Ferguson Enterprises Inc.
FERG - Insider Information
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+ FollowMarket Cap$45.21B
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Earnings Call Q3 2026
November 9, 2026 - AI Summary
Strong Q3 results; broad-based outperformance
- Revenue $9.0B, +9.5% YoY (organic +7%, acquisitions +2.7%, divestments -0.2% in Canada).
- Gross margin 30.9% (down 40 bps YoY, expected due to prior-period supplier price timing).
- Operating profit $962M (+9% YoY), operating margin 10.7% (flat YoY).
- Diluted EPS $3.43 (+7.9% YoY).
- Balance sheet: net debt / adj. EBITDA 1.7x (within target 1–2x; company intends to move toward the lower end over time).
Key demand signals: Industrial acceleration and healthy large capital projects; residential still mixed
- U.S. grew +10.2%; nonresidential +15% on top of +13% prior-year comp; residential still challenged but Ferguson outperformed overall:
- HVAC +15% growth (driven by organic + acquisitions).
- Residential trade plumbing +3%, Ferguson Home +3% (strength in showroom channel, higher-end remodel).
- Large capital projects remained healthy: open order volume and bidding strong; backlog “remains strong and is growing.”
- Industrial segment standout: +55% YoY, with 32% organic growth (not just data center; also power generation, refining, mining/minerals, life sciences/pharma, etc.). Management expects the industrial backlog/order momentum to support the future, even if 32% organic won’t repeat each quarter.
Inflation/price vs volume: margins held up despite headwinds
- Pricing inflation re-accelerated to low–mid single digits in Q3 (from low single digits in Q2), attributed to modest commodity improvement.
- Management emphasized productivity: 40 bps operating leverage (gross margin slightly down YoY, but SG&A leverage offset).
- Freight/fuel cost pressures exist, but company says teams balanced value-based pricing and cost productivity.
- Outlook on gross margin: expects normalized gross margin to remain ~30–31%, upper half over time, and gradual expansion driven by more value-added services (e.g., fabrication/automation/valve capabilities).
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$-16.86
106.6% downside
Current Fair Value
106.6% downsideOvervalued by 106.6% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $45.21 Billion |
|---|---|
| Enterprise Value | $51.18 Billion |
| Annual dividend | $3.56 |
| Dividend yield | 1.52% |
| Earnings per Share | $3.44 |
| Beta | 1.11 |
| Outstanding Shares | 193,700,000 |
Return
| Return on Equity | 37.90% |
|---|---|
| Return on Assets | 12.17% |
| Return on Invested Capital | 19.74% |
Valuation & Multiples
| P/E Ratio | 22.32 |
|---|---|
| PEG | 35.75 |
| Price to Sales | 1.52 |
| Price to Book Ratio | 8.02 |
| Enterprise Value to Revenue | 1.56 |
| Enterprise Value to EBIT | 20.06 |
| Enterprise Value to Net Income | 21 |
| Total Debt to Enterprise | 0.13 |
| Debt to Equity | 1.03 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 9, 2026
EPS
$3.43
Est. $3.31Revenue
$9.03 B
Est. $8.74 BNext Earnings Call
Expected Date
February 23, 2027
EPS Estimate
$2.45
Consensus analyst estimateRevenue Estimate
$8.26 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 89.41% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 17.79%▼ 78.43% |
|---|---|
| Total Invested | $7.67B▼ 82.67% |
| Investors Holding | 456▼ 509.00% |
About Ferguson Plc.
CEO: Kevin Murphy
Ferguson is the world's leading value-added distributor of plumbing and heating products