Key Takeaways CMC's core EBITDA jumped 77.3% y/y to $968M in the first nine months of FY26.The acquired precast businesses contributed $52.9M to adjusted EBITDA in Q3.CMC targets FY29 core EBITDA of $1.65B-$1.80B and margins of 15-16%. Commercial Metals Company’s (CMC - Free Report) core EBITDA surged 77.3% year over year to $968 million in the first nine months of fiscal 2026, driven by metal margin expansion and contributions from the recently acquired precast businesses. The core EBITDA margin reached 14.4% in the same time frame compared with the prior year’s 9.6%.
Backed by healthy domestic demand, strong backlogs and ongoing benefits from strategic initiatives, CMC expects core EBITDA to further increase sequentially in the fourth quarter of fiscal 2026.
CMC closed two major acquisitions in December 2025 — Concrete Pipe and Precast, LLC ("CP&P") and Foley Products Company. The acquired businesses add manufactured concrete pipe and structures used in job-site infrastructure, boosting Commercial Metals’ early-stage construction offering beyond steel and geotechnical solutions. In the third quarter of fiscal 2026, the precast business contributed $52.9 million to adjusted EBITDA. The company expects the precast platform to generate $165-$175 million of EBITDA in fiscal 2026, with incremental annualized EBITDA of $240-$250 million and $30-$40 million of annualized synergies by the end of year three.
Commercial Metals is also benefiting from its Transform, Advance, Grow (“TAG”) Program, which focuses on driving higher through-the-cycle margins, earnings, cash flows and ROIC. CMC expects an annualized EBITDA benefit of more than $250 million in fiscal 2026 and more than $350 million by fiscal 2027 from the program.
On Aug. 5, Commercial Metals introduced its fiscal 2029 financial targets. Backed by its focus on transformation, the company expects to generate structurally higher margins and enhanced free cash flow. CMC expects its fiscal 2029 core EBITDA to be $1.65-$1.80 billion, suggesting a surge of 106% at mid-point from the $837 million delivered in 2025. The core EBITDA margin is expected to be 15-16%.
EBITDA Performance by Commercial Metals’ PeersSteel Dynamics, Inc. (STLD - Free Report) reported adjusted EBITDA of $1.62 billion in the first six months of 2026, marking a year-over-year increase of 65.1%. Steel Dynamics remains optimistic that domestic steel and aluminum consumption will stay strong through the remainder of 2026 and into 2027. The upside will be supported by improving customer sentiment, stronger order activity, better pricing, domestic trade actions, manufacturing reshoring and infrastructure investments. Steel Dynamics’s strategic investments are projected to boost the company's consolidated annual EBITDA by $650-$700 million.
Cleveland-Cliffs Inc. (CLF - Free Report) posted adjusted EBITDA of $381 million in the first six months of 2026 against a loss of 85 million in the prior year. Cleveland-Cliffs expects third-quarter 2026 adjusted EBITDA of $575 million, more than double the second-quarter results. Cleveland-Cliffs also expects fourth-quarter EBITDA to exceed its third-quarter guidance as average selling prices, shipment volumes and costs continue to move in a favorable direction.
CMC’s Price Performance, Valuations & EstimatesCommercial Metals shares have gained 18.3% in the past year compared with the industry’s 73.4% growth. In comparison, the Zacks Basic Materials sector and the S&P 500 have returned 34.6% and 23%, respectively.
Image Source: Zacks Investment Research
Commercial Metals is currently trading at a forward price/sales ratio of 0.76 compared with the industry's 1.85.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Commercial Metals’ fiscal 2026 sales is $9.18 billion, indicating a 17.7% year-over-year jump. The consensus mark for the year’s earnings is pegged at $6.64 per share, indicating a year-over-year upsurge of 112.1%.
The Zacks Consensus Estimate for fiscal 2027 sales implies 7.6% year-over-year growth. The same for earnings suggests a dip of 9.6%.
EPS estimates for fiscal 2026 and 2027 have moved north over the past 60 days.
Image Source: Zacks Investment Research
CMC currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
, /PRNewswire/ -- CMC (NYSE: CMC) today announced that it has been named to Newsweek's America's Greatest Companies 2026 list.
The annual ranking, developed by Newsweek in partnership with Plant-A Insights Group, recognizes 650 U.S. companies based on financial leadership, innovation, performance as an employer and sustainability.
CMC has built a differentiated platform with leading positions across key phases of early-stage construction markets and continues to leverage its scale, operational excellence and innovation capabilities to drive long-term value. The company's ongoing transformation also reflects its focus on strengthening its business, supporting its employees and operating responsibly for the future.
"We are pleased to be recognized by Newsweek as one of America's Greatest Companies," said Peter Matt, President and Chief Executive Officer of CMC. "This recognition reflects the strength of CMC's culture, our commitment to continuous improvement, and the transformation underway across our company. We are proud of what our employees have accomplished and remain focused on executing our strategy, serving our customers and building an even stronger, more sustainable CMC for the future."
About CMC
CMC is a Fortune 500® company headquartered in Irving, Texas, and a leading provider of early-stage construction solutions that support the foundational phases of modern infrastructure and building projects. Founded in 1915, CMC has grown from a single-site recycling operation to one of the largest U.S. manufacturers of steel reinforcing bar (rebar), a leading producer of subgrade soil stabilization and foundation enhancement solutions and a major supplier of concrete pipe and precast products.
Through an extensive manufacturing network primarily located in the United States and Central Europe, with strategic operations in the United Kingdom, Europe and Asia, CMC serves infrastructure, non-residential, residential, industrial and energy markets. While often unseen, CMC's products are essential to highways, bridges, airports, commercial buildings and other critical structures that support everyday life.
Celularity Inc. (Nasdaq: CELU) (“Celularity”), a longevity-focused regenerative and cellular medicine company, and MuseCell Innovations® Pte. Ltd. (“MCI”), the owner of the Dezawa MuseCell platform, today announced an additional U.S.-based manufacturing collaboration under which Celularity will undertake activities to establish U.S. production of Dezawa MuseCells (“DMCs”) at Celularity’s Florham Park, New Jersey facility.
The initial program is designed to establish manufacturing capability for MCI-authenticated DMC preparations. Under the MCI platform, a preparation is authenticated as a DMC product through perinatal, bone marrow or adipose qualified starting material, manufactured under the licensed Dezawa Method and conformance to MCI’s product specifications. In addition to DMC manufacturing, the collaboration encompasses the manufacture of DMC-derived products, including Dezawa MuseExosomes and Dezawa MuseSecretome. Each product will be supported by dedicated manufacturing processes, analytical characterization, specifications and release criteria appropriate to its distinct product profile.
Following successful completion of the initial project, Celularity and MCI intend to build a broader manufacturing relationship across additional products and programs. Based on current market conditions and MCI’s projections for the Dezawa MuseCell platform, MCI believes that the expanded relationship could result in more than $300 million in aggregate purchases from Celularity over the next five years. This estimate reflects the potential scope of future programs beyond the initial project, which the parties would pursue together as the collaboration develops.
“Cellular medicine remains at the center of Celularity’s strategy, including our continued advancement of our proprietary placental-derived technologies,” said Robert J. Hariri, M.D., Ph.D., Founder, Chairman and Chief Executive Officer of Celularity. “Our collaboration with MCI demonstrates how the manufacturing infrastructure and cellular expertise we have built can also support innovative third-party technologies. We look forward to expanding U.S. manufacturing for the Dezawa MuseCell platform and working with MCI to manufacture additional products derived from the platform.”
“The ability to manufacture advanced cellular technologies reproducibly and at scale is fundamental to the future of medicine,” said Peter H. Diamandis, M.D., Co-Founder and Director of Celularity. “Bob Hariri and Mari Dezawa are both pioneers in cell therapy, and this collaboration brings together their complementary scientific vision and expertise. Celularity has invested in the infrastructure and capabilities required to manufacture sophisticated cellular products, both to advance our own placental-derived technologies and to support innovators such as MCI. This collaboration demonstrates how pioneering science, paired with scalable manufacturing, can accelerate the continued advancement of cellular medicine.”
Celularity operates a 147,215-square-foot, purpose-built facility in Florham Park, New Jersey, which includes a cGMP-ready manufacturing center with nine Grade C/ISO 7 and six Grade D/ISO 8 manufacturing suites designed for commercial production of cellular therapies and advanced biomaterials. Celularity’s integrated capabilities include process development, product specific chemistry, manufacturing and controls (CMC), advanced cell manufacturing, analytical methods and quality systems. The collaboration expands the utilization of Celularity’s manufacturing infrastructure and cellular medicine expertise while Celularity continues to advance its own proprietary cellular medicine programs, including cenplacel-L, its placental derived allogeneic cell therapy. The subsequent broader manufacturing collaboration is anticipated to generate more than 200 high-tech employment opportunities at the Florham Park site during the scope of the expanded collaboration, spanning specialized positions in biomanufacturing, quality control, engineering and support functions.
“By bringing a $300 million in business and more than 200 new jobs to New Jersey, Celularity and MuseCell Innovations are making it clear that our state is open for business. I first visited Celularity in 2022, and its trajectory from a homegrown startup here in New Jersey to a thriving public company is everything that drives my optimism about the potential of the New Jersey innovation economy. Advanced biomanufacturing continues to grow as a strong pillar of our economy, and investments like this are critical to driving job growth across our state. New Jersey is the medicine chest of the world, and my administration will keep working to make our government more accountable for businesses and position our state as the global leader in life sciences,” said New Jersey Governor Mikie Sherrill.
A Source-Flexible Platform Defined by the Dezawa Method
Professor Mari Dezawa, M.D., Ph.D., discovered Muse cells as a naturally occurring, stress enduring cell population. Dezawa MuseCell biology and investigational applications have since been described in more than 170 peer-reviewed publications and evaluated in multiple human clinical studies. The Dezawa MuseCell platform combines qualified starting materials with the licensed Dezawa Method and MCI product specifications addressing identity, purity, viability, potency, traceability and lot release. This common manufacturing and quality framework is intended to preserve defined DMC identity across qualified bone marrow, adipose and perinatal sources while allowing source-specific biological characteristics to be evaluated and controlled.
“Celularity brings the infrastructure and technical depth required to establish U.S. manufacturing across qualified bone marrow, adipose and perinatal sources,” said Dominik Duscher, M.D., Ph.D., Chief Executive Officer and President of MuseCell Innovations. “The central scientific and quality principle is that Dezawa MuseCell identity is defined by manufacture under the licensed Dezawa Method and conformance to MCI’s product specifications—not by the anatomical source alone. That distinction allows the platform to expand without abandoning the methodology and standards that define the DMC phenomenon.”
“I discovered Dezawa MuseCells as a naturally occurring, stress-enduring cell population,” said Professor Mari Dezawa, M.D., Ph.D., Chair of MCI’s Scientific Advisory Board. “As manufacturing expands across qualified tissues, reproducibility depends on preserving the Dezawa Method and the defining product characteristics on which the platform was developed. Celularity provides an important opportunity to scale that approach in the United States, adding another home to the DMC global production.”
Quality, Traceability and Manufacturing Control
MCI’s platform is designed to document source qualification, manufacturing authorization, lot level testing and chain of custody through authorized distributors. The collaboration is intended to expand MCI’s U.S. manufacturing network while preserving product-specific quality controls and the distinction between MCI-authenticated DMC products and unverified SSEA-3-positive preparations manufactured outside the licensed Dezawa Method and MCI’s release framework.
About Celularity
Celularity Inc. (Nasdaq: CELU) is a longevity-focused regenerative and cellular medicine company developing and manufacturing allogeneic and autologous cell therapies derived from the postpartum placenta. Celularity leverages the placenta’s unique biology, immunologic properties and scalable availability to develop therapeutic solutions targeting fundamental mechanisms of aging and age-related disease. Celularity’s cellular therapy portfolio includes cenplacel-L, its placental-derived allogeneic cell therapy, and other investigational cellular therapies. Celularity is headquartered in Florham Park, New Jersey, where it operates a purpose built facility supporting the development and manufacture of cellular therapies and advanced biomaterials.
For more information, please visit www.celularity.com.
About MuseCell Innovations
MuseCell Innovations® Pte. Ltd. (“MCI”), headquartered in Singapore, is the owner of the Dezawa MuseCell platform based on the discoveries of Professor Mari Dezawa, M.D., Ph.D. The platform encompasses Dezawa MuseCells, Dezawa MuseExosomes and Dezawa MuseSecretome and is defined by licensed manufacturing, MCI-controlled product specifications, lot-level testing and traceability. Muse cell biology and investigational applications have been described in more than 170 peer-reviewed publications and evaluated in multiple human clinical studies.
For more information, please visit www.musecellinnovations.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. federal securities laws, including statements regarding the collaboration between Celularity and MCI; the timing, execution and success of technology transfer, process development, manufacturing readiness activities, qualification, scale-up and product release; Celularity’s ability to establish manufacturing capability for DMCs from qualified bone marrow, adipose and perinatal sources; the ability of the licensed Dezawa Method and MCI product specifications to support reproducible manufacturing across source materials; the parties’ efforts to expand manufacturing to DMC-derived products; Celularity’s proprietary cellular medicine programs; and the parties’ plans and objectives in cellular medicine, regenerative medicine and longevity; and MCI’s estimate that its aggregate purchases from Celularity could exceed $300 million over the next five years.
Forward-looking statements are based on current expectations, estimates, assumptions and beliefs and are subject to risks and uncertainties that could cause actual results to differ materially. These risks include, among others, inability to complete technology transfer, qualify or validate a manufacturing process, achieve target yields, demonstrate comparability or release product; source-material and batch variability; unexpected technical or development challenges; safety, quality, regulatory, legal, intellectual-property, supply-chain, financing and commercial risks; changes in applicable laws or regulatory interpretations; and other risks described in Celularity’s filings with the U.S. Securities and Exchange Commission. The estimated value of potential purchases and statements regarding potential employment opportunities are based on current market conditions and assumptions regarding future demand, production requirements, product mix, pricing, successful manufacturing qualification, the scope and timing of any expansion of the collaboration, anticipated production volumes, staffing requirements and the parties’ continued collaboration. These statements do not constitute binding purchase or employment commitments, and there can be no assurance that MCI will make purchases in the amounts or within the time periods anticipated, or at all beyond its existing contractual commitments, or that any particular number of employment opportunities will be created, supported or retained, within any anticipated timeframe or at all. Neither cenplacel-L nor any MCI product described in this release has been approved or licensed by the U.S. Food and Drug Administration for any indication or use. Except as required by law, Celularity undertakes no obligation to update or revise any forward-looking statement.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260827982573/en/
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Stock to Watch: Commercial Metals (CMC - Free Report) Commercial Metals Company manufactures, recycles and markets steel and metal products, related materials and services. It operates a network that includes seven electric arc furnace mini mills, two electric arc furnace micro mills, a rerolling mill, steel fabrication and processing plants, construction-related product warehouses, and metal recycling facilities in the United States and Poland.
CMC is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
Momentum investors should take note of this Basic Materials stock. CMC has a Momentum Style Score of B, and shares are up 0.5% over the past four weeks.
Two analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.10 to $6.64 per share. CMC boasts an average earnings surprise of +5.3%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, CMC should be on investors' short list.
Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.
The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.
Zacks Premium also includes the Zacks Style Scores.
What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.
Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.
Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.
VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.8% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
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Stock to Watch: Commercial Metals (CMC - Free Report) Commercial Metals Company manufactures, recycles and markets steel and metal products, related materials and services. It operates a network that includes seven electric arc furnace mini mills, two electric arc furnace micro mills, a rerolling mill, steel fabrication and processing plants, construction-related product warehouses, and metal recycling facilities in the United States and Poland.
CMC is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 10.36; value investors should take notice.
Two analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.10 to $6.64 per share. CMC also boasts an average earnings surprise of +5.3%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, CMC should be on investors' short list.
Commercial Metals Company is executing a strategy focused on higher-margin, less capital-intensive operations following $2.5 billion in transformative M&A. Commercial Metals targets $1.65–$1.80 billion core EBITDA and $11B revenue by 2029, aiming to nearly double free cash flow per share. Leverage remains in the low 2s as Commercial Metals prioritizes EBITDA growth and shareholder returns via increased buybacks over rapid debt reduction.
AN2 Therapeutics, Inc. (Nasdaq: ANTX), a clinical stage biopharmaceutical company focused on the discovery and development of novel small molecule therapeutics
Neurogene Inc. (Nasdaq: NGNE), a clinical-stage company founded to bring life-changing genetic medicines to patients and families affected by rare neurological
Amundi lifted its holdings in Commercial Metals Company (NYSE:CMC – Free Report) by 118.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 20,443 shares of the basic materials company’s stock after purchasing an additional 11,065 shares during the quarter. Amundi’s holdings in Commercial Metals were worth $1,256,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of the business. Global Retirement Partners LLC grew its stake in shares of Commercial Metals by 110.7% in the 4th quarter. Global Retirement Partners LLC now owns 573 shares of the basic materials company’s stock worth $40,000 after buying an additional 301 shares in the last quarter. V Square Quantitative Management LLC purchased a new stake in shares of Commercial Metals during the 4th quarter valued at about $54,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Commercial Metals by 617.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 832 shares of the basic materials company’s stock valued at $58,000 after acquiring an additional 716 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in Commercial Metals in the fourth quarter worth about $59,000. Finally, EverSource Wealth Advisors LLC grew its position in Commercial Metals by 105.0% in the first quarter. EverSource Wealth Advisors LLC now owns 1,222 shares of the basic materials company’s stock worth $75,000 after acquiring an additional 626 shares in the last quarter. Institutional investors own 86.90% of the company’s stock.
Insider Activity In other news, CEO Peter R. Matt purchased 8,230 shares of the stock in a transaction that occurred on Friday, July 10th. The stock was purchased at an average price of $61.30 per share, for a total transaction of $504,499.00. Following the completion of the acquisition, the chief executive officer owned 181,522 shares of the company’s stock, valued at approximately $11,127,298.60. This trade represents a 4.75% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.62% of the company’s stock.
Key Commercial Metals News Here are the key news stories impacting Commercial Metals this week:
Positive Sentiment: Share buyback supports the stock: Commercial Metals authorized a program to repurchase up to $600 million of its outstanding shares, representing as much as 7.5% of the company’s stock. The authorization signals management believes the shares are undervalued and could support earnings per share by reducing the share count. Commercial Metals to Repurchase $600 Million in Outstanding Shares Positive Sentiment: Zacks raises longer-term EPS estimates: Zacks Research increased its forecasts across several periods, including Q1 2027 EPS to $1.79 from $1.77, FY2027 EPS to $7.13 from $7.08, and FY2028 EPS to $7.32 from $7.27. Estimates for Q4 2027, Q1-Q3 2028 were also raised by $0.01 per share, suggesting slightly improved expectations for future profitability. Neutral Sentiment: Analyst target rises, but rating remains cautious: BMO Capital Markets lifted its price target for CMC from $77 to $80 while maintaining a “Market Perform” rating. The higher target offers moderate potential upside, but the unchanged rating indicates BMO does not expect substantial outperformance relative to the broader market. BMO Capital Markets Raises Commercial Metals Price Target Wall Street Analysts Forecast Growth A number of equities research analysts have issued reports on the company. The Goldman Sachs Group restated a “buy” rating and set a $85.00 price objective on shares of Commercial Metals in a research report on Thursday. BNP Paribas Exane upgraded Commercial Metals from a “neutral” rating to an “outperform” rating and set a $75.00 price target on the stock in a report on Wednesday, July 8th. Bank of America lowered their price target on Commercial Metals from $84.00 to $78.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. BMO Capital Markets lifted their price objective on shares of Commercial Metals from $77.00 to $80.00 and gave the stock a “market perform” rating in a research note on Thursday. Finally, Morgan Stanley increased their target price on shares of Commercial Metals from $83.00 to $88.00 and gave the company an “overweight” rating in a research note on Monday, June 22nd. Ten equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $81.18.
Read Our Latest Research Report on Commercial Metals
Commercial Metals Stock Performance CMC stock opened at $75.17 on Friday. The company has a quick ratio of 1.54, a current ratio of 2.33 and a debt-to-equity ratio of 0.73. The business’s fifty day simple moving average is $69.80 and its two-hundred day simple moving average is $70.32. Commercial Metals Company has a twelve month low of $52.74 and a twelve month high of $84.87. The firm has a market cap of $8.32 billion, a price-to-earnings ratio of 14.16, a PEG ratio of 0.43 and a beta of 1.52.
Commercial Metals (NYSE:CMC – Get Free Report) last issued its earnings results on Thursday, June 25th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.70 by $0.03. The firm had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.40 billion. Commercial Metals had a net margin of 6.72% and a return on equity of 15.69%. The business’s revenue was up 22.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.74 earnings per share. Analysts predict that Commercial Metals Company will post 6.64 earnings per share for the current year.
Commercial Metals announced that its board has authorized a stock repurchase plan on Wednesday, August 5th that permits the company to repurchase $600.00 million in shares. This repurchase authorization permits the basic materials company to repurchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
Commercial Metals Announces Dividend The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, July 6th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Monday, July 6th. Commercial Metals’s payout ratio is currently 15.07%.
Commercial Metals Profile (Free Report)
Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.
In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.
Further Reading Five stocks we like better than Commercial Metals Quantum Earnings Week: Winners and Losers Are Finally Emerging Axon’s Post-Earnings Pullback May Be More About Valuation Than Growth Uber Stock Lags in 2026, But Cash Flow and AV Bets Fuel Upside AppLovin Stock Hits 52-Week Low as Analysts Trim Targets, Stay Bullish
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Commercial Metals Company (CMC) Analyst/Investor Day August 5, 2026 9:00 AM EDT
Company Participants
Andy Larkin
Peter Matt - CEO, President & Director
Ty Garrison - Senior Vice President of Operational & Commercial Excellence
Brian Halloran - Senior Vice President of North America Steel Group
Kevin Haas - Senior Vice President of Precast Group
Michael Doucet - Senior Vice President of Emerging Businesses Group
Paul Lawrence - Senior VP & CFO
Conference Call Participants
Carlos de Alba - Morgan Stanley, Research Division
Alexander Hacking - Citigroup Inc., Research Division
Timna Tanners - Wells Fargo Securities, LLC, Research Division
Sathish Kasinathan - BofA Securities, Research Division
Richard Garchitorena - Barclays Bank PLC, Research Division
Michael Dudas - Vertical Research Partners, LLC
Conversation
Andy Larkin
Good morning. Welcome to the Commercial Metals 2026 Investor Day. I'm Andy Larkin, Vice President of Investor Relations. On behalf of our entire leadership team, we're so excited to have you with us today. Whether you're joining via the webcast or live and in person here at the beautiful and iconic New York Stock Exchange, we have an outstanding program for you.
If I were to frame up the purpose of today's event, it's simple. A deeper look at our company, at our strategy and critically the people that are charged with executing that plan each and every day. We hope you leave here with a deeper understanding of the opportunities we have in front of us as well as a deeper conviction in our ability to drive long-term shareholder value.
Now while it's my honor to open today's festivities, it's also my tremendous burden to try to keep our auditors and lawyers happy. So, I urge you to read our safe harbor statement and know that our team will be making some forward-looking statements. These statements reflect our current expectations and views and actual results may differ due to
Commercial Metals Stock Price Poised to Slingshot Higher in Q3Commercial Metals NYSE: CMC used its 2026 Investor Day to outline a strategy centered on expanding its early-stage construction offerings, improving operating performance and generating higher cash flow and returns by fiscal 2029.
President and CEO Peter Matt said the company is evolving from a steel-focused business into a diversified supplier of early-stage construction solutions, with more than 90% of its products used from construction planning through structural framing. The company operates North America Steel, Europe Steel and Construction Solutions segments.
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3 Discounted Steel Stocks You Can DCA Into TodayCMC reported revenue of $8.8 billion and EBITDA of $1.3 billion, according to Matt. Construction Solutions currently represents 28% of adjusted, or core, EBITDA, and CMC aims to increase that contribution to more than 40% over the next three years, including potential acquisitions not included in its financial targets.
2029 Financial Targets The company introduced mid-cycle fiscal 2029 targets that assume a stable operating environment, a 25% tariff at the low end of the range and no additional acquisitions. CMC is targeting core EBITDA of $1.65 billion to $1.8 billion, representing a 10% to 13% compound annual growth rate from trailing-12-month EBITDA.
Core EBITDA of $1.65 billion to $1.8 billion by fiscal 2029. Free cash flow, defined as EBITDA less capital expenditures, of $1.4 billion to $1.5 billion. Return on invested capital of 13% to 14.5%. Construction Solutions EBITDA of about $500 million from existing assets. Cleveland-Cliffs Stock Rises On Earnings, New Momentum? CFO Paul Lawrence said the projected free-cash-flow increase would be driven by both earnings growth and the end of the company’s major mill investment cycle. He said CMC expects capital expenditures associated with its West Virginia mill to decline significantly in coming quarters. The company expects the free-cash-flow ramp to begin in fiscal 2027.
Lawrence also said CMC’s board increased its share repurchase authorization by $600 million. The company intends to execute the authorization during the three-year financial-target period while continuing to pay dividends and pursue growth investments.
TAG Program Targets Cost, Commercial Improvements Senior Vice President of Operational and Commercial Excellence Ty Garrison described CMC’s Transform, Advance, Grow, or TAG, program as an enterprise-wide operating system rather than a one-time cost-cutting initiative. The program is intended to standardize best practices, improve productivity and strengthen commercial discipline.
CMC expects TAG to deliver more than $250 million in gross run-rate EBITDA benefits by the end of fiscal 2026 and more than $350 million by the end of fiscal 2027. Management said approximately $200 million of that amount is expected to represent durable margin improvement after accounting for inflation.
Examples cited by Garrison included a scrap optimization initiative using artificial intelligence and proprietary operational data that has generated more than $20 million in annual run-rate savings. The company also cited fabrication improvements, including increased tons per truckload and improved rebar yield.
Garrison said the company has avoided more than $180 million of capital spending since implementing a more centralized capital-planning process, a new capital-expenditure platform and a capital investment committee.
Steel Network and Construction Solutions Growth North America Steel Group Senior Vice President Brian Halloran said CMC’s Arizona and West Virginia micro mills will complete the company’s nationwide mill network. Management said it does not expect to need another mill after those projects are fully ramped.
Halloran said the steel business is benefiting from industry consolidation, trade actions and a “value over volume” commercial approach. CMC said trade actions completed or underway address more than 80% of rebar imports over the past five years, representing about 1 million tons. The company also said it expects imports from South Korea to decline in the second half of the year based on the economics of bringing material into the U.S.
CMC is targeting more than $130 million of identified run-rate savings opportunities in its mill operations and more than $30 million of commercial benefits. Halloran said its fabrication initiative, called Fab Full Potential, is designed to double the business’s through-cycle performance through improved execution, standalone returns and risk-management tools.
In Construction Solutions, the company highlighted its recently acquired precast operations, CP&P and Foley Products. Precast Group Senior Vice President Keith Haas said the combined business has 35 plants and leading positions in the Southeast and Mid-Atlantic. CMC expects $30 million to $40 million of gross run-rate synergies from the acquisitions by the end of the third year.
Haas said precast expands CMC’s addressable market by $20 billion and offers a lower-capital-intensity business with durable pricing, higher margins and high cash conversion. The company is pursuing targeted growth investments in Colorado, Florida and the Mid-Atlantic dry-utilities market.
Senior Vice President Mike Doucet said CMC’s Emerging Businesses Group generated $809 million in revenue, up 12% year over year, and adjusted EBITDA of $155 million, up more than 19%. The portfolio includes Tensar geogrid products, corrosion-resistant reinforcing steel and construction services. CMC is commissioning a second geogrid line in Oklahoma and plans to commission a second GalvaBar facility in Tennessee this fall.
Matt said CMC’s focus remains on executing its transformation, using disciplined acquisitions to expand existing early-stage construction capabilities and divesting assets that no longer fit its strategy when market conditions are appropriate.
About Commercial Metals (NYSE:CMC)Commercial Metals Company NYSE: CMC is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.
In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.
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, /PRNewswire/ -- CMC (NYSE: CMC) (the "Company" or "CMC") today announced that its Board of Directors has authorized a $600.0 million increase in the Company's existing common stock repurchase program, bringing the total current capacity of the program to approximately $717.0 million. Approximately $733.0 million of the Company's common stock has been repurchased under the existing program since its authorization in October 2021.
"This share repurchase authorization reflects our confidence in the strength of our business, our long-term growth strategy, and our ability to continue generating strong cash flow", said Peter R. Matt, President and Chief Executive Officer. "We remain committed to a disciplined capital allocation approach that balances investment in our business, returning capital to shareholders, and maintaining a strong balance sheet."
CMC intends to repurchase shares from time to time for cash in open market transactions or in privately-negotiated transactions in accordance with applicable federal securities laws, including Rule 10b5-1 programs. The timing and the amount of repurchases, if any, will be determined by the Company's management based on its evaluation of market conditions, capital allocation alternatives and other factors. The share repurchase program does not require the Company to acquire any dollar amount or number of shares of CMC common stock and may be modified, suspended, extended or terminated by the Company's Board of Directors at any time without prior notice.
About CMC
CMC is a Fortune 500 company headquartered in Irving, Texas, and a leading provider of early-stage construction solutions that support the foundational phases of modern infrastructure and building projects. Founded in 1915, CMC has grown from a single-site recycling operation to one of the largest U.S. manufacturers of steel reinforcing bar, a leading producer of subgrade soil stabilization and foundation enhancement solutions and a major supplier of concrete pipe and precast products.
Through an extensive manufacturing network primarily located in the United States and Central Europe, with strategic operations in the United Kingdom, Europe and Asia, CMC serves infrastructure, non-residential, residential, industrial and energy markets. While often unseen, CMC's products are essential to highways, bridges, airports, commercial buildings and other critical structures that support everyday life.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the federal securities laws with respect to the Company's capital allocation strategy and plans to repurchase shares of common stock under the authorized share repurchase program. The statements in this release that are not historical statements, are forward-looking statements. These forward-looking statements can generally be identified by phrases such as we or our management "expects," "anticipates," "believes," "estimates," "future," "intends," "may," "plans to," "ought," "could," "will," "should," "likely," "appears," "projects," "forecasts," "outlook" or other similar words or phrases, as well as by discussions of strategy, plans or intentions.
The Company's forward-looking statements are based on management's expectations and beliefs as of the time this news release was prepared. Although we believe that our expectations are reasonable, we can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Except as required by law, we undertake no obligation to update, amend or clarify any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, new information or circumstances or any other changes. Important factors that could cause actual results to differ materially from our expectations include those described in our filings with the U.S. Securities and Exchange Commission, including, but not limited to, in Part I, Item 1A, "Risk Factors" of our annual report on Form 10-K for the fiscal year ended August 31, 2025, as well as the following: changes in economic conditions which affect demand for our products or construction activity generally, and the impact of such changes on the highly cyclical steel industry; rapid and significant changes in the price of metals, potentially impairing our inventory values due to declines in commodity prices or reducing the profitability of downstream contracts within our vertically integrated steel operations due to rising commodity pricing; excess capacity in our industry, particularly in China, and product availability from competing steel mills and other steel suppliers including import quantities and pricing; the impact of additional steelmaking capacity expected to come online from a number of ongoing electric arc furnace projects in the U.S.; the impact of geopolitical conditions, including political turmoil and volatility, regional conflicts, terrorism and war on the global economy, inflation, energy supplies and raw materials; increased attention to environmental, social and governance ("ESG") matters, including any targets or other ESG, environmental justice or regulatory initiatives; operating and startup risks, as well as market risks associated with the commissioning of new projects could prevent us from realizing anticipated benefits and could result in a loss of all or a substantial part of our investments; impacts from global public health crises on the economy, demand for our products, global supply chain and on our operations; compliance with and changes in existing and future laws, regulations and other legal requirements and judicial decisions that govern our business, including increased environmental regulations associated with climate change and greenhouse gas emissions; involvement in various environmental matters that may result in fines, penalties or judgments; evolving remediation technology, changing regulations, possible third-party contributions, the inherent uncertainties of the estimation process and other factors that may impact amounts accrued for environmental liabilities; potential limitations in our or our customers' abilities to access credit and non-compliance with their contractual obligations, including payment obligations; activity in repurchasing shares of our common stock under our share repurchase program; financial and non-financial covenants and restrictions on the operation of our business contained in agreements governing our debt; our ability to successfully identify, consummate and integrate acquisitions and realize any or all of the anticipated synergies or other benefits of acquisitions; the effects that acquisitions may have on our financial leverage; risks associated with acquisitions generally, such as the inability to obtain, or delays in obtaining, required approvals under applicable antitrust legislation and other regulatory and third-party consents and approvals; lower than expected future levels of revenues and higher than expected future costs; failure or inability to implement growth strategies in a timely manner; the impact of goodwill or other indefinite-lived intangible asset impairment charges; the impact of long-lived asset impairment charges; currency fluctuations; global factors, such as trade measures, military conflicts and political uncertainties, including changes to current trade regulations, such as Section 232 trade tariffs and quotas, tax legislation and other regulations which might adversely impact our business; availability and pricing of electricity, electrodes and natural gas for mill operations; our ability to hire and retain key executives and other employees; competition from other materials or from competitors that have a lower cost structure or access to greater financial resources; information technology interruptions and breaches in security; our ability to make necessary capital expenditures; availability and pricing of raw materials and other items over which we exert little influence, including scrap metal, energy and insurance; unexpected equipment failures; losses or limited potential gains due to hedging transactions; litigation claims and settlements, court decisions, regulatory rulings and legal compliance risks, including those related to the Pacific Steel Group litigation and other legal proceedings; risk of injury or death to employees, customers or other visitors to our operations; and civil unrest, protests and riots.
, /PRNewswire/ -- CMC (NYSE: CMC) (the "Company") today will host its 2026 Investor Day in New York City, where members of the Company's leadership team will outline CMC's strategic vision, growth opportunities, capital allocation framework, and long-term financial targets.
"Over the last several years, we have taken deliberate steps to transform CMC into an industry-leading provider of solutions across the early-stage construction ecosystem." said Peter Matt, President and Chief Executive Officer. "We are building a stronger, more differentiated business uniquely positioned to support customers in meeting robust construction demand. Our transformation will result in a company with structurally higher margins and enhanced free cash flow generation, which we believe will deliver superior shareholder value."
FY29 Financial Targets1
CMC will introduce the following fiscal 2029 mid-cycle financial targets:
Core EBITDA2: $1,650 million to $1,800 million Core EBITDA Margin3: 15.0% to 16.0% Return on Invested Capital (ROIC)4: 13.0% to 14.5% Free Cash Flow5: $1,375 million to $1,525 million Share Repurchase Program
Reflecting its ongoing commitment to enhancing shareholder value, earlier today it was announced that CMC's Board of Directors authorized an incremental $600 million share repurchase program, bringing the total available repurchase authorization to approximately $717 million.
Webcast
Today's event will be webcast live via the Investor Relations section of CMC's website at www.cmc.com. Investors and other interested parties are invited to join the virtual event by registering in advance at CMC Investor Day 2026. A replay of the webcast and accompanying materials will be available following the event.
About CMC
CMC is a Fortune 500 company headquartered in Irving, Texas, and a leading provider of early-stage construction solutions that support the foundational phases of modern infrastructure and building projects. Founded in 1915, CMC has grown from a single-site recycling operation to one of the largest U.S. manufacturers of steel reinforcing bar ("rebar"), a leading producer of subgrade soil stabilization and foundation enhancement solutions and a major supplier of concrete pipe and precast products.
Through an extensive manufacturing network primarily located in the United States and Central Europe, with strategic operations in the United Kingdom, Europe and Asia, CMC serves infrastructure, non-residential, residential, industrial and energy markets. While often unseen, CMC's products are essential to highways, bridges, airports, commercial buildings and other critical structures that support everyday life.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the federal securities laws with respect to the Company's strategy, operations and long-term growth outlook, capital allocation strategy and plans to repurchase shares of common stock under the authorized share repurchase program. The statements in this release that are not historical statements, are forward-looking statements. These forward-looking statements can generally be identified by phrases such as we or our management "expects," "anticipates," "believes," "estimates," "future," "intends," "may," "plans to," "ought," "could," "will," "should," "likely," "appears," "projects," "forecasts," "outlook" or other similar words or phrases, as well as by discussions of strategy, plans or intentions.
The Company's forward-looking statements are based on management's expectations and beliefs as of the time this news release was prepared. Although we believe that our expectations are reasonable, we can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Except as required by law, we undertake no obligation to update, amend or clarify any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, new information or circumstances or any other changes. Important factors that could cause actual results to differ materially from our expectations include those described in our filings with the U.S. Securities and Exchange Commission, including, but not limited to, in Part I, Item 1A, "Risk Factors" of our annual report on Form 10-K for the fiscal year ended August 31, 2025, as well as the following: changes in economic conditions which affect demand for our products or construction activity generally, and the impact of such changes on the highly cyclical steel industry; rapid and significant changes in the price of metals, potentially impairing our inventory values due to declines in commodity prices or reducing the profitability of downstream contracts within our vertically integrated steel operations due to rising commodity pricing; excess capacity in our industry, particularly in China, and product availability from competing steel mills and other steel suppliers including import quantities and pricing; the impact of additional steelmaking capacity expected to come online from a number of ongoing electric arc furnace projects in the U.S.; the impact of geopolitical conditions, including political turmoil and volatility, regional conflicts, terrorism and war on the global economy, inflation, energy supplies and raw materials; increased attention to environmental, social and governance ("ESG") matters, including any targets or other ESG, environmental justice or regulatory initiatives; operating and startup risks, as well as market risks associated with the commissioning of new projects could prevent us from realizing anticipated benefits and could result in a loss of all or a substantial part of our investments; impacts from global public health crises on the economy, demand for our products, global supply chain and on our operations; compliance with and changes in existing and future laws, regulations and other legal requirements and judicial decisions that govern our business, including increased environmental regulations associated with climate change and greenhouse gas emissions; involvement in various environmental matters that may result in fines, penalties or judgments; evolving remediation technology, changing regulations, possible third-party contributions, the inherent uncertainties of the estimation process and other factors that may impact amounts accrued for environmental liabilities; potential limitations in our or our customers' abilities to access credit and non-compliance with their contractual obligations, including payment obligations; activity in repurchasing shares of our common stock under our share repurchase program; financial and non-financial covenants and restrictions on the operation of our business contained in agreements governing our debt; our ability to successfully identify, consummate and integrate acquisitions and realize any or all of the anticipated synergies or other benefits of acquisitions; the effects that acquisitions may have on our financial leverage; risks associated with acquisitions generally, such as the inability to obtain, or delays in obtaining, required approvals under applicable antitrust legislation and other regulatory and third-party consents and approvals; lower than expected future levels of revenues and higher than expected future costs; failure or inability to implement growth strategies in a timely manner; the impact of goodwill or other indefinite-lived intangible asset impairment charges; the impact of long-lived asset impairment charges; currency fluctuations; global factors, such as trade measures, military conflicts and political uncertainties, including changes to current trade regulations, such as Section 232 trade tariffs and quotas, tax legislation and other regulations which might adversely impact our business; availability and pricing of electricity, electrodes and natural gas for mill operations; our ability to hire and retain key executives and other employees; competition from other materials or from competitors that have a lower cost structure or access to greater financial resources; information technology interruptions and breaches in security; our ability to make necessary capital expenditures; availability and pricing of raw materials and other items over which we exert little influence, including scrap metal, energy and insurance; unexpected equipment failures; losses or limited potential gains due to hedging transactions; litigation claims and settlements, court decisions, regulatory rulings and legal compliance risks, including those related to the Pacific Steel Group litigation and other legal proceedings; risk of injury or death to employees, customers or other visitors to our operations; and civil unrest, protests and riots.
1 We have not reconciled the forward-looking estimates of core EBITDA, core EBITDA margin, ROIC, and free cash flow to the comparable GAAP measures because applicable information for future periods, on which these reconciliations would be based, is not readily available due to uncertainty regarding future economic conditions. Accordingly, reconciliations of the forward-looking estimates of these non-GAAP measures are not available at this time without unreasonable effort. Non-GAAP financial measures should be viewed in addition to, and not as alternatives to, the most directly comparable measures derived in accordance with GAAP and may not be comparable to similar measures presented by other companies. However, we believe that the non-GAAP financial measures provide relevant and useful information to management, investors, analysts, creditors and other interested parties in our industry as they allow: (i) comparison of our earnings to those of our competitors; (ii) a supplemental measure of our underlying business operational performance; and (iii) the assessment of period-to-period performance trends.
2 Defined as net earnings plus interest expense, income tax expense, depreciation and amortization, asset impairments, unrealized loss on undesignated commodity hedges, non-cash stock-based compensation and certain other expenses including but not limited to settlement of New Markets Tax Credit transactions, litigation expense, acquisition and integration related costs and purchase accounting effect on inventory.
3 Defined as core EBITDA divided by net sales.
4 Defined as after-tax operating profit divided by total assets less cash and cash equivalents less non-interest-bearing liabilities.
5 Defined as consolidated core EBITDA less capital expenditures.
Commercial Metals Company (NYSE:CMC – Get Free Report) has been assigned a consensus rating of “Moderate Buy” from the fifteen research firms that are presently covering the stock, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $79.4545.
A number of analysts recently issued reports on the company. JPMorgan Chase & Co. reduced their price objective on Commercial Metals from $83.00 to $78.00 and set an “overweight” rating for the company in a research report on Tuesday, April 14th. Wells Fargo & Company upped their target price on Commercial Metals from $77.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Friday, June 26th. UBS Group raised Commercial Metals from a “neutral” rating to a “buy” rating and raised their price target for the stock from $79.00 to $89.00 in a research note on Wednesday, May 13th. Morgan Stanley lifted their price target on Commercial Metals from $83.00 to $88.00 and gave the company an “overweight” rating in a report on Monday, June 22nd. Finally, Zacks Research raised Commercial Metals from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th.
Check Out Our Latest Stock Analysis on Commercial Metals
Insider Buying and Selling In other Commercial Metals news, CEO Peter R. Matt bought 8,230 shares of the firm’s stock in a transaction on Friday, July 10th. The stock was bought at an average cost of $61.30 per share, with a total value of $504,499.00. Following the completion of the transaction, the chief executive officer directly owned 181,522 shares of the company’s stock, valued at approximately $11,127,298.60. The trade was a 4.75% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.62% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Commercial Metals Several institutional investors and hedge funds have recently modified their holdings of CMC. Global Retirement Partners LLC increased its position in Commercial Metals by 110.7% during the fourth quarter. Global Retirement Partners LLC now owns 573 shares of the basic materials company’s stock worth $40,000 after buying an additional 301 shares during the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of Commercial Metals in the fourth quarter worth about $54,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Commercial Metals by 617.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 832 shares of the basic materials company’s stock worth $58,000 after buying an additional 716 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of Commercial Metals during the 4th quarter worth about $59,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Commercial Metals by 105.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,222 shares of the basic materials company’s stock valued at $75,000 after acquiring an additional 626 shares during the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.
Commercial Metals Stock Up 2.0% Commercial Metals stock opened at $70.10 on Tuesday. Commercial Metals has a twelve month low of $50.10 and a twelve month high of $84.87. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.54 and a current ratio of 2.33. The firm has a market cap of $7.75 billion, a PE ratio of 13.20, a P/E/G ratio of 0.40 and a beta of 1.54. The firm’s 50 day moving average price is $69.92 and its two-hundred day moving average price is $70.31.
Commercial Metals (NYSE:CMC – Get Free Report) last issued its earnings results on Thursday, June 25th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.70 by $0.03. Commercial Metals had a net margin of 6.72% and a return on equity of 15.69%. The company had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.40 billion. During the same quarter last year, the business posted $0.74 EPS. The company’s revenue for the quarter was up 22.9% on a year-over-year basis. On average, research analysts predict that Commercial Metals will post 6.64 EPS for the current fiscal year.
Commercial Metals Announces Dividend The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Monday, July 6th were paid a $0.20 dividend. The ex-dividend date was Monday, July 6th. This represents a $0.80 dividend on an annualized basis and a yield of 1.1%. Commercial Metals’s payout ratio is 15.07%.
About Commercial Metals (Get Free Report)
Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.
In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.
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SEATTLE and VANCOUVER, British Columbia, Aug. 03, 2026 (GLOBE NEWSWIRE) -- Achieve Life Sciences, Inc. (Achieve or the Company) (Nasdaq: ACHV), a late-stage specialty pharmaceutical company focused on the global development and commercialization of cytisinicline as a treatment for nicotine dependence, today announced the appointments of Ronald Dadino as Senior Vice President, Chemistry, Manufacturing and Controls (CMC) and Supply Chain, and Gloria Cosgrove as Senior Vice President, Quality. Both executives bring decades of leadership across pharmaceutical manufacturing, supply chain, and quality. They join Achieve as the Company advances cytisinicline toward resubmission of its New Drug Application (NDA) and anticipated U.S. commercial launch.
The appointments establish new, dedicated senior leadership over Achieve’s manufacturing, supply chain, and quality functions. Holding CMC, supply chain, and quality leadership in house, under executives with deep regulated-manufacturing experience, positions Achieve to manage these systems with rigor and control as it prepares for commercialization.
“Ron and Gloria are precisely the leaders we want building Achieve,” said Andrew D. Goldberg, MD, Chief Executive Officer of Achieve. “Between them they have taken complex products through global approval and built the quality systems that made those approvals possible. We rebuilt this part of the organization ahead of resubmission because manufacturing and quality will enable the delivery of a reliable medicine to patients.”
Mr. Dadino brings more than four decades of leadership in pharmaceutical chemistry, manufacturing and controls, technical operations, and supply chain. He began his career as a research pharmacist at Merck and went on to spend 13 years at Johnson & Johnson, where he served as Vice President, Development and Technical Operations and led organizations responsible for developing and commercializing complex products, including the global approval of first-in-class products. He has since held senior CMC, manufacturing, and supply chain leadership roles across the specialty pharmaceutical and biotechnology sector. At Achieve, he leads the Company’s CMC and supply chain organization, with responsibility for manufacturing, technical operations, and the end-to-end cytisinicline supply chain, from raw material through finished, packaged product.
“I have spent my career building and transferring manufacturing processes and standing up supply chains that hold up under regulatory scrutiny,” said Mr. Dadino. “Achieve has a differentiated medicine and is transitioning its finished product manufacturing to the United States. I look forward to building an operation that delivers cytisinicline reliably and at scale.”
Ms. Cosgrove brings more than 30 years of quality leadership across global pharmaceutical and biotechnology organizations. She spent 26 years at Boehringer Ingelheim in Global Quality Assurance before moving into senior quality leadership at Regeneron Pharmaceuticals. She subsequently served as Vice President, Quality at Seres Therapeutics, where she led quality through the approval of VOWST, the first FDA-approved orally administered microbiome-based therapeutic. Bringing a first-in-class live biotherapeutic through FDA approval required building chemistry, manufacturing, and quality systems for which no regulatory precedent existed. At Achieve, she leads the Company’s quality organization across manufacturing, clinical, and regulatory quality.
“In more than three decades in quality, I have learned that the systems you build decide whether a new drug ever reaches patients,” said Ms. Cosgrove. “Taking a first-of-its-kind therapeutic through approval showed me exactly how much rigor that requires. I am here to build that same standard across both the smoking and vaping cessation programs, from clinical development through commercial supply.”
Craig Donnelly has stepped down as Chief Operations Officer of Achieve, effective July 31, 2026. Responsibility for chemistry, manufacturing and controls, supply chain, and quality has transitioned to Mr. Dadino and Ms. Cosgrove. The Company thanks Mr. Donnelly for his contributions.
About Achieve Life Sciences, Inc.
Achieve Life Sciences, Inc. is a late-stage specialty pharmaceutical company focused on the global development and commercialization of cytisinicline as a treatment for nicotine dependence. Achieve’s New Drug Application (NDA) for cytisinicline for smoking cessation in adults is supported by two successfully completed Phase 3 studies and an open-label long-term safety study. Achieve has also completed a Phase 2 study of cytisinicline in nicotine e-cigarette cessation, conducted an end-of-Phase 2 meeting with the FDA, and has received Breakthrough Therapy designation for the vaping cessation indication.
About Cytisinicline
There are approximately 25 million adults in the United States who smoke combustible cigarettes, and tobacco use is currently the leading cause of preventable death.¹,²
In addition, there are nearly 18 million adults in the United States who use e-cigarettes, also known as vaping.¹ In 2025, approximately 1.4 million middle and high school students in the United States reported using e-cigarettes.³ There are no FDA-approved treatments indicated specifically as an aid to nicotine e-cigarette cessation. FDA has awarded the Commissioner’s National Priority Voucher for e-cigarette or vaping cessation and granted Breakthrough Therapy designation to address this critical need.
Cytisinicline is a plant-based alkaloid with a high binding affinity to the nicotinic acetylcholine receptor. It is believed to aid in treating nicotine addiction for smoking and e-cigarette cessation by interacting with nicotine receptors in the brain, reducing the severity of nicotine craving symptoms, and reducing the reward and satisfaction associated with nicotine products.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements Achieve makes regarding the timing, nature and outcome of cytisinicline clinical development and regulatory review and approval, data results, the timing, nature and success of Achieve’s commercialization activities, the potential market size for cytisinicline, the potential benefits, efficacy, safety and tolerability of cytisinicline, the development and effectiveness of new treatments, the performance of Achieve’s third-party manufacturing partners, the successful launch and commercialization of cytisinicline, and statements concerning Achieve Life Sciences’ future plans and prospects. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Achieve may not actually achieve its plans or product development goals in a timely manner, if at all, or otherwise carry out its intentions or meet its expectations or projections disclosed in these forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including those described in Achieve’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Achieve undertakes no obligation to update the forward-looking statements contained herein or to reflect events or circumstances occurring after the date hereof, other than as may be required by applicable law.
Achieve Contact
Nicole Jones
VP, Strategic Communications and Stakeholder Relations [email protected]
425-686-1510
References
¹Agaku I. Tobacco Product Use among U.S. Adults, 2023–2024, NEJM Evidence, doi: 10.1056/EVIDpha2500339.
²World Health Organization. WHO Report on the Global Tobacco Epidemic, 2019. Geneva: World Health Organization, 2019.
³Eunice Park-Lee, Lauren M Dutra, Hannah Cowan, et al. Tobacco Product Use Among Middle and High School Students in the United States: National Youth Tobacco Survey, 2025, Nicotine & Tobacco Research, 2026; ntag116, doi.org/10.1093/ntr/ntag116.
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Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.
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VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.
It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
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The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.
For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Commercial Metals (CMC - Free Report) Commercial Metals Company manufactures, recycles and markets steel and metal products, related materials and services. It operates a network that includes seven electric arc furnace mini mills, two electric arc furnace micro mills, a rerolling mill, steel fabrication and processing plants, construction-related product warehouses, and metal recycling facilities in the United States and Poland.
CMC is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
Momentum investors should take note of this Basic Materials stock. CMC has a Momentum Style Score of A, and shares are up 12.3% over the past four weeks.
Three analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.19 to $6.64 per share. CMC also boasts an average earnings surprise of +5.3%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, CMC should be on investors' short list.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of CB either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
California Public Employees Retirement System grew its stake in shares of Commercial Metals Company (NYSE:CMC – Free Report) by 11.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 277,877 shares of the basic materials company’s stock after acquiring an additional 28,693 shares during the quarter. California Public Employees Retirement System owned about 0.25% of Commercial Metals worth $17,070,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of CMC. Global Retirement Partners LLC grew its position in Commercial Metals by 110.7% during the 4th quarter. Global Retirement Partners LLC now owns 573 shares of the basic materials company’s stock valued at $40,000 after purchasing an additional 301 shares during the last quarter. V Square Quantitative Management LLC bought a new stake in Commercial Metals during the 4th quarter valued at about $54,000. Caitong International Asset Management Co. Ltd raised its holdings in Commercial Metals by 617.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 832 shares of the basic materials company’s stock worth $58,000 after buying an additional 716 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in Commercial Metals in the fourth quarter worth about $59,000. Finally, EverSource Wealth Advisors LLC raised its holdings in Commercial Metals by 84.1% in the second quarter. EverSource Wealth Advisors LLC now owns 1,550 shares of the basic materials company’s stock worth $76,000 after buying an additional 708 shares during the last quarter. Hedge funds and other institutional investors own 86.90% of the company’s stock.
Commercial Metals Stock Down 0.2% Shares of CMC stock opened at $67.96 on Friday. Commercial Metals Company has a 12 month low of $49.66 and a 12 month high of $84.87. The stock has a market cap of $7.52 billion, a P/E ratio of 12.80, a P/E/G ratio of 0.39 and a beta of 1.54. The company has a current ratio of 2.33, a quick ratio of 1.54 and a debt-to-equity ratio of 0.73. The company has a 50 day simple moving average of $70.18 and a two-hundred day simple moving average of $70.51.
Commercial Metals (NYSE:CMC – Get Free Report) last released its quarterly earnings results on Thursday, June 25th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.70 by $0.03. The business had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.40 billion. Commercial Metals had a return on equity of 15.69% and a net margin of 6.72%.Commercial Metals’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.74 earnings per share. On average, research analysts expect that Commercial Metals Company will post 6.63 earnings per share for the current year.
Commercial Metals Dividend Announcement The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, July 6th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Monday, July 6th. Commercial Metals’s payout ratio is presently 15.07%.
Insider Activity at Commercial Metals In other Commercial Metals news, CEO Peter R. Matt acquired 8,230 shares of the company’s stock in a transaction dated Friday, July 10th. The stock was purchased at an average price of $61.30 per share, with a total value of $504,499.00. Following the completion of the purchase, the chief executive officer directly owned 181,522 shares in the company, valued at approximately $11,127,298.60. The trade was a 4.75% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.62% of the stock is owned by insiders.
Wall Street Analyst Weigh In CMC has been the topic of a number of recent analyst reports. Citigroup cut their price target on shares of Commercial Metals from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Tuesday, July 7th. Deutsche Bank Aktiengesellschaft raised Commercial Metals to a “buy” rating in a research report on Friday, May 22nd. JPMorgan Chase & Co. reduced their target price on Commercial Metals from $83.00 to $78.00 and set an “overweight” rating for the company in a report on Tuesday, April 14th. Zacks Research upgraded Commercial Metals from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th. Finally, BNP Paribas Exane upgraded Commercial Metals from a “neutral” rating to an “outperform” rating and set a $75.00 price target for the company in a research note on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, Commercial Metals currently has a consensus rating of “Moderate Buy” and an average price target of $79.45.
Read Our Latest Research Report on Commercial Metals
Commercial Metals Company Profile (Free Report)
Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.
In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.
See Also Five stocks we like better than Commercial Metals Premium Retail’s Stress Test Is Separating Winners From Losers D-Wave Quantum or a Quantum ETF: Which Is the Better Bet? GE Vernova Just Sent a Mixed AI Signal to Investors Alphabet Crushed Earnings, But One Number Spooked the Market Want to see what other hedge funds are holding CMC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Commercial Metals Company (NYSE:CMC – Free Report).
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For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.
Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.
Zacks Premium also includes the Zacks Style Scores.
What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.
Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.
Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.
Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.
That's where the Style Scores come in.
You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.
As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.
Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Commercial Metals (CMC - Free Report) Commercial Metals Company manufactures, recycles and markets steel and metal products, related materials and services. It operates a network that includes seven electric arc furnace mini mills, two electric arc furnace micro mills, a rerolling mill, steel fabrication and processing plants, construction-related product warehouses, and metal recycling facilities in the United States and Poland.
CMC is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 9.88; value investors should take notice.
Three analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.12 to $6.63 per share. CMC boasts an average earnings surprise of +5.3%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, CMC should be on investors' short list.
Peter R. Matt, President and CEO of Commercial Metals Company (CMC +1.77%), reported a direct purchase of 8,230 shares of common stock in a SEC Form 4 filing on July 13, 2026.
Today's Change
(
1.77
%) $
1.11
Current Price
$
63.75
Transaction summaryMetricValueTransaction value$504,499Shares purchased8,230Post-transaction shares (directly held)181,522Post-transaction value$11.37 millionTransaction value based on SEC Form 4 weighted average purchase price ($61.30); post-transaction value based on July 10, 2026 market close ($62.64).
Key questionsWhat is the significance of this purchase relative to the CEO's existing position?
This trade adds 8,230 shares to the CEO's direct holdings, resulting in a total position of ~182,000 shares with a market value of $11.37 million as of the July 10, 2026 market close.How does the acquisition price compare to recent market levels?
The purchase was executed at $61.30 per share, while the stock finished the July 10 trading session at $62.64.What is the company's financial profile at the time of this transaction?
Commercial Metals Company currently has a market capitalization of $6.9 billion, supported by trailing twelve-month revenue of $8.9 billion and net income of $595.1 million.Company OverviewMetricValueShare Price (as of market close 2026-07-10)$62.64Market Capitalization$6.9 billionRevenue (TTM)$8.9 billionNet Income (TTM)$595.1 millionCompany SnapshotCommercial Metals Company operates an integrated business model encompassing steel production, metal recycling, and fabrication services, generating revenue from the processing and marketing of ferrous and non-ferrous scrap metals, as well as finished steel products.The company generates profitability by acquiring and processing scrap metal feedstock, converting it into finished steel and metal products, and distributing these materials to industrial customers across multiple geographic markets.CMC serves a diverse customer base, including steel mills, foundries, and industrial manufacturers across the United States, Poland, China, and other international markets, with operations positioned to capture both domestic and global demand.Commercial Metals is a leading international steel and metal recycling enterprise with a market capitalization of $6.9 billion and TTM revenues of $8.9 billion, employing 13,178 personnel across its global operations. The company's competitive positioning is anchored in its vertically integrated business model, which combines scrap metal collection and processing with downstream steel fabrication and distribution capabilities. CMC's geographic diversification and focus on sustainable metal recycling provide strategic advantages in serving industrial customers while capitalizing on the global demand for recycled steel products.
What this transaction means for investorsThere are plenty of reasons an insider may sell stock that have little to do with their outlook for the share price. These can include having to pay a large personal expense or doing preplanned, reasonable portfolio diversification.
There is only one reason insiders buy stock: they think the price is going to go up.
By that rule of thumb, CEO Matt’s purchase of $500,000 worth of Commercial Metals shares is bullish.
There are other reasons to be bullish, too. The company is benefiting from a $150 million annual cost-saving program pioneered by Matt, as well as a strong U.S. steel market that allows incremental price hikes to be absorbed by the market. Help CMC, too, are trade policies that have curbed foreign dumping of subsidized metals into the marketplace.
In its first quarter of 2026, CMC grew earnings before interest, taxes, depreciation, and amortization — EBITDA, a measure of core profitability — nearly 79%, a sign of the strength of the business. That came even as CMC saw stronger-than-expected costs from scrap metals.
For the full year 2026, analysts expect CMC to post a 19% gain in sales to more than $9.2 billion with a huge jump in net income to $669 million from $85 million.
Clearly, there’s a good reason for the CEO to be adding shares.
It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.
Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.
Zacks Premium includes access to the Zacks Style Scores as well.
What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.
Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.
The Style Scores are broken down into four categories:
Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.
Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.
Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.
VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.
That's where the Style Scores come in.
To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.
The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.
Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Commercial Metals (CMC - Free Report) Commercial Metals Company manufactures, recycles and markets steel and metal products, related materials and services. It operates a network that includes seven electric arc furnace mini mills, two electric arc furnace micro mills, a rerolling mill, steel fabrication and processing plants, construction-related product warehouses, and metal recycling facilities in the United States and Poland.
CMC is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 9.36; value investors should take notice.
For fiscal 2026, two analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.00 to $6.54 per share. CMC boasts an average earnings surprise of +5.3%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, CMC should be on investors' short list.
Panmure Liberum has upgraded CMC Markets PLC (LSE:CMCX, FRA:T8Q) to 'buy' from 'hold', arguing that a jump in the trading group's guidance marks a structural shift in its earnings.
The broker nearly doubled its price target on the stock, raising it to 700p from 380p.
CMC Markets, the London-listed spread betting and online trading company, on Wednesday lifted its forecast for net operating income in the financial year to March 2027.
It now expects £550 million, well above prior guidance of £460 million to £480 million.
That new figure sits at least £70 million above the top end of the previous range.
Panmure Liberum said this was not a modest beat but a re-rating of the company's whole earnings trajectory.
The analyst pointed to a disclosed earnings figure of £250 million on a measure stripping out interest, tax and other charges, implying a margin of 45%.
Crucially, the broker noted that operating costs, excluding variable staff pay, remain pinned at £280 million.
That means almost all of the extra revenue is dropping straight through to profit rather than being eaten up by higher spending.
The broker attributed the improved outlook to a run of new product launches and faster growth in the company's business-to-business arm.
It also credited the operating leverage built into the model, whereby rising revenue is not matched by rising costs.
The scale of the upgrade underlines Panmure Liberum's conviction that CMC Markets has moved onto a materially higher earnings base.
CMC Markets PLC (LSE:CMCX, FRA:T8Q) shares jumped more than 20% on Wednesday, changing hands at 562.5p, after the firm upgraded full-year 2027 income guidance after continued growth in its B2B business lifted expectations for margins and profit.
The online trading group said it now expects net operating income for FY2027 to be at least £550 million, materially ahead of its previous guidance range of £460 million to £480 million. EBITDA guidance was set at £250 million.
Operating expenses excluding variable remuneration are still expected to be approximately £280 million, leaving higher expected income to flow through a largely fixed cost base.
CMC said the performance reflected the scale of its B2B platforms, which are driving operational gearing and higher profit margins. It added that the B2B platform business remains positioned to scale, with several milestones expected over the next 12 months and a continuing pipeline of new opportunities.
The group’s next scheduled update is its HY2027 interim results on 19 November 2026.
Key Takeaways Commercial Metals posted Q3 adjusted EPS of $1.73, topping estimates and surging 147.1% y/y.CMC's core EBITDA rose 78.6% and margin expanded to 14.2% on higher metal margins and acquisitions.Commercial Metals expects sequential core EBITDA growth in Q4 on strong demand and backlogs. Commercial Metals Company (CMC - Free Report) reported adjusted earnings per share of $1.73 in third-quarter fiscal 2026 (ended May 31, 2026), beating the Zacks Consensus Estimate of $1.60 by 8.1%. The bottom line surged 147.1% from 70 cents in the year-ago quarter.
CMC’s Revenues & Margins Rise Y/Y in Q3Net revenues in the reported quarter were $2.48 billion compared with $2.02 billion in the year-ago quarter. The reported figure beat the Zacks Consensus Estimate of $2.37 billion.
The cost of goods sold in the quarter rose 17.9% year over year to $2.03 billion. Core EBITDA surged 78.6% year over year to $353.6 million during this period. The core EBITDA margin expanded 440 basis points year over year to 14.2%, aided by metal margin expansion, contributions from the recently acquired precast businesses and an improved Europe Steel Group performance.
Commercial Metals’ Q3 Segmental PerformanceThe North America Steel Group segment generated net revenues of $1.79 billion in the fiscal third quarter compared with $1.56 billion in the year-ago quarter. We expected net revenues of $1.67 billion in the quarter. The segment registered an adjusted EBITDA of around $253 million compared with $180 million in the year-ago quarter. Our model predicted an adjusted EBITDA of $262 million.
The North America Steel Group segment benefited from higher margins over scrap costs and gains from the Transform, Advance, Grow program. However, finished steel products shipments declined 1.7% year over year due to planned downtime, heavy rainfall that curbed construction activity in select markets and greater focus on value over volume.
The Europe Steel Group segment’s revenues were $291 million, up 17.6% from the year-ago quarter. Our model predicted net revenues of $280 million. The adjusted EBITDA was $34.7 million in the fiscal third quarter compared with $3.6 million in the year-ago quarter. We expected an adjusted EBITDA of $5 million for the quarter. The segment benefited from a $20.4-million CO2 credit and improved market conditions.
The Construction Solutions Group segment generated net revenues of around $395 million in the fiscal third quarter compared with $197 million in the year-ago quarter. Our model predicted net revenues of $335 million. The segment registered an adjusted EBITDA of $97 million compared with $41 million in the year-ago quarter. We expected an adjusted EBITDA of $92 million for the quarter.
The recently acquired precast businesses contributed $175.7 million to the Construction Solutions Group segment’s revenues and $52.9 million to adjusted EBITDA.
CMC's Cash Flow & Balance Sheet UpdatesAs of May 31, 2026, cash, cash equivalents and restricted cash totaled $0.56 billion compared with $1 billion at the end of fiscal 2025. The company’s long-term debt was $3.31 billion at the end of the fiscal third quarter. Cash generated from operating activities for the nine months ended May 31, 2026, was $603 million compared with $400 million in the year-ago period.
On June 24, the company declared a quarterly dividend of 20 cents per share. The dividend will be paid out on July 15 to shareholders of record as of July 6, 2026.
Commercial Metals’ Q4 OutlookFor the fourth quarter of fiscal 2026, CMC expects core EBITDA to increase sequentially. The outlook reflects healthy domestic demand, strong backlogs and ongoing benefits from strategic initiatives.
North America Steel Group’s adjusted EBITDA is expected to improve, helped by the absence of a $20-million fiscal third-quarter mill outage headwind, and the benefits of volume growth and margin expansion. Construction Solutions Group’s adjusted EBITDA is projected to grow in the mid-teens, while Europe Steel Group’s performance is expected to be modestly higher, excluding CO2 credits.
Commercial Metals Stock’s Price PerformanceThe company’s shares have gained 49.3% in the past year compared with the industry’s 74.8% surge.
Image Source: Zacks Investment Research
A Steel - Specialty Stock Awaiting ResultsArcelorMittal S.A. (MT - Free Report) is expected to release second-quarter 2026 results soon.
The Zacks Consensus Estimate for ArcelorMittal’s EPS is pegged at $1.25 for the fiscal second quarter, suggesting a dip from the $1.32 reported in the year-ago period. For total revenues, the Zacks Consensus Estimate is pinned at $16.94 billion, indicating a year-over-year increase of 6.3%.
CMC’s Zacks Rank & Stocks to ConsiderCommercial Metals currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Albemarle Corporation (ALB - Free Report) and Avino Silver & Gold Mines Ltd. (ASM - Free Report) . ALB and ASM carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Albemarle has an average trailing four-quarter earnings surprise of 74.5%. The Zacks Consensus Estimate for the company’s 2026 earnings is pegged at $12.45 per share, indicating year-over-year growth from a loss of 79 cents. ALB shares have skyrocketed 124% so far this year.
Avino Silver has an average trailing four-quarter earnings surprise of 125%. The Zacks Consensus Estimate for Avino Silver’s 2026 earnings is pegged at 39 cents per share, indicating 34.5% year-over-year growth. Its shares have surged 62.7% in a year.
Key Takeaways CMC beat Q3 earnings and revenue estimates despite outages, weather and scrap-cost pressure.North America Steel expects better Q4 prices, margins and volumes as outage impacts fade.Precast backlog hit a record, supporting CMC's maintained fiscal 2026 EBITDA outlook. Commercial Metals Company (CMC - Free Report) used its third-quarter fiscal 2026 call to argue that reported strength still understated the business. Management pointed to temporary outages, weather disruptions and scrap-cost pressure that held back an even better quarter.
The more important message for investors was forward-looking. Executives said those issues have started to reverse, while backlog, pricing and integration trends support a stronger fiscal fourth quarter.
CMC Says the Quarter Did Not Show Full PotentialCommercial Metals reported adjusted earnings per share of $1.73, which beat the Zacks Consensus Estimate of $1.60, delivering a surprise of 8.1%. Third-quarter revenues were $2.48 billion, which also surpassed the Zacks Consensus Estimate of $2.37 billion by 4.9%.
President and CEO Peter Matt said the quarter reflected solid execution against the company’s strategic plan, but he stressed that results were dampened by temporary issues rather than a change in underlying demand. He tied the longer-term story to structurally higher margins, lower earnings volatility and a broader construction solutions footprint.
That framing mattered because management was not pitching the quarter as a peak. Instead, it positioned third-quarter performance as a transition point, with improving steel margins, better operating reliability and acquired precast assets beginning to add meaningfully to the earnings mix.
Commercial Metals Sees a Rebound in North AmericaThe North America Steel Group remained the central talking point. Adjusted EBITDA in the segment rose 41% year over year to $253.5 million, but it slipped sequentially as planned maintenance outages at seven of 10 mills, poor weather, and a lag between rising scrap costs and price increases weighed on results.
In the Q&A, a Goldman Sachs analyst pressed management on the bridge to a better fourth quarter. CFO Paul Lawrence said outages cost about $20 million and volume-related effects from weather, inventory tightness and commercial discipline cost roughly another $10 million. He added that those issues should reverse in the current quarter.
Matt also sounded firm on pricing. He said the recently announced steel price increases are taking hold and that CMC is not chasing discounting in the market. The company expects higher realized prices and improved metal margins in the fourth quarter, supported by healthy demand and major project activity.
CMC’s Precast Bet Is Moving to Center StageCommercial Metals’ Construction Solutions Group delivered one of the clearest strategic signals on the call. Net sales nearly doubled year over year to $394.6 million, and adjusted EBITDA increased 138% to $97.4 million, helped by $175.7 million of revenues and $52.9 million of EBITDA from the recently acquired precast businesses.
Management acknowledged that precast volumes were light in the quarter because shipment timing slipped by about two weeks and wet weather in the Southeast delayed deliveries. Still, Matt said the backlog reached a record level, and project releases have started to normalize heading into the fiscal fourth quarter.
That explains why CMC maintained its fiscal 2026 precast EBITDA outlook of $165 million to $175 million despite the third-quarter shortfall. Management also reiterated that the acquisitions are on plan operationally and commercially, with early lead sharing and network benefits already emerging.
Commercial Metals Finds More Than One TailwindCMC’s other margin lever remains its Transform, Advance, Grow program. Matt said the initiative is tracking well ahead of its targeted $150 million run-rate annualized benefit for fiscal 2026, with most gains so far coming from operational improvements such as scrap optimization, yield and logistics.
He used the Q&A to highlight a second phase of opportunity in commercial excellence. That includes cutting pricing leakage, deploying better tools and using the broader steel and precast platform to get involved earlier on large projects where CMC can influence design and capture more value.
Europe added another support point. The Europe Steel Group posted adjusted EBITDA of $34.7 million, aided by a $20.4 million CO2 credit and better market conditions. Management said CBAM, tighter EU safeguards and improving pricing are creating a more constructive supply-demand setup there.
CMC Nears a Cash Flow Inflection PointCapital allocation also drew scrutiny. Net leverage adjusted for acquisitions ended the quarter at 2.1x, and management said it remains confident in reaching below 2x by mid-2027 or sooner. Liquidity stood near $1.8 billion.
Matt said 2x leverage is the threshold that would reopen both larger shareholder returns and new growth opportunities. At the same time, he made clear that CMC wants more progress in integrating the two precast acquisitions before considering another sizable deal.
Lawrence added that fiscal 2027 capital spending should drop sharply as the West Virginia micro mill nears completion, setting up a stronger free cash flow profile. Management does not expect more mill investments, with future organic spending aimed at smaller, higher-return projects.
Commercial Metals Leaves With an Assertive ToneThe clearest read-through from the call was management’s confidence in the near-term setup. CMC expects a meaningful sequential increase in fourth-quarter core EBITDA, including about a $40 million benefit in North America from the end of outage impacts and from better volume and margins, plus mid-teens EBITDA growth in Construction Solutions.
Analyst questions focused on supply additions in rebar, imports, precast execution and Europe. Matt’s answers were notably direct, especially on market discipline, where he said CMC will prioritize value over volume and use trade remedies to defend the domestic market.
Taken together, management presented a company leaning into a more diversified earnings model. The tone was not built around a single quarter’s beat, but around improving margins, more stable end markets and a portfolio that management believes can generate stronger cash and lower volatility over time.
Zacks Signals Still Call for BalanceCMC carries a Zacks Rank #3 (Hold), alongside a Value Score of B, Growth Score of A, Momentum Score of A and VGM Score of A. In Zacks terms, the strongest combinations generally pair a Zacks Rank #1 (Strong Buy) or 2 (Buy) with Style Scores of A or B, while a Zacks Rank #3 can still be held when the score profile remains favorable. You can see the complete list of today’s Zacks #1 Rank stocks here.
The current mix points to attractive style characteristics across value, growth and momentum, but the Zacks Rank remains the primary signal in the framework. That rank can change as earnings estimate revisions move after the quarter, so the post-report revision trend remains the key factor to watch.
On June 25, 2026, Commercial Metals Co (CMC) shares rose 3.9% today, reaching a current price of $74.09. The stock has traded within a 52-week range of $48.14 t
For the quarter ended May 2026, Commercial Metals (CMC - Free Report) reported revenue of $2.48 billion, up 22.9% over the same period last year. EPS came in at $1.73, compared to $0.74 in the year-ago quarter.
The reported revenue represents a surprise of +4.88% over the Zacks Consensus Estimate of $2.37 billion. With the consensus EPS estimate being $1.60, the EPS surprise was +8.13%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Commercial Metals performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
North America - Average selling price (per ton) - Raw materials: $873.00 versus the three-analyst average estimate of $987.93.Europe - Steel products metal margin per ton: $330.00 compared to the $316.21 average estimate based on three analysts.North America - Average selling price (per ton) - Downstream products: $1,260.00 compared to the $1,242.79 average estimate based on three analysts.North America - Average selling price (per ton) - Cost of raw materials per ton: $660.00 versus the three-analyst average estimate of $742.74.North America - Average selling price (per ton) - Cost of ferrous scrap utilized per ton: $379.00 versus $353.51 estimated by three analysts on average.North America - Average selling price (per ton) - Steel products metal margin per ton: $610.00 compared to the $602.68 average estimate based on three analysts.Europe - Steel products (External tons shipped): 401 thousand compared to the 375.38 thousand average estimate based on three analysts.Europe - Steel products - Rebar: 136 thousand versus 94.05 thousand estimated by three analysts on average.Net sales from external customers- North America: $1.79 billion versus the three-analyst average estimate of $1.71 billion. The reported number represents a year-over-year change of +14.5%.Net sales from external customers- Corporate and Other: $8.06 million versus the three-analyst average estimate of $11.52 million. The reported number represents a year-over-year change of -36.3%.Net sales from external customers- Europe: $291.24 million versus the three-analyst average estimate of $267.64 million. The reported number represents a year-over-year change of +17.6%.Net Sales-- Construction Solutions Group- Net sales from external customers: $394.57 million versus the three-analyst average estimate of $378.29 million. The reported number represents a year-over-year change of +99.8%.View all Key Company Metrics for Commercial Metals here>>>
Shares of Commercial Metals have returned -6.9% over the past month versus the Zacks S&P 500 composite's -1.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Commercial Metals (CMC - Free Report) came out with quarterly earnings of $1.73 per share, beating the Zacks Consensus Estimate of $1.6 per share. This compares to earnings of $0.74 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +8.13%. A quarter ago, it was expected that this manufacturer and recycler of steel and metal products would post earnings of $1.28 per share when it actually produced earnings of $1.16, delivering a surprise of -9.38%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Commercial Metals, which belongs to the Zacks Steel - Producers industry, posted revenues of $2.48 billion for the quarter ended May 2026, surpassing the Zacks Consensus Estimate by 4.88%. This compares to year-ago revenues of $2.02 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Commercial Metals shares have added about 3% since the beginning of the year versus the S&P 500's gain of 7.5%.
What's Next for Commercial Metals?While Commercial Metals has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Commercial Metals was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.87 on $2.47 billion in revenues for the coming quarter and $6.56 on $9.1 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Steel - Producers is currently in the top 13% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Steel Dynamics (STLD - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026.
This steel producer and metals recycler is expected to post quarterly earnings of $3.66 per share in its upcoming report, which represents a year-over-year change of +82.1%. The consensus EPS estimate for the quarter has been revised 11.5% lower over the last 30 days to the current level.
Steel Dynamics' revenues are expected to be $5.46 billion, up 19.5% from the year-ago quarter.
Third quarter net earnings of $173.0 million, or $1.55 per diluted share and adjusted earnings of $193.0 million, or $1.73 per diluted share Consolidated core EBITDA increased 78.6% year-over-year to $353.6 million due to strong market conditions, increasing benefits from Transform, Advance, Grow ("TAG") initiatives, and the contribution of the recently acquired precast businesses Consolidated core EBITDA margin of 14.2% increased by 440 basis points compared to the prior year period Reduced net leverage; clear visibility to <2x well ahead of the stated goal of mid-2027 , /PRNewswire/ -- CMC (NYSE: CMC) (the "Company") today announced financial results for its fiscal third quarter ended May 31, 2026.
CEO Commentary
"During our fiscal third quarter, we continued to make great progress on our strategic agenda across a number of fronts," said Peter Matt, President and Chief Executive Officer. "We substantially grew Core EBITDA, and made meaningful progress deleveraging our balance sheet. Our early-stage construction portfolio is benefiting from solid demand, along with strong booking and backlogs at attractive prices. The commercial and operating rigor that define CMC, together with the growing benefits of our TAG program, position the Company to deliver strong results in the fourth quarter and beyond."
Third Quarter Operational and Financial Highlights
Three Months Ended
(in thousands, except per share data)
5/31/2026
2/28/2026
5/31/2025
QoQ Change
YoY Change
Net sales
$ 2,483,245
$ 2,132,018
$ 2,019,984
16.5 %
22.9 %
Net earnings
$ 173,015
$ 93,032
$ 83,126
86.0 %
108.1 %
Core EBITDA
$ 353,596
$ 297,473
$ 198,025
18.9 %
78.6 %
Core EBITDA margin
14.2 %
14.0 %
9.8 %
20bps
440bps
Net earnings per diluted share
$ 1.55
$ 0.83
$ 0.73
86.7 %
112.3 %
Adjusted earnings
$ 193,025
$ 130,147
$ 79,618
48.3 %
142.4 %
Adjusted earnings per diluted share
$ 1.73
$ 1.16
$ 0.70
49.1 %
147.1 %
For the third quarter of fiscal 2026, the Company reported consolidated net earnings of $173.0 million or $1.55 per diluted share, adjusted earnings were $193.0 million, or $1.73 per diluted share, an increase of 147.1% on a per-share basis versus the comparable prior year period. Consolidated core EBITDA for the fiscal third quarter increased 78.6% year-over-year to $353.6 million with all segments delivering significant adjusted EBITDA growth relative to the prior year period. Consolidated core EBITDA margins expanded to 14.2%, up 440 basis points year-over-year due to metal margin expansion, a $52.9 million contribution from the recent precast acquisitions, as well as improved Europe Steel Group performance.
Relative to the fiscal second quarter, significant improvement from the Construction Solutions Group ("CSG") and Europe Steel Group, more than offset headwinds in the North America Steel Group adjusted EBITDA. Core EBITDA margins expanded 20 basis points sequentially.1
Business Segments - Fiscal Third Quarter 2026 Review
North America Steel Group
Third quarter North America Steel Group adjusted EBITDA was $253.5 million, an increase of 41% year-over-year driven by higher margins over scrap costs and benefits from CMC's TAG program. Metal margins increased $111 per ton, with average selling price for steel products increasing $130 per ton, while scrap costs were up only $19 per ton over the same timeframe. As a result, adjusted EBITDA margin was 14.2%, up from 11.5% in the prior year period. Finished goods shipment volumes for the North America Steel Group decreased 1.7% versus the prior year due to temporary inventory constraints related to the planned downtime, several lost shipping days due to heavy rainfall, which curtailed construction activity in certain markets, and increased commercial discipline in focusing on value over volume. Despite these headwinds in the third quarter, underlying demand remains solid. The project pipeline continues to grow, supported by public infrastructure spending, as well as mega-projects investments across data centers, semiconductors, and ongoing energy-related build outs, all of which are contributing to a healthy backlog. Downstream backlog volumes remained elevated above historical averages, with third quarter booking pricing increasing 15.5% versus the prior year period.
On a sequential basis, segment profitability moderated due to a combination of three factors. First, planned maintenance outages across a number of mill operations increased costs and impacted shipments. Second, construction activity in key markets, including Texas was curtailed by heavy rainfall. Finally, the timing of price increases temporarily lagged fuel-driven scrap cost increases. These factors impacting third quarter results have proven temporary. Margins on steel products compressed by $13 per ton sequentially, as the average selling price increase for steel products of $15 per ton was more than offset by a $28 per ton increase in scrap costs over the same time period.
Construction Solutions Group
CSG third quarter net sales doubled year-over-year to $394.6 million, while adjusted EBITDA of $97.4 million was up 138.1% year-over-year. Sales and adjusted EBITDA growth was fueled by the inclusion of CMC's precast acquisitions, which contributed $175.7 million to segment revenue and $52.9 million to segment adjusted EBITDA during the quarter, as well as a strong quarter for Tensar. Adjusted EBITDA margin of 24.7% was up 400 basis points relative to the prior year period.
Precast shipments experienced some weakness in select southeast markets in part driven by unfavorable weather conditions that led to delays. These conditions have started to normalize in the fiscal fourth quarter. Moreover, robust precast bidding activity, recent bookings, and strong backlogs supports solid performance in the fourth quarter. Tensar profitability accelerated year-over-year due to the strong demand environment and cost control actions. Performance for the other businesses within the CSG was stable relative to the year-ago period.
Europe Steel Group
For the third quarter, Europe Steel Group generated adjusted EBITDA of $34.7 million, up from $3.6 million in the prior-year period, benefiting from the receipt of a $20.4 million CO₂ credit and improved market conditions. Metal margin expanded by $37 per ton year-over-year as average selling price increased $34 per ton and scrap costs decreased by $3 per ton. Adjusted EBITDA margin expanded to 11.9%, up from 1.5% in the year-ago period.
More constructive trade policy is beginning to support market conditions in Europe. As expected, the EU Carbon Border Adjustment Mechanism ("CBAM"), implemented earlier this year, has strengthened domestic demand, with third quarter total steel shipments increasing 41.2% sequentially. Looking ahead, the combination of CBAM and improved EU trade measures effective July 1, 2026 and increased infrastructure spending in key markets is expected to support an improved operating and margin environment for the Europe Steel Group.
Balance Sheet & Capital Allocation
As of May 31, 2026, cash, cash equivalents and restricted cash totaled $563.2 million and available liquidity was nearly $1.8 billion. Net leverage adjusted for acquisitions2 ended the quarter at 2.1x reflecting strong cash generation and balance sheet discipline.
During the quarter, CMC repurchased 283,335 shares of common stock valued at $18.9 million in the aggregate. As of May 31, 2026, $128.9 million remained available under the current share repurchase authorization.
On June 24, 2026, the board of directors declared a quarterly dividend of $0.20 per share of CMC common stock payable to stockholders of record on July 6, 2026. The dividend, to be paid on July 15, 2026, will mark the 247th consecutive quarterly payment by the Company.
Outlook
Mr. Matt added, "Looking to the fourth quarter, supported by favorable market conditions, robust backlogs, and our strategic initiatives currently underway, we are well positioned to finish fiscal 2026 on very strong footing. We look forward to providing additional updates on our long-term strategy, operations, and financial performance at our upcoming Investor Day in August."
For the fourth quarter of fiscal 2026, core EBITDA is expected to increase sequentially driven primarily by the following factors:
Healthy domestic demand conditions and strong backlogs Stronger North America Steel Group adjusted EBITDA, reflecting the absence of the $20 million third quarter mill outage headwind, along with a similarly sized benefit expected from the combination of volume growth and margin expansion Mid-teens adjusted EBITDA growth in the Construction Solutions Group driven by the contribution from the precast acquisitions and underlying momentum in the rest of the business Modestly higher adjusted EBITDA performance in the Europe Steel Group, excluding impacts from CO₂ credits Investor Day
CMC previously announced it will host an Investor Day on August 5, 2026 to provide updates on its strategy, operations, and long-term growth outlook. The event will be webcast live via the Investor Relations section of CMC's website at www.cmc.com. Investors and other interested parties are invited to join the virtual event by registering in advance at the Investor Day section of ir.cmc.com. A replay of the webcast and accompanying materials will be available following the event.
Conference Call
CMC invites you to listen to a live broadcast of its third quarter fiscal 2026 conference call today, Thursday, June 25, 2026 at 11:00 a.m. ET. Peter Matt, President and Chief Executive Officer, and Paul Lawrence, Senior Vice President and Chief Financial Officer, will host the call. The call is accessible via our website at www.cmc.com. In the event you are unable to listen to the live broadcast, the call will be archived and available for replay on our website on the next business day. Financial and statistical information presented in the broadcast are located on CMC's website under "Investors."
About CMC
CMC is a Fortune 500 company headquartered in Irving, Texas, and a leading provider of early-stage construction solutions that support the foundational phases of modern infrastructure and building projects. Founded in 1915, CMC has grown from a single-site recycling operation to one of the largest U.S. manufacturers of steel reinforcing bar ("rebar"), a leading producer of subgrade soil stabilization and foundation enhancement solutions and a major supplier of concrete pipe and precast products.
Through an extensive manufacturing network primarily located in the United States and Central Europe, with strategic operations in the United Kingdom, Europe and Asia, CMC serves infrastructure, non-residential, residential, industrial and energy markets. While often unseen, CMC's products are essential to highways, bridges, airports, commercial buildings and other critical structures that support everyday life.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the federal securities laws with respect to the expected performance of our recently acquired precast platform, general economic conditions, key macro-economic drivers that impact our business, the effects of ongoing trade actions, the effects of continued pressure on the liquidity of our customers, potential synergies and growth provided by acquisitions and strategic investments, demand for our products, shipment volumes, metal margins, backlog volumes, the ability to operate our steel mills at full capacity, particularly during periods of domestic mill start-ups, the future availability and cost of supplies of raw materials and energy for our operations, growth rates in certain reportable segments, product margins within our CSG segment, share repurchases, legal proceedings, construction activity, international trade, the impact of geopolitical conditions, the effects of CBAM and other EU trade measures on European demand and pricing, capital expenditures, tax credits, the timing, amount and recurrence of CO2 or emissions-related credits. our liquidity and our ability to satisfy future liquidity requirements, our ability to achieve our stated deleveraging target within the anticipated timeframe, estimated contractual obligations, the expected capabilities and benefits of new facilities, the anticipated benefits and timeline for execution of our growth plan and initiatives, including our TAG operational and commercial excellence program, and our expectations or beliefs concerning future events. The statements in this release that are not historical statements, are forward-looking statements. These forward-looking statements can generally be identified by phrases such as we or our management "expects," "anticipates," "believes," "estimates," "intends," "may," "plans to," "ought," "could," "will," "should," "likely," "appears," "projects," "forecasts," "outlook" or other similar words or phrases, as well as by discussions of strategy, plans or intentions.
The Company's forward-looking statements are based on management's expectations and beliefs as of the time this news release was prepared. Although we believe that our expectations are reasonable, we can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Except as required by law, we undertake no obligation to update, amend or clarify any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, new information or circumstances or any other changes. Important factors that could cause actual results to differ materially from our expectations include those described in our filings with the U.S. Securities and Exchange Commission, including, but not limited to, in Part I, Item 1A, "Risk Factors" of our annual report on Form 10-K for the fiscal year ended August 31, 2025, as well as the following: changes in economic conditions which affect demand for our products or construction activity generally, and the impact of such changes on the highly cyclical steel industry; rapid and significant changes in the price of metals, potentially impairing our inventory values due to declines in commodity prices or reducing the profitability of downstream contracts within our vertically integrated steel operations due to rising commodity pricing; excess capacity in our industry, particularly in China, and product availability from competing steel mills and other steel suppliers including import quantities and pricing; the impact of additional steelmaking capacity expected to come online from a number of ongoing electric arc furnace projects in the U.S.; the impact of geopolitical conditions, including political turmoil and volatility, regional conflicts, terrorism and war on the global economy, inflation, energy supplies and raw materials; increased attention to environmental, social and governance ("ESG") matters, including any targets or other ESG, environmental justice or regulatory initiatives; operating and startup risks, as well as market risks associated with the commissioning of new projects could prevent us from realizing anticipated benefits and could result in a loss of all or a substantial part of our investments; impacts from global public health crises on the economy, demand for our products, global supply chain and on our operations; compliance with and changes in existing and future laws, regulations and other legal requirements and judicial decisions that govern our business, including increased environmental regulations associated with climate change and greenhouse gas emissions; involvement in various environmental matters that may result in fines, penalties or judgments; evolving remediation technology, changing regulations, possible third-party contributions, the inherent uncertainties of the estimation process and other factors that may impact amounts accrued for environmental liabilities; potential limitations in our or our customers' abilities to access credit and non-compliance with their contractual obligations, including payment obligations; activity in repurchasing shares of our common stock under our share repurchase program; financial and non-financial covenants and restrictions on the operation of our business contained in agreements governing our debt; our ability to successfully identify, consummate and integrate acquisitions and realize any or all of the anticipated synergies or other benefits of acquisitions; the effects that acquisitions may have on our financial leverage; risks associated with acquisitions generally, such as the inability to obtain, or delays in obtaining, required approvals under applicable antitrust legislation and other regulatory and third-party consents and approvals; lower than expected future levels of revenues and higher than expected future costs; failure or inability to implement growth strategies in a timely manner; the impact of goodwill or other indefinite-lived intangible asset impairment charges; the impact of long-lived asset impairment charges; currency fluctuations; global factors, such as trade measures, military conflicts and political uncertainties, including changes to current trade regulations, such as Section 232 trade tariffs and quotas, tax legislation and other regulations which might adversely impact our business; availability and pricing of electricity, electrodes and natural gas for mill operations; our ability to hire and retain key executives and other employees; competition from other materials or from competitors that have a lower cost structure or access to greater financial resources; information technology interruptions and breaches in security; our ability to make necessary capital expenditures; availability and pricing of raw materials and other items over which we exert little influence, including scrap metal, energy and insurance; unexpected equipment failures; losses or limited potential gains due to hedging transactions; litigation claims and settlements, court decisions, regulatory rulings and legal compliance risks, including those related to the Pacific Steel Group litigation and other legal proceedings; risk of injury or death to employees, customers or other visitors to our operations; and civil unrest, protests and riots.
____________________
1 "Adjusted EBITDA," "core EBITDA," "core EBITDA margin," "adjusted earnings" and "adjusted earnings per diluted share" are non-GAAP financial measures. Details, including a reconciliation of each such non-GAAP financial measure to the most directly comparable measure prepared and presented in accordance with GAAP, can be found in the financial tables that follow.
2 Net leverage adjusted for acquisitions represents net debt divided by trailing 12-month adjusted EBITDA. whereby trailing 12-month adjusted EBITDA has been further adjusted to (a) eliminate actual results from the precast business since the respective acquisition dates and instead include $245 million of expected annualized EBITDA contribution from the precast business, based on the midpoint of expectations and (b) eliminate the impact of approximately $36.5 million of acquisition and integration related costs. Net debt is a non-GAAP measure and is calculated as total debt minus cash, cash equivalents and restricted cash. A reconciliation to the most directly comparable measure prepared and presented in accordance with GAAP can be found in the financial tables that follow.
COMMERCIAL METALS COMPANY AND SUBSIDIARIES
FINANCIAL & OPERATING STATISTICS (UNAUDITED)
Three Months Ended
Nine Months Ended
(in thousands, except per ton amounts)
5/31/2026
2/28/2026
11/30/2025
8/31/2025
5/31/2025
5/31/2026
5/31/2025
North America Steel Group
Net sales to external customers
$ 1,789,381
$ 1,608,321
$ 1,661,058
$ 1,616,078
$ 1,562,286
$ 5,058,760
$ 4,467,771
Adjusted EBITDA
253,487
269,674
293,906
239,416
179,936
817,067
503,069
Adjusted EBITDA margin
14.2 %
16.8 %
17.7 %
14.8 %
11.5 %
16.2 %
11.3 %
External tons shipped
Raw materials
482
358
384
374
385
1,224
1,036
Rebar
482
481
544
544
534
1,507
1,586
Merchant bar and other
268
235
251
244
264
754
748
Steel products
750
716
795
788
798
2,261
2,334
Downstream products
384
335
350
366
355
1,069
1,009
Average selling price per ton
Raw materials
$ 873
$ 985
$ 900
$ 881
$ 809
$ 919
$ 875
Steel products
989
974
939
882
859
968
829
Downstream products
1,260
1,242
1,236
1,214
1,212
1,247
1,231
Cost of raw materials per ton
$ 660
$ 741
$ 648
$ 649
$ 617
$ 683
$ 665
Cost of ferrous scrap utilized per ton
$ 379
$ 351
$ 318
$ 314
$ 360
$ 349
$ 340
Steel products metal margin per ton
$ 610
$ 623
$ 621
$ 568
$ 499
$ 619
$ 489
Construction Solutions Group
Net sales to external customers
$ 394,574
$ 314,425
$ 198,277
$ 221,753
$ 197,454
$ 907,276
$ 525,733
Adjusted EBITDA
97,411
53,420
39,581
50,630
40,912
190,412
87,091
Adjusted EBITDA margin
24.7 %
17.0 %
20.0 %
22.8 %
20.7 %
21.0 %
16.6 %
Europe Steel Group
Net sales to external customers
$ 291,235
$ 200,014
$ 247,650
$ 263,294
$ 247,590
$ 738,899
$ 655,026
Adjusted EBITDA
34,665
(1,428)
10,929
39,098
3,593
44,166
30,184
Adjusted EBITDA margin
11.9 %
(0.7) %
4.4 %
14.8 %
1.5 %
6.0 %
4.6 %
External tons shipped
Rebar
136
69
119
117
88
324
295
Merchant bar and other
265
215
243
257
271
723
687
Steel products
401
284
362
374
359
1,047
982
Average selling price per ton
Steel products
$ 697
$ 672
$ 651
$ 668
$ 663
$ 674
$ 639
Cost of ferrous scrap utilized per ton
$ 367
$ 356
$ 345
$ 351
$ 370
$ 357
$ 360
Steel products metal margin per ton
$ 330
$ 316
$ 306
$ 317
$ 293
$ 317
$ 279
COMMERCIAL METALS COMPANY AND SUBSIDIARIES
BUSINESS SEGMENTS (UNAUDITED)
Three Months Ended
Nine Months Ended
(in thousands)
5/31/2026
2/28/2026
11/30/2025
8/31/2025
5/31/2025
5/31/2026
5/31/2025
Net sales to external customers
North America Steel Group
$ 1,789,381
$ 1,608,321
$ 1,661,058
$ 1,616,078
$ 1,562,286
$ 5,058,760
$ 4,467,771
Construction Solutions Group
394,574
314,425
198,277
221,753
197,454
907,276
525,733
Europe Steel Group
291,235
200,014
247,650
263,294
247,590
738,899
655,026
Corporate and Other
8,055
9,258
13,322
13,393
12,654
30,635
35,432
Total net sales to external customers
$ 2,483,245
$ 2,132,018
$ 2,120,307
$ 2,114,518
$ 2,019,984
$ 6,735,570
$ 5,683,962
Adjusted EBITDA
North America Steel Group
$ 253,487
$ 269,674
$ 293,906
$ 239,416
$ 179,936
$ 817,067
$ 503,069
Construction Solutions Group
97,411
53,420
39,581
50,630
40,912
190,412
87,091
Europe Steel Group
34,665
(1,428)
10,929
39,098
3,593
44,166
30,184
Corporate and Other
(49,654)
(70,410)
(55,848)
(50,716)
(36,952)
(175,912)
(458,049)
Total adjusted EBITDA
$ 335,909
$ 251,256
$ 288,568
$ 278,428
$ 187,489
$ 875,733
$ 162,295
COMMERCIAL METALS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) (UNAUDITED)
Three Months Ended May 31,
Nine Months Ended May 31,
(in thousands, except share and per share data)
2026
2025
2026
2025
Net sales
$ 2,483,245
$ 2,019,984
$ 6,735,570
$ 5,683,962
Costs and operating expenses:
Cost of goods sold
2,028,109
1,720,063
5,485,391
4,856,614
Selling, general and administrative expenses
222,314
175,769
651,104
521,187
Interest expense
40,205
10,864
105,981
33,353
Litigation expense
3,778
3,776
11,580
358,496
Net costs and operating expenses
2,294,406
1,910,472
6,254,056
5,769,650
Earnings (loss) before income taxes
188,839
109,512
481,514
(85,688)
Income tax expense (benefit)
15,824
26,386
38,185
(18,569)
Net earnings (loss)
$ 173,015
$ 83,126
$ 443,329
$ (67,119)
Earnings (loss) per share:
Basic
$ 1.56
$ 0.74
$ 4.00
$ (0.59)
Diluted
1.55
0.73
3.96
(0.59)
Cash dividends per share
$ 0.20
$ 0.18
$ 0.56
$ 0.54
Average basic shares outstanding
110,845,841
112,700,136
110,955,940
113,437,950
Average diluted shares outstanding
111,714,880
113,559,456
111,979,490
113,437,950
COMMERCIAL METALS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except share and per share data)
May 31, 2026
August 31, 2025
Assets
Current assets:
Cash and cash equivalents
$ 559,759
$ 1,043,252
Restricted cash
3,458
2,652
Accounts receivable (less allowance for doubtful accounts of $4,422 and $3,186)
1,391,195
1,201,680
Inventories, net
1,172,564
934,310
Prepaid and other current assets
334,739
312,924
Total current assets
3,461,715
3,494,818
Property, plant and equipment, net
3,330,149
2,742,773
Intangible assets, net
463,872
210,815
Goodwill
2,136,509
386,846
Other noncurrent assets
404,110
336,582
Total assets
$ 9,796,355
$ 7,171,834
Liabilities and stockholders' equity
Current liabilities:
Accounts payable
$ 458,482
$ 358,373
Accrued contingent litigation-related loss
373,476
362,272
Other accrued expenses and payables
567,654
493,879
Current maturities of long-term debt
88,792
44,289
Total current liabilities
1,488,404
1,258,813
Deferred income taxes
190,672
184,645
Other noncurrent liabilities
273,445
225,044
Long-term debt
3,311,693
1,310,006
Total liabilities
5,264,214
2,978,508
Stockholders' equity:
Common stock, par value $0.01 per share; authorized 200,000,000 shares; issued
129,060,664 shares; outstanding 110,695,456 and 111,189,136 shares
1,290
1,290
Additional paid-in capital
415,814
406,916
Accumulated other comprehensive loss
(23,164)
(25,251)
Retained earnings
4,888,315
4,507,114
Less treasury stock, 18,365,208 and 17,871,528 shares at cost
(750,388)
(697,003)
Stockholders' equity
4,531,867
4,193,066
Stockholders' equity attributable to non-controlling interests
274
260
Total stockholders' equity
4,532,141
4,193,326
Total liabilities and stockholders' equity
$ 9,796,355
$ 7,171,834
COMMERCIAL METALS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended May 31,
(in thousands)
2026
2025
Cash flows from (used by) operating activities:
Net earnings (loss)
$ 443,329
$ (67,119)
Adjustments to reconcile net earnings (loss) to net cash flows from operating activities:
Depreciation and amortization
282,711
213,397
Write-off of committed financing fees
11,563
—
Stock-based compensation
37,426
27,816
Write-down of inventory
417
20,665
Unrealized loss on undesignated commodity hedges
5,527
62
Unrealized loss (gain) on undesignated foreign exchange hedges
3,763
(1,558)
Amortization of debt issuance costs
3,431
850
Deferred income taxes and other long-term taxes
(616)
(94,217)
Litigation expense
11,580
358,496
Settlement of New Markets Tax Credit transaction
—
(2,786)
Other
(1,010)
3,705
Changes in operating assets and liabilities
(195,098)
(59,446)
Net cash flows from operating activities
603,023
399,865
Cash flows from (used by) investing activities:
Acquisitions, net of cash acquired
(2,516,122)
—
Capital expenditures
(404,273)
(293,904)
Proceeds from government assistance related to property, plant and equipment
—
25,000
Proceeds from the sale of property, plant and equipment
5,045
5,439
Proceeds from insurance
9,602
2,237
Other
(1,328)
(1,393)
Net cash flows used by investing activities
(2,907,076)
(262,621)
Cash flows from (used by) financing activities:
Proceeds from issuance of long-term debt
1,985,000
147,724
Repayments of long-term debt
(34,211)
(30,403)
Debt issuance costs
(8,489)
(606)
Committed financing fees
(11,563)
—
Proceeds from accounts receivable facilities
109,013
29,758
Repayments under accounts receivable facilities
(76,465)
(29,758)
Treasury stock acquired
(76,106)
(148,854)
Tax withholdings related to share settlements, net of purchase plans
(4,333)
(9,551)
Dividends
(62,128)
(61,300)
Contribution from non-controlling interest
14
12
Net cash flows from (used by) financing activities
1,820,732
(102,978)
Effect of exchange rate changes on cash
634
1,307
Increase (decrease) in cash and cash equivalents
(482,687)
35,573
Cash, restricted cash and cash equivalents at beginning of period
1,045,904
859,555
Cash, restricted cash and cash equivalents at end of period
$ 563,217
$ 895,128
COMMERCIAL METALS COMPANY
NON-GAAP FINANCIAL MEASURES (UNAUDITED)
This press release contains financial measures not derived in accordance with U.S. generally accepted accounting principles ("GAAP"). Reconciliations to the most comparable GAAP measure are provided below.
Adjusted EBITDA, core EBITDA, core EBITDA margin and adjusted earnings are non-GAAP financial measures. Adjusted earnings per diluted share is defined as adjusted earnings on a diluted per share basis. Core EBITDA margin is defined as core EBITDA divided by net sales. The adjustment "Settlement of New Markets Tax Credit transactions" represents the recognition of deferred revenue from 2016 and 2017 resulting from the Company's participation in the New Markets Tax Credit program provided for in the Community Renewal Tax Relief Act of 2000 during the development of a micro mill, spooler and T-post shop located in eligible zones as determined by the Internal Revenue Service. The adjustment "Litigation expense" represents a provision recorded in the three months ended November 30, 2024 related to the judgment in the Pacific Steel Group litigation and, with respect to subsequent periods, primarily represents interest expense on the judgment amount. The adjustments "Acquisition and integration related costs" and "Acquisition, integration and financing related costs" represent nonrecurring fees associated with the Foley Products Company, LLC ("Foley") and Concrete Pipe and Precast, LLC ("CP&P") acquisitions. The adjustment "Purchase accounting effect on inventory" represents a one time fair value adjustment on inventory associated with the Foley and CP&P acquisitions. The adjustment "Amortization of acquired contract backlog" represents the amortization of the intangible contract backlog from the Foley and CP&P acquisitions.
Non-GAAP financial measures should be viewed in addition to, and not as alternatives to, the most directly comparable measures derived in accordance with GAAP and may not be comparable to similar measures presented by other companies. However, we believe that the non-GAAP financial measures provide relevant and useful information to management, investors, analysts, creditors and other interested parties in our industry as they allow: (i) comparison of our earnings to those of our competitors; (ii) a supplemental measure of our underlying business operational performance; and (iii) the assessment of period-to-period performance trends. Management uses non-GAAP financial measures to evaluate financial performance. We have not reconciled the forward-looking estimates of TAG-related EBITDA benefits to comparable GAAP measures because applicable information for future periods, on which these reconciliations would be based, is not readily available due to uncertainty regarding, and the potential variability of metal margins, U.S. trade policy, cost levels of key production inputs, construction activity and related product demand, etc. Accordingly, reconciliations of the forward-looking estimates of TAG-related EBITDA benefits to net earnings are not available at this time without unreasonable effort.
A reconciliation of net earnings (loss) to adjusted EBITDA and core EBITDA is provided below:
Three Months Ended
Nine Months Ended
(in thousands)
5/31/2026
2/28/2026
11/30/2025
8/31/2025
5/31/2025
5/31/2026
5/31/2025
Net earnings (loss)
$ 173,015
$ 93,032
$ 177,282
$ 151,781
$ 83,126
$ 443,329
$ (67,119)
Interest expense
40,205
40,928
24,848
12,145
10,864
105,981
33,353
Income tax expense (benefit)
15,824
16,708
5,653
41,452
26,386
38,185
(18,569)
Depreciation and amortization
107,422
102,567
72,722
72,480
72,376
282,711
213,397
Asset impairments
—
—
—
3,436
785
—
1,171
Unrealized (gain) loss on
undesignated commodity hedges
(557)
(1,979)
8,063
(2,866)
(6,048)
5,527
62
Adjusted EBITDA
335,909
251,256
288,568
278,428
187,489
875,733
162,295
Non-cash equity compensation
11,384
14,806
11,236
9,237
9,546
37,426
27,816
Settlement of New Markets Tax
Credit transactions
—
—
—
—
(2,786)
—
(2,786)
Litigation expense
3,778
4,067
3,735
3,776
3,776
11,580
358,496
Acquisition and integration
related costs
2,525
20,605
13,379
—
—
36,509
—
Purchase accounting effect on
inventory
—
6,739
—
—
—
6,739
—
Core EBITDA
$ 353,596
$ 297,473
$ 316,918
$ 291,441
$ 198,025
$ 967,987
$ 545,821
Net sales
$ 2,483,245
$ 2,132,018
$ 2,120,307
$ 2,114,518
$ 2,019,984
$ 6,735,570
$ 5,683,962
Core EBITDA margin
14.2 %
14.0 %
14.9 %
13.8 %
9.8 %
14.4 %
9.6 %
A reconciliation of net earnings (loss) to adjusted earnings is provided below:
Three Months Ended
Nine Months Ended
(in thousands, except per share data)
5/31/2026
2/28/2026
11/30/2025
8/31/2025
5/31/2025
5/31/2026
5/31/2025
Net earnings (loss)
$ 173,015
$ 93,032
$ 177,282
$ 151,781
$ 83,126
$ 443,329
$ (67,119)
Asset impairments
—
—
—
3,436
785
—
1,171
Settlement of New Markets Tax Credit transactions
—
—
—
—
(2,786)
—
(2,786)
Litigation expense
3,778
4,067
3,735
3,776
3,776
11,580
358,496
Unrealized (gain) loss on undesignated commodity hedges
(557)
(1,979)
8,063
(2,866)
(6,048)
5,527
62
Acquisition, integration and financing related costs
Commercial Metals Company (NYSE:CMC) will release earnings for its third quarter before the opening bell on Thursday, June 25.
Analysts expect the Irving, Texas-based company to report quarterly earnings of $1.75 per share, up from 74 cents per share in the year-ago period. The consensus estimate for Commercial Metals’ quarterly revenue is $2.41 billion. It reported $2.02 billion last year, according to Benzinga Pro.
CMC said it will host its 2026 Investor Day on Aug. 5.
Shares of Commercial Metals fell 1.2% to close at $72.36 on Thursday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.
Considering buying CMC stock? Here’s what analysts think:
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, /PRNewswire/ -- Today, June 24, 2026, the board of directors of CMC (NYSE: CMC) declared a regular quarterly cash dividend of $0.20 per share of CMC common stock. CMC's 247th consecutive quarterly dividend will be paid on July 15, 2026, to stockholders of record as of the close of business on July 6, 2026.
About CMC
CMC is a Fortune 500 company headquartered in Irving, Texas, and a leading provider of early-stage construction solutions that support the foundational phases of modern infrastructure and building projects. Founded in 1915, CMC has grown from a single-site recycling operation to one of the largest U.S. manufacturers of steel reinforcing bar ("rebar"), a leading producer of subgrade soil stabilization and foundation enhancement solutions and a major supplier of concrete pipe and precast products.
Through an extensive manufacturing network primarily located in the United States and Central Europe, with strategic operations in the United Kingdom, Europe and Asia, CMC serves infrastructure, non-residential, residential, industrial and energy markets. While often unseen, CMC's products are essential to highways, bridges, airports, commercial buildings and other critical structures that support everyday life.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the federal securities laws with respect to CMC's cash flow capabilities, financial position, fundamental business outlook and capital allocation strategy. The statements in this release that are not historical statements, are forward-looking statements. These forward-looking statements can generally be identified by phrases such as we or our management "expects," "anticipates," "believes," "estimates," "intends," "may," "plans to," "ought," "could," "will," "should," "likely," "appears," "projects," "forecasts," "outlook" or other similar words or phrases, as well as by discussions of strategy, plans or intentions.
CMC's forward-looking statements are based on management's expectations and beliefs as of the time this news release was prepared. Although we believe that our expectations are reasonable, we can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Except as required by law, we undertake no obligation to update, amend or clarify any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, new information or circumstances or any other changes. Important factors that could cause actual results to differ materially from our expectations include those described in our filings with the Securities and Exchange Commission, including, but not limited to, in Part I, Item 1A, "Risk Factors" of our annual report on Form 10-K for the fiscal year ended August 31, 2025, as well as the following: changes in economic conditions which affect demand for our products or construction activity generally, and the impact of such changes on the highly cyclical steel industry; rapid and significant changes in the price of metals, potentially impairing our inventory values due to declines in commodity prices or reducing the profitability of downstream contracts within our vertically integrated steel operations due to rising commodity pricing; excess capacity in our industry, particularly in China, and product availability from competing steel mills and other steel suppliers including import quantities and pricing; the impact of additional steelmaking capacity expected to come online from a number of ongoing electric arc furnace projects in the U.S.; the impact of geopolitical conditions, including political turmoil and volatility, regional conflicts, terrorism and war on the global economy, inflation, energy supplies and raw materials; increased attention to environmental, social and governance ("ESG") matters, including any targets or other ESG, environmental justice or regulatory initiatives; operating and startup risks, as well as market risks associated with the commissioning of new projects could prevent us from realizing anticipated benefits and could result in a loss of all or a substantial part of our investments; impacts from global public health crises on the economy, demand for our products, global supply chain and on our operations; compliance with and changes in existing and future laws, regulations and other legal requirements and judicial decisions that govern our business, including increased environmental regulations associated with climate change and greenhouse gas emissions; involvement in various environmental matters that may result in fines, penalties or judgments; evolving remediation technology, changing regulations, possible third-party contributions, the inherent uncertainties of the estimation process and other factors that may impact amounts accrued for environmental liabilities; potential limitations in our or our customers' abilities to access credit and non-compliance with their contractual obligations, including payment obligations; activity in repurchasing shares of our common stock under our share repurchase program; financial and non-financial covenants and restrictions on the operation of our business contained in agreements governing our debt; our ability to successfully identify, consummate and integrate acquisitions and realize any or all of the anticipated synergies or other benefits of acquisitions; the effects that acquisitions may have on our financial leverage; risks associated with acquisitions generally, such as the inability to obtain, or delays in obtaining, required approvals under applicable antitrust legislation and other regulatory and third-party consents and approvals; lower than expected future levels of revenues and higher than expected future costs; failure or inability to implement growth strategies in a timely manner; the impact of goodwill or other indefinite-lived intangible asset impairment charges; the impact of long-lived asset impairment charges; currency fluctuations; global factors, such as trade measures, military conflicts and political uncertainties, including changes to current trade regulations, such as Section 232 trade tariffs and quotas, tax legislation and other regulations which might adversely impact our business; availability and pricing of electricity, electrodes and natural gas for mill operations; our ability to hire and retain key executives and other employees; competition from other materials or from competitors that have a lower cost structure or access to greater financial resources; information technology interruptions and breaches in security; our ability to make necessary capital expenditures; availability and pricing of raw materials and other items over which we exert little influence, including scrap metal, energy and insurance; unexpected equipment failures; losses or limited potential gains due to hedging transactions; litigation claims and settlements, court decisions, regulatory rulings and legal compliance risks, including those related to the Pacific Steel Group litigation and other legal proceedings; risk of injury or death to employees, customers or other visitors to our operations; and civil unrest, protests and riots.
On June 17, 2026, Commercial Metals Co CMC shares fell 4.5%, closing at $73.22. The stock has experienced a 52-week range of $47.06 to $84.87, illustrating a volatile year with significant price swings. Despite today's decline, CMC has shown a robust annual gain of 51.4%.
GF Value™ verdict: Current price of $73.22 is 24.2% above the GF Value™ of $58.97, indicating overvaluation.GF Score™ of 84/100 suggests a strong overall performance in key financial metrics.Notable signal: The momentum rank is 8/10, indicating strong price performance trends. Is CMC Overvalued or Undervalued? With the current price of Commercial Metals Co CMC at $73.22 being significantly above the GF Value™ of $58.97, the stock is deemed to be overvalued by approximately 24.2%. This overvaluation presents a margin of safety concern for potential investors looking for value opportunities. The GF Valuation label categorizes CMC as "Modestly Overvalued," which suggests that while the company has demonstrated strong growth and profitability metrics, its current market price may not reflect its intrinsic value accurately.
Investors should be cautious, as an overvalued stock often carries risks such as price corrections, especially if market conditions change or if the company's growth does not meet expectations. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.
How Does CMC's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 16.3x 9.6x Forward P/E 10.8x N/A The current P/E (TTM) of 16.3x is significantly above its 5-year median P/E of 9.6x, suggesting that CMC is trading at a premium compared to its historical valuation. This analysis aligns with the GF Value™ verdict of being overvalued, indicating that the stock may be priced too high based on its earnings relative to historical performance.
What Does CMC's GF Score™ Tell Us? Metric Rating GF Score™ 84 Financial Strength 6/10 Profitability 8/10 Growth 7/10 Valuation 5/10 Momentum 8/10 The GF Score™ of 84/100 indicates a strong performance across various metrics, particularly in profitability (8/10) and momentum (8/10). However, the valuation score of 5/10 suggests that while the company has solid fundamentals, its current market price may not be justified. The financial strength rating of 6/10 reflects moderate stability, which is an area for potential improvement.
What Are Insiders Doing with CMC Stock? In the last three months, there have been no insider transactions reported for Commercial Metals Co CMC . This lack of activity might suggest that insiders are not currently buying or selling shares, which can sometimes indicate a neutral outlook on the stock's future performance. Insider buying could typically signal confidence in the company's prospects, while selling might suggest concerns; however, in this case, the absence of activity leaves investors with limited insights into insider sentiment.
What This Means for Investors Based on the current analysis, Commercial Metals Co CMC is deemed overvalued with a GF Value™ of $58.97 compared to its current price of $73.22. Given the current valuation metrics and the lack of insider buying activity, potential investors may want to proceed with caution.
For the complete analysis, visit the Commercial Metals Co CMC stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is CMC's GF Score™?
CMC's GF Score™ is 84/100, indicating a strong overall performance in key financial metrics and suggesting the potential for higher long-term returns.
Is CMC overvalued or undervalued?
CMC is considered overvalued, with a GF Value™ of $58.97 indicating a 24.2% downside from the current price of $73.22.
What is CMC's P/E ratio?
CMC's P/E (TTM) is 16.3x, which is significantly above its 5-year median P/E of 9.6x, reflecting a premium valuation compared to its historical performance.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Commercial Metals Company (NYSE:CMC) will release its third quarter earnings report before the opening bell on Thursday, June 25.
Analysts expect the Irving, Texas-based company to report quarterly earnings of $1.75 per share, up from 74 cents per share in the year-ago period. The consensus estimate for CMC's quarterly revenue is $2.41 billion. It reported $2.02 billion last year, according to Benzinga Pro.
On March 25, CMC announced an 11% increase in its quarterly dividend.
Commercial Metals shares fell 4.5% to close at $73.22 on Wednesday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate analysts have rated the company in the recent period.
Considering buying CMC stock? Here’s what analysts think:
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Commercial Metals Company (NYSE:CMC) will release its third quarter earnings report before the opening bell on Thursday, June 25.
Analysts expect the Irving, Texas-based company to report quarterly earnings of $1.75 per share, up from 74 cents per share in the year-ago period. The consensus estimate for CMC's quarterly revenue is $2.41 billion. It reported $2.02 billion last year, according to Benzinga Pro.
On March 25, CMC announced an 11% increase in its quarterly dividend.
Commercial Metals shares fell 4.5% to close at $73.22 on Wednesday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate analysts have rated the company in the recent period.
Considering buying CMC stock? Here’s what analysts think:
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The market expects Commercial Metals (CMC - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended May 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on June 25. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis manufacturer and recycler of steel and metal products is expected to post quarterly earnings of $1.63 per share in its upcoming report, which represents a year-over-year change of +120.3%.
Revenues are expected to be $2.38 billion, up 17.8% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.09% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Commercial Metals?For Commercial Metals, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -1.38%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Commercial Metals will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Commercial Metals would post earnings of $1.28 per share when it actually produced earnings of $1.16, delivering a surprise of -9.38%.
Over the last four quarters, the company has beaten consensus EPS estimates two times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Commercial Metals doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
The upcoming report from Commercial Metals (CMC - Free Report) is expected to reveal quarterly earnings of $1.63 per share, indicating an increase of 120.3% compared to the year-ago period. Analysts forecast revenues of $2.38 billion, representing an increase of 17.8% year over year.
Over the last 30 days, there has been an upward revision of 1.1% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.
Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.
While investors typically use consensus earnings and revenue estimates as a yardstick to evaluate the company's quarterly performance, scrutinizing analysts' projections for some of the company's key metrics can offer a more comprehensive perspective.
Given this perspective, it's time to examine the average forecasts of specific Commercial Metals metrics that are routinely monitored and predicted by Wall Street analysts.
Analysts forecast 'Net Sales-- Construction Solutions Group- Net sales from external customers' to reach $378.29 million. The estimate indicates a year-over-year change of +91.6%.
The collective assessment of analysts points to an estimated 'Net Sales- Construction Solutions Group- Ground stabilization products' of $61.24 million. The estimate suggests a change of -10.7% year over year.
The combined assessment of analysts suggests that 'Net sales from external customers- North America' will likely reach $1.71 billion. The estimate points to a change of +9.5% from the year-ago quarter.
According to the collective judgment of analysts, 'Net sales from external customers- Europe' should come in at $267.11 million. The estimate points to a change of +7.9% from the year-ago quarter.
The average prediction of analysts places 'Net sales from external customers- Corporate and Other' at $11.52 million. The estimate indicates a year-over-year change of -8.9%.
Based on the collective assessment of analysts, 'Major product- North America- Other' should arrive at $63.16 million. The estimate points to a change of +8.5% from the year-ago quarter.
Analysts' assessment points toward 'North America - Average selling price (per ton) - Raw materials' reaching $981.80 . The estimate compares to the year-ago value of $809.00 .
Analysts predict that the 'Europe - Steel products metal margin per ton' will reach $313.48 . Compared to the current estimate, the company reported $293.00 in the same quarter of the previous year.
The consensus estimate for 'North America - Average selling price (per ton) - Downstream products' stands at $1242.79 . The estimate is in contrast to the year-ago figure of $1212.00 .
Analysts expect 'North America - Average selling price (per ton) - Cost of raw materials per ton' to come in at $738.14 . Compared to the present estimate, the company reported $617.00 in the same quarter last year.
It is projected by analysts that the 'North America - Average selling price (per ton) - Cost of ferrous scrap utilized per ton' will reach $353.51 . Compared to the current estimate, the company reported $360.00 in the same quarter of the previous year.
The consensus among analysts is that 'North America - Average selling price (per ton) - Steel products metal margin per ton' will reach $602.30 . The estimate compares to the year-ago value of $499.00 .
View all Key Company Metrics for Commercial Metals here>>>
Shares of Commercial Metals have demonstrated returns of +2.4% over the past month compared to the Zacks S&P 500 composite's +1.4% change. With a Zacks Rank #3 (Hold), CMC is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
TORONTO--(BUSINESS WIRE)--CMC Markets Canada (CMCX), a global provider of online trading technology for retail, professional and institutional clients, has expanded its platform offering with the launch of MetaTrader 5 (MT5).
The addition of MT5 broadens CMC Markets' platform ecosystem in Canada, providing clients with greater choice in how they access and trade global financial markets.
Available alongside CMC's proprietary trading platform, MT5 enables clients to access more than 1,100 instruments, including US and Canadian shares, indices, commodities and forex, through a single account.
The launch reflects CMC Markets' continued investment in technology and product innovation, supporting its strategy to deliver a best-in-class trading experience built on flexibility, choice and market access.
Felix Wong, Vice President of Distribution, CMC Markets North America, said:
“The launch expands platform choice for our Canadian clients and complements CMC Markets' existing offering. By combining MT5's capabilities with access to more than 1,100 instruments, we are giving traders greater flexibility in how they engage with global markets.”
MT5 offers advanced charting and technical analysis tools, algorithmic trading functionality through Expert Advisors (EAs), Depth of Market (DoM) capabilities and cross-device access across desktop, web and mobile.
The launch marks the latest step in CMC Markets' continued investment in the Canadian market, enhancing its multi-asset offering and providing clients with greater flexibility to trade across global markets.
About CMC Markets
Founded in 1989 to make financial markets more accessible, CMC Markets has evolved into a leading global multi-asset financial services firm, underpinned by best-in-class technology. With over 36 years' experience and offices in London, Sydney, Singapore, Canada, Dubai and across Europe, the company serves a global base of retail, professional and institutional clients.
As a CIRO-regulated broker, CMC Markets Canada Inc. provides Canadian traders with access to a transparent, trusted, and professionally supported trading environment.
enGene Therapeutics Inc. (Nasdaq: ENGN, âenGeneâ or the âCompanyâ), a clinical-stage, non-viral genetic medicines company today announced its financial
Investors interested in Steel - Producers stocks are likely familiar with Ternium S.A. (TX - Free Report) and Commercial Metals (CMC - Free Report) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.
Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.
Currently, Ternium S.A. has a Zacks Rank of #2 (Buy), while Commercial Metals has a Zacks Rank of #5 (Strong Sell). The Zacks Rank favors stocks that have recently seen positive revisions to their earnings estimates, so investors should rest assured that TX has an improving earnings outlook. But this is just one factor that value investors are interested in.
Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.
The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.
TX currently has a forward P/E ratio of 10.48, while CMC has a forward P/E of 12.16. We also note that TX has a PEG ratio of 0.20. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. CMC currently has a PEG ratio of 0.47.
Another notable valuation metric for TX is its P/B ratio of 0.6. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, CMC has a P/B of 1.96.
Based on these metrics and many more, TX holds a Value grade of A, while CMC has a Value grade of C.
TX has seen stronger estimate revision activity and sports more attractive valuation metrics than CMC, so it seems like value investors will conclude that TX is the superior option right now.
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Commercial Metals (CMC - Free Report) reported $2.13 billion in revenue for the quarter ended February 2026, representing a year-over-year increase of 21.5%. EPS of $1.16 for the same period compares to $0.26 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $1.98 billion, representing a surprise of +7.58%. The company delivered an EPS surprise of -9.14%, with the consensus EPS estimate being $1.28.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Commercial Metals performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
North America - Average selling price (per ton) - Raw materials: $985.00 versus $939.87 estimated by three analysts on average.Europe - Steel products metal margin per ton: $316.00 versus $290.50 estimated by three analysts on average.North America - Average selling price (per ton) - Downstream products: $1,242.00 versus the three-analyst average estimate of $1,243.79.North America - Average selling price (per ton) - Steel products: $974.00 versus the three-analyst average estimate of $926.49.North America - Average selling price (per ton) - Cost of ferrous scrap utilized per ton: $351.00 compared to the $330.65 average estimate based on three analysts.North America - Average selling price (per ton) - Steel products metal margin per ton: $623.00 versus $595.84 estimated by three analysts on average.Europe - Steel products (External tons shipped): 284 thousand compared to the 343.02 thousand average estimate based on three analysts.Europe - Steel products - Rebar: 69 thousand versus the three-analyst average estimate of 114.63 thousand.Europe - Steel products - Merchant and other: 215 thousand versus the three-analyst average estimate of 228.39 thousand.Net sales from external customers- Corporate and Other: $9.26 million versus the three-analyst average estimate of $10.78 million. The reported number represents a year-over-year change of -13%.Net sales from external customers- Europe: $200.01 million compared to the $234.14 million average estimate based on three analysts. The reported number represents a change of +1% year over year.Net sales from external customers- North America: $1.61 billion compared to the $1.5 billion average estimate based on three analysts. The reported number represents a change of +16% year over year.View all Key Company Metrics for Commercial Metals here>>>
Shares of Commercial Metals have returned -16.3% over the past month versus the Zacks S&P 500 composite's -5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Commercial Metals Company (NYSE: CMC | CMC Price Prediction) reported fiscal Q2 2026 earnings on March 26, 2026, and the numbers carry meaning well beyond one company’s quarterly scorecard. For investors tracking the U.S. steel industry, CMC’s results offer a ground-level read on construction demand, tariff dynamics, and where margins are headed.
The Quarter in Numbers Revenue came in at $2.132 billion, with net income of $93.03 million, more than tripling year-over-year. Adjusted EPS landed at $1.16 per diluted share. The standout was the North America Steel Group, where adjusted EBITDA rose 96.9% year-over-year to $269.67 million. This growth was driven by a $147 per ton improvement in steel product metal margin and a $160 per ton increase in average selling price. Weather disruptions shaved an estimated $5 million to $10 million off results, making the underlying performance more impressive.
CEO Peter Matt called it directly: “The CMC team delivered another strong quarter, driving a more than two-fold increase in core EBITDA compared to a year ago.”
What This Says About the Steel Industry The pricing recovery in CMC’s North American segment is a meaningful signal. After a prolonged period of margin compression across the industry, a nearly $150 per ton swing in metal margins suggests the trade environment is doing real work. The rebar trade case filed against Algeria, Bulgaria, Egypt, and Vietnam has produced preliminary duties of 50% to 200%, and 60% of Infrastructure Investment and Jobs Act funding remains unspent, keeping structural demand intact.
Peers confirm the direction. Nucor (NYSE: NUE) posted 34.2% quarterly earnings growth year-over-year in its most recent quarter, while Steel Dynamics (NASDAQ: STLD) reported record steel shipments of 13.7 million tons for full-year 2025. The structural tailwinds are real and building across the industry.
The Precast Bet and the TAG Program CMC’s $2.5 billion acquisition of CP&P and Foley Products, closed in December 2025, is the defining strategic move here. The Construction Solutions Group revenue surged 97.9% year-over-year to $314.4 million, with the precast platform contributing $33.6 million to segment EBITDA. Full-year precast EBITDA guidance sits at $165 to $175 million, with expected synergies of $30 to $40 million annualized by end of year three. The TAG program is targeting an exit run rate of $150 million in annualized EBITDA benefit by the end of FY2026.
The 11% dividend increase to $0.20 per share quarterly, the 246th consecutive quarterly payment, is management’s clearest confidence signal. CMC is signaling confidence in the margin recovery by raising its dividend.
U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling around 1% on Thursday.
The Dow traded down 0.43% to 46,228.52 while the NASDAQ fell 1.02% to 21,706.08. The S&P 500 also fell, dropping, 0.75% to 6,542.14.
Leading and Lagging Sectors
Energy shares climbed by 1.6% on Thursday.
In trading on Thursday, communication services stocks fell by 2.3%.
Top Headline
Commercial Metals Co. (NYSE:CMC) reported fiscal second-quarter results Thursday that missed adjusted EPS estimates but beat on revenue, sending shares lower.
CMC reported fiscal second-quarter adjusted earnings of $1.16 per diluted share, missing the $1.30 estimate, while sales of $2.132 billion beat the $2.091 billion estimate.
Net earnings were $93.0 million, or 83 cents per diluted share, on net sales of $2.1 billion. This compares with $25.5 million, or 22 cents per diluted share, on net sales of $1.8 billion a year earlier.
Equities Trading UP
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Commodities
In commodity news, oil traded up 4.1% to $94.00 while gold traded down 2.3% at $4,449.90.
Silver traded down 5% to $69.005 on Thursday, while copper fell 0.7% to $5.5225.
Euro zone
European shares were lower today. The eurozone's STOXX 600 fell 0.92%, while Spain's IBEX 35 Index fell 1.06%. London's FTSE 100 declined 1.24%, Germany's DAX dipped 1.23% and France's CAC 40 fell 0.50% during the session.
Asia Pacific Markets
Asian markets closed lower on Thursday, with Japan's Nikkei 225 falling 0.27%, Hong Kong's Hang Seng index declining 1.89% and China's Shanghai Composite dropping 1.09%.
Economics
U.S. initial jobless claims increased by 5,000 from the previous month to 210,000 during the third week of March, in-line with the median market estimates. U.S. natural-gas stocks fell by 54 billion cubic feet in the week ended March 20, compared to market estimates of a 44 bcf decline. Photo via Shutterstock
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Commercial Metals Company (NYSE: CMC - Get Free Report)'s share price gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $62.41, but opened at $57.98. Commercial Metals shares last traded at $61.0560, with a volume of 146,565 shares changing hands. The basic materials company reported $1.16 EPS
CMC reported fiscal second-quarter adjusted earnings of $1.16 per diluted share, missing the $1.30 estimate, while sales of $2.132 billion beat the $2.091 billion estimate.
Net earnings were $93.0 million, or 83 cents per diluted share, on net sales of $2.1 billion. This compares with $25.5 million, or 22 cents per diluted share, on net sales of $1.8 billion a year earlier.
Peter Matt, President and Chief Executive Officer, said, "The CMC team delivered another strong quarter, driving a more than two-fold increase in core EBITDA compared to a year ago."
CMC expects third-quarter fiscal 2026 core EBITDA to increase meaningfully from second-quarter levels. Seasonal improvement and margin strength will drive growth.
The company anticipates continued growth in the second half of the year. Growth is expected to be supported by its TAG program and precast platform contributions. The precast platform is expected to generate $165 million to $175 million in full-year EBITDA.
Commercial Metals shares fell 1.5% to trade at $58.60 on Friday.
These analysts made changes to their price targets on Commercial Metals following earnings announcement.
Wells Fargo analyst Timna Tanners maintained Commercial Metals with an Overweight rating and lowered the price target from $80 to $77. JP Morgan analyst Bill Peterson maintained the stock with an Overweight rating and cut the price target from $85 to $83. Considering buying CMC stock? Here’s what analysts think:
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Key Takeaways Commercial Metals reported Q2 EPS of $1.16, missing estimates despite strong year-over-year growth.CMC posted $2.13B in sales, beating estimates, with gross profit and EBITDA surging sharply.North America's strength and seasonal gains are expected to drive higher EBITDA in Q3. Commercial Metals Company (CMC - Free Report) reported adjusted earnings per share (EPS) of $1.16 in second-quarter fiscal 2026 (ended Feb. 28, 2026), missing the Zacks Consensus Estimate of $1.28. Adjusted for one-time items, the company posted earnings of 31 cents per share in the prior-year quarter.
CMC’s Revenues & Margins Dip Y/Y in Q2Net sales in the reported quarter were $2.13 billion compared with $1.75 billion in the year-ago quarter. The reported figure beat the Zacks Consensus Estimate of $1.98 billion.
The cost of goods sold in the quarter was up 13.7% year over year to $1.74 billion. The gross profit surged 76.4% year over year to $388 million during this period. The core EBITDA was $297 million in the fiscal second quarter, marking a year-over-year surge of 113.8%.
Commercial Metals’ Q2 Segmental PerformanceThe North America Steel Group segment generated net sales of $1.61 billion in the fiscal second quarter compared with $1.38 billion in the year-ago quarter. We expected net sales of $1.44 billion in the quarter. The segment registered an adjusted EBITDA of around $269 million compared with $137 million in the year-ago quarter. Our model predicted an adjusted EBITDA of $248 million.
The Europe Steel Group segment’s revenues were $200 million, up 1% from the year-ago quarter. Our model predicted net sales of $247 million. The adjusted EBITDA was negative $1.4 million in the fiscal second quarter compared with $0.8 million in the year-ago quarter. We expected an adjusted EBITDA of $0.2 million for the quarter.
The Construction Solutions Group segment generated net sales of around $314 million in the fiscal second quarter compared with $158 million in the year-ago quarter. Our model predicted net sales of $189 million. The segment registered an adjusted EBITDA of $53 million compared with $23 million in the year-ago quarter. Our model predicted an adjusted EBITDA of $37 million.
CMC’s Q2 Cash Flow & Balance Sheet UpdatesCommercial Metals reported cash and cash equivalents of $0.49 billion at the end of second-quarter fiscal 2026 compared with $1 billion at the end of fiscal 2025. The company’s long-term debt was $3.3 billion at the end of the fiscal second quarter. Cash generated from operating activities for the six months ended Feb 28, 2026, was $371 million compared with $245 million in the year-ago period.
On March 25, the company declared a quarterly dividend of 20 cents per share, marking an 11% increase from the dividend paid in February 2026. The dividend will be paid on April 15 to shareholders of record as of April 6, 2026.
Commercial Metals’ Q3 OutlookCMC expects its fiscal third-quarter core EBITDA to increase sequentially due to normal seasonal improvement and strength across its North American market. North America Steel Group’s adjusted EBITDA is expected to increase modestly from the second quarter, driven by higher seasonal volumes. This will be partially offset by annual maintenance outages.
In the Construction Solutions Group segment, results are expected to nearly double compared with the second quarter of fiscal 2026. The company expects Europe Steel Group's adjusted EBITDA to rise substantially on higher seasonal volumes.
CMC Stock’s Price PerformanceThe company’s shares have gained 30.4% in the past year compared with the industry’s 42.8% growth.
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Commercial Metals’ Zacks RankCMC currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
A Steel - Specialty Stock Awaiting ResultsTernium S.A. (TX - Free Report) is expected to release first-quarter 2026 results soon.
The Zacks Consensus Estimate for Ternium’s EPS is pegged at $1.01 for the fiscal first quarter, suggesting a rise from 55 cents reported in the year-ago period. For total revenues, the Zacks Consensus Estimate is pinned at $4.23 billion, indicating a year-over-year increase of 7.4%.
Recent Peer PerformanceL.B. Foster Company (FSTR - Free Report) recorded adjusted earnings of 22 cents per share for fourth-quarter 2025. The bottom line missed the Zacks Consensus Estimate of 66 cents. The company posted a loss of 52 cents in the year ago quarter.
L.B. Foster’s revenues rose 25% year over year to $160 million in the quarter. The figure beat the consensus estimate of $158 million.
Carpenter Technology Corporation (CRS - Free Report) reported adjusted earnings of $2.33 per share for second-quarter fiscal 2026, beating the Zacks Consensus Estimate of $2.20. It had posted adjusted earnings of $1.66 in the year-ago quarter. The upside was driven by ongoing improvements in the product mix and expanding operating efficiencies.
Carpenter Technology’s net revenues increased 7.5% year over year to $728 million in the reported quarter. The figure missed the Zacks Consensus Estimate of $729 million.
Commercial Metals' NYSE: CMC stock price is down at the end of Q1 2026 amid macroeconomic concerns and potential disruption not reflected in its results. The move has the market overextended near a six-month low, poised to snap back and potentially with vigor. The technical setup suggests market dynamics have already shifted, and a sustainable rebound and uptrend are ready to form. CMC’s stock price could quickly reclaim its critical support targetand then continue advancing as the year progresses.
Commercial Metals Today
CMC
Commercial Metals
$78.11 +0.37 (+0.47%)
As of 01:22 PM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$47.06▼
$84.87Dividend Yield0.92%
P/E Ratio17.39
Price Target$77.10
The critical support target is $65. This level aligns with a long-term exponential moving average broken in early March as geopolitical tensions mounted.
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It reflects long-term, buy-and-hold market sentiment, including institutional holders, which are accumulating stock in 2026. MarketBeat’s data shows this group owns a solid 87% of the materials company and provides a strong support base, with 11 consecutive quarters of accumulation.
While institutional selling ramped in Q1 2026, a larger increase in buying offset it, resulting in a multiyear high. The takeaway is that institutions repositioned in Q1 but remain bullish on this stock. The likely outcome is that they continue to buy, given the low price point in late March and early April, which will underpin the stock price rally forecast for this year.
Short-sellers are also in the mix, having ramped their activity in 2025 and into Q1 2026, but present less of a hurdle and more of an opportunity. At nearly 4%, short interest is not prohibitively high and provides fuel for a rally driven by short-covering. The question is what might lead the shorts to cover their positions, and growth, wider margins, and higher capital returns may be the ticket.
Commercial Metals Grows, Widens Margins, Increases Capital Returns Commercial Metals Company had a virtually stainless fiscal Q2 2026 with revenue growing by 21.7% to nearly $2.15 billion. The top-line exceeded analyst consensus by 290 basis points, driven by volume and pricing. Steel shipment volumes were relatively flat in North America and Europe, with favorable pricing conditions leading to top-line growth and margin strength. The Construction Solutions Group (CSG) was the strongest, growing by 98%, driven by demand, pricing, and acquisitions. Acquisitions center on a precast concrete platform, a pillar of the company’s growth strategy.
The news was not entirely good; however, the 14-cent miss in adjusted earnings isn’t as bad as it appears, given the 31-cent year-over-year (YOY) increase and 114% increase in core EBITDA. EBITDA margin improved by 610 basis points on execution, momentum, favorable conditions, and acquisitions. Any weakness relative to the consensus can be attributed to acquisitions, which are ultimately one-time events that improve revenue and margins.
Guidance is among the reasons why CMC stock will likely rebound in its fiscal Q3. The company expects EBITDA to improve meaningfully over the second quarter, underpinned by strength in CSG. CSG EBITDA is expected to nearly double, and the forecast may be cautious. Early signs suggest a solid spring and summer construction season, with backlog growing and additional efficiencies expected.
Signs of managerial confidence in the outlook lie in the capital return. The company increased its dividend payments by more than 10% annually, while also compounding them through share buybacks. The dividend yield is approximately 1.2%, while buybacks have reduced the share count by 1.4% fiscal-year-to-date.
Current Price$77.95High Forecast$89.00Average Forecast$77.10Low Forecast$55.00Commercial Metals Stock Forecast Details
Initial responses by analysts to CMC’s update were not robust, but they reaffirmed the bullish trends in place. The few reaffirmed price targets carry a Moderate Buy rating and a 22.5% upside forecast. Assuming the company continues to execute well, the trends will likely continue and potentially strengthen as the year progresses. As it stands, the consensus $73 puts this market well above its critical support target, while the high end highlights an opportunity for fresh all-time highs.
Commercial Metals has several catalysts in play that may help drive the action later this year. Not only are tariffs and pricing favorable to the business, but its Transform, Advance, Grow strategy aims to deliver $150 million in annualized cost savings by year-end.
Additionally, a new West Virginia mill is expected to drive revenue and margins through technological advancements, while the integration of the precast platform will also improve results. Risks include market volatility, geopolitical tensions, and execution.
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Commercial Metals Based in Texas, Commercial Metals (NYSE: CMC | CMC Price Prediction) has ongoing demand from the construction industry and pays a small 1.12% dividend. This company offers products and technologies to meet the critical reinforcement needs of the global construction sector. Its solutions support construction across a wide variety of applications, including:
Infrastructure Non-residential Residential Industrial and energy generation Transmission Its North America Steel Group segment provides a diverse range of products and solutions to support the construction sector. The Europe Steel Group segment comprises a vertically integrated network of recycling facilities, an EAF mini-mill, and fabrication operations located in Poland. And the Construction Solutions Group segment’s portfolio consists of its construction services products, Tensar products and solutions, impact metals, and performance reinforcing steel products. It is also a supplier of precast concrete and pipe products.
J.P. Morgan has an Overweight rating with an $83 target price.
Main Street Capital Main Street Capital (NASDAQ: MAIN) has helped over 200 private companies grow or transition by providing flexible private equity and debt capital solutions. This stock is a favorite across Wall Street and offers a substantial 5.59% monthly dividend. This business development company has a strong history of monthly dividends and relatively conservative lending practices. The firm holds a BBB− investment-grade credit rating and has much less debt than regulators allow, making it one of the few monthly dividend-paying stocks to earn a “Safe” Dividend Safety Score.
The firm also provides debt capital to middle-market companies for:
Acquisitions Management buyouts Growth financings Recapitalizations Refinancing The firm seeks to partner with entrepreneurs, business owners, and management teams and generally provides “one-stop” financing options within its lower-middle-market portfolio. Main Street Capital typically invests in lower-middle-market companies with annual revenues between $10 million and $150 million. The firm’s middle-market debt investments are in businesses that are generally larger than those of its lower middle-market portfolio companies. It also creates majority and minority equity.
Royal Bank of Canada has an Outperform rating with a $66 target price.
Starwood Property Trust Starwood Capital is a well-established global investor with international investments across more than 30 countries and an affiliate of Starwood Property Trust (NYSE: STWD), which boasts a 10.90% dividend yield, and it is led by real estate legend Barry Sternlicht. Starwood Property Trust operates as a REIT in the United States, Europe, and Australia. Since going public 15 years ago, it has kept its dividend intact, never once reducing it, and has held its current payout steady for more than 10 years.
The company’s loan portfolio spans commercial, residential, and infrastructure assets, and it operates with a conservative leverage ratio below 3x. Its four operating segments are:
Commercial and Residential Lending Infrastructure Lending Property Investing and Servicing The Commercial and Residential Lending segment:
Originates, acquires, finances, and manages commercial first mortgages Non-agency residential mortgages Subordinated mortgages Mezzanine loans Preferred Equity Commercial mortgage-backed securities (CMBS) Residential mortgage-backed securities The Infrastructure Lending segment originates, acquires, finances, and manages infrastructure debt investments, while the Property segment primarily develops and manages equity interests in stabilized commercial real estate properties, including multifamily and net-leased commercial properties, held for investment purposes.
The Investing and Servicing segment:
Manages and works out problem assets Acquires and contains unrated, investment-grade, and non-investment-grade rated CMBS comprising subordinated interests of securitization and re-securitization transactions Originates conduit loans to sell these loans into securitization transactions and acquire commercial real estate assets, including properties from CMBS trusts Keefe, Bruyette & Woods has an Outperform rating and a $22 price target.
UMB Financial This financial firm traces its lineage back to the Kemper Financial legacy in Missouri and pays a 1.36% dividend. UMB Financial (NASDAQ: UMBF) is a financial services company operating via these segments:
Commercial Banking Institutional Banking Personal Banking Commercial Banking includes:
Comprehensive deposit, lending, investment, and retirement plan services Personal banking, which includes comprehensive deposit, lending, wealth management, and financial planning services Institutional banking, which includes asset servicing, corporate trust solutions, investment banking, and healthcare services The segment serves the commercial banking and treasury management needs of its small to middle-market businesses through a variety of products and services.
Institutional Banking is a combination of banking services, fund services, asset management services, and healthcare services provided to institutional clients. And Personal Banking products include deposit accounts, retail credit cards, private banking, installment loans, home equity lines of credit, and residential mortgages.
BofA Securities has a Buy rating with a $148 price objective.
