# Core & Main, Inc. (CNM)

> Source: Nexqual · https://nexqual.com/CNM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Core & Main, Inc. (CNM), nexqual.com/CNM" · informational, not investment advice.

**Price:** USD 42.33 (+2.17% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 41.43 · day 40.41–42.56 · 52w 39.42–59.66 · market cap $7.81B · NYQ

## Key facts
- Last four reported quarters (through Aug 2, 2026): revenue $7.70B, net income $459M (6.0% margin), free cash flow $628M (SEC filings).
- Valuation: P/E 17.0x (avg 24.9x at the last 3 fiscal year-ends), EV/EBITDA 10.7x, net debt $2.14B.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $263K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $195K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y -22.3% vs S&P 500 +14.9%; 5Y +72.5% vs S&P 500 +80.3%.
- Next earnings: 2026-12-08, EPS estimate USD 0.94, revenue estimate $2.13B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.00B | $6.65B | $6.70B | $7.44B | $7.65B | $7.70B |
| Gross profit | $1.28B | $1.79B | $1.82B | $1.98B | $2.06B | — |
| Operating income | $425M | $775M | $740M | $719M | $722M | $742M |
| Net income | $166M | $366M | $371M | $411M | $441M | $459M |
| EPS (diluted) | $0.55 | $2.13 | $2.15 | $2.13 | $2.31 | — |
| Free cash flow | -$51.0M | $376M | $1.03B | $586M | $604M | $628M |
| Gross margin | 25.6% | 27.0% | 27.1% | 26.6% | 26.9% | — |
| Operating margin | 8.5% | 11.7% | 11.0% | 9.7% | 9.4% | 9.6% |
| Net margin | 3.3% | 5.5% | 5.5% | 5.5% | 5.8% | 6.0% |
| Revenue growth | +37.4% | +32.9% | +0.8% | +11.0% | +2.8% | — |
| Cash + short-term investments | $1.0M | $177M | $1.0M | $8.0M | $220M | — |
| Total debt | $1.47B | $1.46B | $1.88B | $2.26B | $2.15B | — |
Fiscal years end Feb. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 2, 2026)
P/E 17.0x · P/S 1.0x · EV/EBITDA 10.7x · EV/Sales 1.3x · P/FCF 12.4x · P/B 3.8x · FCF yield 8.04% · Earnings yield 5.88% · Buyback yield (TTM) 4.67% · Net debt $2.14B · EV $9.94B
P/E at fiscal year-ends: Feb 2026 24.3x, Feb 2025 25.0x, Jan 2024 25.4x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-04-17 | Bradbury Robyn L | Chief Financial Officer | 5,000 | $263K | 28.5% | Yes (adopted January 16, 2026) | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $195K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-07-06 | Hope James D | Director | 2,067 | $95K | 46.01 | Too little history (no open-market trades in 2023–2025) |
| 2026-04-07 | Hope James D | Director | 1,972 | $100K | 50.7 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-07 | RBC Capital | Target lowered | Outperform | $60 → $57 |
| 2026-09-11 | Citigroup | Target lowered | Neutral | $53 → $46 |
| 2026-09-10 | Wells Fargo | Target lowered | Overweight | $65 → $48 |
| 2026-09-10 | Truist Securities | Target lowered | Hold | $50 → $45 |
| 2026-09-10 | RBC Capital | Target lowered | Outperform | $63 → $60 |
| 2026-09-10 | Barclays | Target lowered | Overweight | $62 → $61 |
| 2026-09-10 | Baird | Target lowered | Outperform | $66 → $57 |
| 2026-07-23 | William Blair | Initiated | Market Perform |  |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -22.3% | +72.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -22.4% | +11.5% |
| Volatility (annualized) | 32.3% | 40.4% |
| Max drawdown | -31.7% (Jan 2026→Oct 2026) | -39.8% (Sep 2025→Oct 2026) |

## Peers (Industrial Distribution)
POOL (Pool Corporation) USD 197.21 +14.36% · QXO (QXO, Inc.) USD 11.02 +6.89% · AIT (Applied Industrial Technologies) USD 319.4 -5.75% · XMTR (Xometry, Inc.) USD 89.16 +0.25% · WSO (Watsco, Inc.) USD 327.04 +7.22% · SITE (SiteOne Landscape Supply, Inc.) USD 103.17 +5.87%

## More
Full page: https://nexqual.com/CNM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CNM's own 10-K filed 2026-03-24 (https://www.sec.gov/Archives/edgar/data/1856525/000185652526000031/cnm-20260201.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Amended and Restated | "•the limitations and restrictions in the agreements governing our indebtedness, the Amended and Restated Limited Partnership Agreement of Holdings, as amended, and the Tax Receivable Agreements (each as defined herein);" |
| Partner | CD&R Waterworks Holdings | "In addition, each of the Tax Receivable Agreements requires that any debt document that refinances or replaces our existing indebtedness be no more restrictive on our ability to make payments under each Tax Receivable Ag…" |
| Partner | Dubilier & Rice | "In addition, each of the Tax Receivable Agreements requires that any debt document that refinances or replaces our existing indebtedness be no more restrictive on our ability to make payments under each Tax Receivable Ag…" |

Other companies that name CNM in their own reports (relationship from CNM's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | ADVANCED DRAINAGE SYSTEMS, INC. (WMS) | 10-K 2026-05-21 | "Concentrations of Risk - The Company has a large, active customer base of approximately 16,000 customers with two customers, Ferguson and Core & Main, each representing more than 10% of annual net sal…" |

## Revenue by product line (quarter ended 2026-08-02)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Pipes, valves & fittings products | $1.46B | 68.1% | +2.2% |
| Storm drainage products | $334.0M | 15.6% | -0.3% |
| Fire protection products | $176.0M | 8.2% | +13.5% |
| Smart utility products | $174.0M | 8.1% | +0.6% |
| Total revenue | $2.15B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $0.94 | $0.93 | +1.3% | $2.13B | 9 |
| Next quarter (ends 2027-01-31) | $0.55 | $0.51 | +7.2% | $1.65B | 9 |
| Current fiscal year (ends 2027-01-31) | $3.16 | $2.96 | +6.8% | $7.84B | 9 |
| Next fiscal year (ends 2028-01-31) | $3.50 | $3.29 | +6.4% | $8.15B | 8 |