Core & Main, Inc. CNM
Core & Main, Inc. ("Core & Main" and collectively with its subsidiaries, the "Company," "we," "our" or "us") is a holding company and its primary material assets are its direct and indirect ownership interest in Core & Main Holdings, LP, a Delaware limited partnership ("Holdings"), and deferred tax assets associated with this ownership. Core & Main is a leading specialty distributor dedicated to advancing reliable infrastructure with local service, nationwide. With a focus on water, wastewater, storm drainage and fire protection products, and related services, we provide solutions to municipalities, private water companies and professional contractors across municipal, non-residential and residential end markets. Our specialty products and services are used primarily in the maintenance, repair, replacement and new construction of water, wastewater, storm drainage and fire protection infrastructure. We are one of only two national distributors operating across large and highly fragmented markets, which we estimate to represent approximately $44 billion in annual sales.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.65B | $7.44B | $6.70B | $6.65B | $5.00B | $3.64B | $3.39B | — |
| Cost of revenue | $5.59B | $5.46B | $4.88B | $4.86B | $3.72B | $2.76B | $2.60B | — |
| Gross profit | $2.06B | $1.98B | $1.82B | $1.79B | $1.28B | $878.0M | $789.0M | — |
| SG&A | $1.15B | $1.08B | $931.0M | $880.0M | $717.0M | $556.0M | $509.0M | — |
| Total operating expenses | $1.34B | $1.26B | $1.08B | $1.02B | $855.0M | $693.0M | $634.0M | — |
| Operating income | $722.0M | $719.0M | $740.0M | $775.0M | $425.0M | $185.0M | $155.0M | — |
| Interest expense | $120.0M | $142.0M | $81.0M | $66.0M | $98.0M | $139.0M | $113.0M | — |
| Pre-tax income | $607.0M | $577.0M | $659.0M | $709.0M | $276.0M | $46.0M | $42.0M | — |
| Income tax | $145.0M | $143.0M | $128.0M | $128.0M | $51.0M | $9.0M | $6.0M | — |
| Net income | $462.0M | $434.0M | $531.0M | $581.0M | $225.0M | $37.0M | $36.0M | — |
| EPS, basic | 2.32 | 2.14 | 2.15 | 2.16 | 0.57 | — | — | — |
| EPS, diluted | 2.31 | 2.13 | 2.15 | 2.13 | 0.55 | — | — | — |
| Shares, diluted (wtd. avg.) | $197.9M | $201.4M | $227.8M | $246.2M | $244.5M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $220.0M | $8.0M | $1.0M | $177.0M | $1.0M | $381.0M | $181.0M | $37.0M |
| Receivables | $981.0M | $986.0M | $888.0M | $851.0M | $784.0M | $495.0M | — | — |
| Inventory | $986.0M | $908.0M | $766.0M | $1.05B | $856.0M | $384.0M | — | — |
| Total current assets | $2.30B | $2.02B | $1.77B | $2.21B | $1.77B | $1.34B | — | — |
| Property, plant and equipment | $178.0M | $168.0M | $151.0M | $105.0M | $94.0M | $86.0M | — | — |
| Goodwill | $1.92B | $1.90B | $1.56B | $1.53B | $1.51B | $1.45B | $1.36B | — |
| Other intangibles | $823.0M | $935.0M | $784.0M | $795.0M | $871.0M | $919.0M | — | — |
| Total assets | $6.08B | $5.87B | $5.07B | $4.91B | $4.43B | $3.92B | — | — |
| Accounts payable | $512.0M | $562.0M | $504.0M | $479.0M | $608.0M | $326.0M | — | — |
| Short-term debt | $24.0M | $24.0M | $15.0M | $15.0M | $15.0M | $13.0M | — | — |
| Total current liabilities | $874.0M | $866.0M | $774.0M | $726.0M | $839.0M | $522.0M | — | — |
| Long-term debt | $2.12B | $2.24B | $1.86B | $1.44B | $1.46B | $2.25B | — | — |
| Total liabilities | $4.01B | $4.10B | $3.54B | $2.50B | $2.60B | $3.12B | — | — |
| Retained earnings | $755.0M | $449.0M | $189.0M | $458.0M | $92.0M | — | — | — |
| Total equity | $2.00B | $1.70B | $1.52B | $2.41B | $1.83B | — | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $650.0M | $621.0M | $1.07B | $401.0M | -$31.0M | $214.0M | $194.0M | — |
| Depreciation and amortisation | $192.0M | $194.0M | $154.0M | $148.0M | $150.0M | $153.0M | $138.0M | — |
| Stock-based compensation | $17.0M | $14.0M | $10.0M | $11.0M | $25.0M | $4.0M | $4.0M | — |
| Capital expenditure | $46.0M | $35.0M | $39.0M | $25.0M | $20.0M | $12.0M | $14.0M | — |
| Investing cash flow | -$145.0M | -$788.0M | -$270.0M | -$152.0M | -$203.0M | -$229.0M | -$234.0M | — |
| Financing cash flow | -$293.0M | $174.0M | -$975.0M | -$73.0M | -$146.0M | $215.0M | $184.0M | — |
| Buybacks | $155.0M | $176.0M | $1.34B | $0 | $0 | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001856525-26-000046.
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