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Core & Main

CNM NYSE Trading Companies & Distributors Financials FY2019–FY2025

Core & Main's revenue rose 2.8% to $7.6 billion in fiscal 2025. Its operating margin was 9.4%, down from 9.7% a year earlier. Free cash flow was $604 million, up 3.1%. It paid out $155 million in dividends and buybacks, 26% of free cash flow. The diluted share count fell 1.8%.

Last close · Oct 23, 2026

$41.97

0.9%
Value it Compare
Revenue Total sales reported in the income statement.
$7.6B
2.8% vs prior year
Operating margin Operating income as a share of revenue.
9.4%
0.2 pts
Net income Profit after all expenses, interest and tax.
$441M
7.3%
Free cash flow Cash from operations minus capital spending.
$604M
3.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
13.7%
0.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$8.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
17.3x
On $2.43 EPS (TTM)

What Core & Main does

No business description yet.

Legal name
Core & Main, Inc.
Fiscal year ends
February 1, 2026
Latest annual report
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Accession · CIK
0001856525-26-000031
0001856525

Revenue and margins

Core & Main had $7.6B of revenue in fiscal 2025, up 2.8% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $604M in fiscal 2025, 7.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Core & Main returned $155M to shareholders in fiscal 2025, 26% of free cash flow. The diluted share count fell 1.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Core & Main yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.9B and divides by 197.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 17.3x · peers 28.9x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Core & Main can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.0M$177M$1.0M$8.0M$220M
Debt incl. finance leases $1.5B$1.5B$1.9B$2.3B$2.1B
Net debt / EBITDA 2.6x1.4x2.1x2.5x2.1x
Debt / equity 1.1x0.8x1.3x1.3x1.1x
Interest coverage 4.3x11.7x9.1x5.1x6.0x
Current ratio 2.1x3.1x2.3x2.3x2.6x
Quick ratio 1.1x1.6x1.3x1.3x1.5x
Total assets $4.4B$4.9B$5.1B$5.9B$6.1B
Total liabilities $2.6B$2.5B$3.5B$4.1B$4.0B
Shareholders' equity $1.3B$1.7B$1.5B$1.7B$2.0B
Net debt (− = net cash) $1.5B$1.3B$1.9B$2.3B$1.9B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.2M

1 insider

Sold, 12 months

$0.3M

1 insider

Of sales under plans

100%

$0.3M

DateInsiderTradeSharesPriceValueFiling
Jul 6, 2026 James D HopeDirector Bought 2,067 $46.01 $0.1M Form 4
Apr 17, 2026 Robyn L BradburyChief Financial Officer Sold plan 5,000 $52.54 $0.3M Form 4
Apr 7, 2026 James D HopeDirector Bought 1,972 $50.70 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✕ ✓
Revenue rose relative to assets ✕ ✓ ✕
F-score 5 / 97 / 97 / 9
Accruals ratio −14.0%−3.8%−3.5%
Altman Z'' 2.852.823.28

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Core & Main CNM $8.1B 2.8% 9.4% 7.9% 13.7% 17.3x 7
Watsco WSO $12.3B −5.0% 10.0% 7.4% 20.1% 27.8x 6 Compare →
Fastenal FAST $59.7B 8.7% 20.2% 12.8% 34.3% 42.2x 7 Compare →
AerCap AER $25.7B 6.5% — — 8.5% — — Compare →
Applied Industrial Technologies AIT $12.0B 8.8% 11.1% 9.3% 20.8% — 7 Compare →

7 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.4B $3.6B $5.0B $6.7B $6.7B $7.4B $7.6B
Gross profit $789M $878M $1.3B $1.8B $1.8B $2.0B $2.1B
Operating income $155M $185M $425M $775M $740M $719M $722M
Interest expense $113M $139M $98.0M $66.0M $81.0M $142M $120M
Pretax income $42.0M $46.0M $276M $709M $659M $577M $607M
Income tax $6.0M $9.0M $51.0M $128M $128M $143M $145M
Net income $36.0M $37.0M $166M $366M $371M $411M $441M
Diluted EPS — — $0.55 $2.13 $2.15 $2.13 $2.31
Diluted shares — — 0.24B 0.25B 0.23B 0.20B 0.20B
Cash flow
Cash from operations $194M $214M −$31.0M $401M $1.1B $621M $650M
Capital expenditure $14.0M $12.0M $20.0M $25.0M $39.0M $35.0M $46.0M
Free cash flow $180M $202M −$51.0M $376M $1.0B $586M $604M
Depreciation and amortization $138M $153M $150M $148M $154M $194M $192M
Stock-based compensation $4.0M $4.0M $25.0M $11.0M $10.0M $14.0M $17.0M
Acquisitions $220M $217M $179M $128M $231M $741M $61.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $1.3B $176M $155M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $1.3B $176M $155M
Balance sheet
Cash and short-term investments $181M $381M $1.0M $177M $1.0M $8.0M $220M
Total debt — $2.3B $1.5B $1.5B $1.9B $2.3B $2.1B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets — $1.3B $1.8B $2.2B $1.8B $2.0B $2.3B
Current liabilities — $522M $839M $726M $774M $866M $874M
Inventory $0.0M $384M $856M $1.0B $766M $908M $986M
Property and equipment, net — $86.0M $94.0M $105M $151M $168M $178M
Total assets — $3.9B $4.4B $4.9B $5.1B $5.9B $6.1B
Total liabilities — $3.1B $2.6B $2.5B $3.5B $4.1B $4.0B
Shareholders' equity — — $1.3B $1.7B $1.5B $1.7B $2.0B
Margins
Gross margin 23.3% 24.1% 25.6% 27.0% 27.1% 26.6% 26.9%
Operating margin 4.6% 5.1% 8.5% 11.7% 11.0% 9.7% 9.4%
EBITDA margin 8.7% 9.3% 11.5% 13.9% 13.3% 12.3% 12.0%
Net margin 1.1% 1.0% 3.3% 5.5% 5.5% 5.5% 5.8%
FCF margin 5.3% 5.6% −1.0% 5.7% 15.4% 7.9% 7.9%
Returns
Return on capital — — — 18.2% 16.8% 14.6% 13.7%
Return on capital employed — — 12.2% 19.9% 17.5% 15.5% 14.1%
Return on equity — — — 23.8% 23.2% 26.1% 23.9%
Return on assets — — 4.0% 7.8% 7.4% 7.5% 7.4%
Growth
Revenue growth — 7.5% 37.4% 32.9% 0.8% 11.0% 2.8%
Net income growth — 2.8% 348.7% 120.5% 1.4% 10.8% 7.3%
EPS growth — — — 287.3% 0.9% −0.9% 8.5%
FCF growth — 12.2% −125.3% — 173.9% −43.1% 3.1%
Share count change — — — 0.7% −7.5% −11.6% −1.8%
Financial health
Net debt / EBITDA — 5.6x 2.6x 1.4x 2.1x 2.5x 2.1x
Debt / equity — — 1.1x 0.8x 1.3x 1.3x 1.1x
Interest coverage 1.4x 1.3x 4.3x 11.7x 9.1x 5.1x 6.0x
Current ratio — 2.6x 2.1x 3.1x 2.3x 2.3x 2.6x
Quick ratio — 1.8x 1.1x 1.6x 1.3x 1.3x 1.5x
Capital allocation
Capex / revenue 0.4% 0.3% 0.4% 0.4% 0.6% 0.5% 0.6%
Stock comp / revenue 0.1% 0.1% 0.5% 0.2% 0.2% 0.2% 0.2%
Payouts / FCF 0.0% 0.0% — 0.0% 130.5% 30.0% 25.7%
Quality scores
Piotroski F-score — — — 8.0 5.0 7.0 7.0
Altman Z'' — — 2.8 4.4 2.9 2.8 3.3
Accruals ratio — — 4.7% −0.8% −14.0% −3.8% −3.5%

Source: SEC EDGAR XBRL filings (CIK 0001856525). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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