CNM vs MSM: Core & Main and MSC Industrial Direct Company compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Core & Main is the larger company, worth $7.8B, close to MSC Industrial Direct Company's $7.0B.
- MSC Industrial Direct Company grew revenue faster over the last year (+7.8% vs +2.5%).
- Core & Main keeps more of each dollar of revenue as operating profit (9.6% vs 8.5%).
- On earnings, Core & Main is the cheaper stock (17.2x vs 33.9x).
- MSC Industrial Direct Company's price assumes faster free cash flow growth: about 10% a year, against -1% for Core & Main (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CNM | MSM |
|---|---|---|
| Market cap | $7.8B | $7.0B |
| Share price | $40.35 | $129.51 |
| Revenue (last fiscal year) | $7.6B | $3.8B |
| Free cash flow (last fiscal year) | $604M | $241M |
| Revenue growth, last year | +2.5% | +7.8% |
| Revenue growth per year, last 5 fiscal years | +11.2% | +3.8% |
| Operating margin | 9.6% | 8.5% |
| Net margin | 6.0% | 5.9% |
| Return on equity | 22.6% | 16.3% |
| P/E (trailing) | 17.2x | 33.9x |
| Price / free cash flow | 12.8x | 29.2x |
| EV / EBITDA | 11.1x | 17.8x |
| FCF growth the price implies | -0.83% | 9.9% |
| Dividend yield | — | 2.7% |
| Debt / equity | 2.27x | 0.76x |
| Fundamental grade | C | C |
| Superinvestors holding it | 2 | 6 |
| Insider purchases, last 12 months | 3 | 5 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Core & Main
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $5.0B | -$51M | 8.5% |
| 2023 | $6.7B | $376M | 11.7% |
| 2024 | $6.7B | $1.0B | 11.0% |
| 2025 | $7.4B | $586M | 9.7% |
| 2026 | $7.6B | $604M | 9.4% |
MSC Industrial Direct Company
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.2B | $171M | 9.3% |
| 2022 | $3.7B | $185M | 12.7% |
| 2023 | $4.0B | $607M | 12.1% |
| 2024 | $3.8B | $311M | 10.2% |
| 2025 | $3.8B | $241M | 8.0% |
Where the revenue comes from
Core & Main · by products, 2026
Pipes, valves & fittings products$5.1B67%
Storm drainage products$1.2B16%
Meter products$716M9%
Fire protection products$600M8%
MSC Industrial Direct Company
No segment breakdown reported.
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CNM in InvestinglyQuestions
Which is bigger, Core & Main or MSC Industrial Direct Company?
Core & Main (CNM), at $7.8B against $7.0B.
Is CNM or MSM cheaper?
By trailing P/E, Core & Main (17.2x) is cheaper than MSC Industrial Direct Company (33.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, CNM or MSM?
MSC Industrial Direct Company: revenue grew +7.8% over the last year, against +2.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.