Commercial Metals CMC

NYSE · Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) · $7.4B

Every report since 2023 →

No closes on file for CMC yet.

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2026, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$7.4B

EV / True FCF22.6x

Revenue$9.4B +20.5%

True FCF (ex-SBC)$435.2M +53.4%

Rule of 4025.6%

True FCF Yield5.9%

EPS, diluted$5.86 +691.9%

Modern Valuation (EOD)

Market Cap$7.4B

Enterprise Value$9.9B

EV / True FCF22.64

EV / FCF20.56

EV / Gross Profit—

EV / EBIT—

EV / Sales1.05

P / E (GAAP)11.21

P / FCF15.35

P / Oper. CF6.94

P / Book1.57

Owner & Cash Yields

True FCF Yield5.9%

FCF Yield6.5%

Owner Earn. Yield5.8%

Earnings Yield8.9%

Shareholder Yield+1.9%

Buyback Yield1.4%

Dividend Yield—

Dividend / sh$0.76

Payout Ratio13%

FCF / sh$4.36

EPS (diluted)$5.86

Compounder & Returns

Rule of 4025.6%

ROIC—

Cash ROIC (CROIC)6.7%

GP / Assets—

ROE14.0%

ROA6.4%

Gross Margin—

Oper. Margin—

Net Margin7.0%

FCF Margin5.1%

True FCF Margin4.6%

Quality & Dilution

Cash Conversion73%

Accrual Ratio−3.9%

SBC % of FCF9.2%

SBC % of Rev0.5%

Reinvest. Rate55%

Sales Growth Y/Y+20.5%

Sales 3Y CAGR+2.2%

EPS Growth Y/Y+691.9%

FCF Growth Y/Y+53.4%

FCF 3Y CAGR−13.4%

Share Change Y/Y−1.9%

Balance Sheet & Scale

Revenue (FY)$9.4B

Gross Profit (FY)—

Oper. Income (FY)—

GAAP Net Income$655.8M

True FCF (ex-SBC)$435.2M

Cash & Equiv$778.9M

Total Debt$3.3B

Net Cash (Debt)$-2.5B

Net Cash % MCap−34.0%

Debt / FCF (yrs)6.8y

Current Ratio2.34109.98M sh

Price & Technicals (EOD)

Perf Week—

Perf Month—

Perf Quarter—

Perf Half Y—

Perf YTD—

SMA 20 Dist—

SMA 50 Dist—

SMA 100 Dist—

Window High—

Window Low—

RSI (14) · Vol—

Income Distribution & Cash Flow ConversionHow every dollar of CMC revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2026)

Cost of Revenue (COGS)$7.6B ($81.4 / $100)

SG&A & Other OpEx$882.0M ($9.4 / $100)

Tax & Non-Operating$1.1B ($11.7 / $100)

Net Profit Kept$655.8M ($0.0 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2026)

GAAP Net Income$655.8M (7.0% margin)

Operating Cash Flow (OCF)$1.1B(11.3% of rev)

Less: Capital Expenditures−$579.8M(6.2% of rev)

Standard Free Cash Flow (FCF)$479.1M(5.1% margin)

Less: Stock-Based Comp (SBC)−$43.9M(9.2% of FCF)

True FCF (Owner Cash ex-SBC)$435.2M(4.6% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2022	FY2023	FY2024	FY2025	FY2026	YoY Δ	4Y CAGR
Income Statement
Revenue	$8.9B	$8.8B	$7.9B	$7.8B	$9.4B	+20.5%	+1.3%
Cost of Revenue (COGS)	$7.1B	$7.0B	$6.6B	$6.6B	$7.6B	+16.2%	+2.0%
Selling, General & Admin (SG&A)	$545.0M	$646.0M	$668.4M	$700.2M	$882.0M	+26.0%	+12.8%
Interest Expense	$50.7M	$40.1M	$47.9M	—	$47.9M	—	−1.4%
Income Tax Expense	$297.9M	$262.2M	$150.2M	$22.9M	$55.2M	+141.1%	−34.4%
GAAP Net Income	$1.2B	$859.8M	$485.5M	$84.7M	$655.8M	+674.7%	−14.3%
Diluted EPS	$9.95	$7.25	$4.14	$0.74	$5.86	+691.9%	−12.4%
Diluted Shares	122.4M	118.6M	117.2M	114.1M	111.9M	−1.9%	−2.2%
Balance Sheet
Cash & Equivalents	$679.2M	$595.7M	$859.6M	$1.0B	$778.9M	−25.5%	+3.5%
Inventory	$1.2B	$1.0B	$971.8M	$934.3M	$1.1B	+18.2%	−1.4%
Total Current Assets	$3.4B	$3.1B	$3.3B	$3.5B	$3.8B	+9.0%	+2.6%
Total Assets	$6.2B	$6.6B	$6.8B	$7.2B	$10.3B	+43.0%	+13.2%
Total Current Liabilities	$1.4B	$843.7M	$834.9M	$1.3B	$1.6B	+29.3%	+4.7%
Total Debt (Short + Long Term)	$1.8B	$1.0B	$1.0B	$1.2B	$3.3B	+163.6%	+16.4%
Total Liabilities	$3.0B	$2.5B	$2.5B	$3.0B	$5.6B	+86.7%	+17.2%
Stockholders' Equity	$3.3B	$4.1B	$4.3B	$4.2B	$4.7B	+12.0%	+9.3%
Net Cash / (Net Debt)	$-1.1B	$-444.8M	$-179.2M	$-198.4M	$-2.5B	−1160.6%	—
Invested Capital	$4.4B	$4.6B	$4.5B	$4.4B	$7.2B	+63.9%	+13.1%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$700.3M	$1.3B	$899.7M	$715.1M	$1.1B	+48.1%	+10.9%
Depreciation & Amortization (D&A)	$175.0M	$218.8M	$280.4M	$285.9M	$395.9M	+38.5%	+22.6%
Stock-Based Compensation (SBC)	$47.0M	$60.5M	$45.1M	$37.1M	$43.9M	+18.6%	−1.7%
Capital Expenditures (CapEx)	$450.0M	$606.7M	$324.3M	$402.8M	$579.8M	+43.9%	+6.5%
Free Cash Flow (FCF)	$250.3M	$737.4M	$575.4M	$312.2M	$479.1M	+53.4%	+17.6%
True FCF (ex-SBC Owner Cash)	$203.3M	$676.9M	$530.4M	$275.2M	$435.2M	+58.1%	+21.0%
Share Repurchases (Buybacks)	$161.9M	$101.4M	$182.9M	$198.8M	$102.8M	−48.3%	−10.7%
Dividends Paid	$67.7M	$74.9M	$78.9M	$81.4M	$84.2M	+3.5%	+5.6%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what CMC did at the next close after each story

No Wire story has named CMC yet.

What happened · big days

10 big days in a year, and what we hold on each

A big day is a close more than 4.51% from the one before, three times CMC’s median day (1.50%). On 5 of the 10, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±4.51%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayCMCWhat we hold that dayGroup (median of 4) · each

1 Dec 10, 2025+5.12%
Before our storiesgroup +2.5%, did not move with it
1Dec 10, 2025+5.12%
Before our stories
+2.5% did not move with itNUE +3.9 · STLD +3.5 · SXC +1.6 · CRS +1.4
2 Feb 2, 2026+4.57%
Before our storiesgroup +1.2%, did not move with it
2Feb 2, 2026+4.57%
Before our stories
+1.2% did not move with itSTLD +3.9 · NUE +1.8 · SXC +0.5 · CRS −2.0
3 Mar 6, 2026−4.53%
Before our storiesgroup −3.2%, moved with CMC
3Mar 6, 2026−4.53%
Before our stories
−3.2% moved with CMCSXC −5.6 · STLD −4.4 · CRS −2.0 · NUE −1.9
4 Mar 12, 2026−7.14%
Before our storiesgroup −4.3%, moved with CMC
4Mar 12, 2026−7.14%
Before our stories
−4.3% moved with CMCCRS −7.6 · STLD −5.0 · NUE −3.6 · SXC +2.5
5 Mar 26, 2026−4.69%
Resultsgroup −0.3%, did not move with it
5Mar 26, 2026−4.69%
ResultsFirst close after the Mar 26 results filing
−0.3% did not move with itCRS −3.7 · SXC −1.1 · NUE +0.5 · STLD +0.6
6 Apr 8, 2026+5.13%
Before our storiesgroup +5.5%, moved with CMC
6Apr 8, 2026+5.13%
Before our stories
+5.5% moved with CMCCRS +8.6 · STLD +5.8 · NUE +5.1 · SXC +0.6
7 Jun 11, 2026+5.68%
Nothing on CMCgroup +4.2%, moved with CMC
7Jun 11, 2026+5.68%
Nothing on CMCNo CMC story, brief or results filing in our record that day
+4.2% moved with CMCCRS +7.5 · STLD +4.2 · NUE +4.2 · SXC +3.7
8 Jun 17, 2026−4.52%
Nothing on CMCgroup −2.0%, did not move with it
8Jun 17, 2026−4.52%
Nothing on CMCNo CMC story, brief or results filing in our record that day
−2.0% did not move with itNUE −2.5 · SXC −2.5 · STLD −1.5 · CRS +2.5
9 Jun 26, 2026−6.60%
Nothing on CMCgroup −1.7%, did not move with it
9Jun 26, 2026−6.60%
Nothing on CMCNo CMC story, brief or results filing in our record that day
−1.7% did not move with itNUE −3.7 · STLD −2.2 · CRS −1.2 · SXC −0.2
10 Jun 29, 2026−6.60%
Nothing on CMCgroup −3.6%, moved with CMC
10Jun 29, 2026−6.60%
Nothing on CMCNo CMC story, brief or results filing in our record that day
−3.6% moved with CMCNUE −4.7 · STLD −4.6 · SXC −2.6 · CRS +2.6

A story on the same day is not a cause, and a group move is not proof either. Group: the median of NUE, STLD, CRS and SXC that day, the largest companies in CMC’s SEC industry; “moved with CMC” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). CMC reports before the open, so day 1 is that day’s close. 1 of 4 times, day 6 ended on the same side as day 1.

Reported Jan 8, 2026

day 1−3.56%day 6+3.52%

Reported Mar 26, 2026

day 1−4.69%day 6−0.99%

Reported Jun 25, 2026

day 1+3.94%day 6−13.40%

Reported Oct 15, 2026

day 1+0.12%day 6−2.30%

Next report: expected early-to-mid JanuaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 15 report: +1.79%. Four reports is a small sample.

Every report since 2023 →

Each line is CMC’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

CMC against four same-industry peers, a year at 100

CMC is up 13.1% in a year. Nucor is up 85.7%, Steel Dynamics 58.0% and SunCoke Energy 54.4%. Of these four, only Carpenter Technology (−11.0%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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CMC +13.1%. Nucor +85.7%, Steel Dynamics +58.0%, SunCoke Energy +54.4%, Carpenter Technology −11.0%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in CMC’s SEC industry (Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

NUE	Nucor	$60.8B	−8.30%
STLD	Steel Dynamics	$34.4B	−7.59%
CRS	Carpenter Technology	$14.5B	−4.53%
SXC	SunCoke Energy	$887M	−7.18%
MTUS	Metallus	$741M	−11.81%
TWI	Titan International	$314M	−3.49%