CNM
IndustrialsCore & Main, Inc. · Industrial - Distribution · $9B
What is Core & Main, Inc.?
Core & Main distributes water, wastewater, storm drainage, and fire protection products across the United States. Serving municipalities, private water companies, and professional contractors, the company plays a functional role in maintaining and building water infrastructure.
Core & Main operates as a specialty distributor, sourcing pipes, valves, hydrants, fittings, and related products and delivering them to municipal and contractor customers. The company also supplies storm drainage systems, fire protection equipment, and smart meter products alongside installation and fabrication services. Revenue is generated through product distribution margins across municipal, non-residential, and residential end markets — making the business highly dependent on infrastructure spending cycles.
The business traces its operational roots to 1874 and is headquartered in Saint Louis, Missouri.
- Water and wastewater pipes, valves, hydrants, and fittings
- Storm drainage systems including corrugated piping and retention basins
- Fire protection pipes, sprinkler systems, and suppression equipment
- Smart meter products, installation, and related software services
- Fabrication services for water infrastructure applications
Is CNM a Good Stock to Buy?
UQS Score rates CNM as Below Average overall, reflecting meaningful weaknesses across several key dimensions.
The Quality pillar stands out as the relative bright spot, suggesting the business generates reasonably consistent results within its distribution model. The Risk pillar registers as Neutral, meaning the company does not carry outsized financial or operational risk compared to peers — a modest stabilizing factor.
Both the Moat and Growth pillars are rated Weak, indicating limited competitive differentiation and subdued expansion prospects. The Valuation pillar is Neutral, offering neither a clear discount nor a compelling margin of safety.
Pro members can view the complete pillar breakdown and underlying financial metrics to assess whether CNM fits their portfolio criteria. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does CNM pay dividends?
No — Core & Main, Inc. does not currently pay a dividend.
Core & Main does not currently pay a dividend. As a distribution-focused industrial company, capital is directed toward operational needs, debt management, and potential growth investments rather than shareholder income. Investors seeking yield will need to look elsewhere — CNM is not positioned as an income stock at this time.
When does CNM report earnings?
Core & Main reports earnings on a quarterly cadence, consistent with standard practice for US-listed equities.
The company's results tend to reflect broader infrastructure spending trends and municipal budget cycles. Given the Weak Growth pillar rating, recent quarters have not demonstrated the kind of expansion that would signal an accelerating business. Seasonal patterns in construction activity can also influence quarter-to-quarter comparisons.
For the most recent quarter's results and guidance, visit Core & Main's investor relations page directly.
CNM Price History
+87.7% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Core & Main, Inc.?
Based on Core & Main, Inc.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
CNM Long-term Outlook
The combination of a Weak Growth pillar and a Weak Moat pillar suggests the near-term fundamental outlook for CNM is cautious. Distribution businesses without strong pricing power or proprietary advantages tend to face margin pressure when end-market demand softens. The Neutral Risk rating provides some reassurance that the balance sheet is not a near-term concern, but meaningful upside catalysts are not clearly visible in the current pillar profile.
Growth drivers
- Municipal infrastructure replacement and upgrade spending across the US
- Adoption of smart meter products and related technology services
- Expansion into underserved regional markets through distribution network growth
Key risks
- Limited competitive moat leaves pricing power vulnerable to distributor competition
- Growth trajectory is weak, making the business sensitive to infrastructure spending slowdowns
- Valuation at Neutral offers limited buffer if earnings disappoint
CNM vs Peers
Core & Main operates in a competitive distribution landscape alongside companies that serve overlapping infrastructure and industrial end markets.
Groupe Dynamite operates in a different consumer-facing segment, making it a structural contrast to CNM's municipal infrastructure distribution focus.
Pool Corporation distributes pool and outdoor living products, sharing a wholesale distribution model with CNM but serving residential leisure markets rather than municipal water infrastructure.
Applied Industrial Technologies distributes industrial components and engineered solutions, competing with CNM for contractor and industrial customer relationships across maintenance and repair applications.
Frequently Asked Questions
What does Core & Main do?
Core & Main distributes water, wastewater, storm drainage, and fire protection products to municipalities, private water companies, and contractors across the United States. The company also provides fabrication services and smart meter solutions, making it a broad-based supplier to water infrastructure projects.
Does CNM pay dividends?
No, Core & Main does not currently pay a dividend. The company reinvests capital into its distribution operations rather than returning cash to shareholders through income payments. Investors focused on dividend yield should be aware CNM is not structured as an income stock.
When does CNM report earnings?
Core & Main reports on a quarterly cadence like most US-listed companies. Specific upcoming report dates are not tracked by UQS Score — check the company's investor relations page for the current schedule.
Is CNM a good stock to buy?
UQS Score rates CNM as Below Average, driven by Weak Moat and Weak Growth pillar ratings. The Quality pillar is Good and Risk is Neutral, which provides some stability, but the overall profile does not indicate a high-quality opportunity at this time. Pro members can access the full breakdown to make a more informed judgment.
Is CNM overvalued?
The Valuation pillar for CNM is rated Neutral, suggesting the stock is neither clearly cheap nor obviously expensive relative to its fundamentals. Given the Weak Growth and Weak Moat ratings, a Neutral valuation leaves limited room for error if business conditions deteriorate.
How does CNM compare to its competitors?
Among the comparable companies tracked by UQS Score, CNM occupies a specialty niche in municipal water infrastructure distribution. Pool Corporation shares a distribution model but serves different end markets. Applied Industrial Technologies competes more directly for industrial and contractor customers. Full UQS Score comparisons are available to Pro members.
What is CNM's market cap bracket?
Core & Main is classified as a mid-cap stock. This places it in a range that typically attracts both institutional and retail investor interest, though mid-cap industrials can be more sensitive to economic cycles than larger, more diversified peers.
Who founded Core & Main?
The business behind Core & Main traces its operational history to 1874, making it one of the older distribution networks in the water infrastructure space. Core & Main, Inc. as a publicly traded entity was incorporated more recently. Founding history details are widely available through the company's official communications.
Is CNM a long-term quality investment?
As a long-term quality indicator, CNM's Below Average UQS Score — driven by Weak Moat and Weak Growth ratings — suggests the business lacks the durable competitive advantages typically associated with compounding long-term returns. The Good Quality rating offers some reassurance, but sustained outperformance generally requires stronger moat characteristics.
What is the main competitive advantage of Core & Main?
Core & Main's distribution network and long-standing relationships with municipalities and contractors represent its primary operational strengths. However, the UQS Moat pillar rates these advantages as Weak, indicating the company does not appear to hold a durable pricing or structural edge over competing distributors in its markets.
What sector does CNM belong to?
Core & Main is classified in the Industrials sector, specifically within specialty distribution. The company's revenue is closely tied to infrastructure spending, municipal budgets, and construction activity — making it sensitive to government funding cycles and broader economic conditions.
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Pro Analysis
CNM — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 23, 2026 | 47.7 | 68.3 | 34.0 | 25.8 | 51.4 | 61.9 | 0.0 |
| May 22, 2026 | 47.7 | 68.3 | 34.0 | 25.8 | 51.4 | 62.0 | -0.1 |
| May 21, 2026 | 47.8 | 68.3 | 34.0 | 26.3 | 51.4 | 62.0 | -0.3 |
| May 20, 2026 | 48.1 | 68.3 | 34.0 | 26.3 | 51.4 | 64.0 | +0.1 |
| May 19, 2026 | 48.0 | 68.3 | 34.0 | 26.3 | 51.4 | 62.9 | +0.1 |
| May 16, 2026 | 47.9 | 68.3 | 34.0 | 26.3 | 51.4 | 62.3 | +0.2 |
| May 15, 2026 | 47.7 | 68.3 | 34.0 | 26.3 | 51.4 | 61.2 | -0.1 |
| May 13, 2026 | 47.8 | 68.3 | 34.0 | 26.3 | 51.4 | 61.7 | +0.2 |
| May 12, 2026 | 47.6 | 68.3 | 34.0 | 26.3 | 51.4 | 60.4 | 0.0 |
| May 11, 2026 | 47.6 | 68.3 | 34.0 | 26.3 | 51.4 | 60.2 | +3.0 |
CNM — Pillar Breakdown
Quality
— 68.3/100 (25%)Core & Main, Inc. shows solid profitability with healthy returns on capital and reasonable margins.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 25.8/100 (20%)Core & Main, Inc. faces growth headwinds with declining or stagnant revenue trends.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 51.4/100 (15%)Core & Main, Inc. has some risk factors including moderate leverage or solvency concerns.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 62.2/100 (15%)Core & Main, Inc. trades at a reasonable valuation with decent earnings yield and FCF multiples.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 34/100 (25%)Core & Main, Inc. operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for CNM.
Score Composition
Financial Data
More Stock Analysis
How is the CNM UQS Score Calculated?
The UQS (Unified Quality Score) for Core & Main, Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Core & Main, Inc.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Core & Main, Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.