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Core & Main, Inc. (CNM) stock

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NYSE: CNM NYSE Trading Companies & Distributors Next results ~December 8, 2026

C+ Fundamentals grade

Core & Main, Inc. is a US-listed company in the trading companies & distributors industry. Its financial year ends in January.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$55

Cash-flow model

Base case. Range ~$39–$78 across our lower- and higher-growth cases (-2.7%–7.3% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 19% below our base value.

Price used: $45.15, November 2, 2026

Core & Main, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Core & Main files

Where Core & Main stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $7.70bn, down 0.5% on a year earlier, slower than 0.5% a quarter earlier. That puts it 840 of 931 for growth among all the companies we cover. Free-cash-flow margin held at 8.2%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 3 of our 7 financial-health checks. Our cash-flow model value is $46.06 a share, against a share price of $41.49. At that price, our model says the market is pricing in about 0.9% a year of cash-flow growth for five years, slower than the 9.0% a year revenue growth it has delivered.

Source: 10-Q filed September 9, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 8, 2026 (estimated)

Core & Main, Inc.'s trailing-twelve-month revenue fell 0.5% year on year, with a free-cash-flow margin of 8.2%. Where it stands out: stock pay as % of revenue of 0.2% ranks 3 of 29 trading companies & distributors companies we cover. Where it lags: revenue growth of -0.5% ranks 26 of 32 trading companies & distributors companies we cover.

Our discounted-cash-flow model values the business at ~$55 per share in the base case (~$39–$78 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -0.5% (-1.0pp vs the prior quarter), the 4th consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $45.15 is 23% below our value per share of $55.
  • Shrinking share count. Diluted shares fell 1.8% in a year, so each share owns more of the business.

Things to watch

  • Revenue shrinking. Revenue fell 0.5% over the last 12 months.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2027 Q2

Filed September 9, 2026
Earnings per share
$0.94 against an average estimate of $0.89: beat by 5.1%
Revenue
$2.15bn, up 2.5% on a year earlier
Share reaction
-7.3% in the first session after the results on September 9, 2026, against -1.1% for the S&P 500
Guidance given
net sales $7,800m to $7,900m (full-year fiscal 2026); net sales growth growth 2% to 3% (full-year fiscal 2026)
Next report
December 8, 2026; average EPS estimate $0.94

Core & Main's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.0%
  • 1 week+6.5%
  • 1 month+9.2%
  • This year-13.1%
  • 1 year-13.5%
  • 5 years+65.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$7.7B
Operating margin
9.6%
Net margin
6.0%
EPS (TTM, diluted)
$2.34

Growth

Revenue growth
−0.5%
Change in growth rate
−1.0 pts
Share count change
−1.8%

Cash

Free cash flow (TTM)
$628M
FCF margin
8.2%
Stock pay % of revenue
0.2%

Earnings

Last results
September 9, 2026
Next results (est.)
December 9, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Results
  4. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Core & Main, Inc. valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 0.3% a year for five years.That is slower than the 9.0% a year revenue growth Core & Main has delivered.

  • Priced in-0.3%
  • Last 12 months-0.5%
  • 3 years a year5.1%
  • 5 years a year9.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($45.02, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$55
Price used
$45.02close November 3, 2026
Implied change
▲ +23%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Core & Main, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($752M, FY2027 Q2 TTM), growing 3.5% and 2.8% in the next two years (forecasts, guidance and its record), then back to 2.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$39–~$78 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Core & Main, Inc.'s free cash flow after stock-based pay ( $752M, FY2027 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Core & Main, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10%: the 10-year Treasury yield (4.9%) plus a beta of 1.12 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$55 ~$39–$78 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$65 ~$58–$78 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$47 ~$33–$68 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$31 ~$27–$36 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$51 ~$31–$65 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Core & Main, Inc. with Trading Companies & Distributors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −31%
  • Revenue growth 5 points higher ▲ +41%
  • Free-cash-flow margin 1 point lower ▼ −13%
  • Last year's free-cash-flow margin change, if it persists ▲ +13%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $45$65$91$126$172$231
8.5% $31$46$65$90$123$165
10% $23$35$49$69$93$125

Valuation multiples over time Market data may be delayed

At fiscal year end 20222023202420252026Now
Share price$23.45$21.67$40.55$56.44$53.36$45.15
Market value$5.7bn$5.3bn$9.2bn$11.4bn$10.6bn$8.8bn
+ Net debt (− = net cash)−$1m−$177m−$1m−$8m−$220m$2.2bn
Enterprise value$5.7bn$5.2bn$9.2bn$11.4bn$10.3bn$11.0bn
Multiples
Price / sales 1.1x0.8x1.4x1.5x1.4x1.1x
Price / earnings 34.5x14.6x24.9x27.7x23.9x19.3x
Price / free cash flow —14.2x9.0x19.4x17.5x14.1x
EV / EBITDA 10.0x5.6x10.3x12.4x11.3x11.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

57 /100

Moderate moat

How hard Core & Main's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 16 / 20

    Cash operating profit has been a median 12.5% of total assets over 5 years.

  • Pricing power 10 / 20

    Gross margin has been a median 26.7%, moving by 0.9 percentage points (standard deviation) across 6 years.

  • Durability 11 / 20

    Operating margin has been a median 9.9%; its worst year was 6.3%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 5 of 6 years, at a median 7.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (62 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 8, 2026, before the open. Analysts expect revenue of $2.1bn and EPS of $0.94 (range $0.88 to $1.01) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.16 +37% $7.8bn +3%
Next $3.50 +11% $8.2bn +4%

Next year's EPS estimate has moved +4.7% in 90 days, across 8 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +6.0% on 90 days ago. In the last 30 days, 2 analysts raised Core & Main, Inc.'s forecast and 5 cut it.

Consensus EPS forecast Core & Main, Inc., last 90 days
$2.80 $3.00 $3.20 $3.40 $3.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.98 Current fiscal year, 60 days ago: $3.00 Current fiscal year, 30 days ago: $3.16 Current fiscal year, 7 days ago: $3.16 Current fiscal year, Now: $3.16 $3.16 Next fiscal year, 90 days ago: $3.35 Next fiscal year, 60 days ago: $3.37 Next fiscal year, 30 days ago: $3.50 Next fiscal year, 7 days ago: $3.50 Next fiscal year, Now: $3.50 $3.50

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.98$3.35
60 days ago $3.00$3.37
30 days ago $3.16$3.50
7 days ago $3.16$3.50
Now $3.16$3.50

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $0.89 $0.94 +5.1%
Apr 2026 $0.64 $0.56 −11.9%
Jan 2026 $0.40 $0.37 −8.6%
Oct 2025 $0.71 $0.72 +1.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 9, 2026
  • Net sales full-year fiscal 2026 $7,800m to $7,900m Maintained
    “Net sales of $7,800 to $7,900 million, reflecting net sales growth of 2% to 3%” source
  • net sales growth full-year fiscal 2026 2% growth to 3% growth Maintained
    “Net sales of $7,800 to $7,900 million, reflecting net sales growth of 2% to 3%” source
  • Adjusted EBITDA (Non-GAAP) full-year fiscal 2026 $950m to $980m Non-GAAP Maintained
    “Adjusted EBITDA (Non-GAAP) of $950 to $980 million” source
  • Adjusted EBITDA Margin (Non-GAAP) full-year fiscal 2026 12.2% to 12.4% Non-GAAP Maintained
    “Adjusted EBITDA Margin (Non-GAAP) of 12.2% to 12.4%” source
  • Operating Cash Flow (as % of Adjusted EBITDA) full-year fiscal 2026 60% to 70% Maintained
    “Operating Cash Flow of 60% to 70% of Adjusted EBITDA” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Core & Main, Inc.'s revenue by +3.5% next year and +2.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+3.9%, weight 54%) , management guidance (+4.0%, weight 20%) and the company's own record (+2.3%, weight 26%) . How the weights are set.

Analyst recommendations

14 analysts, Oct 2026
Buy750%
Hold643%
Sell17%

Monthly trend

  1. Oct 2026256114
  2. Sep 2026256114
  3. Aug 202635615
  4. Jul 202636515

Counts of recommendations published by analysts covering Core & Main, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.3%
of tradable shares
Days to cover
5.2
at average volume
Short interest, 1 month
+14%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.5%
of shares
Employees
5,600
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −13.5%

$52.18 on October 31, 2025 to $45.15

ThenNowEffect
Revenue (last 12 months) $7.7bn $7.7bn −0.5%
Net margin 5.6% 6.0% +7.1%
P/E multiple 24.1x 19.3x −20.2%
Share count 199m 196m +1.8%

Biggest factor: p/e multiple.

Last 3 years +41.6%

$31.89 on November 3, 2023 to $45.15

ThenNowEffect
Revenue (last 12 months) $6.6bn $7.7bn +16.2%
Net margin 5.4% 6.0% +9.5%
P/E multiple 21.3x 19.3x −9.6%
Share count 241m 196m +23.2%

Biggest factor: share count.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
CNM−36%+109%+26%+2%−13%
Industry peers (median)−10%+28%−7%+6%+14%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
CNM25%83%58%58%46%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
CNM−39%−15%−39%−34%−32%
S&P 500−25%−10%−8%−19%−9%

Worst fall since July 22, 2021: 40% from December 29, 2021 to December 28, 2022. Getting back needed a 67% gain, reached on July 12, 2023, 196 days after the low.

Price behaviour

52-week range
$40.35 – $59.09
From 52-week high
−23.6%
vs 50-day average
+6.7%
vs 200-day average
−5.7%
Volatility (1 year)
33%
Beta vs S&P 500
1.07

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±9.5%
After a week
5 up, 7 down
typical move ±9.9%
After a month
7 up, 5 down
typical move ±9.7%
Results releasedNext dayS&P 500 next day5 days21 days
September 9, 2026 −7.3% −1.1% −2.8% −8.4%
June 10, 2026 −4.9% +0.1% −11.8% −15.0%
March 24, 2026 +4.5% +0.2% +2.0% +1.1%
December 9, 2025 +9.3% +0.6% +8.2% +12.1%
September 9, 2025 −27.1% +0.5% −25.6% −22.3%
June 10, 2025 −3.2% +0.3% −6.3% +3.8%
March 25, 2025 −0.3% −1.0% −0.5% +5.6%
December 3, 2024 +14.4% +0.7% +8.8% +7.9%
September 4, 2024 −18.8% −0.4% −17.1% −9.2%
June 4, 2024 −11.6% +1.3% −15.9% −13.8%
March 19, 2024 +9.5% +1.5% +13.0% +7.7%
December 5, 2023 +3.1% −0.4% +6.7% +9.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Core & Main, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Core & Main, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Core & Main, Inc.
$6.5B $7B $7.5B $8B FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $6.6B Revenue (TTM), FY24 Q4: $6.7B Revenue (TTM), FY25 Q1: $6.9B Revenue (TTM), FY25 Q2: $7B Revenue (TTM), FY25 Q3: $7.2B Revenue (TTM), FY25 Q4: $7.4B Revenue (TTM), FY26 Q1: $7.6B Revenue (TTM), FY26 Q2: $7.7B Revenue (TTM), FY26 Q3: $7.8B Revenue (TTM), FY26 Q4: $7.6B Revenue (TTM), FY27 Q1: $7.6B Revenue (TTM), FY27 Q2: $7.7B $7.7B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $6.6B
FY24 Q4 $6.7B
FY25 Q1 $6.9B
FY25 Q2 $7B
FY25 Q3 $7.2B
FY25 Q4 $7.4B
FY26 Q1 $7.6B
FY26 Q2 $7.7B
FY26 Q3 $7.8B
FY26 Q4 $7.6B
FY27 Q1 $7.6B
FY27 Q2 $7.7B
Revenue growth, TTM YoY Core & Main, Inc.
-5% 0% 5% 10% 15% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: 1.7% Revenue growth, TTM YoY, FY24 Q4: 0.8% Revenue growth, TTM YoY, FY25 Q1: 3.7% Revenue growth, TTM YoY, FY25 Q2: 5.2% Revenue growth, TTM YoY, FY25 Q3: 8.2% Revenue growth, TTM YoY, FY25 Q4: 11.0% Revenue growth, TTM YoY, FY26 Q1: 10.8% Revenue growth, TTM YoY, FY26 Q2: 11.0% Revenue growth, TTM YoY, FY26 Q3: 8.1% Revenue growth, TTM YoY, FY26 Q4: 2.8% Revenue growth, TTM YoY, FY27 Q1: 0.5% Revenue growth, TTM YoY, FY27 Q2: -0.5% -0.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 1.7%
FY24 Q4 0.8%
FY25 Q1 3.7%
FY25 Q2 5.2%
FY25 Q3 8.2%
FY25 Q4 11.0%
FY26 Q1 10.8%
FY26 Q2 11.0%
FY26 Q3 8.1%
FY26 Q4 2.8%
FY27 Q1 0.5%
FY27 Q2 -0.5%
Operating margin (TTM) Core & Main, Inc.
9% 9.5% 10% 10.5% 11% 11.5% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: 11.3% Operating margin (TTM), FY24 Q4: 11.0% Operating margin (TTM), FY25 Q1: 10.6% Operating margin (TTM), FY25 Q2: 10.1% Operating margin (TTM), FY25 Q3: 9.9% Operating margin (TTM), FY25 Q4: 9.7% Operating margin (TTM), FY26 Q1: 9.5% Operating margin (TTM), FY26 Q2: 9.4% Operating margin (TTM), FY26 Q3: 9.4% Operating margin (TTM), FY26 Q4: 9.4% Operating margin (TTM), FY27 Q1: 9.5% Operating margin (TTM), FY27 Q2: 9.6% 9.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 11.3%
FY24 Q4 11.0%
FY25 Q1 10.6%
FY25 Q2 10.1%
FY25 Q3 9.9%
FY25 Q4 9.7%
FY26 Q1 9.5%
FY26 Q2 9.4%
FY26 Q3 9.4%
FY26 Q4 9.4%
FY27 Q1 9.5%
FY27 Q2 9.6%
FCF margin (TTM) Core & Main, Inc.
5% 10% 15% 20% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: 15.7% FCF margin (TTM), FY24 Q4: 15.4% FCF margin (TTM), FY25 Q1: 14.4% FCF margin (TTM), FY25 Q2: 10.8% FCF margin (TTM), FY25 Q3: 9.1% FCF margin (TTM), FY25 Q4: 7.9% FCF margin (TTM), FY26 Q1: 7.6% FCF margin (TTM), FY26 Q2: 7.3% FCF margin (TTM), FY26 Q3: 7.4% FCF margin (TTM), FY26 Q4: 7.9% FCF margin (TTM), FY27 Q1: 8.0% FCF margin (TTM), FY27 Q2: 8.2% 8.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 15.7%
FY24 Q4 15.4%
FY25 Q1 14.4%
FY25 Q2 10.8%
FY25 Q3 9.1%
FY25 Q4 7.9%
FY26 Q1 7.6%
FY26 Q2 7.3%
FY26 Q3 7.4%
FY26 Q4 7.9%
FY27 Q1 8.0%
FY27 Q2 8.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Core & Main took in during FY2026, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $7.6B
  2. Cost of revenue $5.6B · 73.1%
  3. Gross profit $2.1B · 26.9%
  4. Selling, general and admin $1.2B · 15.1%
  5. Other operating costs $183M · 2.4%
  6. Operating income $722M · 9.4%
  7. Income tax $145M · 1.9%
  8. Interest and other $136M · 1.8%
  9. Net income $441M · 5.8%

Shares of revenue. Source: Core & Main's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Feb 2020 2021 Jan 2021 2022 Jan 2022 2023 Jan 2023 2024 Jan 2024 2025 Feb 2025 2026 Feb 2026 LTM Aug 2026
Income
Revenue 3,389 3,642 5,004 6,651 6,702 7,441 7,647 7,698
Gross profit 789 878 1,280 1,795 1,818 1,980 2,059 2,082
EBITDA 293 338 575 923 894 913 914 928
Operating income 155 185 425 775 740 719 722 742
Net income 36 37 166 366 371 411 441 459
Diluted EPS — — $0.55 $2.13 $2.15 $2.13 $2.31 $2.34
Growth (year on year)
Revenue — +7.5% +37.4% +32.9% +0.8% +11.0% +2.8% −0.5%
EBITDA — +15.4% +70.1% +60.5% −3.1% +2.1% +0.1% +0.9%
Operating income — +19.4% +129.7% +82.4% −4.5% −2.8% +0.4% +1.5%
Net income — — — +120.5% +1.4% +10.8% +7.3% +6.5%
Diluted EPS — — — +287.3% +0.9% −0.9% +8.5% +8.4%
Margins
Gross margin 23.3% 24.1% 25.6% 27.0% 27.1% 26.6% 26.9% 27.0%
EBITDA margin 8.6% 9.3% 11.5% 13.9% 13.3% 12.3% 12.0% 12.1%
Operating margin 4.6% 5.1% 8.5% 11.7% 11.0% 9.7% 9.4% 9.6%
Net margin 1.1% 1.0% 3.3% 5.5% 5.5% 5.5% 5.8% 6.0%
Free-cash-flow margin 5.3% 5.5% −1.0% 5.7% 15.4% 7.9% 7.9% 8.2%
Cash flow
Cash from operations 194 214 −31 401 1,069 621 650 683
Capital spending 14 12 20 25 39 35 46 55
Free cash flow 180 202 −51 376 1,030 586 604 628
Stock-based pay 4 4 25 11 10 14 17 14
Free cash flow after stock pay 176 198 −76 365 1,020 572 587 614
Balance sheet
Cash 181 381 1 177 1 8 220 312
Total debt 0 — — — — — — 2,478
Net debt (negative = net cash) −181 −381 −1 −177 −1 −8 −220 2,166
Diluted shares — — 244m 246m 228m 201m 198m 196m
Returned to shareholders
Buybacks — — 0 0 1,344 176 155 365
Total returned — — 0 0 1,344 176 155 365

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · August 2, 2026
What it owns · $6.7bn
Short-term assets $2.9bnLonger-term assets $3.8bn
What it owes, and who funded it · $6.6bn
Short-term liabilities $1.2bnLonger-term liabilities $3.4bnShareholders' equity $2.0bn
  • Short-term assets cover short-term liabilities $2.9bn of assets due within a year against $1.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.9bn short-term assets against $3.4bn of longer-dated liabilities.
  • More cash than debt $312m of cash against $2.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 121% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 110% to 121% over five years.
  • A year's operating cash flow covers at least 20% of debt $683m of operating cash flow against $2.4bn of debt.
  • Operating profit covers interest at least five times over Operating income of $742m against $118m of interest.

From Core & Main, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q2 TTM
Buybacks (TTM)
$365M
Returned to shareholders
58%
of free cash flow
Buybacks, last 3 fiscal years
$1.7B
Diluted share count
−1.8%
year over year
Total shareholder yield
4.2%
dividends 0.0% + buybacks 4.2% of market value
Sales & admin spending
15.1%
of revenue
Days sales outstanding
65 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in trading companies & distributors
Last 12 months unless stated CNM WSO RUSHA AER FAST QXO Median
Revenue, last 12 months $7.7bn $7.3bn $7.2bn $8.5bn $9.1bn $9.9bn $2.2bn
Revenue growth, last 12 months −0.5% −3.0% −5.9% 6.5% 13.5% 408.3% 8.4%
Revenue growth, 3-year average 5.1% 0.5% −1.9% 100.9% 7.6% 484.0% 5.1%
Revenue growth, latest quarter 2.5% 2.1% −1.6% — 15.5% 70.3% 9.0%
Gross margin 27.0% 27.5% 19.7% 18.1% 44.6% 24.0% 28.3%
Operating margin 9.6% 9.4% 5.1% 27.0% 20.5% −3.4% 5.5%
Operating margin, 3-year average 9.7% 10.0% 5.6% — 20.4% −9.4% 6.4%
Net margin 6.0% 6.5% 3.7% 44.0% 15.6% −5.2% 3.5%
Cash from operations / revenue 8.9% 10.1% 9.3% 63.3% 15.8% 2.6% 4.9%
Free-cash-flow margin 8.2% 9.6% 4.8% 32.2% 13.0% 1.4% 2.4%
Free-cash-flow margin, 3-year average 8.7% 8.4% 3.1% 32.6% 13.0% −0.7% 3.1%
Stock pay / revenue 0.2% 0.5% 0.4% 2.0% 0.1% 1.3% 0.5%
Change in share count −1.8% 1.0% −2.4% −9.4% −0.7% 2.3% −0.5%

Median of all 32 companies we cover in trading companies & distributors. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

32 trading companies & distributors companies
Measure Company Peer median Rank
Revenue growth Growth -0.5% 8.5% 26 of 32
Change in growth rate Growth -1.0pp +0.8pp 23 of 32
Gross margin Profitability 27.0% 28.9% 16 of 26
Operating margin Profitability 9.6% 5.5% 6 of 28
Net margin Profitability 6.0% 3.5% 11 of 32
Free-cash-flow margin Cash generation 8.2% 2.8% 9 of 32
Stock pay as % of revenue Cash generation 0.2% 0.5% 3 of 29
Long-term debt as % of assets Balance sheet 36.2% 21.4% 19 of 29
Change in share count Balance sheet -1.8% -0.8% 10 of 27
Days sales outstanding Balance sheet 65 days 57 days 19 of 27

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to February 1, 2026
Products and services
Line of business Revenue Share YoY
Pipes Valves and Fitting Products $5.1B 67.2% ▲ 2.6%
Storm Drainage Products $1.2B 15.6% ▲ 4.1%
Meter Products $716M 9.4% ▲ 3.5%
Fire Protection Products $600M 7.8% ▲ 0.7%

From Core & Main, Inc.'s 10-K filed March 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$9.7B
Institutions reporting
449
Shares held vs prior quarter
▲ 3.1%
Positions opened / closed
53 / 74

Top buyers and sellers, Q2 2026: 215 institutions bought and 253 sold ; the biggest buyer was FMR LLC (+3.6M shares) and the biggest seller Pictet Asset Management Holding SA (−1.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $886M 18.4M 9.2% ▼ 4.4%
Capital World Investors $554M 11.5M 5.7% ▼ 0.8%
FMR LLC $432M 9.0M 4.5% ▲ 65.8%
Vanguard Capital Management LLC $411M 8.5M 4.3% ▲ 0.6%
Vanguard Portfolio Management LLC $398M 8.3M 4.1% ▲ 5.5%
First Trust Advisors LP $302M 6.2M 3.1% ▲ 1.9%
Morgan Stanley $291M 6.0M 3.0% ▲ 11.1%
State Street Corp $285M 5.9M 3.0% ▲ 2.2%
Select Equity Group, L.P. $282M 5.8M 2.9% ▼ 19.5%
Royal London Asset Management Ltd $265M 5.5M 2.7% ▼ 4.6%
Pictet Asset Management Holding SA $239M 5.0M 2.5% ▼ 23.8%
D. E. Shaw & Co., Inc. $221M 4.6M 2.3% ▲ 19.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Core & Main, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $195,083 2 trades by 1 insider, last 12 months Insider sales History → $262,718 2 trades by 1 insider · 100% under pre-set plans
Net ▼ $67,635 net selling
Insider Date Trade Shares Price Value
Hope James D Director July 6, 2026 Buy 2,067 $46.01 $95,103
Bradbury Robyn L Chief Financial Officer April 17, 2026 Sell pre-set plan 3,353 $52.84 $177,173
Bradbury Robyn L Chief Financial Officer April 17, 2026 Sell pre-set plan 1,647 $51.94 $85,545
Hope James D Director April 7, 2026 Buy 1,972 $50.70 $99,980

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 12 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 2 sales of Core & Main, Inc. shares.

  • April McClain Delaney(D-MD 6):Sale (full), $100,001 - $250,000, traded August 25, 2026, filed September 9, 2026
  • April McClain Delaney(D-MD 6):Sale (partial), $1,001 - $15,000, traded June 12, 2026, filed July 7, 2026
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 31, 2025, filed November 21, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 9, 2026 estimated from the company's past filing pattern, not announced

  • September 9, 2026
  • June 10, 2026
  • March 24, 2026
  • December 9, 2025
  • September 9, 2025
  • June 10, 2025

Recent SEC filings

Data status

When each part of this page on Core & Main, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Core & Main, Inc. in brief

What does Core & Main, Inc. do?
Core & Main, Inc. is a US-listed company in the trading companies & distributors industry. Its financial year ends in January.
What is Core & Main, Inc.'s stock ticker?
Core & Main, Inc. trades under the ticker CNM on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Core & Main, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Core & Main, Inc. reported revenue of $7.7B, 0.5% lower than a year earlier, according to its SEC filings.
What is Core & Main, Inc.'s free cash flow?
Core & Main, Inc.'s free-cash-flow margin is 8.2% of revenue over the trailing twelve months, ranking 9 of the 32 trading companies & distributors companies we cover.
What is Core & Main, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Core & Main, Inc.'s free cash flow after stock-based pay gives ~$55 per share in the base case, and ~$39–$78 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Core & Main, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Capital World Investors and FMR LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Core & Main, Inc. buying back stock, and does it pay a dividend?
Core & Main, Inc. spent $365M on share repurchases over the trailing twelve months, and its diluted share count fell 1.8% over the year.
What is Core & Main, Inc.'s market cap?
On November 2, 2026, Core & Main, Inc.'s market capitalisation was about $8.8B, with a price-to-earnings ratio of 19.3 and net debt of $2.2B. Market figures come from third-party market data and may be delayed.
How much debt does Core & Main, Inc. have?
Core & Main, Inc.'s debt-to-equity ratio is 120.6%, from its latest balance sheet (109.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Core & Main, Inc.'s competitors?
In our Trading Companies & Distributors peer group, the companies closest to Core & Main, Inc. are Watsco Inc, Rush Enterprises Inc \tx\, Aercap Holdings N.V., Fastenal and QXO, Inc. The side-by-side comparison below sets their revenue, margins and growth against Core & Main, Inc.'s.
Are insiders buying or selling Core & Main, Inc. stock?
Over the last 12 months, Core & Main, Inc.'s directors and officers reported 2 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is Core & Main, Inc.'s next earnings date?
Around December 8, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Core & Main, Inc. announces its own schedule.