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Commercial Metals Co (CMC) stock

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NYSE: CMC NYSE Steel Next results ~January 7, 2027

B Fundamentals grade

Commercial Metals Co is a US-listed company in the steel industry. Its financial year ends in August.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$76

Cash-flow model

Base case. Range ~$51–$110 across our lower- and higher-growth cases (3.7%–13.7% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 13% below our base value.

Price used: $65.86, November 2, 2026

Commercial Metals Co valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders3 buying, 1 selling3 purchases and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds254 adding, 231 cuttingOf 76 active managers that changed their stake, 43 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Commercial Metals files

Where Commercial Metals Co stands after its latest 10-K

Revenue for the twelve months to August 2026 was $9.39bn, up 20.5% on a year earlier, faster than the 15.2% growth a quarter earlier. Free-cash-flow margin rose to 5.1% from 4.0% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 6 financial-health checks. Our cash-flow model value is $74.66 a share, against a share price of $62.68. At that price, our model says the market is pricing in about 5.9% a year of cash-flow growth for five years, close to the 6.9% a year revenue growth it has delivered.

Source: 10-K filed October 16, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 7, 2027 (estimated)

Commercial Metals Co's trailing-twelve-month revenue grew 20.5% year on year, with a free-cash-flow margin of 5.1%. Where it stands out: gross margin of 18.6% ranks 2 of 13 steel companies we cover. Where it lags: long-term debt as % of assets of 31.3% ranks 10 of 12 steel companies we cover.

Our discounted-cash-flow model values the business at ~$76 per share in the base case (~$51–$110 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 53.4% while net income grew 674.7%: a 621pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 20.5% over the last 12 months, against a median of 14.2% for steel companies we cover.
  • Growth speeding up. The growth rate is 5.2 points higher than a quarter earlier.
  • Shrinking share count. Diluted shares fell 1.9% in a year, so each share owns more of the business.

Things to watch

  • Weak cash conversion. Free cash flow was 73% of net income over the last 12 months.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 31.3% ranks 10 of 12 steel companies we cover (median 18.5%).

Latest results: FY2026 Q4

Filed October 16, 2026
Earnings per share
$2.09 against an average estimate of $1.96: beat by 6.6%
Revenue
$2.66bn, up 25.7% on a year earlier
Share reaction
-0.5% in the first session after the results on October 15, 2026, against -0.8% for the S&P 500
Next report
January 7, 2027; average EPS estimate $1.71

Commercial Metals' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.9%
  • 1 week+5.8%
  • 1 month+3.9%
  • This year-3.7%
  • 1 year+12.3%
  • 5 years+115.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$9.4B
Net margin
7.0%
EPS (TTM, diluted)
$5.86

Growth

Revenue growth
+20.5%
Change in growth rate
+5.2 pts
Share count change
−1.9%

Cash

Free cash flow (TTM)
$479M
FCF margin
5.1%
Stock pay % of revenue
0.5%

Earnings

Last results
October 15, 2026
Next results (est.)
January 7, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Dividend
  3. Announcement
  4. Announcement
  5. Announcement
  6. Announcement
  7. Buyback

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Commercial Metals Co valuation models and calculator

What the price is pricing in

The share price implies about 6.4% a year of cash-flow growth for five years.That is close to the 6.9% a year revenue growth Commercial Metals has delivered.

  • Priced in6.4%
  • Last 12 months20.5%
  • 3 years a year2.2%
  • 5 years a year6.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($65.87, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$76
Price used
$65.87close November 3, 2026
Implied change
▲ +15%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Commercial Metals Co's free cash flow after stock-based pay with after-tax interest added back ($463M, FY2026 Q4 TTM), growing 9.8% and 6.6% in the next two years (forecasts, guidance and its record), then back to 8.7% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$51–~$110 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Commercial Metals Co's free cash flow after stock-based pay ( $463M, FY2026 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Commercial Metals Co as an operating company, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.07 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$76 ~$51–$110 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$88 ~$75–$110 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$120 ~$83–$170 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$100 ~$88–$120 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$91 ~$76–$120 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Commercial Metals Co with Steel in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −27%
  • Revenue growth 5 points higher ▲ +35%
  • Free-cash-flow margin 1 point lower ▼ −22%
  • Last year's free-cash-flow margin change, if it persists ▲ +32%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $37$58$87$125$174$238
8.5% $23$38$59$86$121$166
10% $14$26$42$63$90$124

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026
Share price$12.83$16.02$18.74$13.96$19.07$30.38$38.31$53.93$52.04$56.81$67.26
Market value$1.5bn$1.9bn$2.2bn$1.7bn$2.3bn$3.7bn$4.7bn$6.4bn$6.1bn$6.5bn$7.5bn
+ Net debt (− = net cash)$536m$546m$538m$1.1bn$547m$577m$834m$569m$339m$318m$2.6bn
Enterprise value$2.0bn$2.4bn$2.8bn$2.7bn$2.8bn$4.3bn$5.5bn$7.0bn$6.4bn$6.8bn$10.2bn
Multiples
Price / sales 0.4x0.5x0.5x0.3x0.4x0.6x0.5x0.7x0.8x0.8x0.8x
Price / earnings 27.3x40.6x16.0x8.4x8.2x9.0x3.9x7.4x12.6x76.6x11.5x
Price / free cash flow 3.5x———3.8x83.6x18.7x8.7x10.6x20.8x15.7x
EV / EBITDA ———————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

48 /100

Moderate moat

How hard Commercial Metals's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 9 / 20

    Net income has been a median 6.6% of total assets over 10 years.

  • Pricing power 7 / 20

    Gross margin has been a median 16.8%, moving by 2.6 percentage points (standard deviation) across 10 years.

  • Durability 3 / 20

    Net margin has been a median 5.6%; its worst year was 1.1%.

  • Cash conversion 9 / 20

    Free cash flow was positive in 7 of 10 years, at a median 3.4% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 8.3% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 7, 2027, before the open. Analysts expect revenue of $2.6bn and EPS of $1.71 (range $1.57 to $1.87) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $6.98 +2% $10.4bn +10%
Next $6.98 +0% $10.6bn +2%

Next year's EPS estimate has moved +0.2% in 90 days, across 10 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −2.2% on 90 days ago. In the last 30 days, 2 analysts raised Commercial Metals Co's forecast and 2 cut it.

Consensus EPS forecast Commercial Metals Co, last 90 days
$6.90 $7.00 $7.10 $7.20 $7.30 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $7.14 Current fiscal year, 60 days ago: $7.29 Current fiscal year, 30 days ago: $7.30 Current fiscal year, 7 days ago: $6.93 Current fiscal year, Now: $6.98 $6.98 Next fiscal year, 90 days ago: $6.97 Next fiscal year, 60 days ago: $7.01 Next fiscal year, 30 days ago: $7.13 Next fiscal year, 7 days ago: $7.01 Next fiscal year, Now: $6.98 $6.98

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $7.14$6.97
60 days ago $7.29$7.01
30 days ago $7.30$7.13
7 days ago $6.93$7.01
Now $6.98$6.98

Earnings against estimates

Quarter toEstimateActualSurprise
Aug 2026 $1.96 $2.09 +6.6%
May 2026 $1.71 $1.73 +1.3%
Feb 2026 $1.30 $1.16 −10.5%
Nov 2025 $1.50 $1.84 +22.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 15, 2026

No numeric guidance in Commercial Metals Co's latest earnings release (filed October 15, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Commercial Metals Co's revenue by +9.8% next year and +6.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+10.3%, weight 68%) and the company's own record (+8.7%, weight 32%) . How the weights are set.

Analyst recommendations

12 analysts, Nov 2026
Buy867%
Hold433%
Sell00%

Monthly trend

  1. Nov 202635412
  2. Oct 202635412
  3. Sep 202635412

Counts of recommendations published by analysts covering Commercial Metals Co, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.0%
of tradable shares
Days to cover
5.43
at average volume
Short interest, 1 month
+7%
to October 15, 2026
Held by institutions
96%
of shares
Held by insiders
0.8%
of shares
Employees
13,670
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +12.3%

$58.65 on October 31, 2025 to $65.86

ThenNowEffect
Revenue (last 12 months) $7.8bn $9.4bn +20.5%
Net margin 1.1% 7.0% +543.1%
P/E multiple 79.0x 11.2x −85.8%
Share count 114m 112m +2.0%

Biggest factor: p/e multiple.

Last 3 years +50.2%

$43.85 on November 3, 2023 to $65.86

ThenNowEffect
Revenue (last 12 months) $8.8bn $9.4bn +6.8%
Net margin 9.8% 7.0% −28.5%
P/E multiple 6.0x 11.2x +85.7%
Share count 119m 112m +6.0%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CMC+80%+35%+5%+0%+42%−4%
Industry peers (median)+64%+17%+30%−15%+28%+24%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CMC50%50%42%58%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CMC−18%−29%−31%−22%−26%−30%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 54% from March 7, 2018 to March 18, 2020. Getting back needed a 116% gain, reached on February 22, 2021, 341 days after the low.

Price behaviour

52-week range
$55.84 – $82.41
From 52-week high
−20.1%
vs 50-day average
+1.0%
vs 200-day average
−4.1%
Volatility (1 year)
36%
Beta vs S&P 500
1.33

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±3.0%
After a week
8 up, 4 down
typical move ±3.7%
After a month
7 up, 4 down
typical move ±8.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 15, 2026 −0.5% −0.8% −2.3% —
June 25, 2026 −2.9% −0.6% −13.4% −4.2%
March 26, 2026 −6.6% −3.5% −1.0% +11.8%
January 8, 2026 −1.0% +0.7% +3.5% +13.6%
October 16, 2025 −3.9% −0.1% +2.0% −0.9%
June 23, 2025 +2.8% +2.1% +0.8% +11.8%
March 20, 2025 −0.6% −0.3% +3.2% −10.9%
January 6, 2025 0.0% −0.6% +0.4% +2.9%
October 17, 2024 +4.5% +0.4% −3.4% +11.0%
June 20, 2024 +7.3% −0.4% +5.4% +14.5%
March 21, 2024 +3.3% +0.1% +5.3% −1.3%
January 8, 2024 +2.3% +1.3% +3.2% +10.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Commercial Metals Co’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.28× the last 60 days’ realised volatility , richer than 69% of the 229 stocks we screen today.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Commercial Metals Co in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Commercial Metals Co
$7.5B $8B $8.5B $9B $9.5B FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue (TTM), FY24 Q1: $8.6B Revenue (TTM), FY24 Q2: $8.4B Revenue (TTM), FY24 Q3: $8.1B Revenue (TTM), FY24 Q4: $7.9B Revenue (TTM), FY25 Q1: $7.8B Revenue (TTM), FY25 Q2: $7.7B Revenue (TTM), FY25 Q3: $7.7B Revenue (TTM), FY25 Q4: $7.8B Revenue (TTM), FY26 Q1: $8B Revenue (TTM), FY26 Q2: $8.4B Revenue (TTM), FY26 Q3: $8.9B Revenue (TTM), FY26 Q4: $9.4B $9.4B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY24 Q1 $8.6B
FY24 Q2 $8.4B
FY24 Q3 $8.1B
FY24 Q4 $7.9B
FY25 Q1 $7.8B
FY25 Q2 $7.7B
FY25 Q3 $7.7B
FY25 Q4 $7.8B
FY26 Q1 $8B
FY26 Q2 $8.4B
FY26 Q3 $8.9B
FY26 Q4 $9.4B
Revenue growth, TTM YoY Commercial Metals Co
-10% 0% 10% 20% 30% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue growth, TTM YoY, FY24 Q1: -6.4% Revenue growth, TTM YoY, FY24 Q2: -8.3% Revenue growth, TTM YoY, FY24 Q3: -9.5% Revenue growth, TTM YoY, FY24 Q4: -9.9% Revenue growth, TTM YoY, FY25 Q1: -8.7% Revenue growth, TTM YoY, FY25 Q2: -7.9% Revenue growth, TTM YoY, FY25 Q3: -5.6% Revenue growth, TTM YoY, FY25 Q4: -1.6% Revenue growth, TTM YoY, FY26 Q1: 2.3% Revenue growth, TTM YoY, FY26 Q2: 8.4% Revenue growth, TTM YoY, FY26 Q3: 15.2% Revenue growth, TTM YoY, FY26 Q4: 20.5% 20.5%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q1 -6.4%
FY24 Q2 -8.3%
FY24 Q3 -9.5%
FY24 Q4 -9.9%
FY25 Q1 -8.7%
FY25 Q2 -7.9%
FY25 Q3 -5.6%
FY25 Q4 -1.6%
FY26 Q1 2.3%
FY26 Q2 8.4%
FY26 Q3 15.2%
FY26 Q4 20.5%
FCF margin (TTM) Commercial Metals Co
2% 4% 6% 8% 10% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 FCF margin (TTM), FY24 Q1: 8.1% FCF margin (TTM), FY24 Q2: 7.8% FCF margin (TTM), FY24 Q3: 6.7% FCF margin (TTM), FY24 Q4: 7.3% FCF margin (TTM), FY25 Q1: 6.1% FCF margin (TTM), FY25 Q2: 5.5% FCF margin (TTM), FY25 Q3: 4.9% FCF margin (TTM), FY25 Q4: 4.0% FCF margin (TTM), FY26 Q1: 3.7% FCF margin (TTM), FY26 Q2: 4.7% FCF margin (TTM), FY26 Q3: 4.6% FCF margin (TTM), FY26 Q4: 5.1% 5.1%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q1 8.1%
FY24 Q2 7.8%
FY24 Q3 6.7%
FY24 Q4 7.3%
FY25 Q1 6.1%
FY25 Q2 5.5%
FY25 Q3 4.9%
FY25 Q4 4.0%
FY26 Q1 3.7%
FY26 Q2 4.7%
FY26 Q3 4.6%
FY26 Q4 5.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Aug 2009 2010 Aug 2010 2011 Aug 2011 2016 Aug 2016 2017 Aug 2017 2018 Aug 2018 2019 Aug 2019 2020 Aug 2020 2021 Aug 2021 2022 Aug 2022 2023 Aug 2023 2024 Aug 2024 2025 Aug 2025 2026 Aug 2026
Income
Revenue 6,409 6,306 7,918 3,596 3,844 4,644 5,829 5,476 6,730 8,913 8,800 7,926 7,798 9,394
Gross profit — — — 574 521 622 803 945 1,106 1,856 1,812 1,359 1,220 1,752
Net income 21 −205 −130 55 46 139 198 280 413 1,217 860 485 85 656
Diluted EPS $0.18 −$1.81 −$1.12 $0.47 $0.39 $1.17 $1.66 $2.32 $3.38 $9.95 $7.25 $4.14 $0.74 $5.86
Growth (year on year)
Revenue — −1.6% +25.6% −54.6% +6.9% +20.8% +25.5% −6.0% +22.9% +32.4% −1.3% −9.9% −1.6% +20.5%
Net income — — — — — — +43.0% +41.1% +47.7% +194.8% −29.4% −43.5% −82.6% —
Diluted EPS — — — — — — +41.9% +39.8% +45.7% +194.4% −27.1% −42.9% −82.1% —
Margins
Gross margin — — — 16.0% 13.6% 13.4% 13.8% 17.3% 16.4% 20.8% 20.6% 17.1% 15.6% 18.6%
Net margin 0.3% −3.3% −1.6% 1.5% 1.2% 3.0% 3.4% 5.1% 6.1% 13.7% 9.8% 6.1% 1.1% 7.0%
Free-cash-flow margin 6.8% −1.3% −0.6% 11.8% −19.2% −13.1% −1.7% 11.0% 0.7% 2.8% 8.4% 7.3% 4.0% 5.1%
Cash flow
Cash from operations 807 45 28 587 −523 −434 37 791 228 700 1,344 900 715 1,059
Capital spending 370 127 73 163 213 175 139 188 184 450 607 324 403 580
Free cash flow 437 −82 −45 424 −736 −609 −102 604 44 250 737 575 312 479
Stock-based pay 17 13 13 26 30 24 25 32 44 47 61 45 37 44
Free cash flow after stock pay 419 −95 −58 397 −767 −633 −127 572 1 203 677 530 275 435
Balance sheet
Cash — — — 540 286 633 194 545 501 679 596 860 1,046 779
Total debt 0 1,238 1,226 1,076 832 1,170 1,255 1,092 1,078 1,514 1,165 1,198 1,364 3,408
Net debt (negative = net cash) — — — 536 546 538 1,061 547 577 834 569 339 318 2,629
Diluted shares 114m 114m 116m 117m 117m 118m 119m 120m 122m 122m 119m 117m 114m 112m
Returned to shareholders
Dividends 54 54 55 55 56 56 57 57 58 68 75 79 81 84
Buybacks 19 — — 31 0 0 — 0 0 162 101 183 199 103
Total returned 73 54 55 86 56 56 57 57 58 230 176 262 280 187

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · August 31, 2026
What it owns · $10.3bn
Short-term assets $3.8bnLonger-term assets $6.5bn
What it owes, and who funded it · $10.3bn
Short-term liabilities $1.6bnLonger-term liabilities $3.9bnShareholders' equity $4.7bn
  • Short-term assets cover short-term liabilities $3.8bn of assets due within a year against $1.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.8bn short-term assets against $3.9bn of longer-dated liabilities.
  • More cash than debt $779m of cash against $3.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 70% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 50% to 70% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.1bn of operating cash flow against $3.3bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Commercial Metals Co's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q4 TTM
Buybacks (TTM)
$103M
Dividends (TTM)
$84.2M
Returned to shareholders
39%
of free cash flow
Buybacks, last 3 fiscal years
$485M
Diluted share count
−1.9%
year over year
Total shareholder yield
2.6%
dividends 1.2% + buybacks 1.4% of market value
Dividend payout ratio
13%
of net income paid out
Sales & admin spending
9.4%
of revenue
Days sales outstanding
56 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in steel
Last 12 months unless stated CMC RYZ WS RS CLF STLD Median
Revenue, last 12 months $9.4bn $6.9bn $5.3bn $17.4bn $20.1bn $22.2bn $5.3bn
Revenue growth, last 12 months 20.5% 53.2% 69.1% 24.7% 7.8% 26.0% 14.2%
Revenue growth, 3-year average 2.2% 9.1% 15.5% 4.8% −2.9% 4.6% 2.2%
Revenue growth, latest quarter 25.7% 87.5% 212.4% 42.8% 18.5% 34.8% 23.0%
Gross margin 18.6% 17.3% 10.4% 31.5% 1.5% 15.9% 11.2%
Operating margin — 1.0% 0.1% 8.8% −1.4% 11.5% 0.5%
Operating margin, 3-year average — 0.9% 3.3% 8.5% −4.2% 10.6% 3.6%
Net margin 7.0% 0.2% −0.7% 6.4% −2.4% 8.8% 1.7%
Cash from operations / revenue 11.3% −1.6% 3.8% 4.6% 0.6% 7.6% 4.6%
Free-cash-flow margin 5.1% −2.7% 0.9% 2.8% −2.4% 4.9% 2.8%
Free-cash-flow margin, 3-year average 5.5% 0.3% 2.3% 5.0% −2.6% 3.0% 4.4%
Stock pay / revenue 0.5% 0.2% 0.2% 0.4% 0.7% 0.3% 0.4%
Change in share count −1.9% 41.1% 0.2% −3.1% 14.8% −3.4% −0.8%

Median of all 15 companies we cover in steel. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

15 steel companies
Measure Company Peer median Rank
Revenue growth Growth 20.5% 14.2% 5 of 15
Change in growth rate Growth +5.2pp +4.9pp 7 of 15
Gross margin Profitability 18.6% 10.8% 2 of 13
Net margin Profitability 7.0% 1.7% 4 of 15
Free-cash-flow margin Cash generation 5.1% 2.8% 3 of 15
Stock pay as % of revenue Cash generation 0.5% 0.4% 8 of 11
Long-term debt as % of assets Balance sheet 31.3% 18.5% 10 of 12
Change in share count Balance sheet -1.9% -0.8% 5 of 15
Days sales outstanding Balance sheet 56 days 52 days 8 of 12

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to August 31, 2026
Segments
Line of business Revenue Share YoY
Reportable Segment Aggregation Before Other Operating $9.5B 101.0% ▲ 20.4%
North America Steel Group $7.1B 74.7% ▲ 15.2%
Construction Solutions Group $1.4B 14.5% ▲ 70.8%
Europe Steel Group $1B 10.8% ▲ 11.1%
Corporate and Other -$89.6M -1.0% —
Geography
Region Revenue Share YoY
United States $7.6B 81.1% ▲ 22.5%
Other Geographical Areas $1.1B 11.7% ▲ 14.1%
PL $679M 7.2% ▲ 9.9%

From Commercial Metals Co's 10-K filed October 16, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$6.5B
Institutions reporting
518
Shares held vs prior quarter
▲ 0.7%
Positions opened / closed
70 / 57

Top buyers and sellers, Q2 2026: 254 institutions bought and 231 sold ; the biggest buyer was FMR LLC (+1.1M shares) and the biggest seller Fuller & Thaler Asset Management, Inc (−1.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $955M 15.2M 14.7% ▲ 3.1%
State Street Corp $434M 6.9M 6.7% ▼ 4.9%
Dimensional Fund Advisors LP $423M 6.7M 6.5% ▲ 1.6%
FMR LLC $380M 6.1M 5.8% ▲ 21.9%
Vanguard Portfolio Management LLC $367M 5.8M 5.6% ▲ 1.4%
Vanguard Capital Management LLC $313M 5.0M 4.8% ▲ 0.7%
Boston Partners $235M 3.7M 3.6% ▲ 4.4%
Geode Capital Management, LLC $193M 3.1M 3.0% ▼ 8.6%
Invesco Ltd. $155M 2.5M 2.4% ▲ 19.3%
Victory Capital Management Inc $127M 2.0M 1.9% ▼ 5.3%
Franklin Resources Inc $125M 2.0M 1.9% ▼ 2.7%
Goldman Sachs Group Inc $109M 1.7M 1.7% ▲ 14.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Commercial Metals Co's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $753,848 3 trades by 3 insiders, last 12 months Insider sales History → $2M 1 trade by 1 insider · 0% under pre-set plans
Net ▼ $1.2M net selling
Insider Date Trade Shares Price Value
Mcpherson John R Director August 13, 2026 Buy 1,390 $71.92 $99,969
Matt Peter R President and CEO July 10, 2026 Buy 8,230 $61.30 $504,499
Durbin Jennifer J Fmr. Chief HR & Comm. Officer February 3, 2026 Sell 25,050 $79.97 $2M
Arriola Dennis V Director January 20, 2026 Buy 2,000 $74.69 $149,380

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 4 trades and filings

No trades in Commercial Metals Co disclosed in the last 12 months; 4 earlier trades on record.

  • Thomas MacArthur(NJ):Sale (full), $1,001 - $15,000, traded February 1, 2016, filed March 3, 2016
  • Thomas MacArthur(NJ):Purchase, $1,001 - $15,000, traded January 19, 2016, filed February 6, 2016
  • Thomas MacArthur(NJ):Sale (full), $1,001 - $15,000, traded December 16, 2015, filed January 6, 2016

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 7, 2027 estimated from the company's past filing pattern, not announced

  • October 15, 2026
  • June 25, 2026
  • March 26, 2026
  • January 8, 2026
  • October 16, 2025
  • June 23, 2025

Recent SEC filings

Data status

When each part of this page on Commercial Metals Co was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Commercial Metals Co in brief

What does Commercial Metals Co do?
Commercial Metals Co is a US-listed company in the steel industry. Its financial year ends in August.
What is Commercial Metals Co's stock ticker?
Commercial Metals Co trades under the ticker CMC on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Commercial Metals Co's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Commercial Metals Co reported revenue of $9.4B, 20.5% higher than a year earlier, according to its SEC filings.
What is Commercial Metals Co's free cash flow?
Commercial Metals Co's free-cash-flow margin is 5.1% of revenue over the trailing twelve months, ranking 3 of the 15 steel companies we cover.
What is Commercial Metals Co's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Commercial Metals Co's free cash flow after stock-based pay gives ~$76 per share in the base case, and ~$51–$110 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Commercial Metals Co's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., State Street Corp and Dimensional Fund Advisors LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Commercial Metals Co buying back stock, and does it pay a dividend?
Commercial Metals Co spent $103M on share repurchases over the trailing twelve months, and its diluted share count fell 1.9% over the year.
What is Commercial Metals Co's market cap?
On August 31, 2026, Commercial Metals Co's market capitalisation was about $7.5B, with a price-to-earnings ratio of 11.5 and net debt of $2.6B. Market figures come from third-party market data and may be delayed.
Does Commercial Metals Co pay a dividend?
Yes: Commercial Metals Co paid $84.2M in dividends over the trailing twelve months, a dividend yield of 1.16% and a payout ratio of 12.8%.
How much debt does Commercial Metals Co have?
Commercial Metals Co's debt-to-equity ratio is 69.8%, from its latest balance sheet (50.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Commercial Metals Co's competitors?
In our Steel peer group, the companies closest to Commercial Metals Co are Ryerson Holding Corp, Worthington Steel, Inc., Reliance, Inc., Cleveland-cliffs Inc. and Steel Dynamics. The side-by-side comparison below sets their revenue, margins and growth against Commercial Metals Co's.
Are insiders buying or selling Commercial Metals Co stock?
Over the last 12 months, Commercial Metals Co's directors and officers reported 3 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Commercial Metals Co's next earnings date?
Around January 7, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Commercial Metals Co announces its own schedule.