On Nov. 13, 2025, NIA Impact Advisors, LLC disclosed a new position in Core & Main (CNM +0.32%), acquiring 66,437 shares valued at approximately $3.58 million.
What happened
NIA Impact Advisors disclosed a new investment in Core & Main in its quarterly portfolio update filed with the U.S. Securities and Exchange Commission (SEC filing) dated Nov. 13, 2025.
The firm reported ownership of 66,437 shares, equivalent to $3.58 million, marking the initiation of a stake in the water infrastructure distributor during the third quarter of 2025.
What else to know
This new position in Core & Main accounts for 1.2% of NIA's $307.72 million in reportable U.S. equity holdings as of Sept. 30, 2025.
Top fund holdings after the filing:
- Vanguard Total Stock Market ETF (VTI +0.94%): $14.30 million (4.6% of AUM)
- Taiwan Semiconductor Manufacturing (TSM +1.98%): $11.35 million (3.7% of AUM)
- Apple (AAPL +0.00%): $11.29 million (3.7% of AUM)
- First Solar (FSLR +1.47%): $11.08 million (3.6% of AUM)
- International Business Machines (IBM +0.75%): $8.66 million (2.8% of AUM)
As of Dec. 10, 2025, shares of Core & Main were priced at $55.19, up approximately 3% over the past year, underperforming the S&P 500 by 10 percentage points.
Core & Main trades at a forward price-to-earnings ratio of 24 and an enterprise value to EBITDA multiple of 13.
Company Overview
| Metric | Value |
|---|---|
| Price (as of market close December 10, 2025) | $55.19 |
| Market Capitalization | $10.52 billion |
| Revenue (TTM) | $7.74 billion |
| Net Income (TTM) | $431.00 million |
Company Snapshot
Core & Main:
- Distributes water, wastewater, storm drainage, fire protection, and meter products, including pipes, valves, hydrants, fittings, and related services.
- Generates revenue through the sale of infrastructure products and value-added services for the construction, maintenance, and repair of water and fire protection systems.
- Serves municipalities, private water companies, and professional contractors in the municipal, non-residential, and residential end markets across the United States.
Core & Main is a leading distributor of water, wastewater, and fire protection infrastructure products in the United States, operating at scale with over $7.7 billion in trailing twelve months revenue.
The company leverages a broad product portfolio and technical expertise to support critical infrastructure projects for a diverse customer base.
Its strategic focus on essential utility markets and specialized services underpins a resilient business model and positions it as a key partner in the maintenance and development of water and fire protection systems nationwide.
Foolish take
NIA Impact Advisors appears to be buying the dip on Core & Main, the United States' second-largest distributor of waterworks products.
Since Core & Main went public in 2021, it has nearly doubled the total returns of the S&P 500, powered by its success as a serial acquirer.
While the top two players in the company's niche control one-third of product distribution in the U.S. waterworks niche, the rest of the industry is highly fragmented, making it a perfect opportunity for acquirers like Core & Main.
That said, the company's sales growth trickled down to just 1% in the last quarter, causing the stock to sell off heavily, which is where NIA scooped up some shares.
From a Foolish perspective, I think this purchase is a shrewd one. Core & Main's return on invested capital has consistently been above 10% in recent years, indicating that it is a profitable acquirer and integrator of businesses.
Furthermore, clean water, water conservation, climate resilience, and the preservation of ancient water infrastructure provide numerous tailwinds to drive Core & Main's sales to persistently higher highs over the long term.
Trading at 20 times free cash flow, the company is cheaper than the broader market, but should prove to be a steady-Eddie operator despite this discount price tag. I really like NIA's purchase of Core & Main and will be keeping an eye on the company myself.
Glossary
Assets Under Management (AUM): The total market value of investments managed on behalf of clients by a financial institution.
Position: The amount of a particular security or asset held in a portfolio.
Net Position Change: The difference in the number or value of shares held before and after a transaction.
Reportable Holdings: Investments that must be disclosed to regulators, typically due to size or regulatory requirements.
Forward Price-to-Earnings Ratio: A valuation metric comparing a company's current share price to its expected future earnings per share.
Enterprise Value to EBITDA: A ratio comparing a company’s total value to its earnings before interest, taxes, depreciation, and amortization.
Dividend Yield: Annual dividend income expressed as a percentage of the current share price.
Trailing Twelve Months (TTM): The 12 months ending with the most recent quarterly report.
Stake: The ownership interest or shareholding in a company.
Municipalities: Local government entities, such as cities or towns, often customers for infrastructure products.
Value-Added Services: Additional services provided alongside products to enhance their usefulness or performance.
End Markets: The final industries or sectors where a company’s products or services are sold or used.
