Core & Main (CNM)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $7.6B, Core & Main's free cash flow of $604M (fiscal 2026) would need to grow about -1% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 6 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Core & Main's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from CNM's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Core & Main's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | $5.0B | $6.7B | $6.7B | $7.4B | $7.6B |
| Net income | $166M | $366M | $371M | $411M | $441M |
| Free cash flow | -$51M | $376M | $1.0B | $586M | $604M |
| EPS (diluted) | $0.55 | $2.13 | $2.15 | $2.13 | $2.31 |
| Operating margin | 8.5% | 11.7% | 11.0% | 9.7% | 9.4% |
Where the revenue comes from
Revenue by products, fiscal 2026.
Superinvestors who own CNM
From each investor's latest 13F filing (what a 13F shows). 2 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Cliff Asness AQR Capital Management |
Trimmed | $20M | 0.01% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $13M | 0.03% | Q2 2026 |
Insider buying
Open-market purchases by Core & Main's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Apr 7, 2026 | James D Hope Director |
1,972 | $50.70 | $99,980 |
| Oct 30, 2025 | Lisa C. Mcclain |
0 | $52.37 | — |
| Oct 30, 2025 | Lisa C. Mcclain |
0 | $52.37 | — |
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In the full deep dive
Questions
What growth does Core & Main's stock price imply?
At a market value of $7.6B, Core & Main would need its free cash flow to grow about -1% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 6 years its free cash flow grew 22% a year.
Are Core & Main insiders buying the stock?
3 open-market insider purchases of CNM in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Core & Main?
2 of the superinvestors Investingly tracks hold CNM in their latest 13F, including Cliff Asness, Joel Greenblatt.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.