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DCF valuation

What is Ferguson Enterprises Inc. worth?

With the base-case assumptions below, a discounted cash flow model on Ferguson Enterprises Inc.'s reported free cash flow gives $98.31 per share. The share price was $259.44 on November 10, 2026, 164% above that value.

Inputs from the filings

Free cash flow, fiscal 2025
$1.6B
Average free cash flow, last 4 years
$1.56B
Cash
$476M
balance sheet of September 30, 2026
Debt
$6.17B
balance sheet of September 30, 2026
Diluted shares, fiscal 2025
199,200,000
Revenue growth per year, last 3 years
2.5%

Three sets of assumptions

CaseGrowth yrs 1-5Growth yrs 6-10After year 10Discount rateValue per shareValue vs price
Bear-2.5%-0.5%2.0%10.0%$50.29-81%
Base2.5%2.5%2.5%9.0%$98.31-62%
Bull7.5%5.5%3.0%8.0%$191.83-26%

Sensitivity: base case value per share

Discount rate down the side, growth after year 10 across the top. Everything else as in the base case.

1.5%2.0%2.5%3.0%3.5%
7.0%$132.07$142.26$154.71$170.28$190.29
8.0%$106.97$113.58$121.39$130.76$142.21
9.0%$88.58$93.10$98.31$104.39$111.58
10.0%$74.54$77.75$81.39$85.55$90.36
11.0%$63.47$65.82$68.46$71.42$74.77

Where the presets come from

Base: years 1 to 5 grow at Ferguson Enterprises Inc.'s revenue growth rate over the last 3 fiscal years (2.5% 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

Ferguson Enterprises Inc. company page