CNM vs WSO: Core & Main and Watsco compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Watsco is the larger company, worth $10.5B, about 1.4 times Core & Main.
- Core & Main grew revenue faster over the last year (+2.5% vs +2.1%).
- Core & Main keeps more of each dollar of revenue as operating profit (9.6% vs 9.4%).
- On earnings, Core & Main is the cheaper stock (17.2x vs 21.3x).
- Watsco's price assumes faster free cash flow growth: about 5% 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 | WSO |
|---|---|---|
| Market cap | $7.8B | $10.5B |
| Share price | $40.35 | $279.90 |
| Revenue (last fiscal year) | $7.6B | $7.2B |
| Free cash flow (last fiscal year) | $604M | $535M |
| Revenue growth, last year | +2.5% | +2.1% |
| Revenue growth per year, last 5 fiscal years | +11.2% | +3.6% |
| Operating margin | 9.6% | 9.4% |
| Net margin | 6.0% | 6.5% |
| Return on equity | 22.6% | 15.9% |
| P/E (trailing) | 17.2x | 21.3x |
| Price / free cash flow | 12.8x | 19.7x |
| EV / EBITDA | 11.1x | 14.8x |
| FCF growth the price implies | -0.83% | 4.8% |
| Dividend yield | — | 4.6% |
| Debt / equity | 2.27x | 0.54x |
| Fundamental grade | C | C |
| Superinvestors holding it | 2 | 6 |
| Insider purchases, last 12 months | 3 | 0 |
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% |
Watsco
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6.3B | $324M | 10.0% |
| 2022 | $7.3B | $536M | 11.4% |
| 2023 | $7.3B | $526M | 10.9% |
| 2024 | $7.6B | $743M | 10.3% |
| 2025 | $7.2B | $535M | 10.0% |
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%
Watsco · by regions, 2025
United States$6.6B91%
Latin America and Caribbean$344M5%
Canada$338M5%
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 Watsco?
Watsco (WSO), at $10.5B against $7.8B.
Is CNM or WSO cheaper?
By trailing P/E, Core & Main (17.2x) is cheaper than Watsco (21.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, CNM or WSO?
Core & Main: revenue grew +2.5% over the last year, against +2.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.