Company Reports

We will discontinue analyst coverage of Core and Main on or about Oct. 5, 2026.

Core and Main's second-quarter results were in line with expectations. Sales of $2.15 billion grew 2.5% year on year, while adjusted EBITDA margin grew 10 basis points to 12.8%. Higher EBITDA and buybacks drove EPS growth, while it maintained guidance and highlighted the M&A pipeline positively.

Core & Main is one of two national distributors with a focus on the water, wastewater, storm drainage, and fire protection end markets. We estimate these markets comprise an addressable market of approximately $40 billion.

Core & Main reported first-quarter sales of $1.9 billion, roughly flat with last year's sales figures. While acquisitions contributed about 1% of growth, volumes declined 1%. Still, the firm improved its adjusted EBITDA margin by 10 basis points to 11.8% and reaffirmed its prior full-year guidance.

Core & Main is one of two national distributors with a focus on the water, wastewater, storm drainage, and fire protection end markets. We estimate these markets comprise an addressable market of approximately $40 billion.

Core & Main is one of two national distributors with a focus on the water, wastewater, storm drainage, and fire protection end markets. We estimate these markets comprise an addressable market of approximately $40 billion.

Core & Main reported fourth-quarter sales of $1.6 billion and EBITDA margin of 10.6%. The company's 2026 guidance is for 3% sales growth and EBITDA margin of 12.3%.

Core & Main is one of two national distributors with a focus on the water, wastewater, storm drainage, and fire protection end markets. We estimate these markets comprise an addressable market of approximately $40 billion.

Core & Main reported third-quarter sales of $2.1 billion and adjusted EBITDA of $274 million (13.3% margin). Full-year revenue and EBITDA guidance were reaffirmed.

We are initiating coverage of Core & Main, a leading specialty distributor with a focus on water, wastewater, storm drainage, and fire protection products.

Core & Main is one of two national distributors with a focus on the water, wastewater, storm drainage, and fire protection end markets. We estimate these markets comprise an addressable market of approximately $40 billion.