In terms of rating, I think it is equal to NM, but you must apply and pay for it. In some countries (like Spain for example) the NM title doesn't exist.
Candidate Master - the rarest title?

FIDE CM is a little stronger than something like a USCF NM. Also, an NM for the USCF is automatic as soon as a rating of 2200 is reached. For FIDE, their is a fee associated with it, in addition to getting the appropriate rating. I imagine some people don't care to pay the fee if their federation doesn't pay it.

I do not know about CM but for WCM the fee was 50 euros, which is a lot for a title that most people do not take very seriously.
In theory FIDE CM is the same rating as US NM, which means the CM is probably a bit stronger as FIDE ratings are a bit lower than USCF. In practice, however, most people who hold the CM title in the US received it by winning junior events (this is true of WCM as well) and do not actually have the rating that goes with it. Among players I know there are about 6 WCMs and 4 CMs, all kids but me, all with ratings lower than the official cutoff. This probably contributes to people not taking the titles seriously. It is much less common to get FM, IM, or GM by winning a single event, though it can happen: I know one person who became an IM that way, and I believe Tan Zhongyi became GM by winning the Women's World Championship. If you manage to win the unlimited World Championship without already being a GM (good luck!) you will also receive the title.
I believe it is also the case that if you hold NM and CM/WCM, chess.com will label you NM. It is seen as the more prestigious title. In US tournaments I think perceived prestige goes FM > NM > CM.
I've noticed that there are lots more people having NM, FM, IM and perhaps even GM titles compared to CM titles. Both on this site and in tournaments. Why are there so few CMs compared to other titled players? It is the lowest master level fide title, that should be easiest to get?