Latest Ratios: P/E Ratio 19.9x · EV/EBITDA 11.8x · ROE 22.9%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.6B | $10.6B | $11.4B | $9.2B | $5.3B | $5.7B | — | — |
| Enterprise Value | $10.8B | $12.8B | $13.9B | $11.3B | $6.8B | $7.4B | — | — |
| P/E Ratio → | 19.90 | 23.10 | 26.50 | 18.86 | 10.17 | 42.64 | — | — |
| P/S Ratio | 1.13 | 1.38 | 1.53 | 1.38 | 0.80 | 1.15 | — | — |
| P/B Ratio | 4.39 | 5.09 | 6.40 | 6.06 | 2.21 | 3.13 | — | — |
| P/FCF | 14.25 | 17.48 | 19.38 | 8.97 | 14.19 | — | — | — |
| P/OCF | 13.24 | 16.25 | 18.28 | 8.64 | 13.31 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.67 | 1.86 | 1.69 | 1.02 | 1.47 | — | — |
| EV / EBITDA | 11.84 | 13.98 | 15.17 | 12.65 | 7.36 | 12.79 | — | — |
| EV / EBIT | 14.87 | 17.55 | 19.27 | 15.28 | 8.76 | 19.66 | — | — |
| EV / FCF | — | 21.15 | 23.64 | 10.98 | 18.07 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.9% | 26.9% | 26.6% | 27.1% | 27.0% | 25.6% | 24.1% | 23.3% |
| Operating Margin | 9.5% | 9.5% | 9.7% | 11.0% | 11.7% | 8.5% | 5.1% | 4.6% |
| Net Profit Margin | 5.8% | 5.8% | 5.5% | 5.5% | 5.5% | 3.3% | 1.0% | 1.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 22.9% | 22.9% | 24.9% | 18.9% | 17.3% | 12.6% | 5.1% | 5.6% |
| ROA | 7.4% | 7.4% | 7.5% | 7.4% | 7.8% | 4.0% | 1.0% | 1.1% |
| ROIC | 12.8% | 12.8% | 13.7% | 14.9% | 15.9% | 10.2% | 5.1% | 4.5% |
| ROCE | 14.3% | 14.3% | 15.5% | 17.5% | 19.9% | 12.1% | 6.0% | 5.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.18 | 1.18 | 1.41 | 1.36 | 0.68 | 0.89 | 2.99 | 3.35 |
| Debt / EBITDA | 2.67 | 2.67 | 2.74 | 2.32 | 1.77 | 2.82 | 7.08 | 7.33 |
| Net Debt / Equity | — | 1.07 | 1.41 | 1.36 | 0.60 | 0.89 | 2.51 | 3.07 |
| Net Debt / EBITDA | 2.43 | 2.43 | 2.74 | 2.32 | 1.58 | 2.82 | 5.95 | 6.71 |
| Debt / FCF | — | 3.67 | 4.26 | 2.01 | 3.88 | — | 9.96 | 10.93 |
| Interest Coverage | 5.13 | 5.13 | 5.06 | 9.14 | 11.74 | 3.82 | 1.33 | 1.37 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.63 | 2.63 | 2.34 | 2.29 | 3.05 | 2.11 | 2.56 | 2.41 |
| Quick Ratio | 1.51 | 1.51 | 1.29 | 1.30 | 1.60 | 1.09 | 1.83 | 1.63 |
| Cash Ratio | 0.25 | 0.25 | 0.01 | 0.00 | 0.24 | 0.00 | 0.73 | 0.42 |
| Asset Turnover | — | 1.26 | 1.27 | 1.32 | 1.35 | 1.13 | 0.93 | 1.06 |
| Inventory Turnover | 5.67 | 5.67 | 6.01 | 6.38 | 4.64 | 4.35 | 7.20 | 7.74 |
| Days Sales Outstanding | — | 50.02 | 52.29 | 52.99 | 52.41 | 64.48 | 55.82 | 54.28 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | 56.5% | 897.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.0% | 4.3% | 3.8% | 5.3% | 9.8% | 2.3% | — | — |
| FCF Yield | 7.0% | 5.7% | 5.2% | 11.1% | 7.0% | — | — | — |
| Buyback Yield | 1.8% | 1.5% | 1.6% | 14.5% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 1.8% | 1.5% | 1.6% | 14.5% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $198M | $201M | $228M | $246M | $244M | $241M | $241M |
Cyclical municipal funding dependence
Based on current market data, Core & Main trades at a forward P/E of 21.50, which appears to price in significant long-term benefits from federal infrastructure spending while potentially overlooking the cyclical risks inherent in the company's heavy reliance on residential construction and municipal project timing.
The current valuation premium relative to historical averages suggests that investors are assigning a higher multiple to the company's specialized waterworks distribution model compared to generalist industrial peers. However, the PEG ratio of 0.29 warrants caution, as it implies an aggressive growth expectation that may be difficult to sustain if organic volume growth continues to decelerate in the face of high interest rates.
As reported in financial statements, Core & Main's ROIC has remained modest, fluctuating between 2.0% and 3.8% over the last ten quarters, which suggests that the company's aggressive acquisition-led growth strategy is currently diluting the efficiency of capital deployed across its expanding regional footprint.
The persistent gap between ROIC and the company's cost of capital indicates that the integration of acquired entities is not yet yielding the expected synergistic returns. Investors should monitor whether management can improve asset utilization and drive higher returns as the company shifts from an acquisition-heavy phase toward optimizing its existing national network.
According to recent quarterly filings, the company's cash conversion cycle has shown significant volatility, ranging from 70 to 99 days, which highlights the operational challenges of managing inventory for bulky, non-fungible water infrastructure assets across a highly fragmented and seasonal municipal distribution market.
The fluctuation in days sales outstanding and inventory turnover suggests that the company's working capital efficiency is heavily dependent on the timing of large-scale municipal projects. This sensitivity implies that any disruption in the municipal bidding process or supply chain bottlenecks could lead to rapid, non-linear changes in liquidity requirements.
Based on an analysis of the company's business model, the P/E ratio is the most commonly misapplied metric, as it fails to account for the significant non-cash amortization of intangibles resulting from the company's frequent acquisitions, which artificially depresses reported earnings and distorts valuation comparisons.
Investors should prioritize EV/EBITDA over P/E to better capture the underlying cash-generating power of the business, as this metric neutralizes the impact of capital structure and acquisition-related accounting noise. Relying on P/E may lead to an inaccurate assessment of the company's true earning power and its ability to fund future growth.
Includes 30+ ratios · 7 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CNM stock.
Core & Main, Inc.'s current P/E ratio is 19.9x. The historical average is 24.3x. This places it at the 40th percentile of its historical range.
Core & Main, Inc.'s current EV/EBITDA is 11.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.4x.
Core & Main, Inc.'s return on equity (ROE) is 22.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 15.3%.
Based on historical data, Core & Main, Inc. is trading at a P/E of 19.9x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Core & Main, Inc. has 26.9% gross margin and 9.5% operating margin.
Core & Main, Inc.'s Debt/EBITDA ratio is 2.7x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.