Cleveland-Cliffs vs Commercial Metals
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The short version
- Cleveland-Cliffs is the larger business, with $18.6B of revenue in fiscal 2025 against $9.4B for Commercial Metals, about 2.0 times as much.
- Commercial Metals grew revenue faster (20.5%, against −3.0%).
- Commercial Metals turned more of its sales into free cash flow (5.1% FCF margin, against −5.5%).
- Commercial Metals earned a higher return on the capital invested in it (12.9%, against −8.9%).
| Latest fiscal year | CLF · FY25 | CMC · FY26 |
|---|---|---|
| Size | ||
| Market cap | $8.0B | $7.0B |
| Revenue | $18.6B | $9.4B |
| Free cash flow | −$1.0B | $479M |
| Net income | −$1.5B | $656M |
| Growth | ||
| Revenue growth | −3.0% | 20.5% |
| 5-year growth | 28.3% | 6.9% |
| Share count change | 5.8% | −2.0% |
| Profitability | ||
| Gross margin | −4.6% | 18.7% |
| Operating margin | −8.5% | — |
| Net margin | −7.9% | 7.0% |
| FCF margin | −5.5% | 5.1% |
| Return on capital | −8.9% | 12.9% |
| Return on equity | −23.2% | 14.8% |
| Balance sheet | ||
| Net debt | $7.6B | $2.6B |
| Net debt / EBITDA | — | 2.2x |
| Dividends and buybacks | $0.0M | $187M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 2 | 7 |
Revenue
FY17
CLF $1.9B
CMC $3.8B
FY18
CLF $2.3B
CMC $4.6B
FY19
CLF $2.0B
CMC $5.8B
FY20
CLF $5.4B
CMC $5.5B
FY21
CLF $20.4B
CMC $6.7B
FY22
CLF $23.0B
CMC $8.9B
FY23
CLF $22.0B
CMC $8.8B
FY24
CLF $19.2B
CMC $7.9B
FY25
CLF $18.6B
CMC $7.8B
FY26
CLF —
CMC $9.4B
CLF
CMC
Operating margin
FY17
CLF 20.9%
CMC —
FY18
CLF 28.9%
CMC —
FY19
CLF 21.6%
CMC —
FY20
CLF −2.7%
CMC —
FY21
CLF 19.6%
CMC —
FY22
CLF 8.4%
CMC —
FY23
CLF 3.0%
CMC —
FY24
CLF −4.0%
CMC —
FY25
CLF −8.5%
CMC —
FY26
CLF —
CMC —
CLF
CMC
Free cash flow
FY17
CLF $203M
CMC −$736M
FY18
CLF $183M
CMC −$609M
FY19
CLF −$88.0M
CMC −$102M
FY20
CLF −$783M
CMC $604M
FY21
CLF $2.1B
CMC $44.3M
FY22
CLF $1.5B
CMC $250M
FY23
CLF $1.6B
CMC $737M
FY24
CLF −$590M
CMC $575M
FY25
CLF −$1.0B
CMC $312M
FY26
CLF —
CMC $479M
CLF
CMC
Return on capital
FY17
CLF 54.6%
CMC 4.3%
FY18
CLF 52.3%
CMC 8.4%
FY19
CLF 21.2%
CMC 10.7%
FY20
CLF −2.2%
CMC 12.7%
FY21
CLF 33.2%
CMC 17.1%
FY22
CLF 12.5%
CMC 35.9%
FY23
CLF 4.2%
CMC 20.2%
FY24
CLF −4.7%
CMC 11.2%
FY25
CLF −8.9%
CMC 2.7%
FY26
CLF —
CMC 12.9%
CLF
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.