Fastenal Company

Published on November 26, 2022

This profile examines a leading industrial distributor with a multi-decade record of strong performance.


Fastenal is a leading distributor of industrial and construction supplies operating through a network of 3,283 selling locations in twenty-five countries with a primary concentration in North America. The company strives to be a provider of end-to-end supply chain solutions through a local market presence.

Founded in 1967, Fastenal rapidly expanded its store presence for over four decades, initially targeting small and mid-size communities that were underserved. Starting in 2014, the company shifted its focus to an onsite model where Fastenal maintains a presence within customer locations. As part of this strategy, over 100,000 industrial vending machines have been deployed over the past decade.

Boasting an enviable growth story spanning over a half century, Fastenal shares have long been assigned a premium valuation which has been fully justified in retrospect. This report examines the company’s business model and long record of success with a focus on how the recent shift toward the onsite model and industrial vending might further solidify the company’s strong moat.

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No position in Fastenal.

Fastenal Company
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