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Ferguson Enterprises
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Latest analysis
Updated Aug 11, 2026
Ferguson secures $1.6B in financing for FloWorks Acquisition
Ferguson Enterprises entered into a $700 million bridge credit facility and a $900 million term loan facility on August 11, 2026, with JPMorgan Chase as administrative agent, to fund the previously disclosed acquisition of FWI Holdings, Inc. (FloWorks Acquisition). Both facilities are unsecured and subject to standard covenants, including a maximum net leverage ratio of 3.50x (stepping to 4.00x temporarily post-acquisition). The company has signaled confidence in closing the FloWorks Acquisition by structuring both facilities to draw concurrently with deal consummation.
Tone: neutralRevenue
$30.8B
FERG 10-K · FY 2025
Employees
35,000
Revenue growth YoY
+3.8%
Headquarters
Newport News, VA
Profile
FERG 10-K Item 1 · Sep 26, 2025Ferguson Enterprises Inc. is the largest value-added distributor serving water and air specialized professionals in North American residential and non-residential construction markets. Operating through approximately 1,746 branches and 11 regional distribution centers, the company supplies plumbing, HVAC, PVF, water and wastewater solutions, appliances, and lighting across the United States and Canada. Its business is split roughly equally between residential and non-residential end markets, with approximately two-thirds of net sales derived from repair, maintenance and improvement work.
Read filing description ↓ Collapse description ↑
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. We help make our customers' complex projects simple, successful and sustainable by providing expertise and a wide range of products and services from plumbing, heating, ventilation and air conditioning ('HVAC'), appliances, and lighting to pipes, valves and fittings ('PVF'), water and wastewater solutions and more. We sell through a common network of distribution centers, branches, counter service and expert sales associates, showroom consultants and e-commerce channels. Ferguson operates in highly fragmented markets, with no one market dominated by any single distributor. We are positioned as one of the top distributors in most end markets we serve, including residential, commercial, civil/infrastructure and industrial. Our business bridges the gap between a large and fragmented supplier base with an even larger and more fragmented customer base. As of July 31, 2025, we had approximately 37,000 suppliers, with no supplier accounting for more than 5% of total inventory purchases, which provides us access to a diverse and broad range of quality products. As of July 31, 2025, we serve our customers through a network of 11 regional distribution centers, six MDCs, approximately 5,900 fleet vehicles, 1,746 branches and approximately 35,000 associates. Residential and non-residential markets each account for approximately half of our net sales, with net sales within these combined markets balanced between repair, maintenance and improvement ('RMI') (approximately two-thirds of our net sales) and new construction (approximately one-third of our net sales), based on management's estimates.
Primary products
- plumbing
- heating, ventilation and air conditioning (HVAC)
- appliances
- lighting
- pipes, valves and fittings (PVF)
- water and wastewater solutions
Business segments
End markets
Geographies
“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.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net sales increased 3.8% in fiscal 2025, primarily driven by higher sales volume and incremental sales from acquisitions, partially offset by one fewer sales day and slight year-over-year price deflation in certain commodity categories.
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