Fastenal Co. (FAST) intrinsic value & 10-year financials
Fastenal Co. (FAST) has a Graham intrinsic value of $23.04 per share. At $51.02 on Oct 17, 2026, the stock trades 121% above that value. Over the last 10 fiscal years revenue grew 8.4% a year to $8.2B, with an average return on invested capital of 29.2%.
- Graham intrinsic value
- $23.04
- Share price (Oct 17, 2026)
- $51.02
- Price vs Graham value
- 121% above
- Market cap
- $58.7B
- Revenue (FY2025)
- $8.2B
- Revenue growth (10-yr CAGR)
- 8.4%
- ROIC (10-yr avg)
- 29.2%
- Free cash flow (FY2025)
- $1.1B
FAST 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $8.2B | $1.3B | $1.09 | $1.1B | 20.2% | 32.5% |
| FY2024 | $7.5B | $1.2B | $1.00 | $946.8M | 20.0% | 31.5% |
| FY2023 | $7.3B | $1.2B | $1.01 | $1.3B | 20.8% | 32.2% |
| FY2022 | $7.0B | $1.1B | $0.94 | $767.2M | 20.8% | 31.4% |
| FY2021 | $6.0B | $925.0M | $0.80 | $613.5M | 20.3% | 29.2% |
| FY2020 | $5.6B | $859.1M | $0.74 | $933.7M | 20.2% | 28.7% |
| FY2019 | $5.3B | $790.9M | $0.69 | $596.3M | 19.8% | 28.5% |
| FY2018 | $5.0B | $751.9M | $0.66 | $497.9M | 20.1% | 30.3% |
| FY2017 | $4.4B | $578.6M | $0.50 | $465.3M | 20.1% | 25.4% |
| FY2016 | $4.0B | $499.5M | $0.43 | $324.5M | 20.1% | 22.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Fastenal is a consistent compounder, expanding top-line revenue at 8.4% annually over the past decade.
Fastenal has earned high returns on invested capital, averaging 29.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Fastenal has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Fastenal is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $23.04 per share.