyback authorization .
- Full Year 2024 Performance: Achieved sales of $3.011B, $268M operating cash flow, $78M net income, and $202M adjusted EBITDA, with net debt at $324M .
- Q4 2024 Financials: Reported $664M in revenue (down 10% YoY), $73M operating cash flow from continuing operations, a slight net loss of $1M, and $32M in adjusted EBITDA .
- Capital Structure Update: Repurchased convertible preferred shares using proceeds from a new term loan, maintaining a robust balance sheet with a 1.6x leverage ratio, a Term Loan B due in 2031, and an ABL extension to 2029 .
- Market & Operational Updates: Launched a new IMTEC joint venture for smart meter development with growth prospects across gas utilities, chemicals, mining, and data centers; reported Canada business as discontinued operations for a planned sale and resolved North American inventory cycle count issues .
- MRC Global Inc. has postponed its scheduled earnings release and conference call for Q4 and full-year 2024, originally set for February 11 and February 12, 2025.
- The delay is to allow additional time for completing year-end audit procedures, including inventory cycle counts, with the Form 10-K expected to be filed on or before March 3, 2025.