Core & Main vs Watsco
Core & Main and Watsco are similar in size: $7.65bn and $7.24bn of revenue in their latest fiscal years. Core & Main grew faster (2.8% against -5.0%). Watsco kept more of each dollar of sales as profit: a net margin of 6.9% against 5.8%.
| Latest fiscal year | Core & MainCNM, 2026 | WatscoWSO, 2025 |
|---|---|---|
| Revenue | $7.65bn | $7.24bn |
| Revenue growth | 2.8% | -5.0% |
| Net income | $441m | $497m |
| Operating margin | 9.4% | — |
| Net margin | 5.8% | 6.9% |
| Return on equity | 23.9% | 18.3% |
| Free cash flow | $604m | $535m |
| Cash | $220m | $433m |
| Total debt | $2.15bn | $479m |
| Debt to equity | 107.6% | — |
| Dividend per share | — | $11.70 |
| Dividend yield | — | 4.1% |
| Share buybacks | $155m | — |
| Employees | 5,600 | — |
| Market value | $8.70bn | $11.83bn |
| Price vs our value range | Within our value range | Within our value range |
| Moat score | 57 (Moderate) | 56 (Moderate) |
| Insider trades, 12 months | 2 buys, 2 sales | 0 buys, 0 sales |