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Arphra AIPlain-English read on Core & Main, Inc.’s valuationIncome statement
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $5B | $6.65B | $6.7B | $7.44B | $7.65B | $7.85B | $8.22B | $8.63B |
| Cost of revenue | $3.72B | $4.86B | $4.88B | $5.46B | $5.59B | $5.79B | $6.1B | $6.39B |
| Gross profit | $1.28B | $1.8B | $1.82B | $1.98B | $2.06B | $2.09B | $2.25B | $2.38B |
| Gross margin | +25.58% | +26.99% | +27.13% | +26.61% | +26.93% | +26.58% | +27.41% | +27.54% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $717M | $880M | $931M | $1.08B | $1.15B | $1.13B | $1.2B | $1.23B |
| Total operating expenses | $855M | $1.02B | $1.08B | $1.26B | $1.34B | $1.34B | $1.42B | $1.43B |
| Operating income | $425M | $775M | $740M | $719M | $728M | $768.28M | $808.01M | $882.31M |
| Operating margin | +8.49% | +11.65% | +11.04% | +9.66% | +9.52% | +9.79% | +9.82% | +10.23% |
| EBITDA | $524M | $924M | $894M | $913M | $914M | $1B | $1.01B | $1.11B |
| EBIT | $374M | $775M | $740M | $719M | $728M | $802.55M | $842.43M | $852.47M |
| Below the line | ||||||||
| Interest expense | $98M | $66M | $81M | $142M | $142M | $133.53M | $138.66M | $140.9M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$149M | -$66M | -$81M | -$142M | -$121M | — | — | — |
| Pre-tax income | $276M | $709M | $659M | $577M | $607M | $655.86M | $687.42M | $732.38M |
| Income tax expense | $51M | $128M | $128M | $143M | $145M | $148.04M | $154.97M | $169.21M |
| Earnings | ||||||||
| Net income | $166M | $366M | $371M | $411M | $441M | $437.52M | $467.79M | $495.12M |
| Net income · continuing ops | $225M | $581M | $531M | $434M | $462M | $508.14M | $550.1M | $570.05M |
| Net margin | +3.32% | +5.50% | +5.54% | +5.52% | +5.77% | +5.58% | +5.69% | +5.74% |
| EPS · basic | $0.84 | $3.10 | $2.83 | $2.14 | $2.32 | $2.80 | $3.31 | $3.95 |
| EPS · diluted | $0.55 | $2.13 | $2.15 | $2.13 | $2.31 | $2.52 | $2.98 | $3.62 |
| EPS · low estimate | — | — | — | — | — | $2.51 | $2.98 | $3.31 |
| EPS · high estimate | — | — | — | — | — | $2.54 | $2.99 | $3.81 |
| Shares · basic | 159.19M | 169.48M | 172.84M | 191.62M | 190.21M | 190.33M | 191.22M | 189.62M |
| Shares · diluted | 244.45M | 246.22M | 227.82M | 201.17M | 197.91M | 199.35M | 196.75M | 195.96M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 8 | 8 | 7 |
| Analysts (EPS) | — | — | — | — | — | 5 | 5 | 6 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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