# Fastenal **Source:** https://geo.sig.ai/brands/fastenal **Vertical:** Manufacturing **Subcategory:** Enterprise **Tier:** Leader **Website:** fastenal.com **Last Updated:** 2026-04-14 ## Summary Winona MN industrial distribution (NASDAQ: FAST) at $7.55B FY2024 revenue (+2.7%); 100,000+ vending units + 1,600 Onsite embedded locations at manufacturing plants, net income $1.15B competing with Grainger and MSC. ## Company Overview Fastenal Company is a Winona, Minnesota-based industrial distribution company — publicly traded on NASDAQ (NASDAQ: FAST) as an S&P 500 Industrials component — distributing fasteners (bolts, nuts, screws, anchors), safety products, cutting tools, chemicals, electrical supplies, and other manufacturing and maintenance supplies through approximately 3,400 branches, 100,000+ vending units at customer facilities, and 1,600+ Onsite locations embedded at customer manufacturing plants, through approximately 22,000 employees. In fiscal year 2024, Fastenal reported annual revenue of $7.55 billion (+2.71% year-over-year) and net income of $1.15 billion — modest growth reflecting the challenging industrial manufacturing environment where factory output and MRO spending growth was constrained by cautious capital investment from manufacturing customers. CEO Dan Florness leads Fastenal's industry-leading managed inventory strategy — the FMI (Fastenal Managed Inventory) technology platform — combining vending machines, RFID-tracked lockers, and Onsite team members to help manufacturing customers reduce working capital tied up in fastener and MRO inventory while ensuring product availability exactly when production needs it. Fastenal's Onsite model (dedicated Fastenal employees working full-time inside customer manufacturing facilities to manage supply needs) now represents approximately 1,600 Onsite locations generating strong productivity per Fastenal employee, reflecting the company's evolution from a counter-top distribution branch model to an embedded supply chain partner. Fastenal's vending and Onsite distribution model creates sticky customer relationships that commodity online distribution cannot displace: when a manufacturer installs Fastenal's FMI vending machines on the production floor (stocked with cutting inserts, safety gloves, drill bits, and fastener assortments that production operators scan their badge to retrieve), every product pull is logged, inventory is automatically replenished when it reaches minimum levels, and usage analytics are shared with the plant manager — replacing the manual stock room counting, stockout management, and emergency purchasing that consumed maintenance supervisors' time. The Onsite model deepens the relationship further: a Fastenal employee embedded at the customer facility manages the entire fastener and MRO supply chain (ordering, receiving, kitting for production assemblies, vendor consolidation) — delivering value-added services that make Fastenal a supply chain process partner rather than a product vendor. These embedded relationships generate high customer retention and switching costs because displacing a Fastenal Onsite requires the customer to rebuild the supply chain management capability in-house. In 2025, Fastenal competes in industrial distribution and managed inventory solutions against W.W. Grainger (NYSE: GWW, $16.5B revenue, MRO distribution), MSC Industrial Direct (NYSE: MSM, $3.9B revenue, precision machining supplies), and Amazon Business (e-commerce industrial supply) for manufacturing plant MRO spending, vending machine floor space, and Onsite contract commitments. Fastenal's competitive differentiation versus Grainger lies in the vending and Onsite embedded services model — Grainger excels in digital commerce and catalog breadth, while Fastenal wins at the point of production consumption through managed inventory technology and on-site service. The manufacturing environment headwinds (aerospace supply chain recovery, automotive production variability, semiconductor equipment softness) create near-term revenue growth constraints that Fastenal manages through Onsite account signing (new Onsite wins compound over time regardless of macro environment). The 2025 strategy focuses on accelerating Onsite account signings, growing FMI vending units at existing and new customers, and expanding the safety product category (PPE, first aid, industrial hygiene) where Fastenal has grown from a fastener specialist to a comprehensive safety supply partner. ## Frequently Asked Questions ### What does Fastenal do? Fastenal is North America's largest fastener distributor and a leading industrial supply chain solutions provider. The company supplies over a million products including fasteners, tools, safety equipment, and industrial supplies to manufacturing, construction, and industrial customers through 3,600+ locations worldwide, innovative vending solutions, Onsite service locations, and digital platforms. ### Who are Fastenal's customers and target market? Fastenal serves a diverse industrial customer base including manufacturers, contractors, government agencies, and maintenance operations across virtually all industries. Target markets include automotive manufacturing, aerospace, construction, mining, oil & gas, food processing, and general manufacturing. The company serves both large national accounts with dedicated Onsite teams and local businesses through branch locations. ### When was Fastenal founded? Fastenal was founded in 1967 by Bob Kierlin and four partners in Winona, Minnesota. The company opened its first retail location on November 28, 1967, and was officially incorporated on December 24, 1968. In 1987, Fastenal went public with an IPO and has been traded on NASDAQ under the ticker symbol FAST ever since. ### Where is Fastenal headquartered and how many locations does it have? Fastenal is headquartered in Winona, Minnesota at 2001 Theurer Blvd, employing approximately 1,800 people at its corporate headquarters. The company operates 3,628 in-market locations across 25 countries including all 50 U.S. states, all Canadian provinces, and international markets in Mexico, Singapore, China, UK, Netherlands, Germany, Hungary, Spain, Poland, and Brazil. Additionally, Fastenal operates 2,031 Onsite locations embedded within customer facilities. ### What is Fastenal's revenue and financial performance? Fastenal reported $7.55 billion in revenue for fiscal year 2024, representing 2.71% year-over-year growth. The company generated net income of $1.15 billion in 2024 and maintains a market capitalization of approximately $48-55 billion. Fastenal is a component of the S&P 500 index (added in 2008) and trades on NASDAQ under ticker symbol FAST. ### What makes Fastenal different from competitors? Fastenal differentiates through three key innovations: (1) FASTVend industrial vending machines providing 24/7 automated access with consumption tracking that reduces waste by 25-35%, (2) Onsite service model with over 2,000 embedded locations within customer facilities for integrated supply chain management, and (3) aggressive digital transformation with 33.2% of sales through digital channels in Q3 2024, projected to reach 66-68% by end of 2025. The company combines physical presence with technology-enabled services that competitors struggle to match. ### Who are Fastenal's main competitors? Fastenal competes with other large industrial distributors including W.W. Grainger, MSC Industrial Supply, Genuine Parts Company (Motion Industries), and Applied Industrial Technologies in the MRO space. In fasteners specifically, competitors include Würth Group and regional distributors. However, Fastenal's integrated vending and Onsite model creates a differentiated competitive position that traditional distributors find difficult to replicate. ### How can I contact Fastenal? You can contact Fastenal through their website at www.fastenal.com, by phone at their corporate headquarters in Winona, Minnesota, or by visiting any of their 3,600+ branch locations worldwide. For investor relations, contact investor.fastenal.com. Each branch location has dedicated sales representatives who can assist with product selection, pricing, and service options including vending and Onsite programs. ### Is Fastenal hiring and what is the company culture like? Yes, Fastenal regularly hires across its 23,702-person workforce, with strong preference for promoting from within. The company culture emphasizes entrepreneurial autonomy, challenging employees to 'run their own business' while adhering to core values of Ambition, Innovation, Integrity, and Teamwork. Employee development is central, with comprehensive training programs and clear advancement paths. The company's safety record is 54% better than industry average, reflecting its commitment to employee wellbeing. ### What is the latest news about Fastenal? Recent 2024-2025 developments include: (1) Reporting $7.55B revenue for fiscal 2024 with continued digital channel growth, (2) Leadership transition with Jeff Watts promoted to President & Chief Sales Officer in August 2024, (3) CFO Holden Lewis resignation effective April 2025 with Sheryl Lisowski serving as Interim CFO, (4) Opening 93 new Onsite locations in Q3 2024 alone reaching 2,031 total sites, (5) Publishing 2025 ESG Report highlighting silver medal from EcoVadis, and (6) Digital sales reaching 33.2% of total sales in Q3 2024. ### What is Fastenal's market position? Fastenal is North America's largest fastener distributor and ranks #4 on Industrial Distribution Magazine's Top 50 List. The company is a Fortune 500 member (ranked 479th in 2021) and S&P 500 component. Fastenal was ranked #3 in Wholesalers: Diversified in Fortune's World's Most Admired Companies in 2022. The company generates nearly 85% of revenue in the US and maintains a dominant position in industrial vending with over 20,000 FASTVend machines deployed. ### What are Fastenal's future plans and growth strategy? Fastenal's growth strategy focuses on three pillars: (1) Digital transformation with goal of 66-68% of sales through digital channels by end of 2025, (2) Expanding Onsite locations with 11.5% growth in 2024 to embed more deeply in customer operations, and (3) Growing FMI (Fastenal Managed Inventory) to 63-64% of sales by 2025 with long-term target of 65-70%. The company aims to reach $10 billion in total sales through these integrated physical-digital strategies while maintaining its customer service excellence and entrepreneurial culture. ## Tags b2b, hardware, manufacturing, supply-chain, public, global, enterprise --- *Data from geo.sig.ai Brand Intelligence Database. Updated 2026-04-14.*