FAST
Fastenal
Dividend / Cash flow
★ Quality 81/100Price today
$49.60
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What this business is made of
The business
Fastenal puts its warehouse inside your factory, and then you never leave.
Fastenal distributes industrial fasteners, tools, and MRO (maintenance, repair, and operations) supplies to manufacturers and construction firms. It charges per product, but the real business is its vending machines and Onsite warehouses inside the customer's factories: $8.2B in revenue in 2025 with a 45% gross margin.
The moat lives in the logistics, not in the screw. By installing vending machines and warehouses inside the customer's plant, Fastenal becomes the default supplier and lowers the cost of switching. Replicating that network of thousands of local points of sale takes decades, not capital.
Revenue history
From $6.0B to $8.2B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $8.2B · FY2025
Of every $100 in sales, $85 goes to costs and operations; $15 is left as net profit (15% margin).
Catalysts and risks
Growth in vending devices and Onsite contracts, the engine behind the estimated 8% CAGR.
FCF of $1.1B with a nearly debt-free balance sheet ($0.1B): room to raise the dividend year after year.
U.S. industrial reshoring driving MRO demand through 2026.
Cyclical business tied to industrial production: a manufacturing recession hits revenue directly.
No real monopoly — it competes with Grainger, MSC, and Amazon Business on price.
At $17.46 of intrinsic value versus market multiples, overpaying kills the return even if the business is good.
Charlie's note
“A boring business that prints cash selling screws — exactly what I like. The problem is never Fastenal; it's the price the market asks you to pay for it.”
Analysis · June 2026
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