A Business at a Glance
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Our Company Core & Main, Inc. (“Core & Main” and collectively with its subsidiaries, the “Company,” “we,” “our” or “us”) is a holding company and its primary material assets are its direct and indirect ownership interest in Core & Main Holdings, LP, a Delaware limited partnership (“Holdings”), and deferred tax assets associated with this ownership. Core & Main is a leading specialty distributor dedicated to advancing reliable infrastructure with local service, nationwide. With a focus on water, wastewater, storm drainage and fire protection products, and related services, we provide solutions to municipalities, private water companies and professional contractors across municipal, non-residential and residential end markets. Our products and services are used primarily in the maintenance, repair, replacement and new construction of water, wastewater, storm drainage and fire protection infrastructure.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 9.5B | 7.4B | 6.7B | 6.7B | 5.0B | 3.6B |
| Net Income | 544M | 411M | 371M | 366M | 166M | 166M |
| EPS | $2.79 | $2.13 | $2.15 | $2.13 | $2.13 | $0.55 |
| Free Cash Flow | 838M | 586M | 1.0B | 376M | 381M | 202M |
| ROIC | 17.6% | 12.9% | - | 18.2% | 11.9% | 17.7% |
| Gross Margin | 26.6% | 26.6% | 27.1% | 27.0% | 25.6% | 24.1% |
| Debt/Equity | 1.35 | 1.48 | - | 1.33 | 0.84 | 1.11 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 942M | 719M | 740M | 775M | 425M | 425M |
| Operating Margin | 9.9% | 9.7% | 11.0% | 11.7% | 8.5% | 11.7% |
| ROE | 32.0% | 24.2% | - | 21.2% | 10.8% | 15.8% |
| Shares Outstanding | 190M | 193M | 173M | 172M | 78M | 302M |
| Metric | 2020 | 2021 | 2022 | 2023 | 2025 | ||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 3.4B | 3.6B | 5.0B | 6.7B | 6.7B | 7.4B | 9.5B |
| Gross Margin | 23.3% | 24.1% | 25.6% | 27.0% | 27.1% | 26.6% | 26.6% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 509M | 556M | 717M | 880M | 931M | 1.1B | 1.4B |
| EBIT | 155M | 425M | 425M | 775M | 740M | 719M | 942M |
| Op. Margin | 4.6% | 11.7% | 8.5% | 11.7% | 11.0% | 9.7% | 9.9% |
| Net Income | 36M | 166M | 166M | 366M | 371M | 411M | 544M |
| Net Margin | 1.1% | 4.6% | 3.3% | 5.5% | 5.5% | 5.5% | 5.7% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||
| ROIC | N/A | 17.7% | 11.9% | 18.2% | N/A | 12.9% | 17.6% |
| ROE | N/A | 15.8% | 10.8% | 21.2% | N/A | 24.2% | 32.0% |
| ROA | N/A | 7.3% | 3.6% | 6.8% | N/A | 7.0% | 9.3% |
| Cash Flow | |||||||
| Op. Cash Flow | 194M | 214M | 401M | 401M | 1.1B | 621M | 881M |
| Free Cash Flow | 180M | 202M | 381M | 376M | 1.0B | 586M | 838M |
| Owner Earnings | 52M | 36M | 226M | 242M | 905M | 413M | 620M |
| CapEx | 14M | 12M | 20M | 25M | 39M | 35M | 43M |
| Maint. CapEx | 138M | 153M | 150M | 148M | 154M | 194M | 243M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 138M | 153M | 150M | 148M | 154M | 194M | 243M |
| CapEx/OCF | N/A | N/A | N/A | 6.2% | 3.6% | 5.6% | 4.9% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 176M | 1.3B | 176M | 276M |
| Buyback Yield | 0.0% | N/A | N/A | N/A | 19.2% | 1.6% | 2.7% |
| Stock-Based Comp | 4.0M | 25M | 25M | 11M | 10M | 14M | 18M |
| Debt Repayment | 0 | 18M | 244M | 1.1B | 0 | 15M | 15M |
| Balance Sheet | |||||||
| Net Debt | 344M | 1.5B | 1.3B | 2.3B | N/A | 2.5B | 2.3B |
| Cash & Equiv. | 181M | 1.0M | 177M | 8.0M | N/A | 8.0M | 16M |
| Long-Term Debt | 525M | 1.5B | 1.4B | 2.2B | N/A | 2.2B | 2.2B |
| Debt/Equity | N/A | 1.11 | 0.84 | 1.33 | N/A | 1.48 | 1.35 |
| Interest Coverage | 1.4 | 3.1 | 4.3 | 11.7 | 9.1 | 5.1 | 5.3 |
| Equity | N/A | 1.3B | 1.7B | 1.7B | N/A | 1.7B | 1.7B |
| Total Assets | N/A | 4.4B | 4.9B | 5.9B | N/A | 5.9B | 5.9B |
| Total Liabilities | 16M | 2.6B | 2.5B | 4.1B | N/A | 4.1B | 4.1B |
| Intangibles | N/A | 871M | 795M | 935M | N/A | 935M | 935M |
| Retained Earnings | N/A | 92M | 458M | 449M | N/A | 449M | 449M |
| Working Capital | N/A | 928M | 1.5B | 1.2B | N/A | 1.2B | 1.2B |
| Current Assets | N/A | 1.8B | 2.2B | 2.0B | N/A | 2.0B | 2.0B |
| Current Liabilities | N/A | 839M | 726M | 866M | N/A | 866M | 866M |
| Per Share Data | |||||||
| EPS | N/A | 0.55 | 2.13 | 2.13 | 2.15 | 2.13 | 2.79 |
| Owner EPS | N/A | 0.12 | 2.90 | 1.41 | 5.24 | 2.14 | 3.26 |
| Book Value | N/A | 4.39 | 22.42 | 9.88 | N/A | 8.80 | 8.93 |
| Cash Flow/Share | N/A | 0.71 | 5.15 | 2.33 | 6.20 | 3.22 | 4.14 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | N/A | 301.8M | 77.9M | 171.8M | 172.6M | 193.0M | 190.1M |
| Valuation | |||||||
| P/E Ratio | N/A | N/A | 34.8 | 10.2 | 18.9 | 26.6 | 19.3 |
| P/FCF | N/A | N/A | 4.8 | 9.9 | 6.8 | 18.7 | 12.2 |
| EV/EBIT | N/A | N/A | 17.1 | 6.2 | 12.0 | 18.4 | 13.3 |
| Price/Book | N/A | N/A | 4.4 | 2.1 | 4.8 | 6.4 | 6.0 |
| Price/Sales | N/A | N/A | 1.3 | 0.6 | 0.8 | 1.3 | 1.1 |
| FCF Yield | N/A | N/A | 6.6% | 10.1% | 14.7% | 5.4% | 8.2% |
| Market Cap | 0 | N/A | 5.8B | 3.7B | 7.0B | 10.9B | 10.3B |
| Avg. Price | 0.00 | N/A | 26.73 | 22.53 | 29.82 | 50.05 | 53.94 |
| Year-End Price | 0.00 | N/A | 23.45 | 21.67 | 40.55 | 56.73 | 53.94 |
Core & Main, Inc. passes 6 of 9 quality checks, suggesting mixed fundamentals.
Core & Main, Inc. trades at 19.2x 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 12.2x vs a median of 8.3x. The company's 5-year average ROIC is 15.2% with a gross margin of 26.1%. Total shareholder yield (buybacks) is 2.7%. At current prices, the estimated annualized return to fair value is +150.0%.
Core & Main, Inc. (CNM) has a current P/E ratio of 19.2, 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 15.2%. This indicates strong capital allocation and a potential competitive advantage.
Core & Main, Inc. (CNM) has a market capitalization of $10.3B. It is classified as a large-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 2.69%.
Based on historical P/E analysis, Core & Main, Inc. (CNM) appears fair. The current P/E of 19.2 is 16% below its historical median of 22.7. The estimated fair value CAGR (P/E method) is 40.2%.
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 $7.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Core & Main, Inc. (CNM) has a net profit margin of 5.5%. This is a modest margin.
Core & Main, Inc. (CNM) generated $586 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 1.48. This indicates moderate leverage.
Core & Main, Inc. (CNM) reported earnings per share (EPS) of $2.13 in its most recent fiscal year.
Core & Main, Inc. (CNM) has a return on equity (ROE) of 24.2%. This indicates the company generates strong returns for shareholders.
Core & Main, Inc. (CNM) has a 5-year average gross margin of 26.1%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 6 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 $8.80, based on its most recent annual SEC filing.