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Steel Dynamics vs Commercial Metals: STLD and CMC compared
Steel Dynamics is the larger company: $6.5B of revenue in its latest quarter (Q3 2026) against $2.7B for Commercial Metals (Q4 FY26). Steel Dynamics is growing faster (+35% against +26% a year earlier). Steel Dynamics is more profitable, with an operating margin of 15.5% against 8.6%.
Where the money goes: STLD and CMC
Steel Dynamics (STLD) · Q3 2026
Steel Dynamics, Q3 2026: revenue $6.5B (+35% year over year), operating margin 15.5%, net earnings $756M, operating cash flow $846M. The chart follows the revenue to costs, profit and cash.
Commercial Metals (CMC) · Q4 FY26
Commercial Metals, Q4 FY26: revenue $2.7B (+26% year over year), operating margin 8.6%, net earnings $213M, operating cash flow $456M. The chart follows the revenue to costs, profit and cash.
| Steel Dynamics (STLD) | Commercial Metals (CMC) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q4 FY26 |
| Revenue | $6.5B | $2.7B |
| Revenue growth, Y/Y | +35% | +26% |
| Gross margin | 19.7% | — |
| Operating margin | 15.5% | 8.6% |
| Net earnings | $756M | $213M |
| Net margin | 11.6% | 8.0% |
| Operating cash flow | $846M | $456M |
| Free cash flow | $696M | $280M |
| Market value | $31.9B | $7.0B |
| P/E | 16.4× | 10.7× |
| Analysts’ mean target | $272.68 | $78.00 |
Questions
Which is bigger, Steel Dynamics or Commercial Metals?
Steel Dynamics is the larger company: $6.5B of revenue in its latest quarter (Q3 2026) against $2.7B for Commercial Metals (Q4 FY26).
Is Steel Dynamics or Commercial Metals growing faster?
Steel Dynamics is growing faster (+35% against +26% a year earlier).
Which is more profitable, Steel Dynamics or Commercial Metals?
Steel Dynamics is more profitable, with an operating margin of 15.5% against 8.6%.
More: Steel Dynamics earnings · how Steel Dynamics makes money · Commercial Metals earnings · how Commercial Metals makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 23, 2026; 10-K filed Oct 16, 2026). Fiscal quarters can end on different dates. Not investment advice.