6 days ago
4
William Temple
Tue, March 17, 2026 astatine 8:13 AM CDT 5 min read
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Fastenal (FAST) posted $2.03B successful Q4 revenue, up 11% year-over-year, with FMI exertion present representing 46.1% of income and 136,600 progressive vending units driving integrated maturation contempt level concern production. DistributionNow (DNOW) reported $959M successful Q4 gross including $388M from the MRC Global acquisition closed successful November, but adjusted EBITDA borderline compressed to 6.4% arsenic CEO David Cherechinsky acknowledged Oracle ERP implementation challenges that are a “much heavier assistance than antecedently known” and affecting astir 40% of combined U.S. operations.
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Fastenal is compounding done exertion penetration and lawsuit lock-in portion DNOW indispensable resoluteness its ERP disruption wrong the adjacent 2 quarters to capitalize connected $70M successful three-year outgo synergies and stabilize margins earlier vigor marketplace conditions shift.
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Fastenal (NASDAQ:FAST) and DNOW (NYSE:DNOW) some conscionable reported Q4 2025 earnings, and the opposition could not beryllium sharper. One is simply a technology-driven compounder grinding retired integrated maturation successful a sluggish concern economy. The different conscionable swallowed a institution doubly its size and is wrestling with an ERP strategy its ain CEO called "a overmuch heavier assistance than antecedently known."
Fastenal posted $2.027 cardinal successful Q4 revenue, up 11% year-over-year, portion concern accumulation sat adjacent flat. The spread betwixt Fastenal's maturation and the broader marketplace tells the story: the institution is taking stock done vending and managed inventory technology. FMI penetration reached FMI exertion present accounts for 46.1% of sales, up from 43.9% a twelvemonth ago, with an installed basal of 136,600 progressive units. Contract customers correspond 73.8% of full sales, and their regular income complaint grew 12.9% versus 5.7% the anterior year.
DNOW's Q4 looked precise different. Revenue deed $959 million, but $388 cardinal came from the MRC Global stub play aft the merger closed November 6. Adjusted EBITDA borderline compressed to 6.4%, good beneath the 8.2% bequest DNOW achieved for the afloat year. CEO David Cherechinsky was direct: "We person identified the ERP challenges to beryllium a overmuch heavier assistance than antecedently known. Design architecture is resulting successful inefficiencies for definite halfway processes, continuing antagonistic operating and fiscal impacts."
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