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FERGFerguson Enterprises

Industrials · Industrial Distribution · NYSE

Ferguson is the largest value-added distributor serving the water and air specialized professional in our $340 billion residential and non-residential North American construction market. 10-K, Item 1

FERG quote by TradingView
Employees
35,000
Headquarters
Newport News, VA
CEO
Kevin Murphy
Next results
around Feb 23, 2027
Compare with peers → Embed
All key numbers (40, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)9.78Sales (ttm)32.2BNet income (ttm)1.9BSales growth+3.8%EPS growth+9.3%Sales Q/Q+9.5%
Free cash flow1.1BGross margin30.6%Oper. margin8.7%Net margin6.0%FCF margin3.4%ROE28.8%
ROA9.0%R&D / sales-Dividend3.28Debt/Eq0.93Curr. ratio1.74Cash476.0M
Op. cash flow (ttm)1.5BEBITDA3.0BEBITDA margin9.7%Net debt5.7BQuick ratio1.06Interest cover13.79
ROIC15.6%Payout ratio35.2%Tax rate23.4%Stock pay / sales0.1%Shares out.193.6MShares Y/Y-2.1%
Book / share34.39Cash / share2.46Sales / share166.23Asset turnover1.52Inventory turns4.75Days sales out.47
Sales 3Y CAGR+2.5%EPS 3Y CAGR-1.3%Employees35,000Sales / employee920K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

FERG against Industrials peers

Ten years, side by side → · All 83 →
GrowthProfitBalanceCleanInsiders
FERGPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth
+3.8%48th of 82 · median +4.8%
Net margin
6.0%69th of 82 · median 13.0%
Return on equity
28.8%31st of 77 · median 24.9%
Free cash flow margin
3.4%71st of 79 · median 13.0%
Debt / equity (less is better)
0.9342nd of 72 · median 0.72
FERG and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
FERG Ferguson Enterprises$32.2B +3.8%30.6%6.0%28.8%3.4%0.93
PWR Quanta Services$37.3B +20.3%15.8%4.5%16.0%8.5%0.66
CMI Cummins$35.8B -1.3%25.9%9.3%24.9%9.7%0.54
ETN Eaton Corporation$32.0B +10.3%35.0%12.2%18.6%11.9%0.96
LUV Southwest Airlines$31.5B +2.1%-3.3%14.4%-1.4%0.80
PCAR Paccar$29.1B -15.5%20.1%9.5%13.2%10.5%-

From $28.6B of sales to $2.1B of profit

FY2022, from the 10-K income statement and revenue by segment
United States to Revenue: $27.1BCanada to Revenue: $1.5BRevenue to Gross profit: $8.8BRevenue to Cost of revenue: $19.8BGross profit to Operating profit: $2.8BGross profit to Operating expenses: $5.9BOperating profit to Net profit: $2.1BOperating profit to Tax & other: $698.0M United States: $27.1B · 95% United States$27.1B95% Canada: $1.5B · 5% Canada$1.5B5% Revenue: $28.6B Revenue$28.6B Gross profit: $8.8B · 31% margin Gross profit$8.8B31% margin Cost of revenue: $19.8B · 69% of revenue Cost of revenue$19.8B69% of revenue Operating profit: $2.8B · 10% margin Operating profit$2.8B10% margin Operating expenses: $5.9B · 21% of revenue Operating expenses$5.9B21% of revenue Net profit: $2.1B · 7% margin Net profit$2.1B7% margin Tax & other: $698.0M · 2% of revenue Tax & other$698.0M2% of revenue

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From $29.7B of sales to $1.9B of profit

FY2023, from the 10-K income statement and revenue by segment
United States to Revenue: $28.3BCanada to Revenue: $1.4BRevenue to Gross profit: $9.0BRevenue to Cost of revenue: $20.7BGross profit to Operating profit: $2.7BGross profit to Operating expenses: $6.4BOperating profit to Net profit: $1.9BOperating profit to Tax & other: $770.0M United States: $28.3B · 95% United States$28.3B95% Canada: $1.4B · 5% Canada$1.4B5% Revenue: $29.7B Revenue$29.7B +4% Y/Y Gross profit: $9.0B · 30% margin Gross profit$9.0B30% margin +3% Y/Y Cost of revenue: $20.7B · 70% of revenue Cost of revenue$20.7B70% of revenue Operating profit: $2.7B · 9% margin Operating profit$2.7B9% margin −6% Y/Y Operating expenses: $6.4B · 21% of revenue Operating expenses$6.4B21% of revenue Net profit: $1.9B · 6% margin Net profit$1.9B6% margin −11% Y/Y Tax & other: $770.0M · 3% of revenue Tax & other$770.0M3% of revenue

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From $29.6B of sales to $1.7B of profit

FY2024, from the 10-K income statement and revenue by segment
United States to Revenue: $28.2BCanada to Revenue: $1.4BRevenue to Gross profit: $9.1BRevenue to Cost of revenue: $20.6BGross profit to Operating profit: $2.7BGross profit to Operating expenses: $6.4BOperating profit to Net profit: $1.7BOperating profit to Tax & other: $917.0M United States: $28.2B · 95% United States$28.2B95% Canada: $1.4B · 5% Canada$1.4B5% Revenue: $29.6B Revenue$29.6B +0% Y/Y Gross profit: $9.1B · 31% margin Gross profit$9.1B31% margin +0% Y/Y Cost of revenue: $20.6B · 69% of revenue Cost of revenue$20.6B69% of revenue Operating profit: $2.7B · 9% margin Operating profit$2.7B9% margin +0% Y/Y Operating expenses: $6.4B · 22% of revenue Operating expenses$6.4B22% of revenue Net profit: $1.7B · 6% margin Net profit$1.7B6% margin −8% Y/Y Tax & other: $917.0M · 3% of revenue Tax & other$917.0M3% of revenue

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From $30.8B of sales to $1.9B of profit

FY2025, from the 10-K income statement and revenue by segment
United States to Revenue: $29.3BCanada to Revenue: $1.5BRevenue to Gross profit: $9.4BRevenue to Cost of revenue: $21.3BGross profit to Operating profit: $2.6BGross profit to Operating expenses: $6.8BOperating profit to Net profit: $1.9BOperating profit to Tax & other: $750.0M United States: $29.3B · 95% United States$29.3B95% Canada: $1.5B · 5% Canada$1.5B5% Revenue: $30.8B Revenue$30.8B +4% Y/Y Gross profit: $9.4B · 31% margin Gross profit$9.4B31% margin +4% Y/Y Cost of revenue: $21.3B · 69% of revenue Cost of revenue$21.3B69% of revenue Operating profit: $2.6B · 8% margin Operating profit$2.6B8% margin −2% Y/Y Operating expenses: $6.8B · 22% of revenue Operating expenses$6.8B22% of revenue Net profit: $1.9B · 6% margin Net profit$1.9B6% margin +7% Y/Y Tax & other: $750.0M · 2% of revenue Tax & other$750.0M2% of revenue

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Where each $100 of sales went

FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 4
  • !
    Net margin below the peer median6.0% vs 13.0%
  • ✓
    Gross margin up over 3 years30.7% → 30.7%
  • ✓
    Return on equity above 15%28.8%
  • ✓
    A profit in every one of 4 years
Net margin, FY2022 to FY2025: 7.4% → 6.0%

Balance sheet

3 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 13.8× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.93 on the latest balance sheet (peer median 0.72)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.74
  • !
    Net debt over 3 years of free cash flow$5.7B net debt, 5.2 years
Debt / equity at each year end, FY2022 to FY2025: 0.75 → 0.72
What the debt is made of ↓

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 4 years$1.6B last year
  • ✓
    Share count down over 3 years−9.0%
  • ✓
    Dividend per share up over 3 years$2.50 → $3.28
  • ✓
    Cash from operations above net income$1.9B vs $1.9B
Free cash flow, FY2022 to FY2025: 859.0M → 1.6B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025
Debt: $6.2B Debt$6.2B Long-term debt: $5.6B · 90% Long-term debt$5.6B · 90% Short-term debt: $599.0M · 10% Short-term debt$599.0M · 10% Next 12 months: $150.0M · 2% Next 12 months$150.0M · 2% Year 2: $450.0M · 7% Year 2$450.0M · 7% Year 3: $750.0M · 12% Year 3$750.0M · 12% Year 5: $600.0M · 10% Year 5$600.0M · 10% After year 5: $2.2B · 36% After year 5$2.2B · 36%

The debt note's own lines, 2025-07-31

Line, as the company names itKindRateFixed or floatingAmount
Unsecured Senior Notes:Secured–not stated$3.1B
4.50% due October 2028 (Senior Notes)Notes and bonds4.50%not stated$750.0M
5.00% due October 2034 (Senior Notes)Notes and bonds5.00%not stated$750.0M
4.65% due April 2032 (Senior Notes)Notes and bonds4.65%not stated$700.0M
3.25% due June 2030 (Senior Notes)Notes and bonds3.25%not stated$600.0M
3.73% due September 2025 (Secured Debt)Secured3.73%not stated$400.0M
Receivables Facility (Corporate Debt Securities)––not stated$375.0M
4.25% due April 2027 (Senior Notes)Notes and bonds4.25%not stated$300.0M
3.51% due November 2026 (Secured Debt)Secured3.51%not stated$150.0M
3.83% due September 2027 (Secured Debt)Secured3.83%not stated$150.0M

From the debt note in the 10-K's XBRL (0002011641-25-000027), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2022 to FY2025

Revenue 30.8B Net income 1.9B
FY2022 revenue 28.6B · Revenues, 0002011641-24-000005 FY2022 net income 2.1B · NetIncomeLoss, 0002011641-24-000005 28.6B FY2022 FY2023 revenue 29.7B · Revenues, 0002011641-26-000006 FY2023 net income 1.9B · NetIncomeLoss, 0002011641-26-000006 29.7B FY2023 FY2024 revenue 29.6B · Revenues, 0002011641-26-000006 FY2024 net income 1.7B · NetIncomeLoss, 0002011641-26-000006 29.6B FY2024 FY2025 revenue 30.8B · Revenues, 0002011641-26-000006 FY2025 net income 1.9B · NetIncomeLoss, 0002011641-26-000006 30.8B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

FERG's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue30.8B
FY2022: 28.6BFY2023: 29.7BFY2024: 29.6BFY2025: 30.8B FY2022FY2023FY2024FY2025
Net income1.9B
FY2022: 2.1BFY2023: 1.9BFY2024: 1.7BFY2025: 1.9B FY2022FY2023FY2024FY2025
Free cash flow1.6B
FY2022: 859.0MFY2023: 2.3BFY2024: 1.5BFY2025: 1.6B FY2022FY2023FY2024FY2025
EPS (diluted)9.32
FY2022: 9.69FY2023: 9.12FY2024: 8.53FY2025: 9.32 FY2022FY2023FY2024FY2025
Dividend per share3.28
FY2022: 2.50FY2023: 4.16FY2024: 3.12FY2025: 3.28 FY2022FY2023FY2024FY2025
Diluted shares199.2M
FY2022: 218.9MFY2023: 207.2MFY2024: 203.5MFY2025: 199.2M FY2022FY2023FY2024FY2025

Revenue by business segment

year to Jul 31, 2025
RevenueSharevs year before
United States 29.3B95.1% +3.8%
Canada 1.5B4.9% +3.7%

10-K 0002011641-25-000027, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2022FY2023FY2024FY2025
Revenue28.6B29.7B29.6B30.8B
Cost of revenue19.8B20.7B20.6B21.3B
Gross profit8.8B9.0B9.1B9.4B
SG&A5.6B5.9B6.0B6.4B
Operating income2.8B2.7B2.7B2.6B
Interest expense111.0M184.0M179.0M189.0M
Pretax income2.7B2.5B2.5B2.4B
Income tax609.0M575.0M729.0M567.0M
Net income2.1B1.9B1.7B1.9B
EPS (diluted)9.699.128.539.32
Diluted shares218.9M207.2M203.5M199.2M
Depreciation & amortization301.0M321.0M335.0M373.0M
EBITDA3.1B3.0B3.0B3.0B
Gross margin30.7%30.4%30.5%30.7%
Operating margin9.9%8.9%8.9%8.5%
Net margin7.4%6.4%5.9%6.0%
Revenue growth-+4.1%-0.3%+3.8%
EPS growth--5.9%-6.5%+9.3%

Balance sheet

From EDGAR
FY2022FY2023FY2024FY2025
Cash771.0M601.0M571.0M674.0M
Receivables-3.6B3.6B4.0B
Inventory-3.9B4.2B4.5B
Current assets-9.1B9.4B10.1B
Property & equipment-1.6B1.8B1.8B
Goodwill2.0B2.2B2.4B2.5B
Total assets-16.0B16.6B17.7B
Accounts payable-3.4B3.4B3.6B
Current liabilities-5.4B5.2B6.0B
Total debt-3.8B4.0B4.2B
Total liabilities-11.0B11.0B11.9B
Shareholders' equity4.7B5.0B5.6B5.8B
Retained earnings-8.6B9.6B6.8B

Cash flow

From EDGAR
FY2022FY2023FY2024FY2025
Operating cash flow1.1B2.7B1.9B1.9B
Capital spending290.0M441.0M372.0M305.0M
Free cash flow859.0M2.3B1.5B1.6B
Stock-based pay (added back)57.0M51.0M49.0M28.0M
Dividends paid538.0M711.0M784.0M489.0M
Buybacks1.5B908.0M634.0M948.0M
Acquisitions650.0M616.0M260.0M301.0M
Debt raised2.0B2.8B2.3B4.6B
Debt repaid575.0M2.9B2.1B4.4B
Investing cash flow-922.0M-1.1B-601.0M-543.0M
Financing cash flow-744.0M-1.8B-1.3B-1.3B
Dividend per share2.504.163.123.28

Stock-based pay and leases

From EDGAR
FY2022FY2023FY2024FY2025
Stock-based pay (expense)57.0M51.0M49.0M28.0M
Stock-based pay / revenue0.2%0.2%0.2%0.1%
Operating lease cost349.0M390.0M440.0M484.0M
Operating lease cash paid337.0M379.0M424.0M469.0M
Right-of-use assets-1.5B1.6B1.8B
Operating lease liabilities-1.5B1.6B1.8B

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on FERG in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/FERG/export.csv") into a cell.