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Core & Main (CNM)

Market Price (5/8/2026): $49.65 | Market Cap: $9.4 Bil
Sector: Industrials | Industry: Trading Companies & Distributors

Core & Main (CNM)

Market Price (5/8/2026): $49.65
Market Cap: $9.4 Bil
Sector: Industrials
Industry: Trading Companies & Distributors

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
FCF Yield is 6.4%

Low stock price volatility
Vol 12M is 40%

Megatrend and thematic drivers
Megatrends include Water Infrastructure, and Sustainable Resource Management. Themes include Water Treatment & Delivery, Wastewater Management, Show more.

Weak multi-year price returns
2Y Excs Rtn is -59%

Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -6.9%

Key risks
CNM key risks include [1] high sensitivity to cyclical construction markets, Show more.

0 Attractive yield
FCF Yield is 6.4%
1 Low stock price volatility
Vol 12M is 40%
2 Megatrend and thematic drivers
Megatrends include Water Infrastructure, and Sustainable Resource Management. Themes include Water Treatment & Delivery, Wastewater Management, Show more.
3 Weak multi-year price returns
2Y Excs Rtn is -59%
4 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -6.9%
5 Key risks
CNM key risks include [1] high sensitivity to cyclical construction markets, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Core & Main (CNM) stock has lost about 5% since 1/31/2026 because of the following key factors:

1. Persistent Softness in Residential Housing Market and Broader Construction Demand. The stock's decline can be attributed to a continued challenging environment in the residential construction sector. Core & Main's business is significantly exposed to this segment, with 20% of its sales derived from residential construction. Concerns regarding "weak single-family housing and residential lot development" and "softer residential demand" have been highlighted, impacting the company's outlook. These macroeconomic headwinds have contributed to a cautious sentiment among investors, despite some segments like municipal markets showing resilience.

2. Increased Operating Costs and Inflationary Pressures. Core & Main has faced elevated operating costs, including those related to inflation, employee benefits, and the integration of acquisitions. These increased expenses have pressured margins and were noted as a factor in the company's Q3 2025 earnings call (December 9, 2025), contributing to a mixed sentiment despite improvements in gross margins. The ongoing impact of these high operating costs has been a headwind for the company's profitability and, consequently, its stock performance during the specified period.

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Stock Movement Drivers

Fundamental Drivers

The -6.9% change in CNM stock from 1/31/2026 to 5/7/2026 was primarily driven by a -8.8% change in the company's P/E Multiple.
(LTM values as of)13120265072026Change
Stock Price ($)53.3649.66-6.9%
Change Contribution By: 
Total Revenues ($ Mil)7,7647,647-1.5%
Net Income Margin (%)5.6%5.8%2.9%
P/E Multiple23.321.3-8.8%
Shares Outstanding (Mil)1901890.7%
Cumulative Contribution-6.9%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/7/2026
ReturnCorrelation
CNM-6.9% 
Market (SPY)3.6%46.8%
Sector (XLI)5.5%68.9%

Fundamental Drivers

The -4.8% change in CNM stock from 10/31/2025 to 5/7/2026 was primarily driven by a -7.4% change in the company's P/E Multiple.
(LTM values as of)103120255072026Change
Stock Price ($)52.1849.66-4.8%
Change Contribution By: 
Total Revenues ($ Mil)7,7407,647-1.2%
Net Income Margin (%)5.6%5.8%3.6%
P/E Multiple23.021.3-7.4%
Shares Outstanding (Mil)1901890.5%
Cumulative Contribution-4.8%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/7/2026
ReturnCorrelation
CNM-4.8% 
Market (SPY)5.5%46.9%
Sector (XLI)12.9%67.0%

Fundamental Drivers

The -5.7% change in CNM stock from 4/30/2025 to 5/7/2026 was primarily driven by a -12.6% change in the company's P/E Multiple.
(LTM values as of)43020255072026Change
Stock Price ($)52.6849.66-5.7%
Change Contribution By: 
Total Revenues ($ Mil)7,4417,6472.8%
Net Income Margin (%)5.5%5.8%4.4%
P/E Multiple24.321.3-12.6%
Shares Outstanding (Mil)1901890.5%
Cumulative Contribution-5.7%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/7/2026
ReturnCorrelation
CNM-5.7% 
Market (SPY)30.4%34.4%
Sector (XLI)34.4%52.7%

Fundamental Drivers

The 90.6% change in CNM stock from 4/30/2023 to 5/7/2026 was primarily driven by a 73.3% change in the company's P/E Multiple.
(LTM values as of)43020235072026Change
Stock Price ($)26.0649.6690.6%
Change Contribution By: 
Total Revenues ($ Mil)6,6517,64715.0%
Net Income Margin (%)5.5%5.8%4.8%
P/E Multiple12.321.373.3%
Shares Outstanding (Mil)172189-8.7%
Cumulative Contribution90.6%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/7/2026
ReturnCorrelation
CNM90.6% 
Market (SPY)78.7%44.6%
Sector (XLI)82.0%53.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CNM Return28%-36%109%26%2%-3%114%
Peers Return37%-17%47%15%2%16%127%
S&P 500 Return27%-19%24%23%16%8%96%

Monthly Win Rates [3]
CNM Win Rate67%25%83%58%58%80% 
Peers Win Rate62%35%60%51%52%56% 
S&P 500 Win Rate75%42%67%75%67%60% 

Max Drawdowns [4]
CNM Max Drawdown-4%-38%0%-6%-13%-9% 
Peers Max Drawdown-5%-32%-2%-14%-16%-1% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: FERG, MWA, SITE, WSO, AIT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/7/2026 (YTD)

How Low Can It Go

EventCNMS&P 500
2025 US Tariff Shock
  % Loss-16.8%-18.8%
  % Gain to Breakeven20.3%23.1%
  Time to Breakeven24 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-10.6%-9.5%
  % Gain to Breakeven11.9%10.5%
  Time to Breakeven21 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-33.7%-24.5%
  % Gain to Breakeven50.8%32.4%
  Time to Breakeven479 days427 days

Compare to FERG, MWA, SITE, WSO, AIT

In The Past

Core & Main's stock fell -16.8% during the 2025 US Tariff Shock. Such a loss loss requires a 20.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventCNMS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-33.7%-24.5%
  % Gain to Breakeven50.8%32.4%
  Time to Breakeven479 days427 days

Compare to FERG, MWA, SITE, WSO, AIT

In The Past

Core & Main's stock fell -16.8% during the 2025 US Tariff Shock. Such a loss loss requires a 20.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Core & Main (CNM)

Core & Main, Inc. distributes water, wastewater, storm drainage, and fire protection products and related services to municipalities, private water companies, and professional contractors in the municipal, non-residential, and residential end markets in the United States. Its products include pipes, valves, hydrants, fittings, and other products and services; storm drainage products, such as corrugated piping systems, retention basins, inline drains, manholes, grates, geosynthetics, and other related products; fire protection products, including fire protection pipes, sprinkler heads and other devices, fire suppression systems, and related accessories, as well as fabrication services; and meter products, such as smart meter products, installation, software and other services. The company's specialty products and services are used in the maintenance, repair, replacement, and construction of water and fire protection infrastructure. Core & Main, Inc. was founded in 1874 and is headquartered in St. Louis, Missouri.

AI Analysis | Feedback

Here are 1-3 brief analogies for Core & Main (CNM):

  • It's like the Home Depot or Lowe's for municipal water, wastewater, and fire infrastructure.
  • Think of it as Grainger, but focused exclusively on the pipes, valves, and components for city water, wastewater, and fire protection.

AI Analysis | Feedback

  • Water & Wastewater Infrastructure Products: Includes a wide range of pipes, valves, hydrants, and fittings essential for water distribution and wastewater management systems.
  • Storm Drainage Products: Offers systems like corrugated piping, retention basins, inline drains, manholes, and geosynthetics for managing stormwater runoff.
  • Fire Protection Products & Services: Provides fire protection pipes, sprinkler heads, fire suppression systems, and related accessories, along with fabrication services.
  • Meter Products & Services: Supplies smart meter products, offering installation and software services for efficient utility management.

AI Analysis | Feedback

Core & Main (CNM) primarily sells to other companies and organizations rather than individuals. Based on the company description, its major customers fall into the following categories:

  • Municipalities: These are local government entities responsible for public water, wastewater, storm drainage, and fire protection infrastructure.
  • Private Water Companies: These are privately owned businesses that provide water and wastewater services.
  • Professional Contractors: These include contractors involved in municipal, non-residential, and residential construction projects that require water, wastewater, storm drainage, and fire protection systems.

AI Analysis | Feedback

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Here is the management team for Core & Main: Mark Witkowski, Chief Executive Officer
Mark Witkowski was appointed Chief Executive Officer of Core & Main in March 2025. Prior to this role, he served as the company's Chief Financial Officer starting in February 2016. Mr. Witkowski joined Core & Main in 2007 and was previously vice president of finance. He has been instrumental in Core & Main's mergers and acquisition strategy and led the company through its initial public offering in 2021. He has a proven track record of creating value in private equity environments and publicly traded corporations. Earlier in his career, Mr. Witkowski was a senior manager with PricewaterhouseCoopers.

Robyn Bradbury, Chief Financial Officer
Robyn Bradbury was named Chief Financial Officer of Core & Main in March 2025. She joined the company in 2009 and previously held the position of Senior Vice President of Finance and Investor Relations. Ms. Bradbury was pivotal in establishing Core & Main's investor relations function and led the team through the company's successful initial public offering (IPO) in 2021.

Brad Cowles, President
Brad Cowles serves as President of Core & Main, overseeing various areas including waterworks, storm drainage, geosynthetics, and meter product lines. He joined HD Supply in 2005, which included Core & Main's predecessor, HD Supply Waterworks. Mr. Cowles played a key role in the carve-out of the HD Supply Waterworks division to become Core & Main in 2017, partnering with a private equity firm. During his time at HD Supply, he led the information technology integration of more than 30 acquired companies and a divestiture carve-out from The Home Depot under private equity ownership.

Laura Schneider, Chief Human Resources Officer
Laura Schneider is the Chief Human Resources Officer for Core & Main. She joined the company in 2011 as senior director of human resources and was promoted to Chief Human Resources Officer in January 2018. With over 30 years of experience in organizational development and talent management, Ms. Schneider previously spent more than two decades with Anheuser-Busch InBev, where she held roles of increasing responsibility in human resources.

Jeff Giles, Executive Vice President, Corporate Development
Jeff Giles is the Executive Vice President, Corporate Development at Core & Main, a role he assumed in March 2018. He leads the company's strategy and inorganic growth initiatives, including all aspects of mergers and acquisitions. Mr. Giles has been instrumental in expanding Core & Main's offerings and played a key role in the company's successful IPO in July 2021. He has led or participated in over 60 acquisitions during his career. Prior to Core & Main, he was the Director of Corporate Development for Barry-Wehmiller Group and, before that, served as Vice President and Director of Business Development at Bertram Capital, a private equity firm.

AI Analysis | Feedback

The key risks to Core & Main's business include its significant exposure to municipal spending and the broader construction market, sensitivity to interest rate fluctuations, and potential supply chain disruptions and commodity price volatility.

The most significant risk stems from Core & Main's heavy reliance on municipal infrastructure spending and the overall health of the construction market. Approximately 42% of the company's fiscal year 2024 sales were linked to the municipality market. Consequently, any uncertainty in U.S. government budgets, reduced federal funding, or broader economic downturns that impact municipal, non-residential, and residential construction can directly and negatively affect the demand for its products and services.

A second key risk is the company's sensitivity to interest rates, particularly concerning the housing market. Sustained high interest rates could considerably reduce demand for Core & Main's water and fire protection products, as the company relies heavily on the housing market. Additionally, Core & Main is exposed to interest rate risk due due to its variable-rate debt, meaning unfavorable interest rate movements could lead to increased interest expenses.

Finally, Core & Main faces risks related to its supply chain and commodity price fluctuations. The company depends on a global supply chain to source its products, making it vulnerable to disruptions that could impede its ability to meet customer demand. Furthermore, while Core & Main has benefited from rising commodity prices in the past, a reversal with falling commodity prices could negate these profit boosts.

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Core & Main's main products and services operate within addressable markets primarily in the United States. The company focuses on distributing water, wastewater, storm drainage, and fire protection products and related services. The estimated total addressable market for Core & Main's core products, which include water, wastewater, storm drainage, and fire protection end markets, is approximately $40 billion in the United States. This figure encompasses the various products and services Core & Main provides to municipalities, private water companies, and professional contractors. Within its offerings, the U.S. fire protection system market, a component of Core & Main's business, was valued at an estimated $25.94 billion in 2024 and is projected to reach $32.26 billion by 2030. For North America, the fire protection system market is expected to grow from $30.53 billion in 2025 to $42.95 billion by 2030.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Core & Main (CNM) over the next 2-3 years:

  1. Aging Water Infrastructure & Municipal Investments: Core & Main is well-positioned to benefit from the ongoing need to repair, replace, and upgrade aging water, wastewater, and storm drainage infrastructure across the United States. This demand is further bolstered by government stimulus programs, such as the Infrastructure Investment and Jobs Act (IIJA), which provide funding for these essential projects.
  2. Strategic Acquisitions & Geographic Expansion: The company has a stated strategy of expanding its geographic footprint and market penetration through both organic growth and the acquisition of smaller regional distributors. Recent acquisitions, such as Canada Waterworks, and the opening of new locations demonstrate this ongoing initiative to increase its total addressable market and enhance its service offerings.
  3. Growth in Storm Drainage & Climate Adaptation Solutions: Demand for storm drainage products and solutions is rapidly emerging as a significant contributor to revenue growth. This is driven by climate change, urbanization, and the increasing need for flood control and stormwater management systems, leading towns and municipalities to invest in upgrading and expanding their drainage infrastructure.
  4. Expansion in Non-Residential & Emerging Industrial Markets: Beyond municipal work, Core & Main expects growth from non-residential construction projects, including highways, streets, and institutional developments. Additionally, emerging industrial markets, such as the buildout of AI data centers, are expected to drive demand for the company's products.

AI Analysis | Feedback

Share Repurchases

  • Core & Main increased its total share repurchase authorization to $1 billion as of December 8, 2025.
  • As of December 8, 2025, the company had repurchased approximately $316 million of its Class A common stock under the program.
  • Approximately $684 million remained available for future share repurchases as of December 8, 2025.

Share Issuance

  • Core & Main issued and sold 34,883,721 shares of its Class A common stock at an initial public offer price of $20.00 per share during its Initial Public Offering on July 27, 2021.
  • On August 20, 2021, an additional 5,232,558 shares of Class A common stock were issued due to the full exercise of the underwriters' option.

Inbound Investments

  • Tribune Investment Group acquired 335,000 shares of Core & Main, valued at approximately $18.03 million, in Q3 (likely 2025, based on article date).

Outbound Investments

  • Core & Main has a strategy to expand its geographic footprint, add key talent, or add new product lines through mergers and acquisitions.
  • The company completed 9 acquisitions in 2024 and 8 acquisitions in 2023.
  • Recent acquisitions include Pioneer Supply (January 2026), Canada Waterworks (September 2025), Eastern Supply (February 2024), Foster Supply, and J.W. D'Angelo Co. (August 2023).

Capital Expenditures

  • In Q3 fiscal year 2025, $8 million was directed towards capital expenditures.
  • Capital allocation priorities include organic growth and operational initiatives.
  • The company plans to continue expanding into new markets and enhancing operational efficiencies, which typically involve capital expenditures.

Better Bets vs. Core & Main (CNM)

Latest Trefis Analyses

Title
0ARTICLES

Trade Ideas

Select ideas related to CNM.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
GEO_4302026_Dip_Buyer_ValueBuy04302026GEOGEODip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		0.0%0.0%0.0%
RUN_4302026_Short_Squeeze04302026RUNSunrunSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		0.0%0.0%0.0%
RSG_4172026_Monopoly_xInd_xCD_Getting_Cheaper04172026RSGRepublic ServicesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.8%0.8%-1.1%
VRSK_4102026_Dip_Buyer_FCFYield04102026VRSKVerisk AnalyticsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		12.3%12.3%0.0%
UHAL_4102026_Monopoly_xInd_xCD_Getting_Cheaper04102026UHALU-HaulMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.3%0.3%-1.0%
CNM_11212025_Dip_Buyer_FCFYield11212025CNMCore & MainDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		10.3%10.3%-1.6%

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Peer Comparisons

Peers to compare with:

Financials

CNMFERGMWASITEWSOAITMedian
NameCore & M.Ferguson.Mueller .SiteOne .Watsco Applied . 
Mkt Price49.66246.5326.89124.99429.24310.37185.76
Mkt Cap9.448.04.25.616.311.610.5
Rev LTM7,64731,7591,4644,7067,2394,8396,039
Op Inc LTM7222,993293242700525613
FCF LTM6042,068141240535439487
FCF 3Y Avg7401,816161252602429515
CFO LTM6502,425199308570466518
CFO 3Y Avg7802,178213304635454545

Growth & Margins

CNMFERGMWASITEWSOAITMedian
NameCore & M.Ferguson.Mueller .SiteOne .Watsco Applied . 
Rev Chg LTM2.8%6.2%6.6%2.8%-5.0%7.5%4.5%
Rev Chg 3Y Avg4.9%2.0%4.0%5.2%-0.1%3.9%3.9%
Rev Chg Q-6.9%8.7%5.5%0.1%-10.0%7.3%2.8%
QoQ Delta Rev Chg LTM-1.5%1.9%1.4%0.0%-2.4%1.8%0.7%
Op Inc Chg LTM0.4%18.3%22.5%30.6%-7.8%4.5%11.4%
Op Inc Chg 3Y Avg-2.3%1.7%33.6%-3.4%-4.7%4.9%-0.3%
Op Mgn LTM9.4%9.4%20.0%5.1%9.7%10.9%9.6%
Op Mgn 3Y Avg10.0%8.9%17.0%4.8%10.1%10.9%10.1%
QoQ Delta Op Mgn LTM0.1%0.5%0.6%0.1%-0.2%-0.0%0.1%
CFO/Rev LTM8.5%7.6%13.6%6.5%7.9%9.6%8.2%
CFO/Rev 3Y Avg10.9%7.2%15.7%6.7%8.6%9.9%9.2%
FCF/Rev LTM7.9%6.5%9.6%5.1%7.4%9.1%7.6%
FCF/Rev 3Y Avg10.4%6.0%11.9%5.6%8.1%9.3%8.7%

Valuation

CNMFERGMWASITEWSOAITMedian
NameCore & M.Ferguson.Mueller .SiteOne .Watsco Applied . 
Mkt Cap9.448.04.25.616.311.610.5
P/S1.21.52.91.22.22.41.9
P/Op Inc13.016.014.423.123.222.019.0
P/EBIT12.916.614.323.123.221.218.9
P/E21.322.920.336.532.728.625.8
P/CFO14.419.821.118.128.624.820.4
Total Yield4.7%5.8%5.4%2.7%6.0%3.8%5.1%
Dividend Yield0.0%1.4%0.5%0.0%2.9%0.3%0.4%
FCF Yield 3Y Avg8.8%-4.7%3.9%3.9%5.0%4.7%
D/E0.30.10.10.20.00.00.1
Net D/E0.20.10.00.2-0.00.00.1

Returns

CNMFERGMWASITEWSOAITMedian
NameCore & M.Ferguson.Mueller .SiteOne .Watsco Applied . 
1M Rtn-1.5%4.5%-3.7%-3.6%13.4%13.9%1.5%
3M Rtn-11.1%-2.9%-3.5%-15.6%6.6%8.3%-3.2%
6M Rtn-2.8%1.0%8.0%2.3%24.2%20.0%5.2%
12M Rtn-1.7%48.8%15.0%5.6%-5.8%44.8%10.3%
3Y Rtn84.5%17.3%90.9%-18.7%38.1%145.2%61.3%
1M Excs Rtn-11.5%-9.2%-15.6%-15.0%2.5%2.4%-10.4%
3M Excs Rtn-19.0%-10.8%-11.4%-23.5%-1.3%0.4%-11.1%
6M Excs Rtn-11.5%-6.9%-3.6%-8.9%13.4%13.1%-5.3%
12M Excs Rtn-34.7%17.6%-23.5%-24.9%-37.7%10.8%-24.2%
3Y Excs Rtn9.4%-60.8%26.0%-93.2%-41.5%60.7%-16.0%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil2026202520242023
Pipes, valves & fittings products4,5044,5483,3612,373
Storm drainage products985949687489
Fire protection products688701565414
Meter products525453391366
Total6,7026,6515,0043,642


Price Behavior

Price Behavior
Market Price$49.66 
Market Cap ($ Bil)9.4 
First Trading Date07/23/2021 
Distance from 52W High-25.9% 
   50 Days200 Days
DMA Price$50.31$54.14
DMA Trenddowndown
Distance from DMA-1.3%-8.3%
 3M1YR
Volatility32.4%40.5%
Downside Capture0.670.53
Upside Capture44.2269.87
Correlation (SPY)45.6%33.1%
CNM Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta0.951.080.961.151.111.10
Up Beta1.140.991.130.991.361.19
Down Beta0.451.651.451.461.430.98
Up Capture49%61%50%96%57%136%
Bmk +ve Days15223166141428
Stock +ve Days10172654119398
Down Capture131%133%104%118%103%102%
Bmk -ve Days4183056108321
Stock -ve Days12263871131351

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CNM
CNM-4.0%40.5%0.01-
Sector ETF (XLI)32.3%15.6%1.5952.4%
Equity (SPY)29.6%12.5%1.8633.8%
Gold (GLD)37.0%27.1%1.144.1%
Commodities (DBC)48.7%18.0%2.12-7.9%
Real Estate (VNQ)12.9%13.5%0.6528.1%
Bitcoin (BTCUSD)-16.3%42.1%-0.3117.2%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CNM
CNM15.9%40.0%0.50-
Sector ETF (XLI)13.0%17.4%0.5951.9%
Equity (SPY)12.8%17.1%0.5947.4%
Gold (GLD)21.1%17.9%0.964.7%
Commodities (DBC)14.1%19.1%0.607.1%
Real Estate (VNQ)3.3%18.8%0.0836.0%
Bitcoin (BTCUSD)7.0%56.0%0.3418.8%

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Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CNM
CNM7.7%40.0%0.50-
Sector ETF (XLI)13.9%20.0%0.6151.9%
Equity (SPY)15.0%17.9%0.7247.4%
Gold (GLD)13.5%16.0%0.704.7%
Commodities (DBC)9.4%17.8%0.447.1%
Real Estate (VNQ)5.7%20.7%0.2436.0%
Bitcoin (BTCUSD)68.2%66.9%1.0718.8%

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Short Interest

Short Interest: As Of Date4152026
Short Interest: Shares Quantity7.9 Mil
Short Interest: % Change Since 3312026-2.9%
Average Daily Volume2.4 Mil
Days-to-Cover Short Interest3.3 days
Basic Shares Quantity189.0 Mil
Short % of Basic Shares4.2%

Returns Analyses

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
3/24/20264.5%-1.4%1.1%
12/9/20252.1%9.7%9.1%
9/9/2025-25.4%-25.3%-23.6%
6/10/2025-2.1%-5.6%3.8%
3/25/2025-0.2%-2.7%1.6%
12/3/202415.5%11.5%6.3%
9/4/2024-15.8%-18.5%-6.5%
6/4/2024-14.5%-14.7%-12.8%
...
SUMMARY STATS   
# Positive13812
# Negative6117
Median Positive3.1%6.9%5.3%
Median Negative-10.5%-5.6%-6.5%
Max Positive15.5%12.7%18.4%
Max Negative-25.4%-25.3%-23.6%

SEC Filings

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Report DateFiling DateFiling
01/31/202603/24/202610-K
10/31/202512/09/202510-Q
07/31/202509/09/202510-Q
04/30/202506/10/202510-Q
01/31/202503/25/202510-K
10/31/202412/03/202410-Q
07/31/202409/04/202410-Q
04/30/202406/04/202410-Q
01/31/202403/19/202410-K
10/31/202312/05/202310-Q
07/31/202309/06/202310-Q
04/30/202306/06/202310-Q
01/31/202303/28/202310-K
10/31/202212/13/202210-Q
07/31/202209/13/202210-Q
04/30/202206/14/202210-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 3/24/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue7.80 Bil7.85 Bil7.90 Bil2.6% Higher NewActual: 7.65 Bil for 2025
2026 Revenue Growth2.0%2.5%3.0%00Same NewActual: 2.5% for 2025
2026 Adjusted EBITDA950.00 Mil965.00 Mil980.00 Mil3.8% Higher NewActual: 930.00 Mil for 2025
2026 Adjusted EBITDA Margin12.2%12.3%12.4%1.2%0.2%Higher NewActual: 12.15% for 2025
2026 Operating Cash Flow0.60.650.7   

Prior: Q3 2025 Earnings Reported 12/9/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2025 Revenue7.60 Bil7.65 Bil7.70 Bil0 AffirmedGuidance: 7.65 Bil for 2025
2025 Revenue Growth2.0%2.5%3.0%00AffirmedGuidance: 2.5% for 2025
2025 Adjusted EBITDA920.00 Mil930.00 Mil940.00 Mil0 AffirmedGuidance: 930.00 Mil for 2025
2025 Adjusted EBITDA Margin12.1%12.15%12.2%00AffirmedGuidance: 12.15% for 2025
2025 Operating Cash Flow550.00 Mil580.00 Mil610.00 Mil0 AffirmedGuidance: 580.00 Mil for 2025

Insider Activity

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#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Bradbury, Robyn LChief Financial OfficerDirectSell421202652.545,000262,724656,810Form
2Hope, James D DirectBuy409202650.701,97299,971351,773Form
3Witkowski, Mark RChief Executive OfficerDirectSell820202564.08100,0006,408,2102,297,151Form
4Bradbury, Robyn LChief Financial OfficerDirectSell723202564.515,000322,550551,884Form
5Castellano, James G TrustSell721202561.9843,994  Form

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