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Fastenal Co FAST

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Stock XNAS Rating as of
$70.37 +1.31 (1.90%)
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As of Delayed Price Closed
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Company Report

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Fastenal Earnings: Growth Initiatives Continue to Overcome Softer End Markets

Brian Bernard

We’ve maintained our $51 fair value estimate for Fastenal following the wide-moat industrial distributor’s second-quarter earnings release. The company's daily sales growth rate has been on a downward trend since 2022, with 18.0% in the second quarter of 2022, 5.9% in the second quarter of 2023, and just 1.8% in the second quarter of 2024. Nevertheless, Fastenal’s ability to deliver positive sales growth in a challenging demand environment is a testament to the ongoing success of its growth initiatives, in our view.

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Price vs Fair Value

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FAST is trading at a 556% premium.
Price
$70.37
Fair Value
$19.00
Uncertainty
Medium
1-Star Price
$95.28
5-Star Price
$55.30
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Vending and on-site programs should provide a long growth runway for Fastenal.

Bears

Fastenal could continue to face gross margin headwinds as nonfastener sales, national accounts, and on-site programs become a larger part of its business. A continued mix shift toward nonfasteners could also dilute the firm’s differentiation.

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Trading Information

Previous Close Price
$69.06
Day Range
$68.81–70.72
52-Week Range
$53.83–79.04
Bid/Ask
$70.01 / $70.77
Market Cap
$40.30 Bil
Volume/Avg
3.0 Mil / 3.3 Mil

Key Statistics

Price/Earnings (Normalized)
35.13
Price/Sales
5.44
Dividend Yield (Trailing)
2.16%
Dividend Yield (Forward)
2.22%
Total Yield
2.16%

Company Profile

Fastenal opened its first fastener store in 1967 in Winona, Minnesota. Since then, it has greatly expanded its footprint as well as its products and services. Today, Fastenal serves its 400,000 active customers through approximately 1,600 branches, over 1,800 on-site locations, and 15 distribution centers. Since 1993, the company has added other product categories, but fasteners remain its largest category at about 30%-35% of sales. Fastenal also offers customers supply chain solutions, such as vending and vendor-managed inventory.
Sector
Industrials
Industry
Industrial Distribution
Stock Style Box
Mid Core
Total Number of Employees
23,201
Website
https://www.fastenal.com

Competitors

Valuation

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Metric
FAST
MSM
WCC
Price/Earnings (Normalized)
 35.1316.2212.97
Price/Book Value
 11.533.521.74
Price/Sales
 5.441.270.40
Price/Cash Flow
 30.5612.099.67
Price/Earnings
FAST
MSM
WCC

Financial Strength

Metric
FAST
MSM
WCC
Quick Ratio
 2.040.761.20
Current Ratio
 4.392.082.21
Interest Coverage
 194.5617.053.31
Quick Ratio
FAST
MSM
WCC

Profitability

Metric
FAST
MSM
WCC
Return on Assets (Normalized)
 25.37%12.17%4.52%
Return on Equity (Normalized)
 33.74%21.36%14.11%
Return on Invested Capital (Normalized)
 29.19%16.07%9.05%
Return on Assets
FAST
MSM
WCC
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