The longitudinal compressive strength of fibre-reinforced composites is often a limiting factor for structural design. This paper uses micromechanical finite-element analyses to examine how the constitutive properties of the matrix, fibres, and interface affect the composite’s strength. For a typical carbon/epoxy composite, the matrix shear strength has a larger effect than the modulus; a linear-elastic perfectly-plastic approximation of the matrix shear curve may overestimate the composite’s strength by over 15%. A pressure-dependent and dilatant matrix plasticity response may strengthen the composite by 30%, considering current uncertainties in friction and dilation angles of epoxy matrices. The finite shear modulus of carbon fibres may weaken the composite by more than 10%. Considering a cohesive interface using traction–separation laws significantly affects the predicted response of the composite, even for interfaces stronger than the matrix. Opportunities for improving the characterisation, modelling and performance of the constituents in terms of matrix plasticity, fibre shear modulus, and interface response are discussed.