Fastenal

Fastenal finished 2025 with $276.8 million cash, $125 million of debt, and $3.94 billion of equity, implying very low leverage and ample liquidity. Operating cash flow was $1.30 billion against $245.3 million of gross capex, yielding roughly $1.05 billion of free cash flow.

Dividend payments totaled $1.00 billion in 2025, with a new quarterly dividend of $0.24 declared for Q1 2026, reflecting a balanced yet generous payout. Peak intra-quarter borrowings were managed down by year end, and management expects to lift 2026 capex to $310–$330 million for DC upgrades, trucking, and IT, which we view as internally fundable.

Interest exposure is negligible. Overall resilience is excellent.