Core & Main
CNM · Trading Companies & Distributors
$41.97
0.9%United Rentals
URI · Trading Companies & Distributors
$1,098.88
1.1%The short version
- United Rentals is the larger business, with $16.1B of revenue in fiscal 2025 against $7.6B for Core & Main, about 2.1 times as much.
- United Rentals grew revenue faster (4.9%, against 2.8%).
- United Rentals kept more of each dollar of sales as operating profit (24.7% operating margin, against 9.4% operating margin).
- Investors pay more for each dollar of United Rentals’s earnings: a P/E of 28.0x against 17.3x for Core & Main.
| Latest fiscal year | CNM · FY25 | URI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.1B | $69.2B |
| Revenue | $7.6B | $16.1B |
| Free cash flow | $604M | — |
| Net income | $441M | $2.5B |
| Growth | ||
| Revenue growth | 2.8% | 4.9% |
| 5-year growth | 16.0% | 13.6% |
| Share count change | −1.8% | −3.0% |
| Profitability | ||
| Gross margin | 26.9% | 38.2% |
| Operating margin | 9.4% | 24.7% |
| Net margin | 5.8% | 15.5% |
| FCF margin | 7.9% | — |
| Return on capital | 13.7% | 13.4% |
| Return on equity | 23.9% | 28.4% |
| Balance sheet | ||
| Net debt | $1.9B | $13.8B |
| Net debt / EBITDA | 2.1x | 3.1x |
| Dividends and buybacks | $155M | $2.4B |
| Valuation & quality | ||
| P/E | 17.3x | 28.0x |
| Piotroski F-score | 7 | 5 |
FY16
CNM —
URI $5.8B
FY17
CNM —
URI $6.6B
FY18
CNM —
URI $8.0B
FY19
CNM $3.4B
URI $9.4B
FY20
CNM $3.6B
URI $8.5B
FY21
CNM $5.0B
URI $9.7B
FY22
CNM $6.7B
URI $11.6B
FY23
CNM $6.7B
URI $14.3B
FY24
CNM $7.4B
URI $15.3B
FY25
CNM $7.6B
URI $16.1B
CNM
URI
FY16
CNM —
URI 24.6%
FY17
CNM —
URI 22.7%
FY18
CNM —
URI 24.3%
FY19
CNM 4.6%
URI 23.0%
FY20
CNM 5.1%
URI 21.1%
FY21
CNM 8.5%
URI 23.4%
FY22
CNM 11.7%
URI 27.8%
FY23
CNM 11.0%
URI 26.7%
FY24
CNM 9.7%
URI 26.5%
FY25
CNM 9.4%
URI 24.7%
CNM
URI
FY16
CNM —
URI —
FY17
CNM —
URI —
FY18
CNM —
URI —
FY19
CNM $180M
URI —
FY20
CNM $202M
URI —
FY21
CNM −$51.0M
URI —
FY22
CNM $376M
URI —
FY23
CNM $1.0B
URI —
FY24
CNM $586M
URI —
FY25
CNM $604M
URI —
CNM
URI
FY16
CNM —
URI 9.5%
FY17
CNM —
URI 14.1%
FY18
CNM —
URI 10.6%
FY19
CNM —
URI 11.0%
FY20
CNM —
URI 9.6%
FY21
CNM —
URI 11.6%
FY22
CNM 18.2%
URI 14.3%
FY23
CNM 16.8%
URI 15.4%
FY24
CNM 14.6%
URI 15.1%
FY25
CNM 13.7%
URI 13.4%
CNM
URI
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