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Fastenal Company

FAST Industrials Industrial Distribution

Fastenal Company’s revenue for fiscal 2025 (year ended December 2025) was $8.2 billion, up 8.67% from fiscal 2024.

Revenue
+15.5%
EPS
+20.7%
Free cash flow
+5.27%
Total debt
−48.7%

Quarter to September 2026, against a year earlier

52.80 0.41 −0.77%
Market cap
$60.7B
P/E
42.6×
Fwd P/E
40.8×
Dividend yield
1.89%
F-score
7/9
Altman Z
29.34
Beneish M
−2.39
Dividend safety
51/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • U.S. reportable segment
  • Other operating segment

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 4.98
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 1 — 1 — — — 1 3 — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 60,690.00
Revenue ttm 9,079.40
Net income ttm 1,418.20
Free cash flow ttm 1,186.10
Net debt Q (111.90)
Valuation
P/E 42.58 (above 35: high)
Forward P/E 40.80 (above 35: high)
Price / sales 6.67
Forward P/S Powerpack
Price / FCF 51.07
Price / book 14.60 (above 6: high)
Financial health
Current ratio Q 3.93 (at or above 1.5: strong)
Debt / equity Q 0.02 (at or below 0.5: strong)
Interest coverage Q 663.50
Growth
Revenue growth Q +15.47% (above 0%: growing)
Operating income growth Q +20.23% (above 0%: growing)
EPS, this year +17.58% (at or above 15%: strong)
EPS, next year A +10.68%
Revenue, next year A +13.69% (at or above 10%: strong)
EPS, past 5 yrs +7.91%
EPS, next 5 yrs A +12.33%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.7×, against a ten-year median of 4.5×; over the ten years it ranged from 2.9× in 2016 to 7.3× in 2025.
P/E against its own 10 years 96.59%
10-year low 10-year high
P/S against its own 10 years 97.07%
10-year low 10-year high
P/B against its own 10 years 99.12%
10-year low 10-year high
EV/Sales against its own 10 years 97.07%
10-year low 10-year high
EV/FCF against its own 10 years 89.92%
10-year low 10-year high

Dividends raised every year since 2018

Yield
1.89%
Annual rate
1.00
Payout ratio
80.7%
Growth, 2018–26
+12.7%/yr
  1. 0.39 ’18
  2. 0.44 ’19 +13
  3. 0.50 ’20 +15
  4. 0.56 ’21 +12
  5. 0.62 ’22 +11
  6. 0.70 ’23 +13
  7. 0.78 ’24 +11
  8. 0.88 ’25 +12
  9. 1.00 ’26 +14
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 221 256 277 212
Receivables 1,088 1,109 1,245 1,615
Inventory 1,523 1,645 1,748 1,777
Other 172 184 182 216
3,021 3,212 3,472 3,829
2023 2024 2025 Q'26
Payables 264 288 317 446
ST’ Debt 60 75 25 50
Other — — — —
661 687 716 974

Compound Annual Growth %

10y 5y 3y
Sales 7.80% 7.75% 5.52%
Cash Flow 8.94% 3.30% 11.26%
Earnings 9.32% 7.93% 5.00%
Book Value 8.15% 7.61% 7.63%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.34 Actual 0.35

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.26 0.26 Met by 0.00
Q1 FY26 0.30 0.30 Met by 0.00
Q2 FY26 0.33 0.33 Met by 0.00
Q3 FY26 0.34 0.35 Beat by 0.01
Q4 FY26 0.31 — Reports 19 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.30 0.33 0.35 — —
’25 0.26 0.29 0.29 0.26 1.09
’24 0.26 0.26 0.26 0.23 1.00
’23 0.26 0.26 0.26 0.23 1.01
’22 0.24 0.25 0.25 0.22 0.95
’21 0.19 0.21 0.21 0.20 0.80
’20 0.18 0.21 0.19 0.17 0.75
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,202 2,387 2,463 — —
’25 1,959 2,080 2,133 2,028 8,201
’24 1,895 1,916 1,910 1,825 7,546
’23 1,859 1,883 1,846 1,759 7,347
’22 1,704 1,779 1,802 1,696 6,981
’21 1,417 1,508 1,554 1,532 6,011
’20 1,367 1,509 1,413 1,358 5,647
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 378 266 422 — —
’25 262 279 387 368 1,296
’24 336 258 297 283 1,173
’23 389 302 388 354 1,433
’22 230 151 258 302 941
’21 275 172 167 156 770
’20 241 251 289 321 1,102
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 321 205 350 — —
’25 208 214 332 310 1,065
’24 287 205 241 225 959
’23 358 248 345 321 1,272
’22 197 108 214 260 779
’21 245 140 122 115 622
’20 194 213 259 278 944
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 18.2% a year for ten years. It grew 11.9% a year over the last ten.

Implied
18.2%
10 years, reported
11.9%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 3,962 4,391 4,965 5,334 5,647 6,011 6,981 7,347 7,546 8,201 9,079 +8.4% 9,323 10,206 11,031 +10.4%
Gross margin, % 49.59 49.28 48.32 47.16 45.47 46.20 46.07 45.66 45.08 45.01 44.61 (4.6) pt
EBT 790 873 987 1,044 1,133 1,208 1,440 1,522 1,508 1,655 1,866 +8.6%
EBT margin, % 19.93 19.89 19.88 19.57 20.06 20.09 20.63 20.72 19.99 20.18 20.56 +0.3 pt
Net income 499 579 752 791 859 925 1,087 1,155 1,151 1,258 1,418 +10.8%
Per share, $
Per share, $ Revenue 3.43 3.81 4.33 4.65 4.92 5.23 6.08 6.43 6.59 7.15 7.91 +8.5%
Earnings 0.43 0.50 0.66 0.69 0.75 0.81 0.95 1.01 1.01 1.10 1.24 +10.9%
Cash flow 0.45 0.51 0.59 0.74 0.96 0.67 0.82 1.25 1.02 1.13 1.25 +10.8%
Capex (0.16) (0.10) (0.15) (0.21) (0.14) (0.13) (0.14) (0.14) (0.19) (0.20) (0.22) +2.7%
Free cash flow 0.29 0.41 0.44 0.53 0.82 0.54 0.68 1.11 0.84 0.93 1.03 +13.7%
Book value 1.67 1.82 2.01 2.33 2.38 2.65 2.76 2.93 3.16 3.44 3.62 +8.3%
Shares, m 1,156 1,153 1,148 1,146 1,148 1,150 1,148 1,143 1,145 1,148 1,148 (0.1%)
Valuation, ×
Valuation, × P/E 26.99 27.14 19.88 26.78 32.56 39.79 24.95 31.31 35.78 36.48 42.58 30.2
P/S 3.42 3.58 3.02 3.97 4.96 6.13 3.90 4.94 5.46 5.62 6.67 4.5
P/B 7.02 7.50 6.51 7.95 10.25 12.10 8.60 10.84 11.39 11.68 14.60 9.4
EV/Sales 3.49 3.65 3.09 4.00 4.99 6.15 3.94 4.95 5.45 5.60 6.66 4.5
EV/FCF 41.09 33.90 30.22 35.42 29.85 59.46 35.35 28.57 42.88 43.08 50.97 38.0
Cash, $m
Cash, $m Operating cash flow 520 585 674 843 1,102 770 941 1,433 1,173 1,296 1,434 +10.7%
Capex (183) (112) (167) (240) (157) (148) (162) (161) (214) (230) (248) +2.6%
Free cash flow 337 473 507 603 944 622 779 1,272 959 1,065 1,186 +13.6%
Balance, $m
Balance, $m Working capital 1,445 1,585 1,879 1,913 1,887 2,174 2,335 2,360 2,525 2,757 2,855 +7.4%
Net debt 277 298 333 170 159 154 325 39 (56) (152) (112) n/m
Shareholders’ equity 1,933 2,097 2,303 2,666 2,733 3,042 3,163 3,349 3,616 3,944 4,149 +8.2%
Returns, %
Returns, % ROA 19.20 20.74 24.13 22.21 22.13 22.39 24.57 25.63 25.12 25.81 26.73 +6.6 pt
ROIC 22.50 23.01 23.70 23.30 24.67 23.81 26.05 28.20 26.51 27.29 28.86 +4.8 pt
ROE 26.75 28.71 34.18 31.84 31.83 32.03 35.03 35.47 33.04 33.29 35.26 +6.5 pt
People
People Employees 19,624 20,565 21,644 21,948 20,365 20,507 22,386 23,201 23,702 24,489 — +2.5%
Revenue/emp, $m 0.20 0.21 0.23 0.24 0.28 0.29 0.31 0.32 0.32 0.33 — +5.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Fastenal is a business-to-business distributor of industrial and construction supplies. It was founded in 1967, is headquartered in Winona, and Daniel L. Florness is its Chief Executive Officer and a director. The company sells fasteners, safety supplies, tools, janitorial products, cutting tools, hardware and other supplies used to make products, maintain facilities, and support construction work.

Its largest market is manufacturing, where it supplies direct materials that are incorporated into finished goods or support production, and indirect materials used in maintenance, repair, safety, and facility operations. It also serves non-residential contractors, transportation and warehousing businesses, resource industries, resellers, and public-sector organizations.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
U.S. reportable segment 6,819 83.15%
Other operating segment 1,382 16.85%
Gross margin 45.01%
Operating margin 20.19%
Pre-tax margin 20.18%

Revenue by segment since 2009

Fastenal Company vs peers in Industrial Distribution (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
GWW W.W. Grainger, Inc. $68.4B 31.4× 29.2× +11.25% (above 0%: growing) +113.81% (above 0%: growing) +61.06% (above 0%: growing) 38.81% 15.98% Compare
FAST Fastenal Company $60.7B 42.6× 40.8× +15.47% (above 0%: growing) +20.69% (above 0%: growing) +5.27% (above 0%: growing) 44.85% 21.55%
FERG Ferguson plc $45.6B 19.6× 21.5× +4.64% (above 0%: growing) +7.17% (above 0%: growing) −143.52% (below 0%: shrinking) 30.99% 10.20% Compare
WSO.B Watsco, Inc. $16.0B 27.2× — +2.06% (above 0%: growing) −11.50% (below 0%: shrinking) +17.57% (above 0%: growing) 27.50% 11.32% Compare
WCC WESCO International, Inc. $13.9B 17.9× 19.2× +16.57% (above 0%: growing) +45.47% (above 0%: growing) +271.85% (above 0%: growing) 21.67% 6.24% Compare
WSO Watsco, Inc. $13.0B 27.0× 26.4× +7.42% (above 0%: growing) −11.50% (below 0%: shrinking) −8.87% (below 0%: shrinking) 26.41% 10.14% Compare
QXO QXO, Inc. $12.1B — (loss-making) — (loss-making) +70.30% (above 0%: growing) n/m −27.62% (below 0%: shrinking) 24.74% (1.29%) Compare
AIT Applied Industrial Technologies, Inc. $10.3B 24.7× 24.2× +7.64% (above 0%: growing) +12.65% (above 0%: growing) −34.44% (below 0%: shrinking) 30.38% 11.12% Compare
CNM Core & Main, Inc. $8.9B 19.3× 16.8× +2.48% (above 0%: growing) +8.45% (above 0%: growing) +83.33% (above 0%: growing) 26.71% 10.58% Compare
Median of peers $13.5B 24.7× 22.9× +7.53% +8.45% +4.35% 27.11% 10.39%

All 25 Industrial Distribution stocks →

From the latest earnings call

Updated

  • Jeff Watts said third-quarter sales growth was driven mainly by market-share gains through key-account strategy execution and new contract wins.
  • Max Tunnicliff said SG&A leverage more than offset lower gross margin, raising operating margin to 21.5% while the company continued investing.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Wolfe Research Oct 15, 2026 Initiated Underperform 51.00
Bernstein Oct 15, 2026 Reiterated Underperform —
Baird Oct 15, 2026 Target raised — 59.00 → 60.00
Robert W. Baird Oct 15, 2026 Target raised — 59.00 → 60.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 84.31%
Held by the ten largest 44.33%
Holder Shares Stake Change
Vanguard 152.27m 13.27% +1.04m
BlackRock 106.30m 9.26% +1.54m
State Street 56.44m 4.92% +869.79k
Charles Schwab 42.89m 3.74% +3.51m
Invesco 39.56m 3.45% +1.34m
Geode Capital Management 39.48m 3.44% +556.50k
Morgan Stanley 20.86m 1.82% −4.88m
BNY 17.89m 1.56% −6.76m
UBS 16.84m 1.47% −2.83m
Bank of America 16.12m 1.40% −171.21k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 25 February 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 4.18m 4.87m 185.00
2024 1.70m 2.28m 163.00
2023 3.12m 5.36m 143.00
2022 5.44m 3.31m 101.00
2021 2.42m 5.57m 134.00

Ownership

Directors and executive officers, together less than 1%
100 Vanguard Blvd. 12.25%
50 Hudson Yards 8.02%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Fastenal Company (FAST) Latest News

26 Oct

Impact 3 · · Trefis

24 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

21 Oct

Impact 3 · · 24/7 Wall St.

20 Oct

Impact 4 · · MoneyShow
Impact 3 · · Zacks

19 Oct

Impact 4 · · Trefis

18 Oct

Impact 4 · · The Motley Fool

16 Oct

Impact 4 · · The Motley Fool

15 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · StockStory
Impact 3 · · MarketBeat
Impact 3 · · 24/7 Wall St.
Impact 3 · · Simply Wall St.

14 Oct

Impact 4 · · Moby transcript
Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat
Impact 4 · · TIKR
Impact 4 · · Stocktwits
Impact 4 · · Proactive Investors
Impact 4 · · Business Wire
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Investing.com
Impact 3 · · Investing.com
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Associated Press

13 Oct

Impact 3 · · Business Wire

FAST metrics, ten years each

stockrow.com/FAST · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com