Con tu permiso, usamos análisis limitados y respetuosos con la privacidad para entender qué recorridos de investigación funcionan. No usamos rastreadores publicitarios ni grabación de sesiones. Puedes cambiar esta opción en Preferencias. Lee la Política de privacidad.
Quote this valuation with its source: Fair value, Potential value and the price at analysis.
FAQ
FAST — frequently asked questions
Is Fastenal Company overvalued?
In our latest published analysis dated 2026-05-13, FAST looks meaningfully overvalued. The price recorded at analysis is 43,8 USD versus our fair value of 33,2 USD; the high endpoint is presented separately as potential value of 41,1 USD. That implies roughly 24.2% downside to fair value at that date.
Our latest published report, analyzed 2026-05-13, gives FAST a fair value of 33,2 USD and a potential value of 41,1 USD. The conclusion is triangulated across multiple valuation models and weighted by reliability for Fastenal Company's archetype; it is a dated research output, not a live price.
Should I buy FAST now?
Our latest published rating for FAST, analyzed 2026-05-13, is Sell. Fastenal Company looks meaningfully overvalued at the analysis-date price of 43,8 USD versus fair value of 33,2 USD; potential value is 41,1 USD. This is research for educational purposes, not personalized investment advice.
What are the biggest risks for FAST?
The dedicated bear-case section in our report analyzed 2026-05-13 documents Fastenal Company's material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.
What is FAST's rating?
Our latest published rating for FAST, analyzed 2026-05-13, is Sell, with a published moat assessment of 9/10 (Wide). It reflects our fair value of 33,2 USD, the potential value of 41,1 USD, and the price recorded at analysis (43,8 USD).
Este informe aún no se ha traducido. Actualice en unos minutos una vez que la cola de traducción se ponga al día.
§1 Resumen ejecutivoEN
Respuesta en 30 segundosSell
Precio frente a valor
Precio
$43.77
Valor razonable
$33.16
Valor potencial
$41.05
A fecha de
Fecha de cotización no registrada
Por qué puede funcionar
Bull: Accelerated adoption of onsite locations and digital vending solutions drives continued wallet share gains.
Qué cambiaría nuestra opinión
Severe Valuation Normalization: Market normalizes the valuation multiple to a 20x-22x P/E range, reversing the current 32x premium irrespective of fundamental operating performance.
Fastenal is a premier industrial distributor demonstrating exceptional capital efficiency, driven by its sticky onsite and vending solutions that yield >30% ROE and 20%+ operating margins. However, at a 32x forward P/E, the stock is priced for perfection and implies perpetual multiple expansion, ignoring mature-state growth deceleration and exposing investors to severe multiple compression risk.
Fastenal is a premier industrial distributor demonstrating exceptional capital efficiency, driven by its sticky onsite and vending solutions that yield >30% and 20%+ . However, at a 32x , the stock is priced for perfection and implies perpetual , ignoring mature-state growth deceleration and exposing investors to severe risk.
Domestic manufacturing reshoring and capacity build-outs drive secular volume expansion across industrial and MRO supply chains.
Recomendación de la casa
Exceptional underlying business severely overvalued; initiate Reduce on structural multiple compression risk.
Descripción general de la empresa
Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines. It offers miscellaneous supplies and hardware, including pins, machinery keys, concrete anchors, metal framing systems, wire ropes, strut products, rivets, and related accessories. The company serves the manufacturing market comprising original equipment manufacturers; maintenance, repair, and operations customers; non-residential construction market; farmers, truckers, railroads, mining companies, schools, and retail trades; and oil exploration, production, and refinement companies, as well as federal, state, and local governmental entities. Fastenal Company was founded in 1967 and is headquartered in Winona, Minnesota.
§2 Caso bajistaEN
A sustained North American industrial manufacturing recession converges with normalized liquidity conditions, triggering severe multiple compression from 32x to historical mature distribution averages below 20x. Volume deceleration forces SG&A deleverage across the localized footprint.
An industrial recession severely restricts MRO volumes. Revenue growth stalls entirely, operating margins slip below 19% due to SG&A deleverage at onsite branches, and the valuation multiple violently contracts to 18x.
Cómo puede fallar esta tesis
Severe Valuation Normalization
High
Market normalizes the valuation multiple to a 20x-22x P/E range, reversing the current 32x premium irrespective of fundamental operating performance.
FV impact
-$10 to -$15 per share
Trigger
12-24 months
Industrial Volume Recession
Señales de alerta temprana a vigilar
Los cinco acontecimientos que debilitarían nuestra tesis de inversión.
Decelerating earnings per share growth undermines market tolerance for premium distributor valuation multiples, triggering a sharp re-rating toward historical peer averages as growth expectations normalize.
Actual:1.09 for the period ended 2025-12-31
Alerta si<1.00 for a trailing 12-month period
02
§3 Foso competitivoEN
Wide
High switching costs generated by deeply integrated onsite inventory management and intelligent vending machines. Unmatched proximity to customer operations supports premium pricing and sustains industry-leading gross margins near 45%.
Beneficio económico
Economic profit is supported when reported returns exceed the company cost-of-capital hurdle.
9/ 10
Wide
Sources of advantage
01High switching costs generated by deeply integrated onsite inventory management — High switching costs generated by deeply integrated onsite inventory management and intelligent vending machines. Unmatched proximity to customer operations supports premium pricing and sustains industry-leading gross margins near 45%.Wide
Amenazas conocidas al foso
Amenaza
Severidad
Cronograma
Mitigación
Digital disruption from aggressive broadline e-commerce competitors competing on un-integrated consumables. Prolonged industrial manufacturing recession reducing volume throughput and asset utilization at localized branch networks.
medium
Monitor
Monitor the threat against the report checkpoints.
The highlighted base cell is anchored to valuation synthesis sensitivity reference ($33.17). It is the reference value for this grid, not a separate standalone fair-value claim.
Accelerated adoption of onsite locations and digital vending solutions drives continued wallet share gains. Automated supply chain routing improves operating leverage, expanding operating margins to 21% and sustaining a 26x terminal multiple.
IF average daily sales (ADS) accelerate above 10% AND operating margins hold above 20.5%, THEN the multiple premium may be temporarily sustained by momentum. IF ADS growth stagnates OR margins compress below 20%, THEN expect violent multiple contraction toward the $33 base casefair value.
En línea
Hold
Disparador: In-line results
IF average daily sales (ADS) accelerate above 10% AND operating margins hold above 20.5%, THEN the multiple premium may be temporarily sustained by momentum. IF ADS growth stagnates OR margins compress below 20%, THEN expect violent multiple contraction toward the $33 base casefair value.
Fallo
Reassess
Disparador: Downside surprise
IF average daily sales (ADS) accelerate above 10% AND operating margins hold above 20.5%, THEN the multiple premium may be temporarily sustained by momentum. IF ADS growth stagnates OR margins compress below 20%, THEN expect violent multiple contraction toward the $33 base casefair value.
Calidad de los beneficios
IF average daily sales (ADS) accelerate above 10% AND operating margins hold above 20.5%, THEN the multiple premium may be temporarily sustained by momentum. IF ADS growth stagnates OR margins compress below 20%, THEN expect violent multiple contraction toward the $33 base casefair value.
Capital allocation should be evaluated against reinvestment needs, balance-sheet strength, and shareholder returns.
Ingresos más recientes8200,5 MCAGR de ingresos +5,5 %
Margen operativo20,2 %5 periodos fiscales
Flujo de caja libre más reciente1050,6 MFY2025
Deuda neta165,1 MFY2025
Desglose de la cuenta de resultadosCómo la escala del negocio se convierte en beneficio declarado.
StockMarketAgent.AI
Ingresos8200,5 MCoste de ventas−4509,3 MBeneficio bruto3691,2 MGastos operativos−2035,5 MBeneficio operativo1655,7 MPartidas no operativas e impuestos−397,3 MBeneficio neto1258,4 M
Datos del historial financiero
Ingresos
8.200.500.000
Coste de ventas
4.509.300.000
Beneficio bruto
3.691.200.000
Gastos operativos
2.035.500.000
Beneficio operativo
1.655.700.000
Partidas no operativas e impuestos
-397.300.000
Beneficio neto
1.258.400.000
Resumen del balanceCómo se mantienen y financian los activos declarados en el período seleccionado.
FAST trades at 32.0x forward earnings against a peer median of 31.0x; EV/EBITDA of 26.4x against a peer median of 29.1x; 6 peers.
§10 Industria y cicloEN
Fase del ciclo
Expansion
Asset-light branch and onsite expansion requires limited heavy capex but demands exceptional working capital and inventory efficiency to sustain hyper-efficient ROIC.
Ciclo alcista
Domestic manufacturing reshoring and capacity build-outs drive secular volume expansion across industrial and MRO supply chains.
Ciclo bajista
Broad macroeconomic slowdowns depress factory utilization rates, directly impacting consumable fastener usage and local vending throughput.
Posicionamiento
Asset-light branch and onsite expansion requires limited heavy capex but demands exceptional working capital and inventory efficiency to sustain hyper-efficient ROIC.
§11 Gestión de posiciónEN
Tamaño de posición
Zero or heavily under-weighted. The negative 24% fundamental upside creates highly asymmetric downside risk that precludes capital allocation.
Riesgo
Trim or exit exposure into the current multiple euphoria. A 32x forward P/E for a mature industrial distributor ignores terminal deceleration dynamics.
Tramos de entrada
Nivel
Acción
Por qué
Current / pullbacks
Await material multiple compression. An entry becomes fundamentally attractive only in the low $30s, aligning with the internal base-case valuation and normalized expectations.
Await material multiple compression. An entry becomes fundamentally attractive only in the low $30s, aligning with the internal base-case valuation and normalized expectations.
Tramos de salida
Nivel
Acción
Thesis break
Trim or exit exposure into the current multiple euphoria. A 32x forward P/E for a mature industrial distributor ignores terminal deceleration dynamics.
§12 Perspectivas de inversoresEN
Bull view
Buy
Upside case depends on the report valuation range and named growth catalysts.
Base view
Sell
valuation cross-checks targets near $46 implicitly extrapolate the current 32x P/E indefinitely. Fundamental cash flow models, even when aggressively weighting extended competitive duration via the Moat Fade model, cap intrinsic value at $37.76 under optimistic assumptions.
§14 Recomendación finalEN
Acción
Vender
Sell. Fastenal is a phenomenal business operating with best-in-class capital efficiency, but it trades at an unjustifiable premium. The implied 10.37% perpetual growth rate embedded in current pricing is mathematically disconnected from realistic mature-state industrial distribution.
Reassess the thesis against the named valuation, risk, and quarterly checkpoint evidence in this report.
§15Your notes
Capture your own thesis, position size, and follow-up questions. Stays on this device, only you can see it.
Falling beneath historical profitability levels indicates severe SG&A deleveraging across branch networks and onsite locations, disproving the operating leverage assumptions central to the distribution expansion thesis.
Cash flow generation trailing net earnings highlights rising working capital requirements or bloated field inventory, restricting balance sheet flexibility and limiting capacity for sustained dividend increases.
Growth normalizes as the business matures. Revenue CAGR decays from 10.9% to 5.5% over five years. Margins remain resilient at 20.2%, but the market multiple compresses to 22x, reflecting realistic mature-state distribution economics.
Actual20.2% for the period ended 2025-12-31
Por qué importa
Warning level: <20.0% over two consecutive quarters. Falling beneath historical profitability levels indicates severe SG&A deleveraging across branch networks and onsite locations, disproving the operating leverage assumptions central to the distribution expansion thesis.
Warning level: <0.90 over a trailing 12-month period. Cash flow generation trailing net earnings highlights rising working capital requirements or bloated field inventory, restricting balance sheet flexibility and limiting capacity for sustained dividend increases.
Caterpillar Inc.CAT
Precio / valor razonable
Valor razonable297,04 US$Report-date price813,94 US$
Fecha de evaluación
Ventaja competitivaNone
Cuadro de mando de inversión51 / 100
GE AerospaceGE
Precio / valor razonable
Valor razonable183,99 US$Report-date price297,15 US$
