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Fastenal Company

FAST
61
Industrial - Distribution · Industrials
Also trades as: 0IKW.L GBP 0.51 (+0.26%)
Price
$51.02
+0.64 (+1.27%)
Market Cap
$58.55B
Exchange
NASDAQ
Winston Score
61
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
24/30
Growth
Good
12/20
Cash Flow
Good
6/10
Stability
Exceptional
10/10
Valuation
Good
6/10
Ownership
Weak
1/15
Dividends
Mixed
2/5

61 of 100 counted points = Winston Score 61.

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§Winston Score History

The full picture

Fastenal sells nuts, bolts, screws, and other industrial fasteners, along with tools, safety gear, and other supplies that factories and construction sites need every day. Its main customers are manufacturers, contractors, and other businesses that need a steady flow of parts to keep their operations running. Fastenal is one of the largest industrial distributors in the United States.

Fastenal makes money by selling these products at a markup, either through its network of branch locations or directly at customer sites using vending machines and on-site supply bins — a program called Onsite. The company operates primarily in North America but has a growing international presence, and its high return on invested capital of nearly 30% reflects a strong competitive position built on deep customer relationships and embedded supply chain services. The key growth driver is continued expansion of its Onsite and vending machine programs, which make customers more dependent on Fastenal for day-to-day operations, though slowing industrial activity remains a persistent risk.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+14.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+13.8% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$205M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Fastenal Company is a rare growth stock that's already generating positive cash flow while growing at 15%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.3% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.15B (2021) → 1.15B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
44.6%
Healthy — 44.6% gross margin
Profit after running costs
Operating Margin
21.0%
Excellent — 21.0% operating margin
Return on the money invested
ROCE
42.4%
Exceptional — 42.4% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+12.5%
Fast-growing sales (+12.5% YoY)
Profit growth
EPS YoY
+13.5%
Earnings growing (+13.5% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
94%
Modest — 94% of profit becomes cash
Spare cash per sale
FCF Margin
11.8%
Modest free cash flow (11.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.03
Conservative — low debt load (0.03)
Covers its interest
Interest Cover
3550.40x
Comfortably covers interest (3550.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
43.2x
Pricey — P/E 43.2

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+10.7
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (43.2 → 32.6)

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Dividends

Dividend
Dividend Yield
2.08%
Moderate income — 2.08% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
-35.1%
Dividend cut (-35.1% YoY) — warning sign
Payout Ratio
78%
no trend
Most of the profit goes out as dividends. Little left to reinvest, and less cushion if earnings dip.

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