Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Core & Main, a leading specialty distributor of water infrastructure products and services in North America, reported its fiscal 2025 results showcasing both resilience and challenges amid a complex market environment.</li><li>The company operates over 370 branches across the U.S. and Canada, offering more than 225,000 products to a diverse customer base of over 60,000.</li><li>Its end markets are well diversified, with municipal projects constituting 44% of sales, nonresidential 38%, and residential 18%.</li></ul>

Core & Main, a leading specialty distributor of water infrastructure products and services in North America, reported its fiscal 2025 results showcasing both resilience and challenges amid a complex market environment.The company operates over 370 branches across the U.S. and Canada, offering more than 225,000 products to a diverse customer base of over 60,000.Its end markets are well diversified, with municipal projects constituting 44% of sales, nonresidential 38%, and residential 18%.

<ul><li>Core & Main has kicked off 2026 with a strategic move that could reshape its growth trajectory in the underground infrastructure distribution market.</li><li>On January 5, the company announced a definitive agreement to acquire Pioneer Supply, a regional player in the water, wastewater, and storm drainage product distribution space.</li><li>This move comes on the heels of a strong Q3 FY25 performance, where Core & Main reported resilient margins despite inflationary headwinds, supply chain normalization, and lower price realization across parts of its portfolio.</li></ul>

Core & Main has kicked off 2026 with a strategic move that could reshape its growth trajectory in the underground infrastructure distribution market.On January 5, the company announced a definitive agreement to acquire Pioneer Supply, a regional player in the water, wastewater, and storm drainage product distribution space.This move comes on the heels of a strong Q3 FY25 performance, where Core & Main reported resilient margins despite inflationary headwinds, supply chain normalization, and lower price realization across parts of its portfolio.

Core & Main’s M&A Engine Is Running Hot—What’s Next After Pioneer?

<ul><li>Core & Main reported a nearly 7% growth in net sales for Q2 2025, largely comprising approximately 5% organic growth.</li><li>This positive sales performance was driven by robust municipal demand, attributed to repair and replacement activities, advanced metering infrastructure projects, and the construction of new water and wastewater treatment facilities.</li><li>However, the residential sector, accounting for around 20% of sales, experienced a slowdown due to high interest rates and affordability concerns, inducing Core & Main to lower its residential market outlook for the remainder of the year.</li></ul>

Core & Main reported a nearly 7% growth in net sales for Q2 2025, largely comprising approximately 5% organic growth.This positive sales performance was driven by robust municipal demand, attributed to repair and replacement activities, advanced metering infrastructure projects, and the construction of new water and wastewater treatment facilities.However, the residential sector, accounting for around 20% of sales, experienced a slowdown due to high interest rates and affordability concerns, inducing Core & Main to lower its residential market outlook for the remainder of the year.

Core & Main Is Quietly Unlocking Synergies From Its M&A Spree – Here’s How!

<ul><li>Core & Main reported strong results for its first fiscal quarter of 2025, with net sales reaching a record $1.9 billion and adjusted EBITDA hitting $224 million.</li><li>The company attributed its performance to robust municipal construction activity and funding from government infrastructure initiatives, which continue to create opportunities, particularly in water and wastewater treatment projects.</li><li>However, Core & Main did note a softening in the residential market due to economic uncertainties and affordability pressures, impacting future outlooks slightly.</li></ul>

Core & Main reported strong results for its first fiscal quarter of 2025, with net sales reaching a record $1.9 billion and adjusted EBITDA hitting $224 million.The company attributed its performance to robust municipal construction activity and funding from government infrastructure initiatives, which continue to create opportunities, particularly in water and wastewater treatment projects.However, Core & Main did note a softening in the residential market due to economic uncertainties and affordability pressures, impacting future outlooks slightly.

Core & Main: Can It Capitalize On The Growing Municipal & Infrastructure Investments?

<ul><li>Core & Main reported strong financial performance for the fiscal year 2024, marked by significant sales growth and strategic changes in the executive leadership team.</li><li>Sales increased by 18% in the fourth quarter, supported by a 9% contribution from acquisitions, and organic growth in average daily sales.</li><li>The company maintained stable gross margins and saw a slight increase in SG&A expenses, despite inflationary pressures, primarily due to acquisitions and additional costs associated with an extra selling week.</li></ul>

Core & Main reported strong financial performance for the fiscal year 2024, marked by significant sales growth and strategic changes in the executive leadership team.Sales increased by 18% in the fourth quarter, supported by a 9% contribution from acquisitions, and organic growth in average daily sales.The company maintained stable gross margins and saw a slight increase in SG&A expenses, despite inflationary pressures, primarily due to acquisitions and additional costs associated with an extra selling week.

Core & Main Defies Market Volatility—The Power Moves Behind Their 2025 Growth Surge

United States

Core & Main, Inc. operates as a distributor of water, wastewater, storm drainage, and fire protection products. The Company clamps, couplings, tapping sleeves, fittings, meters, pipes, pumps, restraints, valves, manholes, control structures, inline drains, reinforced concrete, downspout adapters, and oil water separators.

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Core & Main (CNM US)

Core & Main: Smart Meters

Core & Main, a leading specialty distributor of water infrastructure products and services in North America, reported its fiscal 2025 results...

Baptista Research

Core & Main’s M&A Engine Is Running Hot—What’s Next After Pioneer?

Core & Main has kicked off 2026 with a strategic move that could reshape its growth trajectory in the underground infrastructure distribution...

Baptista Research

Core & Main Is Quietly Unlocking Synergies From Its M&A Spree – Here’s How!

Core & Main reported a nearly 7% growth in net sales for Q2 2025, largely comprising approximately 5% organic growth. This positive sales...

Baptista Research

Core & Main: Can It Capitalize On The Growing Municipal & Infrastructure Investments?

Core & Main reported strong results for its first fiscal quarter of 2025, with net sales reaching a record $1.9 billion and adjusted EBITDA...

Baptista Research

Core & Main Defies Market Volatility—The Power Moves Behind Their 2025 Growth Surge

Core & Main reported strong financial performance for the fiscal year 2024, marked by significant sales growth and strategic changes in the...

Baptista Research

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