Core & Main, Inc. CNM

Competitive advantage analysis · industrials

Corporate Default
Overall moat score
59/100
Moderate

Ranked against 20 peers in Industrial Distribution

About Core & Main, Inc.

Core & Main, Inc. distributes water, wastewater, storm drainage, and fire protection products and related services in the United States. Its products portfolio include pipes, valves, hydrants, fittings, and other products and services used for service, repair and replacement of underground water infrastructure; storm drainage products, such as corrugated HDPE and metal piping systems, retention basins, inline drains, manholes, grates, … Full CNM analysis →

Key strengths

  • Consistent Cash Generation Cash generation is strong and consistent (score 0.82).
  • Cash Generation Consistent Cash generation is consistent (score 0.82), indicating reliable business model.

Key risks

  • Commodity Pressure / Weak Differentiation Gross margin at 21.1th percentile with high volatility suggests weak pricing power or commoditized products.
  • Elevated Debt Risk Debt serviceability is weak (score 0.37), raising refinancing risk.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Pricing Power

Developing
46
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Signals, strengths and risks for Pricing Power

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Signals, strengths and risks for Cost Advantage

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Signals, strengths and risks for Customer Stickiness

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Signals, strengths and risks for Capital Efficiency

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Signals, strengths and risks for Resilience

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Signals, strengths and risks for Scale & Market Position

Where CNM ranks in Industrial Distribution

Core & Main, Inc. ranks #7 of 21 scored companies in Industrial Distribution by moat score — the top 33%. The widest moat in the group is Fastenal Company (FAST) at 91/100.

# Company Moat score Rating
3 Applied Industrial Technologies AIT 76/100 Strong
4 Watsco, Inc. WSO-B 70/100 Moderate
5 Watsco, Inc. WSO 70/100 Moderate
6 Ferguson Enterprises Inc. FERG 60/100 Moderate
7 Core & Main, Inc. CNM 59/100 Moderate
8 MSC Industrial Direct Company, MSM 56/100 Moderate
9 Global Industrial Company GIC 56/100 Moderate
10 DXP Enterprises, Inc. DXPE 52/100 Moderate
11 Transcat, Inc. TRNS 47/100 Developing

See every General Corporate company ranked by moat score →

How CNM scores on the Corporate Default defenses

Pricing Power

Score 46 · 20% of the moat score

Pricing power is the ability to raise prices without losing volume.

Cost Advantage

Score 78 · 15% of the moat score

A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.

Customer Stickiness

Score 53 · 15% of the moat score

Stickiness is what makes revenue repeat without being re-won every year.

Capital Efficiency

Score 69 · 18% of the moat score

Capital efficiency asks what the company earns on the money tied up in the business.

Resilience

Score 55 · 17% of the moat score

Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.

Scale & Market Position

Score 57 · 15% of the moat score

Scale matters only when it converts into economics.

How each Corporate Default defense is measured, in full →

Understanding CNM's moat

What is Core & Main, Inc.'s moat score?

Core & Main, Inc. (CNM) scores 59 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #7 of 21 scored companies in Industrial Distribution, the top 33%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 20 companies in Industrial Distribution. Its strongest defense is Cost Advantage (78/100) and its weakest is Pricing Power (46/100).

How does Core & Main, Inc. compare with other Industrial Distribution companies?

Core & Main, Inc. ranks #7 of 21 scored companies in Industrial Distribution by moat score. The widest moat in Industrial Distribution is Fastenal Company (FAST) at 91/100. The companies ranked closest are Ferguson Enterprises Inc. (FERG) at 60 just above it and MSC Industrial Direct Company, (MSM) at 56 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 20 companies in Industrial Distribution. The defenses are then weighted to produce the overall score out of 100.

Why is Core & Main, Inc. scored with the Corporate Default template?

Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.

Which competitive defenses are measured for Core & Main, Inc.?

The Corporate Default template measures 6 defenses, and CNM scores: Pricing Power (46), Cost Advantage (78), Customer Stickiness (53), Capital Efficiency (69), Resilience (55), Scale & Market Position (57). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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