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Commercial Metals

CMC NYSE Steel Financials FY2017–FY2026

Commercial Metals' revenue rose 20.5% to $9.4 billion in fiscal 2026. Its net margin was 7.0%, up from 1.1% a year earlier. Free cash flow was $479 million, up 53.4%. It paid out $187 million in dividends and buybacks, 39% of free cash flow. The diluted share count fell 1.9%.

Last close · Oct 23, 2026

$62.77

1.6%
Value it Compare
Revenue Total sales reported in the income statement.
$9.4B
20.5% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$656M
674.3%
Free cash flow Cash from operations minus capital spending.
$479M
53.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
12.9%
10.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$7.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
10.7x

What Commercial Metals does

No business description yet.

Legal name
Commercial Metals Company
Fiscal year ends
August 31, 2026
Latest annual report
—
Accession · CIK
0000022444-26-000065
0000022444

Revenue and margins

Commercial Metals had $9.4B of revenue in fiscal 2026, up 20.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2017 to 2026, diluted EPS grew 35.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $479M in fiscal 2026, 5.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Commercial Metals returned $187M to shareholders in fiscal 2026, 39% of free cash flow. The diluted share count fell 2.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Commercial Metals yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$2.6B and divides by 111.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 10.7x · peers 22.5x · sector 20.6x.

Balance sheet

Cash, debt and the ratios that show how comfortably Commercial Metals can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $673M$592M$858M$1.0B$776M
Debt incl. finance leases $1.5B$1.2B$1.2B$1.4B$3.4B
Net debt / EBITDA 0.5x0.4x0.4x0.7x2.2x
Debt / equity 0.5x0.3x0.3x0.3x0.7x
Interest coverage 30.9x29.0x14.3x3.1x7.0x
Current ratio 2.5x3.7x3.9x2.8x2.3x
Quick ratio 1.7x2.5x2.8x2.0x1.7x
Total assets $6.2B$6.6B$6.8B$7.2B$10.3B
Total liabilities $3.0B$2.5B$2.5B$3.0B$5.6B
Shareholders' equity $3.3B$4.1B$4.3B$4.2B$4.7B
Net debt (− = net cash) $841M$564M$340M$321M$2.6B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.8M

3 insiders

Sold, 12 months

$2.4M

2 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 13, 2026 John R McPhersonDirector Bought 1,390 $71.92 $0.1M Form 4
Jul 10, 2026 Peter R MattPresident and CEO, Director Bought 8,230 $61.30 $0.5M Form 4
Feb 3, 2026 Jennifer J DurbinFmr. Chief HR & Comm. Officer Sold 25,050 $79.97 $2.0M Form 4
Jan 20, 2026 Dennis Arriola VDirector Bought 2,000 $74.69 $0.1M Form 4
Oct 31, 2025 Brian N. HalloranSVP, N. America Steel Group Sold 6,232 $59.87 $0.4M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✕ ✓
Revenue rose relative to assets ✕ ✕ ✓
F-score 6 / 94 / 97 / 9
Accruals ratio −6.2%−9.0%−4.6%
Altman Z'' 6.995.724.44

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Commercial Metals CMC $7.0B 20.5% — 5.1% 12.9% 10.7x 7
Reliance RS $21.6B 3.3% 7.1% 3.5% 9.4% 27.1x 6 Compare →
Steel Dynamics STLD $34.7B 3.6% 8.1% 2.8% 10.0% 17.8x 6 Compare →
Cleveland-Cliffs CLF $8.0B −3.0% −8.5% −5.5% −8.9% — 2 Compare →
Worthington Steel WS $2.0B 11.3% −0.0% 2.3% −0.1% — 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $3.8B $4.6B $5.8B $5.5B $6.7B $8.9B $8.8B $7.9B $7.8B $9.4B
Gross profit $521M $622M $804M $945M $1.1B $1.9B $1.8B $1.4B $1.2B $1.8B
Interest expense $44.2M $41.0M $71.4M $61.8M $51.9M $50.7M $40.1M $47.9M $51.1M $119M
Pretax income $65.5M $165M $269M $371M $534M $1.5B $1.1B $636M $108M $711M
Income tax $15.3M $30.1M $69.7M $92.5M $121M $298M $262M $150M $22.9M $55.2M
Net income $46.3M $139M $198M $280M $413M $1.2B $860M $486M $84.7M $656M
Diluted EPS $0.39 $1.17 $1.66 $2.32 $3.38 $9.95 $7.25 $4.14 $0.74 $5.86
Diluted shares 0.12B 0.12B 0.12B 0.12B 0.12B 0.12B 0.12B 0.12B 0.11B 0.11B
Cash flow
Cash from operations −$523M −$434M $37.0M $791M $229M $700M $1.3B $900M $715M $1.1B
Capital expenditure $213M $175M $139M $188M $184M $450M $607M $324M $403M $580M
Free cash flow −$736M −$609M −$102M $604M $44.3M $250M $737M $575M $312M $479M
Depreciation and amortization $125M $132M $159M $166M $168M $175M $219M $280M $286M $396M
Stock-based compensation $30.3M $23.9M $25.1M $31.8M $43.7M $47.0M $60.5M $45.1M $37.1M $43.9M
Acquisitions $56.1M $7.0M $701M $18.1M $1.9M $552M $235M $3.0M $0.0M $2.5B
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $162M $101M $183M $199M $103M
Dividends paid $55.5M $56.1M $56.5M $57.1M $57.8M $67.7M $74.9M $78.9M $81.4M $84.2M
Dividends and buybacks $55.5M $56.1M $56.5M $57.1M $57.8M $230M $176M $262M $280M $187M
Balance sheet
Cash and short-term investments $253M $623M $193M $542M $498M $673M $592M $858M $1.0B $776M
Total debt $825M $1.2B $1.2B $1.0B $1.0B $1.5B $1.1B $1.1B $1.2B $3.2B
Finance lease liabilities $0.0M $0.0M $0.0M $50.2M $52.1M $58.5M $95.5M $141M $159M $196M
Current assets $1.7B $2.1B $2.1B $2.2B $2.7B $3.4B $3.1B $3.3B $3.5B $3.8B
Current liabilities $608M $542M $695M $745M $981M $1.4B $844M $835M $1.3B $1.6B
Inventory $463M $589M $692M $625M $935M $1.2B $1.0B $972M $934M $1.1B
Property and equipment, net $1.1B $1.1B $1.5B $1.6B $1.6B $1.9B $2.4B $2.6B $2.7B $3.5B
Total assets $3.0B $3.3B $3.8B $4.1B $4.6B $6.2B $6.6B $6.8B $7.2B $10.3B
Total liabilities $1.6B $1.8B $2.1B $2.2B $2.3B $3.0B $2.5B $2.5B $3.0B $5.6B
Shareholders' equity $1.4B $1.5B $1.6B $1.9B $2.3B $3.3B $4.1B $4.3B $4.2B $4.7B
Margins
Gross margin 13.6% 13.4% 13.8% 17.3% 16.4% 20.8% 20.6% 17.1% 15.7% 18.7%
EBITDA margin 6.1% 7.3% 8.6% 10.9% 11.2% 19.5% 15.7% 12.2% 5.7% 13.1%
Net margin 1.2% 3.0% 3.4% 5.1% 6.1% 13.7% 9.8% 6.1% 1.1% 7.0%
FCF margin −19.2% −13.1% −1.8% 11.0% 0.7% 2.8% 8.4% 7.3% 4.0% 5.1%
Returns
Return on capital 4.3% 8.4% 10.7% 12.7% 17.1% 35.9% 20.2% 11.2% 2.7% 12.9%
Return on capital employed 4.7% 8.0% 11.6% 13.5% 16.8% 36.7% 21.8% 11.6% 2.7% 11.4%
Return on equity 3.4% 9.6% 12.7% 15.9% 19.7% 43.6% 23.2% 11.5% 2.0% 14.8%
Return on assets 1.5% 4.4% 5.6% 7.1% 9.5% 22.4% 13.4% 7.2% 1.2% 7.5%
Growth
Revenue growth 6.9% 20.8% 25.5% −6.1% 22.9% 32.5% −1.3% −9.9% −1.6% 20.5%
Net income growth −15.4% 198.9% 43.0% 41.1% 47.7% 194.8% −29.4% −43.5% −82.6% 674.7%
EPS growth −17.0% 200.0% 41.9% 39.8% 45.7% 194.4% −27.1% −42.9% −82.1% 691.9%
FCF growth −273.9% — — — −92.7% 464.9% 194.6% −22.0% −45.7% 53.4%
Share count change 0.6% 0.7% 0.8% 1.0% 1.4% 0.3% −3.1% −1.2% −2.6% −2.0%
Financial health
Net debt / EBITDA 2.4x 1.6x 2.1x 0.9x 0.8x 0.5x 0.4x 0.4x 0.7x 2.2x
Debt / equity 0.6x 0.8x 0.8x 0.6x 0.5x 0.5x 0.3x 0.3x 0.3x 0.7x
Interest coverage 2.5x 5.0x 4.8x 7.0x 11.3x 30.9x 29.0x 14.3x 3.1x 7.0x
Current ratio 2.8x 3.8x 3.0x 3.0x 2.8x 2.5x 3.7x 3.9x 2.8x 2.3x
Quick ratio 2.1x 2.8x 2.0x 2.1x 1.8x 1.7x 2.5x 2.8x 2.0x 1.7x
Capital allocation
Capex / revenue 5.5% 3.8% 2.4% 3.4% 2.7% 5.1% 6.9% 4.1% 5.2% 6.2%
Stock comp / revenue 0.8% 0.5% 0.4% 0.6% 0.7% 0.5% 0.7% 0.6% 0.5% 0.5%
Payouts / FCF — — — 9.5% 130.4% 91.7% 23.9% 45.5% 89.8% 39.0%
Quality scores
Piotroski F-score 4.0 4.0 6.0 6.0 5.0 5.0 6.0 6.0 4.0 7.0
Altman Z'' 5.1 5.7 5.2 5.4 5.9 6.8 7.2 7.0 5.7 4.4
Accruals ratio 18.7% 18.2% 4.6% −13.1% 4.2% 9.5% −7.5% −6.2% −9.0% −4.6%

Source: SEC EDGAR XBRL filings (CIK 0000022444). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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