Ferguson (FERG)
Distributes plumbing, HVAC and waterworks products through a North American branch network.
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Ferguson is the warehouse-and-counter business behind North America's plumbers, pipefitters and municipal crews. It buys pipe, valves, water heaters, bathroom fixtures and air conditioners by the truckload and hands them over, job by job, at branches near the work. Homes have gone quiet. The money and the momentum are moving toward big commercial and industrial jobs, and toward heating and cooling.
Item facts: H1 2026 · six months ended Jun 30, 2026, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
9 in detail · 11 more below
Commercial/Mechanical
Big pipe, valves and commercial plumbing sold to the mechanical contractors on large buildings — about 15% of sales, and the fastest-moving line in Ferguson's mix, up 15% in the June quarter. Watch whether the data-centre and drug-plant jobs keep landing.
Competes with Morrison Supply & Express Pipe branches (Reece) · Mechanical & commercial plumbing supply (Winsupply)
In plain English
Think of a large building as a body with veins. Somebody has to supply the veins — the wide pipe, the valves that open and shut them, the fittings that join them — plus the plumbing behind hundreds of restrooms.
Ferguson sells that kit to the mechanical contractors hired on the job. It gets in early, sitting with the owner and the engineers while the building is still drawings, then ships against the schedule for months or years. It is paid order by order, at a markup on what the manufacturer charged. Data centres, drug and biotech plants and general factories are where the orders have been coming from.
Industrial
Pipe, valves, gauges and process gear for working plants — about 7% of sales, and the fastest-growing US line in the June quarter at 18%. The prize is the replacement-parts habit, which is what the FloWorks purchase adds more of.
Competes with Pipe, valve & fitting distribution (DNOW) · Pump, valve & automation supply (DXP Enterprises)
In plain English
Chemical plants, food and drink makers, power stations and drug factories all run on fluid moving through pipe, and every one of them keeps a stockroom of the parts that keep it moving: valves, fittings, gauges, pumps.
Ferguson supplies both ends of that. The pipework when a plant is being built, and then the dull replacement parts the plant buys forever afterwards. The second kind is worth more than it looks, because it arrives whether or not anyone is building. Buyers are plant owners and the engineering firms that build for them; steel pipe prices swing the numbers in both directions.
FloWorks
A $1.6 billion valve and flow-control distributor bought in September 2026, adding roughly $1 billion of annual sales and 25 repair shops to the industrial business. Note that Ferguson's own forecast for the year does not yet include it.
Competes with Flow-control distribution (DNOW) · Valve & pump service centres (DXP Enterprises)
In plain English
A Houston company, founded in the 1960s, that sells technical valves and the flow-control equipment around them — and, just as importantly, repairs them: 25 of its 60-odd locations are service and repair shops.
Ferguson paid about $1.6 billion for it, borrowing the money through new loans and bonds, and folded it into the industrial business. The repair side is the point. A valve sold once is a sale; a valve overhauled every few years is a customer who keeps coming back. It brings roughly $1 billion of annual sales to a company that sold about $31 billion in calendar 2025.
Large Capital Projects
The huge one-off jobs — data centres above all — that Ferguson supplies across several of its product lines at once. Management sizes them at roughly five to nine cents of every sales dollar, with orders taken growing faster than orders shipped.
Competes with Water & utility scope of the same jobs (Core & Main) · Industrial process scope (DNOW) · Pump & automation scope (DXP Enterprises)
In plain English
The enormous one-off jobs: a data-centre campus, a new drug factory, a power plant, a water treatment works. This is not a separate business but a way of selling — Ferguson gets in front of the owner before the design is finished, then supplies several of its product lines onto the same site.
Management puts these jobs at somewhere between five and nine cents of every sales dollar, with data centres a bit over half of that. Orders taken but not yet shipped are growing faster than shipped sales, which is the number worth watching — though the company keeps warning that the timing of such jobs is unpredictable.
Ferguson Home
Showrooms plus a national website selling kitchens, baths, lighting and appliances to people doing up a house — about 19% of sales, and the flat leg: up 1% in the spring quarter, down 1% in the summer.
Competes with Expressions Home Gallery showrooms (Reece) · Kitchen & bath desks (Home Depot) · Kitchen & bath desks (Lowe's)
In plain English
The pretty end of the business. Two hundred and fifty-odd showrooms where a homeowner, often with their designer, picks the tub, the taps, the shower valve, the lights and the appliances for a renovation — plus a national website selling the same catalogue, the two brought under one name in early 2025.
It sits above the home-improvement warehouses on price, and it keeps an extra slice whenever the customer chooses one of Ferguson's own labels, like Signature Hardware or Mirabelle. It leans on remodelling rather than new houses, and with what management calls a pressured consumer, sales here have barely moved for several quarters.
Residential Trade Plumbing
The counter trade: pipe, fittings, water heaters and repair parts handed over to residential plumbers — about 14% of sales, flat to down with the housing cycle. Its other job is getting those same plumbers buying air conditioning.
Competes with Plumbing branches (Winsupply) · Morrison Supply & Farnsworth Wholesale (Reece)
In plain English
Nobody photographs this part of a house. A plumber needs pipe, a fistful of fittings and a replacement water heater before the afternoon job; they pull up at a Ferguson counter, or have the order dropped at the site.
That is the original Ferguson business and it still moves a big share of the sales. It rises and falls with house building and with how much people spend fixing what they already own, both soft lately, so the line has been flat to down. Its second job is being a doorway: the same plumber, at the same counter, now being sold heating and cooling too.
Waterworks
Pipe, hydrants, valves and meters for city water and sewer systems — the single biggest line at about 22% of sales, roughly the size of its closest rival, Core & Main. Growth arrives in lumps, project by project.
Competes with Waterworks distribution (Core & Main) · Fortiline Waterworks branches (Reece)
In plain English
Everything that carries water under a street before it reaches anyone's house: the wide pipe, the valves and hydrants, the meters that clock what a household used, and the equipment inside treatment works.
The buyers are city water departments, utility contractors and the developers putting roads and services into a new subdivision. Two kinds of demand sit on top of each other — the steady chore of replacing pipe that has worn out, and the occasional enormous project that lands in one place and then finishes. That is why the growth jumps around: up 14% in one recent quarter, up 3% the next against a very strong year before.
HVAC
Air conditioners, furnaces, refrigeration and the parts to keep them running, sold to installers — about 12% of sales and Ferguson's declared growth project. Down 6% one quarter, up 11% the next. Against Watsco, Ferguson is the smaller player.
Competes with HVAC/R branch network (Watsco) · HVAC/R parts branches (R.E. Michel) · HVAC/R distribution (Johnstone Supply)
In plain English
Air conditioners, furnaces, heat pumps, refrigeration gear and the spare parts and refrigerant that keep them alive — sold to the contractor who installs them, never to the household directly.
This is the piece Ferguson has openly decided to grow, three ways at once: teaching existing plumbing counters to sell climate equipment, opening branches from scratch, and buying small heating-and-cooling distributors. The ride has been bumpy — sales fell 6% in the spring quarter, hurt by a regulated switch to a new refrigerant that moved price points around, then rose 11% in the summer. Measured honestly, Ferguson holds only a small slice here; the specialist, Watsco, sells more.
Wolseley Canada
About 5% of sales, from a couple of hundred Canadian branches trading as Wolseley. Sales slipped in the June quarter and each dollar of sales earns roughly half the profit the US branches make. Being pruned rather than expanded.
Competes with Local plumbing & heating branches (Independent Canadian wholesalers) · Climate-products branches (Watsco)
In plain English
Same trade, different country. Under the Wolseley name, Ferguson runs a couple of hundred Canadian branches selling plumbing, heating and cooling, and industrial pipe and valves to local contractors, with most of the product bought from Canadian manufacturers.
It is the weak spot. Sales slipped in the June quarter, and the profit earned on each dollar of sales is roughly half what the US branches manage, with Canadian housing described by management as subdued. The company is tidying rather than growing here: one non-core Canadian business was sold this year, while a Toronto fire-protection supplier was bought and folded in.
Commercial/MechanicalBig pipe, valves and commercial plumbing sold to the mechanical contractors on large buildings — about 15% of sales, and the fastest-moving line in Ferguson's mix, up 15% in the June quarter. Watch whether the data-centre and drug-plant jobs keep landing.Big pipe, valves and commercial plumbing sold to the mechanical contractors on large buildings — about 15% of sales, and the fastest-moving line in Ferguson's mix, up 15% in the June quarter. Watch whether the data-centre and drug-plant jobs keep landing.
In plain English
Think of a large building as a body with veins. Somebody has to supply the veins — the wide pipe, the valves that open and shut them, the fittings that join them — plus the plumbing behind hundreds of restrooms.
Ferguson sells that kit to the mechanical contractors hired on the job. It gets in early, sitting with the owner and the engineers while the building is still drawings, then ships against the schedule for months or years. It is paid order by order, at a markup on what the manufacturer charged. Data centres, drug and biotech plants and general factories are where the orders have been coming from.
Competes with Morrison Supply & Express Pipe branches (Reece) · Mechanical & commercial plumbing supply (Winsupply)
IndustrialPipe, valves, gauges and process gear for working plants — about 7% of sales, and the fastest-growing US line in the June quarter at 18%. The prize is the replacement-parts habit, which is what the FloWorks purchase adds more of.Pipe, valves, gauges and process gear for working plants — about 7% of sales, and the fastest-growing US line in the June quarter at 18%. The prize is the replacement-parts habit, which is what the FloWorks purchase adds more of.
In plain English
Chemical plants, food and drink makers, power stations and drug factories all run on fluid moving through pipe, and every one of them keeps a stockroom of the parts that keep it moving: valves, fittings, gauges, pumps.
Ferguson supplies both ends of that. The pipework when a plant is being built, and then the dull replacement parts the plant buys forever afterwards. The second kind is worth more than it looks, because it arrives whether or not anyone is building. Buyers are plant owners and the engineering firms that build for them; steel pipe prices swing the numbers in both directions.
Competes with Pipe, valve & fitting distribution (DNOW) · Pump, valve & automation supply (DXP Enterprises)
FloWorksA $1.6 billion valve and flow-control distributor bought in September 2026, adding roughly $1 billion of annual sales and 25 repair shops to the industrial business. Note that Ferguson's own forecast for the year does not yet include it.A $1.6 billion valve and flow-control distributor bought in September 2026, adding roughly $1 billion of annual sales and 25 repair shops to the industrial business. Note that Ferguson's own forecast for the year does not yet include it.
In plain English
A Houston company, founded in the 1960s, that sells technical valves and the flow-control equipment around them — and, just as importantly, repairs them: 25 of its 60-odd locations are service and repair shops.
Ferguson paid about $1.6 billion for it, borrowing the money through new loans and bonds, and folded it into the industrial business. The repair side is the point. A valve sold once is a sale; a valve overhauled every few years is a customer who keeps coming back. It brings roughly $1 billion of annual sales to a company that sold about $31 billion in calendar 2025.
Competes with Flow-control distribution (DNOW) · Valve & pump service centres (DXP Enterprises)
Large Capital ProjectsThe huge one-off jobs — data centres above all — that Ferguson supplies across several of its product lines at once. Management sizes them at roughly five to nine cents of every sales dollar, with orders taken growing faster than orders shipped.The huge one-off jobs — data centres above all — that Ferguson supplies across several of its product lines at once. Management sizes them at roughly five to nine cents of every sales dollar, with orders taken growing faster than orders shipped.
In plain English
The enormous one-off jobs: a data-centre campus, a new drug factory, a power plant, a water treatment works. This is not a separate business but a way of selling — Ferguson gets in front of the owner before the design is finished, then supplies several of its product lines onto the same site.
Management puts these jobs at somewhere between five and nine cents of every sales dollar, with data centres a bit over half of that. Orders taken but not yet shipped are growing faster than shipped sales, which is the number worth watching — though the company keeps warning that the timing of such jobs is unpredictable.
Competes with Water & utility scope of the same jobs (Core & Main) · Industrial process scope (DNOW) · Pump & automation scope (DXP Enterprises)
Ferguson HomeShowrooms plus a national website selling kitchens, baths, lighting and appliances to people doing up a house — about 19% of sales, and the flat leg: up 1% in the spring quarter, down 1% in the summer.Showrooms plus a national website selling kitchens, baths, lighting and appliances to people doing up a house — about 19% of sales, and the flat leg: up 1% in the spring quarter, down 1% in the summer.
In plain English
The pretty end of the business. Two hundred and fifty-odd showrooms where a homeowner, often with their designer, picks the tub, the taps, the shower valve, the lights and the appliances for a renovation — plus a national website selling the same catalogue, the two brought under one name in early 2025.
It sits above the home-improvement warehouses on price, and it keeps an extra slice whenever the customer chooses one of Ferguson's own labels, like Signature Hardware or Mirabelle. It leans on remodelling rather than new houses, and with what management calls a pressured consumer, sales here have barely moved for several quarters.
Competes with Expressions Home Gallery showrooms (Reece) · Kitchen & bath desks (Home Depot) · Kitchen & bath desks (Lowe's)
Residential Trade PlumbingThe counter trade: pipe, fittings, water heaters and repair parts handed over to residential plumbers — about 14% of sales, flat to down with the housing cycle. Its other job is getting those same plumbers buying air conditioning.The counter trade: pipe, fittings, water heaters and repair parts handed over to residential plumbers — about 14% of sales, flat to down with the housing cycle. Its other job is getting those same plumbers buying air conditioning.
In plain English
Nobody photographs this part of a house. A plumber needs pipe, a fistful of fittings and a replacement water heater before the afternoon job; they pull up at a Ferguson counter, or have the order dropped at the site.
That is the original Ferguson business and it still moves a big share of the sales. It rises and falls with house building and with how much people spend fixing what they already own, both soft lately, so the line has been flat to down. Its second job is being a doorway: the same plumber, at the same counter, now being sold heating and cooling too.
Competes with Plumbing branches (Winsupply) · Morrison Supply & Farnsworth Wholesale (Reece)
WaterworksPipe, hydrants, valves and meters for city water and sewer systems — the single biggest line at about 22% of sales, roughly the size of its closest rival, Core & Main. Growth arrives in lumps, project by project.Pipe, hydrants, valves and meters for city water and sewer systems — the single biggest line at about 22% of sales, roughly the size of its closest rival, Core & Main. Growth arrives in lumps, project by project.
In plain English
Everything that carries water under a street before it reaches anyone's house: the wide pipe, the valves and hydrants, the meters that clock what a household used, and the equipment inside treatment works.
The buyers are city water departments, utility contractors and the developers putting roads and services into a new subdivision. Two kinds of demand sit on top of each other — the steady chore of replacing pipe that has worn out, and the occasional enormous project that lands in one place and then finishes. That is why the growth jumps around: up 14% in one recent quarter, up 3% the next against a very strong year before.
Competes with Waterworks distribution (Core & Main) · Fortiline Waterworks branches (Reece)
HVACAir conditioners, furnaces, refrigeration and the parts to keep them running, sold to installers — about 12% of sales and Ferguson's declared growth project. Down 6% one quarter, up 11% the next. Against Watsco, Ferguson is the smaller player.Air conditioners, furnaces, refrigeration and the parts to keep them running, sold to installers — about 12% of sales and Ferguson's declared growth project. Down 6% one quarter, up 11% the next. Against Watsco, Ferguson is the smaller player.
In plain English
Air conditioners, furnaces, heat pumps, refrigeration gear and the spare parts and refrigerant that keep them alive — sold to the contractor who installs them, never to the household directly.
This is the piece Ferguson has openly decided to grow, three ways at once: teaching existing plumbing counters to sell climate equipment, opening branches from scratch, and buying small heating-and-cooling distributors. The ride has been bumpy — sales fell 6% in the spring quarter, hurt by a regulated switch to a new refrigerant that moved price points around, then rose 11% in the summer. Measured honestly, Ferguson holds only a small slice here; the specialist, Watsco, sells more.
Competes with HVAC/R branch network (Watsco) · HVAC/R parts branches (R.E. Michel) · HVAC/R distribution (Johnstone Supply)
Wolseley CanadaAbout 5% of sales, from a couple of hundred Canadian branches trading as Wolseley. Sales slipped in the June quarter and each dollar of sales earns roughly half the profit the US branches make. Being pruned rather than expanded.About 5% of sales, from a couple of hundred Canadian branches trading as Wolseley. Sales slipped in the June quarter and each dollar of sales earns roughly half the profit the US branches make. Being pruned rather than expanded.
In plain English
Same trade, different country. Under the Wolseley name, Ferguson runs a couple of hundred Canadian branches selling plumbing, heating and cooling, and industrial pipe and valves to local contractors, with most of the product bought from Canadian manufacturers.
It is the weak spot. Sales slipped in the June quarter, and the profit earned on each dollar of sales is roughly half what the US branches manage, with Canadian housing described by management as subdued. The company is tidying rather than growing here: one non-core Canadian business was sold this year, while a Toronto fire-protection supplier was bought and folded in.
Competes with Local plumbing & heating branches (Independent Canadian wholesalers) · Climate-products branches (Watsco)
Named in filings, launches and programs
- Facilities SupplyProduct lineMaintenance and repair supplies for the people who keep finished buildings running — about 4% of US sales, up 5% in the June quarter.
- Fire & FabricationProduct lineSprinkler pipe cut and welded to order at 35-plus shops — 3% of US sales, down 13% in the June quarter as steel pipe prices fell.
- Own Brands portfolioBrandAbout a tenth of what Ferguson sells carries its own labels — PROFLO, FNW, Signature Hardware, Mirabelle — where it keeps more of each dollar.
- Branch and distribution networkEcosystem1,746 branches and 17 distribution centres keep stock near the job; no single customer reaches even 1% of sales.
- Dual-trade countersCustomer program · RampingExisting plumbing counters trained to sell heating and cooling to the same contractor — one of three routes Ferguson is using to grow HVAC.
- Carrier Great LakesBrandSeven-location heating and cooling distributor across Michigan and Ohio, carrying Carrier equipment into Ferguson's HVAC business.
- Dealers Supply CompanyBrandHVAC equipment and fabrication from 17 locations in the southeastern US.
- Hamlett Environmental TechnologiesBrandWastewater treatment process equipment, folded into the waterworks business.
- New England Applied ProductsBrandSells commercial heating and cooling equipment on manufacturers' behalf; sits inside the commercial and mechanical line.
- PRD Technologies GroupBrandTechnical valves from 10 locations, added to the industrial business.
- National FireBrandToronto fire-protection supplier bought in April 2025 and folded into the Canadian branches.
Facilities SupplyProduct line
Maintenance and repair supplies for the people who keep finished buildings running — about 4% of US sales, up 5% in the June quarter.
Fire & FabricationProduct line
Sprinkler pipe cut and welded to order at 35-plus shops — 3% of US sales, down 13% in the June quarter as steel pipe prices fell.
Own Brands portfolioBrand
About a tenth of what Ferguson sells carries its own labels — PROFLO, FNW, Signature Hardware, Mirabelle — where it keeps more of each dollar.
Branch and distribution networkEcosystem
1,746 branches and 17 distribution centres keep stock near the job; no single customer reaches even 1% of sales.
Dual-trade countersCustomer program · Ramping
Existing plumbing counters trained to sell heating and cooling to the same contractor — one of three routes Ferguson is using to grow HVAC.
Carrier Great LakesBrand
Seven-location heating and cooling distributor across Michigan and Ohio, carrying Carrier equipment into Ferguson's HVAC business.
Dealers Supply CompanyBrand
HVAC equipment and fabrication from 17 locations in the southeastern US.
Hamlett Environmental TechnologiesBrand
Wastewater treatment process equipment, folded into the waterworks business.
New England Applied ProductsBrand
Sells commercial heating and cooling equipment on manufacturers' behalf; sits inside the commercial and mechanical line.
PRD Technologies GroupBrand
Technical valves from 10 locations, added to the industrial business.
National FireBrand
Toronto fire-protection supplier bought in April 2025 and folded into the Canadian branches.