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Here are 1-2 brief analogies to describe Ferguson Enterprises (FERG):

• Think of it as a wholesale Home Depot or Lowe's, exclusively for plumbing, HVAC, and waterworks professionals.
• Essentially, the Grainger of plumbing, HVAC, and waterworks distribution.

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• Plumbing Products: Faucets, fixtures, pipes, and water heaters for residential and commercial plumbing systems.
• HVAC Products: Heating, ventilation, and air conditioning equipment, parts, and supplies.
• Waterworks Products: Pipes, valves, hydrants, and fittings for municipal water and wastewater infrastructure.
• Fire & Fabrication Products: Fire sprinkler systems, components, and custom pipe fabrication services.
• Electrical Products: A wide range of electrical supplies and components for various applications.
• Industrial PVF: Pipes, valves, and fittings for industrial process applications.

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Ferguson Enterprises (symbol: FERG) primarily sells to other companies, specifically professional contractors and businesses across various sectors. As a leading distributor of plumbing, heating, ventilation, air conditioning (HVAC), waterworks, and fire & fabrication products, Ferguson serves a highly fragmented customer base rather than relying on a few major named customers.

Therefore, it is not possible to list specific major customer companies that are publicly traded, as Ferguson's customer base consists largely of tens of thousands of private contracting firms of varying sizes. Instead, here are the primary categories of business customers Ferguson serves:

• Residential Contractors: These include plumbing, HVAC, and general contractors involved in new home construction, remodeling, and repair services for residential properties.
• Commercial & Industrial Contractors: This category encompasses businesses engaged in building and maintaining commercial properties, industrial facilities, and institutional buildings, requiring a wide range of products for plumbing, HVAC, fire protection, and other system installations.
• Waterworks Contractors & Municipalities: Companies focused on public and private water infrastructure projects (e.g., water lines, sewers, storm drains) and fire protection systems installers. This also includes direct sales to local government entities and public utility organizations for infrastructure maintenance and development.

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Kevin Murphy, President & Chief Executive Officer

Kevin Murphy was appointed CEO in August 2017, and in November 2019, he assumed the CEO role for Ferguson plc. His title changed to President & Chief Executive Officer in August 2024 due to a corporate restructure. Murphy joined Ferguson in 1999 as an operations manager through the acquisition of his family's business, Midwest Pipe and Supply. He progressed through various leadership roles within the company, including Chief Operating Officer from 2007 to 2017. Murphy also serves as a member of the board of directors at Pool Corporation.

Bill Brundage, Chief Financial Officer

Bill Brundage was appointed CFO of Ferguson Enterprises, LLC in March 2017, and later as a Director and Chief Financial Officer of Ferguson plc in November 2020. He joined Ferguson in 2003 as a manager of finance and was promoted to corporate controller two years later. Prior to his current role, Brundage served as vice president of finance from 2008 to 2016 and senior vice president of finance from 2016 to 2017. Before joining Ferguson, he spent five years at PricewaterhouseCoopers as a senior associate.

Bill Thees, Chief Operating Officer

Bill Thees was named Chief Operating Officer in February 2025. He started his career with Ferguson in 1990 as a trainee and has held numerous key positions, including Branch Manager, General Manager, District Manager, and Vice President of Waterworks. He also served as Senior Vice President of Business and Sales from August 2018 to July 2024, and as Senior Vice President from August 2024 to February 2025.

Ian Graham, Chief Legal Officer & Corporate Secretary

Ian Graham serves as the Chief Legal Officer & Corporate Secretary.

Andy Paisley, Chief Digital & Information Officer

Andy Paisley holds the position of Chief Digital & Information Officer.

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The key risks to Ferguson Enterprises' business are primarily driven by the cyclical nature of its industry, potential supply chain disruptions, and intense market competition.

1. Cyclical Nature of the Business / Economic Uncertainty and Market Volatility: Ferguson operates in an industry highly susceptible to the health of the construction and housing markets. Fluctuations in macroeconomic factors such as interest rates, economic growth, housing starts, inflation, and commodity prices (like PVC and copper) can significantly impact demand for its products and services, leading to revenue and earnings volatility.
2. Supply Chain Disruptions: The company relies on a complex supply chain to deliver products. Any interruptions due to natural disasters, geopolitical instability, transportation issues, or global trade dynamics could affect its ability to fulfill orders, result in inventory shortages, increase delivery costs, and ultimately impact revenue and margins.
3. Intensifying Competition and Market Consolidation: Ferguson faces substantial competition from established industry players, including large retailers, and the potential for new entrants or online marketplaces to disrupt traditional distribution models. Additionally, market consolidation and vertical integration by competitors could pose threats to Ferguson's market share and pricing power.

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Ferguson Enterprises (symbol: FERG) operates as a leading distributor of plumbing, heating, ventilation, air conditioning (HVAC), waterworks, and fire & fabrication products, primarily serving the North American construction market. The company's addressable markets for its main products and services are substantial, predominantly within the United States and Canada.

North America (primarily U.S. and Canada)

• Overall North American Residential and Non-Residential Construction Market: Ferguson operates within a broad North American residential and non-residential construction market estimated to be approximately $340 billion.
• Residential Building and Remodel: The addressable market for residential building and remodel is estimated at $33 billion.
• Waterworks: The addressable market for waterworks products is approximately $28 billion.
• Commercial/Mechanical: The addressable market for commercial and mechanical products and services is valued at $18 billion.
• Fire and Fabrication: The addressable market for fire and fabrication products is estimated to be $4 billion.
• Industrial: The industrial products market represents an addressable market of $31 billion.
• Residential Trade: The residential trade market is approximately $34 billion.
• Facilities Supply: The facilities supply market is a larger addressable market of $100 billion.
• HVAC: The addressable HVAC market is estimated to be $70 billion.
• Residential Digital Commerce: The residential digital commerce market is valued at $27 billion.

United States

• Plumbing & Heating Supplies Wholesaling: The market size for plumbing & heating supplies wholesaling in the U.S. was $138.2 billion in 2024 and is projected to reach $139.8 billion in 2025.
• Plumbing Fixtures & Fittings: The U.S. market for plumbing fixtures and fittings totaled $18.4 billion in 2024 and is expected to grow to $20.6 billion by 2029.
• HVAC Equipment Market: The U.S. HVAC equipment market size is valued at $48.08 billion in 2025 and is projected to reach $63.61 billion by 2030. The heating and air-conditioning equipment wholesaling industry in the U.S. is estimated to reach $106.2 billion in revenue in 2025.
• Water Supply & Irrigation Systems: The market size of Water Supply & Irrigation Systems in the U.S. is estimated at $120.0 billion in 2025.
• Water and Wastewater Treatment Equipment Market: The U.S. water and wastewater treatment market size is calculated at $68.54 billion in 2025.
• Water and Wastewater Pipe Market: The U.S. Water and Wastewater Pipe market valuation is estimated at $6.5 billion in 2024 and is projected to grow to $12.5 billion by 2035.

United Kingdom

• Plumbing, Heating & Air Conditioning Installation: The UK plumbing, heating & air-conditioning sector is projected to reach £24.0 billion (approximately $29.7 billion USD) in 2025.

Canada

• Plumbing Industry: The market size of the Plumbing industry in Canada is estimated at $22.4 billion in 2025.

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Ferguson Enterprises (FERG) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Strategic Acquisitions: Ferguson consistently leverages acquisitions to expand its market presence, geographic footprint, and capabilities, particularly in the HVAC and Waterworks sectors. The company has completed numerous acquisitions in recent fiscal years and views them as a key component of its overall growth strategy, complementing organic growth by consolidating fragmented markets.
2. Organic Growth and Market Outperformance: Ferguson emphasizes achieving organic revenue growth through strong execution, relentless customer service for its specialist professional customers, and gaining market share. Initiatives such as "dual-trade counter conversions" are underway to better serve contractors who handle both plumbing and HVAC needs, further contributing to organic expansion.
3. Focus on Non-Residential Markets and Large Capital Projects: The company has experienced robust growth in non-residential end markets, driven by increased activity in large capital projects. Ferguson aims to capitalize on this trend by expanding early-stage collaboration with engineers and contractors to provide comprehensive solutions and influence project specifications from the design phase.
4. Investment in Key Product Categories (HVAC and Waterworks): Ferguson is making ongoing, targeted investments in expanding its HVAC offerings and diversifying its Waterworks business. These areas benefit from multi-year tailwinds, such as the aging water infrastructure across North America, presenting sustained growth opportunities for the company's specialized products and systems.

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Share Repurchases

• In fiscal year 2025, Ferguson Enterprises executed $0.9 billion in share repurchases, with approximately $1.0 billion remaining under the current share repurchase program authorization as of July 31, 2025.
• During fiscal year 2024, the company returned $0.6 billion to shareholders through share repurchases and announced a $1 billion increase to its existing share repurchase authorization, leaving approximately $0.9 billion remaining at July 31, 2024.
• In fiscal year 2023, Ferguson returned $0.9 billion to shareholders through share buybacks, and approximately $0.5 billion remained under the authorization at the end of the fiscal year.

Share Issuance

• No specific dollar amount of shares issued over the last 3-5 years was found in the provided information.

Inbound Investments

• No information regarding large inbound investments made in Ferguson by third-parties was found in the provided information.

Outbound Investments

• Ferguson has completed approximately 50 acquisitions over the last five years, actively consolidating fragmented markets within the North American building products and distribution industry.
• In fiscal year 2025, the company invested $0.3 billion in nine acquisitions, generating annualized revenue of approximately $300 million, including Independent Pipe & Supply Corp., National Fire Equipment Ltd., National Fire Fabrication Ltd., HPS Specialties, Ritchie Environmental Solutions, Manufactured Duct & Supply Company, and Water Resources, Inc.
• In prior years, Ferguson invested $0.3 billion in ten acquisitions during fiscal year 2024 and $0.6 billion in eight bolt-on acquisitions during fiscal year 2023.

Capital Expenditures

• Capital expenditures were $0.3 billion in fiscal year 2025 and $0.4 billion in fiscal year 2024, primarily focused on supporting organic growth in areas such as market distribution centers, the branch network, and technology programs.
• For fiscal year 2023, Ferguson invested $0.4 billion in capital expenditures, targeting similar organic growth initiatives including Market Distribution Centers, technology, and the overall branch network.
• Expected capital expenditures for fiscal year 2025 are projected to be between $400 million and $450 million.