CMC vs ESAB: Commercial Metals and ESAB compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Commercial Metals is the larger company, worth $6.9B, about 1.7 times ESAB.
- Commercial Metals grew revenue faster over the last year (+22.9% vs +12.9%).
- ESAB keeps more of each dollar of revenue as operating profit (12.1% vs 7.6%).
- On earnings, Commercial Metals is the cheaper stock (13.9x vs 17.4x).
- Commercial Metals's price assumes faster free cash flow growth: about 6% a year, against 4% for ESAB (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CMC | ESAB |
|---|---|---|
| Market cap | $6.9B | $4.0B |
| Share price | $63.25 | $66.85 |
| Revenue (last fiscal year) | $7.8B | $2.8B |
| Free cash flow (last fiscal year) | $312M | $213M |
| Revenue growth, last year | +22.9% | +12.9% |
| Revenue growth per year, last 5 fiscal years | +3.8% | +4.0% |
| Operating margin | 7.6% | 12.1% |
| Net margin | 6.7% | 5.8% |
| Return on equity | 13.1% | 6.8% |
| P/E (trailing) | 13.9x | 17.4x |
| Price / free cash flow | 22.1x | 18.8x |
| EV / EBITDA | 9.35x | 13.6x |
| FCF growth the price implies | 6.3% | 4.2% |
| Dividend yield | 1.1% | 0.64% |
| Debt / equity | 1.16x | 1.57x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 5 |
| Insider purchases, last 12 months | 2 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Commercial Metals
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6.7B | $44M | 7.9% |
| 2022 | $8.9B | $250M | 17.0% |
| 2023 | $8.8B | $737M | 12.8% |
| 2024 | $7.9B | $575M | 8.0% |
| 2025 | $7.8B | $312M | 1.4% |
ESAB
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.4B | $215M | 12.6% |
| 2022 | $2.6B | $174M | 12.7% |
| 2023 | $2.8B | $282M | 14.6% |
| 2024 | $2.7B | $304M | 16.3% |
| 2025 | $2.8B | $213M | 14.5% |
Where the revenue comes from
Commercial Metals · by segments, 2025
North America Steel Group$6.1B78%
Europe Steel Group$918M12%
Emerging Businesses Group$747M10%
Corporate and Other$49M1%
ESAB · by products, 2025
Equipment$1.9B66%
Consumables$972M34%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CMC in InvestinglyQuestions
Which is bigger, Commercial Metals or ESAB?
Commercial Metals (CMC), at $6.9B against $4.0B.
Is CMC or ESAB cheaper?
By trailing P/E, Commercial Metals (13.9x) is cheaper than ESAB (17.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, CMC or ESAB?
Commercial Metals: revenue grew +22.9% over the last year, against +12.9%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.