olivLaw · US equity research
Floor & Decor Holdings, Inc. FND
Retail-Lumber & Other Building Materials Dealers · SIC 5211 · Vertical: Building materials and hardware retail (SIC 52xx)
Floor & Decor is a specialty retailer of hard surface flooring and related accessories that sells at everyday low prices through warehouse-format stores and also sells commercial surfaces. The company keeps expanding its store base, but demand for large home improvement projects remains weak and comparable store sales have declined in recent quarters, including the second quarter of fiscal 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Floor & Decor Holdings, Inc. (FND) stock was 53.41 USD (+10.92% on the day), with market capitalisation 5.6 bn USD, P/E 23.9 on diluted EPS of 2.23 USD over the last 12 months, beta 1.33, 52-week range 43.49–76.65 USD. Latest reported quarter (Q3 2026): revenue of 1.2 bn USD (+3.0% YoY), net income of 64.8 m USD (+13.2% YoY), diluted EPS 0.61 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 64.5
- strong (55–70)
- Bollinger (20, 2)
- 42.37 – 51.51
- above the upper band · %B 1.21 · band width 19.5%
- SMA 50 / 200
- 47.54 / 54.27
- mixed trend
- MACD (12, 26, 9)
- 0.76 / 0.06
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +14.7% | −1.1% | +15.8 pp | — |
| 3 months | −14.8% | −0.5% | −14.4 pp | — |
| 6 months | +4.7% | +4.4% | +0.3 pp | — |
| Year to date | −12.3% | +12.3% | −24.6 pp | — |
| 1 year | −13.4% | +13.5% | −26.9 pp | −3.7% |
| 3 years | −33.9% | +76.4% | −110.3 pp | −9.9% |
| 5 years | −59.9% | +63.7% | −123.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 24 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.1 bn | 1.2 bn | 1.3 bn | 1.2 bn |
| Cost of revenue | 626.1 m | 652.6 m | 681.5 m | 667.6 m | 638.6 m | 644.8 m | 647.2 m | 683.2 m |
| Gross profit | 481.3 m | 508.2 m | 532.7 m | 512.0 m | 491.1 m | 507.5 m | 603.1 m | 531.3 m |
| SG&A | — | 443.9 m | 450.8 m | 439.9 m | 439.2 m | 455.1 m | 479.1 m | 453.3 m |
| Operating income | 59.2 m | 64.2 m | 81.9 m | 72.0 m | 51.9 m | 52.4 m | 124.0 m | 78.0 m |
| Depreciation & amortisation | 59.8 m | 60.0 m | 60.0 m ≈ | 60.5 m ≈ | 60.7 m | 61.3 m | 63.6 m ≈ | 62.3 m ≈ |
| Interest expense | -34.0 k | 1.5 m | 1.1 m | 591.0 k | 194.0 k | 1.1 m | — | — |
| Pre-tax income | 59.3 m | 62.7 m | 80.8 m | 71.4 m | 51.7 m | 51.3 m | 124.9 m | 78.4 m |
| Income tax | 11.8 m | 13.8 m | 17.6 m | 14.2 m | 12.4 m | 11.6 m | 29.1 m | 13.5 m |
| Net income | 47.5 m | 48.9 m | 63.2 m | 57.3 m | 39.3 m | 39.7 m | 95.9 m | 64.8 m |
| Diluted EPS | 0.44 ≈ | 0.45 | 0.58 | 0.53 | 0.36 ≈ | 0.37 | 0.89 | 0.61 |
| Operating cash flow | 101.4 m | 71.2 m | 84.1 m ≈ | 102.5 m ≈ | 124.1 m | 109.2 m | 169.2 m ≈ | 206.9 m ≈ |
| Capex | 97.5 m | 66.7 m | 94.1 m ≈ | 78.0 m ≈ | 78.9 m | 63.4 m | 73.2 m ≈ | 51.2 m ≈ |
| Share repurchases | — | — | — | 0 ≈ | — | — | — | 91.4 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 11 percentile of its own 38-quarter history (min 20.8, median 38.7, max 67.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.7 bn | 2.0 bn | 2.4 bn | 3.4 bn | 4.3 bn | 4.4 bn | 4.5 bn | 4.7 bn |
| Revenue YoY | +23.5% | +19.6% | +18.6% | +41.5% | +24.2% | +3.5% | +0.9% | +5.1% |
| Net income | 116.2 m | 150.6 m | 195.0 m | 283.2 m | 298.2 m | 246.0 m | 205.9 m | 208.6 m |
| Net income YoY | +13.0% | +29.6% | +29.4% | +45.3% | +5.3% | −17.5% | −16.3% | +1.3% |
| Diluted EPS | 1.11 | 1.44 | 1.84 | 2.64 | 2.78 | 2.28 | 1.90 | 1.92 |
| Diluted EPS YoY | +7.8% | +29.7% | +27.8% | +43.5% | +5.3% | −18.0% | −16.7% | +1.1% |
| net % | 6.8% | 7.4% | 8.0% | 8.2% | 7.0% | 5.6% | 4.6% | 4.5% |
| Free cash flow | 34.2 m | 8.7 m | 193.7 m | -106.3 m | -344.2 m | 256.0 m | 156.3 m | 64.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 25 Dec 2025
- Cash
- 249.3 m USD
- Financial debt
- 196.2 m USD
- Net debt
- -53.1 m USD
- Equity
- 2.4 bn USD
- Total assets
- 5.5 bn USD
- Debt / equity
- 0.08x
- Current ratio
- 1.33x
- ROE
- 9.1%
- ROA
- 4.0%
- FCF margin
- 1.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.4 bn | 3.4 bn | 4.3 bn | 4.4 bn | 4.5 bn | 4.7 bn | SEC (XBRL)· 19 Feb 2026verified |
| Cost of revenue | 1.4 bn | 2.0 bn | 2.5 bn | 2.6 bn | 2.5 bn | 2.6 bn | SEC (XBRL)· 19 Feb 2026verified |
| Gross profit | 1.0 bn | 1.4 bn | 1.7 bn | 1.9 bn | 1.9 bn | 2.0 bn | SEC (XBRL)· 19 Feb 2026verified |
| SG&A | — | — | — | 1.5 bn | 1.7 bn | 1.8 bn | SEC (XBRL)· 19 Feb 2026verified |
| Operating income | 214.6 m | 339.0 m | 396.8 m | 321.4 m | 256.2 m | 270.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Depreciation & amortisation | 91.6 m | 118.2 m | 155.0 m | 201.9 m | 232.5 m | 241.2 m | SEC (XBRL)· 19 Feb 2026verified |
| EBITDA | 306.2 m ≈ | 457.2 m ≈ | 551.8 m ≈ | 523.3 m ≈ | 488.6 m ≈ | 511.2 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Interest expense | 8.4 m | 4.9 m | 11.1 m | 9.9 m | 2.8 m | 3.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Pre-tax income | 207.2 m | 334.1 m | 385.6 m | 311.5 m | 253.4 m | 266.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | 12.2 m | 50.8 m | 87.4 m | 65.6 m | 47.5 m | 58.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | 195.0 m | 283.2 m | 298.2 m | 246.0 m | 205.9 m | 208.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | 1.84 | 2.64 | 2.78 | 2.28 | 1.90 | 1.92 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 106.1 m | 107.4 m | 107.4 m | 107.9 m | 108.3 m | 108.4 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 307.8 m | 139.4 m | 9.8 m | 34.4 m | 187.7 m | 249.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Inventories | 654.0 m | 1.0 bn | 1.3 bn | 1.1 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 19 Feb 2026verified |
| Current assets | 1.0 bn | 1.3 bn | 1.5 bn | 1.3 bn | 1.5 bn | 1.5 bn | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | 579.4 m | 929.1 m | 1.3 bn | 1.6 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 19 Feb 2026verified |
| Goodwill | 227.4 m | 255.5 m | 255.5 m | 257.9 m | 257.9 m | 257.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Intangibles (excl. goodwill) | 109.3 m | 151.9 m | 152.4 m | 153.9 m | 150.2 m | 146.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Total assets | 2.9 bn | 3.7 bn | 4.4 bn | 4.7 bn | 5.1 bn | 5.5 bn | SEC (XBRL)· 19 Feb 2026verified |
| Accounts payable | 417.9 m | 661.9 m | 590.9 m | 679.3 m | 794.9 m | 683.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Short-term debt | 1.6 m | 2.1 m | 2.1 m | 2.1 m | 2.1 m | 2.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Long-term debt | 207.2 m | 195.8 m | 405.6 m | 194.9 m | 194.5 m | 193.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Current liabilities | 698.8 m | 1.0 bn | 1.0 bn | 1.2 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| Total liabilities | 1.9 bn | 2.4 bn | 2.7 bn | 2.7 bn | 2.9 bn | 3.1 bn | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 997.4 m † | 1.3 bn † | 1.7 bn † | 1.9 bn † | 2.2 bn † | 2.4 bn † | SEC (XBRL)· 19 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 406.2 m | 301.3 m | 112.5 m | 803.6 m | 603.2 m | 381.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 212.4 m | 407.7 m | 456.6 m | 547.6 m | 446.8 m | 317.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Free cash flow | 193.7 m ≈ | -106.3 m ≈ | -344.2 m ≈ | 256.0 m ≈ | 156.3 m ≈ | 64.1 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Investing cash flow | -212.4 m | -471.2 m | -455.6 m | -565.0 m | -446.8 m | -317.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | 87.0 m | 1.6 m | 213.5 m | -214.0 m | -3.0 m | -2.4 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 62 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality59
- Growth13
- Valuation74
- Balance sheet89
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 43.27 – 74.63 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)44.87 – 67.72 (Mid 53.73)WACC 9.1% · starting FCFF 344.9 m USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 2.9%
- Peers: EV/EBITDA53.21 – 66.47 (Mid 58.97)4 companies used · median multiple 10.7x · quartiles 9.7x – 12.1xBLDR, HD, LOW, TSCO
- Peers: P/E43.27 – 74.63 (Mid 55.55)5 companies used · median multiple 24.9x · quartiles 19.4x – 33.4xFAST, HD, LOW, SHW, TSCO
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 62/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.3% | 40 (vs peers) | 12% |
| Net margin · Quality | 5.1% | 50 (vs peers) | 7% |
| FCF conversion · Quality | 142.9% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 3.2% | 26 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | -11.6% | 0 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | -0.4x | 100 (vs peers) | 12% |
| Interest coverage · Balance sheet | 102.3x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.3x | 43 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 23.9x | 67 (vs peers) | 12% |
| EV/EBITDA · Valuation | 9.7x | 80 (vs peers) | 12% |
| FCF yield · Valuation | 6.2% | 77 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet89/100 · 3/3 factors with a value
- Growth13/100 · 2/2 factors with a value
- Quality59/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation74/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Floor & Decor Holdings, Inc. (FND). Latest full fiscal year: 2025; data up to 2026-09-24.
Figures computed from the financial statements: revenue 4.7 bn USD in 2025; YoY growth 5.1%; net margin 5.1%; ROE 9.9%; net debt/EBITDA -0.4x.
The estimated value range is 44.87–67.72 USD per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 55.55 USD, the price of 53.41 USD leaves a potential of 4.0% (value / price − 1) and a margin of safety of 3.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 62/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 142.9%
- Net debt / EBITDA: -0.4x
- Interest coverage: 102.3x
- EV/EBITDA: 9.7x
- FCF yield: 6.2%
What contradicts it
- Revenue CAGR 3Y: 3.2%
- EPS CAGR 3Y: -11.6%
Not assessed (insufficient data or a ratio without meaning): Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Building materials and hardware retail (SIC 52xx) · same major group (2-digit SIC) · compared with 10 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| HDThe Home Depot, Inc. | 354.6 bn | 24.9 | 104.3% | 8.4% | +3.2% | −0% / +13% |
| LOWLowes Companies Inc | 128.7 bn | 19.4 | — | 7.3% | +3.1% | −5% / +15% |
| SHWThe Sherwin-Williams Company | 87.8 bn | 33.4 | 63.7% | 10.7% | +2.1% | +6% / +30% |
| FASTFastenal Co | 61.0 bn | 43.1 | 35.3% | 15.6% | +8.7% | +32% / +77% |
| TSCOTractor Supply Co | 19.1 bn | 10.3 | 73.4% | 11.9% | +4.3% | −33% / −10% |
| BLDRBuilders Firstsource, Inc. | 7.5 bn | 185.9 | 1.0% | 0.3% | −7.4% | −38% / −48% |
| FNDFloor & Decor Holdings, Inc. | 5.6 bn | 23.9 | 9.9% | 5.1% | +5.1% | −13% / −34% |
| GRWGGrowgeneration Corp. | 89.6 m | — | -17.1% | -10.1% | −14.4% | −2% / −43% |
| JCTCJewett-Cameron Trading Company Ltd. | 10.1 m | — | -43.7% | -20.9% | −12.4% | +17% / −41% |
| IPWiPower Inc. | 1.9 m | — | -66.0% | -58.2% | −68.4% | −100% / −100% |
| ZKHZKH Group Limited | — | — | -4.6% | -1.6% | +2.6% | −59% / unavailable |
1- and 3-year price returns: for FND from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 32.09 Total return -40% · Per year -40% | 56.77 Total return 6% · Per year 6% | 85.56 Total return 60% · Per year 60% |
| 3 years | 30.32 Total return -43% · Per year -17% | 60.43 Total return 13% · Per year 4% | 100.12 Total return 87% · Per year 23% |
| 5 years | 28.65 Total return -46% · Per year -12% | 64.33 Total return 20% · Per year 4% | 117.17 Total return 119% · Per year 17% |
- Exit P/E± 15.11
- Net margin± 10.58
- Annual revenue growth± 8.79
- Annual dilution± 0.89
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
Floor & Decor is a specialty retailer of hard surface flooring and related accessories that sells at everyday low prices through warehouse-format stores and also sells commercial surfaces. The company keeps expanding its store base, but demand for large home improvement projects remains weak and comparable store sales have declined in recent quarters, including the second quarter of fiscal 2026 23.
SWOT
Strengths
- A broad in-stock assortment and direct sourcing from manufacturers support everyday low prices and a clear position in hard surface flooring 1.
- Large stores and free design services support the customer experience and sales to professionals 1.
- Gross margin rose in the second quarter with help from tariff refunds, and management continued to return capital to shareholders through buybacks 23.
Weaknesses
- Comparable store sales declined in fiscal 2025 and the first half of fiscal 2026, showing dependence on renovation demand 12.
- Newer stores carry higher construction and operating costs and have struggled to reach profitability targets 1.
- Most real estate is leased, which creates fixed obligations and limits financial flexibility 1.
Opportunities
Threats
Risks
- Weak demand for renovationshigh
If borrowing costs stay high or home sales stay low, buyers could postpone flooring projects, affecting sales and margins 12.
- Declining comparable store saleshigh
The decline in comparable store sales could continue, making net sales growth depend largely on new stores 12.
- Expansion and construction costsmedium
Permit delays and rising construction costs could slow store openings and reduce the profitability of new units 1.
- Lease commitmentsmedium
Fixed rent obligations, which rise periodically, could limit financing capacity if sales fall 1.
- Brand image and digital competitionlow
Negative publicity or competition from e-commerce could affect the brand and demand, especially in new markets 1.
Investment thesis
What would need to be true (bull case)
- If the housing market normalizes, demand for flooring could recover quickly, and the broad assortment and everyday low prices could support market share 12.
- The fiscal 2026 guidance includes a 53rd week and an expected increase in net sales, which could support profitability if comparable sales improve 3.
- A growing share of professional customers and the maturing of newer stores could lift comparable sales over the long term 12.
What would break the thesis
- If home sales and renovations remain weak, comparable sales could keep declining and margins could come under pressure from heavier promotions 12.
- The second-quarter margin gain included a one-time tariff refund, so underlying margins could be weaker than the reported figures suggest 23.
- Newer store classes have lower first-year sales and weaker returns, which could slow the path to long-term targets 1.
What to watch
- Comparable store sales against guidance of (4.0)% to flatQ3 2026
- Gross margin trend excluding the one-time tariff refund benefitQ3 2026
- Number of new stores opened against the target of 20 for fiscal 20262026
- Fiscal 2026 results including the effect of the 53rd weeknext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
Floor & Decor, founded in 2000, is a multi-channel specialty retailer of hard surface flooring and related accessories and a seller of commercial surfaces, operating 270 warehouse-format stores across 39 states as of December 25, 2025 1. The company says it offers the broadest in-stock assortment of laminate and vinyl, tile, wood and natural stone flooring, along with adjacent categories such as vanities and kitchen cabinets, with on average approximately 4,200 SKUs per store 1. Its direct sourcing model with more than 240 vendors supports its everyday low price strategy 1. Customers are both professionals and homeowners, and in the second quarter of fiscal 2026 about 55% of store retail sales came from Pros 2.
The company spends approximately 2% to 3% of net sales on advertising, relying on a mix of digital and in-store channels 1. The FloorandDecor.com website lets customers check availability, order for in-store pickup or delivery and find design ideas, while free in-store design services and the Pro Premier loyalty program complete the offer 1.
Over the long term management aims to grow the US store base to at least 500 warehouse-format stores and to lift comparable store sales as newer stores mature 1. For fiscal 2026 the company plans to open 20 new stores and invest between 240 and 275 million dollars in capital expenditures 3.
Segments
Warehouse-format stores
The core segment consists of warehouse-format stores averaging about 76,000 square feet that sell flooring, accessories and installation tools, and the company opened 20 new stores during fiscal 2025 1. By June 25, 2026 the store count had reached 281, and comparable store sales declined in the first half of fiscal 2026 2.
Commercial surfaces
The company also sells commercial surfaces, a business expanded through the 2021 acquisition of Spartan Surfaces, which does not operate through stores and is excluded from comparable store sales 12. Management pursues both organic growth and acquisitions to address the full commercial market 1.
Market context
Floor & Decor operates in the large, growing and highly fragmented US retail hard surface flooring market 1. Long-term growth is supported by existing home sales, aging housing stock, rising home equity and the shift from carpet to hard surfaces 1. Management notes, however, that high mortgage rates and low home sales have reduced remodeling activity 12.
The share of Pro customers in store retail sales rose to about 55% in the second quarter of fiscal 2026 from about 50% a year earlier, pointing to a shift in demand toward the professional segment 2.
Trends
- Existing home sales and mortgage ratesheadwind
High borrowing costs and low home sales have reduced renovation projects and demand for flooring, which contributed to lower comparable store sales in fiscal 2025 and the first half of fiscal 2026 12.
- Aging homes and the shift to hard surfacestailwind
Older housing and the replacement of carpet with hard surface flooring remain structural factors that management says support long-term demand 1.
- Pricing and tariffsmixed
Strategic price increases lifted the comparable average ticket, and in the second quarter the company recognized a one-time benefit from IEEPA tariff refunds that supported gross margin 2.
- Construction costs for new storesheadwind
Higher construction costs have made it harder for recent store classes to reach sales and profitability targets, which could slow the return on investment in new stores 1.
Competitive position
Competition comes from big-box home improvement centers, national and regional specialty flooring retailers, independent flooring retailers and distributors, and omnichannel retailers with similar offers add pressure 1. The company differentiates itself through broad assortment and larger store formats than most specialty competitors 1.
Customers increasingly compare prices and availability with digital tools, and if competitors integrated emerging technologies such as artificial intelligence more effectively, Floor & Decor could face a competitive disadvantage 1.
- Big-box home improvement centers
Large home improvement chains with a small share of floor space devoted to hard surfaces, named in the source as a main competitor.
- National and regional specialty flooring retailers
Flooring specialists, generally smaller, with narrower in-stock assortments, cited as direct competitors.
- Independent flooring retailers
Local stores competing on service and niches without the company's sourcing scale.
- Flooring distributors
Distributors selling to professionals that can compete on price and availability.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report25 Jun 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report07 May 2026Shareholder vote · Financial statements and exhibits
- Quarterly report30 Apr 2026
- Current report30 Apr 2026Results of operations · Other events · Financial statements and exhibits
- Proxy statement23 Mar 2026
- Annual report19 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-25 · SEC / Floor & Decor Holdings, Inc. · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-25 · SEC / Floor & Decor Holdings, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Floor & Decor Holdings, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.