Worthington Steel, Inc. (WS) 10-Year Financial Performance & Capital Metrics

WS • • Industrial / General

Basic MaterialsSteelSteel Processing & DistributionSteel Processors

AboutWorthington Steel, Inc. operates as a steel processor in North America. It offers carbon flat-rolled steel and tailor welded blanks, as well as electrical steel laminations; and aluminum tailor welded blanks. The company serves various end-markets, including automotive, heavy truck, agriculture, construction, and energy. Worthington Steel, Inc. was incorporated in 2023 and is based in Columbus, Ohio.Show more

Revenue $3.09B -9.8%
EBITDA $213M -18.0%
Net Income $111M -28.4%
EPS (Diluted) 2.19 -29.6%
Gross Margin 12.56% -2.0%
EBITDA Margin 6.89% -9.1%
Operating Margin 4.75% -16.2%
Net Margin 3.58% -20.6%
ROE 9.56% -29.8%
ROIC 8.18% -29.1%
Debt/Equity 0.19 -8.2%
Interest Coverage 20.70 -36.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high
✓Efficient asset utilization: 1.6x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-8.73%

TTM-0.75%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-15.02%

TTM-13.11%

EPS CAGR

10Y-

5Y-

3Y-15.35%

TTM-14.24%

ROCE

10Y Avg16.24%

5Y Avg16.24%

3Y Avg11.88%

Latest11.4%

Peer Comparison

Steel Processors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FRDFriedman Industries, Incorporated	145.23M	20.42	23.47	-13.88%	2.24%	8.21%		0.38
WSWorthington Steel, Inc.	1.97B	38.75	17.69	-9.83%	3.82%	9.25%	5.07%	0.19

Profit & Loss

	May 2021	May 2022	May 2023	May 2024	May 2025
Sales/Revenue+	2.13B	4.07B	3.61B	3.43B	3.09B
Revenue Growth %	-	0.91%	-0.11%	-0.05%	-0.1%
Cost of Goods Sold+	1.76B	3.67B	3.27B	2.99B	2.7B
COGS % of Revenue	0.83%	0.9%	0.91%	0.87%	0.87%
Gross Profit+	370.84M	395.5M	336.5M	439.8M	388.6M
Gross Margin %	0.17%	0.1%	0.09%	0.13%	0.13%
Gross Profit Growth %	-	0.07%	-0.15%	0.31%	-0.12%
Operating Expenses+	149.32M	168.9M	216.2M	245.3M	241.6M
OpEx % of Revenue	0.07%	0.04%	0.06%	0.07%	0.08%
Selling, General & Admin	147.44M	180.3M	200.8M	224.4M	231.6M
SG&A % of Revenue	0.07%	0.04%	0.06%	0.07%	0.07%
Research & Development	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-
Other Operating Expenses	1.88M	-11.4M	15.4M	20.9M	10M
Operating Income+	221.52M	226.6M	120.3M	194.5M	147M
Operating Margin %	0.1%	0.06%	0.03%	0.06%	0.05%
Operating Income Growth %	-	0.02%	-0.47%	0.62%	-0.24%
EBITDA+	266.47M	286.1M	189.9M	259.8M	213M
EBITDA Margin %	0.13%	0.07%	0.05%	0.08%	0.07%
EBITDA Growth %	-	0.07%	-0.34%	0.37%	-0.18%
D&A (Non-Cash Add-back)	44.95M	59.5M	69.6M	65.3M	66M
EBIT	223.41M	257.3M	131.7M	222.2M	155.2M
Net Interest Income+	12K	-3M	-3M	-6M	-7.1M
Interest Income	12K	0	0	0	0
Interest Expense	0	3M	3M	6M	7.1M
Other Income/Expense	15.63M	27.7M	8.4M	21.7M	1.1M
Pretax Income+	237.15M	254.3M	128.7M	216.2M	148.1M
Pretax Margin %	0.11%	0.06%	0.04%	0.06%	0.05%
Income Tax+	48.48M	54M	29M	46.1M	28.8M
Effective Tax Rate %	0.72%	0.71%	0.68%	0.72%	0.75%
Net Income+	171.01M	180.4M	87.1M	154.7M	110.7M
Net Margin %	0.08%	0.04%	0.02%	0.05%	0.04%
Net Income Growth %	-	0.05%	-0.52%	0.78%	-0.28%
Net Income (Continuing)	188.67M	200.3M	99.7M	170.1M	119.3M
Discontinued Operations	0	0	0	0	0
Minority Interest	153.5M	133.21M	125.62M	132.2M	123.8M
EPS (Diluted)+	3.42	3.61	1.69	3.11	2.19
EPS Growth %	-	0.06%	-0.53%	0.84%	-0.3%
EPS (Basic)	3.42	3.61	1.69	3.14	2.24
Diluted Shares Outstanding	50.03M	50.03M	50.03M	49.8M	49.5M
Basic Shares Outstanding	50.03M	50.03M	50.03M	49.3M	49.5M
Dividend Payout Ratio	-	-	-	0.05%	0.29%

Balance Sheet

	May 2021	May 2022	May 2023	May 2024	May 2025
Total Current Assets+	940.12M	1.27B	980.89M	1B	1.05B
Cash & Short-Term Investments	17.46M	20.05M	32.68M	40.2M	38M
Cash Only	17.46M	20.05M	32.68M	40.2M	38M
Short-Term Investments	0	0	0	0	0
Accounts Receivable	405.05M	600.42M	465.8M	476.8M	438.8M
Days Sales Outstanding	69.49	53.86	47.13	50.73	51.78
Inventory	442.93M	569.5M	414.75M	405.3M	422M
Days Inventory Outstanding	92.04	56.59	46.28	49.46	56.95
Other Current Assets	33.57M	16.19M	9.9M	79.5M	149.7M
Total Non-Current Assets+	426.53M	816.93M	783.48M	864.6M	913.3M
Property, Plant & Equipment	283.58M	511.06M	489.66M	547.7M	620.8M
Fixed Asset Turnover	7.50x	7.96x	7.37x	6.26x	4.98x
Goodwill	20.22M	80.03M	78.64M	79.6M	79.6M
Intangible Assets	17.4M	89.72M	83.37M	77M	67.9M
Long-Term Investments	92.04M	119.33M	114.55M	135M	126.6M
Other Non-Current Assets	11.59M	12.79M	10.98M	16.8M	7M
Total Assets+	1.37B	2.08B	1.76B	1.87B	1.96B
Asset Turnover	1.56x	1.95x	2.04x	1.84x	1.58x
Asset Growth %	-	0.52%	-0.15%	0.06%	0.05%
Total Current Liabilities+	506.1M	657.95M	478.39M	618.4M	631.5M
Accounts Payable	452.26M	524.12M	392.5M	380.4M	402.5M
Days Payables Outstanding	93.98	52.08	43.8	46.42	54.32
Short-Term Debt	0	63M	22.8M	155.6M	149.2M
Deferred Revenue (Current)	0	0	0	0	0
Other Current Liabilities	41.66M	37.74M	25.3M	59.1M	24.6M
Current Ratio	1.86x	1.93x	2.05x	1.62x	1.66x
Quick Ratio	0.98x	1.06x	1.18x	0.96x	0.99x
Cash Conversion Cycle	67.56	58.37	49.61	53.77	54.41
Total Non-Current Liabilities+	45.72M	159.72M	131.4M	130.5M	132.4M
Long-Term Debt	0	20M	0	0	2.3M
Capital Lease Obligations	5.18M	65.26M	71.7M	68.3M	68.7M
Deferred Tax Liabilities	34.06M	0	26.1M	27.9M	28.6M
Other Non-Current Liabilities	6.48M	74.45M	33.6M	34.3M	32.8M
Total Liabilities	551.82M	817.66M	609.79M	748.9M	763.9M
Total Debt+	8.11M	153.9M	100.39M	231.5M	227.9M
Net Debt	-9.35M	133.85M	67.72M	191.3M	189.9M
Debt / Equity	0.01x	0.12x	0.09x	0.21x	0.19x
Debt / EBITDA	0.03x	0.54x	0.53x	0.89x	1.07x
Net Debt / EBITDA	-0.04x	0.47x	0.36x	0.74x	0.89x
Interest Coverage	-	75.53x	40.10x	32.42x	20.70x
Total Equity+	814.83M	1.27B	1.15B	1.12B	1.2B
Equity Growth %	-	0.55%	-0.09%	-0.03%	0.07%
Book Value per Share	16.29	25.31	23.08	22.44	24.20
Total Shareholders' Equity	661.33M	1.13B	1.03B	985.3M	1.07B
Common Stock	622.95M	1.13B	1.03B	0	0
Retained Earnings	0	0	0	86.1M	164.2M
Treasury Stock	0	0	0	0	0
Accumulated OCI	38.38M	1.85M	-2.15M	-6.1M	-4M
Minority Interest	153.5M	133.21M	125.62M	132.2M	123.8M

Cash Flow

	May 2021	May 2022	May 2023	May 2024	May 2025
Cash from Operations+	152.55M	39.49M	315.01M	199.5M	230.3M
Operating CF Margin %	0.07%	0.01%	0.09%	0.06%	0.07%
Operating CF Growth %	-	-0.74%	6.98%	-0.37%	0.15%
Net Income	188.67M	200.25M	99.7M	154.7M	119.3M
Depreciation & Amortization	44.95M	59.5M	69.58M	65.3M	66M
Stock-Based Compensation	10.14M	8.67M	10.35M	10.3M	11M
Deferred Taxes	-5.19M	13.64M	-9.72M	1.1M	-3.1M
Other Non-Cash Items	-13.27M	-38.59M	5.16M	-1.5M	16.9M
Working Capital Changes	-72.75M	-203.98M	139.93M	-30.4M	20.2M
Change in Receivables	-195.05M	-121.98M	107.19M	-1.4M	34.1M
Change in Inventory	-178.38M	-50.67M	154.53M	16.4M	-16.7M
Change in Payables	293.08M	-14.95M	-124.34M	-26.7M	15.8M
Cash from Investing+	-27.69M	-395.35M	-22.15M	-132M	-129.1M
Capital Expenditures	-28.8M	-36.44M	-45.47M	-103.4M	0
CapEx % of Revenue	0.01%	0.01%	0.01%	0.03%	0.04%
Acquisitions	-	-	-	-	-
Investments	-	-	-	-	-
Other Investing	186K	24.62M	23.32M	0	-129.1M
Cash from Financing+	-116.68M	358.45M	-280.23M	-60M	-48.5M
Debt Issued (Net)	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-
Dividends Paid	0	0	0	-7.9M	-31.9M
Share Repurchases	-	-	-	-	-
Other Financing	-10.69M	281.75M	-220M	-197.6M	-17M
Net Change in Cash	-	-	-	-	-
Free Cash Flow+	123.75M	3.05M	269.54M	96.1M	99.9M
FCF Margin %	0.06%	0%	0.07%	0.03%	0.03%
FCF Growth %	-	-0.98%	87.4%	-0.64%	0.04%
FCF per Share	2.47	0.06	5.39	1.93	2.02
FCF Conversion (FCF/Net Income)	0.89x	0.22x	3.62x	1.29x	2.08x
Interest Paid	0	0	0	4.5M	0
Taxes Paid	0	0	0	37.6M	0

Key Ratios

Metric	2021	2022	2023	2024	2025
Return on Equity (ROE)	20.99%	17.34%	7.2%	13.62%	9.56%
Return on Invested Capital (ROIC)	20.63%	15.41%	6.88%	11.53%	8.18%
Gross Margin	17.43%	9.72%	9.33%	12.82%	12.56%
Net Margin	8.04%	4.43%	2.41%	4.51%	3.58%
Debt / Equity	0.01x	0.12x	0.09x	0.21x	0.19x
Interest Coverage	-	75.53x	40.10x	32.42x	20.70x
FCF Conversion	0.89x	0.22x	3.62x	1.29x	2.08x
Revenue Growth	-	91.26%	-11.33%	-4.91%	-9.83%

Revenue by Segment

	2024	2025
Steel Processing	3.27B	2.94B
Steel Processing Growth	-	-9.97%

Revenue by Geography

	2024	2025
UNITED STATES	2.75B	2.44B
UNITED STATES Growth	-	-11.47%
CANADA	392.6M	330.8M
CANADA Growth	-	-15.74%
MEXICO	181.3M	207.7M
MEXICO Growth	-	14.56%
Other Countries	104.7M	-
Other Countries Growth	-	-

Frequently Asked Questions

Valuation & Price

Worthington Steel, Inc. (WS) has a price-to-earnings (P/E) ratio of 17.7x. This is roughly in line with market averages.

Growth & Financials

Worthington Steel, Inc. (WS) reported $3.27B in revenue for fiscal year 2025. This represents a 53% increase from $2.13B in 2021.

Worthington Steel, Inc. (WS) saw revenue decline by 9.8% over the past year.

Yes, Worthington Steel, Inc. (WS) is profitable, generating $124.6M in net income for fiscal year 2025 (3.6% net margin).

Dividend & Returns

Yes, Worthington Steel, Inc. (WS) pays a dividend with a yield of 1.66%. This makes it attractive for income-focused investors.

Worthington Steel, Inc. (WS) has a return on equity (ROE) of 9.6%. This is below average, suggesting room for improvement.

Worthington Steel, Inc. (WS) generated $126.6M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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