Core & Main, Inc.
- Open
- 44.25
- Day high
- 44.75
- Day low
- 43.88
- Prev close
- 43.77
- Volume
- 308K
- Mkt cap
- $8.2B
- P/E (TTM)
- 18.5
- EPS (TTM)
- $2.38
- P/B
- 4.0
- P/S
- 1.1
- Yield
- —
- Per share
- —
- ▲Insiders net buying $95K over the last 3 months (1 open-market buy, 0 sales)
- 🏛Institutions mixed (13F)
Core & Main, Inc. (CNM) is a Industrials company listed on NYSE. The stock is down 32% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 0 sales (SEC Form 4). Drillr has 1 published research article covering CNM.
Core & Main, Inc. (CNM) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CNM earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 10, 2026 | $0.54 | $0.57 | +6.3% | $1.9B | +0.6% |
| Mar 24, 2026 | $0.48 | $0.52 | +8.8% | $1.6B | -1.3% |
| Dec 9, 2025 | $0.70 | $0.72 | +2.9% | $2.1B | -0.2% |
| Sep 9, 2025 | $0.77 | $0.87 | +12.5% | $2.1B | -1.3% |
| Jun 10, 2025 | $0.52 | $0.52 | -0.4% | $1.9B | +3.4% |
| Mar 25, 2025 | $0.36 | $0.33 | -9.2% | $1.7B | +1.5% |
| Dec 3, 2024 | $0.66 | $0.69 | +5.3% | $2.0B | +2.5% |
| Sep 4, 2024 | $0.74 | $0.67 | -9.5% | $2.0B | -4.4% |
| Jun 4, 2024 | $0.51 | $0.52 | +2.0% | $1.7B | +1.1% |
| Mar 19, 2024 | $0.35 | $0.38 | +8.6% | $1.4B | +0.9% |
| Dec 5, 2023 | $0.69 | $0.73 | +5.8% | $1.8B | -0.2% |
| Sep 6, 2023 | $0.68 | $0.75 | +10.3% | $1.9B | -0.8% |
CNM insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 5, 2026 | Harper Carla Dofficer: Senior VP, Human Resources | Tax | 242 | $46.32 |
| Jul 23, 2026 | HUEBERT MICHAEL G.officer: President | Tax | 1,301 | $43.75 |
| Jul 8, 2026 | Hope James Ddirector | Buy | 2,067 | $46.01 |
| Jun 24, 2026 | Hardwick M Susandirector | Grant | 2,799 | — |
| Jun 24, 2026 | MAZZARELLA KATHLEEN Mdirector | Grant | 2,799 | — |
| Jun 24, 2026 | Hope James Ddirector | Grant | 2,799 | — |
| Jun 24, 2026 | Gipson Dennis Gdirector | Grant | 2,799 | — |
| Jun 24, 2026 | Kimbrough Orvin Tdirector | Grant | 2,799 | — |
| Jun 24, 2026 | Buck Robert Mdirector | Grant | 2,799 | — |
| Jun 24, 2026 | Harper Carla Dofficer: Senior VP, Human Resources | Tax | 568 | $47.25 |
| Jun 24, 2026 | Amirthalingam Bhavanidirector | Grant | 2,799 | — |
| Jun 24, 2026 | Castellano James Gdirector | Grant | 2,799 | — |
| Jun 24, 2026 | NEWMAN MARGARETdirector | Grant | 2,799 | — |
| Apr 21, 2026 | Bradbury Robyn Lofficer: Chief Financial Officer | Sell | 1,647 | $51.94 |
| Apr 21, 2026 | Bradbury Robyn Lofficer: Chief Financial Officer | Sell | 3,353 | $52.84 |
Source: CNM SEC Form 4 filings, latest Aug 5, 2026. For informational purposes only — not investment advice.
See the full CNM insider & 13F page →Core & Main, Inc. company profile
Overview
Core & Main, Inc. (NYSE:CNM) is a leading specialty distributor of water, wastewater, storm drainage, and fire protection products in the United States. Founded in 1874 and headquartered in St. Louis, Missouri, the company went public in July 2021. With over 350 branches across 49 states and recent expansion into Canada, Core & Main holds an estimated 17% market share in a $39 billion addressable market. The company has achieved 15 consecutive years of positive sales growth, reaching record net sales of $7.4 billion in fiscal 2024, and has built its position through both organic growth and strategic acquisitions.
Business
Core & Main operates as a specialty distributor in the water infrastructure industry, serving three primary end markets. The company distributes essential products used in building, maintaining, and repairing water and fire protection systems across municipal, residential, and commercial applications. The company's core product portfolio includes pipes, valves, hydrants, and fittings for water distribution systems, storm drainage products such as corrugated piping systems and retention basins, and fire protection equipment including sprinkler systems and suppression devices. Additionally, Core & Main distributes smart meter products and related installation services, representing a growing technology-enabled segment of their business. Core & Main's business is organized around three key end markets: Municipal (approximately 42% of revenue) serves cities, towns, and water utilities for public infrastructure projects; Non-residential (approximately 38% of revenue) focuses on commercial construction including data centers, manufacturing facilities, and highway projects; and Residential (approximately 20% of revenue) serves homebuilders and contractors for new construction and renovation projects. The water infrastructure industry serves critical societal needs, as aging water systems across America require ongoing maintenance, repair, and replacement. The Infrastructure Investment and Jobs Act (IIJA) allocated $55 billion specifically for water infrastructure improvements, creating a significant tailwind for companies like Core & Main that supply the essential components for these projects.
Revenue model
Core & Main generates revenue primarily through product sales to professional contractors, municipalities, and private water companies. As a distributor, the company purchases products from manufacturers and sells them at a markup to end customers, earning gross margins of approximately 26-27%. The company's customers include municipal water departments, general contractors, plumbing contractors, and utility companies who require specialized products for water infrastructure projects. The business model benefits from several revenue-enhancing factors. Acquisitions have been a primary growth driver, contributing 8-9% of annual sales growth through strategic purchases of regional distributors and specialty product companies. The company's private label initiative represents a significant margin expansion opportunity, growing from 2% to 4% of revenue with potential to reach 10%, offering higher margins than branded products. Geographic expansion into underserved markets and product line extensions into adjacent categories like smart metering technology also drive growth. Several factors can impact margins both positively and negatively. Commodity price volatility affects gross margins, particularly for steel and PVC products which represent less than 15% of cost of goods sold. Weather conditions significantly impact quarterly results, as wet weather can delay construction projects and reduce demand. Construction market cycles influence demand across all three end markets, with residential construction being most cyclical. Federal infrastructure spending through programs like IIJA provides long-term demand support, while competitive pricing pressure in commodity products can compress margins. The company's ability to implement pricing discipline and expand private label penetration serves as margin protection during challenging periods.
Competitive moat
Core & Main possesses a moderate competitive moat built primarily on its extensive distribution network and customer relationships, though the moat faces some structural limitations. The company's 350+ branch network across 49 states creates significant barriers to entry, as competitors would need substantial capital investment and years of relationship building to replicate this geographic coverage. The specialized nature of water infrastructure products requires technical expertise and local inventory management, creating switching costs for customers who value reliable product availability and technical support. However, the company's moat has notable weaknesses. As a distributor rather than a manufacturer, Core & Main has limited control over product differentiation and faces potential disintermediation if manufacturers choose to sell directly to large customers. The industry includes several large competitors and numerous regional players, creating ongoing competitive pressure on pricing and market share. Commodity-based products like PVC pipes offer little differentiation, making the business vulnerable to price competition. The company's strongest competitive advantages lie in its customer relationships built over decades, its ability to provide local inventory and technical support, and its scale advantages in purchasing and logistics. The specialized knowledge required for water infrastructure projects and the critical nature of these products create some customer stickiness. However, technological disruption through direct-to-customer sales platforms or manufacturer consolidation could threaten the traditional distribution model. The company's expansion into higher-value services like smart metering and its private label initiatives represent efforts to strengthen its competitive position, but these remain relatively small portions of the business.
Risks & safety
Core & Main demonstrates moderate financial safety with adequate liquidity but elevated leverage levels that warrant monitoring. • Debt and Solvency: Debt-to-equity ratio of 1.48x indicates moderate leverage. Current ratio of 2.34x and quick ratio of 1.29x suggest adequate short-term liquidity. Low cash position of $8 million requires reliance on operating cash flow and credit facilities. • Cash Generation: Strong operating cash flow of $621 million and free cash flow of $586 million in fiscal 2024 demonstrate solid cash generation capabilities. However, significant capital deployment for acquisitions ($600+ million annually) creates ongoing funding needs. • Valuation Metrics: EV/EBITDA of 14.4x and P/E ratio of 26.0x suggest moderate valuation levels. Price-to-book ratio of 6.3x indicates premium valuation relative to tangible assets. • Other Considerations: Cyclical nature of construction markets creates earnings volatility. Heavy acquisition strategy requires continued access to capital markets. Interest rate sensitivity due to leverage could impact future profitability.
Recent development
Core & Main has pursued an aggressive growth strategy over the past few years, centered on strategic acquisitions and operational improvements. The company completed 10 acquisitions in fiscal 2024 alone, adding over $600 million in annual sales and expanding both geographic reach and product capabilities. Notable acquisitions included Dana Kepner Company (the largest acquisition to date), Eastern Supply, and HM Pipe Products, which marked the company's entry into the Canadian market. The company has significantly expanded its private label program, growing from 2% to 4% of revenue with plans to reach 10% over time. This initiative focuses on higher-margin products and represents a key margin expansion strategy. Simultaneously, Core & Main has invested in smart metering technology and advanced utility solutions, with meter sales growing 31-48% in recent quarters, positioning the company for the digital transformation of water infrastructure. Leadership transitions marked a significant development, with Steve LeClair moving to Executive Chair, Mark Witkowski becoming CEO, and Robyn Bradbury assuming the CFO role. The company has also focused on geographic expansion, opening new greenfield locations and entering previously underserved markets. Sourcing optimization and pricing analytics initiatives have been implemented to improve margins and operational efficiency. The company has set ambitious long-term targets, including reaching $10 billion in net sales by 2028 and expanding adjusted EBITDA margins to 15%, indicating continued focus on both growth and profitability improvement.
CNM company profile · for informational purposes only — not investment advice.
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