NYSE · CNM

Core & Main, Inc.

Industrials · Industrial - Distribution

$40.85▼ 1.80% ($0.75)at close

As of 4:00 PM ET

52-week

$40.41$59.66

Market cap

$7.65B

P/E

What the market price implies · Reverse DCF

To support a price of $40.85, this model requires Stage 1 FCFF to grow by -7.76%/yr over the next 5 years, compounded annually.

Historical FCFF grew by 16.1%/yr over the past 5 years. The required annual growth rate is 23.86 percentage points lower.

Selected forecast · Base scenario

16.1%/yr · Stage 1 default · years 1–5

Annual overrides take precedence over the Stage 1 default.

Market-implied · Other assumptions held fixed

-7.76%/yr · Stage 1 · years 1–5

Stage 1 growth is solved while Stage 2 growth, terminal growth, discount inputs, and annual overrides remain fixed. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Cash-flow DCF

Price used

$40.85

Estimated value / share

$139.93

Base scenario

This estimate is 242.56% above the price used.

USD · TTM ending 2026-08-02

FCFF base normalized by replacing latest capex with the company's trailing median capex-to-revenue ratio.

Historical FCFF CAGR and the default growth rates are taken from the raw historical series. The valuation base is normalized for the current-period DCF.

Reported total debt includes capitalised leases (~8% of the total). They are excluded from net debt and from the WACC weights because rent is already charged inside operating income. The Net Debt shown here is therefore lower than the balance-sheet figure elsewhere on this page.

This estimate is at least 3× the price used. Review the assumptions behind the gap.

Stage 1 16.1% · Stage 2 8.85% · Discount rate 8.58%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future free cash flow, discounted to its value today.

Price timestamp: Sep 10, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-08-02
Data refreshed: Sep 11, 2026, 6:35 AM UTC · provider

Why this method?

FCFF is positive, but the year-to-year swings are too large for a direct CAGR. Normalize the cash-flow base first, then run DCF.

Is FCFF positive and has it been for 3+ consecutive years? 8 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 3903.7%.

Price vs Fundamentals

Why The Stock Is Moving

Likely multiple compressionModerate confidence

1Y Price: -15.88%Revenue (TTM): -0.54%FCF (TTM): 11.35%P/FCF: 33rd pct

What changed

The stock fell 15.88% over the last year. Revenue declined 0.54% over the trailing twelve months. Operating margin moved from 9.44% to 9.64%. Free cash flow grew 11.35% over the trailing twelve months.

What the market seems to be pricing

Visible fundamentals weakened far less than the stock price, and the shares now sit around the 33rd percentile of their historical P/FCF range. That looks more like a rerating of the multiple than a collapse in the business.

What would invalidate this read

This read changes if operating margin (currently 9.64%) continues to decline, or if revenue growth turns negative. The bull case requires the business to hold its current trajectory.

Performance

Return analysis

Company profile

Core & Main, Inc. (CNM) is a leading supplier of vital infrastructure products and services across the United States.

CEOMark R. Witkowski

SectorIndustrials

IndustryIndustrial - Distribution

Employees5,600

IPO dateJul 22, 2021

https://www.coreandmain.com

Market multiples

Forward P/E—

EV/EBITDA13.79

Enterprise value$12.6B

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth2.48%

Gross margin27.05%▲0.3ppvs FY2024

Operating margin9.64%▼0.1ppvs FY2024

ROE23.44%▼0.4ppvs FY2025

Analyst consensus

RatingBuy

Target price$54.80▲34.15%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Dec 8, 2026

Q4 FY26 · EPS est $0.96 · Revenue est $2.14B

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