Core & Main Inc Financials
Core & Main Inc (CNM) reported $7.6B in revenue for fiscal year 2025, up 2.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).
Core & Main converts steady gross margins into durable cash flow, with working-capital timing doing more than margin expansion.
Cash conversion once peaked with operating cash flow of$1.07B against net income of$531M , which suggests a temporary release of working capital amplified cash far beyond accounting profit. Later, inventory rebuilt to$986M and operating cash flow settled near$650M , showing the business remains cash generative but its biggest swings come from inventory and receivables, not from margin changes.
Gross margin stability around
The balance sheet is liquid but not cash-heavy: cash was
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Core & Main Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Core & Main Inc has an operating margin of 9.4%, meaning the company retains $9 of operating profit per $100 of revenue. This strong profitability earns a score of 74/100, reflecting efficient cost management and pricing power. This is down from 9.7% the prior year.
Core & Main Inc's revenue grew a modest 2.8% year-over-year to $7.6B. This slow but positive growth earns a score of 56/100.
Core & Main Inc has a moderate D/E ratio of 1.06. This balance of debt and equity financing earns a leverage score of 30/100.
With a current ratio of 2.63, Core & Main Inc holds $2.63 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 71/100.
Core & Main Inc converts 7.9% of revenue into free cash flow ($604.0M). This strong cash generation earns a score of 66/100.
Core & Main Inc earns a strong 23.1% return on equity (ROE), meaning it generates $23 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 83/100. This is down from 25.6% the prior year.
Core & Main Inc scores 3.37, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Core & Main Inc passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Core & Main Inc generates $1.41 in operating cash flow ($650.0M OCF vs $462.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Core & Main Inc earns $6.02 in operating income for every $1 of interest expense ($722.0M vs $120.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Core & Main Inc generated $7.6B in revenue in fiscal year 2025. This represents an increase of 2.8% from the prior year.
Core & Main Inc's EBITDA was $914.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 0.1% from the prior year.
Core & Main Inc reported $462.0M in net income in fiscal year 2025. This represents an increase of 6.5% from the prior year.
Core & Main Inc earned $2.31 per diluted share (EPS) in fiscal year 2025. This represents an increase of 8.5% from the prior year.
Cash & Balance Sheet
Core & Main Inc generated $604.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 3.1% from the prior year.
Core & Main Inc held $220.0M in cash against $2.1B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Core & Main Inc's gross margin was 26.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.3 percentage points from the prior year.
Core & Main Inc's operating margin was 9.4% in fiscal year 2025, reflecting core business profitability. This is down 0.2 percentage points from the prior year.
Core & Main Inc's net profit margin was 6.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.2 percentage points from the prior year.
Core & Main Inc's ROE was 23.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.4 percentage points from the prior year.
Capital Allocation
Core & Main Inc spent $155.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 11.9% from the prior year.
Core & Main Inc invested $46.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 31.4% from the prior year.
Not reported for fiscal year 2025.
CNM Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.6B | $7.6B+2.8% | $7.4B+11.0% | $6.7B+0.8% | $6.7B+32.9% | $5.0B+37.4% | $3.6B+7.5% | $3.4B |
| Cost of Revenue | $5.6B | $5.6B+2.3% | $5.5B+11.8% | $4.9B+0.6% | $4.9B+30.4% | $3.7B+34.7% | $2.8B+6.3% | $2.6B |
| Gross Profit | $2.1B | $2.1B+4.0% | $2.0B+8.9% | $1.8B+1.3% | $1.8B+40.2% | $1.3B+45.8% | $878.0M+11.3% | $789.0M |
| SG&A Expenses | $1.2B | $1.2B+7.1% | $1.1B+15.8% | $931.0M+5.8% | $880.0M+22.7% | $717.0M+29.0% | $556.0M+9.2% | $509.0M |
| Operating Income | $722.0M | $722.0M+0.4% | $719.0M-2.8% | $740.0M-4.5% | $775.0M+82.4% | $425.0M+129.7% | $185.0M+19.4% | $155.0M |
| Interest Expense | $120.0M | $120.0M-15.5% | $142.0M+75.3% | $81.0M+22.7% | $66.0M-32.7% | $98.0M-29.5% | $139.0M+23.0% | $113.0M |
| Income Tax | $145.0M | $145.0M+1.4% | $143.0M+11.7% | $128.0M0.0% | $128.0M+151.0% | $51.0M+466.7% | $9.0M+50.0% | $6.0M |
| Net Income | $462.0M | $462.0M+6.5% | $434.0M-18.3% | $531.0M-8.6% | $581.0M+158.2% | $225.0M+508.1% | $37.0M+2.8% | $36.0M |
| EPS (Diluted) | — | $2.31+8.5% | $2.13-0.9% | $2.15+0.9% | $2.13+287.3% | $0.55 | N/A | N/A |
Not reported in any period shown, so not listed: R&D Expenses.
TTM is the trailing twelve months, Q2 FY2026 through Q1 FY2027, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
CNM Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $6.1B+3.7% | $5.9B+15.8% | $5.1B+3.3% | $4.9B+10.7% | $4.4B+13.0% | $3.9B | N/A |
| Current Assets | $2.3B+13.7% | $2.0B+14.2% | $1.8B-19.8% | $2.2B+25.1% | $1.8B+32.2% | $1.3B | N/A |
| Cash & Equivalents | $220.0M+2650.0% | $8.0M+700.0% | $1.0M-99.4% | $177.0M+17600.0% | $1.0M-99.7% | $381.0M+110.5% | $181.0M |
| Inventory | $986.0M+8.6% | $908.0M+18.5% | $766.0M-26.8% | $1.0B+22.3% | $856.0M+122.9% | $384.0M | N/A |
| Accounts Receivable | $981.0M-0.5% | $986.0M+11.0% | $888.0M+4.3% | $851.0M+8.5% | $784.0M+58.4% | $495.0M | N/A |
| Goodwill | $1.9B+1.2% | $1.9B+21.6% | $1.6B+1.7% | $1.5B+1.3% | $1.5B+4.3% | $1.5B+6.7% | $1.4B |
| Total Liabilities | $4.0B-2.1% | $4.1B+15.5% | $3.5B+41.9% | $2.5B-4.0% | $2.6B-16.7% | $3.1B | N/A |
| Current Liabilities | $874.0M+0.9% | $866.0M+11.9% | $774.0M+6.6% | $726.0M-13.5% | $839.0M+60.7% | $522.0M | N/A |
| Long-Term Debt | $2.1B-5.1% | $2.2B+20.1% | $1.9B+29.0% | $1.4B-0.8% | $1.5B-35.3% | $2.3B | N/A |
| Total Equity | $2.0B+17.6% | $1.7B+17.0% | $1.5B-16.9% | $1.7B+31.8% | $1.3B+65.4% | $801.0M | N/A |
| Retained Earnings | $755.0M+68.2% | $449.0M+137.6% | $189.0M-58.7% | $458.0M+397.8% | $92.0M | N/A | N/A |
CNM Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $655.0M | $650.0M+4.7% | $621.0M-41.9% | $1.1B+166.6% | $401.0M+1393.5% | -$31.0M-114.5% | $214.0M+10.3% | $194.0M |
| Capital Expenditures | $47.0M | $46.0M+31.4% | $35.0M-10.3% | $39.0M+56.0% | $25.0M+25.0% | $20.0M+66.7% | $12.0M-14.3% | $14.0M |
| Free Cash Flow | $608.0M | $604.0M+3.1% | $586.0M-43.1% | $1.0B+173.9% | $376.0M+837.3% | -$51.0M-125.2% | $202.0M+12.2% | $180.0M |
| Investing Cash Flow | -$150.0M | -$145.0M+81.6% | -$788.0M-191.9% | -$270.0M-77.6% | -$152.0M+25.1% | -$203.0M+11.4% | -$229.0M+2.1% | -$234.0M |
| Financing Cash Flow | -$363.0M | -$293.0M-268.4% | $174.0M+117.8% | -$975.0M-1235.6% | -$73.0M+50.0% | -$146.0M-167.9% | $215.0M+16.8% | $184.0M |
| Share Buybacks | $204.0M | $155.0M-11.9% | $176.0M-86.9% | $1.3B | $0 | $0 | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q2 FY2026 through Q1 FY2027, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
CNM Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 26.9%+0.3pp | 26.6%-0.5pp | 27.1%+0.1pp | 27.0%+1.4pp | 25.6%+1.5pp | 24.1%+0.8pp | 23.3% |
| Operating Margin | 9.4%-0.2pp | 9.7%-1.4pp | 11.0%-0.6pp | 11.7%+3.2pp | 8.5%+3.4pp | 5.1%+0.5pp | 4.6% |
| Net Margin | 6.0%+0.2pp | 5.8%-2.1pp | 7.9%-0.8pp | 8.7%+4.2pp | 4.5%+3.5pp | 1.0%0.0pp | 1.1% |
| Return on Equity | 23.1%-2.4pp | 25.6%-11.0pp | 36.6%+3.3pp | 33.3%+16.3pp | 17.0%+12.4pp | 4.6% | N/A |
| Return on Assets | 7.6%+0.2pp | 7.4%-3.1pp | 10.5%-1.4pp | 11.8%+6.8pp | 5.1%+4.1pp | 0.9% | N/A |
| Current Ratio | 2.63+0.3x | 2.340.0x | 2.29-0.8x | 3.05+0.9x | 2.11-0.5x | 2.56 | N/A |
| Debt-to-Equity | 1.06-0.3x | 1.320.0x | 1.28+0.5x | 0.83-0.3x | 1.10-1.7x | 2.81 | N/A |
| FCF Margin | 7.9%0.0pp | 7.9%-7.5pp | 15.4%+9.7pp | 5.7%+6.7pp | -1.0%-6.6pp | 5.5%+0.2pp | 5.3% |
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Where Core & Main Inc Ranks
Frequently Asked Questions
What is Core & Main Inc's annual revenue?
Core & Main Inc (CNM) reported $7.6B in total revenue for fiscal year 2025. This represents a 2.8% 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 2.8% year-over-year, from $7.4B to $7.6B in fiscal year 2025.
Is Core & Main Inc profitable?
Yes, Core & Main Inc (CNM) reported a net income of $462.0M in fiscal year 2025, with a net profit margin of 6.0%.
What is Core & Main Inc's EBITDA?
Core & Main Inc (CNM) had EBITDA of $914.0M 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 $220.0M in cash and equivalents against $2.1B in long-term debt.
What is Core & Main Inc's gross margin?
Core & Main Inc (CNM) had a gross margin of 26.9% 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 9.4% 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 6.0% 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 23.1% 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 $604.0M in free cash flow during fiscal year 2025. This represents a 3.1% 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 $650.0M 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 $6.1B 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 $46.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Core & Main Inc's current ratio?
Core & Main Inc (CNM) had a current ratio of 2.63 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 1.06 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 7.6% 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 3.37, 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 7 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 1.41x, 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 6.02x, 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 63 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.