MoatScopeADI Global Distribution Inc.ADIG
Spin-off from Resideo Technologies, Inc. (REZI) · Aug 3, 2026 · NYSE
one share of ADI common stock for every two shares of Resideo common stock
Documents
Both companies today
Moat ratings, quality scores and fair value estimates are MoatScope research opinions and refresh with the data pipeline. Price / FV below 1.00× means the shares trade under our base-case estimate.
What is being separated
ADI Global Distribution is a leading specialty distributor of security and low-voltage products, strongest with small and midsize commercial and residential installers. Resideo keeps its Products & Solutions manufacturing business. ADI took on roughly $1.0 billion of new debt at separation and paid Resideo a $900 million dividend plus a separate $67 million cash payment, retaining $150 million of cash.
Stated rationaleResideo announced in July 2025 that separating distribution from manufacturing would give each business its own strategy, capital allocation and investor base.
The four questions
Indiscriminate selling
PartialManagement incentives
PartialThe hidden jewel
PartialLeverage
StrongThe write-up
Resideo completed the spin-off of ADI Global Distribution on August 3, 2026, one ADI share for every two Resideo shares. ADI is a leading specialty distributor of security, fire, audio-visual and other low-voltage products — $4.8 billion of 2025 revenue across more than 200 locations in 17 countries and over 100,000 customers, strongest with small and midsize commercial and residential installers. Resideo keeps Products & Solutions, the manufacturing business behind Honeywell Home thermostats and other comfort and security devices. ADI borrowed about $1.0 billion at separation and paid Resideo a $900 million dividend plus a $67 million cash payment, keeping $150 million of cash and a $500 million undrawn revolver.
Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months. Write-up dated Sep 8, 2026.