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The combination of better-than-expected Q2 results, a raised 2026 guidance, and a large, accretive FloWorks deal near-term supports higher valuation. Historically, Ferguson’s mix-enhancing acquisitions combined with cash returns have driven multiple expansion when guidance is lifted and close timing remains favorable.
What happened, with direct paths to the underlying reporting
Ferguson Enterprises reported a solid Q2 with $8.8 billion in sales, up 4.6% YoY, and raised full-year guidance. The results featured modest margin dynamics, a strong acquisitions cadence, and a FloWorks deal expected to close in Q3 2026, expanding its valves and flow-control capabilities. The balance sheet remains disciplined (1.3x net debt to Adj EBITDA), with meaningful capital returns via $202 million in buybacks and a $0.89 quarterly dividend.
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