A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
Core & Main, Inc.
CNM
$8.3B
Mkt Cap
$43.62
+1.16%
Core & Main, Inc. (CNM) has a current P/E ratio of 15.5, compared to its historical median P/E of 22.7. The stock is currently considered Fair based on its historical valuation range.
Core & Main, Inc. (CNM) has a 5-year average return on invested capital (ROIC) of 15.6%. This indicates strong capital allocation and a potential competitive advantage.
Core & Main, Inc. (CNM) has a market capitalization of $8.3B. It is classified as a mid-cap stock.
Core & Main, Inc. (CNM) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 1.86%.
Based on historical P/E analysis, Core & Main, Inc. (CNM) appears fair. The current P/E of 15.5 is 32% below its historical median of 22.7. The estimated fair value CAGR (P/E method) is 37.3%.
Core & Main, Inc. (CNM) operates in the Wholesale-Durable Goods, Nec industry, within the Consumer Cyclical sector.
Core & Main, Inc. (CNM) reported annual revenue of $7.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
Core & Main is a leading specialty distributor of water, wastewater, storm drainage, and fire protection products and services, operating a network of over 370 branch locations across 49 U.S. states as of February 2025. The company serves municipalities, private water companies, and professional contractors across municipal (42% of fiscal 2024 sales), non-residential (38%), and residential (20%) end markets, offering a comprehensive portfolio of more than 225,000 specialized products including pipes, valves, fittings, storm drainage products, fire protection products, and smart metering solutions. Core & Main operates as a specialty distributor with a balanced business model combining new construction and repair/replacement projects, generating revenue through product sales and related services; the company earns margins through purchasing scale, private label penetration (approximately 5% of sales in fiscal 2025), and disciplined pricing execution while maintaining local service capabilities across its national footprint. The company's competitive moat derives from its position as one of only two national distributors in a highly fragmented $39 billion addressable market, supported by extensive geographic reach, technical product knowledge, relationships with over 60,000 customers and 5,000 suppliers, and ability to meet local municipal specifications and engineering standards. Growth drivers include municipal infrastructure spending supported by steady repair and replacement demand, emerging opportunities in smart utility and treatment plant modernization, and greenfield expansion into new markets, with the company targeting 2%-4% organic above-market growth and 2%-4% acquisition-driven growth annually.
【Municipal strength, residential stabilizing】 Management expects overall end market volumes to remain roughly flat in fiscal 2026, with municipal markets continuing to provide strength through durable funding sources and non-discretionary demand, while residential activity has stabilized after softening in the second half of fiscal 2025 and is expected to remain challenged near-term but supported by long-term structural undersupply of housing. The company expects to drive above-market volume growth through sales and geographic expansion initiatives, including opening a record 8-10 greenfield locations and continued strength in smart utility and treatment plant solutions, with emerging growth drivers such as data center infrastructure and AI-related infrastructure needs providing additional tailwinds. Management anticipates adjusted EBITDA margin expansion through execution of gross margin initiatives, realization of benefits from previously announced cost actions, and leveraging of fixed cost structure, while maintaining strong operating cash flow conversion of 60%-70% of adjusted EBITDA. Capital allocation priorities remain focused on organic investment, strategic M&A, and shareholder returns through share repurchases, with the company maintaining confidence in its ability to unlock meaningful long-term profitable growth as residential and non-residential markets return to growth and pricing normalizes.
| Metric | Target | Period |
|---|---|---|
| Net sales | $7.8 billion–$7.9 billion | FY2026 |
| Adjusted EBITDA | $950 million–$980 million | FY2026 |
| Operating cash flow conversion | 60%–70% of adjusted EBITDA | FY2026 |
Net sales (FY2026): “For fiscal 2026, we expect net sales of $7.8 billion-$7.9 billion”
Adjusted EBITDA (FY2026): “Adjusted EBITDA of $950 million-$980 million”
Operating cash flow conversion (FY2026): “operating cash flow conversion of 60%-70% of Adjusted EBITDA”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2027 Earnings Call, Q3 FY2027 Earnings Call, Q2 FY2027 Earnings Call, Q1 FY2027 Earnings Call
| Metric | TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|---|
| Revenue | 7.6B | 7.6B | 7.4B | 6.7B | 6.7B | 5.0B |
| Net Income | 441M | 441M | 411M | 371M | 366M | 166M |
| EPS | $2.31 | $2.31 | $2.13 | $2.15 | $2.13 | $0.55 |
| Free Cash Flow | 604M | 604M | 586M | 1.0B | 376M | -51M |
| ROIC | 12.9% | 13.5% | 14.9% | 18.8% | 18.2% | 12.7% |
| Gross Margin | 26.9% | 26.9% | 26.6% | 27.1% | 27.0% | 25.6% |
| Debt/Equity | 1.22 | 1.22 | 1.33 | 1.29 | 1.33 | 1.11 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 722M | 722M | 719M | 740M | 775M | 425M |
| Operating Margin | 9.4% | 9.4% | 9.7% | 11.0% | 11.7% | 8.5% |
| ROE | 22.1% | 23.9% | 26.1% | 23.2% | 21.2% | 15.6% |
| Shares Outstanding | 191M | 191M | 193M | 173M | 172M | 302M |
| Metric | ||||||||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 3.4B | 3.6B | 5.0B | 6.7B | 6.7B | 7.4B | 7.6B | 7.6B |
| Gross Margin | 23.3% | 24.1% | 25.6% | 27.0% | 27.1% | 26.6% | 26.9% | 26.9% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 509M | 556M | 717M | 880M | 931M | 1.1B | 1.2B | 1.2B |
| EBIT | 155M | 185M | 425M | 775M | 740M | 719M | 722M | 722M |
| Op. Margin | 4.6% | 5.1% | 8.5% | 11.7% | 11.0% | 9.7% | 9.4% | 9.4% |
| Net Income | 36M | 37M | 166M | 366M | 371M | 411M | 441M | 441M |
| Net Margin | 1.1% | 1.0% | 3.3% | 5.5% | 5.5% | 5.5% | 5.8% | 5.8% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||
| ROIC | N/A | 7.8% | 12.7% | 18.2% | 18.8% | 14.9% | 13.5% | 12.9% |
| ROE | N/A | 4.7% | 15.6% | 21.2% | 23.2% | 26.1% | 23.9% | 22.1% |
| ROA | N/A | 1.8% | 4.0% | 6.8% | 7.4% | 7.5% | 7.4% | 7.2% |
| Cash Flow | ||||||||
| Op. Cash Flow | 194M | 214M | -31M | 401M | 1.1B | 621M | 650M | 650M |
| Free Cash Flow | 180M | 202M | -51M | 376M | 1.0B | 586M | 604M | 604M |
| Owner Earnings | 52M | 57M | -206M | 242M | 905M | 413M | 441M | 441M |
| CapEx | 14M | 12M | 20M | 25M | 39M | 35M | 46M | 46M |
| Maint. CapEx | 138M | 153M | 150M | 148M | 154M | 194M | 192M | 192M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 138M | 153M | 150M | 148M | 154M | 194M | 192M | 192M |
| CapEx/OCF | N/A | N/A | N/A | 6.2% | 3.6% | 5.6% | N/A | 7.1% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 176M | 1.3B | 176M | 155M | 155M |
| Buyback Yield | 0.0% | N/A | N/A | N/A | 19.2% | 1.6% | 0.0% | 1.9% |
| Stock-Based Comp | 4.0M | 4.0M | 25M | 11M | 10M | 14M | 17M | 17M |
| Debt Repayment | 0 | 460M | 18M | 1.1B | 235M | 1.1B | 243M | 243M |
| Balance Sheet | ||||||||
| Net Debt | 344M | 1.9B | 1.5B | 2.3B | 1.9B | 2.3B | 2.2B | 2.2B |
| Cash & Equiv. | 181M | 381M | 1.0M | 8.0M | 1.0M | 8.0M | 220M | 220M |
| Long-Term Debt | 525M | 2.3B | 1.5B | 2.2B | 1.9B | 2.2B | 2.1B | 2.1B |
| Debt/Equity | N/A | 2.83 | 1.11 | 1.33 | 1.29 | 1.33 | 1.22 | 1.22 |
| Interest Coverage | 1.4 | 1.3 | 4.3 | 11.7 | 9.1 | 5.1 | 6.0 | 6.0 |
| Equity | N/A | 801M | 1.3B | 1.7B | 1.5B | 1.7B | 2.0B | 2.0B |
| Total Assets | N/A | 3.9B | 4.4B | 5.9B | 5.1B | 5.9B | 6.1B | 6.1B |
| Total Liabilities | 16M | 3.1B | 2.6B | 4.1B | 3.5B | 4.1B | 4.0B | 4.0B |
| Intangibles | N/A | 919M | 871M | 935M | 784M | 935M | 823M | 823M |
| Retained Earnings | N/A | N/A | 92M | 449M | 189M | 449M | 755M | 755M |
| Working Capital | N/A | 815M | 928M | 1.2B | 999M | 1.2B | 1.4B | 1.4B |
| Current Assets | N/A | 1.3B | 1.8B | 2.0B | 1.8B | 2.0B | 2.3B | 2.3B |
| Current Liabilities | N/A | 522M | 839M | 866M | 774M | 866M | 874M | 874M |
| Per Share Data | ||||||||
| EPS | N/A | N/A | 0.55 | 2.13 | 2.15 | 2.13 | 2.31 | 2.31 |
| Owner EPS | N/A | N/A | -0.68 | 1.41 | 5.24 | 2.14 | 2.31 | 2.31 |
| Book Value | N/A | N/A | 4.39 | 9.88 | 8.41 | 8.80 | 10.46 | 10.46 |
| Cash Flow/Share | N/A | N/A | -0.10 | 2.33 | 6.20 | 3.22 | 3.40 | 3.32 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | N/A | N/A | 301.8M | 171.8M | 172.6M | 193.0M | 190.9M | 190.9M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | 34.8 | 10.2 | 18.9 | 26.6 | N/A | 18.9 |
| P/FCF | N/A | N/A | N/A | 9.9 | 6.8 | 18.7 | N/A | 13.8 |
| EV/EBIT | N/A | N/A | 17.1 | 6.2 | 12.0 | 18.4 | N/A | 14.6 |
| Price/Book | N/A | N/A | 4.4 | 2.1 | 4.8 | 6.4 | N/A | 4.2 |
| Price/Sales | N/A | N/A | 1.3 | 0.6 | 0.8 | 1.3 | N/A | 1.1 |
| FCF Yield | N/A | N/A | -0.9% | 10.1% | 14.7% | 5.4% | N/A | 7.3% |
| Market Cap | 0 | N/A | 5.8B | 3.7B | 7.0B | 10.9B | 0 | 8.3B |
| Avg. Price | 0.00 | N/A | 26.73 | 22.53 | 29.82 | 50.05 | 0.00 | 43.62 |
| Year-End Price | 0.00 | N/A | 23.45 | 21.67 | 40.55 | 56.73 | 0.00 | 43.62 |
Core & Main, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
Core & Main, Inc. trades at 15.5x trailing earnings, compared to its 15-year median P/E of 22.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 9.9x vs a median of 9.9x. The company's 5-year average ROIC is 15.6% with a gross margin of 26.6%. Total shareholder yield (buybacks) is 1.9%. At current prices, the estimated annualized return to fair value is +133.4%.
Core & Main, Inc. (CNM) has a net profit margin of 5.8%. This is a modest margin.
Core & Main, Inc. (CNM) generated $604 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Core & Main, Inc. (CNM) has a debt-to-equity ratio of 1.22. This indicates moderate leverage.
Core & Main, Inc. (CNM) reported earnings per share (EPS) of $2.31 in its most recent fiscal year.
Core & Main, Inc. (CNM) has a return on equity (ROE) of 23.9%. This indicates the company generates strong returns for shareholders.
Core & Main, Inc. (CNM) has a 5-year average gross margin of 26.6%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 7 years of financial data for Core & Main, Inc. (CNM), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Core & Main, Inc. (CNM) has a book value per share of $10.46, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects overall end market volumes to remain roughly flat in fiscal 2026, with municipal markets continuing to provide strength through durable funding sources and non-discretionary demand, while residential activity has stabilized after softening in the second half of fiscal 2025 and is expected to remain challenged near-term but supported by long-term structural undersupply of housing. The company expects to drive above-market volume growth through sales and geographic expansion initiatives, including opening a record 8-10 greenfield locations and continued strength in smart utility and treatment plant solutions, with emerging growth drivers such as data center infrastructure and AI-related infrastructure needs providing additional tailwinds. Management anticipates adjusted EBITDA margin expansion through execution of gross margin initiatives, realization of benefits from previously announced cost actions, and leveraging of fixed cost structure, while maintaining strong operating cash flow conversion of 60%-70% of adjusted EBITDA. Capital allocation priorities remain focused on organic investment, strategic M&A, and shareholder returns through share repurchases, with the company maintaining confidence in its ability to unlock meaningful long-term profitable growth as residential and non-residential markets return to growth and pricing normalizes.
Based on recent SEC filings and earnings calls, Core & Main, Inc. (CNM) has provided the following forward guidance: Net sales: $7.8 billion–$7.9 billion (FY2026); Adjusted EBITDA: $950 million–$980 million (FY2026); Operating cash flow conversion: 60%–70% of adjusted EBITDA (FY2026).