CNM Industrials

Core & Main, Inc.

$44.87-0.62%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Industrials
Industry: Industrial Distribution
Country: United States
Market cap: 8.3B USD
Enterprise value: 10.3B USD
Full-time employees: 5,600

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 0.91 vs a peer median of 0.64), though less than the overall marketbigger price swings (beta 0.91 vs peers 0.64)
Drawback: more debt relative to equity (1.21× vs a peer median of 0.40×)more debt vs equity (1.21× vs peers 0.40×)
About average: growth and risk (debt, liquidity and share-price swings)growth and risk

Ranks #1,016 of 2,308 industrials companies (top 45%)

See how it ranks against its peers

Worth knowing

Sales growing faster than profits. Since FY Jan 2023: revenue +15%, operating profit −6.8%.
Since FY Jan 2023, Core & Main's revenue changed +15% while operating profit fell 6.8%: costs rose faster than sales.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $3.6B in FY Jan 2021 to $7.6B in FY Jan 2026.
Core & Main's fiscal-year revenue rose in each of the five years to FY Jan 2026, from $3.6B to $7.6B.
Profit is backed by cash. Free cash flow is 131% of reported profit.
Core & Main's free cash flow is 131% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

StockQuotient Score

54/ 100▼ 1 since Oct 27 close

Oct 5 55 → Nov 4 54 (-1)

Valuation

Is the price right?

63/100

Moderate▼ 3 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 66 → 63

Share price +6.0%-3

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Stronger than most peers on:

▲ FCF yield
▲ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield5.5%

SEC filings · 12 months to Aug 2026Reported value30% base weight · Z-score 0.60Sector median: 0.0377 · MAD: 0.0294

EBITDA yield8.7%

SEC filings · 12 months to Aug 2026Reported value50% base weight · Z-score 0.40Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield7.2%

SEC filings · 12 months to Aug 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.96Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield23.4%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

44/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Held back by:

▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth8.4%

SEC filings · 12 months to Aug 2026Reported value33% base weight · Z-score 0.05Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth5.1%

SEC filings · 3 years to Aug 2026Reported value33% base weight · Z-score 0.15Sector median: 0.0421 · MAD: 0.0625

Revenue growth-0.5%

SEC filings · 12 months to Aug 2026Reported value33% base weight · Z-score -0.64Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

74/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROA
▲ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin9.6%

SEC filings · 12 months to Aug 2026Reported value33% base weight · Z-score 0.38Sector median: 0.0773 · MAD: 0.0507

Return on assets7.2%

SEC filings · 12 months to Aug 2026Reported value33% base weight · Z-score 1.68Sector median: 0.0311 · MAD: 0.0241

Return on invested capital14.1%

SEC filings · 12 months to Aug 2026Reported value33% base weight · Z-score 1.24Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin27.0%

SEC filings · 12 months to Aug 2026Reported valueInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity23.6%

SEC filings · 12 months to Aug 2026Reported valueInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ Current ratio
▼ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.91

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.98Sector median: 0.6440 · MAD: 0.2745

Current ratio2.47×

SEC filings · latest balance sheetReported value33% base weight · Z-score 1.59Sector median: 1.6180 · MAD: 0.5360

Debt / equity1.21×

SEC filings · latest balance sheetReported value33% base weight · Z-score -2.38Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Core & Main

Is Core & Main getting weaker?: Its latest SEC filing (Sep 9, 2026) showed no major changes. Its overall score is 54/100, down 1 since Oct 28, 2026.
How is Core & Main valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 63/100 against 2,459 industrials peers. Free cash flow yield 7.2% vs a peer median of 3.7% (stronger than 74% of peers).Free cash flow yield 7.2% vs peers 3.7% (stronger than 74% of peers).
Is Core & Main growing?: At about the same pace as its peers. Growth scores 44/100 against 2,459 industrials peers. Revenue growth -0.5% vs a peer median of 4.4% (weaker than 68% of peers).Revenue growth -0.5% vs peers 4.4% (weaker than 68% of peers).
How profitable is Core & Main?: More profitable than most of its peers. Profitability scores 74/100 against 2,459 industrials peers. Return on assets 7.2% vs a peer median of 3.1% (stronger than 84% of peers).Return on assets 7.2% vs peers 3.1% (stronger than 84% of peers).
How risky is Core & Main?: Moderate risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 2.47× vs a peer median of 1.62× (stronger than 76% of peers).Current ratio 2.47× vs peers 1.62× (stronger than 76% of peers). Debt / equity 1.21× vs a peer median of 0.40× (weaker than 82% of peers).Debt / equity 1.21× vs peers 0.40× (weaker than 82% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Aug 2, 2026 · filed Sep 9, 2026 · compared with the quarter ended May 3, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	7.6B USD	7.7B USD	+0.7%
Net income (12 months)	470.0M USD	480.0M USD	+2.1%
Operating margin	9.5%	9.6%	+0.1 pts
Free cash flow (12 months)	608.0M USD	628.0M USD	+3.3%
Debt	2.1B USD	2.4B USD	+14.2%
Cash	150.0M USD	312.0M USD	+108.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Industrials · 318 companies

Valuations in Industrials are near the top of their range since 2016.

85% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +20% and earnings +14% (medians): prices and earnings moved broadly together.
Median price-to-sales is −24% vs the whole market, against a usual −31%.

2016Shaded: most expensive fifth of its range2026

Shown for Industrials: too few Industrial Distribution companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY Jan 2022	FY Jan 2023	FY Jan 2024	FY Jan 2025	FY Jan 2026	Change
Gross margin	25.6%	27.0%	27.1%	26.6%	26.9%	▲ 0.3 pts
Operating margin	8.5%	11.7%	11.0%	9.7%	9.4%	▼ 0.2 pts
Net margin	3.3%	5.5%	5.5%	5.5%	5.8%	▲ 0.2 pts
Return on assets (ROA)	3.7%	7.5%	7.3%	7.0%	7.2%	▲ 0.2 pts
Return on equity (ROE)	12.5%	21.0%	25.6%	24.2%	22.1%	▼ 2.1 pts
Free cash flow margin	-1.0%	5.7%	15.4%	7.9%	7.9%	▲ 0.0 pts
Current ratio	2.11×	3.05×	2.29×	2.34×	2.63×	▲ 13%
Quick ratio	1.09×	1.60×	1.30×	1.29×	1.51×	▲ 17%
Debt to equity	1.11×	0.84×	1.29×	1.33×	1.08×	▼ 19%
Interest coverage	4.34×	11.74×	9.14×	5.06×	6.02×	▲ 19%

CNM price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 0.91 vs a peer median of 0.64), though less than the overall marketbigger price swings (beta 0.91 vs peers 0.64)

Drawback: more debt relative to equity (1.21× vs a peer median of 0.40×)more debt vs equity (1.21× vs peers 0.40×)

About average: growth and risk (debt, liquidity and share-price swings)growth and risk

Ranks #1,016 of 2,308 industrials companies (top 45%)

See how it ranks against its peers

Worth knowing

Sales growing faster than profits. Since FY Jan 2023: revenue +15%, operating profit −6.8%.

Since FY Jan 2023, Core & Main's revenue changed +15% while operating profit fell 6.8%: costs rose faster than sales.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $3.6B in FY Jan 2021 to $7.6B in FY Jan 2026.

Core & Main's fiscal-year revenue rose in each of the five years to FY Jan 2026, from $3.6B to $7.6B.

Profit is backed by cash. Free cash flow is 131% of reported profit.

Core & Main's free cash flow is 131% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

Questions investors ask about Core & Main

Is Core & Main getting weaker?

Its latest SEC filing (Sep 9, 2026) showed no major changes. Its overall score is 54/100, down 1 since Oct 28, 2026.

How is Core & Main valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 63/100 against 2,459 industrials peers. Free cash flow yield 7.2% vs a peer median of 3.7% (stronger than 74% of peers).Free cash flow yield 7.2% vs peers 3.7% (stronger than 74% of peers).

Is Core & Main growing?

At about the same pace as its peers. Growth scores 44/100 against 2,459 industrials peers. Revenue growth -0.5% vs a peer median of 4.4% (weaker than 68% of peers).Revenue growth -0.5% vs peers 4.4% (weaker than 68% of peers).

How profitable is Core & Main?

More profitable than most of its peers. Profitability scores 74/100 against 2,459 industrials peers. Return on assets 7.2% vs a peer median of 3.1% (stronger than 84% of peers).Return on assets 7.2% vs peers 3.1% (stronger than 84% of peers).

How risky is Core & Main?

Moderate risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 2.47× vs a peer median of 1.62× (stronger than 76% of peers).Current ratio 2.47× vs peers 1.62× (stronger than 76% of peers). Debt / equity 1.21× vs a peer median of 0.40× (weaker than 82% of peers).Debt / equity 1.21× vs peers 0.40× (weaker than 82% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

7.6B USD

7.7B USD

+0.7%

Net income (12 months)

470.0M USD

480.0M USD

+2.1%

Operating margin

9.5%

9.6%

+0.1 pts

Free cash flow (12 months)

608.0M USD

628.0M USD

+3.3%

Debt

2.1B USD

2.4B USD

+14.2%

Cash

150.0M USD

312.0M USD

+108.0%

Key ratios

FY Jan 2022

FY Jan 2023

FY Jan 2024

FY Jan 2025

FY Jan 2026

Change

Gross margin

25.6%

27.0%

27.1%

26.6%

26.9%

▲ 0.3 pts

Operating margin

8.5%

11.7%

11.0%

9.7%

9.4%

▼ 0.2 pts

Net margin

3.3%

5.5%

5.8%

▲ 0.2 pts

Return on assets (ROA)

3.7%

7.5%

7.3%

7.0%

7.2%

▲ 0.2 pts

Return on equity (ROE)

12.5%

21.0%

25.6%

24.2%

22.1%

▼ 2.1 pts

Free cash flow margin

-1.0%

5.7%

15.4%

7.9%

▲ 0.0 pts

Current ratio

2.11×

3.05×

2.29×

2.34×

2.63×

▲ 13%

Quick ratio

1.09×

1.60×

1.30×

1.29×

1.51×

▲ 17%

Debt to equity

1.11×

0.84×

1.29×

1.33×

1.08×

▼ 19%

Interest coverage

4.34×

11.74×

9.14×

5.06×

6.02×

▲ 19%