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Held by 439 of 6,047 reporting institutions (96th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $155.0M buybacks = $155.0M returned on $604.0M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 7 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 11%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 7 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-05
Is the profit real, and how strong is the balance sheet?
FY2027 · every deduction from revenue to net income
DuPont — the three levers
ROE 22% against ROIC 11% — 11% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 23.9% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2026 | FY2027 |
|---|---|---|---|---|---|---|---|
| Cost of Revenue | 76.7 | 75.9 | 74.4 | 73.0 | 72.9 | 73.4 | 73.1 |
| Gross Profit | 23.3 | 24.1 | 25.6 | 27.0 | 27.1 | 26.6 | 26.9 |
| SG&A | 15.0 | 15.3 | 14.3 | 13.2 | 13.9 | 14.5 | 15.1 |
| Operating Income | 4.6 | 5.1 | 8.5 | 11.7 | 11.0 | 9.7 | 9.4 |
| Income Tax | 0.2 | 0.2 | 1.0 | 1.9 | 1.9 | 1.9 | 1.9 |
| Net Income | 1.1 | 1.0 | 4.5 | 8.7 | 7.9 | 5.8 | 6.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CNM: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2024, FY2026, FY2027). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $41.82 today, the market must believe free cash flow compounds -0.5%/yr for a decade (off $740.0M on the 3-yr avg basis).
On the basis ($726.3M) the requirement is -0.3%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -0.5% is more conservative than its 6-yr track record.
Default is 8.8% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.18B shares (market data) · net debt $1.93B
mean 4.2% · volatility σ 109% · implied rate exceeded in 3/5 yrs
Central path = implied -0.5%/yr growth; shaded band = ±1σ (109%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $220.0M (at 2026-02-01) covers all $77.0M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2026-08-02 (10-Q). The cash figure is from 2026-02-01, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~5.6% on $2.15B of debt.
Cash of $220.0M fully covers short-term debt of $24.0M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-05
How a revenue dollar becomes profit — FY2027
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2027 | FY2026 | FY2024 | FY2023 | FY2022 | FY2021 | FY2021 |
|---|---|---|---|---|---|---|---|
| Revenue | $7.65B 100.0% | $7.44B 100.0% | $6.70B 100.0% | $6.65B 100.0% | $5.00B 100.0% | $3.64B 100.0% | $3.39B 100.0% |
| Cost of Revenue | $5.59B 73.1% | $5.46B 73.4% | $4.88B 72.9% | $4.86B 73.0% | $3.72B 74.4% | $2.76B 75.9% | $2.60B 76.7% |
| Gross Profit | $2.06B 26.9% | $1.98B 26.6% | $1.82B 27.1% | $1.79B 27.0% | $1.28B 25.6% | $878.0M 24.1% | $789.0M 23.3% |
| Selling, General & Admin | $1.15B 15.1% | $1.08B 14.5% | $931.0M 13.9% | $880.0M 13.2% | $717.0M 14.3% | $556.0M 15.3% | $509.0M 15.0% |
| Total Operating Expenses | $1.34B 17.5% | $1.26B 16.9% | $1.08B 16.1% | $1.02B 15.3% | $855.0M 17.1% | $693.0M 19.0% | $634.0M 18.7% |
| Operating Income | $722.0M 9.4% | $719.0M 9.7% | $740.0M 11.0% | $775.0M 11.7% | $425.0M 8.5% | $185.0M 5.1% | $155.0M 4.6% |
| Interest Expense | $120.0M 1.6% | $142.0M 1.9% | $81.0M 1.2% | $66.0M 1.0% | $98.0M 2.0% | $139.0M 3.8% | $113.0M 3.3% |
| Pretax Income | $607.0M 7.9% | $577.0M 7.8% | $659.0M 9.8% | $709.0M 10.7% | $276.0M 5.5% | $46.0M 1.3% | $42.0M 1.2% |
| Income Tax Expense | $145.0M 1.9% | $143.0M 1.9% | $128.0M 1.9% | $128.0M 1.9% | $51.0M 1.0% | $9.0M 0.2% | $6.0M 0.2% |
| Net Income | $462.0M 6.0% | $434.0M 5.8% | $531.0M 7.9% | $581.0M 8.7% | $225.0M 4.5% | $37.0M 1.0% | $36.0M 1.1% |
| Per Share | |||||||
| EPS (Basic) | $2.32 | $2.14 | $2.15 | $2.16 | $0.57 | — | — |
| EPS (Diluted) | $2.31 | $2.13 | $2.15 | $2.13 | $0.55 | — | — |
| Weighted Avg Shares (Basic) | 189.7M | 191.6M | 172.8M | 169.5M | 159.2M | — | — |
| Weighted Avg Shares (Diluted) | 197.9M | 201.4M | 227.8M | 246.2M | 244.5M | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Ranked against 19 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| RS | $20.8B | 29.2× | 17.1× | 1.5× | 3.3% | — | 5.2% | 10.3% | 8.6% | 0.9× | 659 |
| WCC | $18.4B | 28.9× | 18.3× | 0.8× | 7.8% | 21.1% | 2.7% | 12.7% | 5.9% | 4.4× | 668 |
| GPC | $17.4B | 268.6× | 14.6× | 0.7× | 3.5% | 36.8% | 0.3% | 1.5% | 0.7% | 3.0× | 1,043 |
| AIT | $12.7B | 31.6× | 22.3× | 2.6× | 8.8% | 30.3% | 8.3% | 22.3% | 19.5% | 0.2× | 593 |
| ARW | $12.2B | 22.0× | 15.6× | 0.4× | 10.5% | 11.2% | 1.9% | 8.7% | 5.9% | 2.9× | 603 |
| WSO | $12.1B | 23.9× | 15.2× | 1.7× | -5.0% | 28.0% | 6.9% | 17.9% | 17.9% | -0.6× | 752 |
| HSIC | $9.4B | 25.8× | 10.4× | 0.7× | 4.0% | 31.1% | 3.0% | 12.3% | 9.9% | 0.6× | 547 |
| AVT | $8.7B | 26.5× | — | 0.3× | 24.5% | 10.4% | 1.2% | 6.7% | 4.1% | — | 490 |
| CNM | $7.7B | 18.1× | 10.6× | 1.0× | 2.8% | 26.9% | 5.8% | 22.1% | 10.6% | 2.1× | 439 |
| MSM | $7.3B | 36.5× | 20.6× | 1.9× | -1.3% | 40.8% | 5.3% | 14.4% | 10.6% | 1.1× | 463 |
| INGM | $6.3B | 19.8× | 7.2× | 0.1× | 9.5% | 6.7% | 0.6% | 7.7% | 4.4% | 1.2× | 224 |
| POOL | $5.8B | 14.7× | 11.2× | 1.1× | -0.4% | 29.7% | 7.7% | 34.3% | 17.0% | 1.9× | 588 |
| LKQ | $5.7B | 9.5× | 3.8× | 0.4× | -1.2% | 38.6% | 4.5% | 9.3% | 9.3% | -0.2× | 512 |
| SITE | $3.8B | 26.0× | — | 0.8× | 3.6% | 34.8% | 3.2% | 9.1% | 7.4% | — | 380 |
| DXPE | $3.0B | 36.5× | 19.0× | 1.5× | 11.9% | 31.5% | 4.4% | 17.8% | 6.7% | 2.8× | 245 |
| REZI | $2.8B | — | 7.9× | 0.4× | 10.5% | 29.4% | -7.1% | -18.1% | -8.6% | 3.7× | 422 |
| BCC | $2.6B | 21.2× | 7.5× | 0.4× | -4.8% | — | 2.1% | 6.4% | 5.3% | -0.1× | 324 |
| PLUS | $2.4B | 18.5× | 10.4× | 1.0× | 22.1% | 25.2% | 5.4% | 12.4% | 12.4% | -2.1× | 277 |
| CNXN | $2.3B | 28.3× | 19.5× | 0.8× | 2.5% | 18.8% | 2.9% | 9.2% | 9.2% | -1.8× | 185 |
| GIC | $1.7B | 23.6× | 15.1× | 1.2× | 4.8% | 35.5% | 5.2% | 23.0% | 23.0% | -0.6× | 158 |
Peers = companies sharing CNM's sector (Wholesale-Durable Goods, NEC) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Earns 3.74pts above its cost of capital, but margins are compressing.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2022 | 11.1% | 6.1% | 5.1pts |
| FY2023 | 17.9% | 7.0% | 11.0pts |
| FY2024 | 16.2% | 8.7% | 7.6pts |
| FY2026 | 13.2% | 10.3% | 2.9pts |
| FY2027 | 12.8% | 8.8% (today's — no rate published for this year) | 4.0pts |
| Now | 10.6% | 8.8% | 1.9pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2021 | 23.3% | 4.6% | 1.1% |
| FY2021 | 24.1% | 5.1% | 1.0% |
| FY2022 | 25.6% | 8.5% | 3.3% |
| FY2023 | 27.0% | 11.7% | 5.5% |
| FY2024 | 27.1% | 11.0% | 5.5% |
| FY2026 | 26.6% | 9.7% | 5.5% |
| FY2027 | 26.9% | 9.4% | 5.8% |
Leverage and buybacks account for 11 points of the 22% return on equity in FY2027. The business earns 11% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$1.9B of goodwill — 43% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
ROIC ex-goodwill is 21.98% against 12.51% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.26x of reported profit into cash — adequate, without much margin.
Shares outstanding are up 12% since FY2022 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Covers interest 4.2x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 6.02x |
| 5% | 5.72x |
| 10% | 5.42x |
| 15% | 5.11x |
| 20% | 4.81x |
| 25% | 4.51x |
| 30% | 4.21x |
| 35% | 3.91x |
| 40% | 3.61x |
| 45% | 3.31x |
| 50% | 3.01x |
| 55% | 2.71x |
| 60% | 2.41x |
Ladder as of 2026-08-02 (10-Q); cash from the 2026-02-01 balance sheet; FCF from FY2027.
Balance sheet at 2026-02-01. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $41.82, free cash flow must compound -0.12%/yr for 10 years. It has done 22.36%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 12.2% | −0.1% |
| FY2022 | −125.2% | −0.1% |
| FY2024 | 173.9% | −0.1% |
| FY2026 | −43.1% | −0.1% |
| FY2027 | 3.1% | −0.1% |
The implied rate has been matched or beaten in 3 of the last 5 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $441M | $441M |
| Share-based comp | $17M | $458M |
| Other non-cash & working capital | $192M | $650M |
| Operating cash flow | $650M | $650M |
| Capex | −$46M | $604M |
| Free cash flow | $604M | $604M |
| FCF after SBC | $587M | $587M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 7.5% | not reported | not reported |
| FY2022 | 37.4% | 58.4% | 21.0 points |
| FY2023 | 32.9% | 8.6% | -24.4 points |
| FY2024 | 0.8% | 4.3% | 3.6 points |
| FY2026 | 11.0% | 11.0% | 0.0 points |
| FY2027 | 2.8% | -0.5% | -3.3 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2021 | not reported | not reported | not reported | not reported |
| FY2021 | 49.6 days | 50.7 days | 43 days | 57.3 days |
| FY2022 | 57.2 days | 83.9 days | 59.6 days | 81.5 days |
| FY2023 | 46.7 days | 78.7 days | 36 days | 89.4 days |
| FY2024 | 48.4 days | 57.2 days | 37.7 days | 67.9 days |
| FY2026 | 48.4 days | 60.7 days | 37.6 days | 71.5 days |
| FY2027 | 46.8 days | 64.4 days | 33.4 days | 77.8 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2021 | not reported |
| FY2021 | -4.5 percent |
| FY2022 | 4.4 percent |
| FY2023 | -0.7 percent |
| FY2024 | -13.8 percent |
| FY2026 | -3.6 percent |
| FY2027 | -3.4 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2027) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.