Tearsheet

Commercial Metals (CMC)

Market Price (4/8/2026): $61.8 | Market Cap: $6.9 Bil
Sector: Materials | Industry: Steel

Commercial Metals (CMC)

Market Price (4/8/2026): $61.8
Market Cap: $6.9 Bil
Sector: Materials
Industry: Steel

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

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.3%, FCF Yield is 5.8%

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 36%

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 -19%, 3Y Excs Rtn is -31%

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 8.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.3%, FCF Yield is 5.8%
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 36%
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 -19%, 3Y Excs Rtn is -31%
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.

Valuation, Metrics & Events

	4/8/26	2025	2024	2023	2022
Share Price CYE	$61.80	$48.91	$54.99	$52.66	$33.10
Market Cap CYE ($ Bil)	6.9	5.5	6.4	6.2	4.0
Total Debt ($ Bil)	3.4	1.3	1.2	1.2	1.5
Total Cash ($ Bil)	0.5	0.9	0.7	0.5	0.4
Enterprise Value ($ Bil)	9.7	6.8	7.6	7.4	5.5
Valuation Ratios
P/S TTM	0.8	0.7	0.8	0.7	0.5
P/EBIT TTM	10.0	58.9	8.1	4.9	2.8
P/E TTM	13.6	149.7	11.2	6.4	3.7
P/FCF TTM	17.4	14.6	11.6	7.7	161.4
Sector Ratios
P/S TTM (Sector)	1.8	1.3	1.5	1.2	1.5
P/EBIT TTM (Sector)	5.8	6.6	7.5	5.5	6.7
P/E TTM (Sector)	-0.5	4.2	7.5	6.3	6.8
P/FCF TTM (Sector)	5.2	4.7	7.1	1.7	5.7

	4/8/26	2025	2024
Share Price CYE	$61.80	$48.91	$54.99
Market Cap CYE ($ Bil)	6.9	5.5	6.4
Total Debt ($ Bil)	3.4	1.3	1.2
Total Cash ($ Bil)	0.5	0.9	0.7
Enterprise Value ($ Bil)	9.7	6.8	7.6
Valuation Ratios
P/S TTM	0.8	0.7	0.8
P/EBIT TTM	10.0	58.9	8.1
P/E TTM	13.6	149.7	11.2
P/FCF TTM	17.4	14.6	11.6
Sector Ratios
P/S TTM (Sector)	1.8	1.3	1.5
P/EBIT TTM (Sector)	5.8	6.6	7.5
P/E TTM (Sector)	-0.5	4.2	7.5
P/FCF TTM (Sector)	5.2	4.7	7.1

	CMC	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	8.4
Rev Chg Q	21.5%	7.4%
Rev Chg LTM	8.4%	6.8%
Rev Chg 3Y Avg	-2.6%	5.7%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	0.7
CFO LTM ($ Bil)	0.8
Net Inc LTM ($ Bil)	0.5
Op Mgn LTM	8.4%	18.6%
CFO/Rev LTM	10.0%	20.7%
Net Inc Mgn	6.0%	12.8%
VALUATION	LOW
P/S	0.8	3.2
P/CFO	8.2	15.3
P/FCF	17.4	19.9
P/E	13.6	24.0
STABILITY	GOOD
Debt/Equity	0.49	0.21
Cash/Assets	0.05	0.07

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Metric	Value	Date	Source
Downstream products backlog	1.4 billion	8312025	Link
North America Steel Group finished steel shipment volumes	3,122 thousand tons	8312025	Link
North America Steel Group adjusted EBITDA per ton of finished steel shipped	161	5312025	Link
Europe Steel Group steel products shipment volumes	1,356 thousand tons	8312025	Link
Metal recycled	7.8M tons	8312024	Link
Water recycling and reuse rate	95%	8312024	Link
Facilities with a zero incident rate	131	8312024	Link
Global customer satisfaction score	97%	8312024	Link
Raw steel production	5.3 million metric tons	8312024	Link

Recent
3/26/2026	Earnings Release	Rev: $2.0 Bil (A) vs. $2.0 Bil (E) EPS: 1.16 (A) vs. $1.28 (E)
Upcoming
4/06/2026	Dividend	Amount: $0.20 Payment On: 4/15/2026
6/22/2026	Earnings Release	Rev: $2.0 Bil (E) EPS: $1.84 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Commercial Metals (CMC) stock has lost about 10% since 12/31/2025 because of the following key factors:

1. Commercial Metals Company reported adjusted earnings per share (EPS) of $1.16 for its fiscal second quarter of 2026, missing analyst consensus estimates ranging from $1.30 to $1.34. This represented a negative surprise of 9.14% to 11% and resulted in the stock dropping 7.27% in pre-market trading on March 26, 2026.

2. Severe winter weather conditions in North America during January and February 2026 hampered operational efficiency. These disruptions reduced segment adjusted EBITDA by an estimated $5 million to $10 million and caused significant construction delays at the Steel West Virginia micromill site, leading to a reduction in the full-year capital spending guidance.

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Stock Movement Drivers

Fundamental Drivers

The -11.1% change in CMC stock from 12/31/2025 to 4/7/2026 was primarily driven by a -85.2% change in the company's P/E Multiple.

(LTM values as of)	12312025	4072026	Change
Stock Price ($)	68.83	61.17	-11.1%
Change Contribution By:
Total Revenues ($ Mil)	7,798	8,387	7.5%
Net Income Margin (%)	1.1%	6.0%	454.9%
P/E Multiple	90.8	13.4	-85.2%
Shares Outstanding (Mil)	112	111	0.6%
Cumulative Contribution			-11.1%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/7/2026

	Return	Correlation
CMC	-11.1%
Market (SPY)	-5.4%	52.9%
Sector (XLB)	10.4%	56.1%

Fundamental Drivers

The 7.7% change in CMC stock from 9/30/2025 to 4/7/2026 was primarily driven by a 1156.8% change in the company's Net Income Margin (%).

(LTM values as of)	9302025	4072026	Change
Stock Price ($)	56.79	61.17	7.7%
Change Contribution By:
Total Revenues ($ Mil)	7,680	8,387	9.2%
Net Income Margin (%)	0.5%	6.0%	1156.8%
P/E Multiple	173.9	13.4	-92.3%
Shares Outstanding (Mil)	113	111	1.6%
Cumulative Contribution			7.7%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/7/2026

	Return	Correlation
CMC	7.7%
Market (SPY)	-2.9%	55.1%
Sector (XLB)	12.3%	54.1%

Fundamental Drivers

The 34.6% change in CMC stock from 3/31/2025 to 4/7/2026 was primarily driven by a 537.5% change in the company's Net Income Margin (%).

(LTM values as of)	3312025	4072026	Change
Stock Price ($)	45.45	61.17	34.6%
Change Contribution By:
Total Revenues ($ Mil)	7,739	8,387	8.4%
Net Income Margin (%)	0.9%	6.0%	537.5%
P/E Multiple	70.6	13.4	-81.0%
Shares Outstanding (Mil)	114	111	2.3%
Cumulative Contribution			34.6%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/7/2026

	Return	Correlation
CMC	34.6%
Market (SPY)	16.3%	63.1%
Sector (XLB)	18.2%	66.7%

Fundamental Drivers

The 30.1% change in CMC stock from 3/31/2023 to 4/7/2026 was primarily driven by a 154.2% change in the company's P/E Multiple.

(LTM values as of)	3312023	4072026	Change
Stock Price ($)	47.00	61.17	30.1%
Change Contribution By:
Total Revenues ($ Mil)	9,168	8,387	-8.5%
Net Income Margin (%)	11.4%	6.0%	-47.0%
P/E Multiple	5.3	13.4	154.2%
Shares Outstanding (Mil)	117	111	5.6%
Cumulative Contribution			30.1%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/7/2026

	Return	Correlation
CMC	30.1%
Market (SPY)	63.3%	56.8%
Sector (XLB)	31.1%	62.7%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
CMC Return	80%	35%	5%	0%	42%	-11%	223%
Peers Return	52%	26%	37%	3%	44%	5%	313%
S&P 500 Return	27%	-19%	24%	23%	16%	-3%	76%
Monthly Win Rates [3]
CMC Win Rate	50%	50%	42%	58%	58%	50%
Peers Win Rate	58%	58%	52%	60%	63%	55%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
CMC Max Drawdown	-4%	-9%	-16%	-4%	-20%	-16%
Peers Max Drawdown	-12%	-17%	-8%	-15%	-15%	-7%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[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 4/7/2026 (YTD)

How Low Can It Go

Unique Key	Event	CMC	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-30.8%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	44.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	150 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-50.4%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	101.7%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	208 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-48.9%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	95.7%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	635 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-83.9%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	522.6%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	4,851 days	1,480 days

Compare to HCC, NWPX, FRD, NUE, STLD

In The Past

Commercial Metals's stock fell -30.8% during the 2022 Inflation Shock from a high on 8/1/2023. A -30.8% loss requires a 44.5% gain to breakeven.

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About Commercial Metals (CMC)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. The company processes and sells ferrous and nonferrous scrap metals to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers, and other consumers. It also manufactures and sells finished long steel products, including rebar, merchant bar, light structural, and other special sections, as well as semi-finished billets for re-rolling and forging applications. In addition, the company provides fabricated steel products used to reinforce concrete primarily in the construction of commercial and non-commercial buildings, hospitals, convention centers, industrial plants, power plants, highways, bridges, arenas, stadiums, and dams; sells and rents construction-related products and equipment to concrete installers and other businesses; and manufactures and sells strength bars for the truck trailer industry, special bar steels for the energy market, and armor plates for military vehicles. Further, it manufactures rebars, merchant bars, and wire rods; and sells fabricated rebars, wire meshes, fabricated meshes, assembled rebar cages, and other fabricated rebar by-products to fabricators, manufacturers, distributors, and construction companies. The company was founded in 1915 and is headquartered in Irving, Texas.

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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):

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.
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.
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:

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.
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.
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.
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.

Interactive Breakdown

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Better Bets vs. Commercial Metals (CMC)

INDUSTRY: Steel

Higher Rev Chg 3Y Avg | Lower P/S (Values for CMC: -2.6% | 0.8x)

SXC (-2.2% | 0.3x)

SunCoke Energy

FRD (6.9% | 0.2x)

Friedman Industries

INHD (616.0% | 0.2x)

Inno

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CMC: -2.6% | 9.6x)

FRD (6.9% | 6.2x)

Friedman Industries

Higher Rev Chg LTM (Value for CMC: 8.4%)

INHD (1995.3%)

Inno

AREC (102.1%)

American Resources

FRD (30.5%)

Friedman Industries

Higher Rev Chg 3Y Avg (Value for CMC: -2.6%)

FRD (6.9%)

Friedman Industries

NWPX (4.9%)

NWPX Infrastructure

MSB (3.1%)

Mesabi Trust

METC (-0.3%)

Ramaco Resources

SXC (-2.2%)

SunCoke Energy

Higher Op Mgn LTM (Value for CMC: 8.4%)

MSB (74.6%)

Mesabi Trust

NWPX (9.7%)

NWPX Infrastructure

STLD (8.8%)

Steel Dynamics

Higher CFO/Rev LTM (Value for CMC: 10.0%)

MSB (102.0%)

Mesabi Trust

HCC (17.5%)

Warrior Met Coal

NWPX (12.8%)

NWPX Infrastructure

Higher FCF/Rev LTM (Value for CMC: 4.7%)

MSB (102.0%)

Mesabi Trust

NWPX (9.0%)

NWPX Infrastructure

Higher Total Yield (Value for CMC: 8.6%)

FRD (13.2%)

Friedman Industries

WS (10.2%)

Worthington Steel

SECTOR: Materials

Higher Rev Chg 3Y Avg | Lower P/S (Values for CMC: -2.6% | 0.8x)

SW (55.1% | 0.7x)

Smurfit WestRock

IP (9.2% | 0.7x)

International Paper

CE (0.0% | 0.7x)

Celanese

SON (10.7% | 0.7x)

Sonoco Products

SLGN (0.6% | 0.6x)

Silgan

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CMC: -2.6% | 9.6x)

B (16.0% | 8.6x)

Barrick Mining

SW (55.1% | 9.3x)

Smurfit WestRock

CCK (-1.4% | 7.0x)

Crown

EGO (28.1% | 9.3x)

Eldorado Gold

CE (0.0% | 9.1x)

Celanese

Higher Rev Chg LTM (Value for CMC: 8.4%)

AU (70.8%)

Anglogold Ashanti

AEM (43.7%)

Agnico Eagle Mines

B (31.2%)

Barrick Mining

NEM (21.3%)

Newmont

SCCO (17.4%)

Southern Copper

Higher Rev Chg 3Y Avg (Value for CMC: -2.6%)

AEM (28.1%)

Agnico Eagle Mines

NEM (26.2%)

Newmont

SCCO (10.5%)

Southern Copper

FCX (4.5%)

Freeport-McMoRan

LIN (0.6%)

Linde

Higher Op Mgn LTM (Value for CMC: 8.4%)

AEM (53.0%)

Agnico Eagle Mines

SCCO (52.2%)

Southern Copper

NEM (48.6%)

Newmont

LIN (27.2%)

Linde

FCX (25.1%)

Freeport-McMoRan

Higher CFO/Rev LTM (Value for CMC: 10.0%)

AEM (57.2%)

Agnico Eagle Mines

NEM (45.6%)

Newmont

SCCO (35.4%)

Southern Copper

LIN (30.5%)

Linde

FCX (21.6%)

Freeport-McMoRan

Higher FCF/Rev LTM (Value for CMC: 4.7%)

AEM (35.8%)

Agnico Eagle Mines

NEM (32.2%)

Newmont

SCCO (25.5%)

Southern Copper

LIN (15.0%)

Linde

SHW (11.3%)

Sherwin-Williams

Higher Total Yield (Value for CMC: 8.6%)

MOS (9.8%)

Mosaic

PPG (9.6%)

PPG Industries

SEE (9.1%)

Sealed Air

NTR (9.0%)

Nutrien

AU (8.8%)

Anglogold Ashanti

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for CMC: -2.6% | 0.8x)

UNH (11.4% | 0.6x)

UnitedHealth

MCK (13.3% | 0.3x)

McKesson

CVS (7.7% | 0.2x)

CVS Health

CI (15.3% | 0.3x)

Cigna

ELV (8.4% | 0.3x)

Elevance Health

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CMC: -2.6% | 9.6x)

VZ (0.3% | 7.0x)

Verizon Communications

T (1.3% | 8.0x)

AT&T

BUD (0.9% | 9.0x)

Anheuser-Busch InBev SA/NV

BMY (1.5% | 8.5x)

Bristol-Myers Squibb

MO (-0.9% | 9.2x)

Altria

Higher Rev Chg LTM (Value for CMC: 8.4%)

NVDA (65.5%)

NVIDIA

MSFT (16.7%)

Microsoft

GOOGL (15.1%)

Alphabet

AMZN (12.4%)

Amazon.com

AAPL (10.1%)

Apple

Higher Rev Chg 3Y Avg (Value for CMC: -2.6%)

NVDA (101.8%)

NVIDIA

MSFT (14.4%)

Microsoft

GOOGL (12.5%)

Alphabet

AMZN (11.7%)

Amazon.com

AAPL (4.1%)

Apple

Higher Op Mgn LTM (Value for CMC: 8.4%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

AAPL (32.4%)

Apple

GOOGL (32.0%)

Alphabet

AMZN (11.2%)

Amazon.com

Higher CFO/Rev LTM (Value for CMC: 10.0%)

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

GOOGL (40.9%)

Alphabet

AAPL (31.1%)

Apple

AMZN (19.5%)

Amazon.com

Higher FCF/Rev LTM (Value for CMC: 4.7%)

NVDA (44.8%)

NVIDIA

AVGO (42.3%)

Broadcom

AAPL (28.3%)

Apple

MSFT (25.3%)

Microsoft

GOOGL (18.2%)

Alphabet

Higher Total Yield (Value for CMC: 8.6%)

VZ (13.9%)

Verizon Communications

T (11.0%)

AT&T

WFC (10.5%)

Wells Fargo

RY (9.1%)

Royal Bank of Canada

MRK (8.9%)

Merck

Best Bets in Materials

What You Pay

P/EBIT (Value for CMC: 9.9x)

RGLD (34.8x)

Royal Gold

SCCO (20.6x)

Southern Copper

USLM (23.8x)

United States Lime & Minerals

CF (8.7x)

CF Industries

NEU (10.0x)

NewMarket

NEM (10.8x)

Newmont

EXP (9.9x)

Eagle Materials

SMG (9.4x)

Scotts Miracle Gro

B (7.5x)

Barrick Mining

CBT (6.4x)

Cabot

P/E (Value for CMC: 13.4x)

RGLD (45.0x)

Royal Gold

SCCO (33.9x)

Southern Copper

USLM (28.0x)

United States Lime & Minerals

CF (14.3x)

CF Industries

NEU (14.4x)

NewMarket

NEM (17.7x)

Newmont

EXP (13.7x)

Eagle Materials

SMG (39.7x)

Scotts Miracle Gro

B (13.9x)

Barrick Mining

CBT (12.7x)

Cabot

What You Get

Rev Chg 3Y Avg (Value for CMC: -2.6%)

RGLD (20.8%)

Royal Gold

SCCO (10.5%)

Southern Copper

USLM (16.5%)

United States Lime & Minerals

CF (-10.6%)

CF Industries

NEU (-0.4%)

NewMarket

NEM (26.2%)

Newmont

EXP (3.3%)

Eagle Materials

SMG (-4.6%)

Scotts Miracle Gro

B (16.0%)

Barrick Mining

CBT (-5.7%)

Cabot

Rev Chg LTM (Value for CMC: 8.4%)

RGLD (43.2%)

Royal Gold

SCCO (17.4%)

Southern Copper

USLM (17.3%)

United States Lime & Minerals

CF (19.3%)

CF Industries

NEU (-2.2%)

NewMarket

NEM (21.3%)

Newmont

EXP (1.4%)

Eagle Materials

SMG (-4.5%)

Scotts Miracle Gro

B (31.2%)

Barrick Mining

CBT (-9.6%)

Cabot

Rev Chg Q (Value for CMC: 21.5%)

RGLD (85.3%)

Royal Gold

SCCO (39.0%)

Southern Copper

USLM (9.8%)

United States Lime & Minerals

CF (22.8%)

CF Industries

NEU (-2.9%)

NewMarket

NEM (20.6%)

Newmont

EXP (-0.4%)

Eagle Materials

SMG (-3.3%)

Scotts Miracle Gro

B (64.5%)

Barrick Mining

CBT (-11.1%)

Cabot

FCF/Rev 3Y Avg (Value for CMC: 6.0%)

RGLD (27.8%)

Royal Gold

SCCO (27.0%)

Southern Copper

USLM (26.4%)

United States Lime & Minerals

CF (23.5%)

CF Industries

NEU (18.1%)

NewMarket

NEM (16.3%)

Newmont

EXP (15.1%)

Eagle Materials

SMG (13.2%)

Scotts Miracle Gro

B (12.9%)

Barrick Mining

CBT (10.7%)

Cabot

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.8%, and sharpe of 0.46

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Commercial Metals Earnings Notes	12/28/2026
2	Would You Still Hold Commercial Metals Stock If It Fell 30%?	10/17/2025
3	Does Commercial Metals Stock Lead the Pack?	08/13/2025
4	Better Bet Than CMC Stock: Pay Less Than Commercial Metals To Get More From UNH, MRK	08/12/2025
5	Better Bet Than CMC Stock: Pay Less Than Commercial Metals To Get More From SCCO, AA	08/12/2025
6	CMC Dip Buy Analysis	07/10/2025
7	Commercial Metals Total Shareholder Return (TSR): 10.3% in 2025 and 15.3% 3-yr compounded annual returns (below peer average)	03/07/2025
8	Commercial Metals (CMC) Operating Cash Flow Comparison	02/17/2025

	Title
0	ARTICLES

Trade Ideas

Select ideas related to CMC.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
AXTA_3272026_Dip_Buyer_FCFYield	03272026	AXTA	Axalta Coating Systems	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.2%	3.2%	-0.6%
IFF_3272026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	03272026	IFF	International Flavors & Fragrances	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	2.2%	2.2%	-0.1%
IP_3132026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	03132026	IP	International Paper	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	-4.2%	-4.2%	-9.4%
ARIS_3062026_Dip_Buyer_FCFYield	03062026	ARIS	Aris Mining	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-3.9%	-3.9%	-16.7%
EMN_3062026_Dip_Buyer_FCFYield	03062026	EMN	Eastman Chemical	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	9.8%	9.8%	-6.0%
CMC_3312020_Dip_Buyer_2_Growing_With_High_FCF_Yield	03312020	CMC	Commercial Metals	Dip Buy	DB \| Growth \| FCF YieldDip Buy with Growth and High Free Cash Flow Yield Buying dips for companies with growth, and significant free cash flow yield (FCF / Market Cap)	28.6%	101.1%	-8.4%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
CAR	Avis Budget	9.0	20.0%	98.8%
ALHC	Alignment Healthcare	4.4	16.0%	9.7%
BETR	Better Home & Finance	0.7	11.1%	37.6%
ELVN	Enliven Therapeutics	2.7	10.8%	180.3%
HTZ	Hertz Global	1.8	10.7%	14.4%
PSKY	Paramount Skydance	7.4	10.7%	-18.2%
BKSY	BlackSky Technology	1.2	10.1%	81.6%
AAOI	Applied Optoelectronics	8.3	9.5%	237.5%
UNH	UnitedHealth	279.4	9.4%	-6.1%
REPX	Riley Exploration Permian	0.8	8.6%	53.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PLSE	Pulse Biosciences	1.4	-13.0%	45.4%
MANE	Veradermics	1.1	-11.1%	50.2%
GCT	GigaCloud Technology	1.5	-10.0%	4.4%
SMR	NuScale Power	2.9	-9.9%	-35.4%
AXON	Axon Enterprise	29.5	-9.7%	-34.3%
ESPR	Esperion Therapeutics	0.5	-9.4%	-37.6%
NN	NextNav	2.0	-9.3%	-9.5%
GEVO	Gevo	0.5	-9.2%	-1.5%
REPL	Replimune	0.7	-8.7%	-19.8%
BOBS	Bobs Discount Furniture	1.4	-8.2%	-38.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
APLS	Apellis Pharmaceuticals	5.2	138.2%	62.0%
CAR	Avis Budget	9.0	88.2%	98.8%
SLNO	Soleno Therapeutics	2.8	72.0%	13.1%
AEHR	Aehr Test Systems	1.5	66.9%	148.9%
BKSY	BlackSky Technology	1.2	55.4%	81.6%
FLY	Firefly Aerospace	5.7	50.6%	59.0%
TH	Target Hospitality	1.4	48.4%	71.4%
RLAY	Relay Therapeutics	2.3	44.2%	59.3%
SATL	Satellogic	0.9	39.8%	271.7%
LUNR	Intuitive Machines	2.7	39.0%	40.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TE	T1 Energy	0.6	-30.1%	-41.2%
GEVO	Gevo	0.5	-29.0%	-1.5%
ORIC	ORIC Pharmaceuticals	0.9	-27.2%	8.4%
VRDN	Viridian Therapeutics	1.3	-24.7%	-55.1%
PHR	Phreesia	0.5	-20.6%	-46.5%
SOC	Sable Offshore	1.7	-19.6%	59.1%
TPB	Turning Point Brands	1.4	-17.0%	-33.9%
NKE	Nike	63.2	-16.7%	-32.5%
GTN-A	Gray Media	1.1	-15.3%	-10.2%
AESI	Atlas Energy Solutions	1.4	-14.5%	19.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CAR	Avis Budget	9.0	161.7%	98.8%
SATL	Satellogic	0.9	124.9%	271.7%
APLS	Apellis Pharmaceuticals	5.2	102.8%	62.0%
LWLG	Lightwave Logic	1.1	95.5%	153.4%
ORKA	Oruka Therapeutics	3.3	83.8%	99.9%
FLY	Firefly Aerospace	5.7	80.3%	59.0%
TH	Target Hospitality	1.4	75.4%	71.4%
KODK	Eastman Kodak	1.1	69.1%	33.7%
FBYD	Falcons Beyond Global	0.4	68.9%	-20.8%
KOD	Kodiak Sciences	2.2	68.1%	49.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
VRDN	Viridian Therapeutics	1.3	-50.7%	-55.1%
WVE	WAVE Life Sciences	1.3	-45.9%	-58.2%
BUR	Burford Capital	1.0	-41.6%	-49.1%
TE	T1 Energy	0.6	-41.5%	-41.2%
ADMA	ADMA Biologics	2.2	-39.8%	-49.2%
BOBS	Bobs Discount Furniture	1.4	-39.4%	-38.4%
LMRI	Lumexa Imaging	0.9	-39.1%	-51.2%
FRMI	Fermi	2.9	-38.3%	-38.2%
MAZE	Maze Therapeutics	1.3	-36.8%	-31.6%
ORIC	ORIC Pharmaceuticals	0.9	-35.3%	8.4%

Peer Comparisons

Peers to compare with:

Financials

	CMC	HCC	NWPX	FRD	NUE	STLD	Median
Name	Commerci.	Warrior .	NWPX Inf.	Friedman.	Nucor	Steel Dy.
Mkt Price	61.17	93.01	78.76	17.30	173.26	177.19	85.89
Mkt Cap	6.8	4.9	0.8	0.1	39.8	25.8	5.8
Rev LTM	8,387	1,310	526	584	32,494	18,177	4,848
Op Inc LTM	704	46	51	20	2,659	1,599	378
FCF LTM	394	-100	47	-7	-188	502	20
FCF 3Y Avg	493	6	39	2	1,839	780	266
CFO LTM	840	229	67	-1	3,234	1,450	535
CFO 3Y Avg	923	433	59	11	4,775	2,271	678

Growth & Margins

	CMC	HCC	NWPX	FRD	NUE	STLD	Median
Name	Commerci.	Warrior .	NWPX Inf.	Friedman.	Nucor	Steel Dy.
Rev Chg LTM	8.4%	-14.1%	6.8%	30.5%	5.7%	3.6%	6.3%
Rev Chg 3Y Avg	-2.6%	-8.9%	4.9%	6.9%	-7.4%	-6.2%	-4.4%
Rev Chg Q	21.5%	29.1%	5.0%	78.6%	8.6%	14.0%	17.8%
QoQ Delta Rev Chg LTM	4.7%	7.1%	1.2%	14.5%	1.9%	3.1%	3.9%
Op Mgn LTM	8.4%	3.5%	9.7%	3.3%	8.2%	8.8%	8.3%
Op Mgn 3Y Avg	8.7%	17.7%	9.0%	3.0%	11.9%	13.0%	10.5%
QoQ Delta Op Mgn LTM	0.9%	2.9%	0.4%	0.6%	0.3%	0.2%	0.5%
CFO/Rev LTM	10.0%	17.5%	12.8%	-0.1%	10.0%	8.0%	10.0%
CFO/Rev 3Y Avg	11.3%	27.8%	12.0%	2.2%	14.5%	12.4%	12.2%
FCF/Rev LTM	4.7%	-7.7%	9.0%	-1.3%	-0.6%	2.8%	1.1%
FCF/Rev 3Y Avg	6.0%	-0.4%	7.9%	0.6%	5.4%	4.2%	4.8%

Valuation

	CMC	HCC	NWPX	FRD	NUE	STLD	Median
Name	Commerci.	Warrior .	NWPX Inf.	Friedman.	Nucor	Steel Dy.
Mkt Cap	6.8	4.9	0.8	0.1	39.8	25.8	5.8
P/S	0.8	3.7	1.4	0.2	1.2	1.4	1.3
P/EBIT	9.9	76.2	15.4	5.0	14.5	16.5	15.0
P/E	13.4	85.8	21.4	7.7	22.8	21.8	21.6
P/CFO	8.1	21.3	11.2	-183.1	12.3	17.8	11.8
Total Yield	8.6%	1.5%	4.7%	13.2%	5.7%	5.7%	5.7%
Dividend Yield	1.2%	0.4%	0.0%	0.2%	1.3%	1.1%	0.7%
FCF Yield 3Y Avg	7.9%	0.4%	8.9%	2.6%	4.6%	3.9%	4.3%
D/E	0.5	0.1	0.1	0.8	0.2	0.2	0.2
Net D/E	0.4	-0.0	0.1	0.8	0.1	0.1	0.1

Returns

	CMC	HCC	NWPX	FRD	NUE	STLD	Median
Name	Commerci.	Warrior .	NWPX Inf.	Friedman.	Nucor	Steel Dy.
1M Rtn	-5.8%	20.2%	4.6%	-5.9%	3.0%	-2.1%	0.4%
3M Rtn	-17.6%	2.5%	23.0%	-13.9%	2.7%	2.9%	2.6%
6M Rtn	6.4%	46.3%	57.1%	-14.4%	28.5%	24.9%	26.7%
12M Rtn	52.3%	128.7%	99.7%	24.9%	67.6%	61.7%	64.6%
3Y Rtn	36.2%	170.3%	177.2%	56.4%	24.4%	78.9%	67.7%
1M Excs Rtn	-4.0%	22.1%	6.4%	-4.0%	4.9%	-0.3%	2.3%
3M Excs Rtn	-11.2%	7.6%	27.4%	-9.9%	7.5%	7.6%	7.6%
6M Excs Rtn	6.7%	46.7%	52.5%	-16.3%	27.8%	24.3%	26.1%
12M Excs Rtn	26.2%	90.3%	70.6%	-3.8%	37.6%	32.1%	34.9%
3Y Excs Rtn	-30.9%	104.3%	85.1%	-9.1%	-43.8%	2.9%	-3.1%

Comparison Analyses

	Title
0	Does Commercial Metals Stock Lead the Pack?
1	Commercial Metals vs. United States Steel: With Return Forecast Of 28%, Commercial Metals Is A Better Bet
2	Why WOR With 4.1% Upside May Beat CMC?
3	AA Could Deliver 4.2% Returns And Outperform CMC
4	Commercial Metals vs. Cleveland-Cliffs: With Return Forecast Of 55%, Cleveland-Cliffs Is A Better Bet
5	Commercial Metals vs. Boston Scientific: With Return Forecast Of 30%, Commercial Metals Is A Better Bet
6	Commercial Metals vs. Ecolab: With Return Forecast Of 30%, Commercial Metals Is A Better Bet
7	Commercial Metals vs. Roper Technologies: With Return Forecast Of 30%, Commercial Metals Is A Better Bet
8	Commercial Metals vs. Zoetis: With Return Forecast Of 31%, Commercial Metals Is A Better Bet
9	Commercial Metals vs. Activision Blizzard: With Return Forecast Of 24%, Commercial Metals Is A Better Bet

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

null

Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 8/31	LTM	2025	2024	2023	2022	2021	2020
Period End	2/28/2026	8/31/2025	8/31/2024	8/31/2023	8/31/2022	8/31/2021	8/31/2020
Filing Date	3/31/2026	10/16/2025	10/17/2024	10/12/2023	10/13/2022	10/14/2021	10/15/2020
Key Financials
Total Revenue	8,387	7,798	7,926	8,800	8,913	6,730	5,476
EBITDA	1,004	439	964	1,381	1,741	754	598
Operating Income	704	520	690	1,166	1,311	601	438
Net Income	505	85	485	860	1,217	413	280
EPS	4.54	0.75	4.19	7.34	10.09	3.43	2.35
Growth Rates
Total Revenue Growth	8.4%	-1.6%	-9.9%	-1.3%	32.4%	22.9%	-6.0%
EBITDA Growth	133.8%	-54.5%	-30.2%	-20.7%	131.0%	25.9%	20.0%
Operating Income Growth	38.9%	-24.7%	-40.8%	-11.1%	118.3%	37.2%	28.7%
Net Income Growth	590.9%	-82.6%	-43.5%	-29.4%	194.8%	47.7%	41.1%
Margins
EBITDA Margin	12.0%	5.6%	12.2%	15.7%	19.5%	11.2%	10.9%
Operating Income Margin	8.4%	6.7%	8.7%	13.2%	14.7%	8.9%	8.0%
Net Income Margin	6.0%	1.1%	6.1%	9.8%	13.7%	6.1%	5.1%
Cash & Debt
Total Cash	495	1,043	858	592	673	498	542
Total Debt	3,363	1,354	1,190	1,155	1,502	1,070	1,084
Net Debt / (Cash)	2,867	311	332	562	829	572	542
Cash Flows
Net Cash from Operations	840	715	900	1,344	700	228	791
Free Cash from Operations	394	312	575	737	250	44	604
Returns to Shareholders
Dividends	80	81	79	75	68	58	57
Share Repurchases	158	199	183	101	162	-0	-0

$ Mil \| FY: 8/31	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3
Period End	2/28/2026	11/30/2025	8/31/2025	5/31/2025	2/28/2025	11/30/2024	8/31/2024	5/31/2024	2/29/2024	11/30/2023	8/31/2023	5/31/2023
Filing Date	3/31/2026	1/8/2026	10/16/2025	6/24/2025	3/25/2025	1/6/2025	10/17/2024	6/25/2024	3/26/2024	1/8/2024	10/12/2023	6/22/2023
Key Financials Quarterly
Total Revenue	2,132	2,120	2,115	2,020	1,754	1,910	1,996	2,078	1,848	2,003	2,209	2,345
Ebitda	253	281	278	193	118	-150	218	243	197	306	307	374
Operating Income	155	212	214	124	52	130	153	172	129	236	250	319
Net Income	93	177	152	83	25	-176	104	119	86	176	184	234
EPS	0.84	1.60	1.36	0.74	0.22	-1.54	0.91	1.03	0.74	1.51	1.58	2.00
Key Financials TTM
Total Revenue TTM	8,387	8,009	7,798	7,680	7,739	7,833	7,926	8,139	8,406	8,575	8,800	8,997
Ebitda TTM	1,004	869	439	379	430	509	964	1,053	1,184	1,284	1,381	1,475
Operating Income TTM	704	601	520	459	507	584	690	788	934	1,051	1,166	1,270
Net Income TTM	505	438	85	37	73	134	485	566	680	774	860	964
Growth Rates Quarterly
Total Revenue Growth	21.5%	11.0%	5.9%	-2.8%	-5.1%	-4.7%	-9.6%	-11.4%	-8.4%	-10.1%	-8.2%	-6.8%
EBITDA Growth	114.9%	287.6%	27.4%	-20.7%	-40.2%	-148.9%	-29.1%	-35.0%	-33.6%	-24.1%	-23.5%	-19.0%
Operating Income Growth	197.6%	62.7%	40.1%	-28.0%	-59.6%	-45.0%	-38.9%	-45.9%	-47.5%	-32.7%	-29.4%	-24.0%
Net Income Growth	265.2%	200.9%	46.0%	-30.4%	-70.3%	-199.7%	-43.6%	-49.0%	-52.3%	-32.7%	-36.2%	-25.1%
Margins Quarterly
EBITDA Margin	11.9%	13.2%	13.1%	9.5%	6.7%	-7.8%	10.9%	11.7%	10.7%	15.3%	13.9%	16.0%
Operating Income Margin	7.3%	10.0%	10.1%	6.1%	3.0%	6.8%	7.6%	8.3%	7.0%	11.8%	11.3%	13.6%
Net Income Margin	4.4%	8.4%	7.2%	4.1%	1.5%	-9.2%	5.2%	5.7%	4.6%	8.8%	8.3%	10.0%
Cash & Debt
Total Cash	495	1,023	1,043	893	758	856	858	698	638	705	592	475
Total Debt	3,363	3,352	1,354	1,344	1,195	1,187	1,190	1,200	1,162	1,154	1,155	1,159
Net Debt / (Cash)	2,867	2,329	311	451	436	331	332	502	524	450	562	684
Cash Flows Quarterly
FCF from Operations	166	204	315	154	32	213	352	198	89	261	409	376
Cash Flows TTM
FCF from Operations TTM	840	706	715	752	795	852	900	957	1,135	1,233	1,344	1,393
Returns to Shareholders Quarterly
Dividends	20	20	20	20	20	21	21	21	19	19	19	19
Share Repurchases	18	39	50	50	48	50	55	52	48	28	19	17
Return on Invested Capital (ROIC) Quarterly
ROIC	18.3%	35.2%	215.9%	83.5%	33.6%	119.4%	143.0%	102.3%	72.3%	164.9%	137.6%	140.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	20.8%	21.7%	131.6%	77.9%	86.0%	131.1%	158.9%	119.9%	136.4%	179.4%	158.8%	146.5%

Segment Financials

Assets by Segment

$ Mil	2025	2024
North America Steel Group	4,220	4,167
Corporate and Other	1,060	671
Emerging Businesses Group	861	874
Europe Steel Group	678	927
Total	6,818	6,639

Price Behavior

Price Behavior

Market Price	$61.17
Market Cap ($ Bil)	6.8
First Trading Date	11/05/1987
Distance from 52W High	-26.2%
	50 Days	200 Days
DMA Price	$70.51	$62.32
DMA Trend	up	down
Distance from DMA	-13.3%	-1.8%
	3M	1YR
Volatility	36.1%	35.9%
Downside Capture	0.86	0.78
Upside Capture	94.72	141.27
Correlation (SPY)	50.9%	61.1%

CMC Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	2.02	1.69	1.52	1.57	1.25	1.28
Up Beta	1.68	1.54	1.20	1.12	1.20	1.33
Down Beta	2.96	2.74	1.60	1.65	1.18	1.18
Up Capture	64%	61%	138%	206%	178%	185%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	10	18	30	59	127	366
Down Capture	209%	175%	159%	140%	120%	107%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	12	24	32	66	124	384

[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
CMC	49.0%	35.8%	1.17	-
Sector ETF (XLB)	22.5%	20.4%	0.89	64.6%
Equity (SPY)	21.3%	18.3%	0.94	59.8%
Gold (GLD)	51.9%	28.0%	1.49	6.8%
Commodities (DBC)	20.3%	17.2%	1.02	15.2%
Real Estate (VNQ)	6.9%	16.1%	0.23	44.1%
Bitcoin (BTCUSD)	-17.5%	44.0%	-0.31	31.3%

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
CMC	15.9%	35.5%	0.49	-
Sector ETF (XLB)	6.8%	18.9%	0.26	66.6%
Equity (SPY)	11.7%	17.0%	0.53	56.5%
Gold (GLD)	22.5%	17.8%	1.04	10.0%
Commodities (DBC)	12.0%	18.8%	0.52	21.0%
Real Estate (VNQ)	3.4%	18.8%	0.09	41.2%
Bitcoin (BTCUSD)	3.1%	56.5%	0.28	24.3%

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
CMC	15.8%	39.6%	0.50	-
Sector ETF (XLB)	10.5%	20.6%	0.45	65.8%
Equity (SPY)	13.9%	17.9%	0.67	58.0%
Gold (GLD)	13.9%	15.9%	0.73	5.4%
Commodities (DBC)	8.4%	17.6%	0.40	28.5%
Real Estate (VNQ)	4.9%	20.7%	0.20	42.4%
Bitcoin (BTCUSD)	66.6%	66.8%	1.06	19.1%

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

Short Interest

Short Interest: As Of Date	3132026
Short Interest: Shares Quantity	4.9 Mil
Short Interest: % Change Since 2282026	-6.8%
Average Daily Volume	1.4 Mil
Days-to-Cover Short Interest	3.6 days
Basic Shares Quantity	111.0 Mil
Short % of Basic Shares	4.5%

Returns Analyses

	Title
0	Would You Still Hold Commercial Metals Stock If It Fell 30%?
1	Commercial Metals Stock Return Comparison
2	[10/6/2021] Commercial Metals (CMC) Stock Price Forecast: AI Forecasts CMC Stock Price To Be Around $31.9 In A Month (Up 1%)
3	Commercial Metals Total Shareholder Return (TSR): 25.9% in 2022 and 39.6% 3-yr returns (below peer average)
4	Commercial Metals (CMC) Stock Return: AI Predicts CMC Average and Excess Return After a Fall or Rise

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
3/26/2026	-4.7%	0.7%
1/8/2026	-3.6%	1.4%	13.6%
10/16/2025	-7.3%	0.1%	0.0%
6/23/2025	1.2%	2.8%	11.8%
3/20/2025	1.1%	4.2%	-9.3%
1/6/2025	3.1%	-0.9%	-0.1%
10/17/2024	5.1%	-4.5%	11.1%
6/20/2024	3.8%	6.0%	13.9%
...
SUMMARY STATS
# Positive	12	14	13
# Negative	10	8	8
Median Positive	4.5%	4.1%	11.1%
Median Negative	-4.3%	-5.1%	-5.0%
Max Positive	8.8%	10.8%	21.3%
Max Negative	-9.6%	-14.6%	-11.6%

	Forward Returns
3/26/2026	-4.7%	0.7%
1/8/2026	-3.6%	1.4%	13.6%
10/16/2025	-7.3%	0.1%	0.0%
6/23/2025	1.2%	2.8%	11.8%
3/20/2025	1.1%	4.2%	-9.3%
1/6/2025	3.1%	-0.9%	-0.1%
10/17/2024	5.1%	-4.5%	11.1%
6/20/2024	3.8%	6.0%	13.9%
3/21/2024	5.3%	4.1%	-1.1%
1/8/2024	7.5%	3.9%	6.0%
10/12/2023	-9.6%	-14.6%	-6.4%
6/22/2023	8.8%	9.4%	15.7%
3/23/2023	3.1%	6.7%	6.9%
1/9/2023	-0.6%	10.8%	13.0%
10/13/2022	6.1%	7.3%	21.3%
6/16/2022	-4.9%	-7.7%	-6.9%
1/10/2022	0.6%	6.5%	0.1%
10/14/2021	-4.7%	-0.1%	7.2%
6/17/2021	-3.8%	-2.5%	-3.6%
1/11/2021	-4.0%	-5.6%	-2.6%
10/15/2020	-2.7%	-9.2%	-11.6%
6/18/2020	5.6%	1.1%	5.5%
SUMMARY STATS
# Positive	12	14	13
# Negative	10	8	8
Median Positive	4.5%	4.1%	11.1%
Median Negative	-4.3%	-5.1%	-5.0%
Max Positive	8.8%	10.8%	21.3%
Max Negative	-9.6%	-14.6%	-11.6%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
02/28/2026	03/31/2026	10-Q
11/30/2025	01/08/2026	10-Q
08/31/2025	10/16/2025	10-K
05/31/2025	06/24/2025	10-Q
02/28/2025	03/25/2025	10-Q
11/30/2024	01/06/2025	10-Q
08/31/2024	10/17/2024	10-K
05/31/2024	06/25/2024	10-Q
02/29/2024	03/26/2024	10-Q
11/30/2023	01/08/2024	10-Q
08/31/2023	10/12/2023	10-K
05/31/2023	06/22/2023	10-Q
02/28/2023	03/23/2023	10-Q
11/30/2022	01/09/2023	10-Q
08/31/2022	10/13/2022	10-K
05/31/2022	06/22/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q1 2026 Earnings Reported 1/8/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 EBITDA Contribution from Precast Businesses	165.00 Mil	170.00 Mil	175.00 Mil
2026 TAG Program Annualized Run-rate EBITDA Benefit		150.00 Mil

Prior: Q4 2025 Earnings Reported 10/16/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q1 2026 Europe Steel Group CO2 Credit		15.00 Mil		-46.4%		Lowered	Guidance: 28.00 Mil for Q4 2025

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Halloran, Brian N	SVP, N. America Steel Group	Direct	Sell	11042025	59.87	6,232	373,110	3,475,753	Form
2	McPherson, John R		Limited Partnership	Buy	10212025	58.09	1,722	100,037	390,504	Form
3	McPherson, John R		Direct	Buy	4072025	40.42	2,475	100,040	611,999	Form
4	Matt, Peter R	President and CEO	Direct	Buy	3312025	48.30	6,100	294,630	6,250,841	Form
5	Arriola, Dennis V		Direct	Buy	1222026	74.69	2,000	149,380	689,986	Form

CMC Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing CMC?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What CMC Makes & Who Pays

TTM figures based on

CMC Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Commercial Metals (CMC)

Market Price (4/8/2026): $61.8 | Market Cap: $6.9 BilSector: Materials | Industry: Steel

Commercial Metals (CMC)

Market Price (4/8/2026): $61.8Market Cap: $6.9 BilSector: MaterialsIndustry: Steel

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

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Commercial Metals (CMC)

Metal Recycling (Ferrous and Nonferrous Scrap Metals)

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

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

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

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

Interactive Breakdown

Better Bets vs. Commercial Metals (CMC)

INDUSTRY: Steel

Higher Rev Chg 3Y Avg | Lower P/S (Values for CMC: -2.6% | 0.8x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CMC: -2.6% | 9.6x)

Higher Rev Chg LTM (Value for CMC: 8.4%)

Higher Rev Chg 3Y Avg (Value for CMC: -2.6%)

Higher Op Mgn LTM (Value for CMC: 8.4%)

Higher CFO/Rev LTM (Value for CMC: 10.0%)

Higher FCF/Rev LTM (Value for CMC: 4.7%)

Higher Total Yield (Value for CMC: 8.6%)

SECTOR: Materials

Higher Rev Chg 3Y Avg | Lower P/S (Values for CMC: -2.6% | 0.8x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CMC: -2.6% | 9.6x)

Higher Rev Chg LTM (Value for CMC: 8.4%)

Higher Rev Chg 3Y Avg (Value for CMC: -2.6%)

Higher Op Mgn LTM (Value for CMC: 8.4%)

Higher CFO/Rev LTM (Value for CMC: 10.0%)

Higher FCF/Rev LTM (Value for CMC: 4.7%)

Higher Total Yield (Value for CMC: 8.6%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for CMC: -2.6% | 0.8x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CMC: -2.6% | 9.6x)

Higher Rev Chg LTM (Value for CMC: 8.4%)

Higher Rev Chg 3Y Avg (Value for CMC: -2.6%)

Higher Op Mgn LTM (Value for CMC: 8.4%)

Higher CFO/Rev LTM (Value for CMC: 10.0%)

Higher FCF/Rev LTM (Value for CMC: 4.7%)

Higher Total Yield (Value for CMC: 8.6%)

Best Bets in Materials

P/EBIT (Value for CMC: 9.9x)

P/E (Value for CMC: 13.4x)

Rev Chg 3Y Avg (Value for CMC: -2.6%)

Rev Chg LTM (Value for CMC: 8.4%)

Rev Chg Q (Value for CMC: 21.5%)

FCF/Rev 3Y Avg (Value for CMC: 6.0%)

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Market Price (4/8/2026): $61.8 | Market Cap: $6.9 Bil
Sector: Materials | Industry: Steel

Market Price (4/8/2026): $61.8
Market Cap: $6.9 Bil
Sector: Materials
Industry: Steel