Alpha Metallurgical Resources vs Commercial Metals
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The short version
- Commercial Metals is the larger business, with $9.4B of revenue in fiscal 2026 against $2.1B for Alpha Metallurgical Resources, about 4.4 times as much.
- Commercial Metals grew revenue faster (20.5%, against −28.0%).
- Commercial Metals turned more of its sales into free cash flow (5.1% FCF margin, against 0.8%).
- Commercial Metals earned a higher return on the capital invested in it (12.9%, against −4.2%).
| Latest fiscal year | AMR · FY25 | CMC · FY26 |
|---|---|---|
| Size | ||
| Market cap | $2.1B | $7.0B |
| Revenue | $2.1B | $9.4B |
| Free cash flow | $17.8M | $479M |
| Net income | −$61.7M | $656M |
| Growth | ||
| Revenue growth | −28.0% | 20.5% |
| 5-year growth | 8.5% | 6.9% |
| Share count change | −1.1% | −2.0% |
| Profitability | ||
| Gross margin | — | 18.7% |
| Operating margin | −2.9% | — |
| Net margin | −2.9% | 7.0% |
| FCF margin | 0.8% | 5.1% |
| Return on capital | −4.2% | 12.9% |
| Return on equity | −3.9% | 14.8% |
| Balance sheet | ||
| Net debt | −$402M | $2.6B |
| Net debt / EBITDA | −3.6x | 2.2x |
| Dividends and buybacks | $0.4M | $187M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 4 | 7 |
Revenue
FY17
AMR $1.7B
CMC $3.8B
FY18
AMR $2.0B
CMC $4.6B
FY19
AMR $2.0B
CMC $5.8B
FY20
AMR $1.4B
CMC $5.5B
FY21
AMR $2.3B
CMC $6.7B
FY22
AMR $4.1B
CMC $8.9B
FY23
AMR $3.5B
CMC $8.8B
FY24
AMR $3.0B
CMC $7.9B
FY25
AMR $2.1B
CMC $7.8B
FY26
AMR —
CMC $9.4B
AMR
CMC
Operating margin
FY17
AMR 11.1%
CMC —
FY18
AMR 9.5%
CMC —
FY19
AMR −8.5%
CMC —
FY20
AMR −12.1%
CMC —
FY21
AMR 15.9%
CMC —
FY22
AMR 38.5%
CMC —
FY23
AMR 24.9%
CMC —
FY24
AMR 7.7%
CMC —
FY25
AMR −2.9%
CMC —
FY26
AMR —
CMC —
AMR
CMC
Free cash flow
FY17
AMR $242M
CMC −$736M
FY18
AMR $76.5M
CMC −$609M
FY19
AMR −$28.6M
CMC −$102M
FY20
AMR $9.7M
CMC $604M
FY21
AMR $91.6M
CMC $44.3M
FY22
AMR $1.3B
CMC $250M
FY23
AMR $606M
CMC $737M
FY24
AMR $381M
CMC $575M
FY25
AMR $17.8M
CMC $312M
FY26
AMR —
CMC $479M
AMR
CMC
Return on capital
FY17
AMR —
CMC 4.3%
FY18
AMR 21.6%
CMC 8.4%
FY19
AMR −10.3%
CMC 10.7%
FY20
AMR −15.2%
CMC 12.7%
FY21
AMR 44.7%
CMC 17.1%
FY22
AMR 146.1%
CMC 35.9%
FY23
AMR 61.2%
CMC 20.2%
FY24
AMR 16.3%
CMC 11.2%
FY25
AMR −4.2%
CMC 2.7%
FY26
AMR —
CMC 12.9%
AMR
CMC
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.