公司概述
Core & Main, Inc. operates as a specialized distributor within the United States, focusing exclusively on the supply chain for water, wastewater, storm drainage, and fire protection products alongside related technical services. The company's extensive product portfolio encompasses essential infrastructure components such as pipes, valves, hydrants, and fittings, which are critical for the service, repair, and replacement of municipal and industrial utility systems. This entity is classified under the Industrials sector and specifically within the Industrial Distribution industry, positioning it as a key enabler for infrastructure maintenance and development across the American market. As of the latest data, the company commands a market capitalization of $10.02B and generates annual revenue of $7.65B, employing a workforce of 5,600 individuals to execute its distribution network. These valuation and revenue figures indicate that Core & Main is a large-cap industrial distributor with significant operational scale, suggesting a mature business model capable of managing complex logistics and inventory requirements for a vast customer base.
财务健康
The company reported a trailing twelve-month revenue of $7.65B, generating a net income of $441.00M and an EBITDA of $914.00M, highlighting a substantial operational profitability before interest and taxes. The disparity between the $7.65B revenue and the $441.00M net income reveals a cost structure where operating expenses, including the cost of goods sold and overhead, consume approximately 94.2% of total revenue, leaving a profit margin of 5.8%. Free cash flow stood at $464.25M, providing the firm with robust financial flexibility to manage its capital expenditures, service debt obligations, or potentially pursue strategic acquisitions without relying on external financing. The gross margin of 26.9% reflects the pricing power and efficiency in managing inventory costs for distribution, while the operating margin of 7.5% and profit margin of 5.8% demonstrate the company's ability to convert sales into earnings after covering operating expenses and taxes. On the balance sheet, the company holds $230.00M in cash against total debt of $2.46B, resulting in a debt-to-equity ratio of 118.47, which indicates a highly leveraged capital structure typical for capital-intensive distribution businesses. Despite the high leverage, the current ratio of 2.63 suggests strong short-term liquidity, meaning the company possesses more than double the current assets necessary to cover its current liabilities. Furthermore, the return on equity of 24.0% and return on assets of 7.5% reveal that management is effectively utilizing shareholder equity and total assets to generate returns, with the high ROE partly attributable to the elevated debt levels.
估值评估
Core & Main, Inc. trades with a trailing twelve-month P/E ratio of 22.18 and a forward P/E ratio of 17.17, implying that the market expects earnings growth that will significantly compress the valuation multiple over the coming year. The price-to-book ratio stands at 4.84, indicating that the stock trades at a substantial premium to its book value, reflecting investor confidence in the brand's intangible assets, distribution network, and future cash flow generation capabilities beyond the tangible asset base. Alternative valuation metrics provide further context, with a price-to-sales ratio of 1.31 and an EV/EBITDA of 13.06, suggesting the company is valued slightly above its sales multiple but with an enterprise multiple that is reasonable relative to its strong EBITDA generation. The stock has exhibited a 52-week trading range between a low of $43.50 and a high of $67.18, and the current market price sits approximately 56.3% below the 52-week high, indicating a significant correction or consolidation from its recent peak. With a beta of 1.00, the stock's price volatility is historically consistent with the broader market, moving in tandem with overall market indices rather than displaying heightened sensitivity or stability relative to the S&P 500.
Growth & Income
Over the past year, the company experienced a revenue growth rate of -6.9% while earnings grew by 9.1%, demonstrating that earnings are expanding at a significantly faster pace than top-line sales. This divergence implies improved operational efficiency, margin expansion, or a shift in product mix that allows profitability to rise even as overall revenue contracts, a phenomenon often seen during periods of cost control or pricing power adjustments. As a non-dividend payer, Core & Main, Inc. maintains a dividend yield of N/A and a payout ratio of 0.0%, indicating that the company currently retains all of its earnings to reinvest into business growth, debt reduction, or strategic initiatives rather than distributing cash to shareholders. The overall growth and income profile is characterized by strong earnings resilience and cash flow generation in the face of declining revenue, with the firm prioritizing internal capital allocation over shareholder payouts in the current market cycle.