Dependence on Economic and Infrastructure Spending Cycles: Core & Main's revenue is highly sensitive to the level of public and private infrastructure spending, which can be impacted by economic downturns, municipal budget constraints, and general construction activity slowdowns.

Supply Chain and Raw Material Price Volatility: As a distributor, the company relies on manufacturers for products. Disruptions in the global supply chain, labor shortages, and significant fluctuations in raw material costs (e.g., steel, PVC, ductile iron) can increase procurement costs and impact product availability.

Intense Market Competition: The water, wastewater, storm drainage, and fire protection product distribution market is competitive, with numerous national and regional players. Intense competition could lead to pricing pressure, reduced profit margins, or loss of market share.