# Fastenal Company (FAST) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/FAST/thesis · /stocks/FAST/memo

## Financial Snapshot

---
ticker: FAST
step: 04
generated: 2026-05-12
source: quick-research
---

### Fastenal Company (FAST) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $6.98B | $7.35B | $7.55B | +2.7% |
| Gross Margin | ~45.3% | ~45.5% | ~44.8% | -70bps |
| Operating Margin | ~20% | ~19.5% | ~18.9% | -60bps |
| Net Income | ~$1.07B | ~$1.15B | ~$1.15B | flat |
| EPS (diluted) | ~$1.87 | ~$2.02 | ~$2.01 | flat |

*FY2025: Revenue $8.20B (+8.7%), Net income $1.26B (+9.4%), EPS ~$2.21. Q1 2026 showed 12.4% sales growth with some margin pressure from tariffs.*

#### Cash Flow & Balance Sheet (FY2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$1.5B |
| Free Cash Flow | ~$1.3B |
| FCF Margin | ~16% |
| Cash & Equivalents | ~$256M |
| Total Debt | ~$200M |
| Net Debt | Net cash positive (~$56M) |

*Fastenal has a remarkably clean balance sheet for an industrial company — effectively debt-free. Capital is primarily returned via dividends ($0.43/quarter = $1.72/year annualized) and modest buybacks.*

#### Key Ratios (approximate, FY2025)
- P/E: ~38–42x (significant premium to industrial peers) | FCF Yield: ~2.5%
- EV/EBITDA: ~28–30x | Dividend Yield: ~2.0–2.5%
- Revenue Growth (FY2025): +8.7% | Net Margin: ~15.3%
- ROIC: ~30%+ (best-in-class for industrial distribution)

#### Growth Profile
Fastenal's revenue growth is closely tied to U.S. manufacturing PMI — the company expands faster than GDP in industrial expansion cycles and sees modest declines in manufacturing recessions. The long-term structural growth driver is the secular shift from branch-based purchasing to Onsite/FMI embedded programs: each new Onsite location adds recurring, growing revenue with minimal incremental cost. FY2024 was a flat year (+2.7%) as manufacturing softened; FY2025 accelerated to +8.7% on Onsite wins, safety category growth, and manufacturing recovery. Q1 2026 showed 12.4% growth, suggesting continued momentum.

#### Forward Estimates
- **FY2026**: Revenue expected to grow 8–12% if manufacturing remains stable; gross margin under mild pressure from tariffs (fastener imports from China/Mexico); adj. EPS ~$2.40–$2.60
- **Onsite expansion**: Targeting continued net new Onsite signings; each new active Onsite represents a permanent recurring revenue base
- **Dividend**: $1.72/share annualized ($0.43/quarter); consistent annual increases; Fastenal has raised dividend every year for 25+ years

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/FAST/fundamental

## Navigation

- Overview: /stocks/FAST
- Financials (this page): /stocks/FAST/financials
- Thesis: /stocks/FAST/thesis
- Investment Memo: /stocks/FAST/memo
- Coverage universe: /stocks