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CNM

Core & Main, Inc.

CNM

Core & Main, Inc. • NYSE
$48.34 ▲ 0.73% (+0.35)
Market Cap $9.20 B
52w High $67.18
52w Low $43.17
Dividend Yield 0%
P/E 21.58
Volume 828.07K
Outstanding Shares 190.30M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $2.093B ▲ $347M ▲ $134M ▲ 6.402% ▲ $0.71 ▲ $261M ▲
Q1-2025 $1.911B ▲ $339M ▲ $100M ▲ 5.233% ▲ $0.55 ▲ $219M ▲
Q4-2024 $1.698B ▼ $327M ▲ $64M ▼ 3.769% ▼ $0.35 ▼ $174M ▼
Q3-2024 $2.038B ▲ $320M ▲ $133M ▲ 6.526% ▲ $0.71 ▲ $272M ▲
Q2-2024 $1.964B $314M $119M 6.059% $0.62 $253M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $25M ▲ $6.306B ▲ $4.344B ▼ $1.886B ▲
Q1-2025 $8M $6.278B ▲ $4.457B ▲ $1.744B ▲
Q4-2024 $8M ▼ $5.87B ▼ $4.096B ▼ $1.698B ▲
Q3-2024 $10M ▼ $6.215B ▲ $4.465B ▲ $1.671B ▲
Q2-2024 $13M $6.098B $4.378B $1.644B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $134M ▲ $34M ▼ $-12M ▲ $-5M ▲ $17M ▲ $24M ▼
Q1-2025 $105M ▲ $77M ▼ $-16M ▲ $-61M ▲ $0 ▲ $64M ▼
Q4-2024 $67M ▼ $235M ▼ $-31M ▲ $-206M ▼ $-2M ▲ $224M ▼
Q3-2024 $153M ▲ $260M ▲ $-139M ▼ $-124M ▼ $-3M ▲ $252M ▲
Q2-2024 $119M $48M $-44M $-21M $-17M $39M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Fire Protection Products
Fire Protection Products
 $140.00M ▲$140.00M ▲$150.00M ▲$150.00M ▲
Meter Products
Meter Products
 $180.00M ▲$170.00M ▼$170.00M ▲$170.00M ▲
Pipes Valves And Fitting Products
Pipes Valves And Fitting Products
 $1.39Bn ▲$1.12Bn ▼$1.30Bn ▲$1.43Bn ▲
Storm Drainage Products
Storm Drainage Products
 $330.00M ▲$260.00M ▼$290.00M ▲$340.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has climbed strongly over the past five years, roughly doubling from pre‑IPO days, which signals healthy demand and successful expansion. Profitability has remained solid, but earnings growth has not kept pace with sales growth, suggesting some margin pressure from higher costs, pricing competition, mix shift, or acquisition integration. Operating profit and EBITDA are steady at a good level but have flattened in recent years rather than continuing to ramp, indicating the business may be entering a more mature phase of its current cycle. Net income and earnings per share have held at a similar range for the last three years, which is stable but not explosive given the revenue gains. Overall, the income statement shows a durable, profitable distributor with growth driven more by scale than by rising margins.

Balance Sheet

Balance Sheet The balance sheet shows a company that has grown its asset base each year as it has expanded locations, inventory, and capabilities. Equity has built up steadily since the IPO, which is a positive sign of value accumulation for the business as retained earnings grow. Debt is meaningful but not extreme; leverage has risen from the immediate post‑IPO period but remains within what is typical for a scaled distributor. Very low cash balances suggest the company prefers to stay efficiently invested and relies on credit lines, which works in normal conditions but leaves less of a cash cushion in a downturn. Overall, the balance sheet reflects a growth‑oriented, moderately leveraged industrial distributor with improving underlying strength but some sensitivity to credit markets and interest rates.

Cash Flow

Cash Flow Cash generation has been generally healthy, but somewhat choppy from year to year. Operating cash flow was modest early on, spiked to a very strong level, and then eased back more recently while still clearly positive. Free cash flow has followed the same pattern, remaining positive and broadly aligned with reported earnings over time, which supports the quality of those earnings. Capital spending needs are relatively light, which fits a distribution model and helps the company convert profits into cash. The volatility likely reflects swings in working capital—especially inventory and receivables—tied to growth, supply chain conditions, and pricing. Overall, cash flow looks solid for a distributor, but investors should expect year‑to‑year noise rather than a perfectly smooth trend.

Competitive Edge

Competitive Edge Core & Main operates in critical water, wastewater, storm drainage, and fire protection markets, which are tied to essential infrastructure rather than purely discretionary spending. Its scale and nationwide branch network give it strong purchasing power, broad product availability, and fast local service—advantages that smaller competitors struggle to match. Deep relationships with tens of thousands of customers and thousands of suppliers create switching costs and make Core & Main a go‑to partner for complex projects. The company’s focus on value‑added services, such as fabrication and technical support, moves it beyond a basic distributor and embeds it more tightly into customers’ workflows. Key risks include competition from other large distributors, exposure to municipal budgets and construction cycles, and the need to keep integrating acquisitions smoothly. Still, the overall competitive position appears strong and well‑entrenched within its niche.

Innovation and R&D

Innovation and R&D This is not a classic lab‑driven R&D story; instead, innovation comes through technology partnerships, digital tools, and specialized services. Core & Main’s smart water initiatives—like its CORE+ program and collaborations with analytics and remote‑monitoring providers—are aimed at turning traditional water infrastructure into connected, data‑rich systems. Its e‑commerce and digital platforms improve ordering, inventory visibility, and customer experience, which can strengthen loyalty and efficiency. The company also pursues innovation via targeted acquisitions in areas such as smart monitoring, erosion control, underground utility protection, and advanced pipe solutions, especially fusible HDPE. A growing emphasis on sustainability and resilient infrastructure aligns the business with long‑term trends around water scarcity, flooding, and regulatory demands. The main watchpoints are execution: continuing to integrate technologies into a largely traditional industry and making sure acquired capabilities translate into margin and share gains.

Summary

Core & Main has grown into a leading water‑infrastructure distributor with solid profitability, a strengthening equity base, and generally good cash conversion, although both margins and cash flow show normal distribution‑type volatility. Its core markets benefit from recurring repair and replacement needs and from long‑term infrastructure investment themes, which add resilience compared with more cyclical industrial niches. The company’s scale, dense branch network, and one‑stop‑shop approach underpin a durable competitive position, while smart water technologies, digital tools, and sustainability‑focused acquisitions offer avenues for continued growth and differentiation. Main areas of uncertainty include sensitivity to construction and municipal spending cycles, dependence on credit markets given modest cash balances and meaningful debt, and the need to keep executing well on acquisitions and technology rollouts. Overall, the picture is of a mature but still expanding infrastructure platform with a strong operational base and multiple strategic levers, balanced by typical macro and integration risks.

NEWS

November 26, 2025 · 4:15 PM UTC

Core & Main Updates Time of Fiscal 2025 Third Quarter Results Conference Call

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November 25, 2025 · 4:15 PM UTC

Core & Main to Announce Fiscal 2025 Third Quarter Results

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September 30, 2025 · 4:15 PM UTC

Core & Main Completes Acquisition of Canada Waterworks

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