Core & Main, Inc.CNM
NYSE•Industrials•Industrial Distribution
Core & Main, Inc. engages in the distribution of water, wastewater, storm drainage, and fire protection products and related services in the United States. The company's products portfolio include pipes, valves, hydrants, fittings, and other products and services used for service, repair and replacement of underground water infrastructure; storm drainage products, such as corrugated HDPE and metal piping systems, retention basins, inline drains, manholes, grates, geosynthetics, erosion control, and other related products; fire protection products, including fire protection pipes, valves, fittings, sprinkler heads and other accessories, as well as fabrication and kitting services; smart meter products; and smart metering solutions which include meter accessories, meter installation, network infrastructure and software installation, training, and long-term services, as well as engineered treatment plant products. Its specialty products and services are used in the maintenance, repair, replacement, and construction of water, wastewater, storm drainage, and fire protection infrastructure. The company serves municipalities, private water companies, and professional contractors in the municipal, non-residential, and residential end markets. Core & Main, Inc. was founded in 1874 and is headquartered in Saint Louis, Missouri.
Core & Main, Inc. (CNM) reported trailing twelve months revenue of $7.65B as of February 2026, a 2.8% increase year-over-year. Quarterly revenue reached $1.58B, reflecting continued top-line momentum.
Core & Main, Inc. generated $441.00M in TTM net income, with quarterly EBITDA of $164.00M. The operating margin expanded from 7.3% to 7.5%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (7.5%) and net margin (4.4%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 3.8% a year ago, signaling stronger bottom-line efficiency.
CNM trades at a P/E of 22.9x (in line with broad market averages) and a P/S of 1.3x. The price-to-book ratio of 5.0x indicates a significant premium over book value.
The company generated $253.00M in free cash flow over the trailing twelve months, a 12.9% increase year-over-year, indicating cash generation ability. The balance sheet shows $6.08B in total assets with $2.12B in long-term debt against $2.00B in stockholders equity for a debt-to-equity ratio of 1.1. Data based on the most recent quarterly reports.
Competitive analysis based on 19 quarters of fundamental data
Operating margins are positive at ~9.4% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 23.4% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (6 of 7 quarters up), with ~11.3% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 19 quarters
Margins are stable or improving at ~9.3% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio is 1.1 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation