A Business at a Glance
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COMMERCIAL METALS Co
CMC
$7.9B
Mkt Cap
$68.95
+1.34%
COMMERCIAL METALS Co (CMC) has a current P/E ratio of 17.9, compared to its historical median P/E of 11.0. The stock is currently considered Fair based on its historical valuation range.
COMMERCIAL METALS Co (CMC) has a 5-year average return on invested capital (ROIC) of 17.7%. This indicates strong capital allocation and a potential competitive advantage.
COMMERCIAL METALS Co (CMC) has a market capitalization of $7.7B. It is classified as a mid-cap stock.
Yes, COMMERCIAL METALS Co (CMC) pays a dividend with a trailing twelve-month yield of 1.05%. The company also returns capital through share buybacks, with a buyback yield of 2.06%.
Based on historical P/E analysis, COMMERCIAL METALS Co (CMC) appears fair. The current P/E of 17.9 is 63% above its historical median of 11.0. The estimated fair value CAGR (P/E method) is 7.2%.
COMMERCIAL METALS Co (CMC) operates in the Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) industry, within the Materials sector.
COMMERCIAL METALS Co (CMC) reported annual revenue of $7.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
Commercial Metals Company (CMC), founded in 1915, is an integrated steel and construction solutions provider serving the global construction sector through a vertically integrated network of recycling facilities, steel mills, and fabrication operations principally located in the United States and Central Europe. The company operates through three reportable segments: North America Steel Group, which provides diverse reinforcement products and solutions to support construction across infrastructure, non-residential, residential, industrial, and energy applications; Emerging Businesses Group, which includes high value-added solutions such as Tensar geotechnical products and other specialized reinforcement offerings; and Europe Steel Group, which serves European construction markets. CMC's business model is built on sustainable principles, manufacturing products from approximately 98% recycled material using energy-efficient technology and closed-loop water recycling processes, while generating revenue through the sale of finished steel products, precast concrete products, and specialized construction solutions. The company differentiates itself through industry-leading customer service, low-cost high-quality production, and a comprehensive portfolio of capabilities that enables it to win complex, large-scale projects, particularly in data centers, energy infrastructure, and mega projects requiring specialized reinforcement solutions. In December 2025, CMC completed acquisitions of Foley Products Company and Concrete, Pipe and Precast (CP&P), establishing a large-scale precast concrete platform that significantly expands the company's addressable market and shifts its earnings composition toward higher-margin, lower-capital-intensity businesses.
【Margin expansion and operational leverage】 Management expects meaningful sequential improvement in core EBITDA in the fourth quarter of fiscal 2026 driven by the absence of third-quarter mill outages, higher volumes, margin expansion, and continued benefits from the TAG (Transformation, Advancement and Growth) continuous improvement program, which is tracking ahead of the targeted $150 million run-rate annualized benefits. The company anticipates improving pricing conditions with scrap costs remaining relatively stable, and expects mid-teens adjusted EBITDA growth in the Construction Solutions Group driven by increased contributions from the precast platform and solid underlying momentum. Demand fundamentals remain supportive across end markets, with more than 50% of IIJA funding yet to be spent supporting highway construction and infrastructure spending, multifamily construction expected to remain stronger than single family, and a growing pipeline of large-scale mega projects driving non-residential demand. The company is confident in achieving its net leverage target of below 2x by mid-2027 or sooner, supported by strong free cash flow generation from the precast platform, wind-down of West Virginia mill capital expenditures, and significant cash tax savings from the Section 48C tax credit and accelerated depreciation benefits.
| Metric | Target | Period |
|---|---|---|
| Precast business EBITDA (full-year fiscal 2026) | $165 million–$175 million | FY2026 (ending August 31, 2026) |
| Capital spending | approximately $550 million | FY2026 (ending August 31, 2026) |
| Effective tax rate | between 7% and 9% | FY2026 (ending August 31, 2026) |
| Net leverage target | below 2x | by mid-2027 or sooner |
Precast business EBITDA (full-year fiscal 2026) (FY2026 (ending August 31, 2026)): “For the full fiscal year, we continue to anticipate the precast business will generate between $165 million and $175 million in EBITDA.”
Capital spending (FY2026 (ending August 31, 2026)): “Regarding CMC's capital spending outlook, we anticipate investing approximately $550 million in fiscal 2026.”
Effective tax rate (FY2026 (ending August 31, 2026)): “CMC's effective tax rate in the third quarter was 8.4%, and on a year-to-date basis was 7.9%, in line with our fiscal 2026 effective tax rate expectations of between 7% and 9%.”
Net leverage target (by mid-2027 or sooner): “With respect to our balance sheet, we continue to make progress in reducing net leverage and remain very confident in achieving our target of below 2x by mid-2027 or sooner.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 8.4B | 7.8B | - | - | - | 6.7B |
| Net Income | 505M | 85M | 485M | 860M | 1.2B | 413M |
| EPS | $4.54 | $0.74 | $4.14 | $7.25 | $9.95 | $3.38 |
| Free Cash Flow | 394M | 312M | 575M | 737M | 250M | 44M |
| ROIC | 0.0% | 3.3% | 11.4% | 20.5% | 34.6% | 18.7% |
| Gross Margin | - | 15.6% | - | - | - | 16.4% |
| Debt/Equity | 0.76 | 0.33 | 0.25 | 0.27 | 0.56 | 0.49 |
| Dividends/Share | $0.72 | $0.72 | $0.68 | $0.64 | $0.56 | $0.48 |
| Operating Income | 0 | 153M | 684M | 1.2B | 1.6B | 586M |
| Operating Margin | 0.0% | 2.0% | - | - | - | 8.7% |
| ROE | 11.5% | 2.0% | 11.5% | 23.2% | 43.6% | 18.0% |
| Shares Outstanding | 111M | 114M | 117M | 119M | 122M | 122M |
| Metric | 2014 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 6.8B | 6.0B | 4.2B | 3.8B | 4.6B | 5.8B | 5.5B | 6.7B | N/A | N/A | N/A | 7.8B | 8.4B |
| Gross Margin | 10.0% | 11.3% | 14.3% | 13.6% | 13.4% | 13.8% | 17.3% | 16.4% | N/A | N/A | N/A | 15.6% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 449M | 443M | 415M | 387M | 401M | 463M | 503M | 505M | 545M | 646M | 668M | 700M | 784M |
| EBIT | 235M | 204M | 128M | 106M | 210M | 339M | 434M | 586M | 1.6B | 1.2B | 684M | 153M | 0 |
| Op. Margin | 3.5% | 3.4% | 3.1% | 2.8% | 4.5% | 5.8% | 7.9% | 8.7% | N/A | N/A | N/A | 2.0% | 0.0% |
| Net Income | 116M | 79M | 55M | 46M | 139M | 198M | 280M | 413M | 1.2B | 860M | 485M | 85M | 505M |
| Net Margin | 1.7% | 1.3% | 1.3% | 1.2% | 3.0% | 3.4% | 5.1% | 6.1% | N/A | N/A | N/A | 1.1% | 6.0% |
| Non-Recurring | 7.0M | 16M | 43M | 27M | 21M | 2.9M | 14M | 29M | 280M | 1.5M | 3.4M | 4.6M | 4.6M |
| Returns on Capital | |||||||||||||
| ROIC | 9.5% | 8.1% | 6.3% | 4.7% | 12.0% | 10.0% | 17.1% | 18.7% | 34.6% | 20.5% | 11.4% | 3.3% | 0.0% |
| ROE | 8.6% | 5.8% | 4.0% | 3.3% | 9.3% | 12.2% | 14.8% | 18.0% | 43.6% | 23.2% | 11.5% | 2.0% | 11.5% |
| ROA | 3.1% | 2.3% | 1.7% | 1.6% | 4.2% | 5.3% | 6.8% | 8.9% | 22.4% | 13.4% | 7.2% | 1.2% | 5.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 137M | 313M | 587M | 174M | -434M | 37M | 791M | 228M | 700M | 1.3B | 900M | 715M | 840M |
| Free Cash Flow | 35M | 194M | 424M | -39M | -609M | -102M | 604M | 44M | 250M | 737M | 575M | 312M | 394M |
| Owner Earnings | -17M | 157M | 434M | 19M | -590M | -147M | 594M | 17M | 478M | 1.1B | 574M | 392M | 475M |
| CapEx | 102M | 120M | 163M | 213M | 175M | 139M | 188M | 184M | 450M | 607M | 324M | 403M | 446M |
| Maint. CapEx | 136M | 133M | 127M | 125M | 132M | 159M | 166M | 168M | 175M | 219M | 280M | 286M | 320M |
| Growth CapEx | 0 | 0 | 36M | 88M | 43M | 0 | 22M | 17M | 275M | 388M | 44M | 117M | 126M |
| D&A | 136M | 133M | 127M | 125M | 132M | 159M | 166M | 168M | 175M | 219M | 280M | 286M | 320M |
| CapEx/OCF | 74.3% | 38.1% | 27.8% | N/A | N/A | 375.2% | 23.7% | 80.6% | 64.3% | 45.1% | 36.0% | 56.3% | 53.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 56M | 56M | 55M | 56M | 56M | 57M | 57M | 58M | 68M | 75M | 79M | 81M | 80M |
| Dividend Yield | 3.3% | 3.7% | 3.7% | 2.9% | 2.5% | 3.1% | 2.7% | 1.9% | 1.6% | 1.4% | 1.3% | 1.4% | 1.1% |
| Share Buybacks | 0 | 42M | 31M | 0 | 0 | 0 | 0 | 0 | 162M | 101M | 183M | 199M | 158M |
| Buyback Yield | N/A | 2.8% | 2.0% | N/A | N/A | N/A | N/A | N/A | 3.3% | 1.7% | 3.2% | 3.1% | 2.1% |
| Stock-Based Comp | 18M | 23M | 26M | 30M | 24M | 25M | 32M | 44M | 47M | 61M | 45M | 37M | 45M |
| Debt Repayment | 7.7M | 11M | 211M | 712M | 20M | 128M | 247M | 369M | 329M | 390M | 36M | 41M | 41M |
| Balance Sheet | |||||||||||||
| Net Debt | 431M | 322M | 350M | 339M | -67M | 877M | 18M | 129M | 1.2B | 506M | 236M | -688M | 2.4B |
| Cash & Equiv. | 435M | 485M | 518M | 253M | 622M | 192M | 542M | 498M | 679M | 596M | 860M | 1.0B | 999M |
| Long-Term Debt | 1.3B | 1.3B | 758M | 806M | 1.1B | 1.2B | 1.1B | 1.0B | 1.5B | 1.1B | 1.1B | 1.3B | 3.3B |
| Debt/Equity | 0.97 | 0.94 | 1.01 | 0.60 | 0.79 | 0.78 | 0.58 | 0.49 | 0.56 | 0.27 | 0.25 | 0.33 | 0.76 |
| Interest Coverage | 3.1 | 2.6 | 2.1 | 2.4 | 5.1 | 4.8 | 7.0 | 11.3 | 30.9 | 29.0 | 14.3 | 3.4 | 3.4 |
| Equity | 1.3B | 1.4B | 1.4B | 1.4B | 1.5B | 1.6B | 1.9B | 2.3B | 3.3B | 4.1B | 4.3B | 4.2B | 4.4B |
| Total Assets | 3.7B | 3.4B | 3.1B | 3.0B | 3.3B | 3.8B | 4.1B | 4.6B | 6.2B | 6.6B | 6.8B | 7.2B | 9.6B |
| Total Liabilities | 2.3B | 2.1B | 1.8B | 1.6B | 1.8B | 2.1B | 2.2B | 2.3B | 3.0B | 2.5B | 2.5B | 3.0B | 5.2B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 10M | 257M | 259M | 235M | 211M | 496M |
| Retained Earnings | 1.2B | 1.4B | 1.4B | 1.4B | 1.4B | 1.6B | 1.8B | 2.2B | 3.3B | 4.1B | 4.5B | 4.5B | 4.7B |
| Working Capital | 1.7B | 1.8B | 1.2B | 1.1B | 1.5B | 1.4B | 1.5B | 1.8B | 2.1B | 2.3B | 2.5B | 2.2B | 1.9B |
| Current Assets | 2.6B | 2.4B | 2.0B | 1.7B | 2.1B | 2.1B | 2.2B | 2.7B | 3.4B | 3.1B | 3.3B | 3.5B | 3.3B |
| Current Liabilities | 891M | 629M | 821M | 608M | 542M | 695M | 745M | 980M | 1.4B | 844M | 835M | 1.3B | 1.4B |
| Per Share Data | |||||||||||||
| EPS | 0.97 | 0.67 | 0.47 | 0.39 | 1.17 | 1.66 | 2.32 | 3.38 | 9.95 | 7.25 | 4.14 | 0.74 | 4.54 |
| Owner EPS | -0.14 | 1.33 | 3.72 | 0.16 | -4.98 | -1.23 | 4.93 | 0.14 | 3.91 | 8.98 | 4.90 | 3.43 | 4.28 |
| Book Value | 11.32 | 11.65 | 11.73 | 11.79 | 12.62 | 13.61 | 15.68 | 18.79 | 26.86 | 34.75 | 36.67 | 36.65 | 39.71 |
| Cash Flow/Share | 1.15 | 2.64 | 5.04 | 1.47 | -3.67 | 0.31 | 6.57 | 1.87 | 5.72 | 11.33 | 7.67 | 6.25 | 7.44 |
| Dividends/Share | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.56 | 0.64 | 0.68 | 0.72 | 0.72 |
| Shares Out. | 119.1M | 118.6M | 116.5M | 118.8M | 118.4M | 119.3M | 120.5M | 122.1M | 122.3M | 118.6M | 117.3M | 114.4M | 111.0M |
| Valuation | |||||||||||||
| P/E Ratio | 14.2 | 18.7 | 28.2 | 39.2 | 16.3 | 8.3 | 8.6 | 9.4 | 4.1 | 7.4 | 12.5 | 77.8 | 15.2 |
| P/FCF | 45.6 | 7.6 | 3.6 | N/A | N/A | N/A | 4.0 | 87.6 | 19.9 | 8.6 | 10.6 | 21.1 | 19.4 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | 7.4 | 5.6 | 6.8 | 3.5 | N/A | N/A | N/A | N/A |
| Price/Book | N/A | N/A | N/A | N/A | N/A | 1.0 | 1.3 | 1.7 | 1.5 | 1.5 | 1.3 | 1.5 | 1.7 |
| Price/Sales | 0.2 | 0.3 | 0.4 | 0.5 | 0.5 | 0.3 | 0.4 | 0.4 | 0.5 | 0.6 | 0.7 | 0.7 | 0.9 |
| FCF Yield | 2.2% | 13.1% | 27.4% | -2.1% | -26.9% | -6.2% | 25.2% | 1.1% | 5.0% | 12.1% | 10.0% | 4.9% | 5.1% |
| Market Cap | 1.6B | 1.5B | 1.5B | 1.8B | 2.3B | 1.6B | 2.4B | 3.9B | 5.0B | 6.1B | 5.8B | 6.4B | 7.7B |
| Avg. Price | 14.23 | 12.65 | 12.88 | 16.13 | 18.83 | 15.52 | 17.34 | 24.39 | 34.58 | 46.49 | 50.67 | 50.57 | 68.95 |
| Year-End Price | 13.48 | 12.50 | 13.26 | 15.30 | 19.08 | 13.76 | 19.92 | 31.79 | 40.70 | 53.31 | 51.82 | 57.60 | 68.95 |
COMMERCIAL METALS Co passes 3 of 9 quality checks, indicating weak fundamentals.
COMMERCIAL METALS Co trades at 17.9x trailing earnings, compared to its 15-year median P/E of 11.0x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 25.8x vs a median of 10.6x. The company's 5-year average ROIC is 17.7% with a gross margin of 16.0%. Total shareholder yield (dividends + buybacks) is 3.1%. At current prices, the estimated annualized return to fair value is +14.3%.
COMMERCIAL METALS Co (CMC) has a net profit margin of 1.1%. This is a modest margin.
COMMERCIAL METALS Co (CMC) generated $312 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
COMMERCIAL METALS Co (CMC) has a debt-to-equity ratio of 0.33. This indicates a conservatively financed balance sheet.
COMMERCIAL METALS Co (CMC) reported earnings per share (EPS) of $0.74 in its most recent fiscal year.
COMMERCIAL METALS Co (CMC) has a return on equity (ROE) of 2.0%. This indicates moderate shareholder returns.
COMMERCIAL METALS Co (CMC) has a 5-year average gross margin of 16.0%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 17 years of financial data for COMMERCIAL METALS Co (CMC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
COMMERCIAL METALS Co (CMC) has a book value per share of $36.65, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects meaningful sequential improvement in core EBITDA in the fourth quarter of fiscal 2026 driven by the absence of third-quarter mill outages, higher volumes, margin expansion, and continued benefits from the TAG (Transformation, Advancement and Growth) continuous improvement program, which is tracking ahead of the targeted $150 million run-rate annualized benefits. The company anticipates improving pricing conditions with scrap costs remaining relatively stable, and expects mid-teens adjusted EBITDA growth in the Construction Solutions Group driven by increased contributions from the precast platform and solid underlying momentum. Demand fundamentals remain supportive across end markets, with more than 50% of IIJA funding yet to be spent supporting highway construction and infrastructure spending, multifamily construction expected to remain stronger than single family, and a growing pipeline of large-scale mega projects driving non-residential demand. The company is confident in achieving its net leverage target of below 2x by mid-2027 or sooner, supported by strong free cash flow generation from the precast platform, wind-down of West Virginia mill capital expenditures, and significant cash tax savings from the Section 48C tax credit and accelerated depreciation benefits.
Based on recent SEC filings and earnings calls, COMMERCIAL METALS Co (CMC) has provided the following forward guidance: Precast business EBITDA (full-year fiscal 2026): $165 million–$175 million (FY2026 (ending August 31, 2026)); Capital spending: approximately $550 million (FY2026 (ending August 31, 2026)); Effective tax rate: between 7% and 9% (FY2026 (ending August 31, 2026)); Net leverage target: below 2x (by mid-2027 or sooner).
No recent press releases.