The three main CNC ways to cut flat stock. They differ in what they cut, how fast, how clean, and how thick.
Waterjet
Cold cutting with abrasive water — no heat-affected zone, cuts almost any material and very thick stock, with a clean edge. Slower and wetter; the choice for heat-sensitive, thick or mixed materials.
Laser
Fast, precise and clean on thinner metal, especially with fiber lasers. Tight tolerances and fine detail; loses speed and edge quality as plate gets thick.
Plasma
Fastest and cheapest on thick conductive metal like steel plate, with a rougher edge and heat-affected zone. The workhorse of heavy steel fabrication.
Bottom line
Thin, precise, clean metal → laser. Thick steel, fast and cheap → plasma. Any material, thick, heat-sensitive, best edge → waterjet. Many fab shops run more than one.