Description
Core & Main Is Not Just A Waterworks Distributor — Here’s Why Smart Utilities Matter!
Core & Main Inc. reported a first quarter fiscal 2026 performance marked by steady net sales of $1.9 billion, consistent with the prior year, amid a challenging end market environment. Adjusted EBITDA was $226 million, a 1% increase year-over-year, supported by a 50 basis point expansion in gross margins to 27.2%. Adjusted diluted earnings per share rose 6% to $0.72, driven by higher net income and a reduced share count stemming from an aggressive share repurchase program—$88 million repurchased in the quarter alone—reflecting the company’s solid cash flow generation and balance sheet flexibility. The company’s municipal end markets remained robust, underpinned by sustained investment in aging water infrastructure projects, a nondiscretionary and locally funded sector representing roughly 95% of Core & Main’s business. Growth in this segment was further bolstered by the expansion of smart utility and treatment plant solutions, which grew double-digit and high single-digit rates respectively.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures
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