Transistor (https://transistor.fm) https://feeds.transistor.fm/fillrate-ferguson The Ferguson file: what was ordered against what actually shipped. Ferguson is North America's largest distributor of the water and air that runs a building, the plumbing, HVAC, waterworks, pipe, valves and fittings behind the walls of houses, hospitals, plants and data centers, sold from seventeen hundred branches to the professionals who install them. Each episode is the audio edition of a written director-grade briefing: the company's declared model scored against the quarter, price moves decomposed before they are narrated, and three questions worth bringing to the table. Built entirely from the public record: filings, calls, decks, and the tape. One quarter at a time. (c) Compound Governance, Inc. 66a4765d-65a4-5434-9ddb-63331f11692b yes en Wed, 02 Sep 2026 16:42:26 -0700 Wed, 02 Sep 2026 16:43:04 -0700 https://img.transistorcdn.com/FF-JOCmzU4upNawyG-BOj98U57V92GnlWEGZHt6c4sA/rs:fill:0:0:1/w:1400/h:1400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS85NmZk/MTZiYjk4MmYyMmM5/Y2Y3ZDYyMGYyNTA0/YjIzMC5qcGc.jpg episodic Compound Governance, Inc. The Ferguson file: what was ordered against what actually shipped. Ferguson is North America's largest distributor of the water and air that runs a building, the plumbing, HVAC, waterworks, pipe, valves and fittings behind the walls of houses, hospitals, plants and data centers, sold from seventeen hundred branches to the professionals who install them. Each episode is the audio edition of a written director-grade briefing: the company's declared model scored against the quarter, price moves decomposed before they are narrated, and three questions worth bringing to the table. Built entirely from the public record: filings, calls, decks, and the tape. One quarter at a time. The Ferguson file: what was ordered against what actually shipped. Chris O'Neill No No 1 1 Over Market full 93f58e9d-d573-49c4-a869-7a3c0b5cde87 https://share.transistor.fm/s/6e5788a2 On February 24 Ferguson declared a five-leg model: six to eleven percent annual sales growth, ten to thirty basis points of margin a year, eleven to fourteen percent flowthrough, low-double-digit earnings growth and cash conversion near one hundred percent. Two calendar quarters later the share-gain leg is on plan against a flat market, the acquisition leg is about to exceed its band with FloWorks, and the three legs that turn growth into value are all below theirs. Margin guided to roughly flat, flowthrough at seven percent in the quarter, cash conversion at sixty-five percent for the half with inventory up eleven percent. The stock rose on a beat and raise and then fell fifteen percent with no catalyst in the record. Plus the clean-slate audit and compensation questions a director on both committees inherits, and the three questions an outside seat would bring. Produced from the public record only.

• 0:00 Cold open: six to eleven declared, mid-single digit guided; sixty-five percent cash conversion
• 0:54 The company, the fiscal-year change, and the five-leg model declared February 24
• 2:53 The ledger: share gain on plan against a flat market; margin, flowthrough and cash below band
• 5:13 Management's answer (supplier price timing, deliberate inventory), and how the model moved between 2022 and 2026
• 7:08 The honesty segment: the derived third quarter, the approximated conversion ratio, two frames on the tape; the audit-and-comp inheritance
• 9:10 Speed round, the three questions, four tests dated November 9, sign-off

]]> On February 24 Ferguson declared a five-leg model: six to eleven percent annual sales growth, ten to thirty basis points of margin a year, eleven to fourteen percent flowthrough, low-double-digit earnings growth and cash conversion near one hundred percent. Two calendar quarters later the share-gain leg is on plan against a flat market, the acquisition leg is about to exceed its band with FloWorks, and the three legs that turn growth into value are all below theirs. Margin guided to roughly flat, flowthrough at seven percent in the quarter, cash conversion at sixty-five percent for the half with inventory up eleven percent. The stock rose on a beat and raise and then fell fifteen percent with no catalyst in the record. Plus the clean-slate audit and compensation questions a director on both committees inherits, and the three questions an outside seat would bring. Produced from the public record only.

• 0:00 Cold open: six to eleven declared, mid-single digit guided; sixty-five percent cash conversion
• 0:54 The company, the fiscal-year change, and the five-leg model declared February 24
• 2:53 The ledger: share gain on plan against a flat market; margin, flowthrough and cash below band
• 5:13 Management's answer (supplier price timing, deliberate inventory), and how the model moved between 2022 and 2026
• 7:08 The honesty segment: the derived third quarter, the approximated conversion ratio, two frames on the tape; the audit-and-comp inheritance
• 9:10 Speed round, the three questions, four tests dated November 9, sign-off

]]> Wed, 02 Sep 2026 16:42:04 -0700 Compound Governance, Inc. Compound Governance, Inc. 661 On February 24 Ferguson declared a five-leg model: six to eleven percent annual sales growth, ten to thirty basis points of margin a year, eleven to fourteen percent flowthrough, low-double-digit earnings growth and cash conversion near one hundred percent. Two calendar quarters later the share-gain leg is on plan against a flat market, the acquisition leg is about to exceed its band with FloWorks, and the three legs that turn growth into value are all below theirs. Margin guided to roughly flat, flowthrough at seven percent in the quarter, cash conversion at sixty-five percent for the half with inventory up eleven percent. The stock rose on a beat and raise and then fell fifteen percent with no catalyst in the record. Plus the clean-slate audit and compensation questions a director on both committees inherits, and the three questions an outside seat would bring. Produced from the public record only.

• 0:00 Cold open: six to eleven declared, mid-single digit guided; sixty-five percent cash conversion
• 0:54 The company, the fiscal-year change, and the five-leg model declared February 24
• 2:53 The ledger: share gain on plan against a flat market; margin, flowthrough and cash below band
• 5:13 Management's answer (supplier price timing, deliberate inventory), and how the model moved between 2022 and 2026
• 7:08 The honesty segment: the derived third quarter, the approximated conversion ratio, two frames on the tape; the audit-and-comp inheritance
• 9:10 Speed round, the three questions, four tests dated November 9, sign-off

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