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Forensic Analysis · Durable-Goods Wholesale · as of Nov 8, 2026

Core & Main, Inc. (CNM)

A forensic read on Core & Main, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable
Forensic grade
Safe
Financial health
3.3
Distress distance
Clean
Earnings quality
2
Forensic signals
23.9%
ROE
2.8%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Core & Main, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 3.3, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by inventory days.

What the filings flag

62d
FY2025→FY2026
Inventory days. Days inventory outstanding moved from 56 to 62 FY2025→FY2026 (against cost of goods sold; inventory +9% vs +2% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
11.0%
FY2026
Return on invested capital. Return on invested capital is 11.0% in the latest fiscal year and slipping across FY2024–FY2026 from 13.8%. After-tax operating profit was $596M in FY2024 and $550M in FY2026, with operating income at 11.0% of revenue in FY2024, 9.7% in FY2025 and 9.4% in FY2026. The capital base behind it grew +16% across FY2024–FY2026, from $4.3B to $5.0B, while the return fell 2.8 points, so the dollars added over that window earned less than the 13.8% the older base was already earning.

Key fundamentals

Latest Revenue$7.65B
Revenue Growth YoY+2.8%
Revenue CAGR (2yr)+6.8%
Net Margin5.8%
Free Cash Flow$604.0M
Return on Equity23.9%
Debt / Equity1.08x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.