Commercial Metals Company
Rank #426Op. LeverageCMC · NYSE · Industrials
Commercial Metals Company (CMC) — Rank #426 by gross profitability (GP/assets 0.12) · ROE 1.9% · Piotroski F-Score 7 / 9.
As-of 2026-09-15 · CIK 0000022444 · all metrics point-in-time as of the filing date.
About
Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally.
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It operates through three segments: North America Steel Group; Europe Steel Group; and Emerging Businesses Group. The company processes and sells ferrous and nonferrous scrap metals to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers, and other consumers. It also manufactures and sells finished long steel products, including reinforcing bar, merchant bar, light structural, wire rod, and other special sections, as well as semi-finished billets for rerolling and forging applications. In addition, the company provides fabricated rebar used to reinforce concrete primarily in the construction of commercial and non-commercial buildings, hospitals, convention centers, industrial plants, power plants, highways, bridges, arenas, stadiums, and dams; sells and rents construction-related products and equipment to concrete installers and other businesses; and manufactures and sells strength bars for the truck trailer industry, special bar steels for the energy market, and armor plates for military vehicles. Further, it sells wire meshes, welded steel mesh, wire rod, cold rolled rebar, cold rolled wire rod, assembled rebar cages and other fabricated rebar by-products to fabricators, manufacturers, distributors, and construction companies.
The company was founded in 1915 and is headquartered in Irving, Texas.
- Industry
- Metal Fabrication
- Sector
- Industrials
- State
- DE
- Filer Category
- Large accelerated filer
- Fiscal Year End
- August 31
- Website
- cmc.com
Price History
Company Snapshot
P/E and reverse DCF are the primary valuation lenses at this stage.
Market Cap
$7.18B
P/E (annual)
87.7
P/S (annual)
0.9
P/B
1.6
P/OCF (annual)
10.0
Shareholder Yield
0.6%
Employees
12,690
Industry
Metal Fabrication
Exchange
NYSE
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
2/2 passTerry Smith quality gate
Passes 1/5 Terry Smith thresholds3 of 5 thresholds not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
10.0%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Dilution drag: 0.5% — per-share value needs a total required return of 10.5% once share-count change is priced in.
vs. own 6-year median revenue growth: 25.6%
within its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
5.6%
r = 10% (base)
10.0%
r = 12%
13.9%
Net debt / market cap: 35.6%— material leverage inflates the implied growth read.
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / E
Price / diluted EPS
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Earnings bubble check
Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.
Disclosure regression check
2 previously-disclosed line items are no longer reported. Worth checking the filing for why.
Operating margin expansion and free cash flow are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.12
Primary signal (Novy-Marx).
5th of 6 SIC 33 peers
Return on equity
1.9%
Gross margin
15.6%
5th of 6 SIC 33 peers
Revenue growth (YoY)
23.7%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2011 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
-4.4%
Revenue CAGR (5Y)
7.3%
Earnings CAGR (3Y)
-58.9%
FCF CAGR (3Y)
7.6%
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
1.16
4th of 6 SIC 33 peers (best = lowest)
Current ratio
2.33×
5th of 6 SIC 33 peers
Quick ratio
1.31×
Net cash
-$2.64B
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$312.25M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
2.69
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
0.5%
Stock-based comp intensity.
Dividend safety
Composite score
2.8 / 5
Piotroski F-Score
F-Score
7 / 9
Fundamental-strength score (0-9).