Core & Main is a specialty distributor of water infrastructure products, selling pipes, valves, fittings, storm drainage products, fire protection products, and smart meters to municipalities, private water utilities, and contractors across the U.S. and Canada. These products are used to build, maintain, repair, and replace water, wastewater, stormwater, and fire protection systems. Core & Main operates over 370 branch locations, each stocking roughly 4,500 products and serving customers with local sales reps who help with project design, materials specification, and delivery coordination. The company buys in bulk from over 5,000 suppliers and sells to over 60,000 customers, many of whom are small contractors that suppliers can't serve directly. Core & Main earns a distribution margin on the spread between supplier cost and customer pricing, with profitability driven by volume, product mix, and operating leverage on a largely fixed branch cost structure. Key margin levers include expanding private label products (currently ~5% of sales, targeting 10–15% long-term), supplier rebates tied to purchasing scale, and data-driven pricing tools. By product, pipes, valves, and fittings represent roughly 67% of sales, with storm drainage, meters, and fire protection making up the remainder. Sales are roughly split between municipal and non-residential end markets, with residential at ~18%, and between new construction and repair/replacement activity. Core & Main grows through greenfield branch openings, acquisitions (over 40 since 2017), and product line expansion into adjacencies like smart meters and fusible pipe. The company recently entered Canada and views it as a meaningful growth opportunity.