Wide-Moat Fastenal Uses Natural Operating Leverage to Compound Earnings in the Midteens
Since opening its first fasteners store in 1967, Fastenal has built one of the largest industrial distribution businesses in the United States. For many years, Fastenal’s growth story was driven by its traditional branch distribution system. While this expansive footprint is still an important component of Fastenal’s business model, other strategies—including expanding its product portfolio, its vending and inventory management services, and, most recently, its on-site program—have become increasingly important growth drivers.
United States