Commercial Metals vs Warrior Met Coal
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The short version
- Commercial Metals is the larger business, with $9.4B of revenue in fiscal 2026 against $1.3B for Warrior Met Coal, about 7.2 times as much.
- Commercial Metals grew revenue faster (20.5%, against −14.1%).
- Commercial Metals turned more of its sales into free cash flow (5.1% FCF margin, against −7.0%).
- Commercial Metals earned a higher return on the capital invested in it (12.9%, against 2.4%).
| Latest fiscal year | CMC · FY26 | HCC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.0B | $4.5B |
| Revenue | $9.4B | $1.3B |
| Free cash flow | $479M | −$91.0M |
| Net income | $656M | $57.0M |
| Growth | ||
| Revenue growth | 20.5% | −14.1% |
| 5-year growth | 6.9% | 10.9% |
| Share count change | −2.0% | 0.5% |
| Profitability | ||
| Gross margin | 18.7% | 25.0% |
| Operating margin | — | 3.5% |
| Net margin | 7.0% | 4.4% |
| FCF margin | 5.1% | −7.0% |
| Return on capital | 12.9% | 2.4% |
| Return on equity | 14.8% | 2.7% |
| Balance sheet | ||
| Net debt | $2.6B | −$61.6M |
| Net debt / EBITDA | 2.2x | −0.3x |
| Dividends and buybacks | $187M | $17.8M |
| Valuation & quality | ||
| P/E | — | 20.7x |
| Piotroski F-score | 7 | 4 |
Revenue
FY17
CMC $3.8B
HCC $1.2B
FY18
CMC $4.6B
HCC $1.4B
FY19
CMC $5.8B
HCC $1.3B
FY20
CMC $5.5B
HCC $783M
FY21
CMC $6.7B
HCC $1.1B
FY22
CMC $8.9B
HCC $1.7B
FY23
CMC $8.8B
HCC $1.7B
FY24
CMC $7.9B
HCC $1.5B
FY25
CMC $7.8B
HCC $1.3B
FY26
CMC $9.4B
HCC —
CMC
HCC
Operating margin
FY17
CMC —
HCC 36.2%
FY18
CMC —
HCC 36.9%
FY19
CMC —
HCC 30.2%
FY20
CMC —
HCC −3.5%
FY21
CMC —
HCC 23.0%
FY22
CMC —
HCC 46.1%
FY23
CMC —
HCC 32.3%
FY24
CMC —
HCC 16.7%
FY25
CMC —
HCC 3.5%
FY26
CMC —
HCC —
CMC
HCC
Free cash flow
FY17
CMC −$736M
HCC $342M
FY18
CMC −$609M
HCC $458M
FY19
CMC −$102M
HCC $426M
FY20
CMC $604M
HCC $25.1M
FY21
CMC $44.3M
HCC $294M
FY22
CMC $250M
HCC $637M
FY23
CMC $737M
HCC $209M
FY24
CMC $575M
HCC −$89.8M
FY25
CMC $312M
HCC −$91.0M
FY26
CMC $479M
HCC —
CMC
HCC
Return on capital
FY17
CMC 4.3%
HCC —
FY18
CMC 8.4%
HCC 59.8%
FY19
CMC 10.7%
HCC 32.8%
FY20
CMC 12.7%
HCC −2.3%
FY21
CMC 17.1%
HCC 20.4%
FY22
CMC 35.9%
HCC 72.1%
FY23
CMC 20.2%
HCC 41.5%
FY24
CMC 11.2%
HCC 14.6%
FY25
CMC 2.7%
HCC 2.4%
FY26
CMC 12.9%
HCC —
CMC
HCC
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.