Core & Main, Inc. Class A (CNM)

Core & Main's stock price has been impacted by several events in the past six months. Q2 2025 earnings reported EPS of $0.87, beating estimates, but revenue of $2.09 billion missed expectations, leading to a stock drop. The company revised its full-year net sales guidance downwards to $7.6-$7.7 billion and adjusted EBITDA to $920-$940 million. Analyst ratings have seen adjustments, with some firms reducing price targets while maintaining "hold" or "outperform" ratings. The stock's 52-week range has been between $43.17 and $67.18.

Demand for Core & Main's products and services exhibits some seasonality, though municipal demand is generally considered resilient and non-discretionary. The company has noted short-term restrictions on growth due to federal funding uncertainty and macroeconomic headwinds. Residential market weakness has been identified as a factor, with residential lot development expected to decline.

Core & Main, Inc. (CNM) is a distributor of water, wastewater, storm drainage, and fire protection products and services in the United States. The company provides infrastructure solutions to municipalities, private water companies, and contractors in municipal, non-residential, and residential markets. Its product portfolio includes pipes, valves, fittings, hydrants, storm drainage products, fire protection products, and smart metering products and technology. Core & Main was founded in 2017 as a spin-off from HD Supply and is headquartered in St. Louis, Missouri.

Core & Main has an extensive geographic footprint across the United States, operating a network of over 300 branches, with some sources indicating between 351 and 370 branches in 49 U.S. states. The company aims to expand its presence through organic growth and strategic acquisitions.

Core & Main is recognized as a market leader in the water infrastructure industry, with a strong market presence and an extensive branch network. The company's commitment to promoting sustainability and exploring eco-friendly products also contributes to its brand image. Strategic acquisitions, such as the acquisition of Canada Waterworks in September 2025, demonstrate its ongoing efforts to strengthen its market position.

Core & Main, Inc. has a high level of institutional ownership, with institutional investors holding approximately 94.19% to 105.32% of the company's shares. Major institutional owners include BlackRock, Inc., Vanguard Group Inc, Morgan Stanley, Select Equity Group, L.P., Pictet Asset Management Holding SA, Fmr Llc, Capital World Investors, and State Street Corp. Individual investors hold a smaller percentage, around 3%.