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Industrial distribution · Industrials · Fiscal year ends Jan 31
Core & Main reported revenue of $7.6B in the fiscal year ended Feb 2026, up 2.8% from the year before. Operating income was $722M, an operating margin of 9.4%, and net income was $441M. Operating cash flow of $650M less capital expenditure of $46M left free cash flow of $604M. Net debt was $1.9B.
Ranks among the 15 industrial distribution companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Revenue | 5,004 | 6,651 | 6,702 | 7,441 | 7,647 |
| Cost of revenue | 3,724 | 4,856 | 4,884 | 5,461 | 5,588 |
| Gross profit | 1,280 | 1,795 | 1,818 | 1,980 | 2,059 |
| Selling, general & admin | 717 | 880 | 931 | 1,078 | 1,154 |
| Operating income | 425 | 775 | 740 | 719 | 722 |
| Interest expense | 98.0 | 66.0 | 81.0 | 142 | 120 |
| Pre-tax income | 276 | 709 | 659 | 577 | 607 |
| Income tax | 51.0 | 128 | 128 | 143 | 145 |
| Net income | 166 | 366 | 371 | 411 | 441 |
| Diluted EPS | 0.55 | 2.13 | 2.15 | 2.13 | 2.31 |
| Diluted shares | 244 | 246 | 228 | 201 | 198 |
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 1.0 | 177 | 1.0 | 8.0 | 220 |
| Receivables | 784 | 851 | 888 | 986 | 981 |
| Inventory | 856 | 1,047 | 766 | 908 | 986 |
| Current assets | 1,767 | 2,211 | 1,773 | 2,025 | 2,302 |
| Net PP&E | 94.0 | 105 | 151 | 168 | 178 |
| Goodwill | 1,515 | 1,535 | 1,561 | 1,898 | 1,920 |
| Total assets | 4,434 | 4,909 | 5,069 | 5,870 | 6,085 |
| Payables | 608 | 479 | 504 | 562 | 512 |
| Current liabilities | 839 | 726 | 774 | 866 | 874 |
| Short-term debt | 15.0 | 15.0 | 15.0 | 24.0 | 24.0 |
| Long-term debt | 1,456 | 1,444 | 1,863 | 2,237 | 2,124 |
| Total liabilities | 2,603 | 2,499 | 3,545 | 4,096 | 4,011 |
| Shareholders' equity | 1,325 | 1,747 | 1,451 | 1,698 | 1,997 |
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Operating cash flow | −31.0 | 401 | 1,069 | 621 | 650 |
| Capital expenditure | 20.0 | 25.0 | 39.0 | 35.0 | 46.0 |
| Free cash flow | −51.0 | 376 | 1,030 | 586 | 604 |
| Depreciation & amortisation | 150 | 148 | 154 | 194 | 192 |
| Stock-based compensation | 25.0 | 11.0 | 10.0 | 14.0 | 17.0 |
| Acquisitions | 179 | 128 | 231 | 741 | 61.0 |
| Share buybacks | 0.0 | 0.0 | 1,344 | 176 | 155 |
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 32.9% | 0.8% | 11.0% | 2.8% |
| Operating income growth (YoY) | – | 82.4% | −4.5% | −2.8% | 0.4% |
| EPS growth (YoY) | – | 287.3% | 0.9% | −0.9% | 8.5% |
| Gross margin | 25.6% | 27.0% | 27.1% | 26.6% | 26.9% |
| Operating margin | 8.5% | 11.7% | 11.0% | 9.7% | 9.4% |
| Net margin | 3.3% | 5.5% | 5.5% | 5.5% | 5.8% |
| Return on equityBlank when equity is negative | 12.5% | 21.0% | 25.6% | 24.2% | 22.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 11.8% | 18.5% | 17.2% | 14.4% | 13.9% |
| Free cash flow margin | −1.0% | 5.7% | 15.4% | 7.9% | 7.9% |
| Cash conversion (CFO ÷ net income) | −0.19x | 1.10x | 2.88x | 1.51x | 1.47x |
| Receivable days | 57 | 47 | 48 | 48 | 47 |
| Inventory days | 84 | 79 | 57 | 61 | 64 |
| Payable days | 60 | 36 | 38 | 38 | 33 |
| Interest cover | 4.34x | 11.7x | 9.14x | 5.06x | 6.02x |
| Debt ÷ equity | 1.11x | 0.84x | 1.29x | 1.33x | 1.08x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,470 | 1,282 | 1,877 | 2,253 | 1,928 |
| Current ratio | 2.11x | 3.05x | 2.29x | 2.34x | 2.63x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.