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Core & Main Inc

Core & Main, Inc. engages in the distribution of water, wastewater, storm drainage, and fire protection products and related services in the United States. 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.

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StockStory Highlights Marvell and Core & Main as Cash Producers, Flags American Airlines

StockStory identifies Marvell Technology and Core & Main as cash-producing stocks with competitive advantages, while American Airlines is flagged as an underwhelming performer. Marvell Technology, with a trailing 12-month free cash flow margin of 19.1%, has posted 22.9% annual revenue growth over five years and is projected to grow revenue 45.5% in the next 12 months. Core & Main, with an 8% free cash flow margin, achieved 14.7% annual revenue growth over five years and expanded its free cash flow margin by 8.9 percentage points. American Airlines, with a 2% free cash flow margin, faces sluggish revenue passenger mile trends, shrinking returns on capital, and a high 7× net-debt-to-EBITDA ratio.
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Goldman Sachs Maintains Neutral Rating on Core & Main, Raises Price Target to $24

Goldman Sachs maintained a Neutral rating on Core & Main and raised its price target from $23 to $24. The firm cited the company's first-quarter EBITDA beat, driven by modest increases in sales and profit margins, with stable pricing as lower PVC costs were offset by price hikes in other commodities. Core & Main reaffirmed its 2026 financial targets, projecting total sales between $7.8 billion and $7.9 billion, adjusted EBITDA of $950 million to $980 million, and an adjusted EBITDA margin of 12.2% to 12.4%. CEO Mark Witkowski emphasized the company's focus on growth, margin expansion, and supporting complex infrastructure projects.
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Core & Main removed from Russell 1000 Growth and Russell 3000 Growth indices

Core & Main has been removed from several Russell growth benchmarks, including the Russell 1000 Growth and Russell 3000 Growth indices, following the latest index reconstitution. The removal may influence ownership patterns and trading activity as funds tracking these benchmarks adjust their exposure. However, the change does not appear to materially alter near-term catalysts around execution, margins, or funding costs, nor key risks tied to interest expense and construction activity. The company's recent US$750.0 million senior notes offering is more relevant to its near-term story, as it directly addresses its high debt burden and variable interest costs. Core & Main's narrative projects US$8.6 billion in revenue and US$647.2 million in earnings by 2029, with a fair value estimate of US$60.56 per share, representing a 23% upside to its current price.
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Core & Main Launches $750 Million Senior Notes Offering

Core & Main has launched a $750 million senior notes offering to refinance existing debt and fund growth initiatives. The company plans to use the proceeds for debt restructuring, potential mergers and acquisitions, and general corporate purposes. The notes are 6.000% Senior Notes due 2034, which will allow Core & Main to extend debt maturities and shift part of its senior term loan due 2028 into longer-dated fixed-rate funding. The new notes are senior unsecured obligations guaranteed by key parent entities and certain subsidiaries, while the existing term loan sits in senior secured credit facilities. The transaction is expected to affect Core & Main's capital structure, interest costs, and financial flexibility once completed.
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Core & Main reports $1.91 billion in Q1 sales, reaffirms full-year outlook

Core & Main reported fiscal first-quarter net sales of $1.91 billion and reaffirmed its full-year fiscal 2026 net sales outlook of $7.8 billion to $7.9 billion. Management noted healthy municipal demand supported by repair-and-replace activity and infrastructure investment, while treatment plant solutions grew at a double-digit rate and smart utility products posted high-single-digit growth. The company also continued to see strong sales volumes in data center construction, where its role as a specialty distributor supplies water, wastewater, storm drainage, meter, fire protection, pipe, valve, fitting, and treatment plant products needed before campuses can scale.
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Core & Main Outshines Lincoln Electric as a Better Value Stock

Core & Main appears to be a stronger value pick than Lincoln Electric Holdings in the manufacturing tools sector. Core & Main holds a Zacks Rank of 2, or Buy, while Lincoln Electric is ranked 3, or Hold. Core & Main trades at a forward price-to-earnings ratio of 14.83 compared with Lincoln Electric's 24.90, and its price-to-book ratio of 4.28 is less than half of Lincoln Electric's 9.77. These metrics contribute to Core & Main's Value grade of B versus Lincoln Electric's D.
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