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COMMERCIAL METALS vs Steel Dynamics: revenue, profit, margins and growth compared

COMMERCIAL METALS brought in $7.8B of revenue in fiscal 2025, Steel Dynamics $18.2B in fiscal 2025. Revenue changed by -1.6% at COMMERCIAL METALS and +3.6% at Steel Dynamics on the year before, so Steel Dynamics grew faster. COMMERCIAL METALS kept 1.1% of its revenue as net profit, Steel Dynamics 6.5%. Free cash flow was $312.2M at COMMERCIAL METALS and $501.5M at Steel Dynamics.

Side by side, latest fiscal year

CMCSTLD
Fiscal year endedFY2025 (August 31, 2025)FY2025 (December 31, 2025)
Revenue$7.8B$18.2B
Revenue growth-1.6%+3.6%
Net income$84.7M$1.2B
Net margin1.1%6.5%
Free cash flow$312.2M$501.5M
Free cash flow margin4.0%2.8%
Earnings per share (diluted)$0.74$7.99
Cash$1B$769.9M
Debt$1.2B$4.2B
Price to earnings88.829.2
Market value$7.3B$33.5B
Dividend yield1.10%0.86%
Rank by revenue in sector#84 of 451 · Industrials#33 of 451 · Industrials

Over the years

Revenue
CMC FY2018: $4.6BCMC FY2019: $5.8BCMC FY2020: $5.5BCMC FY2021: $6.7BCMC FY2022: $8.9BCMC FY2023: $8.8BCMC FY2024: $7.9BCMC FY2025: $7.8BSTLD FY2018: $11.8BSTLD FY2019: $10.5BSTLD FY2020: $9.6BSTLD FY2021: $18.4BSTLD FY2022: $22.3BSTLD FY2023: $18.8BSTLD FY2024: $17.5BSTLD FY2025: $18.2BFY18FY19FY20FY21FY22FY23FY24FY25
CMC $7.8BSTLD $18.2B
Net income
CMC FY2018: $138.5MCMC FY2019: $198.1MCMC FY2020: $279.5MCMC FY2021: $412.9MCMC FY2022: $1.2BCMC FY2023: $859.8MCMC FY2024: $485.5MCMC FY2025: $84.7MSTLD FY2018: $1.3BSTLD FY2019: $671.1MSTLD FY2020: $550.8MSTLD FY2021: $3.2BSTLD FY2022: $3.9BSTLD FY2023: $2.5BSTLD FY2024: $1.5BSTLD FY2025: $1.2BFY18FY19FY20FY21FY22FY23FY24FY25
CMC $84.7MSTLD $1.2B
Net margin
CMC FY2018: 3.0%CMC FY2019: 3.4%CMC FY2020: 5.1%CMC FY2021: 6.1%CMC FY2022: 13.7%CMC FY2023: 9.8%CMC FY2024: 6.1%CMC FY2025: 1.1%STLD FY2018: 10.6%STLD FY2019: 6.4%STLD FY2020: 5.7%STLD FY2021: 17.5%STLD FY2022: 17.4%STLD FY2023: 13.0%STLD FY2024: 8.8%STLD FY2025: 6.5%FY18FY19FY20FY21FY22FY23FY24FY25
CMC 1.1%STLD 6.5%
Revenue growth
CMC FY2019: +25.5%CMC FY2020: -6.0%CMC FY2021: +22.9%CMC FY2022: +32.4%CMC FY2023: -1.3%CMC FY2024: -9.9%CMC FY2025: -1.6%STLD FY2019: -11.5%STLD FY2020: -8.3%STLD FY2021: +91.7%STLD FY2022: +20.9%STLD FY2023: -15.6%STLD FY2024: -6.7%STLD FY2025: +3.6%FY19FY20FY21FY22FY23FY24FY25
CMC -1.6%STLD +3.6%
Free cash flow
CMC FY2018: -$608.6MCMC FY2019: -$101.8MCMC FY2020: $603.6MCMC FY2021: $44.3MCMC FY2022: $250.3MCMC FY2023: $737.4MCMC FY2024: $575.4MCMC FY2025: $312.2MSTLD FY2018: $1.2BSTLD FY2019: $944.3MSTLD FY2020: -$211MSTLD FY2021: $1.2BSTLD FY2022: $3.6BSTLD FY2023: $1.9BSTLD FY2024: -$23.5MSTLD FY2025: $501.5MFY18FY19FY20FY21FY22FY23FY24FY25
CMC $312.2MSTLD $501.5M

Fiscal years as each company reports them; the two may end in different months.

Questions about COMMERCIAL METALS and Steel Dynamics

Which is bigger by revenue, COMMERCIAL METALS or Steel Dynamics?

Steel Dynamics is bigger by revenue: $18.2B in fiscal 2025, against $7.8B for COMMERCIAL METALS in fiscal 2025.

Which keeps more of its revenue as profit, COMMERCIAL METALS or Steel Dynamics?

COMMERCIAL METALS had a net margin of 1.1% in fiscal 2025; Steel Dynamics had 6.5% in fiscal 2025.

Which grew revenue faster, COMMERCIAL METALS or Steel Dynamics?

In their latest fiscal years revenue changed by -1.6% at COMMERCIAL METALS and +3.6% at Steel Dynamics.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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