Latest Ratios: P/E Ratio 44.3x · EV/EBITDA 30.3x · 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 | $55.5B | $46.2B | $41.3B | $37.1B | $27.2B | $37.0B | $28.1B | $21.2B | $15.0B | $15.8B | $13.6B |
| Enterprise Value | $55.6B | $46.3B | $41.5B | $37.4B | $27.8B | $37.4B | $28.5B | $21.6B | $15.4B | $16.1B | $13.9B |
| P/E Ratio → | 44.32 | 36.82 | 35.96 | 32.07 | 25.17 | 40.04 | 32.56 | 26.78 | 19.97 | 27.36 | 27.01 |
| P/S Ratio | 6.76 | 5.63 | 5.47 | 5.05 | 3.90 | 6.15 | 4.98 | 3.98 | 3.03 | 3.59 | 3.43 |
| P/B Ratio | 14.09 | 11.71 | 11.42 | 11.08 | 8.61 | 12.15 | 10.29 | 7.96 | 6.52 | 7.52 | 7.03 |
| P/FCF | 52.79 | 43.94 | 43.62 | 29.46 | 35.50 | 60.26 | 30.11 | 35.60 | 30.18 | 33.91 | 41.87 |
| P/OCF | 42.80 | 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 | 30.32 | 25.25 | 24.64 | 21.94 | 17.06 | 26.92 | 21.87 | 17.95 | 13.50 | 15.93 | 15.41 |
| EV / EBIT | 33.60 | 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 | 1.8% | 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 | 2.3% | 2.7% | 2.8% | 3.1% | 4.0% | 2.5% | 3.1% | 3.7% | 5.0% | 3.7% | 3.7% |
| FCF Yield | 1.9% | 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 | 1.8% | 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 |
Margin dilution from mix
According to current market data, Fastenal trades at a trailing P/E of 43.21, which represents a significant premium to peers like MSC Industrial, suggesting that investors are pricing in aggressive long-term growth from the company's proprietary Onsite and industrial vending distribution model.
The elevated P/E and P/FCF multiples imply that the market expects Fastenal to maintain its competitive moat through continued high-touch service integration. Investors should monitor whether the current growth trajectory justifies this valuation, as any deceleration in national account signings could lead to a sharp multiple contraction.
Based on reported financial statements, Fastenal has maintained a consistent ROIC of approximately 8% over the last ten quarters, demonstrating a stable ability to compound capital despite the intensive investment required to scale its decentralized network of industrial vending units and onsite locations.
This return profile is structurally supported by the company's asset-light approach to inventory management relative to its revenue generation. While the ROIC appears stable, the company's ability to sustain these returns depends on its success in maintaining pricing power as it shifts toward larger, lower-margin national accounts.
As reported in recent filings, Fastenal's cash conversion cycle remains extended at 157 days in 2026Q1, primarily driven by a high days inventory outstanding of 127 days, which reflects the company's strategic commitment to maintaining deep, point-of-use inventory levels within customer facilities.
The high DIO is a deliberate trade-off for the competitive advantage of immediate product availability, which creates high switching costs for customers. However, investors should monitor this metric closely, as any sustained increase in inventory levels without a commensurate rise in turnover could signal inefficient capital allocation.
The most commonly misapplied metric for Fastenal is the traditional retail P/S ratio, which obscures the company's true nature as a logistics and labor-substitution partner rather than a simple product distributor, leading to an underestimation of the durability of its service-based margins.
Because Fastenal embeds its personnel and inventory directly into customer workflows, it functions more like a utility provider than a retailer. Analysts should prioritize EV/EBITDA and ROIC over simple revenue-based multiples to better capture the value of the company's high-friction, integrated supply chain model.
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 44.3x. The historical average is 31.7x. This places it at the 93th percentile of its historical range.
Fastenal Company's current EV/EBITDA is 30.3x. 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 44.3x. This is at the 93th 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 1.81% 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.