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Core & Main Inc Financials

CNM
Source SEC Filings (10-K/10-Q) Updated Nov 2, 2025 Currency USD FYE February

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 61 / 100
Financial Profile 61/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
48

Core & Main Inc has an operating margin of 9.7%, meaning the company retains $10 of operating profit per $100 of revenue. This results in a moderate score of 48/100, indicating healthy but not exceptional operating efficiency. This is down from 11.0% the prior year.

Growth
60

Core & Main Inc's revenue grew 11.0% year-over-year to $7.4B, a solid pace of expansion. This earns a growth score of 60/100.

Leverage
64

Core & Main Inc has a moderate D/E ratio of 1.28. This balance of debt and equity financing earns a leverage score of 64/100.

Liquidity
58

Core & Main Inc's current ratio of 1.96 indicates adequate short-term liquidity, earning a score of 58/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
39

Core & Main Inc has a free cash flow margin of 7.9%, earning a moderate score of 39/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
94

Core & Main Inc earns a strong 23.6% return on equity (ROE), meaning it generates $24 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 94/100. This is up from 23.6% the prior year.

Altman Z-Score Safe
3.39

Core & Main Inc scores 3.39, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral
6/9

Core & Main Inc passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
1.51x

For every $1 of reported earnings, Core & Main Inc generates $1.51 in operating cash flow ($621.0M OCF vs $411.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe
5.1x

Core & Main Inc earns $5.1 in operating income for every $1 of interest expense ($719.0M vs $142.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

This page shows Core & Main Inc (CNM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue
$7.4B
YoY+11.0%
5Y CAGR+17.0%

Core & Main Inc generated $7.4B in revenue in fiscal year 2025. This represents an increase of 11.0% from the prior year.

EBITDA
$913.0M
YoY+2.1%
5Y CAGR+25.5%

Core & Main Inc's EBITDA was $913.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 2.1% from the prior year.

Free Cash Flow
$586.0M
YoY-43.1%
5Y CAGR+26.6%

Core & Main Inc generated $586.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 43.1% from the prior year.

Net Income
$411.0M
YoY+10.8%
5Y CAGR+62.7%

Core & Main Inc reported $411.0M in net income in fiscal year 2025. This represents an increase of 10.8% from the prior year.

EPS (Diluted)
$2.13
YoY-0.9%

Core & Main Inc earned $2.13 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 0.9% from the prior year.

Cash & Debt
$8.0M
YoY-73.3%
5Y CAGR-53.8%

Core & Main Inc held $8.0M in cash against $2.2B in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
N/A
Gross Margin
26.6%
YoY-0.5pp
5Y CAGR+3.3pp

Core & Main Inc's gross margin was 26.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.5 percentage points from the prior year.

Operating Margin
9.7%
YoY-1.4pp
5Y CAGR+5.1pp

Core & Main Inc's operating margin was 9.7% in fiscal year 2025, reflecting core business profitability. This is down 1.4 percentage points from the prior year.

Net Margin
5.5%
YoY-0.0pp
5Y CAGR+4.5pp

Core & Main Inc's net profit margin was 5.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.0 percentage points from the prior year.

Return on Equity
23.6%
YoY-0.1pp
5Y CAGR+19.1pp

Core & Main Inc's ROE was 23.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.1 percentage points from the prior year.

R&D Spending
N/A
Share Buybacks
$176.0M
YoY-86.9%

Core & Main Inc spent $176.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 86.9% from the prior year.

Capital Expenditures
$35.0M
YoY-10.3%
5Y CAGR+20.1%

Core & Main Inc invested $35.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 10.3% from the prior year.

CNM Income Statement

Metric Q3'25 Q2'25 Q1'25 Q3'24 Q2'24 Q1'24 Q4'24 Q3'23
Revenue $2.1B-1.5% $2.1B+9.5% $1.9B-6.2% $2.0B+3.8% $2.0B+12.8% $1.7B+20.9% $1.4B-21.2% $1.8B
Cost of Revenue $1.5B-2.1% $1.5B+9.4% $1.4B-6.3% $1.5B+3.4% $1.4B+13.6% $1.3B+20.5% $1.1B-20.8% $1.3B
Gross Profit $561.0M+0.2% $560.0M+9.8% $510.0M-6.1% $543.0M+4.8% $518.0M+10.7% $468.0M+21.9% $384.0M-22.3% $494.0M
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $295.0M-2.3% $302.0M+3.1% $293.0M+6.9% $274.0M+2.2% $268.0M+4.3% $257.0M+11.7% $230.0M-4.2% $240.0M
Operating Income $220.0M+3.3% $213.0M+24.6% $171.0M-23.3% $223.0M+9.3% $204.0M+21.4% $168.0M+44.8% $116.0M-46.5% $217.0M
Interest Expense $30.0M-3.2% $31.0M+3.3% $30.0M-16.7% $36.0M0.0% $36.0M+5.9% $34.0M+54.5% $22.0M+10.0% $20.0M
Income Tax $47.0M+14.6% $41.0M+13.9% $36.0M-23.4% $47.0M+11.9% $42.0M+27.3% $33.0M+83.3% $18.0M-53.8% $39.0M
Net Income $137.0M+2.2% $134.0M+34.0% $100.0M-24.8% $133.0M+11.8% $119.0M+25.3% $95.0M+50.8% $63.0M-43.8% $112.0M
EPS (Diluted) $0.72+2.9% $0.70+34.6% $0.52-24.6% $0.69+13.1% $0.61+24.5% $0.49+44.1% $0.34-47.7% $0.65

CNM Balance Sheet

Metric Q3'25 Q2'25 Q1'25 Q3'24 Q2'24 Q1'24 Q4'24 Q3'23
Total Assets $6.3B-0.1% $6.3B+0.4% $6.3B+1.0% $6.2B+1.9% $6.1B+0.9% $6.0B+19.2% $5.1B0.0% $5.1B
Current Assets $2.5B-0.1% $2.5B+2.7% $2.4B+2.6% $2.4B+2.7% $2.3B+4.3% $2.2B+25.4% $1.8B-18.3% $2.2B
Cash & Equivalents $89.0M+256.0% $25.0M+212.5% $8.0M-20.0% $10.0M-23.1% $13.0M-56.7% $30.0M+2900.0% $1.0M-99.0% $101.0M
Inventory $1.0B-3.8% $1.1B-1.2% $1.1B+12.5% $950.0M-0.9% $959.0M+1.5% $945.0M+23.4% $766.0M-7.0% $824.0M
Accounts Receivable $1.2B-3.0% $1.3B+4.2% $1.2B-2.5% $1.3B+4.5% $1.2B+7.3% $1.1B+26.7% $888.0M-21.6% $1.1B
Goodwill $1.9B+1.1% $1.9B-0.1% $1.9B+0.8% $1.9B+2.2% $1.8B-0.1% $1.8B+18.2% $1.6B+0.6% $1.6B
Total Liabilities $4.2B-2.3% $4.3B-2.5% $4.5B-0.2% $4.5B+2.0% $4.4B-0.4% $4.4B+24.0% $3.5B+24.3% $2.9B
Current Liabilities $1.1B-0.9% $1.1B-10.4% $1.2B+11.8% $1.1B+10.1% $1.0B-2.5% $1.0B+34.1% $774.0M-16.0% $921.0M
Long-Term Debt $2.1B-4.7% $2.2B-0.2% $2.2B-6.1% $2.4B-0.8% $2.4B+0.1% $2.4B+28.9% $1.9B+29.7% $1.4B
Total Equity $2.0B+4.8% $1.9B+8.1% $1.7B+4.4% $1.7B+1.6% $1.6B+4.7% $1.6B+8.2% $1.5B-18.0% $1.8B
Retained Earnings $736.0M+14.6% $642.0M+24.7% $515.0M+18.9% $433.0M+12.5% $385.0M+35.6% $284.0M+50.3% $189.0M-61.5% $491.0M

CNM Cash Flow Statement

Metric Q3'25 Q2'25 Q1'25 Q3'24 Q2'24 Q1'24 Q4'24 Q3'23
Operating Cash Flow $271.0M+697.1% $34.0M-55.8% $77.0M-70.4% $260.0M+441.7% $48.0M-38.5% $78.0M-73.5% $294.0M-21.2% $373.0M
Capital Expenditures $8.0M-20.0% $10.0M-23.1% $13.0M+62.5% $8.0M-11.1% $9.0M+28.6% $7.0M+40.0% $5.0M-73.7% $19.0M
Free Cash Flow $263.0M+995.8% $24.0M-62.5% $64.0M-74.6% $252.0M+546.2% $39.0M-45.1% $71.0M-75.4% $289.0M-18.4% $354.0M
Investing Cash Flow -$43.0M-258.3% -$12.0M+25.0% -$16.0M+88.5% -$139.0M-215.9% -$44.0M+92.3% -$574.0M-552.3% -$88.0M-388.9% -$18.0M
Financing Cash Flow -$164.0M-3180.0% -$5.0M+91.8% -$61.0M+50.8% -$124.0M-490.5% -$21.0M-104.0% $525.0M+271.6% -$306.0M-11.7% -$274.0M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $50.0M+525.0% $8.0M-79.5% $39.0M-61.0% $100.0M+376.2% $21.0M $0-100.0% $726.0M+400.7% $145.0M

CNM Financial Ratios

Metric Q3'25 Q2'25 Q1'25 Q3'24 Q2'24 Q1'24 Q4'24 Q3'23
Gross Margin 27.2%+0.5pp 26.8%+0.1pp 26.7%+0.1pp 26.6%+0.3pp 26.4%-0.5pp 26.9%+0.2pp 26.7%-0.4pp 27.0%
Operating Margin 10.7%+0.5pp 10.2%+1.2pp 8.9%-2.0pp 10.9%+0.5pp 10.4%+0.7pp 9.7%+1.6pp 8.1%-3.8pp 11.9%
Net Margin 6.6%+0.2pp 6.4%+1.2pp 5.2%-1.3pp 6.5%+0.5pp 6.1%+0.6pp 5.5%+1.1pp 4.4%-1.8pp 6.1%
Return on Equity 6.9%-0.2pp 7.1%+1.4pp 5.7%-2.2pp 8.0%+0.7pp 7.2%+1.2pp 6.0%+1.7pp 4.3%-2.0pp 6.3%
Return on Assets 2.2%+0.1pp 2.1%+0.5pp 1.6%-0.5pp 2.1%+0.2pp 1.9%+0.4pp 1.6%+0.3pp 1.2%-1.0pp 2.2%
Current Ratio 2.26+0.0 2.25+0.3 1.96-0.2 2.14-0.2 2.29+0.1 2.14-0.1 2.29-0.1 2.36
Debt-to-Equity 1.08-0.1 1.18-0.1 1.28-0.1 1.43-0.0 1.46-0.1 1.53+0.2 1.28+0.5 0.81
FCF Margin 12.8%+11.6pp 1.1%-2.2pp 3.4%-9.0pp 12.4%+10.4pp 2.0%-2.1pp 4.1%-16.0pp 20.1%+0.7pp 19.4%

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Frequently Asked Questions

What is Core & Main Inc's annual revenue?

Core & Main Inc (CNM) reported $7.4B in total revenue for fiscal year 2025. This represents a 11.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Core & Main Inc's revenue growing?

Core & Main Inc (CNM) revenue grew by 11% year-over-year, from $6.7B to $7.4B in fiscal year 2025.

Is Core & Main Inc profitable?

Yes, Core & Main Inc (CNM) reported a net income of $411.0M in fiscal year 2025, with a net profit margin of 5.5%.

What is Core & Main Inc's earnings per share (EPS)?

Core & Main Inc (CNM) reported diluted earnings per share of $2.13 for fiscal year 2025. This represents a -0.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Core & Main Inc's EBITDA?

Core & Main Inc (CNM) had EBITDA of $913.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Core & Main Inc have?

As of fiscal year 2025, Core & Main Inc (CNM) had $8.0M in cash and equivalents against $2.2B in long-term debt.

What is Core & Main Inc's gross margin?

Core & Main Inc (CNM) had a gross margin of 26.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Core & Main Inc's operating margin?

Core & Main Inc (CNM) had an operating margin of 9.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Core & Main Inc's net profit margin?

Core & Main Inc (CNM) had a net profit margin of 5.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Core & Main Inc's return on equity (ROE)?

Core & Main Inc (CNM) has a return on equity of 23.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Core & Main Inc's free cash flow?

Core & Main Inc (CNM) generated $586.0M in free cash flow during fiscal year 2025. This represents a -43.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Core & Main Inc's operating cash flow?

Core & Main Inc (CNM) generated $621.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Core & Main Inc's total assets?

Core & Main Inc (CNM) had $6.3B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Core & Main Inc's capital expenditures?

Core & Main Inc (CNM) invested $35.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Core & Main Inc buy back shares?

Yes, Core & Main Inc (CNM) spent $176.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is Core & Main Inc's current ratio?

Core & Main Inc (CNM) had a current ratio of 1.96 as of fiscal year 2025, which is generally considered healthy.

What is Core & Main Inc's debt-to-equity ratio?

Core & Main Inc (CNM) had a debt-to-equity ratio of 1.28 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Core & Main Inc's return on assets (ROA)?

Core & Main Inc (CNM) had a return on assets of 6.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Core & Main Inc's Altman Z-Score?

Core & Main Inc (CNM) has an Altman Z-Score of 3.39, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Core & Main Inc's Piotroski F-Score?

Core & Main Inc (CNM) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Core & Main Inc's earnings high quality?

Core & Main Inc (CNM) has an earnings quality ratio of 1.51x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Core & Main Inc cover its interest payments?

Core & Main Inc (CNM) has an interest coverage ratio of 5.1x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Core & Main Inc?

Core & Main Inc (CNM) scores 61 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.