What is Fastenal Co worth?
With the base-case assumptions below, a discounted cash flow model on Fastenal Co's reported free cash flow gives $19.42 per share. The share price was $50.43 on September 25, 2026, 160% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 2.5% | 10.0% | $12.14 | -76% |
| Base | 7.5% | 9.0% | $19.42 | -61% |
| Bull | 12.5% | 8.0% | $33.92 | -33% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $24.82 | $26.48 | $28.50 | $31.03 | $34.28 |
| 8.0% | $20.78 | $21.86 | $23.13 | $24.65 | $26.51 |
| 9.0% | $17.84 | $18.57 | $19.42 | $20.40 | $21.57 |
| 10.0% | $15.59 | $16.11 | $16.70 | $17.38 | $18.16 |
| 11.0% | $13.83 | $14.21 | $14.64 | $15.12 | $15.66 |
Where the presets come from
Base: years 1 to 5 grow at Fastenal Co's revenue growth rate over the last 5 fiscal years (7.7% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions