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Friday 6 November 2026
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Core & Main, Inc.
CNM Industrials Industrial Distribution
Core & Main, Inc.’s revenue for fiscal 2026 (year ended January 2026) was $7.6 billion, up 2.77% from fiscal 2025.
- Revenue
- +2.48%
- EPS
- +8.45%
- Free cash flow
- +83.3%
- Total debt
- +8.46%
Quarter to July 2026, against a year earlier
46.85
1.78
−3.66%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to January
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM Jul ’26 | Trend | 10 yrs | 2027e | 2028e | 2029e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | 3,202 | 3,389 | 3,642 | 5,004 | 6,651 | 6,702 | 7,441 | 7,647 | 7,698 | +13.2% | 7,839 | 8,155 | 8,549 | +3.8% | |
| Gross margin, % | — | — | 18.61 | 23.28 | 24.11 | 25.58 | 26.99 | 27.13 | 26.61 | 26.93 | 27.05 | +8.3 pt | ||||||
| EBT | — | — | 37 | 42 | 46 | 276 | 709 | 659 | 577 | 607 | 627 | +49.1% | ||||||
| EBT margin, % | — | — | 1.16 | 1.24 | 1.26 | 5.52 | 10.66 | 9.83 | 7.75 | 7.94 | 8.14 | +6.8 pt | ||||||
| Net income | — | 0 | 37 | 36 | 37 | 225 | 581 | 531 | 434 | 462 | 479 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | 20.01 | 21.18 | 22.76 | 31.43 | 39.24 | 38.78 | 38.83 | 40.31 | 41.25 | +10.5% | |||||
| Earnings | — | — | 0.23 | 0.26 | 0.23 | 0.57 | 2.16 | 2.15 | 2.14 | 2.32 | 2.43 | +39.1% | ||||||
| Cash flow | — | — | 0.63 | 1.21 | 1.34 | (0.19) | 2.37 | 6.18 | 3.24 | 3.43 | 3.66 | +27.4% | ||||||
| Capex | — | — | 0.00 | (0.09) | (0.07) | (0.13) | (0.15) | (0.23) | (0.18) | (0.24) | (0.29) | n/m | ||||||
| Free cash flow | — | — | 0.63 | 1.13 | 1.26 | (0.32) | 2.22 | 5.96 | 3.06 | 3.18 | 3.36 | +26.0% | ||||||
| Book value | — | — | 0.00 | 0.00 | 5.01 | 11.50 | 14.22 | 8.82 | 9.26 | 10.93 | 11.27 | n/m | ||||||
| Shares, m | — | — | 160 | 160 | 160 | 159 | 169 | 173 | 192 | 190 | 189 | +2.5% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | 44.44 | 44.44 | 44.44 | 31.64 | 10.22 | 19.13 | 26.37 | 23.43 | 19.28 | 30.5 | |||||
| P/S | — | — | 0.83 | 0.83 | 0.83 | 0.77 | 0.56 | 1.07 | 1.45 | 1.35 | 1.14 | 1.0 | ||||||
| P/B | — | — | 1.75 | 1.75 | 1.75 | 2.09 | 1.55 | 4.69 | 6.10 | 4.99 | 4.16 | 3.1 | ||||||
| EV/Sales | — | — | 1.21 | 1.21 | 1.21 | 1.06 | 0.76 | 1.35 | 1.76 | 1.61 | 1.41 | 1.3 | ||||||
| EV/FCF | — | — | 30.32 | 30.32 | 30.32 | (103.89) | 13.36 | 8.75 | 22.30 | 20.34 | 17.33 | 6.5 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | 101 | 194 | 214 | (31) | 401 | 1,069 | 621 | 650 | 683 | +30.5% | |||||
| Capex | — | — | (14) | (14) | (12) | (20) | (25) | (39) | (35) | (46) | (55) | +18.6% | ||||||
| Free cash flow | — | — | 101 | 180 | 202 | (51) | 376 | 1,030 | 586 | 604 | 628 | +29.1% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | 608 | 815 | 928 | 1,485 | 999 | 1,159 | 1,428 | 1,747 | +15.3% | |||||
| Net debt | — | — | — | 1,967 | 1,884 | 1,470 | 1,282 | 1,877 | 2,253 | 1,928 | 2,137 | (0.3%) | ||||||
| Shareholders’ equity | — | — | — | — | 801 | 1,831 | 2,410 | 1,524 | 1,774 | 2,074 | 2,104 | +21.0% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | 0.00 | 0.00 | 1.89 | 3.97 | 7.83 | 7.44 | 7.51 | 7.38 | 7.05 | +7.4 pt | |||||
| ROIC | — | — | — | 4.93 | 4.31 | 8.05 | 13.12 | 13.60 | 11.16 | 11.28 | 10.93 | +6.4 pt | ||||||
| ROE | — | — | 0.00 | 4.99 | 5.13 | 12.61 | 17.26 | 18.86 | 24.92 | 22.92 | 22.58 | +22.9 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | 4,100 | 4,500 | 5,000 | 5,700 | 5,600 | — | +8.1% | |||||
| Revenue/emp, $m | — | — | 0.00 | 0.00 | 0.00 | 1.22 | 1.48 | 1.34 | 1.31 | 1.37 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Jan 2026 · latest quarter Jul 2026
Business profile
Where the money comes from and where it goes Fiscal 2026
| Pipes, valves & fittings products | 5,137 | 67.18% |
|---|---|---|
| Storm drainage products | 1,194 | 15.61% |
| Smart utility products | 716 | 9.36% |
| Fire protection products | 600 | 7.85% |
| Gross margin | 26.93% | |
| Operating margin | 9.44% | |
| Pre-tax margin | 7.94% |
Core & Main, Inc. vs peers in Industrial Distribution (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| WSO.B Watsco, Inc. | $16.0B | 27.2× | — | +2.06% (above 0%: growing) | −11.50% (below 0%: shrinking) | +17.57% (above 0%: growing) | 27.50% | 11.32% | Compare |
| WCC WESCO International, Inc. | $13.9B | 17.9× | 19.2× | +16.57% (above 0%: growing) | +45.47% (above 0%: growing) | +271.85% (above 0%: growing) | 21.67% | 6.24% | Compare |
| WSO Watsco, Inc. | $13.0B | 27.0× | 26.4× | +7.42% (above 0%: growing) | −11.50% (below 0%: shrinking) | −8.87% (below 0%: shrinking) | 26.41% | 10.14% | Compare |
| QXO QXO, Inc. | $12.1B | — (loss-making) | — (loss-making) | +70.30% (above 0%: growing) | n/m | −27.62% (below 0%: shrinking) | 24.74% | (1.29%) | Compare |
| AIT Applied Industrial Technologies, Inc. | $10.3B | 24.7× | 24.2× | +7.64% (above 0%: growing) | +12.65% (above 0%: growing) | −34.44% (below 0%: shrinking) | 30.38% | 11.12% | Compare |
| CNM Core & Main, Inc. | $8.9B | 19.3× | 16.8× | +2.48% (above 0%: growing) | +8.45% (above 0%: growing) | +83.33% (above 0%: growing) | 26.71% | 10.58% | |
| POOL Pool Corporation | $7.7B | 19.8× | 18.9× | +3.71% (above 0%: growing) | 0.00% | +52.83% (above 0%: growing) | 28.99% | 11.44% | Compare |
| XMTR Xometry, Inc. | $6.3B | — (loss-making) | — (loss-making) | +39.69% (above 0%: growing) | n/m | −327.10% (below 0%: shrinking) | 39.09% | 0.02% | Compare |
| MSM MSC Industrial Direct Company, Inc. | $6.2B | 27.8× | 29.0× | +10.32% (above 0%: growing) | −14.85% (below 0%: shrinking) | +8.93% (above 0%: growing) | 40.64% | 6.75% | Compare |
| Median of peers | $11.2B | 25.9× | 24.2× | +8.98% | −5.75% | +0.03% | 28.25% | 8.45% |
From the latest earnings call
- Mark Witkowski said treatment plants and fire protection drove quarterly growth, while the contribution from data center projects had nearly doubled year over year.
- Witkowski said acquisition activity had picked up and several opportunities had advanced through the letter-of-intent stage; Core & Main also acquired Walker Industries after quarter-end.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
103.69%
Held by the ten largest
47.31%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 18.36m | 9.49% | −848.34k |
| Vanguard | 18.27m | 9.44% | +487.93k |
| Capital Group | 11.47m | 5.93% | −98.34k |
| Fidelity (FMR) | 8.96m | 4.63% | +3.56m |
| First Trust | 6.25m | 3.23% | +118.02k |
| Morgan Stanley | 6.04m | 3.12% | +604.56k |
| State Street | 5.91m | 3.05% | +128.28k |
| Select Equity Group, L.P. | 5.84m | 3.02% | −1.41m |
| ROYAL LONDON ASSET MANAGEMENT LTD | 5.49m | 2.84% | −264.03k |
| Pictet Asset Management | 4.96m | 2.56% | −1.55m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 7 May 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 5.37m | 12.34m | 238.14 |
| 2024 | 5.55m | 13.23m | 171.10 |
| 2023 | 5.56m | 6.24m | 91.43 |
| 2022 | 2.29m | 3.35m | 98.95 |
Ownership
Directors and executive officers, together
1.50% of the votes
BlackRock, Inc. (e)
9.80% of the votes
Morgan Stanley(f)
6.40% of the votes
Vanguard Capital Management(g)
5.10% of the votes
John R. Schaller(h)
less than 1% of the votes
Mark R. Witkowski(h)
less than 1% of the votes
Stephen O. LeClair(h)(i)
less than 1% of the votes
Bradford A. Cowles(h)
less than 1% of the votes
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Core & Main, Inc. (CNM) Latest News
14 Sep
9 Sep
10 Jun
CNM metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Core & Main is a specialty distributor of products used to build, maintain and repair water, wastewater, storm drainage and fire protection infrastructure. Its customers include municipalities, private water companies and professional contractors working on public infrastructure, non-residential buildings and residential developments.
The company sells pipes, valves, fittings and hydrants used to move and control water. It also supplies drainage products that retain or divert stormwater, fire protection equipment such as sprinkler heads, and meters that measure water use. Its offering includes smart metering systems, specialized treatment plant products and related services.