Core & Main vs WESCO International
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KIRA’s take AI analyst
I put Core & Main and WESCO International side by side, using each one’s latest annual report. Here is what stands out:
- WESCO International is the larger business, with $23.5B of revenue in fiscal 2025 against $7.6B for Core & Main, about 3.1 times as much.
- WESCO International grew revenue faster (7.8%, against 2.8%).
- Core & Main kept more of each dollar of sales as operating profit (9.4% operating margin, against 5.2%).
- Core & Main turned more of its sales into free cash flow (7.9% FCF margin, against 0.1%).
- Core & Main earned a higher return on the capital invested in it (13.7%, against 9.4%).
- Investors pay more for each dollar of WESCO International’s earnings: a P/E of 22.8x against 17.4x for Core & Main.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Core & Main
CNM
9/11
5-year growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDA
WESCO International
WCC
2/11
Revenue growthShare count change
Side by side
Best in the row
| Latest fiscal year | CNM FY25 | WCC FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.2B | $16.3B |
| Revenue | $7.6B | $23.5B |
| Free cash flow | $604M | $25.2M |
| Net income | $441M | $640M |
| Growth | ||
| Revenue growth | 2.8% | 7.8% |
| 5-year growth | 16.0% | 13.8% |
| Share count change | −1.8% | −2.2% |
| Profitability | ||
| Gross margin | 26.9% | 21.2% |
| Operating margin | 9.4% | 5.2% |
| Net margin | 5.8% | 2.7% |
| FCF margin | 7.9% | 0.1% |
| Return on capital | 13.7% | 9.4% |
| Return on equity | 23.9% | 12.8% |
| Balance sheet | ||
| Net debt | $1.9B | $5.2B |
| Net debt / EBITDA | 2.1x | 3.7x |
| Dividends and buybacks | $155M | $163M |
| Valuation & quality | ||
| P/E | 17.4x | 22.8x |
| Piotroski F-score | 7 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.