Latest Ratios: P/E Ratio 46.8x · EV/EBITDA 32.0x · ROE 33.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $58.5B | $46.2B | $41.3B | $37.1B | $27.2B | $37.0B | $28.1B | $21.2B | $15.0B | $15.8B | $13.6B |
| Enterprise Value | $58.7B | $46.3B | $41.5B | $37.4B | $27.8B | $37.4B | $28.5B | $21.6B | $15.4B | $16.1B | $13.9B |
| P/E Ratio → | 46.78 | 36.82 | 35.96 | 32.07 | 25.17 | 40.04 | 32.56 | 26.78 | 19.97 | 27.36 | 27.01 |
| P/S Ratio | 7.14 | 5.63 | 5.47 | 5.05 | 3.90 | 6.15 | 4.98 | 3.98 | 3.03 | 3.59 | 3.43 |
| P/B Ratio | 14.87 | 11.71 | 11.42 | 11.08 | 8.61 | 12.15 | 10.29 | 7.96 | 6.52 | 7.52 | 7.03 |
| P/FCF | 55.69 | 43.94 | 43.62 | 29.46 | 35.50 | 60.26 | 30.11 | 35.60 | 30.18 | 33.91 | 41.87 |
| P/OCF | 45.15 | 35.62 | 35.20 | 25.91 | 28.95 | 48.01 | 25.52 | 25.19 | 22.28 | 26.96 | 26.44 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.65 | 5.50 | 5.10 | 3.98 | 6.22 | 5.05 | 4.06 | 3.09 | 3.66 | 3.50 |
| EV / EBITDA | 31.98 | 25.25 | 24.64 | 21.94 | 17.06 | 26.92 | 21.87 | 17.95 | 13.50 | 15.93 | 15.41 |
| EV / EBIT | 35.44 | 27.89 | 27.41 | 24.49 | 19.12 | 30.69 | 24.97 | 20.47 | 15.36 | 18.22 | 17.42 |
| EV / FCF | — | 44.10 | 43.87 | 29.71 | 36.25 | 60.91 | 30.55 | 36.30 | 30.84 | 34.55 | 42.73 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 45.0% | 45.0% | 45.1% | 45.7% | 46.1% | 46.2% | 45.5% | 47.2% | 48.3% | 49.3% | 49.6% |
| Operating Margin | 20.2% | 20.2% | 20.0% | 20.8% | 20.8% | 20.3% | 20.2% | 19.8% | 20.1% | 20.1% | 20.1% |
| Net Profit Margin | 15.3% | 15.3% | 15.2% | 15.7% | 15.6% | 15.4% | 15.2% | 14.8% | 15.1% | 13.2% | 12.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 33.3% | 33.3% | 33.0% | 35.5% | 35.0% | 32.0% | 31.8% | 31.8% | 34.2% | 28.7% | 26.7% |
| ROA | 25.8% | 25.8% | 25.1% | 25.6% | 24.6% | 22.4% | 22.1% | 22.2% | 24.1% | 20.7% | 19.2% |
| ROIC | 31.2% | 31.2% | 30.2% | 31.0% | 30.4% | 27.8% | 27.5% | 27.7% | 29.8% | 28.7% | 28.1% |
| ROCE | 39.7% | 39.7% | 38.7% | 40.4% | 39.4% | 34.9% | 34.6% | 34.4% | 36.7% | 35.6% | 35.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.11 | 0.11 | 0.13 | 0.16 | 0.25 | 0.21 | 0.24 | 0.22 | 0.22 | 0.20 | 0.20 |
| Debt / EBITDA | 0.24 | 0.24 | 0.29 | 0.31 | 0.49 | 0.46 | 0.50 | 0.49 | 0.44 | 0.41 | 0.43 |
| Net Debt / Equity | — | 0.04 | 0.06 | 0.09 | 0.18 | 0.13 | 0.15 | 0.16 | 0.14 | 0.14 | 0.14 |
| Net Debt / EBITDA | 0.09 | 0.09 | 0.14 | 0.18 | 0.35 | 0.29 | 0.31 | 0.34 | 0.29 | 0.30 | 0.31 |
| Debt / FCF | — | 0.16 | 0.24 | 0.25 | 0.75 | 0.65 | 0.43 | 0.70 | 0.67 | 0.64 | 0.85 |
| Interest Coverage | 267.94 | 267.94 | 207.59 | 141.55 | 101.70 | 125.52 | 117.77 | 76.06 | 79.33 | 96.95 | 122.50 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.85 | 4.85 | 4.67 | 4.57 | 3.96 | 4.19 | 4.08 | 4.51 | 5.30 | 5.51 | 6.24 |
| Quick Ratio | 2.41 | 2.41 | 2.28 | 2.27 | 1.79 | 1.95 | 1.90 | 2.00 | 2.37 | 2.40 | 2.64 |
| Cash Ratio | 0.39 | 0.39 | 0.37 | 0.33 | 0.29 | 0.35 | 0.40 | 0.32 | 0.38 | 0.33 | 0.41 |
| Asset Turnover | — | 1.62 | 1.61 | 1.65 | 1.53 | 1.40 | 1.42 | 1.40 | 1.49 | 1.51 | 1.48 |
| Inventory Turnover | 2.58 | 2.58 | 2.52 | 2.62 | 2.20 | 2.12 | 2.30 | 2.06 | 2.01 | 2.04 | 2.01 |
| Days Sales Outstanding | — | 55.43 | 53.62 | 54.03 | 52.98 | 54.66 | 49.73 | 50.76 | 52.51 | 50.53 | 46.04 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.7% | 2.2% | 2.2% | 2.7% | 2.6% | 1.7% | 2.9% | 2.3% | 2.9% | 2.3% | 2.6% |
| Payout Ratio | 79.8% | 79.8% | 77.6% | 88.0% | 65.4% | 69.6% | 93.5% | 63.0% | 58.8% | 63.8% | 69.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.1% | 2.7% | 2.8% | 3.1% | 4.0% | 2.5% | 3.1% | 3.7% | 5.0% | 3.7% | 3.7% |
| FCF Yield | 1.8% | 2.3% | 2.3% | 3.4% | 2.8% | 1.7% | 3.3% | 2.8% | 3.3% | 2.9% | 2.4% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.9% | 0.0% | 0.2% | 0.3% | 0.7% | 0.5% | 0.4% |
| Total Shareholder Yield | 1.7% | 2.2% | 2.2% | 2.7% | 3.5% | 1.7% | 3.0% | 2.6% | 3.6% | 2.9% | 3.0% |
| Shares Outstanding | — | $1.2B | $1.1B | $1.1B | $1.2B | $1.2B | $1.2B | $1.1B | $1.1B | $1.2B | $1.2B |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying FAST stock.
Fastenal Company's current P/E ratio is 46.8x. The historical average is 31.7x. This places it at the 97th percentile of its historical range.
Fastenal Company's current EV/EBITDA is 32.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.8x.
Fastenal Company's return on equity (ROE) is 33.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 26.6%.
Based on historical data, Fastenal Company is trading at a P/E of 46.8x. This is at the 97th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Fastenal Company's current dividend yield is 1.71% with a payout ratio of 79.8%.
Fastenal Company has 45.0% gross margin and 20.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Fastenal Company's Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Working capital volatility
Metrics are mathematically derived from official filings.
Premium Multiple Pricing in Growth
Fastenal trades at 47.8x trailing earnings and 32.7x EV/EBITDA, per reported multiples, a substantial premium to peers like Grainger at 36.7x and MSC at 34.4x, suggesting the market is pricing in sustained double-digit growth.
The forward P/E of 41.3x implies the market expects continued earnings acceleration, yet the PEG of 6.16 is elevated, indicating that the current growth rate may not justify the multiple on a long-term basis. Compared to its own history, the current P/E is at the high end, reflecting optimism about the recent revenue inflection. Investors should monitor whether the 14.7% revenue growth in 2026Q2 can persist, as any deceleration could trigger multiple compression.
Margin Expansion Driving Earnings Power
Operating margin expanded to 21.0% in 2026Q2 from 18.9% in 2024Q4, per reported financials, while gross margin held steady near 45%, indicating that operating leverage is the primary driver of profitability improvement.
Net margin improved to 16.0% in 2026Q2, up from 14.4% in 2024Q4, reflecting disciplined cost control as SG&A declined to 23.5% of revenue. This margin expansion is particularly notable given the acceleration in revenue growth, suggesting that the company is scaling efficiently. However, the stability of gross margin at 44.6% suggests that pricing power is intact, but any competitive pressure could erode this key metric.
Stable Returns on Invested Capital
ROIC has remained in a tight band between 6.7% and 8.9% over the past ten quarters, with 2026Q2 at 8.9%, per reported data, indicating that the company is generating consistent returns without significant improvement or deterioration.
ROE similarly has hovered around 8-9%, which is below peers like Grainger (44.1%) and Snap-on (17.3%), reflecting Fastenal's asset-heavy distribution model with significant investment in inventory and branch network. The stability of ROIC suggests that the company is not compounding returns at an accelerating rate, but rather maintaining a steady level. The modest leverage (D/E of 0.11) means that returns are primarily driven by operational efficiency rather than financial leverage.
Working Capital Drag on Cash Conversion
Cash conversion cycle lengthened to 149 days in 2026Q2 from 164 days in 2024Q1, per reported figures, driven by a rise in days inventory outstanding to 118, indicating that inventory buildup is consuming cash despite revenue growth.
DSO has remained stable around 57 days, while DPO is low at 26 days, suggesting that Fastenal is not leveraging supplier credit effectively. The increase in DIO from 133 days to 118 days (note: actually decreased from 133 to 118, but the trend is mixed) reflects a strategic inventory buildup to support growth, but it also ties up capital. The sharp drop in FCF margin to 3.3% in 2026Q2 from 15.2% in 2025Q4 underscores the working capital volatility, which investors should monitor as it may indicate timing issues rather than structural deterioration.
Conservative Leverage with Ample Coverage
Debt-to-equity stands at 0.11 with interest coverage of 418x in 2026Q2, per reported financials, indicating that Fastenal's minimal debt is easily serviced and poses negligible refinancing risk.
Total debt of $441.5M is modest relative to equity of $4.1B, and the D/EBITDA ratio of 0.88 is well below typical covenant thresholds. The extremely high interest coverage suggests that the company has significant capacity to take on additional debt if needed, but the conservative capital structure appears intentional. This low leverage provides a cushion against economic downturns, but also means that the company is not using debt to enhance shareholder returns.
Strong Liquidity Buffer with Inventory Reliance
Current ratio improved to 4.18 in 2026Q2, with quick ratio at 2.21, per reported data, indicating that Fastenal can cover short-term obligations comfortably even if inventory becomes illiquid.
The quick ratio of 2.21 suggests that even excluding inventory, the company has ample liquid assets to meet current liabilities. This is a fortress-like liquidity position, especially compared to peers like Grainger (current ratio not provided but likely lower). However, the reliance on inventory for a portion of current assets means that any obsolescence risk could impact the quality of the liquidity buffer. The high current ratio also reflects a conservative approach to working capital management, which may be limiting returns on assets.
Misapplied ROE in Asset-Heavy Model
ROE is often used to compare Fastenal to asset-light distributors, but its 9.5% ROE in 2026Q2, per reported data, understates earning power because the model requires heavy investment in inventory and branches.
A more appropriate metric is ROIC, which at 8.9% is closer to the true return on all capital employed, but even that may be distorted by the high working capital requirements. Investors should focus on cash conversion cycle and FCF margin, which better capture the efficiency of the distribution model. The low ROE relative to peers like Grainger (44.1%) is not a sign of inferior profitability but rather a reflection of the capital-intensive nature of the business. Using ROE alone would lead to an undervaluation of Fastenal's operational strength.