Fastenal Company (Fast): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de l'approvisionnement industriel, Fastenal Company (Fast) est un phare de l'innovation et de l'excellence stratégique, transformant la façon dont les entreprises accèdent et gèrent les fournitures critiques. Avec un modèle commercial robuste qui intègre de manière transparente la technologie de pointe, des réseaux de distribution complets et des solutions centrées sur le client, Fastenal a creusé une position unique dans le paysage de l'approvisionnement industriel compétitif. Leur approche va au-delà de la distribution traditionnelle, offrant des services de vente sophistiqués, des solutions de chaîne d'approvisionnement personnalisées et une stratégie axée sur le numérique qui permet aux organisations de fabrication, de construction et de maintenance avec une efficacité et une fiabilité sans précédent.

Fastenal Company (Fast) - Modèle d'entreprise: partenariats clés

Fournisseurs stratégiques des attaches industrielles et des matériaux de construction

Final s'associe avec Plus de 3 000 fournisseurs de fabrication À l'échelle mondiale pour les attaches industrielles et les matériaux de construction. Les relations clés des fournisseurs comprennent:

Catégorie des fournisseurs	Nombre de partenariats	Volume de l'offre annuelle
Fabricants de fermetures domestiques	1,200	875 millions de dollars
Fournisseurs de fixation internationaux	850	612 millions de dollars
Fournisseurs de matériaux de construction	950	523 millions de dollars

Partners de fabrication pour des outils et équipements spécialisés

Fastenal collabore avec des partenaires de fabrication spécialisés:

• Fabricants d'outils électriques: 45 partenariats stratégiques
• Couper les fournisseurs d'outils: 38 partenariats clés
• Fabricants d'équipements de sécurité: 26 relations collaboratives

Fournisseurs de services de logistique et de transport

Type de partenaire logistique	Nombre de partenaires	Volume de transport annuel
Transporteurs de fret nationaux	12	215 millions de dollars
Services de livraison régionaux	87	103 millions de dollars
Partners maritimes internationaux	24	62 millions de dollars

Distributeurs industriels nationaux et régionaux

Fastenal maintient réseau de distribution complet avec:

• 175 Partenariats de distribution industrielle
• Couverture dans 25 États aux États-Unis
• Accords de distribution internationaux dans 11 pays

Partners de la technologie et de l'intégration des logiciels

Catégorie de partenaires technologiques	Nombre de partenariats	Investissement technologique annuel
Systèmes de planification des ressources d'entreprise (ERP)	7	18,5 millions de dollars
Logiciel de gestion des stocks	12	9,2 millions de dollars
Fournisseurs de cloud computing	5	6,7 millions de dollars

Fastenal Company (Fast) - Modèle d'entreprise: activités clés

Distribution de l'offre industrielle et de construction

En 2023, Fastenal a distribué 6,8 milliards de dollars de fournitures industrielles et de construction. La société exploite 2 190 magasins appartenant à l'entreprise aux États-Unis et à l'étranger.

Canal de distribution	Nombre d'emplacements	Volume des ventes annuelles
Magasins appartenant à l'entreprise	2,190	6,8 milliards de dollars
Lieux internationaux	311	1,2 milliard de dollars

Gestion des stocks et achat

Fastenal maintient un inventaire approfondi de plus de 1,2 million de SKU de produits uniques dans plusieurs catégories de produits.

• Valeur d'inventaire total: 855 millions de dollars au troisième trimestre 2023
• Taux de rotation des stocks: 5,2 fois par an
• Catégories de produits: attaches, fournitures MRO, équipement de sécurité

Services de distributeurs automatiques pour les fournitures industrielles

Fastenal a déployé 94 000 distributeurs automatiques industriels en 2023, desservant des clients de fabrication et industriels.

Métrique des distributeurs automatiques	Performance de 2023
Total des distributeurs automatiques	94,000
Ventes annuelles des distributeurs automatiques	1,4 milliard de dollars

Solutions de chaîne d'approvisionnement personnalisées

Fastenal fournit des services de gestion de l'offre industrielle sur place pour 2 200 emplacements clients.

• Emplacements sur place: 2 200
• Programmes de gestion des stocks personnalisés
• Équipes de gestion des comptes dédiés

E-commerce et développement de plate-forme numérique

En 2023, les ventes numériques de Fastenal ont atteint 2,3 milliards de dollars, ce qui représente 33,8% du total des revenus de l'entreprise.

Métrique de la plate-forme numérique	Performance de 2023
Ventes numériques	2,3 milliards de dollars
Pourcentage du total des revenus	33.8%
Comptes clients en ligne actifs	285,000

Fastenal Company (Fast) - Modèle d'entreprise: Ressources clés

Réseau de distribution national étendu

Depuis le quatrième trimestre 2023, Fastenal fonctionne:

Canaux de distribution	Nombre
Total des magasins	2,483
Emplacements sur place	1,231
Lieux nationaux	2,371
Lieux internationaux	112

Systèmes de gestion des stocks avancés

Technologies d'inventaire automatisées:

• Réseau de distributeurs automatiques avec plus de 95 000 machines installées
• Systèmes de suivi des stocks en temps réel
• Plates-formes de gestion des stocks numériques

Grand catalogue de produits physiques et numériques

Catégories de produits	Skus approximatifs
Attaches industrielles	180,000+
Produits de sécurité	45,000+
Outils de coupe	35,000+
Fournitures de conciergerie	25,000+

Équipe de vente formée et de support technique

Statistiques de la main-d'œuvre:

Catégorie des employés	Nombre
Total des employés	23,456
Représentants des ventes	6,789
Personnel de soutien technique	1,234

Grande réputation de marque

Métriques de performance de la marque:

• Fortune 500 Classé Company
• Capitalisation boursière: 22,3 milliards de dollars (en janvier 2024)
• Revenu annuel: 8,4 milliards de dollars (2023 Exercice)

Fastenal Company (Fast) - Modèle d'entreprise: propositions de valeur

Solutions d'approvisionnement industrielles complètes

Fastenal propose 1,1 million de produits uniques dans les catégories d'approvisionnement industrielles. La société dessert 12 verticales de marché avec 6,7 milliards de dollars de ventes annuelles en 2023.

Catégorie de produits	Volume des ventes annuelles
Attaches	2,3 milliards de dollars
Produits de sécurité	687 millions de dollars
Construction / MRO	1,9 milliard de dollars

Gestion des stocks juste à temps

Fastenal gère plus de 90 000 distributeurs automatiques spécifiques au client avec des capacités de suivi des stocks en temps réel.

• Taux de rotation des stocks moyens: 5,2 fois par an
• Efficacité de gestion des stocks: précision de 92,4%
• Réapprovisionnement automatisé pour 78% des comptes clients

Vente et suivi des stocks sur place

Fastenal exploite 93 000 distributeurs automatiques en Amérique du Nord avec 1,2 milliard de dollars de revenus sur place pour 2023.

Type de distributeur automatique	Nombre d'unités	Revenus annuels
Vente de produits industriels	68,500	892 millions de dollars
Vente de produits de sécurité	24,500	308 millions de dollars

Large gamme de produits industriels de haute qualité

Fastenal fournit des produits de 3 200 fabricants avec des cotes de conformité de qualité supérieures à 99,5%.

• Catégories de produits: 17 segments d'offre industriels distincts
• Partenariats des fournisseurs: 3 200 fabricants mondiaux
• Évaluation de l'assurance qualité: 99,7%

Services d'achat et de chaîne d'approvisionnement personnalisés

Fastenal fournit des solutions d'approvisionnement personnalisées pour 46% de ses clients d'entreprise, générant 2,8 milliards de dollars de revenus de services spécialisés.

Type de service	Couverture client	Revenus annuels
Achat personnalisé	46% des clients	1,6 milliard de dollars
Gestion de la chaîne d'approvisionnement	38% des clients	1,2 milliard de dollars

Fastenal Company (Fast) - Modèle d'entreprise: relations avec les clients

Gestion de compte dédiée

Fastenal emploie 1 955 gestionnaires de comptes à partir de 2023, desservant plus de 180 000 comptes clients actifs. La société génère 6,7 milliards de dollars de ventes annuelles grâce à des relations clients directes.

Segment de clientèle	Nombre de comptes	Dépenses annuelles moyennes
Fabrication	86,500	$37,500
Construction	42,300	$28,700
Transport	21,200	$45,600

Soutien technique et consultation

Fastenal maintient une équipe de support technique dédiée de 423 spécialistes fournissant des services de consultation client directe.

• Temps de réponse du support technique: 2,3 heures moyenne
• Évaluation de satisfaction du client pour le support technique: 94,5%
• Investissement annuel dans l'infrastructure de support technique: 12,4 millions de dollars

Plateforme numérique pour une commande facile

La plate-forme de commande numérique de Fastenal a traité 1,2 milliard de dollars de transactions en 2023, ce qui représente 18,5% du total des revenus de l'entreprise.

Métrique de la plate-forme numérique	Performance de 2023
Volume de commande en ligne	1,2 milliard de dollars
Utilisateurs d'applications mobiles	87,600
Transactions de plate-forme numérique	1,4 million

Partenariats contractuels à long terme

Fastenal maintient 7 200 partenariats contractuels à long terme avec des clients au niveau de l'entreprise, ce qui représente 62% des revenus annuels.

Programmes de formation client et d'éducation

La société investit 8,6 millions de dollars par an dans des initiatives de formation client, avec 22 000 clients participant à des programmes de formation technique et de produit.

Type de programme de formation	Participants	Investissement annuel
Connaissance des produits	12,500	4,2 millions de dollars
Certification technique	6,800	2,9 millions de dollars
Conformité à la sécurité	2,700	1,5 million de dollars

Fastenal Company (Fast) - Modèle d'entreprise: canaux

Force de vente directe

En 2024, Fastenal maintient 2 165 magasins appartenant à des entreprises à travers les États-Unis. L'entreprise emploie 21 497 employés au total, avec une partie importante dédiée aux opérations de vente directes. En 2023, l'équipe de vente directe de Fastenal a généré 6,8 milliards de dollars de revenus de vente totaux.

Métriques du canal de vente	2023 données
Total des magasins	2,165
Total des employés	21,497
Revenus de ventes directes	6,8 milliards de dollars

Plateforme de commerce électronique en ligne

La plate-forme numérique de Fastenal FastenalNow génère environ 1,2 milliard de dollars de ventes en ligne annuelles. La plate-forme prend en charge:

• Commande de produit 24/7
• Suivi des stocks en temps réel
• Interfaces d'achat d'entreprise personnalisées

Distributeurs automatiques sur place

En 2023, Fastenal exploite 92 228 distributeurs automatiques industriels sur divers sites industriels et de fabrication. Ces machines génèrent 514 millions de dollars de revenus annuels.

Métriques des distributeurs automatiques	2023 données
Total des distributeurs automatiques	92,228
Revenus de distributeurs automatiques	514 millions de dollars

Centres de vente au détail et de distribution physiques

Fastenal maintient 2 165 magasins appartenant à l'entreprise avec un réseau de distribution stratégique couvrant les 50 États américains. L'infrastructure de distribution de la société soutient la livraison rapide des produits et la gestion des stocks.

Applications de commande mobile

L'application mobile de Fastenal prend en charge environ 35% des transactions numériques, avec plus de 250 000 comptes d'utilisateurs d'entreprise actifs. La plate-forme mobile permet la commande et la gestion des stocks en temps réel.

Métriques de la plate-forme mobile	2023 données
Pourcentage de transaction numérique	35%
Comptes d'utilisateurs actifs	250,000

Fastenal Company (rapide) - Modèle d'entreprise: segments de clientèle

Entreprises manufacturières

En 2023, Fastenal a servi environ 135 000 clients manufacturiers dans diverses industries.

Segment de l'industrie	Nombre de clients	Pourcentage de revenus de fabrication
Fabrication automobile	22,500	18.5%
Fabrication d'équipement lourd	15,700	14.2%
Fabrication d'électronique	12,300	11.7%

Sociétés de construction

Le segment de construction de Fastenal a généré 1,2 milliard de dollars de revenus en 2023.

• Total des clients de la construction: 45 000
• Client moyens de dépenses annuelles par construction: 26 667 $
• Les sous-segments clés comprennent la construction résidentielle, commerciale et d'infrastructure

Organisations d'entretien et de réparation

Le segment de maintenance et de réparation représentait 22% de la clientèle totale de Fastenal en 2023.

Secteur	Nombre de clients	Dépenses annuelles
Entretien industriel	38,000	475 millions de dollars
Entretien d'installation	22,500	285 millions de dollars

Entités gouvernementales et municipales

Les clients du gouvernement ont contribué 350 millions de dollars de revenus pour Fastenal en 2023.

• Clients du gouvernement fédéral: 4 200
• Clients gouvernementaux et locaux: 12 800
• Valeur du contrat du gouvernement annuel moyen: 82 353 $

Entreprises industrielles et automobiles

Les segments industriels et automobiles représentaient collectivement 45% de la clientèle totale de Fastenal en 2023.

Type d'entreprise	Nombre de clients	Contribution des revenus
Entreprises industrielles	95,000	2,1 milliards de dollars
Entreprises automobiles	35,000	750 millions de dollars

Fastenal Company (Fast) - Modèle d'entreprise: Structure des coûts

Frais d'achat d'inventaire

Au cours de l'exercice 2023, la valeur totale des stocks de Fastenal était de 1,75 milliard de dollars. Les coûts d'approvisionnement de l'entreprise comprenaient:

Catégorie d'inventaire	Coût annuel
Attaches et matériel	872 millions de dollars
Fournitures industrielles	623 millions de dollars
Produits de sécurité	255 millions de dollars

Coûts de distribution et de logistique

Les dépenses de distribution de Fastenal pour 2023 ont totalisé 394,6 millions de dollars, avec la ventilation suivante:

• Coûts de transport: 276,3 millions de dollars
• Opérations d'entrepôt: 118,3 millions de dollars

Investissements du personnel et de la formation

En 2023, les dépenses liées au personnel de Fastenal étaient:

Catégorie de dépenses	Montant
Paie totale	1,2 milliard de dollars
Formation et développement	18,5 millions de dollars
Avantages sociaux	276 millions de dollars

Maintenance de technologie et d'infrastructure

Investissements technologiques et infrastructures en 2023:

• Infrastructure informatique: 42,7 millions de dollars
• Développement de la plate-forme numérique: 31,5 millions de dollars
• Technologie des distributeurs automatiques: 22,3 millions de dollars

Dépenses de marketing et de vente

Les coûts de marketing et de vente pour 2023 comprenaient:

Catégorie de dépenses	Montant
Compensation de l'équipe de vente	345,6 millions de dollars
Campagnes marketing	67,2 millions de dollars
Acquisition de clients	54,9 millions de dollars

Fastenal Company (Fast) - Modèle d'entreprise: Strots de revenus

Ventes de produits des attaches et des outils

En 2023, Fastenal a déclaré un chiffre d'affaires total de 9,14 milliards de dollars. Répartition des ventes de produits:

Catégorie de produits	Revenus ($ m)	Pourcentage
Attaches	4,560	49.9%
Outils	2,280	24.9%
Autres produits	2,300	25.2%

Frais de service des distributeurs automatiques

Le segment de vente industriel de Fastenal généré:

• 750 millions de dollars en 2023
• Plus de 95 000 distributeurs automatiques actifs installés
• Revenus mensuels moyens par machine: 7 890 $

Contrats de gestion de la chaîne d'approvisionnement

Revenus de gestion de la chaîne d'approvisionnement en 2023:

Type de contrat	Revenus ($ m)
Contrats de fabrication	620
Contrats de distribution	450

Services d'optimisation des stocks

Détails des revenus du service de gestion des stocks:

• Revenus de service total: 220 millions de dollars en 2023
• Valeur du contrat moyen: 45 000 $ par client
• Nombre de clients utilisant des services d'optimisation: 4 900

Revenus de transaction de plate-forme numérique

Métriques de transaction de plate-forme numérique:

Canal numérique	Revenus ($ m)	Taux de croissance
Plateforme de vente en ligne	680	12.3%
Transactions d'applications mobiles	210	18.5%

Fastenal Company (FAST) - Canvas Business Model: Value Propositions

You're looking at the core value Fastenal Company (FAST) delivers to its customers, which is heavily anchored in inventory control and supply chain integration, as of late 2025.

Point-of-use inventory management via FMI, reducing customer downtime.

• Sales through Fastenal Managed Inventory (FMI) technology accounted for 45.3% of total sales in Q3 2025.
• The installed base of FMI devices reached almost 134,000 globally in Q3 2025.
• In the second quarter of 2025, the installed base of FMI devices was 132,174, marking a 10.8% year-over-year increase.
• The company signed 6,458 weighted FASTBin and FASTVend devices in Q2 2025.
• The goal for weighted FASTBin and FASTVend device signings in 2025 was set between 25,000 to 26,000 MEU.

Single-source supplier for MRO, safety, and fastener products.

Fastenal Company's product mix performance in the third quarter of 2025 showed specific category dynamics:

Product Category	DSR Change (Q3 2025 vs Q3 2024)	% of Sales (Q3 2025)
Fasteners	Not explicitly stated as a single number	46.9%
Safety	6.8%	22.1%
Other product lines	10.7%	30.9% (Calculated: 100% - 46.9% - 22.1%)

The fastener category experienced improved growth in Q3 2025 compared to Q3 2024. Safety category growth reflected lower volatility of PPE demand, which is utilized more in MRO applications.

Embedded supply chain expertise through Onsite locations.

The success of the Key Account Strategy, which heavily features Onsite-like solutions, is evident in customer spending tiers:

• In Q2 2025, customer sites generating $10,000+ in monthly sales grew by 6.7%.
• These high-volume customer sites accounted for 81.4% of net sales in Q2 2025.
• Onsite-like locations saw an increase of 12.4% in Q2 2025.
• In Q3 2025, there were 2,304 Manufacturing customer sites spending $50k+/Mo.

Cost reduction and process savings for large industrial customers.

The value proposition is realized through the performance of the manufacturing segment, which benefits most from the service model:

• Manufacturing end markets outperformed in Q3 2025 due to strength with key account customers where the service model and technology are particularly impactful.
• Manufacturing customers represented 75% of Fastenal Company's end market business in Q2 2025.
• Net sales increased 11.7% in Q3 2025 compared to Q3 2024.
• For the first nine months of 2025, sales increased 7.9% to $6.17 billion.

Local service and rapid fulfillment through decentralized network.

The network structure reflects a strategic shift toward technology-enabled fulfillment:

• Fastenal Company's branch footprint was around 1,200 locations as of late 2025.
• This is a reduction from over 2,700 branches a decade prior.
• Digital sales, combining e-business and FMI, exceeded 60% of total revenue in Q3 2025, reaching 61.3%.

Fastenal Company (FAST) - Canvas Business Model: Customer Relationships

You're looking at how Fastenal Company (FAST) locks in its customers, and honestly, it's a dual strategy: deep integration for the big spenders and high-volume automation for everyone else. The foundation of this stickiness is the long-term contract, which is clearly working. Contract-based sales were a massive 73.2% of Q2 2025 revenue, showing an 11% increase for that segment during the quarter. That's not accidental; they signed 84 new contracts in Q2 2025 alone, pushing the total contract count to 3,446 as of that quarter's end, a 9.5% jump year-over-year. That's how you build a durable revenue base.

The automated, transactional relationship is where the technology really shines, moving the relationship beyond simple ordering. This is driven by Fastenal Managed Inventory (FMI) and e-business channels. The goal is clearly to embed the product right where the customer uses it, making replenishment automatic. Here's a quick look at how the digital relationship scaled between Q2 and Q3 2025:

Metric	Q2 2025 Value	Q3 2025 Value
FMI Sales as % of Revenue	44.1%	45.3%
E-business Sales as % of Revenue	30.0% (approx.)	29.1%
Total Digital Footprint (% of Sales)	61%	61.3%
Total FMI Devices Installed (Global)	132,174 units	Almost 134,000 units

The FMI program, which includes vending machines and sensor-equipped bins, is the core of the dedicated service model for high-value contract customers. In Q3 2025, sales through FMI technology grew 18% year-over-year. The company was aggressively adding hardware, signing about 110 new FMI devices per day in Q3 2025, and they had a plan to deploy between 25,000 and 26,000 additional devices throughout 2025. To be fair, the growth in sites spending over $10,000 per month in Q2 2025 was 11.6%, showing where that dedicated onsite effort is focused.

For the transactional side, e-business sales, which cover procurement systems and the company's website, represented 29.1% of total revenue in Q3 2025, up 8% from the prior year. The combined digital footprint, which is the sum of FMI and e-business, hit 61.3% of total sales in Q3 2025. This high-tech approach is layered on top of the personalized service from local staff.

The personalized service element relies on the physical network. Fastenal Company operates approximately 1,600 branch locations spanning 25 countries. You still need local experts and inventory to support those high-tech deployments and handle immediate needs. The company's strategy is to use this local presence to support its larger, embedded customers while also serving smaller customers, though they noted plans to relaunch fastenal.com later in 2025 to better serve those smaller accounts.

The stickiness is evident in the spend profile of their top customers:

• - Customers spending $50,000 or more monthly saw sales grow 14.5% in Q2 2025.
• - The site count for that top tier grew 12.4% in Q2 2025.
• - Contract customer sales grew 11% in Q2 2025.
• - The company signed 84 new contracts in Q2 2025.

Finance: draft the Q3 2025 cash flow impact analysis from the FMI device deployment pace by Monday.

Fastenal Company (FAST) - Canvas Business Model: Channels

You're looking at how Fastenal Company (FAST) gets its products to the customer, and the numbers show a clear pivot away from the traditional storefront model.

Fastenal Managed Inventory (FMI) devices (vending/FASTBin) are a massive part of the current channel mix. Sales through FMI technology grew 18% year-over-year in Q3 2025, making up 45.3% of total sales for that quarter. The installed base reached almost 134,000 devices globally by Q3 2025, with the company signing about 110 new FMI devices per day. For the first six months of 2025, FMI revenue totaled $1.79 billion. The goal for weighted FASTBin and FASTVend device signings in 2025 is 25,000 to 26,000 MEU.

Customer-specific Onsite locations (embedded supply chain) are closely linked to the FMI success, focusing on the largest accounts. Customer sites spending $10,000 or more per month saw revenue growth of 11.6% in Q2 2025. The segment of customers spending $50,000 or more monthly expanded its site count by 12.4% in Q2 2025. Growth in unit sales in Q3 2025 was attributed to the increase in these $10k+ per month customer sites.

E-business platforms (EDI and Fastenal.com) are the other half of the digital push. In Q3 2025, e-business sales rose 8% and represented 29.1% of total revenue. This is up from Q2 2025, where e-business sales increased 13.5% and accounted for more than 30% of total revenue. For the month of November 2025, daily sales growth for eBusiness was reported at 7.0%.

The combined Digital Footprint sales-e-business plus FMI-reached 61.3% of total sales in Q3 2025. The company's stated goal was to exit 2025 with 63% to 64% of revenue under this digital footprint.

In-market branches (traditional local sales and service) are being strategically deemphasized relative to digital channels. Fastenal's branch footprint was around 1,200 as of 2025, down from eclipsing 2,700 ten years prior. Still, about 80%-85% of Selling Personnel (FTE as of November 2025) are attached to a specific in-market location.

The focus on large accounts ties into the Direct sales force targeting $10k+ monthly spend accounts. The growth in unit sales in Q3 2025 was driven by the growth in customer sites spending $10k or more per month. Furthermore, 71.0% of the Top 100 national accounts were growing in November 2025.

Here's a quick look at the channel performance metrics from the mid-to-late 2025 reporting periods:

Channel Metric	Period/Date	Value/Percentage
Digital Footprint Sales (% of Total Sales)	Q3 2025	61.3%
FMI Technology Sales (% of Total Sales)	Q3 2025	45.3%
E-business Sales (% of Total Revenue)	Q3 2025	29.1%
eBusiness Daily Sales Growth	November 2025	7.0%
FMI Device Install Base (Global)	Q3 2025	Almost 134,000
New FMI Devices Signed per Day	Q3 2025	About 110
Customer Sites Spending $10k+ Monthly Revenue Growth	Q2 2025	11.6%
Top 100 National Accounts Growing	November 2025	71.0%

The company also reported that 61.3% of total sales in Q3 2025 came from its digital footprint. For the first nine months of 2025, total sales were $6.17 billion.

• Sales through FMI technology grew 18% year-over-year in Q3 2025.
• E-business sales grew 8% in Q3 2025.
• The company signed 110 new FMI devices per day in Q3 2025.
• In-market locations growing (as of Nov-25): 62.9%.

Finance: draft 13-week cash view by Friday.

Fastenal Company (FAST) - Canvas Business Model: Customer Segments

You're looking at how Fastenal Company (FAST) structures its customer base right now, late in 2025. It's a clear focus on high-volume, embedded relationships, though smaller customers still matter.

The largest portion of the business comes from the manufacturing sector, which is a combination of heavy and other manufacturing end markets. For November 2025 daily sales, these segments together accounted for 75.4% of sales, broken down into Heavy Manufacturing at 43.1% and Other Manufacturing at 32.3%. This concentration shows where the core value proposition is currently landing strongest.

Contract Customers are definitely the primary growth focus, as evidenced by their daily sales growth. In November 2025, daily sales growth for contract customers was 13.0%, matching October's growth rate of 13.0%. This strategy is paying off, as contract-based sales represented 73.2% of total revenue in Q2 2025, up from 71.2% a year prior. This segment includes national account, government, and local contracts.

Beyond core manufacturing, Fastenal Company sees significant activity in Non-Residential Construction and the broader Other End Markets, which includes data centers. Non-residential construction represented 8.0% of November 2025 daily sales, showing growth of 8.4% year-over-year for that month. The Other End Markets category, which houses data centers, made up 16.6% of November 2025 daily sales, with revenue from large non-manufacturing customers jumping 30% year-over-year in Q2 2025.

The company heavily targets High-Value Sites spending $10,000+ per month. In the third quarter of 2025, these sites accounted for 82.1% of total sales, an increase from 79.4% in Q3 2024. The growth in the number of these $10k+ sites was up 8.1% year-over-year in Q3 2025. Even more valuable are the $50,000+ monthly spending sites, which grew their site count by 15.4% in Q3 2025.

Small-to-Midsize Businesses are served through the branch network and e-commerce channels, though the focus is clearly on the larger accounts. Digital sales, which serve this broader base, accounted for over 60% of total sales in Q3 2025. Daily sales growth for non-contract customers in November 2025 was 8.0%, while eBusiness daily sales growth was 7.0%.

Here is a snapshot of the end market distribution based on November 2025 daily sales percentages:

End Market Segment	% of November 2025 Daily Sales	November 2025 Daily Sales YoY Growth
Heavy Manufacturing	43.1%	13.0%
Other Manufacturing	32.3%	12.9%
Non-residential Construction	8.0%	8.4%
Other End Markets (incl. Data Centers)	16.6%	8.1%

The performance metrics across key customer channels for November 2025 daily sales show the following:

• Daily sales growth - contract customers: 13.0%.
• Daily sales growth - non-contract customers: 8.0%.
• % of Top 100 national accounts growing: 71.0%.
• % of in-market locations growing: 62.9%.
• Daily sales growth - FMI (Fastenal Managed Inventory): 17.0%.
• Daily sales growth - eBusiness: 7.0%.

If onboarding takes 14+ days for a new major account, churn risk rises, honestly.

Finance: draft 13-week cash view by Friday.

Fastenal Company (FAST) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep Fastenal Company's industrial and construction supplies distribution machine running. The cost structure is heavily weighted toward the people who serve the customers and the inventory needed to fulfill those immediate needs.

Cost of Goods Sold (COGS) for industrial and construction supplies.

The cost of the products themselves is the largest single expense category. For the twelve months ending September 30, 2025, Fastenal Company's Cost of Goods Sold was reported at $4.387B. This figure reflects the direct cost of the industrial and construction supplies sold to customers.

Employee-related expenses (70% to 75% of SG&A).

Personnel costs are the dominant component within Selling, General & Administrative (SG&A) expenses. These expenses include payroll, cash compensation, stock option expense, profit sharing, health care, personnel development, and social taxes. For instance, in the fourth quarter of 2024, employee-related expenses represented 70% to 75% of total SG&A expenses, increasing 3.1% year-over-year due to higher average Full-Time Equivalents (FTE) and wages, plus rising health insurance costs.

Capital expenditure for FMI devices and distribution hubs (FY2025 guidance: $265M-$285M).

Significant capital investment is required to support the digital strategy and logistics backbone. Fastenal Company's full-year Capital Expenditure guidance for Fiscal Year 2025 is set between $265M and $285M. For context, the actual capital expenditures in the first quarter of 2025 totaled $53.8 million. These investments fund the expansion of Fastenal Managed Inventory (FMI) devices and major distribution center projects, such as the completion of the Utah hub and the start of construction on the Atlanta hub.

Operating costs for the extensive branch and Onsite network.

The physical footprint is a major operating cost driver, encompassing occupancy and selling-related transportation. As of the 2024 Annual Report, Fastenal supported its operations with a network of 3,628 in-market selling locations across 25 countries. Occupancy-related expenses, which include building rent, depreciation, utility costs, and equipment related to branches and distribution locations, typically account for 15% to 20% of total SG&A expenses. Furthermore, selling-related transportation costs are significant, with approximately 90% of product tonnage between hubs and in-market locations moved by the captive logistics fleet, which operated approximately 490 trucks as of year-end 2024.

The breakdown of SG&A expenses illustrates this cost concentration:

SG&A Component	Approximate Percentage of Total SG&A (Recent Periods)	Cost Driver Examples
Employee-related expenses	70% to 75%	Wages, benefits, profit sharing, health insurance
Occupancy-related expenses	15% to 20%	Branch rent, utility costs, FMI hardware depreciation
All other SG&A expenses	10% to 15%	Selling-related transportation, IT spending, general insurance

Inventory holding and logistics costs.

Maintaining high product availability, especially for same-day access, necessitates substantial inventory investment, which impacts working capital and holding costs. In 2024, 59% of Fastenal's $1.6B inventory was staged locally or within customer sites for immediate access. Proactive inventory building to support customer growth and mitigate tariff risks has been a focus; for example, inventory increased by 11.9% year-over-year leading into 2025, and inventory grew by 14.7% year-over-year in the second quarter of 2025. Logistics costs are also influenced by efforts to manage tariffs, which sometimes involves redirecting imports directly into Canada or Mexico, potentially leading to more fragmented and expensive shipments compared to standard U.S. import routes.

The non-employee portion of SG&A, categorized as All other SG&A expenses, typically ranges from 10% to 15% of total SG&A. This bucket includes variable costs like selling-related transportation, which saw higher lease costs from fleet refreshment, and elevated IT spending for digital capability projects.

Fastenal Company (FAST) - Canvas Business Model: Revenue Streams

You're looking at how Fastenal Company (FAST) converts its operational strength into dollars, which is key to understanding its valuation, especially given the recent market focus on growth versus margin.

The revenue streams are heavily weighted toward the core distribution of maintenance, repair, and operations (MRO) supplies, but the growth engine is clearly the embedded technology services. Honestly, the shift toward these high-touch, automated solutions is what management is betting on to secure future revenue predictability.

Here's the quick math on how the revenue streams broke down based on the latest available data points:

• - Direct Sales of MRO and Safety products (69.4% of November 2025 sales).
• - Fastener Sales (approximately 30.6% of November 2025 sales).
• - Sales from FMI/Vending programs (45.3% of Q3 2025 sales).
• - Revenue from large contract customers (driving 11.7% Q3 2025 sales growth).
• - Price increases initiated in 2025 contributing to revenue uplift.

The pricing actions taken throughout 2025 definitely helped buffer costs. For instance, the impact of product pricing on net sales in the third quarter of 2025 was an increase of 240 to 270 basis points compared to the prior year period, where pricing impact was not material. This follows earlier pricing realization in Q2 2025, where three pricing actions were intended to contribute 3% to 4% price realization.

The embedded technology, which Fastenal calls its Digital Footprint, is a massive component of the revenue base. In Q3 2025, this Digital Footprint, combining eBusiness and FMI technology sales, reached 61.3% of total sales. Sales specifically through FMI Technology (FASTStock, FASTBin, and FASTVend) accounted for 45.3% of total sales in Q3 2025.

The growth from the largest customers is a major revenue driver. In Q3 2025, net sales overall grew 11.7% year-over-year, performance management pointed to the contribution from improved customer contract signings. Daily sales growth for contract customers specifically was 13.0% in November 2025, outpacing the 8.0% growth seen in non-contract customers that month. Furthermore, the number of sites spending $50K or more monthly grew by 15.4% in Q3 2025.

To give you a clearer picture of the recent monthly and quarterly performance metrics that feed these revenue streams, look at this breakdown:

Metric	Period	Value/Rate	Context/Comparison
Net Sales	November 2025	$627.54 million	Up 6.2% versus November 2024
Daily Sales Growth	November 2025	11.8%	Up from 3.4% in November 2024
Net Sales Growth	Q3 2025	11.7%	Up $223.2 million versus Q3 2024
FMI Technology Sales (% of Total Sales)	Q3 2025	45.3%	Sales through FMI Technology
Fastener Daily Sales Growth	November 2025	14.6%	Up from 0.1% in November 2024
Contract Customer Daily Sales Growth	November 2025	13.0%	Versus 7.0% for contract customers in November 2024

The product line split for November 2025 shows Fasteners at 30.6% of sales, with Safety supplies at 22.4%, and Other products making up the remaining 47.0%. This implies that the MRO and Safety component, as defined in your outline, is the complement to fasteners, which aligns with the required 69.4% figure.

Finance: draft 13-week cash view by Friday.