FERGFerguson Enterprises Inc. /DE/

Wholesale-Hardware & Plumbing & Heating Equipment & Supplies

Revenue: $30.8B; 3.8% YoY
Operating margin: 8.5%; 5.3% YoY
EBITDA: $3.0B; 0.3% YoY
Market cap: $46.2B
Employees: 32,000; $961K revenue each
Net debt / EBITDA: 1.2×; $3.7B net debt
AI in 10-K: 1.6; mentions per 10K words

Takeover score 0 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
75% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
14% of assets
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$961K · 55th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.6 per 10K words · 47th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$46.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$9M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$28.6B	$29.7B	$29.6B	$30.8B	3.8%
Operating income	$2.8B	$2.7B	$2.7B	$2.6B	1.7%
Net income	$2.1B	$1.9B	$1.7B	$1.9B	7.0%
Operating cash flow	$1.1B	$2.7B	$1.9B	$1.9B	1.9%
Capex	$290M	$441M	$372M	$305M	18%
Stock-based comp	$57M	$51M	$49M	$28M	43%
Buybacks	$1.5B	$908M	$634M	$948M	50%
Dividends	$538M	$711M	$784M	$489M	38%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $9M · 19
Net: −$9M

Pay vs performance

No pay-versus-performance disclosure yet.