What is Fastenal’s (FAST) Economic Moat, and is it Widening or Narrowing?

Fastenal Company (NASDAQ:FAST) traded at around $51 on October 6 and is 6.83% higher over twelve months. The company earns a 21.52% return on assets selling screws, bolts, and industrial supplies. That figure is the whole story, because distribution is not supposed to earn returns like that. READ ALSO: Costco (COST) vs Walmart (WMT): Which is a Better Stock to Buy?What is Fastenal's (FAST) Economic Moat, and is it Widening or Narrowing? The Moat Is Physical Proximity to the Customer: Fastenal does not win on price and does not try to. It installs vending machines and staffed supply points inside its customers' own factories, so the inventory sits on the production floor rather than in a warehouse across town. That changes what the customer is buying.