Ferguson Enterprises (FERG)
Market Price (8/12/2026): $251.89 | Market Cap: $48.8 BilSector: Industrials | Industry: Building Products
Ferguson Enterprises (FERG)
Market Price (8/12/2026): $251.89Market Cap: $48.8 BilSector: IndustrialsIndustry: Building Products
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.2% Stock buyback supportStock Buyback 3Y Total is 2.4 Bil Low stock price volatilityVol 12M is 31% Megatrend and thematic driversMegatrends include Water Infrastructure, and Electrification of Everything. Themes include Water Treatment & Delivery, Wastewater Management, Show more. | Weak multi-year price returns2Y Excs Rtn is -17%, 3Y Excs Rtn is -52% | Key risksFERG key risks include [1] high susceptibility to cyclical construction and housing markets, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.2% |
| Stock buyback supportStock Buyback 3Y Total is 2.4 Bil |
| Low stock price volatilityVol 12M is 31% |
| Megatrend and thematic driversMegatrends include Water Infrastructure, and Electrification of Everything. Themes include Water Treatment & Delivery, Wastewater Management, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -17%, 3Y Excs Rtn is -52% |
| Key risksFERG key risks include [1] high susceptibility to cyclical construction and housing markets, Show more. |
Qualitative Assessment
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Updated on 8/10/2026
Ferguson Enterprises (FERG) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Mixed End-Market Dynamics Tempered Growth Expectations.
Ferguson Enterprises experienced a balanced but challenging market environment during the period. While U.S. non-residential revenue saw robust growth of 8% in fiscal Q2 2026 (ended June 30, 2026), the residential market proved more challenging, increasing by only 2%. This resilience in the non-residential sector, supported by large capital projects and increased bidding activity, helped offset continued softness in new residential construction and repair, maintenance, and improvement (RMI) activity, leading to overall stability rather than significant directional movement for the stock.
2. Consistent Financial Performance and Revised Outlook Prevented Major Shifts.
The company reported solid financial results, with adjusted diluted earnings per share (EPS) for fiscal Q1 2026 (ended March 31, 2026) increasing 9.1% year-over-year to $2.28, and fiscal Q2 2026 adjusted EPS reaching $3.39, surpassing analyst estimates of $3.29. Ferguson also raised its full calendar year 2026 guidance, projecting mid-single-digit net sales growth and an adjusted operating margin of 9.5%–9.8%. While positive, these results and a relatively conservative guidance update may have been largely anticipated by the market, thereby limiting substantial upward momentum beyond existing valuations.
Show more
Ferguson Enterprises (FERG) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Mixed End-Market Dynamics Tempered Growth Expectations.
Ferguson Enterprises experienced a balanced but challenging market environment during the period. While U.S. non-residential revenue saw robust growth of 8% in fiscal Q2 2026 (ended June 30, 2026), the residential market proved more challenging, increasing by only 2%. This resilience in the non-residential sector, supported by large capital projects and increased bidding activity, helped offset continued softness in new residential construction and repair, maintenance, and improvement (RMI) activity, leading to overall stability rather than significant directional movement for the stock.
2. Consistent Financial Performance and Revised Outlook Prevented Major Shifts.
The company reported solid financial results, with adjusted diluted earnings per share (EPS) for fiscal Q1 2026 (ended March 31, 2026) increasing 9.1% year-over-year to $2.28, and fiscal Q2 2026 adjusted EPS reaching $3.39, surpassing analyst estimates of $3.29. Ferguson also raised its full calendar year 2026 guidance, projecting mid-single-digit net sales growth and an adjusted operating margin of 9.5%–9.8%. While positive, these results and a relatively conservative guidance update may have been largely anticipated by the market, thereby limiting substantial upward momentum beyond existing valuations.
Show more
Updated on 8/10/2026
Ferguson Enterprises (FERG) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Mixed End-Market Dynamics Tempered Growth Expectations.
Ferguson Enterprises experienced a balanced but challenging market environment during the period. While U.S. non-residential revenue saw robust growth of 8% in fiscal Q2 2026 (ended June 30, 2026), the residential market proved more challenging, increasing by only 2%. This resilience in the non-residential sector, supported by large capital projects and increased bidding activity, helped offset continued softness in new residential construction and repair, maintenance, and improvement (RMI) activity, leading to overall stability rather than significant directional movement for the stock.
2. Consistent Financial Performance and Revised Outlook Prevented Major Shifts.
The company reported solid financial results, with adjusted diluted earnings per share (EPS) for fiscal Q1 2026 (ended March 31, 2026) increasing 9.1% year-over-year to $2.28, and fiscal Q2 2026 adjusted EPS reaching $3.39, surpassing analyst estimates of $3.29. Ferguson also raised its full calendar year 2026 guidance, projecting mid-single-digit net sales growth and an adjusted operating margin of 9.5%–9.8%. While positive, these results and a relatively conservative guidance update may have been largely anticipated by the market, thereby limiting substantial upward momentum beyond existing valuations.
3. Strategic Capital Allocation and S&P 500 Inclusion Provided Underlying Support.
Ferguson continued to deploy capital strategically, repurchasing $236 million of shares in fiscal Q1 2026 and an additional $202 million in fiscal Q2 2026. The company also completed five acquisitions during fiscal Q2 2026 and signed an agreement to acquire FloWorks, signaling ongoing growth initiatives. Furthermore, Ferguson's inclusion in the S&P 500 index, effective August 5, 2026, served as significant market validation. These supportive factors likely prevented a notable decline in the stock price but, in conjunction with mixed market conditions, contributed to the stock remaining largely at its existing level.
Show less
Ferguson Enterprises (FERG) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Mixed End-Market Dynamics Tempered Growth Expectations.
Ferguson Enterprises experienced a balanced but challenging market environment during the period. While U.S. non-residential revenue saw robust growth of 8% in fiscal Q2 2026 (ended June 30, 2026), the residential market proved more challenging, increasing by only 2%. This resilience in the non-residential sector, supported by large capital projects and increased bidding activity, helped offset continued softness in new residential construction and repair, maintenance, and improvement (RMI) activity, leading to overall stability rather than significant directional movement for the stock.
2. Consistent Financial Performance and Revised Outlook Prevented Major Shifts.
The company reported solid financial results, with adjusted diluted earnings per share (EPS) for fiscal Q1 2026 (ended March 31, 2026) increasing 9.1% year-over-year to $2.28, and fiscal Q2 2026 adjusted EPS reaching $3.39, surpassing analyst estimates of $3.29. Ferguson also raised its full calendar year 2026 guidance, projecting mid-single-digit net sales growth and an adjusted operating margin of 9.5%–9.8%. While positive, these results and a relatively conservative guidance update may have been largely anticipated by the market, thereby limiting substantial upward momentum beyond existing valuations.
3. Strategic Capital Allocation and S&P 500 Inclusion Provided Underlying Support.
Ferguson continued to deploy capital strategically, repurchasing $236 million of shares in fiscal Q1 2026 and an additional $202 million in fiscal Q2 2026. The company also completed five acquisitions during fiscal Q2 2026 and signed an agreement to acquire FloWorks, signaling ongoing growth initiatives. Furthermore, Ferguson's inclusion in the S&P 500 index, effective August 5, 2026, served as significant market validation. These supportive factors likely prevented a notable decline in the stock price but, in conjunction with mixed market conditions, contributed to the stock remaining largely at its existing level.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -5.7% change in FERG stock from 4/30/2026 to 8/11/2026 was primarily driven by a -22.5% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8112026 | Change |
|---|---|---|---|
| Stock Price ($) | 266.68 | 251.51 | -5.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 31,159 | 32,889 | 5.6% |
| Net Income Margin (%) | 6.3% | 7.1% | 13.8% |
| P/E Multiple | 26.8 | 20.7 | -22.5% |
| Shares Outstanding (Mil) | 196 | 194 | 1.3% |
| Cumulative Contribution | -5.7% |
Market Drivers
4/30/2026 to 8/11/2026| Return | Correlation | |
|---|---|---|
| FERG | -5.7% | |
| Market (SPY) | 7.2% | 38.5% |
| Sector (XLI) | 6.4% | 57.2% |
Fundamental Drivers
The 0.4% change in FERG stock from 1/31/2026 to 8/11/2026 was primarily driven by a 13.8% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8112026 | Change |
|---|---|---|---|
| Stock Price ($) | 250.56 | 251.51 | 0.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 31,159 | 32,889 | 5.6% |
| Net Income Margin (%) | 6.3% | 7.1% | 13.8% |
| P/E Multiple | 25.1 | 20.7 | -17.5% |
| Shares Outstanding (Mil) | 196 | 194 | 1.3% |
| Cumulative Contribution | 0.4% |
Market Drivers
1/31/2026 to 8/11/2026| Return | Correlation | |
|---|---|---|
| FERG | 0.4% | |
| Market (SPY) | 11.7% | 50.9% |
| Sector (XLI) | 12.6% | 67.6% |
Fundamental Drivers
The 14.3% change in FERG stock from 7/31/2025 to 8/11/2026 was primarily driven by a 34.3% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8112026 | Change |
|---|---|---|---|
| Stock Price ($) | 219.95 | 251.51 | 14.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 30,211 | 32,889 | 8.9% |
| Net Income Margin (%) | 5.3% | 7.1% | 34.3% |
| P/E Multiple | 27.1 | 20.7 | -23.6% |
| Shares Outstanding (Mil) | 198 | 194 | 2.4% |
| Cumulative Contribution | 14.3% |
Market Drivers
7/31/2025 to 8/11/2026| Return | Correlation | |
|---|---|---|
| FERG | 14.3% | |
| Market (SPY) | 22.9% | 48.4% |
| Sector (XLI) | 23.4% | 62.7% |
Fundamental Drivers
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Market Drivers
7/31/2023 to 8/11/2026| Return | Correlation | |
|---|---|---|
| FERG | ||
| Market (SPY) | 74.3% | 51.8% |
| Sector (XLI) | 75.2% | 60.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FERG Return | - | - | - | -19% | 30% | 20% | 26% |
| Peers Return | 33% | -9% | 63% | 24% | -1% | 18% | 186% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| FERG Win Rate | - | - | - | 20% | 67% | 62% | |
| Peers Win Rate | 65% | 37% | 70% | 65% | 50% | 65% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FERG Max Drawdown | - | - | - | - | -20% | -18% | |
| Peers Max Drawdown | -16% | -26% | -14% | -21% | -27% | -20% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WSO, CNM, GWW, AIT, FAST.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/11/2026 (YTD)
How Low Can It Go
| Event | FERG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -18.3% | -18.8% |
| % Gain to Breakeven | 22.3% | 23.1% |
| Time to Breakeven | 37 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -10.1% | -7.8% |
| % Gain to Breakeven | 11.2% | 8.5% |
| Time to Breakeven | 110 days | 18 days |
In The Past
Ferguson Enterprises's stock fell -18.3% during the 2025 US Tariff Shock. Such a loss loss requires a 22.3% gain to breakeven.
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In The Past
Ferguson Enterprises's stock fell -18.3% during the 2025 US Tariff Shock. Such a loss loss requires a 22.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Ferguson Enterprises (FERG)
Ferguson Enterprises (FERG) is a leading distributor of plumbing and heating products across North America. The company provides a comprehensive range of expertise, solutions, and products primarily to residential and non-residential customers. Its core offerings include critical components for infrastructure, standard plumbing supplies, appliances, fire suppression systems, and HVAC (heating, ventilation, and air conditioning) solutions.
Beyond these foundational categories, Ferguson also supplies specialist water and wastewater treatment products to contractors, and offers pipe, valves, and fittings (PVF) solutions to industrial clients. The company distinguishes itself through customized services such as virtual design, fabrication, pre-assembly, installation, and comprehensive project management. Additionally, it provides robust after-sales support, including warranty services, credit management, and maintenance, repair, and operations (MRO) support.
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Here are 1-3 brief analogies for Ferguson Enterprises:
Grainger for plumbing, HVAC, and infrastructure supplies.
The professional's Home Depot for plumbing, HVAC, and specialized construction materials.
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- Plumbing Products: Distribution of various components for plumbing systems.
- Heating Products: Distribution of products for heating systems.
- Infrastructure Products: Materials and solutions for large-scale infrastructure projects.
- Appliances: Supply of residential and non-residential appliances.
- Fire Protection Products: Distribution of equipment and systems for fire safety.
- HVAC Products: Supply of heating, ventilation, and air conditioning systems and components.
- Water and Wastewater Treatment Products: Specialist products for water purification and wastewater management.
- Pipe, Valves, and Fittings: Components used primarily in industrial fluid handling and process systems.
- Virtual Design Services: Custom design solutions leveraging virtual tools for project planning.
- Fabrication Services: Custom manufacturing and assembly of specialized components.
- Valve Actuation Services: Solutions and support for automated valve systems.
- Pre-Assembly and Kitting Services: Preparing and packaging multiple product components for streamlined installation.
- Installation Services: Professional setup and integration of sold products.
- Project Management Services: Comprehensive oversight and coordination for customer projects from start to finish.
- After-Sales Support: Services encompassing warranty, credit, project-based billing, returns, maintenance, and repair and operations support.
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Ferguson Enterprises (FERG) sells primarily to other companies, rather than individuals. Based on the company description, its major customer categories are:
-
Residential, Commercial, and Infrastructure Contractors: This broad category includes businesses involved in building, renovation, and maintenance projects. Specifically, this encompasses plumbing contractors, HVAC (heating, ventilation, and air conditioning) contractors, fire protection contractors, general contractors, and those specializing in water and wastewater treatment infrastructure projects.
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Industrial Customers: These are businesses that purchase pipe, valves, and fittings solutions for their various industrial operational needs.
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Kevin Murphy, President & Chief Executive Officer
Kevin Murphy was appointed CEO of Ferguson Enterprises in August 2017 and assumed the CEO role for Ferguson plc in 2019. He joined Ferguson in 1999 as an operations manager following the acquisition of his family's business, Midwest Pipe and Supply, by Ferguson. Throughout his tenure, he progressed through various leadership positions, including general manager, area manager, business group manager for Waterworks, vice president of Waterworks, and Chief Operating Officer from 2007 to 2017. Mr. Murphy holds a B.S. in Business and Marketing from Miami University. He also serves as an independent director of Pool Corporation.
Bill Brundage, Chief Financial Officer
Bill Brundage was appointed CFO of Ferguson Enterprises in March 2017 and subsequently became Group Chief Financial Officer and an Executive Director in November 2020. He joined Ferguson in 2003 as a manager of finance. Prior to his current role, he served as corporate controller, vice president of finance (2008-2016), and senior vice president of finance (2016-2017). Before joining Ferguson, Mr. Brundage spent five years as a senior associate at PricewaterhouseCoopers. He is a graduate of the University of Virginia and is a certified public accountant.
Alex Hutcherson, Chief Operating Officer
Alex Hutcherson was appointed Chief Operating Officer in August 2017. He began his career with Ferguson in 1988 as a Trainee. Over his more than 29 years with the company, he has held numerous positions, including Branch Manager, General Manager, and Area Manager. In 2012, Mr. Hutcherson was promoted to Vice President of HVAC, and in 2016, he became Senior Vice President of HVAC. He is a graduate of Old Dominion University.
Bill Thees, Chief Operating Officer
Bill Thees was named Chief Operating Officer in February 2025. He started his career at Ferguson in 1990 as a trainee in the Orlando, FL Waterworks location. Throughout his tenure, he has held various key positions, including Branch Manager, General Manager, and District Manager. Mr. Thees took leadership of the Waterworks Business in 2007 and was promoted to Vice President in 2009. Prior to his current role, he served as Senior Vice President of Business and Sales from August 2018 to July 2024, and then Senior Vice President from August 2024 to February 2025.
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The key risks to Ferguson Enterprises' business include its sensitivity to macroeconomic conditions, the level of its debt, and intense competition within its markets.
- Macroeconomic Sensitivity: Ferguson's financial performance is closely linked to the health of the construction industry, which is inherently cyclical and sensitive to broader economic fluctuations. A downturn in either residential or non-residential construction markets could significantly impact the company's sales and overall operations.
- Debt Level: The company has been noted to have a significant level of debt, which could heighten its sensitivity to any deceleration in revenue or earnings growth. Servicing and eventually reducing this debt is dependent on the company's sustained profitability and strong cash generation. Additionally, rising interest rates could adversely affect free cash flow.
- Competition: Ferguson operates in highly competitive markets where both new and existing competitors are continually expanding their capabilities. The company must consistently innovate and adapt to maintain its market position against rivals, some of whom may possess greater resources or more advanced technological solutions. This competitive landscape also includes large retailers like The Home Depot Inc.
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Ferguson Enterprises (FERG) operates within several substantial addressable markets in North America:
- Plumbing Products: The North America plumbing fixtures market size was valued at USD 29.15 billion in 2024 and is projected to grow to USD 45.76 billion by 2030. Additionally, the North America plumbing parts market was valued at USD 11.28 billion in 2023 and is expected to reach USD 15.79 billion by 2029.
- Heating Products: The North America heating appliances market size was USD 19.95 billion in 2025. The U.S. heating equipment market is projected to grow from USD 18.50 billion in 2023 to USD 34.79 billion by 2032.
- Heating, Ventilation, and Air Conditioning (HVAC): The North America HVAC system market was valued at USD 48.89 billion in 2024, and is expected to reach USD 65.36 billion by 2030. The North America HVAC services market size was estimated at USD 39.41 billion in 2024 and is projected to grow to USD 50.36 billion by 2030.
- Appliances: The North America home appliances market size was valued at USD 171.83 billion in 2024 and is projected to reach USD 315.22 billion by 2034.
- Fire Protection Systems: The North America fire protection system market size was valued at USD 29.09 billion in 2023 and is anticipated to grow to USD 43.34 billion by 2033.
- Water and Wastewater Treatment Products (Infrastructure): The North America water and wastewater treatment market was approximately USD 152.3 billion in 2024. Specifically, the U.S. water and wastewater treatment market size was valued at USD 121.85 billion in 2024 and is expected to be worth around USD 238.36 billion by 2034.
- Pipe, Valves, and Fittings (PVF): The North America pipe fittings market was valued at USD 5.70 billion in 2024 and is expected to reach USD 8.76 billion by 2030. The broader North America piping and fittings market size is forecast to increase by USD 16.6 billion between 2024 and 2029.
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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:
- Growth and Market Share Gains in Non-Residential End Markets: Ferguson anticipates continued robust performance in its non-residential sectors. The company has demonstrated strong growth in these markets, with non-residential revenue increasing significantly, and expects to continue outperforming in this segment.
- Strategic Acquisitions to Consolidate Fragmented Markets: Acquisitions are a consistent component of Ferguson's growth strategy. The company has a robust M&A pipeline and actively acquires businesses to expand its reach and consolidate the highly fragmented distribution markets in which it operates, contributing to overall revenue growth.
- Organic Growth through Market Outperformance and Value-Added Solutions: Ferguson focuses on achieving organic growth by outperforming the broader market, even in challenging conditions. This includes effective pricing strategies, increasing sales volume, and delivering value-added solutions and expertise to its customers, encompassing virtual design, fabrication, installation, and project management services.
- Capitalizing on Multi-Year Structural Tailwinds: The company is strategically positioned to leverage long-term industry trends, such as increased infrastructure spending and the demand for essential water and air solutions. Ferguson aims to capitalize on these multi-year structural tailwinds, particularly in non-residential megaprojects, driving sustained demand for its specialized products and services.
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Share Repurchases
- Ferguson completed a multi-year US$4.49 billion share repurchase program, including US$248.45 million in buybacks in the latest tranche as of February 2026.
- The company repurchased $0.9 billion of its outstanding shares during calendar year 2025, with an approximate balance of $0.6 billion remaining under the current share repurchase program at December 31, 2025.
- Ferguson has an active $4.0 billion share repurchase program.
Share Issuance
- Ferguson's shares outstanding have shown a decline over the last few years, indicating net repurchases rather than significant issuances. For instance, shares outstanding declined by 2.11% in 2025 from 2024, and by 1.79% in 2024 from 2023.
Inbound Investments
- Vanguard Group Inc. acquired 181,954 shares of Ferguson Enterprises Inc. on February 27, 2026, at $260.76 per share, increasing its total holdings to 19,600,288 shares.
- Quantitative Investment Management LLC acquired a new position of 8,632 shares in Ferguson in the third quarter (likely 2025), valued at approximately $1,938,000.
- Institutional investors collectively own approximately 81.98% of Ferguson's stock.
Outbound Investments
- Ferguson has a strong track record of acquisitions, completing approximately 50 in the last five years to strengthen its geographic footprint and capabilities.
- In the fiscal year ending July 31, 2025, Ferguson closed nine acquisitions with aggregate annualized revenues of approximately $300 million.
- During the fiscal year ending July 31, 2024, the company closed eight acquisitions with aggregate annualized revenues of approximately $350 million.
Capital Expenditures
- Ferguson projects capital expenditures between $350 million and $400 million for fiscal year 2026, aimed at enhancing operational capabilities and future growth.
- In calendar year 2025, the company invested $0.4 billion in capital expenditures.
- For the three months ended October 31, 2025, capital expenditures totaled $118 million, primarily allocated to strategic projects such as new market distribution centers, the branch network, and new technology.
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 285.21 |
| Mkt Cap | 30.9 |
| Rev LTM | 8,198 |
| Op Inc LTM | 1,252 |
| FCF LTM | 926 |
| FCF 3Y Avg | 893 |
| CFO LTM | 1,066 |
| CFO 3Y Avg | 1,026 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.7% |
| Rev Chg 3Y Avg | 4.4% |
| Rev Chg Q | 8.8% |
| QoQ Delta Rev Chg LTM | 2.2% |
| Op Inc Chg LTM | 3.7% |
| Op Inc Chg 3Y Avg | 4.1% |
| Op Mgn LTM | 10.3% |
| Op Mgn 3Y Avg | 10.4% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 9.9% |
| CFO/Rev 3Y Avg | 10.2% |
| FCF/Rev LTM | 8.5% |
| FCF/Rev 3Y Avg | 9.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 30.9 |
| P/S | 2.2 |
| P/Op Inc | 20.4 |
| P/EBIT | 20.3 |
| P/E | 29.0 |
| P/CFO | 28.2 |
| Total Yield | 4.6% |
| Dividend Yield | 1.1% |
| FCF Yield 3Y Avg | 3.7% |
| D/E | 0.0 |
| Net D/E | 0.0 |
Price Behavior
Price Behavior
| Market Price | $251.51 | |
| Market Cap ($ Bil) | 48.9 | |
| First Trading Date | 08/01/2024 | |
| Distance from 52W High | -5.7% | |
| 50 Days | 200 Days | |
| DMA Price | $234.31 | $239.48 |
| DMA Trend | indeterminate | down |
| Distance from DMA | 7.3% | 5.0% |
| 3M | 1YR | |
| Volatility | 33.2% | 31.5% |
| Downside Capture | 92.16 | 119.27 |
| Upside Capture | 100.43 | 107.67 |
| Correlation (SPY) | 44.2% | 49.3% |
FERG Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.56 | 0.82 | 0.70 | 1.07 | 1.11 | -0.01 |
| Up Beta | -0.23 | 0.38 | 0.42 | 1.45 | 1.36 | -0.05 |
| Down Beta | 0.38 | 1.10 | 0.90 | 1.21 | 1.09 | -0.18 |
| Up Capture | 74% | 101% | 30% | 67% | 95% | 47% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 11 | 20 | 25 | 57 | 128 | 251 |
| Down Capture | 95% | 72% | 108% | 105% | 108% | 96% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 22 | 37 | 68 | 123 | 248 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FERG | |
|---|---|---|---|---|
| FERG | 14.3% | 31.4% | 0.45 | - |
| Sector ETF (XLI) | 24.5% | 17.0% | 1.12 | 62.9% |
| Equity (SPY) | 22.1% | 12.8% | 1.28 | 49.1% |
| Gold (GLD) | 28.2% | 28.4% | 0.86 | 19.7% |
| Commodities (DBC) | 37.4% | 20.1% | 1.47 | -13.2% |
| Real Estate (VNQ) | 12.5% | 13.8% | 0.61 | 33.9% |
| Bitcoin (BTCUSD) | -45.3% | 42.9% | -1.28 | 16.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FERG | |
|---|---|---|---|---|
| FERG | 3.7% | 33.2% | 0.31 | - |
| Sector ETF (XLI) | 14.0% | 17.6% | 0.62 | 60.4% |
| Equity (SPY) | 13.3% | 17.2% | 0.60 | 51.8% |
| Gold (GLD) | 18.8% | 18.6% | 0.82 | 10.5% |
| Commodities (DBC) | 9.3% | 19.6% | 0.36 | 1.8% |
| Real Estate (VNQ) | 1.9% | 18.9% | -0.00 | 41.3% |
| Bitcoin (BTCUSD) | 10.9% | 52.8% | 0.39 | 21.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FERG | |
|---|---|---|---|---|
| FERG | 1.9% | 33.2% | 0.31 | - |
| Sector ETF (XLI) | 14.3% | 20.0% | 0.63 | 60.4% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 51.8% |
| Gold (GLD) | 12.0% | 16.2% | 0.61 | 10.5% |
| Commodities (DBC) | 7.9% | 18.0% | 0.35 | 1.8% |
| Real Estate (VNQ) | 4.5% | 20.7% | 0.18 | 41.3% |
| Bitcoin (BTCUSD) | 59.4% | 66.1% | 0.99 | 21.5% |
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Earnings Returns History
Updated 8/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | -3.1% | -6.4% | -13.0% |
| 2/24/2026 | 4.2% | 2.3% | -9.8% |
| 12/9/2025 | -8.0% | -8.3% | -6.3% |
| 6/3/2025 | 17.2% | 18.6% | 23.3% |
| 3/11/2025 | -5.2% | -1.8% | -10.1% |
| 12/10/2024 | -10.5% | -14.7% | -21.7% |
| 9/17/2024 | 5.0% | 1.5% | 1.9% |
| SUMMARY STATS | |||
| # Positive | 3 | 3 | 2 |
| # Negative | 4 | 4 | 5 |
| Median Positive | 5.0% | 2.3% | 12.6% |
| Median Negative | -6.6% | -7.4% | -10.1% |
| Max Positive | 17.2% | 18.6% | 23.3% |
| Max Negative | -10.5% | -14.7% | -21.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | -3.1% | -6.4% | -13.0% |
| 2/24/2026 | 4.2% | 2.3% | -9.8% |
| 12/9/2025 | -8.0% | -8.3% | -6.3% |
| 6/3/2025 | 17.2% | 18.6% | 23.3% |
| 3/11/2025 | -5.2% | -1.8% | -10.1% |
| 12/10/2024 | -10.5% | -14.7% | -21.7% |
| 9/17/2024 | 5.0% | 1.5% | 1.9% |
| SUMMARY STATS | |||
| # Positive | 3 | 3 | 2 |
| # Negative | 4 | 4 | 5 |
| Median Positive | 5.0% | 2.3% | 12.6% |
| Median Negative | -6.6% | -7.4% | -10.1% |
| Max Positive | 17.2% | 18.6% | 23.3% |
| Max Negative | -10.5% | -14.7% | -21.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | Annual |
| 10/31/2025 | 12/09/2025 | 10-Q |
| 07/31/2025 | 09/26/2025 | 10-K |
| 04/30/2025 | 06/03/2025 | 10-Q |
| 01/31/2025 | 03/11/2025 | Quarterly |
| 10/31/2024 | 12/10/2024 | 10-Q |
| 07/31/2024 | 09/25/2024 | Annual |
| 04/30/2024 | 06/05/2024 | 10-Q |
| 01/31/2024 | 03/06/2024 | Quarterly |
| 10/31/2023 | 12/06/2023 | 10-Q |
| 07/31/2023 | 09/26/2023 | 10-K |
| 04/30/2023 | 06/07/2023 | 10-Q |
| 01/31/2023 | 03/08/2023 | 10-Q |
| 10/31/2022 | 12/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | Annual |
| 10/31/2025 | 12/09/2025 | 10-Q |
| 07/31/2025 | 09/26/2025 | 10-K |
| 04/30/2025 | 06/03/2025 | 10-Q |
| 01/31/2025 | 03/11/2025 | Quarterly |
| 10/31/2024 | 12/10/2024 | 10-Q |
| 07/31/2024 | 09/25/2024 | Annual |
| 04/30/2024 | 06/05/2024 | 10-Q |
| 01/31/2024 | 03/06/2024 | Quarterly |
| 10/31/2023 | 12/06/2023 | 10-Q |
| 07/31/2023 | 09/26/2023 | 10-K |
| 04/30/2023 | 06/07/2023 | 10-Q |
| 01/31/2023 | 03/08/2023 | 10-Q |
| 10/31/2022 | 12/08/2022 | 10-Q |
Recent Forward Guidance
Updated 8/11/2026Latest: Q2 2026 Earnings Reported 8/10/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net sales growth | 5.0% | ||||||
| 2026 Adjusted operating margin | 9.5% | 9.65% | 9.8% | 0.0% | Raised | Guidance: 9.6% for 2026 | |
| 2026 Interest expense | 200.00 Mil | 0 | Affirmed | Guidance: 200.00 Mil for 2026 | |||
| 2026 Capital expenditures | 375.00 Mil | 400.00 Mil | 425.00 Mil | 6.7% | Raised | Guidance: 375.00 Mil for 2026 | |
| 2026 Adjusted effective tax rate | 26.0% | 0 | Affirmed | Guidance: 26.0% for 2026 | |||
Prior: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net sales | |||||||
| 2026 Adjusted operating margin | 9.4% | 9.6% | 9.8% | 0.0% | Affirmed | Guidance: 9.6% for 2026 | |
| 2026 Interest expense | 200.00 Mil | 0.0% | Affirmed | Guidance: 200.00 Mil for 2026 | |||
| 2026 Capital expenditures | 350.00 Mil | 375.00 Mil | 400.00 Mil | 0.0% | Affirmed | Guidance: 375.00 Mil for 2026 | |
| 2026 Adjusted effective tax rate | 26.0% | 0.0% | Affirmed | Guidance: 26.0% for 2026 | |||
Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net sales | Higher New | Guidance: 0.05 for 2025 | |||||
| 2026 Adjusted operating margin | 9.4% | 9.6% | 9.8% | 0.1% | Raised | Guidance: 9.5% for 2025 | |
| 2026 Interest expense | 200.00 Mil | 5.3% | Raised | Guidance: 190.00 Mil for 2025 | |||
| 2026 Capital expenditures | 350.00 Mil | 375.00 Mil | 400.00 Mil | 7.1% | Raised | Guidance: 350.00 Mil for 2025 | |
| 2026 Adjusted effective tax rate | 26.0% | 0 | Affirmed | Guidance: 26.0% for 2025 | |||
Insider Activity
Updated 5/8/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Winckler, Richard | Chief Accounting Officer | Direct | Sell | 10172025 | 241.79 | 83 | 20,069 | 384,938 | Form |
| 2 | Graham, Ian T | See Remarks | Direct | Sell | 10172025 | 239.33 | 606 | 145,032 | 1,846,165 | Form |
| 3 | Winckler, Richard | Chief Accounting Officer | Direct | Sell | 10152025 | 232.70 | 1,034 | 240,612 | 339,277 | Form |
| 4 | Paisley, James A | See Remarks | Direct | Sell | 10152025 | 236.97 | 3,000 | 710,906 | 523,938 | Form |
| 5 | Stirrup, Allison | Chief Human Resources Officer | Direct | Sell | 10152025 | 234.23 | 969 | 226,969 | 1,184,734 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Winckler, Richard | Chief Accounting Officer | Direct | Sell | 10172025 | 241.79 | 83 | 20,069 | 384,938 | Form |
| 2 | Graham, Ian T | See Remarks | Direct | Sell | 10172025 | 239.33 | 606 | 145,032 | 1,846,165 | Form |
| 3 | Winckler, Richard | Chief Accounting Officer | Direct | Sell | 10152025 | 232.70 | 1,034 | 240,612 | 339,277 | Form |
| 4 | Paisley, James A | See Remarks | Direct | Sell | 10152025 | 236.97 | 3,000 | 710,906 | 523,938 | Form |
| 5 | Stirrup, Allison | Chief Human Resources Officer | Direct | Sell | 10152025 | 234.23 | 969 | 226,969 | 1,184,734 | Form |
| 6 | Murphy, Kevin Michael | See Remarks | Direct | Sell | 10152025 | 234.13 | 8,800 | 2,060,349 | 37,444,741 | Form |
| 7 | Schlicher, Jake | SVP of Strategic Development | Direct | Sell | 10152025 | 233.52 | 3,000 | 700,549 | 2,720,698 | Form |
| 8 | Graham, Ian T | See Remarks | Direct | Sell | 10152025 | 233.22 | 4,864 | 1,134,382 | 1,811,886 | Form |
| 9 | Camposano, Robert Anthony JR | Senior VP - Waterworks | Direct | Sell | 10152025 | 233.23 | 1,600 | 373,174 | 1,925,347 | Form |
| 10 | Thees, William T JR | Senior Vice President | Direct | Sell | 10152025 | 234.55 | 2,308 | 541,341 | 6,964,728 | Form |
| 11 | Brundage, William | Chief Financial Officer | Direct | Sell | 10152025 | 233.32 | 3,000 | 699,969 | 12,280,023 | Form |
Investor Activity (13F)
Updated Aug 12, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| MBB Public Markets I LLC | $123.1 Mil | 14.7% | 24 | ADD +12.8% | 13F |
| Foxhaven Asset Management, LP | $320.6 Mil | 10.1% | 14 | TRIM -8.3% | 13F |
| 59 North Capital Management, LP | $332.9 Mil | 9.9% | 17 | ADD +13.7% | 13F |
| Lionstone Capital Management LLC | $37.6 Mil | 9.1% | 12 | Hold | 13F |
| GFI Investment Counsel Ltd. | $61.3 Mil | 8.4% | 24 | New | 13F |
| Manchester Global Management (UK) Ltd | $57.8 Mil | 7.7% | 23 | TRIM -10.2% | 13F |
| Crow's Nest Holdings LP | $28.2 Mil | 6.6% | 11 | TRIM -37.9% | 13F |
| Durable Capital Partners LP | $511.3 Mil | 5.3% | 37 | ADD +40.4% | 13F |
| Rivermont Capital Management LP | $24.0 Mil | 5.1% | 20 | ADD +24.1% | 13F |
| Soroban Capital Partners LP | $559.4 Mil | 4.0% | 27 | TRIM -19.5% | 13F |
| Dudley & Shanley, Inc. | $24.3 Mil | 4.0% | 38 | Hold | 13F |
| Eminence Capital, LP | $150.6 Mil | 3.5% | 33 | ADD +29.2% | 13F |
| Southpoint Capital Advisors LP | $140.0 Mil | 2.9% | 41 | Hold | 13F |
| 2Xideas AG | $6.8 Mil | 2.7% | 47 | TRIM -14.0% | 13F |
| One Madison Group LLC | $18.7 Mil | 2.2% | 28 | New | 13F |
| Wilson Asset Management (International) PTY LTD | $7.5 Mil | 2.1% | 43 | New | 13F |
| XN LP | $57.2 Mil | 2.1% | 23 | ADD +15.5% | 13F |
| Albar Capital Partners LLP | $10.4 Mil | 1.7% | 36 | New | 13F |
| Egerton Capital (UK) LLP | $147.9 Mil | 1.6% | 24 | TRIM -37.1% | 13F |
| Kinetic Partners Management, LP | $22.5 Mil | 1.3% | 49 | TRIM -60.7% | 13F |
| Skye Global Management LP | $49.0 Mil | 1.1% | 44 | ADD +59.1% | 13F |
| Paradice Investment Management LLC | $5.6 Mil | 1.1% | 23 | New | 13F |
| D1 Capital Partners L.P. | $81.5 Mil | 0.7% | 44 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| D1 Capital Partners L.P. | $81.5 Mil | 0.7% | 44 | New | 13F |
| GFI Investment Counsel Ltd. | $61.3 Mil | 8.4% | 24 | New | 13F |
| One Madison Group LLC | $18.7 Mil | 2.2% | 28 | New | 13F |
| Albar Capital Partners LLP | $10.4 Mil | 1.7% | 36 | New | 13F |
| Wilson Asset Management (International) PTY LTD | $7.5 Mil | 2.1% | 43 | New | 13F |
| Paradice Investment Management LLC | $5.6 Mil | 1.1% | 23 | New | 13F |
| Skye Global Management LP | $49.0 Mil | 1.1% | 44 | ADD +59.1% | 13F |
| Durable Capital Partners LP | $511.3 Mil | 5.3% | 37 | ADD +40.4% | 13F |
| Eminence Capital, LP | $150.6 Mil | 3.5% | 33 | ADD +29.2% | 13F |
| Rivermont Capital Management LP | $24.0 Mil | 5.1% | 20 | ADD +24.1% | 13F |
| XN LP | $57.2 Mil | 2.1% | 23 | ADD +15.5% | 13F |
| 59 North Capital Management, LP | $332.9 Mil | 9.9% | 17 | ADD +13.7% | 13F |
| MBB Public Markets I LLC | $123.1 Mil | 14.7% | 24 | ADD +12.8% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Makena Capital Management LLC | $19.4 Mil | 2.3% | 26 | Exited | Dec 31, 2025 | 13F |
| Kinetic Partners Management, LP | $22.5 Mil | 1.3% | 49 | TRIM -60.7% | Mar 31, 2026 | 13F |
| Crow's Nest Holdings LP | $28.2 Mil | 6.6% | 11 | TRIM -37.9% | Mar 31, 2026 | 13F |
| Egerton Capital (UK) LLP | $147.9 Mil | 1.6% | 24 | TRIM -37.1% | Mar 31, 2026 | 13F |
| Soroban Capital Partners LP | $559.4 Mil | 4.0% | 27 | TRIM -19.5% | Mar 31, 2026 | 13F |
| 2Xideas AG | $6.8 Mil | 2.7% | 47 | TRIM -14.0% | Mar 31, 2026 | 13F |
| Manchester Global Management (UK) Ltd | $57.8 Mil | 7.7% | 23 | TRIM -10.2% | Mar 31, 2026 | 13F |
| Foxhaven Asset Management, LP | $320.6 Mil | 10.1% | 14 | TRIM -8.3% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Soroban Capital Partners LP | $559.4 Mil | 4.0% | 27 | TRIM -19.5% | 13F |
| Durable Capital Partners LP | $511.3 Mil | 5.3% | 37 | ADD +40.4% | 13F |
| 59 North Capital Management, LP | $332.9 Mil | 9.9% | 17 | ADD +13.7% | 13F |
| Foxhaven Asset Management, LP | $320.6 Mil | 10.1% | 14 | TRIM -8.3% | 13F |
| Eminence Capital, LP | $150.6 Mil | 3.5% | 33 | ADD +29.2% | 13F |
| Egerton Capital (UK) LLP | $147.9 Mil | 1.6% | 24 | TRIM -37.1% | 13F |
| Southpoint Capital Advisors LP | $140.0 Mil | 2.9% | 41 | Hold | 13F |
| MBB Public Markets I LLC | $123.1 Mil | 14.7% | 24 | ADD +12.8% | 13F |
| D1 Capital Partners L.P. | $81.5 Mil | 0.7% | 44 | New | 13F |
| GFI Investment Counsel Ltd. | $61.3 Mil | 8.4% | 24 | New | 13F |
| Manchester Global Management (UK) Ltd | $57.8 Mil | 7.7% | 23 | TRIM -10.2% | 13F |
| XN LP | $57.2 Mil | 2.1% | 23 | ADD +15.5% | 13F |
| Skye Global Management LP | $49.0 Mil | 1.1% | 44 | ADD +59.1% | 13F |
| Lionstone Capital Management LLC | $37.6 Mil | 9.1% | 12 | Hold | 13F |
| Crow's Nest Holdings LP | $28.2 Mil | 6.6% | 11 | TRIM -37.9% | 13F |
| Dudley & Shanley, Inc. | $24.3 Mil | 4.0% | 38 | Hold | 13F |
| Rivermont Capital Management LP | $24.0 Mil | 5.1% | 20 | ADD +24.1% | 13F |
| Kinetic Partners Management, LP | $22.5 Mil | 1.3% | 49 | TRIM -60.7% | 13F |
| One Madison Group LLC | $18.7 Mil | 2.2% | 28 | New | 13F |
| Albar Capital Partners LLP | $10.4 Mil | 1.7% | 36 | New | 13F |
| Wilson Asset Management (International) PTY LTD | $7.5 Mil | 2.1% | 43 | New | 13F |
| 2Xideas AG | $6.8 Mil | 2.7% | 47 | TRIM -14.0% | 13F |
| Paradice Investment Management LLC | $5.6 Mil | 1.1% | 23 | New | 13F |
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