Commercial Metals Company (CMC) Stock

Commercial Metals Company (CMC) is a Materials stock trading at $69.17 (as of 2026-09-02), with a market capitalization of $7.65B and a trailing P/E of 12.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Commercial Metals Company manufactures, recycles, and fabricates steel and other metal products, including ferrous and nonferrous scrap processing and sales, and production of long steel and semi-finished products such as billets. It also produces fabricated steel products for concrete reinforcement and related construction products for customers including steel mills, fabricators, and construction-related users in multiple countries.

Understand Commercial Metals Company: how it makes money

Commercial Metals buys, processes, and resells scrap metal, then converts it into finished steel products like rebar and structural bar sold to construction and industrial buyers. Revenue splits between recycled scrap trading and manufactured steel, with a growing precast concrete arm in construction.

The profit model runs on the spread between scrap purchase costs and finished-product or trader sale prices, multiplied by high tonnage throughput so that even thin per-ton margins scale into meaningful EBITDA.

Business quality (Mixed): Cycle-dependent, volume-driven steel processor with moderate margins (8% operating) and a growing construction-adjacent precast line that adds some recurring revenue, making the mix 'Mixed' in quality.

Valuation: At 12× earnings, CMC trades 44% below the Steel Works average (22×). Note: the low multiple may reflect one-time earnings items.

Bull case

  • Domestic demand tailwind accelerating: Management cited U.S. steel consumption up 3.2%, a macro tailwind that supports both volume recovery and pricing power as CMC's finished-steel volumes normalize in Q4.
  • Record precast backlog locks in revenue: A record precast backlog gives the Construction Solutions Group multi-quarter revenue visibility, reducing the trough risk that typically hits pure commodity steel names.
  • Deep valuation discount to peers: CMA's P/E of 12.1x sits roughly 44% below the Steel Works industry average of 21.6x, implying the market is pricing in sustained margin compression that a demand upturn could quickly reverse.

Bear case

  • Volume erosion offsets pricing gains: A 50,000-ton North American volume reduction from weather and commercial discipline partially offsets the 15.5% booking-pricing increase, suggesting top-line quality is fragile even as revenue grew 23% YoY to $2.5B.
  • European earnings structurally weaker: Europe's EBITDA declined sequentially once the CO2 credit is removed, signaling the division's underlying margin floor is lower than headline results suggest and reducing diversification value.
  • Import surge pressures pricing: Elevated year-to-date steel imports add supply pressure that could cap the pricing recovery management is pointing to, undermining the bullish U.S. consumption narrative if imports continue to rise.
Valuation — source: SEC EDGAR (first-party)
Price$69.17
Market Cap$7.65B
P/E Ratio12.9
EV / EBITDA10.8
Price / Book1.69
Price / Sales0.86
FCF Yield4.1%
DCF Value (model)$80.55
DCF Upside vs Price16.5%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$7.80B
Net Margin1.1%
Revenue Growth (YoY)22.9%
EPS Growth (YoY)110.8%
FCF Growth (YoY)17.7%
Financial Health — source: SEC EDGAR
Altman Z-Score3.89 (safe)
Piotroski F-Score4/9 (moderate)
Valuation vs Sector & Industry
Stock P/E12.9
Sector P/E (Materials)23.9
Industry P/E (Steel Works)21.0
vs Sector-46.2%
vs Industry-38.9%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($906.75M)
Institutional Holders Tracked10
Company
SectorMaterials
IndustrySteel Works
CEOPeter R. Matt
Employees13,178
CountryUS
IPO Date1980-03-17

Commercial Metals Company earnings call transcripts

  • CMC Q3 FY26 earnings call transcript (reported 2026-06-25) · analysis
  • CMC Q1 FY26 earnings call transcript (reported 2026-01-08) · analysis
  • CMC Q4 FY25 earnings call transcript (reported 2025-10-16) · analysis

All CMC earnings calls

Related Companies (Steel Works; 8 comparable companies)

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  • SunCoke Energy, Inc. (SXC)
  • Titan International, Inc. (TWI)
  • CF Industries Holdings, Inc. (CF)
  • Metallus Inc. (MTUS)
  • Packaging Corporation of America (PKG)
CMC earnings history · CMC institutional & insider holders · CMC KPIs & operating metrics · CMC financials · CMC investor presentations & press releases · CMC SEC filings · CMC peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-02.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.