Core & Main Inc

Core & Main is a specialty distributor, meaning it buys products from suppliers and resells them. It focuses on pipes, valves, fittings and other products used to build and repair water, wastewater, storm drainage and fire protection systems. As of February 1, 2026, it ran more than 370 branches in the United States and Canada, linking more than 5,000 suppliers with more than 60,000 customers, mainly municipalities, private water companies and professional contractors.

It earns the difference between what it pays suppliers and what customers pay, helped by services such as project planning, delivery and fabrication, plus its own private-label brands. In the fiscal year ended February 1, 2026, net sales were about $7.65 billion and it kept about 27 cents of each sales dollar as gross profit. Pipes, valves and fittings made up 67% of sales, storm drainage products 16%, meter products 9% and fire protection products 8%.

The company estimates municipal projects produced about 44% of sales that year, non-residential construction 38% and residential land development 18%, with a near-even split between new construction and repair or replacement. It says it is one of only two national distributors in a market it sizes at about $44 billion in yearly sales, which is split among many smaller firms. Growth comes partly from opening branches and buying other businesses.

• In Q2 FY2027 (ended Aug 2, 2026), revenue was $2.15B, up 2.5% from a year earlier, and net income was $144.0M (+7.5%).
• For fiscal 2026, revenue was $7.65B (+2.8% year over year; +16.0% a year from FY2021 to FY2026) with a 5.8% net margin.

• Over FY2022–FY2026: $1.68B in buybacks and $0.00 in dividends.
• The company pays no regular dividend.

Rank among 1514 US companies

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 2 open-market purchases ($195K) and 2 sales ($263K), 2 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

ETFs with the most weight in CNM

1. Construction slowdowns can cut sales. Residential and non-residential construction, which rise and fall in cycles, produced about 18% and 38% of net sales in the fiscal year ended February 1, 2026. Past rate increases helped slow new home lot development.
2. Slower municipal water spending. Municipal projects made up about 44% of net sales. Slower city and utility spending, or delays in federal funds such as the 2021 infrastructure law's $55 billion for water, could reduce demand.
3. Swings in product costs and tariffs. Core & Main resells pipe, valves and other goods whose costs can rise or fall, including from tariffs. Falling prices can shrink sales; cost increases it cannot pass on can squeeze margins.
4. Acquisitions may fall short. Buying other businesses is central to Core & Main's growth plan. Deals may be hard to find, close or integrate, and may not deliver the expected benefits.
5. Large payments under tax receivable agreements. Under tax receivable agreements, Core & Main must pay other parties cash tied to certain tax benefits. It expects the payments to be substantial; in some cases they could exceed the benefits it actually realizes.
6. Sizable debt and interest rate exposure. As of August 2, 2026, it had about $2.45 billion of debt against $312 million in cash. Part of the debt has variable rates, so higher rates raise interest costs.

• Sep 9, 2026 Quarterly results released
• Jul 2, 2026 Major agreement signed
• Jun 25, 2026 Other company announcement
• Jun 23, 2026 Shareholder vote results
• Jun 10, 2026 Quarterly results released
• Apr 10, 2026 Other company announcement
• Mar 27, 2026 Executive or board change
• Mar 24, 2026 Quarterly results released
• Dec 9, 2025 Quarterly results released; Other company announcement

Core & Main pays no dividend, and its annual report says it has no approved plan to start one. Returns depend on the share price, so income seekers would have to sell shares for cash. Instead, the company buys back stock, which shrinks the share count. It spent about $1.68 billion this way over the five fiscal years through February 1, 2026, including $1.34 billion in the year ended January 28, 2024 and $155 million in the latest year. It is not obligated to continue.

The stock has traded only since its July 2021 listing, so there is no record for the 2008 or 2020 crashes. In the 2022 bear market (a broad slide in stock prices), the shares fell 33.7% from January 3 to March 7, 2022, and fully recovered about 16 months later, on June 29, 2023. As of October 28, 2026, they were down 19.8% over one year. Single stocks carry more risk than diversified funds.