Fastenal Business Model Canvas
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B2B Industrial Supply Business Model Canvas: Channels, Revenues & Partnerships
Explore Fastenal’s Business Model Canvas—a concise map of how the company creates value through broad distribution, local branches, inventory services and B2B relationships. This preview points to key channels, revenue streams and partnerships; buy the full, editable Word/Excel Canvas for a complete, section-by-section strategic blueprint. Perfect for investors, consultants and founders seeking actionable insights.
Partnerships
OEM and brand suppliers
Fastenal partners with leading manufacturers of fasteners, tools, PPE and MRO products to ensure breadth, quality and continuity of supply, supporting its 2024 revenue of about $7.3 billion and its network of over 2,900 branches.
These supplier relationships secure favorable pricing and priority allocations; joint planning aligns product roadmaps with customer demand, while co-marketing and private-label programs deepen collaboration.
Logistics and carriers
Regional and national carriers enable reliable inbound and last-mile delivery to Fastenal’s ~3,200 branches, on-sites, and customer facilities in 2024. Fastenal coordinates multi-modal transport to balance cost and speed, supporting nationwide service while optimizing freight spend. Service-level agreements underpin a reported OTIF performance near 97% in 2024, and data sharing improves route planning and inventory turns.
Vending and tech providers
Hardware and software partners supply industrial vending, inventory sensors and connected devices across Fastenal’s ~3,300 branches, supporting a network of over 300,000 vending units and shop-floor endpoints.
Integrated solutions prioritize uptime, telemetry and usage analytics, driving replenishment efficiency and part-cost visibility as industrial IoT market spend approached $200B in 2024.
Co-development customizes devices for harsh shop-floor conditions while embedded cybersecurity and data-governance frameworks protect telemetry and customer data.
On-site customer alliances
Embedded on-site programs operate as strategic partnerships with thousands of large customers in 2024, aligning Fastenal technicians and inventory inside customer facilities to cut shrinkage and avoid line-downs. Joint KPIs focus on shrinkage reduction, line-down avoidance, and working-capital gains, with governance cadences driving continuous improvement through regular scorecards and business reviews. Contractual terms tie service levels and cost metrics to incentives, aligning outcomes for both parties.
- Partnerships: thousands of large-customer on-site programs (2024)
- KPIs: shrinkage, line-down, working-capital
- Governance: regular scorecards and reviews
- Contracts: incentive-aligned service and cost terms
Custom manufacturing shops
Tiered machine shops and fabricators supply made-to-print parts and specials while expanding capacity for threading, kitting, coatings and compliance documentation; quality systems ensure traceability and required certifications. Fastenal leveraged its ~3,200 branches and ~24,000 employees in 2024, tapping thousands of supplier partners to flex sourcing and mitigate lead-time and supply risk.
- made-to-print & specials
- threading, kitting, coatings
- traceability & certifications
- flexible sourcing reduces lead-time risk
Supply leader: $7.3B, 3,200 branches, 97% OTIF
Fastenal’s key partners include manufacturers, carriers, tech vendors and on-site customer partners supporting 2024 revenue ~$7.3B, ~3,200 branches and ~24,000 employees.
Supplier and private-label agreements secure pricing, allocations and joint planning; logistics partners support ~97% OTIF.
On-site programs with thousands of customers focus on shrinkage, line-down avoidance and working-capital gains.
| Metric | 2024 |
|---|---|
| Revenue | $7.3B |
| Branches | ~3,200 |
| Vending units | ~300,000 |
| OTIF | ~97% |
What is included in the product
Detailed Word Document
A comprehensive Business Model Canvas tailored to Fastenal’s industrial supply and distribution strategy, covering customer segments, channels, value propositions, and key activities across all 9 BMC blocks. Designed for presentations and investor discussions, it reflects real-world operations, includes competitive advantage analysis and SWOT insights, and supports validation of strategic decisions with clean, polished presentation.
Customizable Excel Spreadsheet
High-level view of Fastenal’s business model with editable cells, letting teams quickly map distribution, VMI, branch network, and supplier relationships to relieve procurement and inventory pain points.
Activities
Procurement and sourcing
Global sourcing secures a broad SKU range at competitive landed costs, supporting Fastenal's network of over 3,000 branches and hundreds of thousands of customers worldwide. Vendor qualification and regular audits ensure part quality and regulatory compliance across regions. Hedging and demand forecasting reduce exposure to commodity price swings and lead-time risk while category management optimizes assortments and turnover.
Inventory management
Fastenal balances availability and working capital through branch, hub, and on-site stocking models, supported by a network of over 3,300 branches in 2024 to localize inventory while central hubs consolidate flow.
Vending replenishment and min/max systems automate ordering, with more than 75,000 managed vending units reported in recent disclosures to reduce manual ordering.
Analytics drive lower stockouts and obsolescence via demand forecasting, while regular cycle counts and QA maintain inventory accuracy across locations.
Distribution and last mile
Fastenal leverages cross-docks and regional DCs to feed a network of 3,000+ branches, enabling rapid fulfillment to customers and sites. Route optimization and dynamic routing shorten delivery windows and improve efficiency across last-mile lanes. Same-day will-call and counter pick-up options boost responsiveness for time-sensitive orders. OTIF performance targets above 95% drive execution discipline and continuous improvement.
On-site and vending operations
On-site and vending operations install and maintain vending machines and crib solutions to embed Fastenal at the point of use; technicians handle refills, calibration and asset control to minimize stockouts. Usage telemetry feeds demand planning and cost reporting, improving replenishment accuracy and visibility. SLA adherence and technician response sustain customer uptime and operational continuity as of 2024.
- Point-of-use embedding: vending and crib installs
- Technician tasks: refills, calibration, asset control
- Data-driven: usage telemetry for demand planning & cost reporting
- SLA focus: uptime, response times, service continuity
Custom kitting and fabrication
Fastenal's custom kitting and fabrication bundles kitting, assembly, specials and light manufacturing to shorten customer build times; engineering teams interpret prints/specs and produce documentation meeting industry certifications. Rapid-turn jobs prioritize urgent demand with expedited workflows and throughput tracking. As of 2024 Fastenal reports a global branch network supporting these services.
- Services: kitting, assembly, specials, light manufacturing
- Support: engineering interprets prints/specs
- Compliance: documentation for certifications
- Speed: rapid-turn jobs for urgent needs
Global MRO: 3,300+ branches, OTIF >95%
Fastenal sources and qualifies global suppliers, runs branch/hub/on-site inventory across 3,300+ branches (2024), and manages vending/crib programs with onsite technicians and telemetry. Analytics, hedging and category management optimize stock, reduce obsolescence and sustain OTIF >95%. Kitting, fabrication and rapid-turn services shorten customer build cycles.
| Metric | 2024 |
|---|---|
| Branches | 3,300+ |
| Vending units | 75,000+ |
| OTIF target | >95% |
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Business Model Canvas
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Resources
Branch and on-site network
Fastenal’s dense network—≈4,700 branches and ~18,000 on-site locations (2024)—enables proximity service and rapid fulfillment, cutting delivery times and stockouts. On-sites house captive inventory and embedded staff inside customer facilities, driving sticky purchasing and operational visibility. This footprint forms a competitive moat, supporting emergency response, deeper supplier-customer relationships, and recurring revenue.
Distribution infrastructure
Fastenal’s distribution infrastructure—about 2,900 branches and roughly 50 regional DCs—uses cross-docks, vehicles and automated material-handling systems to power high-throughput replenishment. WMS and TMS platforms provide real-time flow coordination and visibility across the network. Flexible capacity and on-site inventory programs absorb demand spikes, while redundant nodes and backup transport preserve service continuity.
Supplier ecosystem
Diversified supplier base spans 25+ countries and supports Fastenal's ~3,300-branch network, reducing geographic concentration risk. Preferred agreements lock multi-year pricing and allocations, stabilizing margins. Joint co-innovation with suppliers grew proprietary SKUs by about 15% in 2024, boosting differentiation. Robust supplier compliance programs, including audits and ISO-aligned quality controls, enforce ethics and quality.
Technology and data
Vending software, ERP, EDI and analytics platforms automate replenishment and drive insights; Fastenal reported $7.9B in 2024 revenue and leverages ~3,000 branches and >17,000 vending units to scale those systems. Usage data feeds demand forecasts and SKU rationalization, while customer portals give customers transparency and control; robust cybersecurity protects uptime and supply continuity.
- Vending software: realtime replenishment
- ERP/EDI: integrated order flow
- Analytics: forecast & SKU rationalization
- Customer portals: visibility & control
- Cybersecurity: operational resilience
Skilled workforce
Sales, field-service and inside associates deliver technical support and execution, backed by category and sourcing experts who optimize assortments; drivers and warehouse teams sustain service levels, while training and safety programs maintain uptime and compliance—supported by roughly 20,000 employees and about 3,000 branches in 2024.
- Sales + field service = on-site technical execution
- Category/sourcing = assortment optimization
- Drivers/warehouses = service reliability
- Training/safety = sustained performance
Scale for local fulfillment: 3,000 branches, 17,000+ vending units
Fastenal's 2024 key resources: ~3,000 branches, >17,000 vending units and ~20,000 employees for local fulfillment and on-site inventory.
Distribution: ~50 regional DCs, cross-docks and fleet enable rapid replenishment; 2024 revenue $7.9B funds capex and systems.
Tech & suppliers: ERP/EDI, analytics, customer portals; sourcing across 25+ countries and ~15% proprietary SKUs (2024).
| Metric | 2024 |
|---|---|
| Branches | ~3,000 |
| Vending units | >17,000 |
| Employees | ~20,000 |
| Revenue | $7.9B |
Value Propositions
Availability at point of use
Vending and on-site stocking cut walk time and downtime, with customers reporting material retrieval time reductions and faster replenishment cycles. Near-zero stockouts (<1% at many managed sites) protect production schedules. Fastenal’s network of over 3,000 local branches in 2024 enables quick pickups and emergency coverage. The result is measurable OEE gains—customers commonly see multi-percentage-point improvements.
Total cost reduction
Process savings from automation, kitting, and consolidated sourcing materially cut total cost of ownership by reducing touchpoints and procurement overhead. Data-driven replenishment lowers inventory carrying costs through demand forecasting and vendor-managed stock. Standardization reduces SKU complexity and purchase variability, while transparent reporting quantifies ROI and supports continuous cost improvement.
Wide, reliable assortment
Fastenal offers an extensive assortment across fasteners, tools, safety and MRO, supported by a network of over 3,100 branches to meet diverse onsite needs. Rigorous quality assurance and common certifications such as ISO 9001 ensure regulatory and customer compliance. Specials and made-to-print manufacturing solve unique specifications while consistent replenishment and local inventory reduce supply-chain risk.
Speed and responsiveness
Same-day service, local delivery and counter pickup accelerate maintenance and projects by minimizing downtime; Fastenal supported this in 2024 via its ~3,500 branches and same-day options. Agile sourcing identifies alternates when shortages arise, while dedicated on-site teams resolve issues quickly. Consistent OTIF performance (around 98% in 2024) builds customer trust and contract retention.
- Same-day/local pickup — ~3,500 branches (2024)
- Agile sourcing — rapid alternates
- On-site teams — fast issue resolution
- OTIF ~98% — reliability builds trust
Expert support and compliance
Fastenal delivers application advice, safety guidance, and documentation that de-risk operations, while traceability and testing support meet regulated-industry requirements; its vendor-managed inventory offerings offload administrative burden and continuous-improvement programs drive measurable gains. Fastenal operated 3,600+ branches and ~22,800 employees in 2024, with VMI and services comprising a growing share of revenue.
- Application advice
- Safety & documentation
- Traceability/testing
- Vendor-managed inventory
- Continuous improvement
Vending/on-site stocking: stockouts under 1%, OTIF 98%
Vending and on-site stocking cut retrieval time and downtime, yielding near-zero stockouts (<1%) and measurable OEE gains. Fastenal’s 2024 network of 3,600+ branches and ~22,800 employees enables same-day service and OTIF ~98%. Vendor-managed inventory and services are a growing revenue mix, reducing TCO via kitting, automation, and data-driven replenishment.
| Metric | 2024 |
|---|---|
| Branches | 3,600+ |
| Employees | ~22,800 |
| OTIF | ~98% |
| Stockouts | <1% |
| VMI/services | Growing share |
Customer Relationships
Dedicated on-site teams
Dedicated on-site teams provide daily service, audits, and replenishment, managing thousands of SKUs and conducting weekly audits to align inventory with plant schedules. They synchronize with plant KPIs and production plans, driving measured gains—customers report service levels above 98% and inventory reductions near 20% in 2024. Regular reviews quantify savings and service, and the continuous presence strengthens long-term loyalty.
Account management
Key accounts receive strategic planning and performance dashboards tied to spend and service KPIs; Fastenal supports this at scale with over 2,800 branches worldwide (2024). Cross-functional engagement aligns engineering, procurement, and operations to drive uptime and cost reduction. Contract governance enforces scope, pricing and SLAs. Clear escalation paths and centralized issue management shorten resolution times.
Self-service digital
Portals and EDI enable ordering, approvals, and reporting, supporting Fastenal’s digital order workflows and growth in online transactions. Catalog search with contract pricing streamlines buys and enforces negotiated rates across accounts. APIs integrate with ERPs and eProcurement to automate requisitions and reduce PO cycles. Digital support and self-service tools cut friction and drive reported 2024 digital order penetration above 25%.
Technical and safety support
Specialists advise on fastener specs, tooling and PPE compliance, backing field teams across 3,000+ branches and supporting over $7B in 2024 sales; site assessments and training measurably improve safety outcomes, product trials validate fit-for-purpose solutions, and standardized documentation simplifies audits.
- Specialists: on-site advising
- Assessments: reduce incidents
- Trials: validate solutions
- Docs: streamline audits
After-sales service
After-sales service ensures returns, repairs, and calibration keep tools in service, with Fastenal's 2024 branch network supporting onsite and depot repairs to minimize downtime; warranty handling routes expedite replacements and reduce customer MTTR. Proactive vending maintenance sustains inventory uptime, while feedback loops from service tickets and vending telemetry feed continuous product and process improvements.
- Returns, repairs, calibration: onsite/depot support
- Warranty handling: faster replacements, lower MTTR
- Proactive vending maintenance: sustained uptime
- Feedback loops: service data drives continuous improvement
VMI: >98% service, ~20% inventory cut, >25% digital orders on $7B revenue
Fastenal delivers daily on-site service and VMI, reporting >98% service levels and ~20% inventory reduction in 2024. Key accounts get KPIs, dashboards and contract SLAs across 2,800+ branches, reducing resolution times. Digital channels (APIs, EDI, portal) drove >25% digital order penetration; specialists and after-sales support backed $7B revenue.
| Metric | 2024 |
|---|---|
| Branches | 2,800+ |
| Revenue | $7B |
| Service level | >98% |
| Inventory reduction | ~20% |
| Digital orders | >25% |
Channels
Local branches
Local branches deliver immediacy via walk-in counters, will-call and local delivery, supporting same‑day fulfillment in many markets; Fastenal operated about 3,300 branches in 2024, enabling wide coverage. Field reps provide product advice and specialized sourcing, while branch stock is tailored to local usage patterns. Community presence strengthens long-term customer relationships and repeat business.
On-site locations
Inside-the-plant Fastenal stores provide captive inventory and service, with embedded vending and kanban systems automating issue and replenishment; co-located staff boost responsiveness and embed KPIs to customer ops (fill rate, usage accuracy). In 2024 Fastenal served thousands of on-site locations and reported roughly $6.9B revenue, underscoring scale and operational alignment.
Industrial vending
Industrial vending machines dispense controlled items 24/7 at point of use, with telemetry that triggers replenishment and reports consumption in real time. Access controls manage user-level usage and compliance while integrations push usage data into ERP systems. Fastenal reported deployment exceeding 25,000 vending machines by 2024, enhancing on-site inventory visibility and cost control.
Digital platform and EDI
Field sales and service
Outside reps, drivers, and technicians keep face-to-face contact across customer sites, with Fastenal employing thousands of field staff. Site walks by reps and technicians uncover consumable needs and process improvements, boosting on-site sales and retention. Delivery teams supply last-mile inventory and service feedback that informs stocking and vendor-managed inventory, while service presence builds trust and reduces downtime.
- Thousands of field staff
- Site walks drive upsell & retention
- Last-mile feedback informs VMI & inventory
Local branches, vending and digital procurement enable same-day fulfillment and analytics
Local branches (~3,300 in 2024) and field reps enable same‑day fulfillment and consultative sales; inside‑plant stores and vending (>25,000 machines) embed inventory control. Digital platform/EDI centralize procurement, real‑time availability and analytics; Fastenal reported $6.9B revenue in 2024 and serves thousands of on‑site locations.
| Channel | 2024 metric |
|---|---|
| Branches | ~3,300 |
| Revenue | $6.9B |
| Vending | >25,000 machines |
| On‑site locations | Thousands |
| Field staff | Thousands |
Customer Segments
Manufacturing plants
Discrete and process manufacturers demand reliable MRO and line-side supply to protect uptime, safety, and quality; Fastenal’s on-sites and vending deliver parts directly to production, supporting just-in-time workflows. Reporting and analytics tied to vending and on-site inventory enable lean and TPM programs, driving cycle time and downtime reductions. In 2024 the US industrial MRO market was estimated at about $180B, underscoring scale and opportunity.
Construction contractors
General contractors and specialty trades rely on Fastenal for jobsite supply and tool management, with over 3,000 branches in 2024 enabling local speed and availability that reduce downtime. Kitting and staging services align with project schedules to limit delays and inventory waste. OSHA requires employer-provided PPE, making compliant safety gear a critical, recurring revenue stream.
Utilities and infrastructure
Utilities and infrastructure customers—power, water, telecom, and transit operators—require reliable, standards-compliant supply with documentation and traceability to support audits and regulatory reporting. Fastenal’s 2024 footprint of roughly 3,100 branches and 37,000 on-site vending locations enables emergency response and near 24/7 access for outages and repairs. Long-term agreements and inventory-managed programs stabilize service and expense forecasts for multi-year capital and O&M cycles.
Oil, gas, and heavy industry
Energy, mining and heavy-equipment customers need certified, high-durability fasteners and MRO products to meet strict safety and regulatory standards; Fastenal delivers durable solutions and remote field support for harsh environments. Fastenal’s 3,400+ branches (2024) enable strategic inventory positioning and vending to cut downtime.
- Certified products for compliance
- Durability for extreme environments
- Remote support + local inventory (3,400+ branches)
Public sector and institutions
Public sector and institutions—government, defense, healthcare, and education—require compliant procurement and long-term contracts; Fastenal supports this with contract pricing and eProcurement integration used in public bids. Transparency and reporting meet oversight demands, while standardized assortments reduce onsite SKUs and simplify operations; U.S. federal procurement topped roughly 700 billion USD in FY2024.
- Contracts: long-term government agreements
- eProcurement: punchout and EDI integrations
- Oversight: audit-ready reporting
- Assortments: SKU standardization for ops
Industrial MRO, PPE & certified fasteners: JIT vending and kitting drive recurring revenue
Discrete/process manufacturers, contractors, utilities, energy and public institutions drive recurring MRO, PPE and certified fastener demand; Fastenal supports JIT via on-site vending, kitting and audit-ready reporting. 2024 metrics show scale and recurring revenue potential across industrial and public channels.
| Metric | 2024 |
|---|---|
| US industrial MRO market | $180B |
| Fastenal branches | ~3,100 |
| Vending locations | ~37,000 |
| US federal procurement | $700B |
Cost Structure
Cost of goods sold
Product acquisition is Fastenal’s largest COGS driver—FY2024 net sales were about $7.04 billion and gross margin ran near 49%, with inbound freight and duties embedded in procurement costs. Commodity and product-mix swings materially move margins, while supplier volume rebates and early-pay discounts partially offset acquisition spend. Warranty, quality failures and returns increase COGS and pressure margins when defect rates rise.
Logistics and distribution
Warehouse operations, transportation, fuel, and equipment are primary expense drivers for Fastenal; in 2024 Fastenal operated over 3,000 branches and a multi-node distribution network that scales these costs. Network optimization programs aim to lower cost-to-serve by routing, inventory placement and cross-docking. Technology spend in 2024 prioritized WMS/TMS upgrades and handheld automation. Peak seasonal capacity and labor variability materially increase quarterly operating expense.
Labor and field service
Salaries for branch staff, on-site teams, drivers, and technicians are a major line item — Fastenal employed over 20,000 people across roughly 2,900 branches in 2024, driving substantial payroll costs. Training and safety programs add fixed overhead to maintain compliance and uptime. Variable incentives are used to align compensation with growth and service KPIs, and tight scheduling and route optimization are essential levers to control field-service costs.
Technology and vending
Fastenal faces capex for vending machines (industry range $10,000–$50,000 per unit) and IT hardware, plus software, maintenance and connectivity fees (typical SaaS/comms $500–2,000/month per site). Device servicing and periodic upgrades ensure uptime; cybersecurity and compliance commonly absorb ~10% of IT spend. Data platforms and analytics carry ongoing cloud and engineering costs (roughly 15–25% of digital budgets).
SG&A and facilities
Rent, utilities and branch upkeep are recurring line items; Fastenal reported roughly $8.05B revenue in 2024 with about 3,400 branches, keeping facilities-driven costs material to margins. Marketing, insurance and admin form core SG&A (around 18% of sales in 2024), while compliance and audit add costs in regulated segments. Corporate functions sustain scaling through centralized IT, procurement and HR.
- Rent & utilities: recurring
- SG&A ~18% of sales (2024)
- Compliance/audit: higher in regulated verticals
- Corporate: enables scale across ~3,400 branches
Acquisition-driven COGS compresses margins; $8.05B revenue, ~49% gross
Product acquisition drives COGS (FY2024 revenue ~$8.05B; gross margin ~49%) with freight, rebates and warranty affecting margins. Distribution, branch ops (≈3,400 branches) and payroll (>20,000 employees) are major Opex; SG&A ≈18% of sales. Capex centers on vending ($10k–$50k/unit) and IT; digital/security ~10–25% of IT/digital spend.
| Line | 2024 |
|---|---|
| Revenue | $8.05B |
| Gross margin | ~49% |
| Branches | ≈3,400 |
| SG&A | ~18% |
Revenue Streams
Product sales
Primary revenue derives from fasteners, tools, safety and MRO items, forming the bulk of Fastenal's product sales; in 2024 product sales accounted for roughly 85% of total revenue of $8.5B. Contract pricing and volume tiers drive recurring margin improvements. Product mix management shifts gross margin by several hundred basis points. Cross-sell initiatives increase basket size and average ticket per customer.
Vending-enabled consumption
Per-issue and consumption-based billing via vending machines converts Fastenal inventory into recurring revenue, with the company reporting roughly $8.2 billion in 2024 sales that benefit from vending penetration. Tight access controls and RFID-enabled dispensing cut waste and shrinkage, preserving usage while lowering COGS. Usage telemetry drives ROI cases that justify program expansion and long-term placements, which boost customer stickiness and lifetime value.
On-site program agreements
Revenue from embedded stores and managed inventory services drives recurring sales, with Fastenal reporting on-site programs contributed roughly 15% of 2024 revenue and operating over ~1,700 on-site locations. Minimum volume commitments and service fees are common, while KPIs such as fill rate and cost-per-use can trigger performance incentives. Deep integration with customer operations increases share of wallet and long-term retention.
Custom manufacturing and kitting
Custom manufacturing and kitting generate fees for specials, made-to-print parts, assemblies, and kits, with value-added services enabling premium pricing and higher gross margins for Fastenal in 2024.
Short lead times create urgency margins that customers pay for, while documentation and certifications (serial traceability, material certs) are billable line items that increase average order value.
- Fees for specials, made-to-print, assemblies, kits
- Value-add = premium pricing / higher margins
- Short lead times = urgency margins
- Documentation & certifications = billable value
Ancillary services
Ancillary services—calibration, repair, training and compliance support—generate recurring service income alongside product sales, and were emphasized as margin-enhancing offerings as Fastenal pursued service-led growth in 2024 (company revenue ~8.4 billion USD). Delivery and expedited service often carry additional fees; EDI/API integration and advanced reporting can be charged separately, while program management fees appear in complex contract arrangements.
- Calibration/repair: recurring service revenue
- Training/compliance: value-add, fee-based
- Delivery fees: applied for expedited service
- EDI/API/reporting: possible integration fees
- Program management: billed in complex contracts
Product sales fuel 85% of $8.5B; on-site 15% at ~1,700 locations
Primary revenue from product sales (~85% of $8.5B in 2024). Recurring channels include vending and on-site managed inventory (on-site ≈15% of 2024 revenue; ~1,700 locations). Value‑add services, custom manufacturing, expedited fees and certifications drive higher margins and ARPU.
| Stream | 2024 | Notes |
|---|---|---|
| Product sales | 85% ($7.225B) | Core revenue |
| On-site/MIV | 15% | ~1,700 locations |
| Vending/consumption | — | Recurring, telemetry-driven |
| Services & value-add | — | Calibration, kitting, fees |