Floor & Decor Holdings, Inc. FND
NYSESpecialty retailFinancials to Sep 24, 2026 · Updated Nov 11, 2026
Moat ranks
Balance sheet
| $B | Dec 25 | Sep 24 |
|---|---|---|
| Cash | 0.2 | 0.4 |
| Securities | 0.0 | 0.0 |
| Debt | 0.2 | 0.2 |
| Net cash | 0.1 | 0.2 |
| Equity | 2.4 | 2.5 |
- Debt / EBITDA
- 0.35×
- Debt / equity
- 0.08×
- Leases (9/24/26)
- $1.8B
- Diluted shares
- 107M
- Book value / share
- $23.29
- Price / book
- 2.2×
- Net cash / share
- $1.85
- Market cap
- $5.4B
- Enterprise value
- $5.2B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 3.0% | -2.5 pts | |
| Operating margin | 6.4% | +0.3 pts | |
| FCF margin | 12.8% | +10.7 pts | |
| Capex / revenue | 4.2% | -2.4 pts | |
| Warehouse stores | 282 | +8% | |
| Comparable store sales growth | -1% | – | |
| Comparable transactions growth | -3% | +0 pts | |
| Comparable average ticket growth | +2% | -0 pts | |
| Adjusted gross profit | $531M | – |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About FND
Floor & Decor sells hard-surface flooring and installation materials to U.S. homeowners and professionals. Retail supplied about 95% of 2025 revenue; Spartan sells commercial surfaces through specification and contractor channels.
- Scale Economies Unit Cost
Direct sourcing relationships and purchasing scale reduce intermediary costs and support everyday-low-price positioning; harder for smaller specialty flooring retailers to replicate.
- Physical Network Density
Warehouse-format stores with deep job-lot inventory plus five distribution centers improve immediate project availability, though big-box rivals operate much denser networks.
- Oct 29, 2026
Floor & Decor cut the upper end of its FY2026 sales outlook to $4.835 billion. Q3 warehouse count reached 282 and total sales grew 3.0%, while comparable transactions fell 2.9%. The additional stores are bringing in sales while demand at established stores remains soft. Source: https://ir.flooranddecor.com/sec-filings/content/0001628280-26-068242/fnd-20260924x8kxex991.htm
- Oct 8, 2026
Floor & Decor announced a Florence, Kentucky warehouse and an October 15 grand opening, extending local coverage without yet proving store productivity. Source: https://ir.flooranddecor.com/news-events/press-releases/detail/304/floor-decor-announces-new-store-opening-in-florence-ky
- Oct 6, 2026
Activemap filed a patent infringement complaint against Floor and Decor’s operating subsidiary; liability and the financial effect remain unresolved.
- Oct 1, 2026
Floor & Decor launched its Fredericksburg store grand opening, extending its warehouse service in Virginia.
- Sep 28, 2026
Floor & Decor relocated its Clearwater store, maintaining local coverage with a replacement location rather than adding a net new store.
Ownership
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On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share ($) | |||||||||||||
| Revenue | 11.88 | 13.89 | 16.35 | 19.49 | 22.85 | 31.97 | 39.69 | 40.91 | 41.14 | 43.20 | 44.49 | +15.4%/yr | |
| Cash flow | 1.01 | 1.10 | 1.78 | 1.95 | 3.83 | 2.81 | 1.05 | 7.45 | 5.57 | 3.52 | 5.71 | +14.9%/yr | |
| Earnings | 0.49 | 1.03 | 1.11 | 1.44 | 1.84 | 2.64 | 2.78 | 2.28 | 1.90 | 1.92 | 2.25 | +16.5%/yr | |
| Free cash flow | 0.17 | 0.07 | 0.33 | 0.08 | 1.83 | -0.99 | -3.20 | 2.37 | 1.44 | 0.59 | 3.21 | +15.0%/yr | |
| Capex | 0.84 | 1.03 | 1.45 | 1.87 | 2.00 | 3.80 | 4.25 | 5.08 | 4.13 | 2.93 | 2.50 | +14.8%/yr | |
| Dividends | 2.29 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | – | |
| Book value | 1.52 | 4.44 | 5.59 | 7.28 | 9.40 | 12.32 | 15.42 | 17.90 | 20.03 | 22.22 | 23.29 | +34.7%/yr | |
| Diluted shares (M) | 88 | 100 | 105 | 105 | 106 | 107 | 107 | 108 | 108 | 108 | 107 | +2.3%/yr | |
| Totals ($B) | |||||||||||||
| Revenue | 1.1 | 1.4 | 1.7 | 2.0 | 2.4 | 3.4 | 4.3 | 4.4 | 4.5 | 4.7 | 4.7 | +18.1%/yr | |
| Operating income | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.3 | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 | +16.3%/yr | |
| Net income | 0.0 | 0.1 | 0.1 | 0.2 | 0.2 | 0.3 | 0.3 | 0.2 | 0.2 | 0.2 | 0.2 | +19.2%/yr | |
| Free cash flow | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | -0.1 | -0.3 | 0.3 | 0.2 | 0.1 | 0.3 | +17.7%/yr | |
| Buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | – | |
| Dividends | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | – | |
| Net cash | -0.4 | -0.2 | -0.1 | -0.1 | 0.1 | -0.1 | -0.4 | -0.2 | -0.0 | 0.1 | 0.2 | +$0.4B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 40.9 | 41.3 | 41.1 | 42.2 | 42.7 | 41.4 | 40.5 | 42.1 | 43.3 | 43.6 | 44.9 | +2.8 pts | |
| Operating margin | 6.6 | 8.5 | 7.7 | 7.8 | 8.8 | 9.9 | 9.3 | 7.3 | 5.7 | 5.8 | 6.5 | -0.8 pts | |
| Net margin | 4.1 | 7.4 | 6.8 | 7.4 | 8.0 | 8.2 | 7.0 | 5.6 | 4.6 | 4.5 | 5.1 | +0.4 pts | |
| FCF margin | 1.4 | 0.5 | 2.0 | 0.4 | 8.0 | -3.1 | -8.1 | 5.8 | 3.5 | 1.4 | 7.2 | -0.0 pts | |
| ROIC | 10.4 | 14.8 | 14.3 | 14.3 | 18.9 | 19.4 | 15.3 | 12.2 | 9.3 | 9.1 | 10.6 | -1.4 pts | |
| Return on equity | 32.1 | 23.2 | 19.9 | 19.7 | 19.5 | 21.4 | 18.0 | 12.7 | 9.5 | 8.7 | 9.6 | -23.4 pts | |
| Stock pay % of revenue | 0.3 | 0.4 | 0.4 | 0.4 | 0.7 | 0.6 | 0.5 | 0.6 | 0.8 | 0.6 | 0.7 | +0.3 pts | |
| Capex % of revenue | 7.1 | 7.4 | 8.9 | 9.6 | 8.8 | 11.9 | 10.7 | 12.4 | 10.0 | 6.8 | 5.6 | -0.3 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Competitive
- Durability
- medium
- Trajectory
- stable
- Pricing power
- weak
- Floor & Decor Retail94.8%2 claims
- Spartan (Commercial surfaces)5.2%No moat
Moat claims
- Applies to
- Floor & Decor Retail
- Confidence
- Durability
- medium
- Trajectory
- stableas of Jun 25, 2026
Direct sourcing relationships and purchasing scale reduce intermediary costs and support everyday-low-price positioning; harder for smaller specialty flooring retailers to replicate.
Direct sourcing remains useful, but Q2 2026 adjusted gross margin was 43.7% versus 43.9% a year earlier; the tariff refund does not show a wider purchasing advantage.
- Warehouse stores282+8%
- Comparable store sales growth-1%
- Comparable average ticket growth+2%
- Adjusted gross profit$531M
- Quarterly comparable store sales growth-1%
- Adjusted gross margin43.7%
- Big-box peers match direct sourcing advantages
- Tariffs or trade restrictions raise import costs
- Supplier disruptions or longer lead times
- FilingFloor & Decor FY2025 Form 10-K: store growth strategy and opening risksFeb 19, 2026
- FilingForm 10-K (FY ended Dec 25, 2025) - Competitive strengths (direct sourcing)Feb 19, 2026
- FilingForm 10-K (FY ended Dec 25, 2025) - Direct sourcing cost savingsFeb 19, 2026
- CourtItalian Tile v. Floor & Decor: May 5, 2026 memorandum and orderMay 5, 2026
- Applies to
- Floor & Decor Retail
- Confidence
- Durability
- medium
- Trajectory
- stableas of Jun 25, 2026
Warehouse-format stores with deep job-lot inventory plus five distribution centers improve immediate project availability, though big-box rivals operate much denser networks.
The network reached 281 warehouses versus 257 a year earlier, but Q2 2026 comparable transactions fell 2.9%; coverage is expanding without evidence of stronger store productivity.
- Warehouse stores282+8%
- Comparable store sales growth-1%
- Comparable transactions growth-3%
- Pro retail sales share~55.0%
- Quarterly comparable store sales growth-1%
- Merchandise inventory$1.2B+1%
- E-commerce fulfillment improves across competitors
- Real estate and labor cost inflation compresses store economics
- Inventory risk if demand weakens
- FilingForm 10-K (FY ended Dec 25, 2025) - Warehouse-format stores and immediate availabilityFeb 19, 2026
- FilingForm 10-K (FY ended Dec 25, 2025) - Store footprint/formatFeb 19, 2026
Profile change log
- Nov 10, 2026 · business change
Floor & Decor cut the upper end of its FY2026 sales outlook to $4.835 billion. Q3 warehouse count reached 282 and total sales grew 3.0%, while comparable transactions fell 2.9%. The additional stores are bringing in sales while demand at established stores remains soft. Source: https://ir.flooranddecor.com/sec-filings/content/0001628280-26-068242/fnd-20260924x8kxex991.htm
- Oct 8, 2026 · analyst revision
The store-expansion bull case is weakening: comparable transactions fell 5.5% in Q1 and 2.9% in Q2 FY2026 while the footprint grew. Direct sourcing and network claims retain stable trajectories because demand weakness alone does not prove erosion of their relative advantages. Added the Florence announcement, private-label launch and quantified interest-rate exposure to the supporting market profiles.
- Oct 8, 2026 · business change
Floor & Decor launched NatureMatch, a private-label tile, vinyl and laminate range, giving customers more natural-look products at lower price points. The launch has no separately reported sales or cost advantage. Source: https://ir.flooranddecor.com/news-events/press-releases/detail/298/floor-decor-introduces-naturematch-a-new-private
- Oct 8, 2026 · business change
Floor & Decor announced a Florence, Kentucky warehouse and an October 15 grand opening, extending local coverage without yet proving store productivity. Source: https://ir.flooranddecor.com/news-events/press-releases/detail/304/floor-decor-announces-new-store-opening-in-florence-ky
- Oct 8, 2026 · business change
Floor & Decor launched its Fredericksburg store grand opening, extending its warehouse service in Virginia.
- Oct 8, 2026 · business change
Activemap filed a patent infringement complaint against Floor and Decor’s operating subsidiary; liability and the financial effect remain unresolved.
- Oct 8, 2026 · business change
A federal court dismissed Italian Tile’s false-advertising complaint with leave to amend; the ruling treated general price and selection claims as advertising opinion rather than evidence of superiority.
- Oct 8, 2026 · business change
Floor & Decor relocated its Clearwater store, maintaining local coverage with a replacement location rather than adding a net new store.
- Oct 8, 2026 · business change
Floor & Decor reduced annual sales guidance to $4.77 billion-$4.99 billion and comparable sales guidance to a 4% decline through flat, showing continued pressure on flooring demand.
- Oct 8, 2026 · business change
Floor & Decor refinanced its $200 million term loan to June 2033 and its $800 million revolving facility to June 2031, extending maturities at the cost of a $1.328 million extinguishment charge.
- Oct 8, 2026 · business change
Floor & Decor authorized up to $400 million of common-share repurchases, adding a new use of cash alongside store expansion.
- Oct 8, 2026 · business change
The Supreme Court invalidated IEEPA tariffs, enabling recovery of about $87 million Floor & Decor had paid; the recovery lifted Q2 earnings and reduced inventory cost.
- Oct 8, 2026 · business change
Bradley Paulsen became CEO and Thomas Taylor became executive chairman, bringing the first CEO transition since 2012.
- Oct 8, 2026 · business change
The court approved a shareholder derivative settlement that yielded $6.794 million of net insurance recovery and required governance measures.
- Oct 8, 2026 · business change
Floor & Decor bought Salesmaster for $20.1 million of total consideration, expanding commercial flooring coverage in New York and New England.
- Oct 8, 2026 · business change
Floor & Decor bought Spartan, entering commercial flooring specification and distribution; $63.567 million of acquisition cash was recorded in FY2021.
- Oct 8, 2026 · analyst revision
Reverified direct sourcing and inventory availability, added stable trajectories and demand tests, replaced quarterly segment weights with FY2025 weights, corrected warehouse size, unsourced market-share bounds and stale peer coverage, and classified Spartan as competing without a verified moat based on its distribution economics and operating results.
Industry & peers
Peer map
U.S. floor coverings retail
U.S. sales of hard and soft flooring through specialty stores, home centers and online retailers, including related installation materials. Excludes installation labor and manufacturer-level sales; Floor & Decor focuses on hard surfaces within this broader retail market.
- The Home Depot
- Lowe’s
- Floor & Decor
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| FND | 64 | 44.9% | 6.5% | |
| Industry median | 14 | 68 | 48.6% | 6.5% |
| Sector median | 85 | 74 | 55.3% | 17.0% |
| All stocks median | 398 | 76 | 53.1% | 20.0% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Long-term mortgage rates and housing turnover strongly affect discretionary flooring replacement. A cut in short-term policy rates does not automatically reduce mortgage rates or restore project demand.
- Aging housing and changes from carpet to hard surfaces support replacement demand, while weak consumer confidence can defer a full project.
- Stocked quantities for an entire project, installer service and local design help retailers win purchases. A broader footprint must produce productive stores to earn a return.
- Import freight, energy, material prices and tariffs affect merchandise cost. Dollar-priced supplier contracts limit direct currency exposure, but exchange rates can change the suppliers’ future quotes.
- Product safety, timber sourcing and forced-labor enforcement affect approved suppliers and lead times; compliance costs can favor larger buyers but do not prevent competition.
- Homeowners can postpone a flooring project. High mortgage rates and low home sales can reduce demand for years even when long-term housing need is large.
- Home centers, buying groups and independent stores compete on price and service. Store density alone does not ensure exclusive local demand.
- More warehouses add rent, labor, pre-opening cost and inventory commitments. Sales diverted from nearby stores or slower ramp-up can lower returns.
- Tariff refunds can temporarily lift profit. New import duties, freight disruptions and supplier compliance failures can remove those gains.
- Ticket growth can reflect higher prices or sales mix while transaction volumes shrink. Reported revenue can therefore hide weaker project demand.
Bulls & bears
Can more stores and repeat Pro purchases restore comparable transaction growth and profitable store expansion after the tariff refund passes through earnings?
Arguments
What to watch
- 1Comparable transactions and average ticket
- 2Gross profit excluding tariff refunds
- 3New-store performance and capital spending
Next check: FY2026 results: check whether comparable transactions improve and whether new stores earn enough to justify expansion as tariff-refund inventory benefits fade.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 10, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 64/100 by <a href="https://www.findmymoat.com/stocks/XNYS:FND">Find My Moat</a> (as of September 2026)Curation & Accuracy
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