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CMC

Commercial Metals Company

CMC

Commercial Metals Company • NYSE
$63.78 ▼ -0.16% (-0.10)
Market Cap $7.08 B
52w High $64.53
52w Low $37.92
Dividend Yield 0.72%
P/E 86.19
Volume 415.22K
Outstanding Shares 110.97M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $2.115B ▲ $179.047M ▲ $151.781M ▲ 7.178% ▲ $1.36 ▲ $277.858M ▲
Q3-2025 $2.02B ▲ $175.769M ▲ $83.126M ▲ 4.115% ▲ $0.74 ▲ $192.752M ▲
Q2-2025 $1.754B ▼ $167.56M ▼ $25.473M ▲ 1.452% ▲ $0.22 ▲ $117.851M ▲
Q1-2025 $1.91B ▼ $177.858M ▲ $-175.718M ▼ -9.202% ▼ $-1.54 ▼ $-149.541M ▼
Q4-2024 $1.996B $167.13M $103.931M 5.207% $0.91 $218.082M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $1.043B ▲ $7.172B ▲ $2.979B ▲ $4.193B ▲
Q3-2025 $892.998M ▲ $6.994B ▲ $2.896B ▲ $4.098B ▲
Q2-2025 $758.403M ▼ $6.69B ▼ $2.678B ▼ $4.012B ▼
Q1-2025 $856.104M ▼ $6.772B ▼ $2.757B ▲ $4.015B ▼
Q4-2024 $857.922M $6.818B $2.518B $4.3B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $151.781M ▲ $315.205M ▲ $-84.163M ▲ $-80.466M ▼ $150.254M ▲ $206.288M ▲
Q3-2025 $83.126M ▲ $154.4M ▲ $-87.477M ▼ $66.971M ▲ $135.702M ▲ $64.95M ▲
Q2-2025 $25.473M ▲ $32.441M ▼ $-61.657M ▲ $-68.44M ▲ $-97.462M ▼ $-53.826M ▼
Q1-2025 $-175.718M ▼ $213.024M ▼ $-113.487M ▼ $-101.509M ▲ $-2.667M ▼ $94.837M ▼
Q4-2024 $103.931M $351.817M $-82.055M $-111.097M $159.045M $270.349M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
Construction Products
Construction Products
 $80.00M ▲$70.00M ▼$80.00M ▲$80.00M ▲
Downstream Products
Downstream Products
 $590.00M ▲$490.00M ▼$590.00M ▲$610.00M ▲
Ground Stabilization Products
Ground Stabilization Products
 $60.00M ▲$50.00M ▼$70.00M ▲$90.00M ▲
Other Product
Other Product
 $80.00M ▲$70.00M ▼$80.00M ▲$90.00M ▲
Raw Material Products
Raw Material Products
 $320.00M ▲$320.00M ▲$340.00M ▲$350.00M ▲
Steel Products
Steel Products
 $790.00M ▲$750.00M ▼$860.00M ▲$890.00M ▲

Five-Year Company Overview

Income Statement

Income Statement CMC’s sales have been relatively steady in recent years, but profits have swung more sharply, which is typical for a cyclical steel producer. Earnings were very strong during the recent upcycle and have since pulled back, reflecting softer pricing and margins rather than a collapse in demand. Profitability is still positive, but well below the peak years, showing how sensitive results are to steel prices and construction activity. Overall, the company looks profitable over the cycle, but investors should expect earnings to move around a lot from year to year.

Balance Sheet

Balance Sheet CMC’s balance sheet appears solid and better capitalized than a few years ago. Total assets and shareholders’ equity have grown, suggesting that past profits have been reinvested into the business. Debt levels are meaningful but not excessive relative to the size of the company, and cash on hand has increased, giving a helpful liquidity cushion. This combination points to a company that has used the last upcycle to strengthen its financial foundation rather than overleveraging.

Cash Flow

Cash Flow Cash generation from the core business has been consistently positive and generally strong, even as earnings have come down from peak levels. Free cash flow has remained positive after funding a fairly heavy investment program, which includes new mills and growth projects. Capital spending has been elevated but appears focused on efficiency, capacity, and higher-value products rather than pure maintenance. Overall, the cash flow profile suggests a business that can both reinvest for growth and still generate surplus cash over time, though with some year-to-year variability.

Competitive Edge

Competitive Edge CMC holds a differentiated spot in the steel market through its micro mills, electric arc furnace technology, and deep roots in metal recycling. Its vertically integrated model—from scrap collection to finished products and logistics—supports lower costs, better control over raw materials, and more reliable service. The company’s emphasis on sustainable, lower‑carbon steel and its own trucking fleet further separates it from many traditional steelmakers. This positions CMC as a cost-efficient, environmentally focused supplier, particularly well suited to infrastructure and construction markets that value reliability and sustainability.

Innovation and R&D

Innovation and R&D CMC’s innovation is less about labs and more about rethinking how steel is made and delivered. The company pioneered micro mills, spooled rebar, and efficient rebar slitting, all aimed at lowering costs, reducing waste, and improving customer productivity. It is also pushing into carbon‑neutral steel offerings and expanding a network of advanced micro mills to reach more regions efficiently. Acquisitions in construction solutions, such as ground stabilization and post‑tension systems, broaden its capabilities beyond basic steel, allowing CMC to move up the value chain and offer more specialized, higher‑margin solutions.

Summary

CMC is a mature, cyclical steel producer that has transformed itself into a more efficient, vertically integrated, and sustainability‑oriented business. Financially, it shows a pattern of strong profits in upcycles and much lower, but still positive, earnings in softer periods, backed by a strengthened balance sheet and solid cash generation. Strategically, its micro mill technology, recycling focus, and expansion into construction solutions provide meaningful differentiation in a commodity-heavy industry. Key opportunities revolve around infrastructure spending and demand for low‑carbon materials, while key risks include steel price volatility, construction cycles, and execution on new mills and acquired businesses.

NEWS

November 26, 2025 · 4:15 PM UTC

Commercial Metals Company Announces Closing of $2,000 Million Senior Notes Offering

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November 19, 2025 · 8:00 AM UTC

Elicio Therapeutics Appoints Veteran CMC and Technical Operations Executive Marc J. Wolfgang as Chief Technology Officer

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November 12, 2025 · 6:00 PM UTC

Commercial Metals Company Prices Offering of $2,000 Million Senior Notes in Two Tranches

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November 12, 2025 · 7:58 AM UTC

Commercial Metals Company Announces Proposed Private Offering of $2,000 Million Senior Notes

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October 30, 2025 · 12:00 PM UTC

ChemDiv Extends CMC Services Collaboration for Ratutrelvir, a Potential Best-in-Class COVID-19 Therapeutic Advancing in Phase 2 Clinical Trials

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