COMMERCIAL METALS Co (CMC)

Price$64.66Cached quoteAs of 2026-09-24 08:49 UTC

AI: Fair-priced

Price checkThe shares look reasonably valued, with recovery upside offset by acquisition debt and cyclical earnings.

At the verified closing quote, the shares equal about 13 times trailing diluted earnings of roughly $5.29 per share. The six-year average of annual diluted earnings is about $4.63, putting the stock near 15 times a cycle-smoothed level. Trailing free cash flow—cash left after operating needs and capital spending—was about $405 million, or about 5.3 cents for each dollar investors pay for all shares. Those are reasonable, not bargain, numbers for a cyclical steel-and-construction business carrying materially more debt after acquisitions, supporting a Fair-priced verdict.

Big pictureProfit has rebounded sharply, but the long record shows earnings can swing widely with the cycle.

Trailing net income through the latest quarter was about $595 million, while the third quarter alone produced $173 million on $2.48 billion of revenue. Fiscal 2025 net income was only $85 million, although a large litigation charge depressed that year, versus $1.22 billion in fiscal 2022. Cash has been steadier: operating cash flow stayed positive in every supplied year, and operating cash flow minus capital spending ranged from about $44 million to $737 million. That durability helps, but it does not remove construction and steel-cycle risk.

Business strengthCMC has solid liquidity and shrinking share count, but recent acquisitions made the balance sheet much heavier.

At May 2026, CMC had $563 million of cash and $3.43 billion of debt, so debt minus cash was $2.87 billion, up sharply from $318 million at August 2025. Short-term assets exceeded short-term liabilities by about $1.97 billion, and management reported acquisition-adjusted net leverage of 2.1 times. Shares outstanding fell about 8% from fiscal 2021 to May 2026, showing buybacks more than offset employee share awards and other dilution. The enlarged $717 million repurchase authorization is significant, but debt reduction now competes for the same cash.

What could change the storyThe stock becomes cheap if precast profits scale as promised and debt falls without sacrificing cash returns.

CMC targets fiscal 2029 core EBITDA—a company-adjusted profit measure before interest, taxes, depreciation and amortization—of $1.65-$1.80 billion. The combined value of all shares plus latest net debt is near $10.5 billion, about 5.8-6.3 times that target before further debt reduction. Management also targets $1.38-$1.53 billion of company-defined “free cash flow,” but its definition excludes several normal cash deductions. The bear case is failed integration: $2.52 billion of acquisitions lifted goodwill above $2.1 billion and leaves less room for a normal downturn.

AI: News

Investor Day raises ambitionsCMC set much higher 2029 profit and cash targets while expanding its buyback capacity.

On August 5, CMC targeted fiscal 2029 core EBITDA of $1.65-$1.80 billion, margins of 15%-16%, and company-defined free cash flow of $1.375-$1.525 billion. The board also added $600 million to the repurchase program, bringing available capacity to about $717 million. Shares finished the day up about 4.2%; that timing is consistent with a positive reception but does not prove the announcements caused the move. The targets materially raise the earnings level investors can test against future results.

Third-quarter rebound acceleratesThird-quarter results showed faster sales growth, wider margins, and stronger contributions from the new precast businesses.

On June 25, CMC reported fiscal third-quarter sales of $2.48 billion, up 22.9% from a year earlier, and core EBITDA of $353.6 million, up 78.6%. The core margin reached 14.2%, helped by wider metal margins, Europe improvement, and $52.9 million from recent precast acquisitions. One market report showed the shares about 3.3% higher in premarket trading. The important value signal was not the price move itself, but evidence that acquired assets and operating improvements were lifting profitability.

Precast platform transforms CMCTwo precast acquisitions transformed CMC’s business mix but also sharply increased debt and goodwill.

CMC closed the $675 million CP&P acquisition on December 1, 2025 and the $1.84 billion Foley acquisition on December 15. The May-quarter filing shows about $2.52 billion of acquisition cash outflows, while debt rose to $3.43 billion and goodwill to about $2.14 billion. These deals created a major precast platform and contributed $52.9 million of core EBITDA in the latest quarter. They matter because future value now depends heavily on integration, synergies, and rapid debt reduction rather than steel profits alone.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$7.80B	$7.93B	$8.80B	$8.91B	$6.73B	$5.48B	$5.83B	$4.64B	$3.84B	$3.60B	$5.42B	$6.79B	$6.60B	$7.66B	$7.92B	$6.31B	$6.41B
Gross profit	$1.22B	$1.36B	$1.81B	$1.86B	$1.11B	$944.8M	$803.5M	$622.2M	$521.4M	$574.2M	$596.9M	$694.2M	$649.2M	$716.6M	$881.0M	$454.7M	$697.0M
Gross margin	15.65%	17.14%	20.59%	20.83%	16.43%	17.25%	13.78%	13.40%	13.56%	15.97%	11.00%	10.22%	9.83%	9.36%	11.13%	7.21%	10.88%
Operating expenses	$7.69B	$7.29B	$7.68B	$7.40B	$6.20B	$5.11B	$5.56B	$4.48B	$3.78B	$3.52B	$5.33B	$6.63B	$6.44B	$7.49B	$7.64B	$6.44B	$6.41B
Operating income	$107.5M	$635.7M	$1.12B	$1.52B	$534.0M	$370.8M	$268.5M	$165.4M	$65.5M	$76.0M	$96.5M	$165.0M	$162.7M	$164.8M	$277.8M	−$132.2M	$1.9M
Operating margin	1.38%	8.02%	12.75%	17.00%	7.94%	6.77%	4.61%	3.56%	1.70%	2.11%	1.78%	2.43%	2.46%	2.15%	3.51%	−2.10%	0.03%
EBITDA	$393.4M	$916.0M	$1.34B	$1.69B	$701.6M	$536.5M	$427.1M	$297.0M	$190.5M	$202.9M	$229.2M	$301.0M	$299.3M	$302.1M	$437.4M	$36.7M	$156.6M
EBITDA margin	5.04%	11.56%	15.24%	18.96%	10.43%	9.80%	7.33%	6.40%	4.96%	5.64%	4.23%	4.43%	4.53%	3.95%	5.52%	0.58%	2.44%
Net income	$84.7M	$485.5M	$859.8M	$1.22B	$412.9M	$279.5M	$198.1M	$138.5M	$46.3M	$54.8M	$79.4M	$113.2M	$77.3M	$207.5M	−$129.6M	−$205.3M	$20.8M
Net profit margin	1.09%	6.13%	9.77%	13.66%	6.13%	5.10%	3.40%	2.98%	1.21%	1.52%	1.46%	1.67%	1.17%	2.71%	−1.64%	−3.26%	0.32%
Basic EPSper basic share	$0.75	$4.19	$7.34	$10.09	$3.43	$2.35	$1.68	$1.19	$0.40	$0.48	$0.68	$0.96	$0.66	$1.79	-$1.13	-$1.81	$0.19
Diluted EPSper diluted share	$0.74	$4.14	$7.25	$9.95	$3.38	$2.32	$1.66	$1.17	$0.39	$0.47	$0.67	$0.95	$0.66	$1.78	-$1.12	-$1.81	$0.18

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈13.76%of listed shares

BlackRock, Inc.15.22M shares · Jun 30, 2026

View holders

Top 20 reported holders of CMC
Holder	% owned
BlackRock, Inc.	≈13.76%15.22M shares
STATE STREET CORP	≈6.25%6.92M shares
DIMENSIONAL FUND ADVISORS LP	≈6.09%6.73M shares
FMR LLC	≈5.48%6.06M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	≈5.28%5.85M shares
VANGUARD CAPITAL MANAGEMENT LLC	≈4.51%4.99M shares
Boston Partners	≈3.38%3.74M shares
GEODE CAPITAL MANAGEMENT, LLC	≈2.78%3.07M shares
Invesco Ltd.	≈2.24%2.48M shares
VICTORY CAPITAL MANAGEMENT INC	≈1.82%2.02M shares
FRANKLIN RESOURCES INC	≈1.80%2M shares
GOLDMAN SACHS GROUP INC	≈1.57%1.74M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	≈1.44%1.59M shares
MORGAN STANLEY	≈1.43%1.58M shares
NORTHERN TRUST CORP	≈1.42%1.57M shares
BANK OF AMERICA CORP /DE/	≈1.21%1.34M shares
NORGES BANK	≈1.19%1.32M shares
FULLER & THALER ASSET MANAGEMENT, INC.	≈1.13%1.25M shares
UBS Group AG	≈1.02%1.12M shares
JPMORGAN CHASE & CO	≈1.00%1.1M shares

Percentages use 110.62M shares of this listed class outstanding on Jun 25, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys5$644.1K disclosed value

Sells (SEC code S)2$2.38M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Feb 3, 2026Form 4	DURBIN JENNIFER JFmr. Chief HR & Comm. Officer	SellCommon Stock	25.1K	$79.97	$2.00M	52.9K
Jan 20, 2026Form 4	ARRIOLA DENNIS VDirector	BuyCommon Stock	2.0K	$74.69	$149.4K	9.2K
Oct 31, 2025Form 4	Halloran Brian N.SVP, N. America Steel Group	SellCommon Stock	6.2K	$59.87	$373.1K	58.1K
Oct 20, 2025Form 4	McPherson John RDirector	BuyCommon Stock · indirect	10	$58.68	$586.80	6.7K
Oct 20, 2025Form 4	McPherson John RDirector	BuyCommon Stock · indirect	1.7K	$58.09	$99.5K	6.7K

Review ownership filings at SEC.gov ↗

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COMMERCIAL METALS Co (CMC)

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