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)
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.
Price history
Loading chart…
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
| Company | S&P 500 | vs S&P 500 | Vertical 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 | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 31 Aug 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.9 bn | 1.8 bn | 2.0 bn | 2.1 bn | 2.1 bn | 2.1 bn | 2.5 bn | 2.7 bn |
| Cost of revenue | 1.6 bn | 1.5 bn | 1.7 bn | 1.7 bn | 1.7 bn | 1.7 bn | 2.0 bn | 2.2 bn |
| SG&A | 177.9 m | 167.6 m | 175.8 m | 179.0 m | 195.6 m | 233.2 m | 222.3 m | 230.9 m |
| Depreciation & amortisation | 70.4 m | 70.6 m | 72.4 m | 72.5 m | 72.7 m | 102.6 m | 107.4 m | 113.2 m |
| Interest expense | 11.3 m | 11.2 m | 10.9 m | — | 24.8 m | 5.0 m | 6.0 m | — |
| Pre-tax income | -231.3 m | 36.1 m | 109.5 m | 193.2 m | 182.9 m | 109.7 m | 188.8 m | 229.5 m |
| Income tax | -55.6 m | 10.6 m | 26.4 m | 41.5 m | 5.7 m | 16.7 m | 15.8 m | 17.0 m |
| Net income | -175.7 m | 25.5 m | 83.1 m | 151.8 m | 177.3 m | 93.0 m | 173.0 m | 212.5 m |
| Diluted EPS | -1.54 | 0.22 | 0.73 | 1.31 ≈ | 1.58 | 0.83 | 1.55 | 1.91 ≈ |
| Operating cash flow | 213.0 m | 32.4 m ≈ | 154.4 m ≈ | 315.2 m | 204.2 m | 166.3 m ≈ | 232.6 m ≈ | 455.9 m |
| Capex | 118.2 m | 86.3 m ≈ | 89.5 m ≈ | 108.9 m | 125.4 m | 122.7 m ≈ | 156.1 m ≈ | 175.6 m |
| Dividends paid | 20.6 m | 20.4 m ≈ | 20.3 m ≈ | 20.1 m | 20.0 m | 20.0 m ≈ | 22.2 m ≈ | 22.1 m |
| Share repurchases | 50.4 m | 48.0 m ≈ | 50.4 m ≈ | 50.0 m | 38.9 m | 18.3 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 year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.8 bn | 5.5 bn | 6.7 bn | 8.9 bn | 8.8 bn | 7.9 bn | 7.8 bn | 9.4 bn |
| Revenue YoY | +25.5% | −6.0% | +22.9% | +32.4% | −1.3% | −9.9% | −1.6% | +20.5% |
| Net income | 198.1 m | 279.5 m | 412.9 m | 1.2 bn | 859.8 m | 485.5 m | 84.7 m | 655.8 m |
| Net income YoY | +43.0% | +41.1% | +47.7% | +194.8% | −29.4% | −43.5% | −82.6% | +674.7% |
| Diluted EPS | 1.66 | 2.32 | 3.38 | 9.95 | 7.25 | 4.14 | 0.74 | 5.86 |
| 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 m | 603.6 m | 44.3 m | 250.3 m | 737.4 m | 575.4 m | 312.2 m | 479.1 m |
Reported results vs expectations
Loading…
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
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 6.7 bn | 8.9 bn | 8.8 bn | 7.9 bn | 7.8 bn | 9.4 bn | SEC (XBRL)· 16 Oct 2026verified |
| Cost of revenue | 5.6 bn | 7.1 bn | 7.0 bn | 6.6 bn | 6.6 bn | 7.6 bn | SEC (XBRL)· 16 Oct 2026verified |
| Gross profit | 1.1 bn ≈ | 1.9 bn ≈ | 1.8 bn ≈ | 1.4 bn ≈ | 1.2 bn ≈ | 1.8 bn ≈ | SEC (XBRL)· 16 Oct 2026derived |
| SG&A | 505.1 m | 545.0 m | 646.0 m | 668.4 m | 700.2 m | 882.0 m | SEC (XBRL)· 16 Oct 2026verified |
| Depreciation & amortisation | 167.6 m | 175.0 m | 218.8 m | 280.4 m | 285.9 m | 395.9 m | SEC (XBRL)· 16 Oct 2026verified |
| Interest expense | 51.9 m | 50.7 m | 40.1 m | 47.9 m | — | — | SEC (XBRL)· 17 Oct 2024verified |
| Pre-tax income | 534.0 m | 1.5 bn | 1.1 bn | 635.7 m | 107.5 m | 711.0 m | SEC (XBRL)· 16 Oct 2026verified |
| Income tax | 121.2 m | 297.9 m | 262.2 m | 150.2 m | 22.9 m | 55.2 m | SEC (XBRL)· 16 Oct 2026verified |
| Net income | 412.9 m | 1.2 bn | 859.8 m | 485.5 m | 84.7 m | 655.8 m | SEC (XBRL)· 16 Oct 2026verified |
| Diluted EPS | 3.38 | 9.95 | 7.25 | 4.14 | 0.74 | 5.86 | SEC (XBRL)· 16 Oct 2026verified |
| Weighted average diluted shares | 122.0 m | 122.4 m | 118.6 m | 117.2 m | 114.1 m | 111.9 m | SEC (XBRL)· 16 Oct 2026verified |
| Dividend per share | 0.48 | 0.56 | 0.64 | 0.68 | 0.72 | 0.76 | SEC (XBRL)· 16 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 501.1 m | 679.2 m | 595.7 m | 859.6 m | 1.0 bn | 778.9 m | SEC (XBRL)· 16 Oct 2026verified |
| Receivables | 1.1 bn | 1.4 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.4 bn | SEC (XBRL)· 16 Oct 2026verified |
| Inventories | 935.4 m | 1.2 bn | 1.0 bn | 971.8 m | 934.3 m | 1.1 bn | SEC (XBRL)· 16 Oct 2026verified |
| Current assets | 2.7 bn | 3.4 bn | 3.1 bn | 3.3 bn | 3.5 bn | 3.8 bn | SEC (XBRL)· 16 Oct 2026verified |
| Property, plant & equipment, net | 1.6 bn | 1.9 bn | 2.4 bn | 2.6 bn | 2.7 bn | 3.5 bn | SEC (XBRL)· 16 Oct 2026verified |
| Goodwill | 66.1 m | 249.0 m | 385.8 m | 385.6 m | 386.8 m | 2.1 bn | SEC (XBRL)· 16 Oct 2026verified |
| Intangibles (excl. goodwill) | 10.1 m | 257.4 m | 259.2 m | 234.9 m | 210.8 m | 431.7 m | SEC (XBRL)· 16 Oct 2026verified |
| Total assets | 4.6 bn | 6.2 bn | 6.6 bn | 6.8 bn | 7.2 bn | 10.3 bn | SEC (XBRL)· 16 Oct 2026verified |
| Accounts payable | 475.4 m | 540.1 m | — | — | — | — | SEC (XBRL)· 13 Oct 2022verified |
| Short-term debt | 54.4 m | 388.8 m | 40.5 m | 38.8 m | 44.3 m | 67.1 m | SEC (XBRL)· 16 Oct 2026verified |
| Long-term debt | 1.0 bn | 1.4 bn | 1.0 bn | 1.0 bn | 1.2 bn | 3.2 bn | SEC (XBRL)· 16 Oct 2026verified |
| Current liabilities | 980.5 m | 1.4 bn | 843.7 m | 834.9 m | 1.3 bn | 1.6 bn | SEC (XBRL)· 16 Oct 2026verified |
| Total liabilities | 2.3 bn | 3.0 bn | 2.5 bn | 2.5 bn | 3.0 bn | 5.6 bn | SEC (XBRL)· 16 Oct 2026verified |
| Equity | 2.3 bn | 3.3 bn | 4.1 bn | 4.3 bn | 4.2 bn | 4.7 bn | SEC (XBRL)· 16 Oct 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 228.5 m | 700.3 m | 1.3 bn | 899.7 m | 715.1 m | 1.1 bn | SEC (XBRL)· 16 Oct 2026verified |
| Capex | 184.2 m | 450.0 m | 606.7 m | 324.3 m | 402.8 m | 579.8 m | SEC (XBRL)· 16 Oct 2026verified |
| Free cash flow | 44.3 m ≈ | 250.3 m ≈ | 737.4 m ≈ | 575.4 m ≈ | 312.2 m ≈ | 479.1 m ≈ | SEC (XBRL)· 16 Oct 2026derived |
| Investing cash flow | -162.1 m | -684.7 m | -835.2 m | -323.0 m | -346.8 m | -3.1 bn | SEC (XBRL)· 16 Oct 2026verified |
| Financing cash flow | -109.4 m | 165.3 m | -599.5 m | -313.8 m | -183.4 m | 1.7 bn | SEC (XBRL)· 16 Oct 2026verified |
| Dividends paid | 57.8 m | 67.7 m | 74.9 m | 78.9 m | 81.4 m | 84.2 m | SEC (XBRL)· 16 Oct 2026verified |
| Share repurchases | 0 | 161.9 m | 101.4 m | 182.9 m | 198.8 m | 102.8 m | SEC (XBRL)· 16 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 60 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 7.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Growth9
- Quality64
- Returns62
- Valuation92
Estimated value range
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 – 34.0xCRS, 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
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
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.0% | 67 (vs peers) | 10% |
| FCF conversion · Quality | 73.1% | 62 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 2.2% | 18 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | -6.8% | 0 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.3x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 11.3x | 100 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.6% | 82 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 2.6% | 37 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 17.6% | 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
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TXTernium S.A. | 103.0 bn | 233.6 | 3.6% | 2.7% | −11.6% | +40% / +30% |
| NUENucor Corp | 60.8 bn | 35.6 | 8.2% | 5.4% | +5.7% | +68% / +58% |
| TSTenaris SA | 59.9 bn | 31.0 | 11.6% | 16.1% | −4.3% | +39% / +61% |
| MTArcelorMittal | 47.6 bn | 15.2 | 6.1% | 5.1% | −1.7% | +45% / +148% |
| STLDSteel Dynamics, Inc. | 34.1 bn | 17.7 | 20.8% | 8.8% | +3.6% | +43% / +102% |
| CRSCarpenter Technology Corporation | 14.5 bn | 25.8 | 27.8% | 17.9% | +8.6% | −8% / +313% |
| CMCCommercial Metals Company | 7.3 bn | 11.3 | 14.8% | 7.0% | +20.5% | +18% / +46% |
| SXCSuncoke Energy, Inc. | 886.9 m | — | -8.5% | -2.9% | −5.1% | +60% / +12% |
| MTUSMetallus Inc. | 737.3 m | 35.0 | 3.4% | 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.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 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% |
- 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.
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.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Annual report16 Oct 2026
- Current report15 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report13 Oct 2026Other events · Financial statements and exhibits
- Current report05 Aug 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report29 Jun 2026
- Current report25 Jun 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report24 Jun 2026Other events · Financial statements and exhibits
- Current report13 Apr 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report31 Mar 2026
- Current report26 Mar 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-08-31 · SEC / Commercial Metals Company · 16 Oct 2026
- [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.