CNM
Core & Main, Inc.
CNM's fundamentals are mixed, but it looks cheap: trading at 18x earnings, below its usual 22x. Analysts expect strong earnings growth.
CNM Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Stable |
CNM's profitability and cash flow are currently healthy, and its revenue and balance sheet are stable.
CNM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 14x | $44.62 | — |
| Cheap | 16x | $39.56 | -11% |
| Current | 18x | $44.62 | — |
| Fair | 22x | $54.21 | +21% |
| Expensive | 27x | $65.05 | +46% |
Historical ranges are pointers, not guarantees.
CNM's PE is in its cheap range at 18x. If earnings grow as analysts expect, today's price would be 14x next year's earnings.
CNM Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Stable | |
| Improving | |
| Moderate | |
| High |
Analysts expect CNM's earnings to grow and its profitability to improve, with its revenue holding steady.
CNM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.29 | +36% |
| Q3 2026 | $2.43 | +8% |
| Q2 2026 | $2.36 | +9.3% |
| Q1 2026 | $2.31 | +8.5% |
| Q4 2025 | $2.28 | +7% |
| Q3 2025 | $2.25 | +7.7% |
| Q2 2025 | $2.16 | +0.9% |
| Q1 2025 | $2.13 | -0.9% |
| Q4 2024 | $2.13 | +0.5% |
CNM earned $2.43 per share over the past year, up 8% from the year before.
CNM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.1B | +2.5% |
| Q2 2026 | $1.9B | -0.1% |
| Q1 2026 | $1.6B | -6.9% |
| Q4 2025 | $2.1B | +1.2% |
| Q3 2025 | $2.1B | +6.6% |
| Q2 2025 | $1.9B | +9.8% |
| Q1 2025 | $1.7B | +18% |
| Q4 2024 | $2B | +12% |
CNM's revenue grew through 2024 and has held roughly level since: $2.1B last quarter, up 2.5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 11% | +0.4 points |
| Q2 2026 | 9.3% | +0.3 points |
| Q1 2026 | 7.5% | +0.2 points |
| Q4 2025 | 11% | -0.3 points |
| Q3 2025 | 10% | -0.2 points |
| Q2 2025 | 8.9% | -0.7 points |
| Q1 2025 | 7.3% | -0.8 points |
| Q4 2024 | 11% | -0.9 points |
CNM's operating margin was 11% last quarter, about level with the same quarter a year ago.
CNM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $44M | +83% |
| Q2 2026 | $68M | +6.3% |
| Q1 2026 | $253M | +13% |
| Q4 2025 | $263M | +4.4% |
| Q3 2025 | $24M | -38% |
| Q2 2025 | $64M | -9.9% |
| Q1 2025 | $224M | -22% |
| Q4 2024 | $252M | -29% |
CNM still generates free cash flow, though less than at its 2023 peak: $628M over the past year.
CNM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.2% | -2.3M shares |
| 1 year | -2.5% | -4.9M shares |
| 3 years | -16% | -35.6M shares |
| 5 years | +39% | +54.4M shares |
| Available history | +21% | +33.3M shares |
CNM has 193M diluted shares, down 2.5% from a year ago, with $365M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $169M |
| Q2 2026 | $88M |
| Q1 2026 | $58M |
| Q4 2025 | $50M |
| Q3 2025 | $8M |
| Q2 2025 | $39M |
| Q1 2025 | $55M |
| Q4 2024 | $100M |
CNM spent $365M buying back its own shares over the past year, up 81% from the year before.
CNM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.3x | Moderate |
| Q2 2026 | 2.2x | Moderate |
| Q1 2026 | 2.1x | Moderate |
| Q4 2025 | 2.3x | Moderate |
| Q3 2025 | 2.4x | Moderate |
| Q2 2025 | 2.5x | Moderate |
| Q1 2025 | 2.5x | Moderate |
| Q4 2024 | 2.7x | Moderate |
CNM's net debt is about 2.3 years of its operating earnings (EBITDA), about the same as a year ago.
CNM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.6 | Neutral |
| Stochastic | 58.7 | Neutral |
CNM's weekly RSI is 49 (neutral) and its Stochastic is 59 (neutral).
CNM PE vs Industrials Sector
| Metric | CNM | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 24x | 24% below |
| PE % | 23 | 63 | 40 pts below |
CNM is trading at 18x earnings, a 24% discount to the Industrials sector's median of 24x.
CNM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $42.9 | 4% above |
| 20 week MA | $43.7 | 2% above |
| 50 week MA | $48.6 | 8.2% below |
| 100 week MA | $51.5 | 13% below |
| 200 week MA | $45.2 | 1.4% below |
CNM has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 1.4% below its 200-week average.
CNM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $23.7 | $29.5 | +25% |
| 2022 | $29.5 | $19.2 | -35% |
| 2023 | $19.2 | $40.4 | +111% |
| 2024 | $40.4 | $51.0 | +26% |
| 2025 | $51.0 | $54.0 | +5.8% |
| 2026 YTD | $54.0 | $44.6 | -17% |
CNM has finished higher in four of the last five years. It's down 17% so far in 2026.