Fastenal management check
FAST · Industrials · Trading Companies & Distributors · CEO Daniel L. Florness
Filings as of
1 good · 5 to watch · 1 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $185, against $219 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.08 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.3% of net income$4.2m of reported pay in fiscal 2025, against $1.3bn of net income.
- Watch
Do they own the stock?
Insiders are selling3 insiders sold $2.5m in the last six months and none bought.
- Watch
Are owners being diluted?
Share count growingDiluted shares changed +0.2% a year over the last three fiscal years. Stock-based pay was 0.1% of revenue in the latest year.
- Watch
Is leadership stable?
10 leadership filings in 3 yearsCEO in the pay table: Daniel L. Florness. 10 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Flag
Are the books clean?
Red flags on file2 auditor changes (8-K 4.01) since 2021. 1 amended annual report.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Industrials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 31 | 55 | |
| Pay for performance | 54 | 86 | |
| CEO cost | 90 | 48 | |
| Skin in the game | — | — | 55 |
| Dilution | 48 | 62 | |
| Stable leadership | 75 | 75 | |
| Clean books | 15 | 100 |
Closest peers
Others in Trading Companies & Distributors, by management score. Fastenal is 73rd of 81 in its sector.
- 60FERGFerguson Enterprises79
- 77URIUnited Rentals78
- 406FTVFortive52
- 407FASTFastenal52
- 411CPRTCopart52
- 416DDDuPont51
Pay versus performance
From the proxy statement filed February 25, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Daniel L. Florness | $4.2m | $4.9m | $1.5m | $185 | $219 | $1.3bn |
| 2024 | Daniel L. Florness | $1.7m | $2.3m | $861k | $163 | $196 | $1.2bn |
| 2023 | Daniel L. Florness | $3.1m | $5.4m | $1.4m | $143 | $172 | $1.2bn |
| 2022 | Daniel L. Florness | $5.4m | $3.3m | $2.4m | $101 | $116 | $1.1bn |
| 2021 | Daniel L. Florness | $2.4m | $5.6m | $1.4m | $134 | $134 | $925.0m |
The board says pay is tied most to company-wide pre-tax income. Its other key measures: Company-wide pre-tax income, Working capital management, Company-wide net income.
Insiders and the CEO's stake
3 insiders sold $2.5m in the last six months and none bought.
- SoldRita J. HeiseDirector$1.8mAug 5, 2026
- SoldDonnalee Kathleen PapenfussEVP-Strategy and Communication$476kAug 13, 2026
- SoldMichael J AnciusDirector$303kAug 10, 2026
Leadership and governance on file
- Jul 16, 2026Leadership change8-K/A 5.02
- Jun 12, 2026Leadership change8-K 5.02
- Apr 29, 2026Leadership change8-K 5.02
- Dec 22, 2025Leadership change8-K 5.02
- Nov 3, 2025Leadership change8-K 5.02
- Apr 25, 2025Leadership change8-K 5.02
- Apr 10, 2025Leadership change8-K 5.02
- Feb 6, 2025Auditor change8-K/A 4.01
- Jan 17, 2025Leadership change8-K 5.02
- Dec 27, 2024Leadership change8-K 5.02
- Jul 24, 2024Auditor change8-K 4.01
- Jul 12, 2024Leadership change8-K 5.02
Latest shareholder vote results: Apr 24, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $4.5bn returned to owners in buybacks and dividends, 81% of net income, and $36.5m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $6.0bn | $7.0bn | $7.3bn | $7.5bn | $8.2bn |
| Net income | $925.0m | $1.1bn | $1.2bn | $1.2bn | $1.3bn |
| Stock-based pay | $5.6m | $7.2m | $7.3m | $8.0m | $8.4m |
| Buybacks | $0 | $237.8m | $0 | $0 | — |
| Dividends | $643.7m | $711.3m | $1.0bn | $893.3m | $1.0bn |
| Diluted shares | 577m | 576m | 1146m | 1149m | 1150m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.