Core & Main, Inc.

CNM · Industrials · $9.0B mkt cap · FY2026 filings · Narrow moat

On the watchlist

Narrow moat

The four filters

Pricing power45

Median gross margin 26.6% over 7y, very stable.

Returns on capital74

Median ROIC 14.0%, above the 9% hurdle in 100% of years.

Balance-sheet safety36

Net debt/EBITDA 2.1x, interest coverage 6x.

Capital discipline100

Owner earnings +24.2%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

3% above value

Owner earnings (normalized): $489.0M
Est. intrinsic value / share: $44.49
Recent price: $45.72
Discount to value: 3% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CNM. See the disclaimer.