Commercial Metals vs Reliance
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The short version
- Reliance is the larger business, with $14.3B of revenue in fiscal 2025 against $9.4B for Commercial Metals, about 1.5 times as much.
- Commercial Metals grew revenue faster (20.5%, against 3.3%).
- Commercial Metals turned more of its sales into free cash flow (5.1% FCF margin, against 3.5%).
- Commercial Metals earned a higher return on the capital invested in it (12.9%, against 9.4%).
| Latest fiscal year | CMC · FY26 | RS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.0B | $21.6B |
| Revenue | $9.4B | $14.3B |
| Free cash flow | $479M | $503M |
| Net income | $656M | $739M |
| Growth | ||
| Revenue growth | 20.5% | 3.3% |
| 5-year growth | 6.9% | 10.2% |
| Share count change | −2.0% | −6.0% |
| Profitability | ||
| Gross margin | 18.7% | — |
| Operating margin | — | 7.1% |
| Net margin | 7.0% | 5.2% |
| FCF margin | 5.1% | 3.5% |
| Return on capital | 12.9% | 9.4% |
| Return on equity | 14.8% | 10.3% |
| Balance sheet | ||
| Net debt | $2.6B | $1.2B |
| Net debt / EBITDA | 2.2x | 0.9x |
| Dividends and buybacks | $187M | $594M |
| Valuation & quality | ||
| P/E | — | 27.1x |
| Piotroski F-score | 7 | 6 |
Revenue
FY17
CMC $3.8B
RS $9.7B
FY18
CMC $4.6B
RS $11.5B
FY19
CMC $5.8B
RS $11.0B
FY20
CMC $5.5B
RS $8.8B
FY21
CMC $6.7B
RS $14.1B
FY22
CMC $8.9B
RS $17.0B
FY23
CMC $8.8B
RS $14.8B
FY24
CMC $7.9B
RS $13.8B
FY25
CMC $7.8B
RS $14.3B
FY26
CMC $9.4B
RS —
CMC
RS
Operating margin
FY17
CMC —
RS 6.8%
FY18
CMC —
RS 8.1%
FY19
CMC —
RS 9.2%
FY20
CMC —
RS 6.4%
FY21
CMC —
RS 13.8%
FY22
CMC —
RS 14.7%
FY23
CMC —
RS 11.8%
FY24
CMC —
RS 8.4%
FY25
CMC —
RS 7.1%
FY26
CMC —
RS —
CMC
RS
Free cash flow
FY17
CMC −$736M
RS $237M
FY18
CMC −$609M
RS $425M
FY19
CMC −$102M
RS $1.1B
FY20
CMC $604M
RS $1.0B
FY21
CMC $44.3M
RS $563M
FY22
CMC $250M
RS $1.8B
FY23
CMC $737M
RS $1.2B
FY24
CMC $575M
RS $999M
FY25
CMC $312M
RS $503M
FY26
CMC $479M
RS —
CMC
RS
Return on capital
FY17
CMC 4.3%
RS 10.8%
FY18
CMC 8.4%
RS 10.9%
FY19
CMC 10.7%
RS 11.6%
FY20
CMC 12.7%
RS 7.0%
FY21
CMC 17.1%
RS 21.7%
FY22
CMC 35.9%
RS 26.2%
FY23
CMC 20.2%
RS 18.0%
FY24
CMC 11.2%
RS 11.3%
FY25
CMC 2.7%
RS 9.4%
FY26
CMC 12.9%
RS —
CMC
RS
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.