Core & Main, Inc. (CNM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-5.6%

$42.60

vs $45.14 price

Levered DCF

$93.37

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.07

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	23.53×	26.07×	14.84×	6.91×	28.63×	133.33×	133.33×	86.96×
P/B	5.2×	6.3×	5×	2.08×	2.89×	6.01×	7.5×	0×
P/S	1.36×	1.44×	1.08×	0.55×	0.77×	1.32×	1.42×	1×
EV / EBITDA	13.7×	14.45×	10.44×	5.51×	10.4×	20.2×	23.14×	0×
Gross margin	26.9%	26.6%	27.1%	27.0%	25.6%	24.1%	23.3%	22.1%
Operating margin	9.5%	9.7%	11.0%	11.7%	8.5%	5.1%	4.6%	4.3%
Net margin	5.8%	5.5%	5.5%	5.5%	3.3%	1.0%	1.1%	1.1%
Current ratio	2.63×	2.34×	2.29×	3.05×	2.11×	2.56×	2.41×	0×
Debt / equity	1.22×	1.48×	1.43×	0.94×	1.22×	2.99×	3.35×	0×
Interest coverage	5.13×	5.06×	9.14×	11.74×	4.34×	1.33×	1.37×	1.37×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.4%	6.7%	0.8%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	56.5%	897.5%	69.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	22.1%	24.2%	25.6%	21.0%	12.5%	4.6%	5.6%	0.0%
Return on invested capital	10.4%	10.6%	13.7%	14.9%	9.5%	4.3%	4.7%	0.0%
Return on assets	7.2%	7.0%	7.3%	7.5%	3.7%	0.9%	1.1%	0.0%
Free cash flow yield	5.8%	5.5%	14.2%	10.4%	-1.3%	4.2%	3.7%	2.7%
Earnings yield	4.2%	3.8%	5.1%	10.1%	4.3%	0.8%	0.7%	1.1%
Enterprise value	$12.6B	$13.2B	$9.3B	$5.1B	$5.5B	$6.8B	$6.8B	$0
Net debt / EBITDA	2.41×	2.74×	2.32×	1.58×	3.1×	5.95×	6.71×	0×
Cash conversion cycle (days)	81	75	73	95	89	63	64	0