Core & Main Inc (CNM) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Core & Main Inc stock $50.21, price $46.95, upside +6.9%, quality 66 out of 100. Rating: fairly valued. Calculated from audited financials with 22 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 1, 2026.
How to read this chart
60‑month range $18.90 – $66.98 · fair‑value band $30.37 – $62.76 · the $46.95 price screens below the $50.21 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 1, 2026.
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Core & Main, Inc. engages in the distribution of water, wastewater, storm drainage, and fire protection products and related services in the United States.
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The company's products portfolio include pipes, valves, hydrants, fittings, and other products and services used for service, repair and replacement of underground water infrastructure; storm drainage products, such as corrugated HDPE and metal piping systems, retention basins, inline drains, manholes, grates, geosynthetics, erosion control, and other related products; fire protection products, including fire protection pipes, valves, fittings, sprinkler heads and other accessories, as well as fabrication and kitting services; smart meter products; and smart metering solutions which include meter accessories, meter installation, network infrastructure and software installation, training, and long-term services, as well as engineered treatment plant products.
Its specialty products and services are used in the maintenance, repair, replacement, and construction of water, wastewater, storm drainage, and fire protection infrastructure.
The company serves municipalities, private water companies, and professional contractors in the municipal, non-residential, and residential end markets. Core & Main, Inc. was founded in 1874 and is headquartered in Saint Louis, Missouri.
Stock analysis
Core & Main Inc (CNM) currently trades at $46.95, while our model-based Fair Value estimate is $50.21, so the stock looks roughly fairly valued today (gap 6.5%).
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Valuation
Bull case: the DCF Models group reads highest at a median of $54.75 per share, and 14 of the 22 models we run sit above the $46.95 price.
Bear case: the Economic Profit group reads lowest at $19.33, and 8 of the 22 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $30.37 (bear) to $62.76 (bull), the price of $46.95 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 66/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Core & Main Inc reported revenue of $7.6B in FY2026 versus $5.0B in FY2022, a compound +11.2%/yr. Reported net income was $441M in FY2026, compounding +27.7%/yr from FY2022.
Key figures
Market cap $9.3B Mid · P/E ratio 19.3 · P/S ratio 1.21 · EPS (TTM) $2.43 · Net margin 6.0% · Return on equity 23.6% · Return on assets (EBIT) 12.8% · Operating margin 10.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 55 out of 100 (low confidence).
What moves the price
The share trades about 21% below its 52-week high and 16% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −27% fair-value upside, at 7%, CNM screens cheaper than that median.
Fair Value models
Bear$30.37Fair Value $50.21Bull$62.76
Price $46.95 · Upside +6.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 9 months old). Earnings retained since then ($1.86 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, one officer or director bought shares worth $95,103, on Jul 6, 2026.
BuyJames D HopeDirector2× since Apr 7, 2026: 4,039 shares, avg. $48.30$195,083Jul 6, 2026
SaleRobyn L BradburyChief Financial Officer5,000 shares at $52.54$262,718Apr 17, 202610b5-1 plan
Plus 13 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+2.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.0%
Start year 2021 (pandemic)
Revenue growth 7 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.2%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
+36.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+36.8%
Dividend (yield on the price)0.0%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.5% → 10%
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+7.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +5.2% a year for the price and +1.0% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (95 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
AI conclusion: Modest sales growth with momentum in municipal demand, fire protection and data center projects forms the main strength, while thin evidence and absence of durable moat signals remain the central weakness.
Main risk: A class action lawsuit names Core & Main as a co-conspirator distributor in an alleged PVC pipe price-fixing scheme with manufacturers via OPIS, which could lead to settlements, legal costs or restrictions on its distribution activities and margins.
Bull case: Core & Main could leverage its scale and branch network to secure preferred supplier terms and capture steady replacement demand even amid litigation or regulatory shifts by focusing on efficiency and selective acquisitions.
Bear case: Adverse outcomes in the PVC litigation or weakening of infrastructure mandates could raise costs, limit product access or reduce volumes in Core & Main's core municipal and fire protection distribution channels.
Core & Main is launching new senior notes to refinance part of its term loan and support expansion through acquisitions and organic initiatives in specialty infrastructure distribution. This capital step comes as the company maintains modest sales growth alongside momentum in municipal demand, fire protection and data center projects. Does the refinancing open more room for M&A and scale than it creates in ongoing debt service demands?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Industrial Distribution · 107 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside+6.9% · Above median
Profitability
Return on equity (12 months)23.6% · Top 25%
Return on assets7.3% · Above median
Net margin (12 months)6.0% · Above median
Operating margin (12 months)10.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)2.5% · Below median
Balance sheet
Debt / equity1.06× · Highest 25%
Valuation Multiplesvs Industrial Distribution median · lower = cheaper
P/E (12 months)19.3× · Pricier than median
P/B4.65× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)1.21× · Pricier than median
Price / free cash flow (fiscal year)15.4× · Pricier than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Core & Main Inc Fair Value". https://www.fairvalue-calculator.com/stock/CNM
Frequently asked questions
Is Core & Main Inc (CNM) overvalued or undervalued?
As of Nov 1, 2026, our model estimates a fair value of $50.21 versus a price of $46.95, about +7% upside (fairly valued).
What is the fair value of CNM?
Our model-based fair value for Core & Main Inc is $50.21 (as of Nov 1, 2026), built from audited fundamentals. The current price: $46.95.
What is the quality score of CNM?
Core & Main Inc has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Core & Main Inc (CNM)?
Our model-based price target is the fair value of $50.21 (as of Nov 1, 2026) from 22 valuation models. Cautious scenario $30.37, optimistic scenario $62.76. It is a calculation from audited fundamentals, not an analyst target.
What is the Core & Main Inc stock forecast for 2026?
Our models put fair value at $50.21, about +7% upside versus a price of $46.95 (fairly valued). Cautious scenario $30.37, optimistic scenario $62.76. The calculation is refreshed regularly with new filings.
What is the revenue of Core & Main Inc (CNM)?
Core & Main Inc reported trailing-twelve-month revenue of about $7.7B (latest available figure, as of Nov 1, 2026).
What growth is priced into Core & Main Inc (CNM)?
For today's price to be fair in a discounted-cash-flow model, Core & Main Inc would have to grow free cash flow by +7.7 % per year for five years (discount rate 9.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +16.0 % per year. As of Nov 1, 2026.
What discount rate (WACC) does the fair value of CNM use?
Our models discount Core & Main Inc at 9.5 %: a base by market capitalisation (mid), damped by beta 0.91, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Core & Main Inc that is +7.7 % per year a year over ten years, using the same discount rate (9.5 %) and the same formula as our fair value.
How much growth has Core & Main Inc (CNM) delivered so far?
Over the past 5 years revenue at Core & Main Inc grew +16.0 % a year. The price currently implies +7.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Core & Main Inc (CNM) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Core & Main Inc (+7.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Core & Main Inc (CNM)?
The free-cash-flow yield on the price is 6.50 %: that much free cash flow Core & Main Inc produces per unit of market value. When it exceeds the discount rate of our models (9.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Core & Main Inc (CNM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Core & Main Inc it is $50.21 per share (as of Nov 1, 2026), against a price of $46.95. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Core & Main Inc stock overvalued or undervalued in 2026?
As of Nov 1, 2026, CNM trades below its calculated fair value: price $46.95, fair value $50.21, a gap of about +7% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CNM?
No. The price is what the market pays today ($46.95); the fair value is what the company's own numbers justify ($50.21). For Core & Main Inc the two are $3.26 per share apart. That gap is exactly why we show both numbers side by side.
How much is Core & Main Inc worth?
The market values Core & Main Inc at about $9.3B (market capitalisation, as of Nov 1, 2026). Per share that is $46.95; our models calculate a fair value of $50.21 per share.
What do the bullish and bearish scenarios say about CNM?
Our models span a range for Core & Main Inc: cautious scenario $30.37, base $50.21, optimistic $62.76 per share (as of Nov 1, 2026, price $46.95). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CNM?
Core & Main Inc trades at a price-to-earnings ratio of 19.3 (as of Nov 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $50.21 is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2022 to 2026), reported earnings, FY2026 ex one-offs: 25.4. Other multiples: PEG 1.5, P/B 4.7, P/S 1.2, EV/EBITDA 12.0.
What is the PEG ratio of CNM?
The PEG ratio of Core & Main Inc is 1.46 (P/E divided by earnings growth, as of Nov 1, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Core & Main Inc (CNM)?
Balance-sheet figures for Core & Main Inc (as of Nov 1, 2026): return on equity 23.6%, debt of 1.06 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is CNM from its 52-week high?
Core & Main Inc trades at $46.95, about 21% below its 52-week high of $59.09 and 16% above the low of $40.35 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of $50.21 is for.
Which stocks are comparable to Core & Main Inc?
From the same area (Industrials) we also value W.W. Grainger, Inc, Fastenal Company, Ferguson Enterprises Inc, WESCO International, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Core & Main Inc stock attractive at the current price?
The data as of Nov 1, 2026: price $46.95, calculated fair value $50.21 (+7%), Quality Score 66/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CNM calculated?
We run Core & Main Inc through 22 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $50.21, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Core & Main Inc currently trades 6% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Core & Main Inc (CNM)?
The closing price on Nov 5, 2026 was $46.95. Our model-based fair value is $50.21, about +7% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Core & Main Inc right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range ($30.37 to $62.76) leaves room in how you read the outcome.
Key figures of Core & Main Inc
How large is the market capitalisation of Core & Main Inc (CNM)?
The market capitalisation of Core & Main Inc is $9.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Core & Main Inc (CNM)?
The price-to-sales ratio of Core & Main Inc is 1.21 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Core & Main Inc (CNM)?
Earnings per share at Core & Main Inc are $2.43 (price ÷ EPS = P/E 19.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Core & Main Inc (CNM)?
The net margin of Core & Main Inc is 6.0% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Core & Main Inc (CNM)?
The return on equity (ROE) of Core & Main Inc is 23.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Core & Main Inc (CNM)?
On an EBIT basis the return on assets of Core & Main Inc is 12.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Core & Main Inc (CNM)?
The operating margin of Core & Main Inc is 10.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Core & Main Inc (CNM)?
Revenue at Core & Main Inc is growing +2.5% versus a year earlier (3y avg +4.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Core & Main Inc (CNM)?
Earnings per share at Core & Main Inc are growing +9.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Core & Main Inc (CNM) carry?
The net debt of Core & Main Inc is $2.2B (fiscal year 2026, ≈ 3.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 1, 2026