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Core & Main

CNM

Core & Main is a leading specialty distributor of water, wastewater, storm drainage, and fire protection products in the United States and Canada.

Market cap
$7.45B-24.8%
Revenue$7.7B-0.5%
Net income$459.0M+6.5%
Free cash flow$628.0M+11.4%
EPS (diluted)$2.43+8.0%
Trailing twelve months · change vs. prior year

Earnings

Next report

Dec 8, 2026 (in 2 months)
Revenue estimate$2.1B
EPS estimate$0.92

Financials

Q2 2026

Income statement

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Revenue$2.1B+2.5%
Gross profit$573.0M+2.3%
Operating income$227.0M+6.6%
Net income$144.0M+7.5%
EPS (diluted)$0.77+10.0%

Balance sheet

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Cash & equivalents$312.0M+1,148%
Total debt$2.7B+8.5%
Total equity$2.0B+7.7%
Total assets$6.7B+6.4%

Cash flow

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Operating cash flow$62.0M+82.4%
CapEx$18.0M+80.0%
Free cash flow$44.0M+83.3%

Valuation & ratios

Valuation

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Market cap$7.45B-24.8%
Enterprise value$9.88B-19.2%
P/E16.2×-6.3×
P/S1×-0.3×

Profitability

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Gross margin27%+0.4pp
Operating margin9.6%+0.2pp
Net margin6%+0.4pp
FCF margin8.2%+0.9pp

Returns & leverage

See full
Return on equity23.4%-1.0pp
Debt / equity1.4×0.0×
Current ratio2.5×+0.2×

Segments

By product

See full
Pipes, valves & fittings products$1.5B+2.2%
Storm drainage products$334.0M-0.3%
Fire protection products$176.0M+13.5%
Smart utility products$174.0M+0.6%

Competitors

Profile

Core & Main is a leading specialty distributor of water, wastewater, storm drainage, and fire protection products in the United States and Canada. The company serves as a critical link between over 5,000 suppliers and 60,000 customers, providing essential infrastructure solutions to municipalities, private water companies, and professional contractors.

Competitive position

One of only two national distributors in a highly fragmented market, leveraging a network of over 370 branches to provide local expertise with national scale.

GeographiesUnited States, Canada
Customer segmentsMunicipalities, Non-residential Construction, Residential Construction, Private Utilities
Business modelWholesale Distribution, Value-added Services, Private Label
SuppliersManufacturers of PVC and ductile iron pipe, Foundries for valves and hydrants, Smart meter technology providers, Freight and logistics carriers
CustomersMunicipal water departments, Underground utility contractors, Fire protection system installers, Land and lot developers
Listed2021
Employees5.0K
CEOMark R. Witkowski
FilingsSEC EDGAR

FAQ

What is Core & Main's market cap?
Core & Main (CNM) has a market capitalization of $7.4B and trades on NYSE.
What is Core & Main's revenue and profitability?
Core & Main generated $7.7B in trailing twelve-month revenue with net income of $459.0M, representing a net margin of 6.0%. Gross margin stands at 27.0%, with free cash flow of $628.0M. The latest reported period is Q2 2026.
Who are Core & Main's competitors?
Core & Main's key competitors include Ferguson plc, ADVANCED DRAINAGE SYSTEMS, INC., NWPX Infrastructure, Inc. Common Stock, and others. These companies compete in similar markets and product categories.
Who does Core & Main partner with?
Core & Main's notable partners include Clayton, Dubilier & Rice, LLC.
What subsidiaries does Core & Main have?
Core & Main's subsidiaries include Core & Main Holdings, LP, Pioneer Supply LLC, Lee Supply Company Inc., and others.
Where is Core & Main headquartered?
Core & Main is headquartered in United States of America and employs approximately 5,000 people. It has been publicly traded since 2021.