CNMMEDIUM SIGNALFINANCIAL10-K

CNM shows solid balance sheet growth with stockholders' equity expanding 18% to $2.0B, though interest expenses rose meaningfully alongside reduced share buyback activity.

The company's financial position strengthened with current assets growing 14% and equity base expanding, suggesting healthy operational performance. However, the 23% increase in interest expense to $81M indicates higher borrowing costs or increased debt levels, while management pulled back modestly on share repurchases.

Comparing 2026-03-24 vs 2025-03-25View on EDGAR →
FINANCIAL ANALYSIS

CNM delivered balanced financial growth with current assets rising 14% to $2.3B and stockholders' equity expanding 18% to $2.0B, reflecting solid operational performance. The company faced higher financing costs with interest expense climbing 23% to $81M, while management reduced share buybacks by 12% to $155M. The overall picture suggests a company investing in growth while managing increased borrowing costs, with a strengthened balance sheet providing financial flexibility.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+22.7%
$66.0M→$81.0M

Interest costs rose 22.7% — monitor debt levels and coverage ratio in rising rate environment.

Stockholders Equity
Balance Sheet
+17.6%
$1.7B→$2.0B

Equity base grew 17.6% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Current Assets
Balance Sheet
+13.7%
$2.0B→$2.3B

Current assets grew 13.7% — improving short-term liquidity or inventory/receivables build.

Share Buybacks
Cash Flow
-11.9%
$176.0M→$155.0M

Buyback activity reduced 11.9% — capital being redeployed elsewhere or cash conservation underway.

LANGUAGE CHANGES
NEW — 2026-03-24
PRIOR — 2025-03-25
ADDED
As of March 20, 2026, there were 188,072,306 shares of the registrant s Class A common stock, par value $0.01 per share, and 6,577,704 shares of the registrant s Class B common stock, par value $0.01 per share, outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 38 Item 7A.
As of February 1, 2026, we had a network of over 370 bra nch locations across the United States ( U.S.
We offer a comprehensive portfolio of more than 225,000 products covering a full spectrum of specialized solutions to address aging water infrastructure, including pipes, valves fittings, storm drainage products, fire protection products and smart metering products.
We estimate we derived approximately 44% of our net sales for the fiscal year ended February 1, 2026 ( fiscal 2025 ) from the municipal end market, 38% from the non-residential end market and 18% from the residential end market.
Furthermore, we estimate we had a near-equal mix of sales related to construction on new projects and existing repair and replacement projects in fiscal 2025 .
Our mission is to deliver essential infrastructure products and solutions to communities for water, wastewater, storm drainage, and fire protection needs.
We succeed by investing in our people to know their industries, products and customers, connecting local experts within our national network to deliver anytime, anywhere.
We advance the future of water infrastructure with trusted expertise, innovative solutions, and reliable products and service.
Under The Home Depot s ownership, we became HD Supply Waterworks and further expanded our geographic footprint.
REMOVED
As of March 21, 2025, there were 190,058,509 shares of the registrant s Class A common stock, par value $0.01 per share, and 7,828,361 shares of the registrant s Class B common stock, par value $0.01 per share, outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 7A.
As of February 2, 2025, we had a network of over 370 bra nch locations in 49 U.S.
We offer a comprehensive portfolio of more than 225,000 products covering a full spectrum of specialized products and services, including pipes, valves fittings, storm drainage products, fire protection products and smart metering products.
We estimate we derived approximately 42% of our net sales for the fiscal year ended February 2, 2025 ( fiscal 2024 ) from the municipal construction sector, 38% from the non-residential construction sector and 20% from the residential construction sector.
Furthermore, we estimate that we had a near-equal mix of sales related to construction on new projects and existing repair and replacement projects in fiscal 2024.
The Company and our people are committed to advancing reliable infrastructure with local service, nationwide.
Our mission is to serve as an industry leader, supplying local expertise, products and services to build resilient water, wastewater, storm drainage and fire protection infrastructure solutions for the communities we serve.
We support our customers and our communities in their efforts to find both short- and long-term solutions to conserve water.
We embrace our responsibility in contributing to the evolution of our industry over the long term, providing innovative solutions and giving visibility to the critical importance of reliable water infrastructure systems.
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