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References in this Annual Report to "CMC," "the Company," "we," "our" and "us" refer to Commercial Metals Company and its subsidiaries unless otherwise indicated. Certain trademarks or service marks of CMC appearing in this Annual Report are the property of CMC and are protected under applicable intellectual property laws.
$70.33
+$0.66 (+0.95%)
Price from 21 days ago
Operating margin is thin at 1.38%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 1.6% YoY. Margins deteriorated 6.6pp alongside, both lines moving the wrong way.
Free cash flow declined 46% versus the prior year, cash generation momentum has weakened. ROIC dropped from 8.67% to 1.47%, capital efficiency is deteriorating.
15.7x earnings, 20.0x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$8.39B
▼ -1.6% YoY
Net Income (TTM)
$505M
▼ -82.6% YoY
Op. Margin
7.10%
▼ -6.6pp YoY
ROIC
7.55%
▼ -7.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$394M
▼ -45.7% YoY
Op. Cash Flow (TTM)
$840M
▼ -20.5% YoY
Net Debt
$3.17B
Cash & Equiv.
$504M
5Y CAGR: +7.3%
5Y CAGR: -12.3%
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