Commercial Metals vs Steel Dynamics
Steel Dynamics reported revenue of $18.2 billion in fiscal 2025, 1.9 times Commercial Metals' $9.4 billion in fiscal 2026. Commercial Metals' revenue grew 20.5% in its latest year, and Steel Dynamics' grew 3.6%. Free cash flow was $479 million at Commercial Metals and $502 million at Steel Dynamics. Their fiscal years end in different months (August 31 and December 31), so the periods don't line up exactly.
Side by side
| Commercial Metals | Steel Dynamics | |
|---|---|---|
| Latest fiscal year | FY2026, Aug 31, 2026 | FY2025, Dec 31, 2025 |
| Revenue | $9.4B | $18.2B |
| Revenue growth | 20.5% | 3.6% |
| Revenue growth a year, last 5 years | 6.9% | 13.6% |
| Gross margin | 18.6% | 13.2% |
| Operating margin | — | 8.1% |
| Net margin | 7.0% | 6.5% |
| Free cash flow | $479M | $502M |
| Free cash flow margin | 5.1% | 2.8% |
| Return on capital | 12.9% | 10.0% |
| Net debt to EBITDA | 2.1x | 1.7x |
| Dividends and buybacks | $187M | $1.2B |
| Change in diluted share count | −1.9% | −5.0% |
| Last close | $62.42 | $237.55 |
| P/E at the last close | 10.7× | 17.5× |
| Insider trades, last 12 months | bought $753,848, sold $2.4 million | sold $8.9 million |
| Piotroski F-score | 7 of 9 | 6 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Commercial MetalsSteel Dynamics
Operating margin
Percent of revenue
Commercial MetalsSteel Dynamics
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Commercial MetalsSteel Dynamics
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Commercial Metals and Steel Dynamics pages.