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Side-by-side financial comparison of Core & Main, Inc. (CNM) and Meritage Homes CORP (MTH). Click either name above to swap in a different company.
Core & Main, Inc. is the larger business by last-quarter revenue ($2.1B vs $1.4B, roughly 1.5× Meritage Homes CORP). Meritage Homes CORP runs the higher net margin — 17.7% vs 6.6%, a 11.1% gap on every dollar of revenue. On growth, Meritage Homes CORP posted the faster year-over-year revenue change (10.5% vs 0.0%). Core & Main, Inc. produced more free cash flow last quarter ($263.0M vs $-225.4M).
Core & Main, headquartered in St. Louis, Missouri, distributes products used for water, wastewater, storm drainage, and fire protection in the United States. Customers include municipalities, private water companies, and professional contractors. The company has 370 branch locations in 49 U.S. states, 60,000 customers, and sells 225,000 products.
Meritage Homes Corporation is a publicly traded American real estate development company that constructs a variety of single-family detached homes across the United States. It is the fifth largest home builder in the United States, based on 2023 home sales. The company also develops active adult communities and luxury real estate in Arizona.
CNM vs MTH — Head-to-Head
Income Statement — Q3 FY2026 vs Q2 FY2022
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.4B |
| Net Profit | $137.0M | $250.1M |
| Gross Margin | 27.2% | 31.5% |
| Operating Margin | 10.7% | 23.5% |
| Net Margin | 6.6% | 17.7% |
| Revenue YoY | 0.0% | 10.5% |
| Net Profit YoY | 0.0% | 49.4% |
| EPS (diluted) | $0.72 | $6.77 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $1.4B | — |
| Q4 25 | $137.0M | — | ||
| Q3 25 | $134.0M | — | ||
| Q2 25 | $100.0M | — | ||
| Q1 25 | $64.0M | — | ||
| Q4 24 | $133.0M | — | ||
| Q3 24 | $119.0M | — | ||
| Q2 24 | $95.0M | — | ||
| Q1 24 | $63.0M | — |
| Q4 25 | 27.2% | — | ||
| Q3 25 | 26.8% | — | ||
| Q2 25 | 26.7% | — | ||
| Q1 25 | 26.6% | — | ||
| Q4 24 | 26.6% | — | ||
| Q3 24 | 26.4% | — | ||
| Q2 24 | 26.9% | — | ||
| Q1 24 | 26.7% | — |
| Q4 25 | 10.7% | — | ||
| Q3 25 | 10.2% | — | ||
| Q2 25 | 8.9% | — | ||
| Q1 25 | 7.3% | — | ||
| Q4 24 | 10.9% | — | ||
| Q3 24 | 10.4% | — | ||
| Q2 24 | 9.6% | — | ||
| Q1 24 | 8.1% | — |
| Q4 25 | 6.6% | — | ||
| Q3 25 | 6.4% | — | ||
| Q2 25 | 5.2% | — | ||
| Q1 25 | 3.8% | — | ||
| Q4 24 | 6.5% | — | ||
| Q3 24 | 6.1% | — | ||
| Q2 24 | 5.5% | — | ||
| Q1 24 | 4.4% | — |
| Q4 25 | $0.72 | — | ||
| Q3 25 | $0.70 | — | ||
| Q2 25 | $0.52 | — | ||
| Q1 25 | $0.34 | — | ||
| Q4 24 | $0.69 | — | ||
| Q3 24 | $0.61 | — | ||
| Q2 24 | $0.49 | — | ||
| Q1 24 | $0.34 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $89.0M | $272.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.0B | $3.4B |
| Total Assets | $6.3B | $5.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $89.0M | — | ||
| Q3 25 | $25.0M | — | ||
| Q2 25 | $8.0M | — | ||
| Q1 25 | $8.0M | — | ||
| Q4 24 | $10.0M | — | ||
| Q3 24 | $13.0M | — | ||
| Q2 24 | $30.0M | — | ||
| Q1 24 | $1.0M | — |
| Q4 25 | $2.0B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.5B | — |
| Q4 25 | $6.3B | — | ||
| Q3 25 | $6.3B | — | ||
| Q2 25 | $6.3B | — | ||
| Q1 25 | $5.9B | — | ||
| Q4 24 | $6.2B | — | ||
| Q3 24 | $6.1B | — | ||
| Q2 24 | $6.0B | — | ||
| Q1 24 | $5.1B | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $271.0M | $-219.0M |
| Free Cash FlowOCF − Capex | $263.0M | $-225.4M |
| FCF MarginFCF / Revenue | 12.8% | -16.0% |
| Capex IntensityCapex / Revenue | 0.4% | 0.5% |
| Cash ConversionOCF / Net Profit | 1.98× | -0.88× |
| TTM Free Cash FlowTrailing 4 quarters | $575.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.0M | — | ||
| Q3 25 | $34.0M | — | ||
| Q2 25 | $77.0M | — | ||
| Q1 25 | $235.0M | — | ||
| Q4 24 | $260.0M | — | ||
| Q3 24 | $48.0M | — | ||
| Q2 24 | $78.0M | — | ||
| Q1 24 | $294.0M | — |
| Q4 25 | $263.0M | — | ||
| Q3 25 | $24.0M | — | ||
| Q2 25 | $64.0M | — | ||
| Q1 25 | $224.0M | — | ||
| Q4 24 | $252.0M | — | ||
| Q3 24 | $39.0M | — | ||
| Q2 24 | $71.0M | — | ||
| Q1 24 | $289.0M | — |
| Q4 25 | 12.8% | — | ||
| Q3 25 | 1.1% | — | ||
| Q2 25 | 3.3% | — | ||
| Q1 25 | 13.2% | — | ||
| Q4 24 | 12.4% | — | ||
| Q3 24 | 2.0% | — | ||
| Q2 24 | 4.1% | — | ||
| Q1 24 | 20.1% | — |
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | 0.6% | — | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 0.5% | — | ||
| Q2 24 | 0.4% | — | ||
| Q1 24 | 0.3% | — |
| Q4 25 | 1.98× | — | ||
| Q3 25 | 0.25× | — | ||
| Q2 25 | 0.77× | — | ||
| Q1 25 | 3.67× | — | ||
| Q4 24 | 1.95× | — | ||
| Q3 24 | 0.40× | — | ||
| Q2 24 | 0.82× | — | ||
| Q1 24 | 4.67× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CNM
| Pipes Valves And Fitting Products | $1.4B | 67% |
| Storm Drainage Products | $333.0M | 16% |
| Meter Products | $195.0M | 9% |
| Fire Protection Products | $152.0M | 7% |
MTH
| Home Building | $1.4B | 100% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $9.8M | 1% |
| Financial Service | $5.1M | 0% |
| Land Closing | $3.4M | 0% |
