NASDAQ · FAST

Fastenal Company

Industrials · Industrial - Distribution

$49.01▲ 0.45% ($0.22)at close

As of 4:00 PM ET

52-week

$38.97$52.92

Market cap

$56.24B

P/E

What the market price implies · Reverse DCF

To support a price of $49.01, this model requires Stage 1 FCFF to grow by 18.51%/yr over the next 5 years, compounded annually.

Historical FCFF grew by 14.32%/yr over the past 10 years. The required annual growth rate is 4.19 percentage points higher.

Selected forecast · Base scenario

14.32%/yr · Stage 1 default · years 1–5

Annual overrides take precedence over the Stage 1 default.

Market-implied · Other assumptions held fixed

18.51%/yr · Stage 1 · years 1–5

Stage 1 growth is solved while Stage 2 growth, terminal growth, discount inputs, and annual overrides remain fixed. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Cash-flow DCF

Price used

$49.01

Estimated value / share

$41.41

Base scenario

This estimate is 15.5% below the price used.

USD · TTM ending 2026-06-30

FCFF base normalized by replacing latest capex with the company's trailing median capex-to-revenue ratio.

Historical FCFF CAGR and the default growth rates are taken from the raw historical series. The valuation base is normalized for the current-period DCF.

Reported total debt includes capitalised leases (~73% of the total). They are excluded from net debt and from the WACC weights because rent is already charged inside operating income. The Net Debt shown here is therefore lower than the balance-sheet figure elsewhere on this page.

Stage 1 14.32% · Stage 2 7.88% · Discount rate 8.85%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future free cash flow, discounted to its value today.

Price timestamp: Sep 10, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 11, 2026, 1:07 AM UTC · provider

Why this method?

FCFF is positive, but the year-to-year swings are too large for a direct CAGR. Normalize the cash-flow base first, then run DCF.

Is FCFF positive and has it been for 3+ consecutive years? 21 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 63.8%.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: 2.17%Revenue (TTM): 12.54%FCF (TTM): 17.87%P/FCF: 90th pct

What changed

The stock rose 2.17% over the last year. Revenue grew 12.54% over the trailing twelve months. Operating margin moved from 20.1% to 20.29%. Free cash flow grew 17.87% over the trailing twelve months.

What the market seems to be pricing

The stock has moved higher against modestly improving underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.

What would invalidate this read

Operating margin currently stands at 20.29%. A decisive move in revenue — currently up 12.54% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

Fastenal Company, along with its associated entities, operates as a global wholesale supplier of industrial and construction materials, with significant operations throughout North America, including the United States, Canada, and Mexico, and other international markets.

CEOJeffery Michael Watts

SectorIndustrials

IndustryIndustrial - Distribution

Employees22,230

IPO dateAug 20, 1987

https://www.fastenal.com

Market multiples

Forward P/E—

EV/EBITDA25.11

Enterprise value$46.22B

Stock splits

May 22, 2025↑ Forward

Every 1 shares became 2

+100%

May 23, 2019↑ Forward

Every 1 shares became 2

+100%

May 23, 2011↑ Forward

Every 1 shares became 2

+100%

Nov 14, 2005↑ Forward

Every 1 shares became 2

+100%

May 13, 2002↑ Forward

Every 1 shares became 2

+100%

Mar 30, 1995↑ Forward

Every 1 shares became 2

+100%

Mar 31, 1992↑ Forward

Every 1 shares became 2

+100%

Feb 26, 1990↑ Forward

Every 1 shares became 2

+100%

Profitability & growth

Revenue growth14.74%

Gross margin44.7%▼0.1ppvs FY2024

Operating margin20.29%▲0.2ppvs FY2024

ROE34.34%▲1.0ppvs FY2025

Analyst consensus

RatingHold

Target price$49.00▼0.02%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Oct 14, 2026

Q4 FY26 · EPS est $0.34 · Revenue est $2.43B

View

Dividends

$0.96/shareQuarterlyAdequate

FAST pays a dividend with a 1.96% dividend yield, growing at 4.56% annually, covered 1.0× by free cash flow.

Dividend Yield

1.96%

Annual Div / Share

$0.96

5yr CAGR

+4.56%

Doubles every ~15.5yr

Payout Ratio

78.1%

Adequate

Dividend Growth Rate

3yr CAGR

+12.17%

5yr CAGR

+4.56%

10yr CAGR

+12.07%

Dividend Safety

5/10Adequate

Dividend History

Annual dividends paid per share

YearAnnual DivYoY

2025$0.88+12.2%

2024$0.78-12.4%

2023$0.89+43.5%

2022$0.62+10.7%

2021$0.56-20.0%

2020$0.70+60.9%

2019$0.43+13.0%

Income Projection

Invest

Growth rate:

Reinvest dividends

Today

$20/yr

$2/mo

In 5 yrs

$24/yr+25%

$2/mo

In 10 yrs

$31/yr+56%

$3/mo

Today	In 5 yrs	In 10 yrs
$20/yr $2/mo	$24/yr+25% $2/mo	$31/yr+56% $3/mo

Yield-on-cost grows from 1.96% → 3.06% over 10yr

NASDAQ · FAST

Fastenal Company

Industrials · Industrial - Distribution

$49.01▲ 0.45% ($0.22)at close

As of 4:00 PM ET

52-week

$38.97$52.92

Market cap

$56.24B

P/E

What the market price implies · Reverse DCF

To support a price of $49.01, this model requires Stage 1 FCFF to grow by 18.51%/yr over the next 5 years, compounded annually.

Historical FCFF grew by 14.32%/yr over the past 10 years. The required annual growth rate is 4.19 percentage points higher.

Selected forecast · Base scenario

14.32%/yr · Stage 1 default · years 1–5

Annual overrides take precedence over the Stage 1 default.

Market-implied · Other assumptions held fixed

18.51%/yr · Stage 1 · years 1–5

Stage 1 growth is solved while Stage 2 growth, terminal growth, discount inputs, and annual overrides remain fixed. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Cash-flow DCF

Price used

$49.01

Estimated value / share

$41.41

Base scenario

This estimate is 15.5% below the price used.

USD · TTM ending 2026-06-30

FCFF base normalized by replacing latest capex with the company's trailing median capex-to-revenue ratio.

Historical FCFF CAGR and the default growth rates are taken from the raw historical series. The valuation base is normalized for the current-period DCF.

Stage 1 14.32% · Stage 2 7.88% · Discount rate 8.85%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future free cash flow, discounted to its value today.

Price timestamp: Sep 10, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 11, 2026, 1:07 AM UTC · provider

Why this method?

FCFF is positive, but the year-to-year swings are too large for a direct CAGR. Normalize the cash-flow base first, then run DCF.

Is FCFF positive and has it been for 3+ consecutive years? 21 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 63.8%.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: 2.17%Revenue (TTM): 12.54%FCF (TTM): 17.87%P/FCF: 90th pct

What changed

The stock rose 2.17% over the last year. Revenue grew 12.54% over the trailing twelve months. Operating margin moved from 20.1% to 20.29%. Free cash flow grew 17.87% over the trailing twelve months.

What the market seems to be pricing

What would invalidate this read

Operating margin currently stands at 20.29%. A decisive move in revenue — currently up 12.54% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

CEOJeffery Michael Watts

SectorIndustrials

IndustryIndustrial - Distribution

Employees22,230

IPO dateAug 20, 1987

https://www.fastenal.com

Market multiples

Forward P/E—

EV/EBITDA25.11

Enterprise value$46.22B

Stock splits

May 22, 2025↑ Forward

Every 1 shares became 2

+100%

May 23, 2019↑ Forward

Every 1 shares became 2

+100%

May 23, 2011↑ Forward

Every 1 shares became 2

+100%

Nov 14, 2005↑ Forward

Every 1 shares became 2

+100%

May 13, 2002↑ Forward

Every 1 shares became 2

+100%

Mar 30, 1995↑ Forward

Every 1 shares became 2

+100%

Mar 31, 1992↑ Forward

Every 1 shares became 2

+100%

Feb 26, 1990↑ Forward

Every 1 shares became 2

+100%

Profitability & growth

Revenue growth14.74%

Gross margin44.7%▼0.1ppvs FY2024

Operating margin20.29%▲0.2ppvs FY2024

ROE34.34%▲1.0ppvs FY2025

Analyst consensus

RatingHold

Target price$49.00▼0.02%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Oct 14, 2026

Q4 FY26 · EPS est $0.34 · Revenue est $2.43B

View

Dividends

$0.96/shareQuarterlyAdequate

FAST pays a dividend with a 1.96% dividend yield, growing at 4.56% annually, covered 1.0× by free cash flow.

Dividend Yield

1.96%

Annual Div / Share

$0.96

5yr CAGR

+4.56%

Doubles every ~15.5yr

Payout Ratio

78.1%

Adequate

Dividend Growth Rate

3yr CAGR

+12.17%

5yr CAGR

+4.56%

10yr CAGR

+12.07%

Dividend Safety

5/10Adequate

Dividend History

Annual dividends paid per share

YearAnnual DivYoY

2025$0.88+12.2%

2024$0.78-12.4%

2023$0.89+43.5%

2022$0.62+10.7%

2021$0.56-20.0%

2020$0.70+60.9%

2019$0.43+13.0%

Income Projection

Invest

Growth rate:

Reinvest dividends

Today

$20/yr

$2/mo

In 5 yrs

$24/yr+25%

$2/mo

In 10 yrs

$31/yr+56%

$3/mo

Today	In 5 yrs	In 10 yrs
$20/yr $2/mo	$24/yr+25% $2/mo	$31/yr+56% $3/mo

Yield-on-cost grows from 1.96% → 3.06% over 10yr