Core & Main, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Core & Main, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2021	FY2021	FY2022	FY2023	FY2025	FY2026
Revenue	3,389	3,642	5,004	6,651	6,702	7,441	7,647
Cost of revenue	2,600	2,764	3,724	4,856	4,884	5,461	5,588
Gross profit	789	878	1,280	1,795	1,818	1,980	2,059
Selling, general and administrative	509	556	717	880	931	1,078	1,154
Operating expenses	634	693	855	1,020	1,078	1,261	1,337
Operating income	155	185	425	775	740	719	722
Interest expense	113	139	98	66	81	142	120
Pre-tax income	42	46	276	709	659	577	607
Income tax	6	9	51	128	128	143	145
Net income to minority interests			59	215	160	23	21
Net income	36	37	166	366	371	411	441
EBITDA	293	338	575	923	894	913	914
EPS, basic			0.57	2.16	2.15	2.14	2.32
EPS, diluted			0.55	2.13	2.15	2.13	2.31
Shares, basic (weighted)			159	169	173	192	190
Shares, diluted (weighted)			244	246	228	201	198

Balance sheet

	FY2021	FY2021	FY2021	FY2022	FY2023	FY2025	FY2026
Cash and equivalents	181	381	1	177	1	8	220
Receivables		495	784	851	888	986	981
Inventory		384	856	1,047	766	908	986
Other current assets		15	26	32	33	43	48
Total current assets		1,337	1,767	2,211	1,773	2,025	2,302
Property, plant and equipment		86	94	105	151	168	178
Lease right-of-use assets		129	152	175	192	244	287
Goodwill	1,362	1,453	1,515	1,535	1,561	1,898	1,920
Intangible assets		919	871	795	784	935	823
Other non-current assets		0	35	88	66	42	10
Total assets		3,924	4,434	4,909	5,069	5,870	6,085
Accounts payable		326	608	479	504	562	512
Accrued liabilities		71	109	123	106	123	123
Short-term debt		13	15	15	15	24	24
Total current liabilities		522	839	726	774	866	874
Long-term debt		2,252	1,456	1,444	1,863	2,237	2,124
Lease liabilities		86	103	121	138	178	214
Other non-current liabilities		31	17	19	16	22	30
Total liabilities		3,123	2,603	2,499	3,545	4,096	4,011
Total debt		2,265	1,471	1,459	1,878	2,261	2,148
Paid-in capital			1,214	1,241	1,214	1,220	1,246
Retained earnings			92	458	189	449	755
Other comprehensive income			16	45	46	27	-6
Shareholders' equity			1,325	1,747	1,451	1,698	1,997
Minority interests			506	663	73	76	77
Total equity			1,831	2,410	1,524	1,774	2,074
Total liabilities and equity		3,924	4,434	4,909	5,069	5,870	6,085

Cash flow statement

	FY2021	FY2021	FY2021	FY2022	FY2023	FY2025	FY2026
Net income	36	37	225	581	531	434	462
Depreciation and amortization	138	153	150	148	154	194	192
Stock-based compensation	4	4	25	11	10	14	17
Deferred income tax	-4	-6	-17	-7	2	13	28
Change in receivables	3	-28	-312	-51	21	-2	26
Change in inventory	-2	-27	-440	-149	328	-36	-70
Change in payables	15	40	274	-140	11	14	-59
Cash from operations	194	214	-31	401	1,069	621	650
Capital expenditures	-14	-12	-20	-25	-39	-35	-46
Acquisitions	-220	-217	-179	-128	-231	-741	-61
Cash from investing	-234	-229	-203	-152	-270	-788	-145
Debt issued	525	250	1,500	0	0	950	0
Debt repaid	-12	-13	-2,319	-15	-15	-223	-24
Stock issued	0	0	100	0	0
Share buybacks			0	0	-1,344	-176	-155
Cash from financing	184	215	-146	-73	-975	174	-293
Net change in cash	144	200	-380	176	-176	7	212
Free cash flow	180	202	-51	376	1,030	586	604
Interest paid	99	123	126	74	105	197	133
Income taxes paid	13	8	55	147	116	143	79

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to August 2, 2026; growth uses fiscal years. Valuation uses the share price of $42.64 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	27.0%	Gross profit / revenue.
Operating margin	9.6%	Operating income / revenue.
EBITDA margin	12.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.1%	Pre-tax income / revenue.
Net margin	6.0%	Net income / revenue.
FCF margin	8.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.9%	Cash from operations / revenue.
Effective tax rate	23.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	22.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.8%	Net income / average total assets.
Return on invested capital (ROIC)	13.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	15.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.7%	Capital expenditures / revenue.
D&A / revenue	2.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	18.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	0.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-2.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	31.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	0.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-0.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	22.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	7.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	6.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	64.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	8.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	2.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	4.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	17.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	24.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	3.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	17.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	24.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	17.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	3.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-7.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.47x	Current assets / current liabilities.
Quick ratio	1.41x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.26x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.21x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	36.5%	Total debt / total assets.
Liabilities / assets	68.6%	Total liabilities / total assets.
Net debt	$2.14B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.30x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$1.75B	Current assets - current liabilities.
Goodwill and intangibles / assets	39.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$649.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.15x	Revenue / average total assets.
Fixed asset turnover	40.1x	Revenue / average property, plant and equipment.
Inventory turnover	4.94x	Cost of revenue / average inventory.
Days inventory	74 days	365 x average inventory / cost of revenue.
Receivables turnover	5.65x	Revenue / average receivables.
Days sales outstanding	65 days	365 x average receivables / revenue.
Days payables	53 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	86 days	Days inventory + days sales outstanding - days payables.
FCF conversion	136.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	8.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.37	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$39.81	Revenue / diluted weighted shares.
FCF per share	$3.25	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.53	Cash from operations / diluted weighted shares.
Book value per share	$10.50	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$3.36	Tangible book value / shares outstanding.
Cash per share	$1.61	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	58.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$8.25B	Share price x shares outstanding.
Enterprise value	$10.39B	Market cap + total debt - cash - short-term investments.
P/E	18.0x	Market cap / net income. Only when net income is positive.
P/S	1.07x	Market cap / revenue.
P/B	4.06x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	13.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.1x	Market cap / cash from operations, when positive.
EV/Sales	1.35x	Enterprise value / revenue.
EV/EBIT	14.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	16.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.6%	Free cash flow / market cap.
Earnings yield	5.6%	Net income / market cap (the inverse of P/E).
Shareholder yield	4.4%	(Dividends paid + share buybacks) / market cap.
PEG	6.56x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Core & Main, Inc.'s revenue in fiscal 2026?

Core & Main, Inc. reported revenue of $7.65B for fiscal 2026, 2.8% higher than the year before.

Was Core & Main, Inc. profitable in fiscal 2026?

Yes. Net income was $441.0M, a net margin of 5.8%.

How much free cash flow did Core & Main, Inc. generate in fiscal 2026?

Cash from operations of $650.0M minus capital expenditures of $46.0M left free cash flow of $604.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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