FASTFASTENAL CO

Retail-Building Materials, Hardware, Garden Supply

Revenue: $8.2B; 8.7% YoY
Operating margin: 20.2%; 0.9% YoY
EBITDA: $1.8B; 8.9% YoY
Market cap: $59.6B
Employees: 24,489; $335K revenue each
Net debt / EBITDA: -0.1×; −$112M net debt
AI in 10-K: 1.6; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
103% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
77% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$335K per employee
Bottom quartile of its SIC industry
Quiet on AINo
1.6 per 10K words · 49th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.1× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$59.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$5M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$6.0B	$7.0B	$7.3B	$7.5B	$8.2B	8.7%
Operating income	$1.2B	$1.5B	$1.5B	$1.5B	$1.7B	9.6%
Net income	$925M	$1.1B	$1.2B	$1.2B	$1.3B	9.4%
Operating cash flow	$770M	$941M	$1.4B	$1.2B	$1.3B	10%
Capex	$157M	$174M	$173M	$227M	$245M	8.3%
Stock-based comp	$6M	$7M	$7M	$8M	$8M	5.0%
Buybacks	$0	$238M	$0	$0	—
Dividends	$644M	$711M	$1.0B	$893M	$1.0B	12%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $170K · 4
Open-market sells, 12 mo: $5M · 8
Net: −$5M

Pay vs performance

No pay-versus-performance disclosure yet.