Is Fastenal a Fortune 500 Company?
As an investor, understanding the financial strength of a company is crucial in making informed decisions about where to put your money. One of the key metrics investors use to assess a company’s financial health is its inclusion on the Fortune 500 list. Fastenal, a distributor of industrial and construction supplies, has been in business since 1967 and is a well-known name in the industry. But is Fastenal a Fortune 500 company? Let’s take a closer look.
History of Fastenal
Fastenal was founded in Winona, Minnesota, by Bob Kierlin and four other friends in 1967. The company started out as a supplier of nuts and bolts, and has since expanded its product offerings to include thousands of other industrial and construction supplies. In the early days, the company operated under the name “Fastenal Company,” but later changed its name to “Fastenal Corporation” when it went public in 1987.
Fastenal now has over 2,600 stores worldwide, serving customers in various industries such as manufacturing, construction, and government. The company is known for its vast inventory of supplies, fast delivery times, and exceptional customer service.
What is the Fortune 500?
The Fortune 500 is an annual list compiled and published by Fortune magazine, ranking the largest U.S. companies by total revenue. Companies are ranked by their revenue in the previous fiscal year, and only those that are incorporated in the United States and operate primarily in the country are eligible for inclusion on the list.
To be considered for the Fortune 500, a company must meet certain criteria, including being public or having filed financial statements with a government agency, having at least $5.4 billion in revenue, and being headquartered in the United States.
Fastenal has been a publicly traded company since 1987 and is listed on the NASDAQ stock exchange under the ticker symbol FAST. The company’s annual revenue has steadily increased over the years, with the most recent figure being $5.6 billion in 2020. This puts Fastenal just above the minimum revenue threshold for inclusion on the Fortune 500 list.
As of June 2021, Fastenal had a market capitalization of around $30.5 billion, with its stock price hovering around $45 per share. The company’s earnings per share for the second quarter of 2021 were $0.45, up from $0.36 in the same quarter the previous year.
Fastenal’s Recent Performance
Fastenal’s recent financial performance has been impressive, even amidst the COVID-19 pandemic. The company’s sales increased by 7.5% in 2020, largely due to its ability to quickly adapt to the changing needs of its customers during the pandemic. Fastenal shifted its focus to providing essential supplies such as personal protective equipment (PPE) and hand sanitizer, which helped to drive sales.
In addition to its strong financial performance, Fastenal has also been recognized for its outstanding customer service. The company was named a 2021 Top Workplace by the Minneapolis Star Tribune, earning high marks in categories such as workplace culture, leadership, and employee engagement.
Is Fastenal a Fortune 500 Company?
Yes, Fastenal is a Fortune 500 company. The company made its first appearance on the prestigious list in 1996 and has remained there ever since. In 2020, Fastenal ranked number 128 on the Fortune 500, with total revenue of $5.6 billion. The company’s inclusion on this list is a testament to its financial strength and business success.
Fastenal is a well-known supplier of industrial and construction supplies, operating over 2,600 stores worldwide. The company’s financials have steadily improved over the years, and it is now a Fortune 500 company with over $5.6 billion in total revenue. Investors looking to add a financially stable industrial supplier to their portfolio may find Fastenal to be a good choice..