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olivLaw · US equity research

Commercial Metals Company CMC

Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) · SIC 3312 · Vertical: Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) (SIC 3312)

66.46USD+0.12% · 1 dayClose 04 Nov 2026

CMC is a U.S. producer of early-stage construction solutions, from rebar and metal recycling to precast concrete products. The company closed fiscal 2026 with net earnings of 655.8 million USD and a core EBITDA margin of 14.5%, helped by precast acquisitions that broaden its portfolio.

At the close of 04 Nov 2026, Commercial Metals Company (CMC) stock was 66.46 USD (+0.12% on the day), with market capitalisation 7.3 bn USD, P/E 11.3 on diluted EPS of 5.86 USD over the last 12 months, dividend yield 1.14%, beta 1.34, 52-week range 57.35–83.21 USD. Latest reported quarter (Q4 2026): revenue of 2.7 bn USD (+25.7% YoY), net income of 212.5 m USD (+40.0% YoY), diluted EPS 1.91 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
7.3 bn USD
shares as of 09 Oct 2026
P/E (TTM)
11.3
Diluted EPS TTM 5.86 · TTM to 31 Aug 2026
E/P (TTM)
8.82%
TTM to 31 Aug 2026
Dividend yield
1.14%
DPS 12m 0.76
Beta (2y)
1.34
Volatility (1y) 36%
52-week range
57.3583.21

Price history

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Technical reading

RSI (14)
57.3
strong (55–70)
Bollinger (20, 2)
62.31 – 66.69
in the upper half of the band · %B 0.95 · band width 6.8%
SMA 50 / 200
65.42 / 69.01
mixed trend
MACD (12, 26, 9)
0.14 / -0.24
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+1.5%−1.1%+2.5 pp—
3 months−12.2%−0.5%−11.7 pp—
6 months−7.9%+4.4%−12.3 pp—
Year to date−4.0%+12.3%−16.3 pp—
1 year+17.6%+13.5%+4.0 pp+31.2%
3 years+45.8%+76.4%−30.6 pp+21.1%
5 years+96.7%+63.7%+33.1 pp—
Max drawdown (1y)
−30.0%
11 Feb 2026 → 27 Mar 2026
Max drawdown (5y)
−38.1%
02 Dec 2024 → 08 Apr 2025
Compound annual growth (5y)
+14.5%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q4 2026 · 31 Aug 2026

Revenue
2.7 bn USD
+25.7% YoY
Net income
212.5 m USD
+40.0% YoY
Diluted EPS
1.91
+45.7% YoY
net / operating
8.0% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Revenue1.9 bn1.8 bn2.0 bn2.1 bn2.1 bn2.1 bn2.5 bn2.7 bn
Cost of revenue1.6 bn1.5 bn1.7 bn1.7 bn1.7 bn1.7 bn2.0 bn2.2 bn
SG&A177.9 m167.6 m175.8 m179.0 m195.6 m233.2 m222.3 m230.9 m
Depreciation & amortisation70.4 m70.6 m72.4 m72.5 m72.7 m102.6 m107.4 m113.2 m
Interest expense11.3 m11.2 m10.9 m—24.8 m5.0 m6.0 m—
Pre-tax income-231.3 m36.1 m109.5 m193.2 m182.9 m109.7 m188.8 m229.5 m
Income tax-55.6 m10.6 m26.4 m41.5 m5.7 m16.7 m15.8 m17.0 m
Net income-175.7 m25.5 m83.1 m151.8 m177.3 m93.0 m173.0 m212.5 m
Diluted EPS-1.540.220.731.31 ≈1.580.831.551.91 ≈
Operating cash flow213.0 m32.4 m ≈154.4 m ≈315.2 m204.2 m166.3 m ≈232.6 m ≈455.9 m
Capex118.2 m86.3 m ≈89.5 m ≈108.9 m125.4 m122.7 m ≈156.1 m ≈175.6 m
Dividends paid20.6 m20.4 m ≈20.3 m ≈20.1 m20.0 m20.0 m ≈22.2 m ≈22.1 m
Share repurchases50.4 m48.0 m ≈50.4 m ≈50.0 m38.9 m18.3 m ≈18.9 m ≈26.7 m

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 45 percentile of its own 40-quarter history (min 4.1, median 11.6, max 151.8; quarters with earnings only).

Fiscal years

Fiscal year20192020202120222023202420252026
Revenue5.8 bn5.5 bn6.7 bn8.9 bn8.8 bn7.9 bn7.8 bn9.4 bn
Revenue YoY+25.5%−6.0%+22.9%+32.4%−1.3%−9.9%−1.6%+20.5%
Net income198.1 m279.5 m412.9 m1.2 bn859.8 m485.5 m84.7 m655.8 m
Net income YoY+43.0%+41.1%+47.7%+194.8%−29.4%−43.5%−82.6%+674.7%
Diluted EPS1.662.323.389.957.254.140.745.86
Diluted EPS YoY+41.9%+39.8%+45.7%+194.4%−27.1%−42.9%−82.1%+691.9%
net %3.4%5.1%6.1%13.7%9.8%6.1%1.1%7.0%
Free cash flow-101.8 m603.6 m44.3 m250.3 m737.4 m575.4 m312.2 m479.1 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2026 · 31 Aug 2026

Cash
778.9 m USD
Financial debt
3.3 bn USD
Net debt
2.5 bn USD
Equity
4.7 bn USD
Total assets
10.3 bn USD
Debt / equity
0.70x
Current ratio
2.34x
ROE
14.8%
ROA
7.5%
FCF margin
5.1%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2024
7.9 bn
2025
7.8 bn
2026
9.4 bn

SEC (XBRL)· 16 Oct 2026verified

Cost of revenue
2024
6.6 bn
2025
6.6 bn
2026
7.6 bn

SEC (XBRL)· 16 Oct 2026verified

Gross profit
2024
1.4 bn ≈
2025
1.2 bn ≈
2026
1.8 bn ≈

SEC (XBRL)· 16 Oct 2026derived

SG&A
2024
668.4 m
2025
700.2 m
2026
882.0 m

SEC (XBRL)· 16 Oct 2026verified

Depreciation & amortisation
2024
280.4 m
2025
285.9 m
2026
395.9 m

SEC (XBRL)· 16 Oct 2026verified

Interest expense
2024
47.9 m
2025
—
2026
—

SEC (XBRL)· 17 Oct 2024verified

Pre-tax income
2024
635.7 m
2025
107.5 m
2026
711.0 m

SEC (XBRL)· 16 Oct 2026verified

Income tax
2024
150.2 m
2025
22.9 m
2026
55.2 m

SEC (XBRL)· 16 Oct 2026verified

Net income
2024
485.5 m
2025
84.7 m
2026
655.8 m

SEC (XBRL)· 16 Oct 2026verified

Diluted EPS
2024
4.14
2025
0.74
2026
5.86

SEC (XBRL)· 16 Oct 2026verified

Weighted average diluted shares
2024
117.2 m
2025
114.1 m
2026
111.9 m

SEC (XBRL)· 16 Oct 2026verified

Dividend per share
2024
0.68
2025
0.72
2026
0.76

SEC (XBRL)· 16 Oct 2026verified

Balance sheet · USD

Cash
2024
859.6 m
2025
1.0 bn
2026
778.9 m

SEC (XBRL)· 16 Oct 2026verified

Receivables
2024
1.2 bn
2025
1.2 bn
2026
1.4 bn

SEC (XBRL)· 16 Oct 2026verified

Inventories
2024
971.8 m
2025
934.3 m
2026
1.1 bn

SEC (XBRL)· 16 Oct 2026verified

Current assets
2024
3.3 bn
2025
3.5 bn
2026
3.8 bn

SEC (XBRL)· 16 Oct 2026verified

Property, plant & equipment, net
2024
2.6 bn
2025
2.7 bn
2026
3.5 bn

SEC (XBRL)· 16 Oct 2026verified

Goodwill
2024
385.6 m
2025
386.8 m
2026
2.1 bn

SEC (XBRL)· 16 Oct 2026verified

Intangibles (excl. goodwill)
2024
234.9 m
2025
210.8 m
2026
431.7 m

SEC (XBRL)· 16 Oct 2026verified

Total assets
2024
6.8 bn
2025
7.2 bn
2026
10.3 bn

SEC (XBRL)· 16 Oct 2026verified

Accounts payable
2024
—
2025
—
2026
—

SEC (XBRL)· 13 Oct 2022verified

Short-term debt
2024
38.8 m
2025
44.3 m
2026
67.1 m

SEC (XBRL)· 16 Oct 2026verified

Long-term debt
2024
1.0 bn
2025
1.2 bn
2026
3.2 bn

SEC (XBRL)· 16 Oct 2026verified

Current liabilities
2024
834.9 m
2025
1.3 bn
2026
1.6 bn

SEC (XBRL)· 16 Oct 2026verified

Total liabilities
2024
2.5 bn
2025
3.0 bn
2026
5.6 bn

SEC (XBRL)· 16 Oct 2026verified

Equity
2024
4.3 bn
2025
4.2 bn
2026
4.7 bn

SEC (XBRL)· 16 Oct 2026verified

Cash flow · USD

Operating cash flow
2024
899.7 m
2025
715.1 m
2026
1.1 bn

SEC (XBRL)· 16 Oct 2026verified

Capex
2024
324.3 m
2025
402.8 m
2026
579.8 m

SEC (XBRL)· 16 Oct 2026verified

Free cash flow
2024
575.4 m ≈
2025
312.2 m ≈
2026
479.1 m ≈

SEC (XBRL)· 16 Oct 2026derived

Investing cash flow
2024
-323.0 m
2025
-346.8 m
2026
-3.1 bn

SEC (XBRL)· 16 Oct 2026verified

Financing cash flow
2024
-313.8 m
2025
-183.4 m
2026
1.7 bn

SEC (XBRL)· 16 Oct 2026verified

Dividends paid
2024
78.9 m
2025
81.4 m
2026
84.2 m

SEC (XBRL)· 16 Oct 2026verified

Share repurchases
2024
182.9 m
2025
198.8 m
2026
102.8 m

SEC (XBRL)· 16 Oct 2026verified

Computed indicators

Growth

Revenue growth (YoY)
20.5%
computed by olivLawFY 2026
Revenue CAGR 3Y
2.2%
computed by olivLawFY 2023 → FY 2026
Revenue CAGR 5Y
6.9%
computed by olivLawFY 2021 → FY 2026
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
674.7%
computed by olivLawFY 2026
Net income CAGR 3Y
-8.6%
computed by olivLawFY 2023 → FY 2026
Net income CAGR 5Y
9.7%
computed by olivLawFY 2021 → FY 2026
EPS growth (YoY)
691.9%
computed by olivLawFY 2026
EPS CAGR 3Y
-6.8%
computed by olivLawFY 2023 → FY 2026
EPS CAGR 5Y
11.6%
computed by olivLawFY 2021 → FY 2026
FCF growth (YoY)
53.4%
computed by olivLawFY 2026

Profitability

Gross margin
18.6%
computed by olivLawFY 2026
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
7.0%
computed by olivLawFY 2026
FCF margin
5.1%
computed by olivLawFY 2026

Returns

ROE
14.8%
computed by olivLawFY 2026 · balance sheet at 31 Aug 2026
ROA
7.5%
computed by olivLawFY 2026 · balance sheet at 31 Aug 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
13.0%
computed by olivLawFY 2026
Payout ratio (FCF)
17.6%
computed by olivLawFY 2026

Balance sheet

Net debt
2.5 bn USD
computed by olivLawbalance sheet at 31 Aug 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.7x
computed by olivLawbalance sheet at 31 Aug 2026
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
2.3x
computed by olivLawbalance sheet at 31 Aug 2026
Quick ratio
1.7x
computed by olivLawbalance sheet at 31 Aug 2026
Cash ratio
0.5x
computed by olivLawbalance sheet at 31 Aug 2026

Cash

Operating cash flow
1.1 bn USD
computed by olivLawFY 2026
Capital expenditure
579.8 m USD
computed by olivLawFY 2026
Free cash flow
479.1 m USD
computed by olivLawFY 2026
FCF conversion
73.1%
computed by olivLawFY 2026
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
51 days
computed by olivLawFY 2026 · balance sheet at 31 Aug 2026
Days inventory outstanding
49 days
computed by olivLawFY 2026 · balance sheet at 31 Aug 2026
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
7.3 bn USD
computed by olivLawbalance sheet at 31 Aug 2026
Enterprise value
9.8 bn USD
computed by olivLawbalance sheet at 31 Aug 2026
Market cap / net income TTM
11.1x
computed by olivLawFY 2026
P/E (TTM)
11.3x
computed by olivLawFY 2026
Earnings yield
8.8%
computed by olivLawFY 2026
P/B
1.6x
computed by olivLawbalance sheet at 31 Aug 2026
P/S
0.8x
computed by olivLawFY 2026 · balance sheet at 31 Aug 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
1.0x
computed by olivLawFY 2026 · balance sheet at 31 Aug 2026
P/FCF
15.3x
computed by olivLawFY 2026 · balance sheet at 31 Aug 2026
FCF yield
6.6%
computed by olivLawFY 2026 · balance sheet at 31 Aug 2026
Dividend yield
1.1%
computed by olivLawFY 2026
Shareholder yield (distributions)
2.6%
computed by olivLawFY 2026 · balance sheet at 31 Aug 2026

Risk

Altman Z
unavailable
input data missing

Valuation

olivLaw classification

Neutral profile

Score: 60 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

66.46 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 7.3 bn USD

Key indicators

Market capitalisation
7.3 bn USD
computed by olivLawbalance sheet at 31 Aug 2026
P/E (TTM)
11.3x
computed by olivLawFY 2026
P/B
1.6x
computed by olivLawbalance sheet at 31 Aug 2026
EV/EBITDA
unavailable
input data missing
ROE
14.8%
computed by olivLawFY 2026 · balance sheet at 31 Aug 2026
Net margin
7.0%
computed by olivLawFY 2026
Revenue growth (YoY)
20.5%
computed by olivLawFY 2026
Dividend yield
1.1%
computed by olivLawFY 2026

Coverage and freshness

33/37 reporting lines present
Latest full fiscal year: 2026
Latest reported period: 31 Aug 2026
Latest balance sheet date: 31 Aug 2026
Share count (cover of the latest filing), as of: 09 Oct 2026
Source: SEC (XBRL)published 16 Oct 2026
verified 2706derived 207

Score by group

  • Balance sheet100
  • Growth9
  • Quality64
  • Returns62
  • Valuation92

Estimated value range

Low
115.63
USD per share
Mid
166.35
USD per share
High
199.09
USD per share
Price: 66.46 USD
The price is below the range
Potential to the central value: 150.3% (value / price − 1)
Margin of safety: 60.0% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 115.63 – 199.09 USD.

Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E115.63 – 199.09 (Mid 166.35)
    6 companies used · median multiple 28.4x · quartiles 19.7x – 34.0x
    CRS, MT, MTUS, NUE, STLD, TS
  • Dividend discount (DDM)outside the aggregate9.99 – 13.43 (Mid 11.46)
    a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Multiple comparisons use the SIC vertical: Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) (SIC 3312)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 60/100

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality7.0%67 (vs peers)10%
FCF conversion · Quality73.1%62 (on a fixed band)10%
Revenue CAGR 3Y · Growth2.2%18 (on a fixed band)13%
EPS CAGR 3Y · Growth-6.8%0 (on a fixed band)13%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet2.3x100 (on a fixed band)7%
P/E (TTM) · Valuation11.3x100 (vs peers)17%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation6.6%82 (on a fixed band)13%
Shareholder yield (distributions) · Returns2.6%37 (on a fixed band)10%
Payout ratio (FCF) · Returns17.6%100 (on a fixed band)7%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth9/100 · 2/2 factors with a value
  • Quality64/100 · 2/3 factors with a value
  • Returns62/100 · 2/2 factors with a value
  • Valuation92/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Commercial Metals Company (CMC). Latest full fiscal year: 2026; data up to 2026-08-31.

Figures computed from the financial statements: revenue 9.4 bn USD in 2026; YoY growth 20.5%; net margin 7.0%; ROE 14.8%.

The estimated value range is 115.63–199.09 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 166.35 USD, the price of 66.46 USD leaves a potential of 150.3% (value / price − 1) and a margin of safety of 60.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 60/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 2.3x
  • P/E (TTM): 11.3x
  • FCF yield: 6.6%
  • Payout ratio (FCF): 17.6%
  • The price is below the estimated value range

What contradicts it

  • Revenue CAGR 3Y: 2.2%
  • EPS CAGR 3Y: -6.8%

Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.

Versus the vertical median

Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) (SIC 3312) · same industry (4-digit SIC) · compared with 12 companies

Multiples and returns vs the median

P/E
11.3x
vertical median 31.0x
below median (−63.4%)
EV/EBITDA
—
vertical median 10.0x
P/S
0.8x
vertical median 1.5x
below median (−49.4%)
P/B
1.6x
vertical median 2.7x
below median (−43.4%)
ROE
14.8%
vertical median 4.8%
above median (+206.2%)
Net margin
7.0%
vertical median 3.9%
above median (+77.6%)
EBIT margin
—
vertical median 4.5%
Revenue YoY
20.5%
vertical median -3.0%
above median
Net debt/EBITDA
—
vertical median 1.3x
Dividend yield
1.1%
vertical median 0.6%
above median (+107.0%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
TXTernium S.A.103.0 bn233.63.6%2.7%−11.6%+40% / +30%
NUENucor Corp60.8 bn35.68.2%5.4%+5.7%+68% / +58%
TSTenaris SA59.9 bn31.011.6%16.1%−4.3%+39% / +61%
MTArcelorMittal47.6 bn15.26.1%5.1%−1.7%+45% / +148%
STLDSteel Dynamics, Inc.34.1 bn17.720.8%8.8%+3.6%+43% / +102%
CRSCarpenter Technology Corporation14.5 bn25.827.8%17.9%+8.6%−8% / +313%
CMCCommercial Metals Company7.3 bn11.314.8%7.0%+20.5%+18% / +46%
SXCSuncoke Energy, Inc.886.9 m—-8.5%-2.9%−5.1%+60% / +12%
MTUSMetallus Inc.737.3 m35.03.4%1.9%+6.9%+6% / −12%
TWITitan International, Inc.314.6 m—-22.9%-5.7%−0.9%−40% / −63%
ASTLAlgoma Steel Group Inc.——-98.5%-47.2%−25.4%+23% / −37%
SIMGRUPO SIMEC, S.A.B. de C.V.——19.2%31.2%−18.2%−8% / −15%
PKXPosco Holdings Inc.——2.1%1.5%−4.7%−3% / −45%

1- and 3-year price returns: for CMC from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
39.05
Total return -40% · Per year -40%
69.12
Total return 5% · Per year 5%
104.23
Total return 58% · Per year 58%
3 years
36.17
Total return -43% · Per year -17%
72.20
Total return 12% · Per year 4%
119.78
Total return 85% · Per year 23%
5 years
33.50
Total return -45% · Per year -11%
75.42
Total return 20% · Per year 4%
137.66
Total return 115% · Per year 17%
What moves the 3-year price the most
  • Exit P/E± 18.05
  • Net margin± 12.64
  • Annual revenue growth± 10.61
  • Annual dilution± 1.06

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

CMC is a U.S. producer of early-stage construction solutions, from rebar and metal recycling to precast concrete products. The company closed fiscal 2026 with net earnings of 655.8 million USD and a core EBITDA margin of 14.5%, helped by precast acquisitions that broaden its portfolio 12.

SWOT

Strengths

  • The company has strong vertical integration, from recycling scrap to finished products, giving it control over costs 1.
  • Its production network is broad and modern, and the West Virginia micro mill entered service in the fourth quarter 1.
  • The balance sheet is disciplined, with leverage adjusted for acquisitions below target and substantial available liquidity 2.

Weaknesses

  • Results are sensitive to volatile scrap prices and energy costs, especially under fixed-price contracts 1.
  • The precast segment showed weakness in residential markets, where volumes and margins fell below management expectations 2.
  • Dependence on economic conditions in the U.S., U.K., Central Europe and China makes the company vulnerable to slowdowns there 1.

Opportunities

  • If infrastructure and energy projects continue, the downstream backlog could support higher volumes 2.
  • Precast expansion could become a source of steadier revenue if integration of the acquired assets stays on plan 2.
  • Antidumping and countervailing duties on rebar imports could support domestic prices for an extended period 1.

Threats

  • A relaxation or legal challenge to tariffs could revive cheap imports and pressure U.S. prices 1.
  • Larger competitors with deeper resources and lower costs could limit the company's ability to hold market share 1.
  • An economic downturn could reduce demand and affect construction projects and customer financing 1.

Risks

  • Scrap price volatilityhigh

    Scrap, the main raw material, can fluctuate sharply, and the company may not always pass increases on to customers, especially under long-term contracts 1.

  • Energy costshigh

    Mini mills consume large amounts of electricity and natural gas, and a disruption or cost increase could hurt profitability 1.

  • Residential weaknessmedium

    Soft residential demand already affected precast results in the fourth quarter, and a prolonged decline could affect 2027 targets 2.

  • Execution risk of the new micro millmedium

    Commissioning a new facility can bring technical or operational problems, and delays could reduce the expected benefits 1.

  • Cybersecuritylow

    Industry companies are targets of cyber attacks, and a major incident could interrupt operations or expose sensitive data 1.

Investment thesis

What would need to be true (bull case)

  • If tariffs and antidumping duties remain in force, domestic rebar prices could stay supportive and margins could keep improving.
  • If precast integration and the TAG program meet their targets, group profitability could become steadier and less tied to the steel cycle.
  • If demand from energy, semiconductors and infrastructure stays strong, the backlog could support volumes for longer.

What would break the thesis

  • If tariffs were relaxed, cheap imports could return and push U.S. steel prices lower.
  • If residential weakness persists, precast results could stay below expectations and slow the segment's expansion.
  • If scrap and energy prices rise beyond what can be passed to customers, margins could be squeezed again.

What to watch

  • First sales from the West Virginia micro mill and its ramp-up paceQ1 2027
  • Construction Solutions Group adjusted EBITDA after seasonal effectsQ1 2027
  • Delivery of TAG savings and precast integration milestones2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Founded in 1915 as a single scrap yard in Dallas, Texas, CMC operates an manufacturing network located mainly in the United States and Central Europe, with strategic operations in the United Kingdom, Europe and Asia 1. It serves infrastructure, non-residential, residential, industrial and energy markets, and its products are found in highways, bridges, airports and commercial buildings 1. The business runs through three reportable segments: North America Steel Group, Construction Solutions Group and Europe Steel Group 1. In December 2025 the company completed the Foley and CP&P acquisitions, which created its precast platform 1.

The business model rests on metal recycling and steel production in electric arc furnace mills, so most raw material is recycled scrap 1. CMC pursues vertical integration, from collecting scrap to producing finished rebar and other steel products 1. Its TAG program, launched in 2024, aims to improve margins, cash generation and return on capital through melt shop yield, scrap cost and logistics initiatives 1.

Segments

Construction Solutions Group

The segment combines the precast platform, construction products, Tensar ground stabilization solutions, high-strength steel products and performance reinforcing steel such as Galvabar and ChromX 1. Precast was added through the Foley and CP&P acquisitions in December 2025, and in the fourth quarter precast results were hurt by residential softness in the Southeast 2.

Europe Steel Group

The segment operates in Poland with a recycling network, one EAF mini mill and fabrication operations 1. The company says EU measures such as CBAM and the tariff-rate quota system from July 2026 support a more constructive operating environment 2.

Market context

The precast market is more mixed: non-residential and infrastructure demand is healthy, but residential weakness reduced volumes and margins in the fourth quarter 2. For the first quarter of fiscal 2027 the company expects adjusted EBITDA in the Construction Solutions Group to decline sequentially, reflecting seasonal patterns 2.

Trends

  • Tariffs and anti-dumping cases on rebartailwind

    Investigations into rebar imports from Algeria, Bulgaria, Egypt and Vietnam led to antidumping and countervailing duties that remain in place for five years 1. If these measures persist, they could support domestic rebar prices.

  • Demand from data centers and energymixed

    Growth in data centers, energy projects and semiconductor manufacturing has lifted merchant bar volumes and downstream backlog 2. The same expansion could raise electricity consumption and cost pressure for steel producers 1.

  • Scrap prices and energy costsheadwind

    Scrap prices are highly volatile, and scrap costs rose in the fourth quarter, compressing margins in Europe 12. If cost increases cannot be passed on to customers, pressure on profitability could grow.

  • TAG program and precast integrationtailwind

    The TAG program has delivered margin gains, and precast integration is described as on track, with stronger growth leverage and more stable earnings 12. If the pace of synergies holds, these measures could keep supporting results.

Competitive position

The company competes with regional, national and foreign manufacturers, and consolidation has reduced the number of rivals, though several are much larger with greater financial resources 1. Foreign competitors may have lower cost structures and avoid some regulations that CMC must follow 1.

In rebar and precast the competition is largely regional, and presence in Southeastern and Mid-Atlantic markets matters for positioning 12. The company builds its edge on customer service and a diversified portfolio of solutions 1.

  • Regional rebar and mini-mill producers

    The filing refers to regional and national steel competitors, many larger than CMC, without naming them.

  • Foreign rebar exporters

    The filing cites exporters from Algeria, Bulgaria, Egypt and Vietnam subject to antidumping cases, without giving listed identities.

  • Precast and concrete pipe producers

    Precast competition comes from regional firms in the same areas as Foley and CP&P, not named in the source.

  • Low-cost foreign competitors

    The filing flags foreign rivals that can offer lower prices and avoid environmental rules, without naming them.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

  • Annual report16 Oct 2026
  • Current report15 Oct 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits
  • Current report13 Oct 2026
    Other events · Financial statements and exhibits
  • Current report05 Aug 2026
    Regulation FD disclosure · Other events · Financial statements and exhibits
  • Quarterly report29 Jun 2026
  • Current report25 Jun 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits
  • Current report24 Jun 2026
    Other events · Financial statements and exhibits
  • Current report13 Apr 2026
    Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
  • Quarterly report31 Mar 2026
  • Current report26 Mar 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits

Sources

  1. [1] Form 10-K, fiscal year ended 2026-08-31 · SEC / Commercial Metals Company · 16 Oct 2026
  2. [2] Form 8-K, results release (exhibit 99.1) · SEC / Commercial Metals Company · 15 Oct 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.