FND - Buy On Weakness With Stock at All-Time Low Valuation

研报英文原文证据摘录

FND - Buy On Weakness With Stock at All-Time Low Valuation

Truist Securities

Equity Research Report May 12, 2026

INDUSTRIALS: Retailers Floor & Decor Holdings, Inc. (FND)

FND - Buy On Weakness With Stock at All-Time Low Valuation Keith Hughes

404-926-5032

Keith.Hughes@truist.com

FND stock has underperformed peers (1) due to continued pressure from 4+ years of a weak

residential market (2) retail focused investor perception that FND weakness is company

Julian Nirmal specific and (3) views the organic secular growth story has ended, or new store adds will 404-836-4749

Julian.Nirmal@truist.com continue to be less productive. We believe most of the weakness is due to the market and

is not FND or new store add specific, and think share gain will return in a better market. The

result is substantial leverage in an upturn with the stock trading at a P/E multiple of 22x 2027

EPS which is the lowest on record for FND.

Stock Rating BUY

Unchanged

Valuation at All-Time Lows as Flooring Downturn Continues. During the start of the

Price Target $65.00 recession, FND traded roughly in-line with the group, but starting in June 2024 the stock has

Unchanged significantly underperformed. This has lead to an all-time low valuation with shares trading

around 12x EV/EBITDA. The large premium the stock has enjoyed throughout its trading

history relative to the group has now turned into an average valuation. We highlight that FND

has not seen this valuation since 2018 which was only shortly after the stock went public.

TR to Target 33.3% This is also below multiples seen at the height of the pandemic when fear across residential

Price (May 11, 2026) $48.76 markets was at peak levels.

52-Wk Range $90.42-$47.47

Market Cap ($M) $5,281

ADTV 1,990,558

Shares Out (M) 108