# Ferguson Enterprises Inc. (FERG)

> Source: Nexqual · https://nexqual.com/FERG · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Ferguson Enterprises Inc. (FERG), nexqual.com/FERG" · informational, not investment advice.

**Price:** USD 227.31 (-0.29% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 227.96 · day 223.19–228.9 · 52w 212.13–271.64 · market cap $44.0B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $32.9B, net income $2.35B (7.1% margin), free cash flow $1.26B (SEC filings).
- Valuation: P/E 18.7x (avg 22.6x at the last 3 fiscal year-ends), EV/EBITDA 13.5x, net debt $4.47B.
- 10 of 80 tracked superinvestors hold FERG (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 0 new, 6 added, 2 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 14 Form 4 filings, $8.6M; 1 not under a Rule 10b5-1 plan ($1.2M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.25 on a 1–5 scale) (24 analysts), mean target USD 283.23 (range 235–325).
- Total return with dividends: 1Y -5.8% vs S&P 500 +14.9%; 5Y +68.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-09, EPS estimate USD 3.29, revenue estimate $8.68B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $28.6B | $29.7B | $29.6B | $30.8B | $32.9B |
| Gross profit | $8.76B | $9.03B | $9.05B | $9.44B | — |
| Operating income | $2.82B | $2.66B | $2.65B | $2.61B | $3.20B |
| Net income | $2.12B | $1.89B | $1.74B | $1.86B | $2.35B |
| EPS (diluted) | $9.69 | $9.12 | $8.53 | $9.32 | — |
| Free cash flow | $859M | $2.28B | $1.50B | $1.60B | $1.26B |
| Gross margin | 30.7% | 30.4% | 30.5% | 30.7% | — |
| Operating margin | 9.9% | 8.9% | 8.9% | 8.5% | 9.7% |
| Net margin | 7.4% | 6.4% | 5.9% | 6.0% | 7.1% |
| Revenue growth | — | +4.1% | -0.3% | +3.8% | — |
| Cash + short-term investments | $771M | $601M | $571M | $674M | — |
| Total debt | — | $3.77B | $3.95B | $4.17B | — |
Fiscal years end Jul. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 18.7x · P/S 1.3x · EV/EBITDA 13.5x · EV/Sales 1.5x · P/FCF 34.8x · P/B 7.1x · FCF yield 2.88% · Earnings yield 5.34% · Dividend yield (paid, TTM) 1.54% · Buyback yield (TTM) 1.90% · Net debt $4.47B · EV $48.4B
P/E at fiscal year-ends: Jul 2025 24.0x, Jul 2024 26.1x, Jul 2023 17.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
10 of 80 tracked investors hold FERG (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Henry Ellenbogen | Durable Capital Partners | 6.88% | $707M | Added +35.9% | Q2 2026 |
| Seth Klarman | Baupost Group | 6.36% | $344M | Added +0.6% | Q2 2026 |
| William Von Mueffling | Cantillon Capital Management | 2.87% | $19.1M | Reduced -95.4% | Q2 2026 |
| John Armitage | Egerton Capital | 2.40% | $236M | Added +5.4% | Q3 2026 |
| First Pacific Advisors |  | 2.34% | $187M | Reduced -3.7% | Q2 2026 |
| Thomas Gayner | Markel Group | 0.33% | $42.8M | Added +5.6% | Q2 2026 |
| Francois Rochon | Giverny Capital | 0.30% | $8.9M | Added +1.8% | Q2 2026 |
| First Eagle Investment | First Eagle Investment Management | 0.26% | $156M | Added +4.1% | Q2 2026 |
| Wallace Weitz | Weitz Investment Management | 0.09% | $1.2M | Unchanged | Q2 2026 |
| Ruane Cunniff | Ruane Cunniff LP | <0.01% | $237K | Unchanged | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
13 of 14 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-16 | Graham Ian T. | See Remarks | 1,097 | $252K | 10% | Yes | Too little history (no open-market trades in 2023) |
| 2026-10-14…2026-10-15 | Thees William T. Jr | Chief Operating Officer | 570 | $127K | 1.8% | Yes | Too little history (no open-market trades in 2023) |
| 2026-10-15 | Stirrup Allison | Chief Human Resources Officer | 922 | $207K | 11.6% | Yes | Too little history (no open-market trades in 2023) |
| 2026-10-14…2026-10-15 | Schlicher Jake | Chief Strategy Officer | 531 | $118K | 5.8% | Yes | Too little history (no open-market trades in 2023) |
| 2026-10-14…2026-10-15 | Murphy Kevin Michael | See Remarks | 2,461 | $550K | 1.4% | Yes | Too little history (no open-market trades in 2023) |
| 2026-10-14…2026-10-15 | Graham Ian T. | See Remarks | 337 | $75K | 3% | Yes | Too little history (no open-market trades in 2023) |
| 2026-10-14…2026-10-15 | Camposano Robert Anthony Jr. | Senior VP - Waterworks | 386 | $86K | 3.6% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-12 | Thees William T. Jr | Chief Operating Officer | 3,510 | $772K | 9.7% | Yes | Too little history (no open-market trades in 2023) |
| 2026-10-12 | Schlicher Jake | Chief Strategy Officer | 3,138 | $686K | 24.8% | Yes | Too little history (no open-market trades in 2023) |
| 2026-10-12 | Murphy Kevin Michael | See Remarks | 11,259 | $2.4M | 6.1% | Yes | Too little history (no open-market trades in 2023) |
| 2026-10-12 | Graham Ian T. | See Remarks | 1,854 | $406K | 13.9% | Yes | Too little history (no open-market trades in 2023) |
| 2026-10-12 | Camposano Robert Anthony Jr. | Senior VP - Waterworks | 1,580 | $346K | 12.6% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-12 | Brundage William | Chief Financial Officer | 5,986 | $1.3M | 9.8% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-28 | Schlicher Jake | Chief Strategy Officer | 5,177 | $1.2M | 35.3% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.25 on a 1–5 scale), 24 analysts; mean target USD 283.23 (low 235, high 325).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-07 | RBC Capital | Target lowered | Outperform | $290 → $286 |
| 2026-08-11 | UBS | Target raised | Neutral | $252 → $256 |
| 2026-08-11 | Bernstein | Target raised | Outperform | $310 → $325 |
| 2026-08-11 | RBC Capital | Target raised | Outperform | $281 → $290 |
| 2026-08-11 | Barclays | Target raised | Overweight | $297 → $313 |
| 2026-08-11 | Oppenheimer | Target raised | Outperform | $280 → $288 |
| 2026-08-11 | Wells Fargo | Target raised | Overweight | $285 → $295 |
| 2026-08-11 | Baird | Target raised | Outperform | $285 → $288 |
| 2026-07-17 | Zelman & Assoc | Upgrade | Neutral → Outperform | $285 |
| 2026-07-07 | Goldman Sachs | Downgrade | Buy → Neutral | $315 → $265 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -5.8% | +68.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -5.8% | +11.0% |
| Volatility (annualized) | 29.8% | 29.5% |
| Max drawdown | -19.4% (Apr 2026→Sep 2026) | -42.3% (Dec 2021→Sep 2022) |

## Peers (Industrial Distribution)
FAST (Fastenal Company) USD 52.73 +0.46% · GWW (W.W. Grainger, Inc.) USD 1,360.08 +0.61% · WCC (WESCO International, Inc.) USD 323.68 -7.23% · WSO (Watsco, Inc.) USD 327.04 +7.22% · AIT (Applied Industrial Technologies) USD 319.4 -5.75% · QXO (QXO, Inc.) USD 11.02 +6.89%

## More
Full page: https://nexqual.com/FERG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $8.34B | 95.3% | +5.0% |
| Canada | $408.0M | 4.7% | -1.9% |
| Total revenue | $8.75B | 100% | — |

## Customer concentration

Period ended 2026-06-30: 24%, 20%, 16%, 14%, 13%, 7%, 4%, 2% of revenue from unnamed direct customers (10-Q, filed 2026-08-10).

## Company outlook (8-K filed 2026-08-10)

- "We remain confident in our ability to capitalize on these growth drivers as we provide essential water and air solutions for the complex project needs of the specialized professional." Calendar 2026 Guidance Updated guidance does not include the expected impact of the FloWorks acquisition, expected to close during the third quarter."
- "Prior 2026 Guidance January 1 - December 31, 2026 Updated 2026 Guidance J"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $3.29 | $3.29 | -0.2% | $8.68B | 13 |
| Next quarter (ends 2026-12-31) | $2.46 | $2.45 | +0.4% | $8.22B | 13 |
| Current fiscal year (ends 2026-12-31) | $11.41 | $11.25 | +1.4% | $33.09B | 15 |
| Next fiscal year (ends 2027-12-31) | $12.68 | $12.53 | +1.2% | $35.52B | 15 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-09): ±9.0%; last 8 reports averaged ±7.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 39.5% | ±9.0% |
| 2026-12-18 | 56 | 35.3% | ±11.2% |
| 2027-02-19 | 119 | 33.1% | ±15.2% |
| 2027-05-21 | 210 | 32.8% | ±19.8% |