Latest Ratios: P/E Ratio 83.2x · EV/EBITDA 8.8x · ROE 2.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.8B | $6.6B | $6.3B | $6.7B | $5.0B | $4.0B | $2.5B | $1.9B | $2.6B | $2.2B | $1.8B |
| Enterprise Value | $7.1B | $6.9B | $6.6B | $7.2B | $5.8B | $4.6B | $3.1B | $2.9B | $3.1B | $2.8B | $2.4B |
| P/E Ratio → | 83.22 | 77.93 | 12.94 | 7.76 | 4.07 | 9.65 | 9.00 | 9.44 | 18.46 | 48.44 | 33.02 |
| P/S Ratio | 0.87 | 0.84 | 0.79 | 0.76 | 0.56 | 0.59 | 0.46 | 0.32 | 0.55 | 0.58 | 0.50 |
| P/B Ratio | 1.68 | 1.57 | 1.46 | 1.62 | 1.51 | 1.73 | 1.33 | 1.15 | 1.71 | 1.58 | 1.32 |
| P/FCF | 21.82 | 21.07 | 10.91 | 9.05 | 19.80 | 89.80 | 4.16 | — | — | — | 4.27 |
| P/OCF | 9.53 | 9.20 | 6.98 | 4.97 | 7.08 | 17.42 | 3.17 | 50.45 | 16.08 | 12.71 | 3.08 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.88 | 0.83 | 0.82 | 0.65 | 0.68 | 0.56 | 0.50 | 0.66 | 0.73 | 0.66 |
| EV / EBITDA | 8.84 | 8.55 | 6.79 | 5.22 | 3.89 | 5.92 | 5.04 | 5.85 | 8.76 | 10.77 | 7.45 |
| EV / EBIT | 13.70 | 45.02 | 9.67 | 6.23 | 3.70 | 7.77 | 7.06 | 8.59 | 14.96 | 25.45 | 17.01 |
| EV / FCF | — | 22.07 | 11.49 | 9.82 | 23.12 | 102.71 | 5.06 | — | — | — | 5.58 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 15.6% | 15.6% | 17.1% | 20.6% | 20.8% | 16.4% | 17.3% | 13.8% | 13.4% | 13.6% | 16.0% |
| Operating Margin | 6.7% | 6.7% | 8.8% | 13.3% | 14.7% | 8.9% | 8.0% | 5.8% | 4.8% | 3.5% | 5.3% |
| Net Profit Margin | 1.1% | 1.1% | 6.1% | 9.8% | 13.7% | 6.1% | 5.1% | 3.4% | 3.0% | 1.2% | 1.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.0% | 2.0% | 11.5% | 23.2% | 43.6% | 19.7% | 15.9% | 12.7% | 9.6% | 3.3% | 4.0% |
| ROA | 1.2% | 1.2% | 7.2% | 13.4% | 22.4% | 9.5% | 7.1% | 5.6% | 4.4% | 1.5% | 1.7% |
| ROIC | 8.5% | 8.5% | 11.2% | 19.9% | 28.2% | 17.0% | 12.9% | 10.8% | 8.3% | 5.2% | 6.9% |
| ROCE | 8.7% | 8.7% | 11.8% | 21.9% | 30.7% | 17.2% | 13.8% | 11.6% | 8.6% | 5.7% | 7.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.32 | 0.32 | 0.28 | 0.28 | 0.46 | 0.47 | 0.57 | 0.77 | 0.78 | 0.59 | 0.78 |
| Debt / EBITDA | 1.68 | 1.68 | 1.22 | 0.83 | 1.01 | 1.39 | 1.79 | 2.49 | 3.29 | 3.18 | 3.38 |
| Net Debt / Equity | — | 0.07 | 0.08 | 0.14 | 0.25 | 0.25 | 0.29 | 0.65 | 0.36 | 0.41 | 0.41 |
| Net Debt / EBITDA | 0.39 | 0.39 | 0.34 | 0.41 | 0.56 | 0.74 | 0.89 | 2.11 | 1.52 | 2.21 | 1.75 |
| Debt / FCF | — | 1.00 | 0.58 | 0.76 | 3.31 | 12.91 | 0.90 | — | — | — | 1.31 |
| Interest Coverage | 3.36 | 3.36 | 14.27 | 28.96 | 30.88 | 11.29 | 7.00 | 4.76 | 5.04 | 2.48 | 2.21 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.78 | 2.78 | 3.94 | 3.73 | 2.54 | 2.79 | 2.97 | 2.99 | 3.83 | 2.82 | 2.49 |
| Quick Ratio | 2.03 | 2.03 | 2.78 | 2.50 | 1.67 | 1.84 | 2.13 | 2.00 | 2.75 | 2.06 | 1.84 |
| Cash Ratio | 0.83 | 0.83 | 1.03 | 0.70 | 0.50 | 0.51 | 0.73 | 0.28 | 1.15 | 0.42 | 0.63 |
| Asset Turnover | — | 1.09 | 1.16 | 1.33 | 1.43 | 1.45 | 1.34 | 1.55 | 1.40 | 1.29 | 1.15 |
| Inventory Turnover | 7.04 | 7.04 | 6.76 | 6.75 | 6.03 | 6.01 | 7.25 | 7.26 | 6.83 | 7.18 | 5.60 |
| Days Sales Outstanding | — | 56.24 | 53.37 | 51.44 | 55.65 | 59.96 | 58.70 | 63.63 | 58.91 | 53.31 | 69.97 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.2% | 1.2% | 1.3% | 1.1% | 1.4% | 1.5% | 2.3% | 3.0% | 2.2% | 2.5% | 3.1% |
| Payout Ratio | 96.2% | 96.2% | 16.2% | 8.7% | 5.6% | 14.0% | 20.4% | 28.5% | 40.5% | 119.8% | 101.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.2% | 1.3% | 7.7% | 12.9% | 24.6% | 10.4% | 11.1% | 10.6% | 5.4% | 2.1% | 3.0% |
| FCF Yield | 4.6% | 4.7% | 9.2% | 11.0% | 5.0% | 1.1% | 24.0% | — | — | — | 23.4% |
| Buyback Yield | 3.0% | 3.2% | 3.0% | 1.7% | 3.5% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 1.7% |
| Total Shareholder Yield | 4.2% | 4.4% | 4.3% | 2.8% | 4.8% | 1.5% | 2.4% | 3.0% | 2.2% | 2.5% | 4.7% |
| Shares Outstanding | — | $114M | $117M | $119M | $122M | $122M | $120M | $119M | $118M | $117M | $117M |
Cyclical Margin Compression
Based on current market data, CMC trades at a trailing P/E of 93.51, which appears significantly elevated compared to the forward P/E of 10.78, suggesting that investors are pricing in a substantial recovery in earnings power that has yet to materialize in recent quarterly results.
The wide gap between trailing and forward multiples indicates that the market is heavily discounting current bottom-line volatility in favor of projected stabilization. Investors should monitor whether the forward earnings estimates are overly optimistic given the recent negative operating margins and the structural challenges in the rebar market.
As reported in recent financial filings, CMC's ROIC has trended into negative territory, reaching -3.8% in 2026Q3, which marks a sharp departure from the historical compounding seen in prior periods and suggests that recent capital deployments are failing to generate adequate returns on invested capital.
The decay in ROIC reflects the difficulty of maintaining profitability amidst rising fixed costs and volatile scrap spreads. This trend warrants further investigation into whether recent acquisitions or capacity expansions are diluting the company's overall return profile compared to its historical performance.
According to the latest quarterly data, CMC's cash conversion cycle reached 68 days in 2026Q3, reflecting a complex interplay between inventory management and receivables that remains elevated compared to the more efficient periods observed in 2024, indicating potential friction in the company's operational cash flow generation.
The fluctuation in the CCC suggests that the company is struggling to optimize its working capital as it navigates shifting demand cycles. Analysts should scrutinize whether the current inventory levels are appropriate for the prevailing market environment or if they represent a buildup of less liquid product.
Based on reported financial statements, CMC's debt-to-equity ratio has climbed to 0.75 in 2026Q3, a significant increase from the 0.28 level seen in 2024Q2, which indicates that the company's balance sheet is becoming increasingly levered as it funds its growth and operational requirements.
The rising debt load, coupled with the recent negative interest coverage ratio of -9.11, suggests that debt service may become a more pressing concern if operating performance does not improve. Investors should monitor the company's ability to manage these obligations without further compromising its financial flexibility.
The P/E ratio is frequently misapplied to CMC, as it fails to account for the significant non-operating items and LIFO inventory accounting adjustments that often distort net income, making it a poor indicator of the company's underlying cash-generating capability in a cyclical steel environment.
Instead of relying on P/E, analysts should prioritize EV/EBITDA or P/FCF to better capture the core operational performance and cash flow generation of the micro-mill business model. These metrics provide a clearer view of the company's ability to service debt and fund capital expenditures regardless of accounting noise.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CMC stock.
Commercial Metals Company's current P/E ratio is 83.2x. The historical average is 19.7x. This places it at the 96th percentile of its historical range.
Commercial Metals Company's current EV/EBITDA is 8.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.1x.
Commercial Metals Company's return on equity (ROE) is 2.0%. The historical average is 12.2%.
Based on historical data, Commercial Metals Company is trading at a P/E of 83.2x. This is at the 96th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Commercial Metals Company's current dividend yield is 1.16% with a payout ratio of 96.2%.
Commercial Metals Company has 15.6% gross margin and 6.7% operating margin.
Commercial Metals Company's Debt/EBITDA ratio is 1.7x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.