CMC Q4 EPS $1.91, Adjusted $2.09; FY26 Core EBITDA $1.36B, Leverage Below 2x
CMC sits 27% above its 52-week low of $53.08.
Summary
CMC reported Q4 adjusted EPS of $2.09 and core EBITDA of $393.7 million, capping a fiscal year in which core EBITDA rose to $1.36 billion and net leverage fell below its 2.0x target. Precast results missed on Southeast residential softness, but management kept the integration thesis intact and guided to a seasonally mixed fiscal Q1.
Key Events · Earnings and Guidance · CMC
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Q4 Earnings Beat Prior Year
Net earnings of $212.5 million, or $1.91 per diluted share, up 41.5% year-over-year; adjusted EPS of $2.09 rose 52.6%.
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FY26 Core EBITDA Nearly Doubles
Full-year core EBITDA reached $1.36 billion versus $837.3 million in fiscal 2025, with margin up 380 basis points to 14.5%.
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Precast Misses On Residential Softness
Precast Q4 adjusted EBITDA of $57.0 million fell below management expectations as Southeast residential weakness cut volumes and mixed margins; bookings and backlog still grew year-over-year.
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Leverage Falls Below 2x Target
Net leverage adjusted for acquisitions ended at 1.9x, down from 2.5x at the post-precast close, with $778.9 million of cash and over $2.0 billion of available liquidity.
Analysis · CMC · Manufacturing
CMC closed fiscal 2026 with a step-change in profitability: full-year core EBITDA of $1.36 billion versus $837.3 million a year earlier, and core EBITDA margin up 380 basis points to 14.5%. The fourth quarter delivered $393.7 million of core EBITDA (+35.1% y/y) on $2.66 billion of sales, with North America Steel Group adjusted EBITDA up 32.6% to $317.5 million as metal margins widened to $652 per ton. The one soft spot is the newly acquired precast business, where Q4 adjusted EBITDA of $57.0 million missed management's expectations because of residential weakness in the Southeast — a blemish on the acquisition thesis that management still calls intact, citing bookings up year-over-year and backlog up roughly 3%. Deleveraging is the quiet positive: net leverage adjusted for acquisitions fell to 1.9x, inside the <2.0x target, with over $2.0 billion of liquidity and $702.1 million left on the buyback. Guidance for fiscal Q1 is for roughly flat North America Steel Group adjusted EBITDA, a seasonal decline in Construction Solutions, and meaningful sequential growth in Europe.
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At the time of this filing, CMC was trading at $67.50 on NYSE in the Manufacturing sector, with a market capitalization of approximately $7.2B. The 52-week trading range was $53.08 to $84.87. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.