Commercial Metals (CMC)


Market Price (8/24/2026): $66.28 | Market Cap: $7.4 BilSector: Materials | Industry: Steel

Commercial Metals (CMC)


Market Price (8/24/2026): $66.28
Market Cap: $7.4 Bil
Sector: Materials
Industry: Steel

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.7%, FCF Yield is 5.3%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10%

Low stock price volatility
Vol 12M is 37%

Megatrend and thematic drivers
Megatrends include Circular Economy & Recycling, Sustainable & Green Buildings, and Sustainable Infrastructure. Themes include Advanced Recycling Technologies, Show more.

Weak multi-year price returns
2Y Excs Rtn is -13%, 3Y Excs Rtn is -50%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.6%

Key risks
CMC key risks include [1] material impacts from adverse legal outcomes, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.7%, FCF Yield is 5.3%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10%
2 Low stock price volatility
Vol 12M is 37%
3 Megatrend and thematic drivers
Megatrends include Circular Economy & Recycling, Sustainable & Green Buildings, and Sustainable Infrastructure. Themes include Advanced Recycling Technologies, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -13%, 3Y Excs Rtn is -50%
5 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.6%
6 Key risks
CMC key risks include [1] material impacts from adverse legal outcomes, Show more.

CMC in ETFs

Weight = CMC's share of each fund

VTI0.01%
ITOT0.01%
IWM0.23%
IJH0.22%
VB0.09%
NUSC0.58%
IJJ0.45%
MDYV0.42%
+17 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 8/19/2026

Commercial Metals (CMC) stock has lost about 5% since 4/30/2026 because of the following key factors:

1. Commercial Metals (CMC) reported robust fiscal third quarter 2026 results which exceeded analyst expectations.

For the fiscal third quarter, which ended May 31, 2026, CMC announced adjusted earnings per share of $1.73, surpassing analysts' consensus estimates of $1.70 by $0.03. Quarterly revenue also saw a significant year-over-year increase of 22.9% to $2.48 billion, exceeding the consensus estimate of $2.40 billion. This strong financial performance was largely driven by surging steel prices, the company's "Transform, Advance, Grow (TAG)" initiatives, and the contribution from recently acquired precast businesses, leading to a 78.6% year-over-year increase in core EBITDA to $353.6 million.

2. Analysts maintained generally positive ratings and raised price targets for CMC stock during the period.

Multiple research firms reiterated favorable outlooks for Commercial Metals. As of August 6, 2026, analysts collectively assigned a "Moderate Buy" rating with a consensus price target of $79.73. Specific updates included BMO Capital Markets raising its price target from $77 to $80, and Wells Fargo & Company increasing its target from $77.00 to $80.00. By August 18, 2026, the average price target among 12 analysts polled by S&P Global stood at $81.55, implying a potential upside of 14.89% from the then-current price.

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Updated on 8/19/2026

Commercial Metals (CMC) stock has lost about 5% since 4/30/2026 because of the following key factors:

1. Commercial Metals (CMC) reported robust fiscal third quarter 2026 results which exceeded analyst expectations.

For the fiscal third quarter, which ended May 31, 2026, CMC announced adjusted earnings per share of $1.73, surpassing analysts' consensus estimates of $1.70 by $0.03. Quarterly revenue also saw a significant year-over-year increase of 22.9% to $2.48 billion, exceeding the consensus estimate of $2.40 billion. This strong financial performance was largely driven by surging steel prices, the company's "Transform, Advance, Grow (TAG)" initiatives, and the contribution from recently acquired precast businesses, leading to a 78.6% year-over-year increase in core EBITDA to $353.6 million.

2. Analysts maintained generally positive ratings and raised price targets for CMC stock during the period.

Multiple research firms reiterated favorable outlooks for Commercial Metals. As of August 6, 2026, analysts collectively assigned a "Moderate Buy" rating with a consensus price target of $79.73. Specific updates included BMO Capital Markets raising its price target from $77 to $80, and Wells Fargo & Company increasing its target from $77.00 to $80.00. By August 18, 2026, the average price target among 12 analysts polled by S&P Global stood at $81.55, implying a potential upside of 14.89% from the then-current price.

3. The company demonstrated a commitment to shareholder value and long-term growth through increased share repurchases and strategic targets.

On August 5, 2026, Commercial Metals announced a substantial increase of $600 million to its ongoing share repurchase program, bringing the total capacity to approximately $717 million. This move signals a strong capital allocation strategy. Additionally, during its Investor Day on the same date, CMC unveiled long-term financial targets for fiscal 2029, including projected core EBITDA of $1,650 million to $1,800 million and core EBITDA margins of 15% to 16%.

4. Stable and somewhat favorable domestic steel market conditions provided underlying support for the stock.

The U.S. domestic steel market continued to benefit from import tariffs, leading to market share gains and increased revenue for producers like CMC. Domestic steel production was projected for its fifth consecutive year of growth in 2026, with nearly $7 billion worth of U.S.-based steel manufacturing projects slated to begin construction in fiscal Q3 2026 (ended May 31, 2026). While global basic metals production growth was expected to slow, strong demand from construction activities and high capability utilization rates in U.S. mills, nearing the low-80 percent range as of mid-August 2026, contributed to a stable operating environment.

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Stock Movement Drivers

Fundamental Drivers

The -3.5% change in CMC stock from 4/30/2026 to 8/23/2026 was primarily driven by a -3.5% change in the company's P/E Multiple.
(LTM values as of)43020268232026Change
Stock Price ($)68.7466.31-3.5%
Change Contribution By: 
Total Revenues ($ Mil)8,3878,3870.0%
Net Income Margin (%)6.0%6.0%0.0%
P/E Multiple15.114.6-3.5%
Shares Outstanding (Mil)1111110.0%
Cumulative Contribution-3.5%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/23/2026
ReturnCorrelation
CMC-3.5% 
Market (SPY)6.5%42.6%
Sector (XLB)4.0%54.9%

Fundamental Drivers

The -13.2% change in CMC stock from 1/31/2026 to 8/23/2026 was primarily driven by a -24.9% change in the company's P/E Multiple.
(LTM values as of)13120268232026Change
Stock Price ($)76.3766.31-13.2%
Change Contribution By: 
Total Revenues ($ Mil)8,0098,3874.7%
Net Income Margin (%)5.5%6.0%10.2%
P/E Multiple19.414.6-24.9%
Shares Outstanding (Mil)1111110.1%
Cumulative Contribution-13.2%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/23/2026
ReturnCorrelation
CMC-13.2% 
Market (SPY)11.0%52.2%
Sector (XLB)9.2%57.1%

Fundamental Drivers

The 29.4% change in CMC stock from 7/31/2025 to 8/23/2026 was primarily driven by a 1156.8% change in the company's Net Income Margin (%).
(LTM values as of)73120258232026Change
Stock Price ($)51.2566.3129.4%
Change Contribution By: 
Total Revenues ($ Mil)7,6808,3879.2%
Net Income Margin (%)0.5%6.0%1156.8%
P/E Multiple156.914.6-90.7%
Shares Outstanding (Mil)1131111.6%
Cumulative Contribution29.4%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/23/2026
ReturnCorrelation
CMC29.4% 
Market (SPY)22.2%50.0%
Sector (XLB)23.8%56.4%

Fundamental Drivers

The 20.6% change in CMC stock from 7/31/2023 to 8/23/2026 was primarily driven by a 118.1% change in the company's P/E Multiple.
(LTM values as of)73120238232026Change
Stock Price ($)54.9966.3120.6%
Change Contribution By: 
Total Revenues ($ Mil)8,9978,387-6.8%
Net Income Margin (%)10.7%6.0%-43.8%
P/E Multiple6.714.6118.1%
Shares Outstanding (Mil)1171115.5%
Cumulative Contribution20.6%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/23/2026
ReturnCorrelation
CMC20.6% 
Market (SPY)73.2%55.3%
Sector (XLB)31.8%61.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CMC Return80%35%5%0%42%-5%245%
Peers Return52%26%37%3%44%56%512%
S&P 500 Return27%-19%24%23%16%12%103%

Monthly Win Rates [3]
CMC Win Rate50%50%42%58%58%50% 
Peers Win Rate58%58%52%60%63%60% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
CMC Max Drawdown-18%-29%-31%-22%-26%-30% 
Peers Max Drawdown-32%-34%-33%-29%-26%-23% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: HCC, NWPX, FRD, NUE, STLD. See CMC Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)

How Low Can It Go

EventCMCS&P 500
2025 US Tariff Shock
  % Loss-23.8%-18.8%
  % Gain to Breakeven31.3%23.1%
  Time to Breakeven85 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-29.1%-9.5%
  % Gain to Breakeven40.9%10.5%
  Time to Breakeven150 days24 days
2023 SVB Regional Banking Crisis
  % Loss-24.2%-6.7%
  % Gain to Breakeven32.0%7.1%
  Time to Breakeven48 days31 days
2020 COVID-19 Crash
  % Loss-45.3%-33.7%
  % Gain to Breakeven82.7%50.9%
  Time to Breakeven133 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-26.1%-19.2%
  % Gain to Breakeven35.4%23.8%
  Time to Breakeven318 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-19.9%-12.2%
  % Gain to Breakeven24.8%13.9%
  Time to Breakeven48 days62 days

Compare to HCC, NWPX, FRD, NUE, STLD

In The Past

Commercial Metals's stock fell -23.8% during the 2025 US Tariff Shock. Such a loss loss requires a 31.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventCMCS&P 500
2025 US Tariff Shock
  % Loss-23.8%-18.8%
  % Gain to Breakeven31.3%23.1%
  Time to Breakeven85 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-29.1%-9.5%
  % Gain to Breakeven40.9%10.5%
  Time to Breakeven150 days24 days
2023 SVB Regional Banking Crisis
  % Loss-24.2%-6.7%
  % Gain to Breakeven32.0%7.1%
  Time to Breakeven48 days31 days
2020 COVID-19 Crash
  % Loss-45.3%-33.7%
  % Gain to Breakeven82.7%50.9%
  Time to Breakeven133 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-26.1%-19.2%
  % Gain to Breakeven35.4%23.8%
  Time to Breakeven318 days105 days
2014-2016 Oil Price Collapse
  % Loss-23.6%-6.8%
  % Gain to Breakeven30.9%7.3%
  Time to Breakeven154 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-41.0%-17.9%
  % Gain to Breakeven69.6%21.8%
  Time to Breakeven64 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-23.2%-15.4%
  % Gain to Breakeven30.2%18.2%
  Time to Breakeven149 days125 days
2008-2009 Global Financial Crisis
  % Loss-78.8%-53.4%
  % Gain to Breakeven370.6%114.4%
  Time to Breakeven2937 days1085 days
Summer 2007 Credit Crunch
  % Loss-28.4%-8.6%
  % Gain to Breakeven39.6%9.5%
  Time to Breakeven286 days47 days

Compare to HCC, NWPX, FRD, NUE, STLD

In The Past

Commercial Metals's stock fell -23.8% during the 2025 US Tariff Shock. Such a loss loss requires a 31.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Commercial Metals (CMC)

Commercial Metals Company (CMC) is a global manufacturer, recycler, and fabricator of steel and metal products. The company’s operations include processing and selling various ferrous and nonferrous scrap metals to a broad industrial customer base, which includes steel mills, foundries, and aluminum and copper refiners. Additionally, CMC manufactures and sells finished long steel products, such as rebar, merchant bar, light structural steel, and semi-finished billets used in re-rolling and forging applications.

CMC also specializes in fabricated steel products, predominantly used to reinforce concrete in a wide array of construction projects, from commercial buildings and hospitals to highways and bridges. They provide construction-related products and equipment, and produce specialized steels like strength bars for the truck trailer industry, special bar steels for the energy sector, and armor plates for military vehicles. Their offerings further extend to wire rods and fabricated rebar products, serving fabricators, manufacturers, distributors, and construction companies across the United States, Poland, China, and other international markets.

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Commercial Metals (CMC) is essentially a full-lifecycle steel company like Nucor, handling everything from scrap metal recycling to manufacturing rebar and fabricating steel for construction and specialty industries.

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  • Scrap Metals (Ferrous and Nonferrous): Commercial Metals processes and sells various ferrous and nonferrous scrap metals to steel mills, foundries, and other industrial consumers.
  • Finished Long Steel Products: The company manufactures and sells finished long steel products, including rebar, merchant bar, light structural sections, and other special sections.
  • Semi-finished Billets: CMC produces semi-finished billets that are used for re-rolling and forging applications.
  • Fabricated Steel Products: These products, such as fabricated rebars, wire meshes, and rebar cages, are used primarily to reinforce concrete in various construction projects.
  • Construction-Related Products and Equipment: Commercial Metals sells and rents a range of products and equipment specifically for concrete installers and other construction businesses.
  • Specialty Bar Steels: The company manufactures and sells specialized steel bars, including strength bars for truck trailers, steels for the energy market, and armor plates for military vehicles.
  • Wire Rods: CMC manufactures and sells wire rods, which are used in various industrial and manufacturing applications.

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Commercial Metals (CMC) primarily sells its products and services to other companies (B2B). Based on the company description, its major customer categories include:

  • Primary Metal Producers and Processors: This category encompasses steel mills, foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, and high temperature alloy manufacturers, which purchase ferrous and nonferrous scrap metals, as well as semi-finished billets.
  • Construction and Infrastructure Companies: This includes general contractors, concrete installers, fabricators, and other businesses involved in the construction of commercial and non-commercial buildings, hospitals, convention centers, industrial plants, power plants, highways, bridges, arenas, stadiums, and dams. They purchase fabricated steel products (like rebar), construction-related products, and equipment.
  • Industrial and Equipment Manufacturers & Distributors: This broad category covers manufacturers in various sectors such as the truck trailer industry (for strength bars), the energy market (for special bar steels), and military vehicle manufacturers (for armor plates). It also includes other general manufacturers and distributors who purchase long steel products, wire rods, and other fabricated products for further processing or resale.

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Peter Matt
President and Chief Executive Officer

Peter Matt assumed the role of President and Chief Executive Officer of Commercial Metals Company in September 2023, having been appointed President in April 2023. He has been a member of CMC's Board of Directors since June 2020. Prior to joining CMC, Mr. Matt served as the Executive Vice President and Chief Financial Officer of Constellium SE, a global aluminum fabrication company, from January 2017 to April 2023. Before Constellium, he was a Managing Partner for Tumpline Capital, LLC from 2015 to 2016. His career also includes 30 years in investment banking with Credit Suisse, where he held various leadership positions from 1985 to 2015. He currently serves on the board of the FX Matt Brewing Company.

Paul Lawrence
Senior Vice President and Chief Financial Officer

Paul Lawrence has served as Senior Vice President and Chief Financial Officer of Commercial Metals Company since November 2021. He joined CMC in February 2016 as Vice President of Finance and has held several other finance leadership positions within the company, including Treasurer and Vice President of Financial Planning and Analysis. Before his tenure at CMC, Mr. Lawrence worked with Gerdau from 2003 to 2016, where his roles included North American Information Technology Leader, Assistant Vice President and Corporate Controller, and Deputy Corporate Controller. From 1998 to 2002, he held various financial positions at Co-Steel Inc.

Jody Absher
Senior Vice President, Chief Legal Officer & Corporate Secretary

Jody Absher is the Senior Vice President, Chief Legal Officer & Corporate Secretary for Commercial Metals Company. She joined CMC's legal department in May 2011 and has previously served as General Counsel and Corporate Secretary. Before joining CMC, Ms. Absher was an associate at Haynes and Boone, LLP.

Kekin Ghelani
Senior Vice President, Chief Strategy Officer

Kekin Ghelani is the Senior Vice President and Chief Strategy Officer at Commercial Metals Company, a role he assumed in September 2024. In this position, he is responsible for guiding CMC's strategic direction, driving long-term growth, and managing mergers and acquisitions efforts, including integration. Prior to CMC, Mr. Ghelani held various management and leadership roles at Summit Materials, DuPont, Celanese, and Honeywell.

Ty Garrison
Senior Vice President, Operational & Commercial Excellence

Ty Garrison serves as the Senior Vice President, Operational & Commercial Excellence at Commercial Metals Company. In this role, he works closely with CMC's North America Steel Group and the Emerging Businesses Group leadership. Before his current position, Mr. Garrison was CMC's Senior Vice President of Operations, overseeing operations and commercial teams in the U.S. and Poland, along with supply chain, engineering, and operational excellence. He joined CMC in 2000 and has held numerous roles in sales and operations, including Vice President of the West Region and Vice President of the East Region, before being appointed Senior Vice President of Strategy and Operations in 2021.

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Here are the key risks to Commercial Metals Company (CMC):

  1. Cyclicality of the Steel Industry and Macroeconomic Conditions: Commercial Metals' business is highly sensitive to the cyclical nature of industries it serves, such as commercial, government, and residential construction, as well as energy and manufacturing. Significant fluctuations in demand for its steel and metal products can occur due to global or regional economic downturns, leading to substantial impacts on sales and profitability.

  2. Raw Material and Input Price Volatility: The company's profitability is directly affected by volatile fluctuations in the prices of key raw materials, primarily steel scrap, and energy costs, including electricity and natural gas, over which it has little influence.

  3. Litigation and Regulatory Risks: Commercial Metals Company faces the risk of material impacts from adverse legal outcomes. For instance, the company recorded a significant litigation expense of $362.3 million in fiscal year 2025 due to a specific lawsuit. Additionally, compliance with stringent environmental, safety, and other regulations can lead to increased operational costs and complexity.

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Commercial Metals Company (CMC) operates in several key addressable markets related to steel and metal products. Below are the estimated market sizes for their main products and services:

Metal Recycling (Ferrous and Nonferrous Scrap Metals)

  • Global: The global metal recycling market was valued at USD 253.3 billion in 2024 and is projected to reach USD 356.0 billion by 2033. Another estimate places the global metal recycling market size at USD 850.04 billion in 2023, with a projection to reach USD 1,135.28 billion by 2030. A further valuation indicates the global recycled steel market alone was USD 280.63 billion in 2024, expected to grow to USD 401.21 billion by 2030.
  • United States: The U.S. recycled metal market is valued at approximately USD 90.76 billion in 2025 and is projected to reach USD 121.04 billion by 2034. The U.S. market for scrap metal recycling is estimated at USD 57.8 billion in 2026. Approximately 80 to 60 million tons of steel scrap are recycled in North America annually. North America, overall, holds about 45% of the global recycled steel market share.
  • China: China's metal recycling market generated a revenue of USD 265,323.5 million in 2024 and is expected to reach USD 355,686.4 million by 2030. China's recycled steel consumption was 209.67 million tonnes in 2024.
  • Poland: The steel industry in Poland produces 6.5 million tons of scrap annually. Poland exports approximately 1.5-2 million tons of scrap metal annually.

Long Steel Products (including Rebar, Merchant Bar, Light Structural, and Semi-finished Billets)

  • Global: The global long steel products market size was valued at USD 705.53 billion in 2023 and is expected to grow to USD 1,012.11 billion by 2030. Another source estimated the global long steel market size at USD 675.54 billion in 2025, with a projection to reach USD 917.44 billion by 2033. The global long steel products market size was valued at USD 744.44 billion in 2024 and is poised to grow to USD 1195.08 billion by 2033.
  • United States: The long steel products market in the United States is expected to reach a projected revenue of US$ 68,960.3 million by 2030.
  • Poland: Consumption of long products in Poland amounted to 4.5 million tons in 2024.

Steel Rebar (a key finished long steel product and fabricated steel product)

  • Global: The global steel rebar market was valued at USD 216.5 billion in 2024 and is expected to reach USD 260.66 billion by 2032. Another valuation puts the global steel rebar market size at USD 242.94 billion in 2024, with an expected increase to USD 457.27 billion by 2033.
  • United States: The U.S. steel rebar market size was estimated at USD 6.50 billion in 2024 and is expected to reach USD 8.32 billion by 2030. A different report values the U.S. steel rebar market size at USD 67.5 billion in 2025, expected to reach USD 110.1 billion by 2034.

Fabricated Steel Products (including structural steel fabrication and prefabricated steel)

  • Global Fabricated Metal: The global metal fabrication market size is projected to be USD 24,860 million in 2025 and is expected to enlarge to USD 37,293 million by 2033.
  • Global Structural Steel Fabrication: The global structural steel fabrication market reached a value of nearly USD 153.85 billion in 2023 and is expected to grow to USD 362.7 billion in 2033.
  • United States Fabricated Structural Metal Manufacturing: The market size of Fabricated Structural Metal Manufacturing in the U.S. was USD 65.4 billion in 2024 and USD 65.5 billion in 2025.
  • United States Prefabricated Steel: The U.S. prefabricated steel market size is likely to be valued at US$ 19.1 billion in 2025 and is expected to reach US$ 28.7 billion in 2032.

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Expected Drivers of Future Revenue Growth for Commercial Metals (CMC)

Commercial Metals Company (CMC) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and favorable market conditions:

  1. Strategic Acquisitions and Precast Concrete Market Expansion: CMC's significant inorganic growth is highlighted by its recent acquisitions of Concrete Pipe & Precast (CP&P) and Foley Products Company. These acquisitions are expected to create a substantial precast platform, positioning CMC as a leading player in the United States and particularly strong in the Southeast. The combined entities are projected to add approximately $735 million in revenue and $250 million in EBITDA annually, with synergies of $25-$30 million anticipated by year three. This strategic move materially enhances CMC's portfolio exposure to higher-margin, value-added construction solutions.
  2. Transform, Advance, Grow (TAG) Program: The company's enterprise-wide Transform, Advance, Grow (TAG) program is a key driver focusing on operational and commercial excellence. This program, launched in September 2024, aims to deliver sustainably higher margins, increased earnings, and cash flow, and accelerate top-line growth. The TAG program delivered an estimated $50 million of EBITDA benefit in fiscal year 2025 and is expected to generate an annualized EBITDA benefit of over $150 million by the end of fiscal 2026. These efficiency gains and improved margin capture contribute indirectly to revenue growth by enhancing competitiveness and overall financial health.
  3. Organic Growth Projects and Capacity Expansions: CMC is investing in attractive organic growth projects, including the completion of its Arizona 2 micro mill and the construction of the Steel West Virginia facility, slated for commissioning in late calendar year 2025. These new facilities and capacity expansions for products like GalvaBar and Tensar geogrid are expected to boost production volumes, broaden product distribution, and improve the company's competitive position, thereby contributing meaningfully to revenue growth and profitability.
  4. Favorable North American Construction Market and Infrastructure Spending: The company anticipates continued strong demand from the North American construction market, supported by structural trends and pro-growth policies. Over $2 trillion of corporate investment programs were announced in calendar year 2025, particularly in U.S. infrastructure, reshoring industrial capacity, energy generation and transmission, AI infrastructure, and addressing housing shortages. This robust demand environment for construction activity, including highway and bridge projects, is expected to drive increased sales volumes and improved pricing leverage for CMC's steel and precast concrete products.

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Share Repurchases

  • Commercial Metals initiated a share repurchase program in October 2021.
  • Since October 2021, the company has repurchased approximately 14,882,085 shares for a cumulative value of $683.91 million.
  • In October 2024, Commercial Metals expanded its share repurchase program by an additional $500 million, increasing the total authorized capacity to $850 million.

Outbound Investments

  • Commercial Metals acquired Concrete Pipe & Precast (CP&P) for $675 million and Foley Products Company for approximately $1.84 billion, with both transactions closing by December 2025.
  • These acquisitions established a new precast concrete platform, making CMC the third-largest precast supplier in the United States and a leader in the Mid-Atlantic and Southeastern regions.
  • For the fiscal year ended August 31, 2023, the company's acquisitions, net of cash acquired, amounted to $234.7 million.

Capital Expenditures

  • Commercial Metals' capital expenditures for fiscal years 2021 to 2025 averaged $393.6 million annually.
  • Capital expenditures reached a five-year peak of $606.7 million in fiscal year 2023.
  • The company is directing investments towards growth projects such as the Arizona 2 and Steel West Virginia micro mills, and capacity expansions for GalvaBar and Tensar geogrid, which are anticipated to generate approximately $150 million in incremental EBITDA.

Better Bets vs. Commercial Metals (CMC)

Peer Outperformance in Steel

CMC has trailed 58% of its 12 Steel peers over 5Y. Among the peers that beat it are STLD and RS. Steel ranks 4th of 15 industries in Materials by median 5Y return.
Share of Steel constituents that CMC has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
40%
of 15 industry peers · 13.9% return
3Y
38%
of 13 industry peers · 27.7% return
5Y
42%
of 12 industry peers · 111.0% return
Steel peers with revenue growth within 4pp of CMC's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
CMC Commercial Metals -2.6% 14.6x 13.9%27.7%111.0%
STLD Steel Dynamics 1.0% 20.5x 74.4%136.0%246.3% +135pp
RS Reliance 0.8% 22.2x 33.7%47.8%175.3% +64pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Materials sector, ranked by 5Y. Steel is CMC's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Copper 7 116.9%99.4%322.3% COPR 1013% · TGB 431% · HBM 399%
Silver 6 168.6%300.9%175.9% HL 259% · AYA 230% · SVM 211%
Gold 32 59.9%216.7%167.0% IAG 796% · CNL 552% · OGC 510%
Steel ← 13 25.8%51.0%112.9% AMR 487% · HCC 470% · NWPX 320%
Diversified Metals & Mining 24 12.3%0.5%50.2% ATLX 237043% · USAR 64531% · FMST 1106%
Aluminum 3 97.7%137.2%49.8% CENX 272% · KALU 50% · AA 30%
Construction Materials 7 -13.9%34.9%46.3% USLM 315% · CRH 98% · VMC 54%
Metal, Glass & Plastic Containers 11 3.2%12.0%8.3% KRT 168% · MYE 71% · GEF 70%
Paper & Plastic Packaging Products & Materials 7 15.6%21.7%-1.6% PKG 98% · CCK 16% · SON 12%
Precious Metals & Minerals 9 46.4%160.4%-5.1% ASM 633% · PPTA 379% · ELE 117%
Specialty Chemicals 40 12.0%2.3%-9.1% LWLG 867% · ODC 481% · NEU 202%
Commodity Chemicals 13 27.6%19.5%-20.9% HWKN 240% · MEOH 90% · LXU 64%
Diversified Chemicals 4 5.7%-26.2%-25.4% CBT 76% · ASH -7% · CC -44%
Fertilizers & Agricultural Chemicals 10 -4.4%2.2%-33.9% CF 219% · CTVA 103% · NTR 47%
Paper Products 3 -12.4%-51.1%-95.7% CLW -31% · ITP -96% · MERC -96%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

CMCHCCNWPXFRDNUESTLDMedian
NameCommerci.Warrior .NWPX Inf.Friedman.Nucor Steel Dy. 
Mkt Price66.31106.73110.0841.71243.63228.68108.41
Mkt Cap7.45.61.10.355.632.96.5
Rev LTM8,3871,68157475236,10120,5395,034
Op Inc LTM70422966404,1682,226467
FCF LTM394680-71,583956237
FCF 3Y Avg493-274401,500566268
CFO LTM84030110004,4241,572571
CFO 3Y Avg9233676474,4941,950645

Growth & Margins

CMCHCCNWPXFRDNUESTLDMedian
NameCommerci.Warrior .NWPX Inf.Friedman.Nucor Steel Dy. 
Rev Chg LTM8.4%37.5%15.1%61.8%17.2%19.8%18.5%
Rev Chg 3Y Avg-2.6%4.6%8.9%16.8%-0.4%1.0%2.8%
Rev Chg Q21.5%71.3%19.7%78.1%23.0%33.4%28.2%
QoQ Delta Rev Chg LTM4.7%14.4%4.8%16.3%5.7%8.0%6.9%
Op Inc Chg LTM38.9%789.7%47.2%253.1%94.4%59.1%76.8%
Op Inc Chg 3Y Avg-12.9%225.5%18.4%69.3%0.3%-8.2%9.4%
Op Mgn LTM8.4%13.6%11.5%5.3%11.5%10.8%11.2%
Op Mgn 3Y Avg8.7%14.4%9.6%3.4%10.9%11.4%10.3%
QoQ Delta Op Mgn LTM0.9%3.9%0.9%1.3%1.4%0.9%1.1%
CFO/Rev LTM10.0%17.9%17.5%0.0%12.3%7.7%11.1%
CFO/Rev 3Y Avg11.3%23.0%12.0%1.5%13.5%10.6%11.6%
FCF/Rev LTM4.7%0.4%13.9%-1.0%4.4%4.7%4.5%
FCF/Rev 3Y Avg6.0%-3.3%8.2%0.3%4.4%2.9%3.7%

Valuation

CMCHCCNWPXFRDNUESTLDMedian
NameCommerci.Warrior .NWPX Inf.Friedman.Nucor Steel Dy. 
Mkt Cap7.45.61.10.355.632.96.5
P/S0.93.41.80.41.51.61.6
P/Op Inc10.424.616.17.313.314.814.1
P/EBIT10.823.316.37.013.115.414.3
P/E14.625.721.810.719.320.519.9
P/CFO8.818.710.6798.012.621.015.6
Total Yield8.0%4.2%4.6%9.8%6.1%5.8%5.9%
Dividend Yield1.1%0.3%0.0%0.4%0.9%0.9%0.6%
FCF Yield 3Y Avg7.9%-1.7%6.3%1.3%3.5%2.2%2.8%
D/E0.50.00.10.30.10.10.1
Net D/E0.4-0.00.10.30.10.10.1

Returns

CMCHCCNWPXFRDNUESTLDMedian
NameCommerci.Warrior .NWPX Inf.Friedman.Nucor Steel Dy. 
1M Rtn-3.8%33.4%-14.9%17.2%-1.6%-7.5%-2.7%
3M Rtn-7.5%27.3%-1.9%101.9%5.3%-4.5%1.7%
6M Rtn-13.1%25.9%47.2%131.8%36.1%18.9%31.0%
12M Rtn13.9%80.6%108.9%139.6%66.9%74.4%77.5%
3Y Rtn27.7%178.3%244.2%203.5%54.1%136.0%157.2%
1M Excs Rtn-6.1%28.2%-20.7%18.9%-2.6%-8.5%-4.3%
3M Excs Rtn-9.0%21.9%-2.1%100.3%4.8%-4.2%1.3%
6M Excs Rtn-24.2%14.8%36.2%120.7%25.1%7.8%19.9%
12M Excs Rtn-1.1%65.6%95.6%128.3%52.1%64.5%65.1%
3Y Excs Rtn-50.5%101.1%173.0%112.2%-23.3%51.0%76.1%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
North America Steel Group6,1516,310   
Europe Steel Group921849   
Construction Solutions Group806717   
Corporate and Other4950   
Eliminations-128 00 
Construction-related solutions  667481290
Downstream products  2,7182,5382,006
Other  217175152
Raw materials  1,3431,5291,183
Steel products  3,8544,1913,099
Total7,7987,9268,8008,9136,730


Operating Income by Segment
$ Mil20082007200620052004
Domestic Mills20827530121784
Recycling146901007168
International Fabrication and Distribution,124    
International Mills97    
Domestic Fabrication-678996118 
CMCZ 11253-069
Marketing & Distribution 857090 
Corp    -26
Fabrication    7
Marketing & Trading    39
Total507651620496242


Assets by Segment
$ Mil20252024202320152014
North America Steel Group4,3064,2204,167  
Corporate and Other1,2321,060671  
Construction Solutions Group883861874  
Europe Steel Group750678927  
Americas Fabrication   688692
Americas Mills   672647
Americas Recycling   252297
Corporate   1,0761,101
Eliminations   -521-464
Internantional Marketing & Distribution   802949
International Mills   404 
Internantional mills    466
Total7,1726,8186,6393,3723,689


Price Behavior

Price Behavior
Market Price$66.31 
Market Cap ($ Bil)7.4 
First Trading Date11/05/1987 
Distance from 52W High-19.8% 
   50 Days200 Days
DMA Price$69.08$68.99
DMA Trendupdown
Distance from DMA-4.0%-3.9%
 3M1YR
Volatility42.3%36.6%
Downside Capture146.80155.46
Upside Capture92.98138.47
Correlation (SPY)35.4%50.5%
CMC Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta1.110.891.201.411.421.26
Up Beta-0.91-1.15-0.290.881.061.29
Down Beta0.781.691.602.031.651.21
Up Capture263%88%141%121%188%164%
Bmk +ve Days11223567138427
Stock +ve Days14213261123364
Down Capture105%139%154%148%126%107%
Bmk -ve Days11212859114326
Stock -ve Days8223165128388

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CMC
CMC19.0%36.7%0.54-
Sector ETF (XLB)20.6%17.9%0.9055.5%
Equity (SPY)21.1%12.9%1.2250.5%
Gold (GLD)37.5%28.8%1.1018.4%
Commodities (DBC)43.2%20.2%1.66-15.7%
Real Estate (VNQ)12.9%13.8%0.6425.5%
Bitcoin (BTCUSD)-31.6%44.1%-0.7318.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CMC
CMC14.4%36.0%0.45-
Sector ETF (XLB)6.4%19.1%0.2265.3%
Equity (SPY)12.9%17.2%0.5756.5%
Gold (GLD)20.6%18.6%0.9011.9%
Commodities (DBC)10.4%19.6%0.4113.4%
Real Estate (VNQ)2.3%18.9%0.0240.6%
Bitcoin (BTCUSD)10.4%52.8%0.3825.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CMC
CMC17.2%39.9%0.53-
Sector ETF (XLB)10.3%20.7%0.4465.6%
Equity (SPY)15.2%17.9%0.7257.8%
Gold (GLD)12.7%16.2%0.647.2%
Commodities (DBC)8.0%18.0%0.3624.4%
Real Estate (VNQ)5.0%20.7%0.2042.5%
Bitcoin (BTCUSD)63.1%66.1%1.0319.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7312026
Short Interest: Shares Quantity4.3 Mil
Short Interest: % Change Since 7152026-9.5%
Average Daily Volume1.1 Mil
Days-to-Cover Short Interest4.0 days
Basic Shares Quantity111.0 Mil
Short % of Basic Shares3.9%

Earnings Returns History

Updated 8/5/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
6/25/20263.9%-14.1%-3.0%
3/26/2026-4.7%0.7%11.2%
1/8/2026-3.6%1.4%13.6%
10/16/2025-7.3%0.1%0.0%
6/23/20251.2%2.8%11.8%
3/20/20251.1%4.2%-9.3%
1/6/20253.1%-0.9%-0.1%
10/17/20245.1%-4.5%11.1%
...
SUMMARY STATS   
# Positive131315
# Negative11119
Median Positive3.8%4.2%11.1%
Median Negative-4.0%-4.5%-3.6%
Max Positive8.8%10.8%21.3%
Max Negative-9.6%-14.6%-11.6%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
6/25/20263.9%-14.1%-3.0%
3/26/2026-4.7%0.7%11.2%
1/8/2026-3.6%1.4%13.6%
10/16/2025-7.3%0.1%0.0%
6/23/20251.2%2.8%11.8%
3/20/20251.1%4.2%-9.3%
1/6/20253.1%-0.9%-0.1%
10/17/20245.1%-4.5%11.1%
6/20/20243.8%6.0%13.9%
3/21/20245.3%4.1%-1.1%
1/8/20247.5%3.9%6.0%
10/12/2023-9.6%-14.6%-6.4%
6/22/20238.8%9.4%15.7%
3/23/20233.1%6.7%6.9%
1/9/2023-0.6%10.8%13.0%
10/13/20226.1%7.3%21.3%
6/16/2022-4.9%-7.7%-6.9%
3/17/2022-1.9%-1.0%8.4%
1/10/20220.6%6.5%0.1%
10/14/2021-4.7%-0.1%7.2%
6/17/2021-3.8%-2.5%-3.6%
3/18/20211.7%-1.1%3.9%
1/11/2021-4.0%-5.6%-2.6%
10/15/2020-2.7%-9.2%-11.6%
SUMMARY STATS   
# Positive131315
# Negative11119
Median Positive3.8%4.2%11.1%
Median Negative-4.0%-4.5%-3.6%
Max Positive8.8%10.8%21.3%
Max Negative-9.6%-14.6%-11.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
02/28/202603/31/202610-Q
11/30/202501/08/202610-Q
08/31/202510/16/202510-K
05/31/202506/24/202510-Q
02/28/202503/25/202510-Q
11/30/202401/06/202510-Q
08/31/202410/17/202410-K
05/31/202406/25/202410-Q
02/29/202403/26/202410-Q
11/30/202301/08/202410-Q
08/31/202310/12/202310-K
05/31/202306/22/202310-Q
02/28/202303/23/202310-Q
11/30/202201/09/202310-Q
08/31/202210/13/202210-K
05/31/202206/22/202210-Q
Collapse to Preview
Report DateFiling DateFiling
02/28/202603/31/202610-Q
11/30/202501/08/202610-Q
08/31/202510/16/202510-K
05/31/202506/24/202510-Q
02/28/202503/25/202510-Q
11/30/202401/06/202510-Q
08/31/202410/17/202410-K
05/31/202406/25/202410-Q
02/29/202403/26/202410-Q
11/30/202301/08/202410-Q
08/31/202310/12/202310-K
05/31/202306/22/202310-Q
02/28/202303/23/202310-Q
11/30/202201/09/202310-Q
08/31/202210/13/202210-K
05/31/202206/22/202210-Q
02/28/202203/23/202210-Q
11/30/202101/10/202210-Q
08/31/202110/14/202110-K
05/31/202106/24/202110-Q
02/28/202103/24/202110-Q
11/30/202001/11/202110-Q
08/31/202010/15/202010-K
05/31/202006/25/202010-Q
02/29/202003/25/202010-Q
11/30/201901/07/202010-Q
08/31/201910/23/201910-K
05/31/201906/27/201910-Q

Recent Forward Guidance

Updated 7/27/2026

Latest: Q3 2026 Earnings Reported 6/25/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q4 2026 Core EBITDA      
Q4 2026 Adjusted EBITDA Growth 15.0%    

Prior: Q2 2026 Earnings Reported 3/26/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q3 2026 North America Steel Group Maintenance Outage Costs15.00 Mil17.50 Mil20.00 Mil   
Q3 2026 Europe Steel Group CO2 Credit 20.00 Mil    
2026 Precast Business EBITDA165.00 Mil170.00 Mil175.00 Mil0 AffirmedGuidance: 170.00 Mil for 2026

Q1 2026 Earnings Reported 1/8/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 EBITDA Contribution from Precast Businesses165.00 Mil170.00 Mil175.00 Mil   
2026 TAG Program Annualized Run-rate EBITDA Benefit 150.00 Mil    

Insider Activity

Updated 8/14/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1McPherson, John R DirectBuy814202671.921,39099,9691,576,990Form
2Matt, Peter RPresident and CEODirectBuy713202661.308,230504,49911,127,299Form
3Durbin, Jennifer JFmr. Chief HR & Comm. OfficerDirectSell204202679.9725,0502,003,2484,228,814Form
4Arriola, Dennis V DirectBuy122202674.692,000149,380689,986Form
5Halloran, Brian NSVP, N. America Steel GroupDirectSell1104202559.876,232373,1103,475,753Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1McPherson, John R DirectBuy814202671.921,39099,9691,576,990Form
2Matt, Peter RPresident and CEODirectBuy713202661.308,230504,49911,127,299Form
3Durbin, Jennifer JFmr. Chief HR & Comm. OfficerDirectSell204202679.9725,0502,003,2484,228,814Form
4Arriola, Dennis V DirectBuy122202674.692,000149,380689,986Form
5Halloran, Brian NSVP, N. America Steel GroupDirectSell1104202559.876,232373,1103,475,753Form
6McPherson, John R Limited PartnershipBuy1021202558.091,722100,037390,504Form
Core Cache Last Updated: 8/23/2026