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Ferguson Enterprises$FERG · filed: grew revenue 3.8% in FY2025 to $30.8BNew shipTrillion Score 516Fall Risk MediumCheck ▾Close ▴
What Ferguson Enterprises filed
Grew revenue 3.8% in FY2025 to $30.8 billion, operating margin 8.5% against a 5.0% median for hardware & plumbing & heating equipment & supplies, equity 32.9% of assets, and dividend per share up 1 year running. Every figure links to the filing it came from on Ferguson Enterprises’s card. New ship: no warning signs. Trillion Score 516, #7 of 20 in its field; Fall Risk Medium (how it is measured).
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Ferguson consolidates water treatment at **$1.6B**, positioning ahead of **9.2M** lead-line replacements and EPA PFAS mandates through 2029.
$1.6 billion
in all-cash consideration
$2.6 billion
purchase of TASS Industrial Supply in 2019 and consolidates…
38 states
serving municipal water systems
$950 million
on an LTM basis
Ferguson Enterprises announced Monday it will acquire FloWorks from Wynnchurch Capital for approximately $1.6 billion in all-cash consideration. The deal closes Ferguson's largest acquisition since its $2.6 billion purchase of TASS Industrial Supply in 2019 and consolidates the plumbing distributor's position in municipal water infrastructure ahead of a decade-long federal replacement cycle.
FloWorks operates as a water treatment equipment and service platform across 38 states, serving municipal water systems, industrial facilities, and commercial clients. Wynnchurch assembled the platform through a series of tuck-in acquisitions beginning in 2017, building revenue to an estimated $950 million on an LTM basis. The platform specializes in water filtration, disinfection systems, and compliance equipment tied to EPA Safe Drinking Water Act standards. Ferguson's existing water treatment segment generated roughly $1.1 billion in revenue last year, meaning the combined entity will control approximately $2 billion in addressable water infrastructure spend.
The timing reflects deliberate positioning. The EPA's Lead and Copper Rule Improvements require municipalities to replace an estimated 9.2 million lead service lines over the next ten years, with compliance deadlines beginning in 2027. Separately, new PFAS limits finalized in April 2024 force water utilities to install advanced filtration systems by October 2029. Ferguson's acquisition gives it national density in both equipment supply and field service technicians capable of executing municipal contracts. Wynnchurch's exit suggests the firm captured the platform-building multiple but chose not to hold through the multiyear replacement cycle, leaving that alpha to Ferguson's balance sheet.
Ferguson finances the deal with cash and expects mid-teens accretion to earnings within the first full year. The company maintains $1.8 billion in liquidity post-close and a net leverage ratio near 1.2x, leaving capacity for further consolidation. Management indicated the FloWorks integration will take approximately 18 months, with cross-selling into Ferguson's existing 1,700 branches beginning in early 2025. The deal does not trigger HSR second-request review, and Ferguson expects regulatory clearance by late September 2024.
Allocators should watch for two follow-on developments. First, whether Ferguson accelerates tuck-ins within FloWorks' service footprint to close geographic gaps ahead of the 2027 compliance wave. Second, whether private equity re-engages with smaller water treatment roll-ups now that Ferguson has established a $1.6 billion comp in a fragmented sector. Wynnchurch's exit multiple has not been disclosed, but the platform's revenue profile suggests a 1.7x revenue multiple, implying EBITDA margins near 18-20% and an enterprise-value-to-EBITDA exit in the low double digits.
Ferguson's shares closed Monday at $202.14, up 1.8%, on volume 12% above the 30-day average. The company reports Q4 fiscal 2024 earnings on September 24, with analysts expecting commentary on the integration timeline and whether Ferguson will adjust its $1.2 billion annual buyback authorization to preserve M&A optionality through 2025.
Branded by POPS4 · proof in 60 seconds
For the principal
Ferguson's deal validates water infrastructure as a ten-year federal spend cycle; adjacent municipal service platforms now reprice higher on scarcity.
For the operator
Watch for follow-on tuck-ins in water treatment before 2027 compliance wave; Ferguson sets pricing floor for fragmented service platforms at 1.7x revenue.
For the house
Long Ferguson post-earnings if integration guidance is tight; short regional water equipment distributors without national service density or EPA compliance expertise.
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