Ferguson Enterprises Inc. /DE/ FERG
Ferguson is North America's largest value-added distributor of essential water and air solutions, serving the specialized professional in our $340 billion residential and non-residential construction markets. We help make our customers' complex projects simple, successful and sustainable by providing expertise and a wide range of products and services from plumbing, heating, ventilation and air conditioning ("HVAC"), appliances, and lighting to pipes, valves and fittings ("PVF"), water and wastewater solutions and more. We sell through a common network of distribution centers, branches, counter service and expert sales associates, showroom consultants and e-commerce channels.
The Company has a long history and maintained businesses throughout Europe, Canada and the United States in the 1900s. In the early 2000s, the Company's focus shifted to attractive North American markets. As a result, the operating businesses across Europe were disposed of through various transactions. As part of this transition, and following a corporate restructuring, Ferguson Enterprises Inc. became the ultimate parent company for the business in August 2024.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $30.76B | $29.64B | $29.73B | $28.57B | — |
| Cost of revenue | $21.33B | $20.58B | $20.71B | $19.81B | — |
| Gross profit | $9.44B | $9.05B | $9.03B | $8.76B | — |
| SG&A | $6.38B | $6.04B | $5.92B | $5.63B | — |
| Operating income | $2.61B | $2.65B | $2.66B | $2.82B | — |
| Interest expense | $190.0M | $179.0M | $184.0M | $111.0M | — |
| Pre-tax income | $2.42B | $2.46B | $2.46B | $2.71B | — |
| Income tax | $567.0M | $729.0M | $575.0M | $609.0M | — |
| Net income | $1.86B | $1.74B | $1.89B | $2.12B | — |
| EPS, basic | 9.33 | 8.55 | 9.15 | 9.75 | — |
| EPS, diluted | 9.32 | 8.53 | 9.12 | 9.69 | — |
| Shares, diluted (wtd. avg.) | $199.2M | $203.5M | $207.2M | $218.9M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $674.0M | $571.0M | $601.0M | $771.0M | — |
| Receivables | $3.96B | $3.60B | $3.60B | — | — |
| Inventory | $4.49B | $4.19B | $3.90B | — | — |
| Total current assets | $10.15B | $9.41B | $9.08B | — | — |
| Property, plant and equipment | $1.85B | $1.75B | $1.59B | — | — |
| Goodwill | $2.46B | $2.36B | $2.24B | $2.05B | — |
| Other intangibles | $726.0M | $753.0M | $783.0M | — | — |
| Total assets | $17.73B | $16.57B | $15.99B | — | — |
| Accounts payable | $3.58B | $3.41B | $3.41B | — | — |
| Short-term debt | $400.0M | $150.0M | $55.0M | — | — |
| Total current liabilities | $6.03B | $5.22B | $5.43B | — | — |
| Long-term debt | $3.75B | $3.77B | $3.71B | — | — |
| Total liabilities | $11.90B | $10.96B | $10.96B | — | — |
| Retained earnings | $6.78B | $9.59B | $8.56B | — | — |
| Total equity | $5.83B | $5.62B | $5.04B | $4.67B | $5.00B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating cash flow | $1.91B | $1.87B | $2.72B | $1.15B | — |
| Depreciation and amortisation | $373.0M | $335.0M | $321.0M | $301.0M | — |
| Stock-based compensation | $28.0M | $49.0M | $51.0M | $57.0M | — |
| Capital expenditure | $305.0M | $372.0M | $441.0M | $290.0M | — |
| Investing cash flow | -$543.0M | -$601.0M | -$1.05B | -$922.0M | — |
| Financing cash flow | -$1.29B | -$1.31B | -$1.81B | -$744.0M | — |
| Dividends paid | $489.0M | $784.0M | $711.0M | $538.0M | — |
| Buybacks | $948.0M | $634.0M | $908.0M | $1.54B | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0002011641-26-000006.
Others in SIC 5070
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WSO | WATSCO INC | $12.03B | 25.7x | -5.0% |