Commercial Metals Company Financial Ratios — CMC Stock

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	1.43	-15.68	-11.92	19.38	6.68	9.46	6.11	3.98	3.38	9.85	13.06	16.46	20.78	44.44	23.2
Return on Assets (%)	0.49	-5.55	-3.51	5.82	2.23	3.15	2.23	1.67	1.52	4.39	5.59	7.13	9.47	22.38	13.35
Return on Capital (%)	2.51	- -	-4.25	- -	5.07	6.74	4.97	4.14	3.46	7.17	9.23	11.39	14.79	31.25	17.69
Return on Invested Capital (%)	1.69	- -	2.19	- -	5.43	6.73	4.49	6.09	4.41	7.37	9.04	11.13	14.46	25.7	17.81
Gross Margin (%)	10.88	6.78	8.21	9.36	9.83	10.22	11	15.97	13.56	13.4	13.78	17.25	16.43	20.83	20.59
EBITDA Margin (%)	3.64	1.36	3.65	4.86	5.24	5.62	5.82	8.83	6.74	7.59	8.56	11.02	11.42	16.68	15.76
Operating Margin (%)	1.23	-1.33	1.57	3.07	3.18	3.61	3.37	5.3	3.49	4.75	5.84	7.99	8.93	14.71	13.28
Incremental Operating Margin (%)	7.84	- -	14.67	-1,100.88	2.39	18.84	4.58	-0.42	-22.76	10.84	10.08	-27.68	13	32.54	125.52
Pretax Margin (%)	0.03	-2.57	0.34	2.15	2.46	2.43	1.78	2.11	1.7	3.56	4.61	6.77	7.94	17	12.75
Profit Margin (%)	0.32	-3.27	-1.69	2.71	1.17	1.67	1.46	1.52	1.21	2.98	3.4	5.1	6.13	13.66	9.77
Net Income to Common Margin (%)	0.32	-3.27	-1.69	2.71	1.17	1.67	1.46	1.52	1.21	2.98	3.4	5.1	6.13	13.66	9.77
Effective Tax Rate (%)	38.62	- -	55.84	- -	35.64	28.71	34.69	18.4	23.34	18.23	25.96	24.94	22.69	19.66	23.37
Dvd Payout Ratio (%)	8,499.06	-54.92	469.51	26.41	53.5	47.98	88.8	89.26	110.64	41.46	28.44	20.5	13.99	5.57	8.72
Sustainable Growth Rate (%)	-119.98	-24.29	44.05	14.26	3.11	4.92	0.68	0.43	-0.36	5.76	9.34	13.09	17.87	41.97	21.18

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	1,216	1,244	1,233	1,186	1,290	1,301	1,302	1,071	825	1,158	1,245	1,084	1,070	1,502	1,155
ST Debt	35	47	65	29	11	20	30	313	19	20	17	18	54	389	41
LT Debt	1,182	1,197	1,167	1,157	1,279	1,281	1,272	758	806	1,139	1,227	1,066	1,015	1,113	1,114
Total Debt/EBITDA	5.21	14.55	4.4	3.19	3.73	3.41	4.13	3.38	3.18	3.29	2.49	1.8	1.39	1.01	0.83
Net Debt/EBITDA	3.47	9.88	3.61	2.48	2.63	2.27	2.59	1.75	2.21	1.52	2.11	0.9	0.74	0.56	0.41
Total Debt/EBIT	15.42	-14.91	10.24	5.05	6.15	5.31	7.13	5.63	6.15	5.25	3.66	2.48	1.78	1.15	0.99
Net Debt/EBIT	10.28	-10.13	8.39	3.93	4.35	3.53	4.47	2.91	4.27	2.43	3.09	1.24	0.95	0.63	0.48
EBITDA to Interest Expense	3.03	1.15	4.01	5.36	5.06	4.95	4.13	5.04	5.87	8.6	6.99	9.76	14.8	29.31	34.57
EBITDA-CapEx/Interest Expense	3.03	1.15	4.01	5.36	5.06	4.95	4.13	5.04	5.87	8.6	6.99	9.76	14.8	29.31	34.57
EBIT to Interest Expense	1.03	-1.12	1.72	3.38	3.06	3.18	2.39	3.02	3.04	5.39	4.77	7.08	11.57	25.86	29.12
Interest Expense	77	74	70	69	68	77	76	63	44	41	71	62	52	51	40
Common Equity/Total Assets	39.04	31.83	27.01	33.32	33.42	33.27	39.97	43.89	45.88	43.5	42.21	44.32	46.66	53.13	61.73
Long-Term Debt/Equity (%)	77.13	95.52	100.59	92.83	100.68	94.99	92.1	55.43	57.5	76.23	75.56	56.4	44.24	33.87	27.04
Long-Term Debt/Capital (%)	44.46	49.34	52.41	49.6	52.02	50.66	47.52	30.99	36.78	43.69	43.34	36.83	31.4	23.12	21.21
Long-Term Debt/Total Assets (%)	32.05	32.31	31.7	33.62	36.59	34.73	36.98	24.21	27.08	34.21	32.65	26.11	21.89	17.85	16.78
Total Debt/Equity (%)	79.39	99.28	106.2	95.14	101.56	96.5	94.29	78.35	58.87	77.56	76.64	57.36	46.61	45.7	28.02
Total Debt/Capital (%)	45.76	51.28	55.33	50.84	52.48	51.46	48.64	43.81	37.66	44.44	43.96	37.46	33.08	31.19	21.98
Total Debt/Total Assets (%)	32.98	33.57	33.47	34.46	36.91	35.28	37.86	34.22	27.72	34.8	33.11	26.55	23.06	24.08	17.39
Net Debt to Equity	52.92	67.42	87.04	74.08	71.74	64.25	59.15	40.5	40.84	35.88	64.79	28.66	24.92	25.24	13.65
Net Debt/Capital (%)	35.99	41.68	50.38	44.6	43.82	41.38	37.28	28.72	29.53	27.01	39.87	23.04	20.9	20.02	12.07
EBITDA	234	85	280	372	346	381	316	317	259	352	499	604	768	1,486	1,387
EBITDA-CapEx	234	85	280	372	346	381	316	317	259	352	499	604	768	1,486	1,387
Operating Income (Loss)	79	-83	120	235	210	245	183	190	134	221	340	438	601	1,311	1,168

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.5	0.36	0.19	0.29	0.48	0.49	0.77	0.63	0.42	1.15	0.28	0.73	0.51	0.5	0.7
Current Ratio	2.45	1.97	1.94	2.49	3.03	2.87	3.79	2.49	2.82	3.83	2.99	2.97	2.79	2.54	3.73
Quick Ratio	1.39	1.11	0.98	1.35	1.75	1.64	2.2	1.47	1.34	2.53	1.74	1.91	1.64	1.5	2.17
CFO/Avg Current Liab	0.63	0.05	0.02	0.19	0.18	0.16	0.41	0.81	-0.73	-0.75	0.06	1.1	0.26	0.6	1.22
Common Equity/Total Assets	39.04	31.83	27.01	33.32	33.42	33.27	39.97	43.89	45.88	43.5	42.21	44.32	46.66	53.13	61.73
Long-Term Debt/Equity (%)	77.13	95.52	100.59	92.83	100.68	94.99	92.1	55.43	57.5	76.23	75.56	56.4	44.24	33.87	27.04
Long-Term Debt/Capital (%)	44.46	49.34	52.41	49.6	52.02	50.66	47.52	30.99	36.78	43.69	43.34	36.83	31.4	23.12	21.21
Long-Term Debt/Total Assets (%)	32.05	32.31	31.7	33.62	36.59	34.73	36.98	24.21	27.08	34.21	32.65	26.11	21.89	17.85	16.78
Total Debt/Equity (%)	79.39	99.28	106.2	95.14	101.56	96.5	94.29	78.35	58.87	77.56	76.64	57.36	46.61	45.7	28.02
Total Debt/Capital (%)	45.76	51.28	55.33	50.84	52.48	51.46	48.64	43.81	37.66	44.44	43.96	37.46	33.08	31.19	21.98
Total Debt/Total Assets (%)	32.98	33.57	33.47	34.46	36.91	35.28	37.86	34.22	27.72	34.8	33.11	26.55	23.06	24.08	17.39
CFO/Total Liabilities	37.42	1.83	1.1	8.93	6.64	5.85	15.23	33.28	-33.24	-23.65	1.73	36.09	9.75	23.73	53.38
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	3.16	2.71	3.26	3.79	3.54	3.57	3.43	3.01	3.32	3.58	3.42	3.44	4	4.52	5.08

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	6.1	8.07	8.61	8	6.78	6.73	5.62	4.52	6.15	7.08	6.6	5.77	6.78	7.23	6.77
Days Sales Outstanding	59.82	45.23	42.4	45.65	53.86	54.24	64.9	80.69	59.38	51.52	55.28	63.21	53.87	50.46	53.91
Inventory Turnover	5.5	8.65	8.89	8.09	7.6	7.2	5.32	4.25	6.63	7.65	7.84	6.88	7.21	6.7	6.34
Days Inventory Outstanding	66.42	42.21	41.05	45.13	48	50.68	68.65	85.79	55.07	47.72	46.53	53.07	50.65	54.44	57.6
Accounts Payable Turnover	6.72	9.87	9.78	10.65	12	12.5	11.21	10.51	14.94	17.01	18.68	16.11	16.56	16.59	17.3
Accounts Payable Turnover Days	54.3	36.97	37.32	34.29	30.43	29.2	32.55	34.73	24.42	21.46	19.54	22.65	22.05	22	21.1
Cash Conversion Cycle	71.93	50.46	46.13	56.5	71.43	75.72	101	131.75	90.03	77.78	82.27	93.63	82.47	82.9	90.4
Inventory to Cash Days	-6.6	3.02	1.35	0.52	5.86	3.56	-3.75	-5.1	4.31	3.79	8.75	10.14	3.22	-3.98	-3.69
Inventories	679	675	908	808	757	935	880	540	463	589	692	625	935	1,170	1,036
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	124	286	272	262
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7	9	7
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	642	888	767
Other Inventory	679	675	908	808	757	935	880	540	463	589	692	501	- -	- -	- -

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	1,299	1,041	982	1,113	1,353	1,624	1,509	1,522	1,908	2,255	1,694	2,336	3,765	4,760	6,501
- Cash & Cash Equivalents	406	399	222	262	379	435	485	518	253	622	192	542	498	673	592
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	2	3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	1,216	1,244	1,233	1,186	1,290	1,301	1,302	1,071	825	1,158	1,245	1,084	1,070	1,502	1,155
Enterprise Value	2,112	1,889	1,993	2,037	2,265	2,490	2,326	2,076	2,481	2,791	2,747	2,877	4,338	5,589	7,064
Total Capital	2,658	2,427	2,228	2,333	2,458	2,529	2,677	2,446	2,190	2,606	2,832	2,893	3,234	4,816	5,254
Total Debt/Capital (%)	45.76	51.28	55.33	50.84	52.48	51.46	48.64	43.81	37.66	44.44	43.96	37.46	33.08	31.19	21.98
Total Debt / EV	0.58	0.66	0.62	0.58	0.57	0.52	0.56	0.52	0.33	0.42	0.45	0.38	0.25	0.27	0.16
EV/Sales	0.33	0.3	0.26	0.27	0.34	0.37	0.43	0.58	0.65	0.6	0.47	0.53	0.64	0.63	0.8
EV/EBITDA	9.04	22.09	7.12	5.47	6.54	6.53	7.37	6.54	9.57	7.92	5.51	4.77	5.65	3.76	5.09
EV/EBIT	26.77	- -	16.55	8.67	10.8	10.15	12.73	10.9	18.51	12.64	8.07	6.57	7.22	4.26	6.05
EV/Cash Flow to Firm	2.47	20.84	34.02	7.15	11.81	12.98	6.4	3.25	- -	- -	30.57	3.44	16.15	7.54	5.14
EV/Free Cash Flow to Firm	2.47	20.84	34.02	7.15	11.81	12.98	6.4	3.25	- -	- -	30.57	3.44	16.15	7.54	5.14
Diluted Market Cap	1,316	1,041	982	1,122	1,364	1,639	1,527	1,541	1,937	2,280	1,713	2,363	3,817	4,828	6,586
Diluted Enterprise Value	2,130	1,889	1,993	2,046	2,275	2,506	2,345	2,095	2,509	2,816	2,765	2,905	4,389	5,657	7,149
EV per Share	18.79	16.64	17.33	17.58	19.41	21.19	19.96	18.02	21.45	23.89	23.31	24.2	36.05	46.33	60.34
TTM Sales	6,409	6,277	7,667	7,656	6,601	6,790	5,424	3,596	3,844	4,644	5,829	5,476	6,730	8,913	8,800
TTM EBITDA	234	85	280	372	346	381	316	317	259	352	499	604	768	1,486	1,387
TTM Operating Income	79	-83	120	235	210	245	183	190	134	221	340	438	601	1,311	1,168
TTM Cash Flow to Firm	854	91	59	285	192	192	363	638	-489	-400	90	838	269	741	1,375
TTM Free Cash Flow to Firm	854	91	59	285	192	192	363	638	-489	-400	90	838	269	741	1,375

Multiples		2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings		62.46	- -	- -	5.37	17.51	14.34	19	27.79	41.19	16.28	8.55	8.36	9.12	3.91	7.56
Price/Earnings Average

Commercial Metals Company

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples