CNMCore & Main, Inc.
Wholesale-Durable Goods, NEC
- Revenue
- $7.6B
- 2.8% YoY
- Operating margin
- 9.4%
- 2.3% YoY
- EBITDA
- $914M
- 0.1% YoY
- Market cap
- $8.6B
- Employees
- 5,600
- $1M revenue each
- Net debt / EBITDA
- 2.3×
- $2.1B net debt
- AI in 10-K
- 0.2
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo1 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$5M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo141% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo24% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo29% of assetsOver 40% of assets
- Shareholder dissentYes64% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$1M · 71st pctBottom quartile of its SIC industry
- Quiet on AIYes0.2 per 10K words · 11th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo2.3× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$8.6B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$68K netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $5.0B | $6.7B | $6.7B | $7.4B | $7.6B | 2.8% |
| Operating income | $425M | $775M | $740M | $719M | $722M | 0.4% |
| Net income | $225M | $581M | $531M | $434M | $462M | 6.5% |
| Operating cash flow | −$31M | $401M | $1.1B | $621M | $650M | 4.7% |
| Capex | $20M | $25M | $39M | $35M | $46M | 31% |
| Stock-based comp | $25M | $11M | $10M | $14M | $17M | 21% |
| Buybacks | $0 | $0 | $1.3B | $176M | $155M | 12% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $195K · 2
- Open-market sells, 12 mo
- $263K · 2
- Net
- −$68K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | — | — | 225 | 169 |
| FY2025 | $5M | $12M | 238 | 145 |
| FY2024 | $6M | $13M | 171 | 122 |
| FY2023 | $6M | $6M | 91 | 102 |
| FY2022 | $2M | $3M | 99 | 97 |