Management continues to prioritize shareholder returns, executing $234.2 million in share repurchases during 2026Q1 despite the inherent volatility in cash conversion, which saw the OCF/NI ratio fluctuate as low as 0.32 in 2025Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 918.3M | 831.4M | 1.43B | 1.67B | 2.12B | 799.4M | 1.17B | 1.3B | 664.6M | 399M | 626.5M | 1.02B | 356M | 633.3M | 601.9M | 234.8M | 214.09M | 943M | 664.68M | 638.96M | 190.96M | 272.22M | 121.77M | 106.41M | 90.74M | 103.59M | 24.46M | 131.4M | 30.9M | 39.8M | 36.4M |
| Operating CF Margin % | - | 5.82% | 10.33% | 11.29% | 12.44% | 5.67% | 13.31% | 11.86% | 5.76% | 4.1% | 7.27% | 10.96% | 3.41% | 6.87% | 7.13% | 2.89% | 3.39% | 17.73% | 7.62% | 8.79% | 3.32% | 8.08% | 4.13% | 5.65% | 5.19% | 6.25% | 1.42% | 8.7% | 2.28% | 4.14% | 5.57% |
| Operating CF Growth % | 12.02% | -41.85% | -14.45% | -21.11% | 165.02% | -31.85% | -9.87% | 95.83% | 66.57% | -36.31% | -38.88% | 187.92% | -43.79% | 5.22% | 156.35% | 9.68% | -77.3% | 41.87% | 4.03% | 234.6% | -29.85% | 123.56% | 14.43% | 17.27% | -12.4% | 323.43% | -81.38% | 325.24% | -22.36% | 9.34% | -7.61% |
| Net Income | 806M | 741.6M | 878M | 1.34B | 1.84B | 1.42B | 372.4M | 706.1M | 641.8M | 621M | 309.1M | 316.2M | 376.3M | 324.7M | 408.3M | 349.2M | 197.85M | 149.18M | 482.78M | 407.95M | 354.51M | 205.44M | 169.73M | 34.01M | 30.17M | 36.34M | 62.32M | 57.6M | 47.7M | 34.2M | 29.8M |
| Depreciation & Amortization | 278.7M | 278.2M | 268.7M | 245.4M | 240.2M | 230.2M | 227.3M | 219.3M | 215.2M | 218.4M | 222M | 218.5M | 213.8M | 192.4M | 151.5M | 133.1M | 120.6M | 118.88M | 97.92M | 79.87M | 60.33M | 46.63M | 44.63M | 36.87M | 28.55M | 32.34M | 28.09M | 25.6M | 19.4M | 13.2M | 8.5M |
| Stock-Based Compensation | 31M | 55.6M | 56.8M | 65M | 65.3M | 70.8M | 42.2M | 51.2M | 45.5M | 33.4M | 24.4M | 21.3M | 22.8M | 26M | 23M | 21.3M | 17.33M | 15.53M | 13.19M | 10.12M | 6.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 37.1M | 37.1M | 36.4M | 16.2M | -6.7M | -23.8M | -13.7M | 32.5M | -9.1M | -192.6M | -500K | -17.1M | -18.2M | 3.1M | 2.8M | -27.2M | 42.72M | 58.02M | 22.72M | 12.04M | 7.29M | -1.06M | 2.73M | 8.12M | 3.58M | -2.14M | 231K | -200K | -200K | 1.3M | 1.5M |
| Other Non-Cash Items | 26.7M | 200K | 24M | 6.9M | 30.6M | 14.5M | 144.5M | 13.1M | 37.9M | 2.4M | 58.9M | 60.9M | -17.8M | 16.8M | 2.2M | 4.9M | 922K | -12.15M | -2.37M | -10.13M | -6.71M | 12.23M | 10.43M | -1.64M | -602K | 85K | -2.21M | 100K | -5.3M | -6.4M | -5.8M |
| Working Capital Changes | -262.2M | -281.3M | 165.9M | 1.9M | -55M | -909.7M | 400.3M | 279.3M | -266.7M | -283.6M | 12.6M | 425.2M | -220.9M | 70.3M | 14.1M | -246.5M | -165.34M | 613.54M | 50.44M | 139.1M | -230.51M | 8.98M | -105.74M | 29.05M | 29.06M | 36.97M | -63.97M | 54.3M | -30.7M | -2.5M | 2.4M |
| Change in Receivables | -279.5M | -195.4M | 167.4M | 95.6M | 105.7M | -656.1M | 136.8M | 178.1M | -153.3M | -119.7M | -31.2M | 222.5M | -97.2M | 25.4M | 123.1M | -145.9M | -146.74M | 322.16M | 166.03M | 61.27M | -50.57M | -108.2M | -108.2M | -5.95M | -5.95M | 57.05M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -116.6M | -154.8M | 116.8M | -41.5M | 58.9M | -505.9M | 227.5M | 211.8M | -88.8M | -186.6M | -30.4M | 306.8M | -131M | 111.9M | -1.3M | -231M | -121.86M | 569.94M | 191.47M | 129.58M | -89.41M | -11.35M | -61.7M | 20M | 30.15M | 21.47M | -25.16M | 35M | -3.3M | 500K | -6.7M |
| Change in Payables | 55.8M | -6.9M | -145.5M | -89.5M | -237M | 226.1M | -43.4M | -142.5M | -10.6M | 34.2M | 47.5M | -78.9M | -24.2M | -49.7M | -88.8M | 107.6M | 79.39M | -222.13M | -297.93M | -62.83M | -97.1M | 67.74M | 67.74M | 7.88M | 7.88M | -38.23M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -304.2M | -321.8M | -803.7M | -483.9M | -348.5M | -652.3M | -188.4M | -419.1M | -281M | -179.4M | -505.1M | -169.9M | -365M | -979M | -381.7M | -474.6M | -161.78M | -93.58M | -457.65M | -419.81M | -650.43M | -146.63M | -49.65M | -263.74M | -68.24M | -145.7M | -68.25M | -94M | -172.4M | -98.5M | -114.8M |
| Capital Expenditures | -306.2M | -328.9M | -430.6M | -468.8M | -341.8M | -236.6M | -172M | -242.2M | -239.9M | -161.6M | -154.9M | -172.2M | -190.4M | -168M | -214M | -156.4M | -111.36M | -69.9M | -151.89M | -124.13M | -108.74M | -53.74M | -35.98M | -20.91M | -18.66M | -24.54M | -30.38M | -112.5M | -176.1M | -107.1M | -21.4M |
| CapEx % of Revenue | 2.06% | 2.3% | 3.11% | 3.17% | 2.01% | 1.68% | 1.95% | 2.21% | 2.08% | 1.66% | 1.8% | 1.84% | 1.82% | 1.82% | 2.53% | 1.92% | 1.76% | 1.31% | 1.74% | 1.71% | 1.89% | 1.59% | 1.22% | 1.11% | 1.07% | 1.48% | 1.76% | 7.44% | 13.02% | 11.14% | 3.27% |
| Acquisitions | 1.5M | -2.8M | -364.6M | -24M | 10.9M | -439.3M | -6.9M | -177.8M | -77.6M | -37.8M | -348.7M | -400K | -182M | -821.1M | -166.9M | -313.3M | -100.33M | -5.29M | -330.25M | -269.96M | -542.6M | -94.38M | 0 | -245.85M | -53.32M | -129.68M | -41.15M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 500K | 9.9M | -8.5M | 8.9M | -17.6M | 23.6M | -9.5M | 900K | 36.5M | 20M | -1.5M | 2.7M | 7.4M | 10.1M | -800K | -9M | 3.16M | 6.58M | 5.37M | -25.72M | 521K | 1.49M | -13.67M | 3.02M | 3.74M | 8.51M | 3.28M | 18.5M | 3.7M | 8.6M | -93.4M |
| Cash from Financing | -648.2M | -620.2M | -1.38B | -1.28B | -892.6M | -528.9M | -483M | -840.6M | -403.9M | -198.1M | -100.2M | -848.5M | 33M | 332.1M | -207.6M | 247.6M | -24.46M | -859.83M | -231.49M | -199.85M | 481.76M | -102.14M | -64.19M | 149.71M | -23.26M | 49.64M | 37.03M | -34M | 113.9M | 92M | 61.2M |
| Debt Issued (Net) | 219M | 276.7M | -300K | -508.3M | -2.5M | -1.5M | 58.8M | -617.6M | 278.1M | -31.9M | -7.8M | -376.6M | 168.5M | 370.4M | -185.2M | 283.7M | -18.42M | -831.17M | -114.22M | -119.75M | 483.66M | -93.51M | -64.4M | 147.25M | -17.64M | -95.57M | 96.33M | -30.9M | 129M | 5.6M | 62.3M |
| Equity Issued (Net) | -575.1M | -594.1M | -1.09B | -479.5M | -630.3M | -323.5M | -337.3M | -50M | -484.9M | -19.8M | 0 | -355.5M | -50M | 0 | 0 | 0 | 0 | 258K | -114.49M | -65.4M | 7.34M | 11.06M | 10.37M | 10.49M | 3.71M | 151.57M | -54.33M | 1.9M | -10.6M | 88.9M | 800K |
| Dividends Paid | -256.1M | -254.7M | -249.7M | -238.1M | -217.1M | -177M | -164.1M | -151.3M | -145.3M | -132M | -120.4M | -120.1M | -108.7M | -96.9M | -60.2M | -35.9M | -29.69M | -29.38M | -29.23M | -24.21M | -16.14M | -12.53M | -10.16M | -8.02M | -7.61M | -6.81M | -6M | -4.9M | -4.5M | -2.6M | -1.9M |
| Share Repurchases | -575.1M | -594.1M | -1.09B | -479.5M | -630.3M | -323.5M | -337.3M | -50M | -484.9M | -25M | 0 | -355.5M | -50M | 0 | 0 | 0 | 0 | 0 | -114.77M | -82.17M | 0 | 0 | 0 | 0 | 0 | 0 | -56.28M | 0 | -11.3M | -7.4M | 0 |
| Other Financing | -36M | -48.1M | -32.7M | -56.4M | -44.9M | -27.7M | -40.4M | -21.7M | -51.8M | -14.4M | 28M | 3.7M | 23.2M | 58.6M | 37.8M | -200K | 23.65M | 464K | 26.45M | 9.51M | 6.9M | -7.16M | 0 | 0 | -8.88M | 451K | 1.03M | -100K | 0 | 100K | 0 |
| Net Change in Cash | -28.1M | -101.5M | -762.1M | -93.2M | 872.9M | -383M | 509.2M | 46.1M | -26.2M | 31.6M | 18.5M | -1.9M | 22.6M | -14M | 13M | 11.7M | 29.91M | -8.99M | -25.03M | 19.55M | 22.45M | 23.36M | 9.49M | -7.14M | -626K | 6.82M | -6.75M | 3.4M | 113.9M | 92M | 61.2M |
| Free Cash Flow | 612.1M | 502.5M | 999.2M | 1.2B | 1.78B | 562.8M | 1B | 1.06B | 424.7M | 237.4M | 471.6M | 852.8M | 165.6M | 465.3M | 387.9M | 78.4M | 102.73M | 873.1M | 512.79M | 514.84M | 82.22M | 218.48M | 85.79M | 85.5M | 72.09M | 79.05M | -5.92M | 18.9M | -145.2M | -67.3M | 15M |
| FCF Margin % | 4.13% | 3.52% | 7.22% | 8.12% | 10.44% | 3.99% | 11.36% | 9.65% | 3.68% | 2.44% | 5.48% | 9.12% | 1.58% | 5.04% | 4.59% | 0.96% | 1.63% | 16.42% | 5.88% | 7.09% | 1.43% | 6.48% | 2.91% | 4.54% | 4.12% | 4.77% | -0.34% | 1.25% | -10.73% | -7% | 2.29% |
| FCF Growth % | -36.19% | -49.71% | -16.91% | -32.32% | 215.71% | -43.78% | -5.5% | 149.42% | 78.9% | -49.66% | -44.7% | 414.98% | -64.41% | 19.95% | 394.77% | -23.68% | -88.23% | 70.26% | -0.4% | 526.15% | -62.37% | 154.68% | 0.33% | 18.62% | -8.81% | 1436.4% | -131.3% | 113.02% | -115.75% | -548.67% | -52.38% |
| FCF per Share | 11.78 | 9.50 | 17.76 | 20.38 | 28.89 | 8.75 | 15.34 | 15.61 | 5.86 | 3.23 | 6.45 | 11.39 | 2.11 | 5.99 | 5.12 | 1.04 | 1.38 | 11.85 | 6.97 | 6.77 | 1.12 | 3.30 | 1.31 | 1.34 | 1.13 | 1.39 | -0.11 | 0.34 | -2.56 | -1.41 | 0.32 |
| FCF Conversion (FCF/Net Income) | 0.76x | 1.12x | 1.63x | 1.25x | 1.15x | 0.57x | 3.18x | 1.86x | 1.05x | 0.65x | 2.06x | 3.29x | 0.96x | 1.97x | 1.49x | 0.68x | 1.10x | 6.36x | 1.38x | 1.57x | 0.54x | 1.33x | 0.72x | 3.13x | 3.01x | 2.85x | 0.39x | 2.28x | 0.65x | 1.16x | 1.22x |
| Interest Paid | 44.7M | 0 | 37.8M | 41.8M | 59.7M | 59.1M | 52.6M | 83M | 84M | 72.5M | 81.4M | 82M | 82.4M | 74.2M | 58.7M | 57.4M | 62.2M | 76.05M | 74.65M | 78.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 149.8M | 0 | 244.9M | 386.3M | 692.4M | 444.4M | 87.5M | 214.3M | 228.5M | 171.1M | 95.1M | 204.9M | 134.2M | 161.4M | 245.7M | 149.2M | 68.9M | 49.1M | 267.22M | 221.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
Based on reported financial statements, the relationship between net income and operating cash flow is highly volatile, with the OCF/NI ratio fluctuating from a low of 0.32 in 2025Q1 to a high of 4.49 in 2024Q4, indicating significant non-cash adjustments impacting periodic cash realization.
The wide variance in cash conversion suggests that reported net income is frequently decoupled from actual cash generation due to the company's LIFO accounting practices and inventory management. Investors should interpret these swings as a reflection of inventory valuation adjustments rather than a fundamental breakdown in the company's ability to convert sales into cash.
As reported in recent quarterly filings, free cash flow has demonstrated extreme sensitivity to working capital cycles, swinging from a peak of $415.4 million in 2023Q4 to a negative $22.4 million in 2025Q1, highlighting the inherent cyclicality of the company's cash flow generation profile.
The erratic FCF trajectory appears driven by the timing of inventory builds and liquidations rather than operational inefficiency. While the company maintains a strong competitive position, the inability to generate consistent free cash flow on a quarterly basis warrants caution regarding the predictability of cash available for shareholder returns.
According to the provided cash flow data, working capital changes are the primary driver of periodic cash flow variance, with a significant $256.9 million outflow in 2024Q1 contrasting sharply with a $227.5 million inflow in 2024Q4, illustrating the impact of inventory management on liquidity.
The company's decentralized model necessitates large inventory holdings, which creates substantial cash flow swings as branch managers adjust stock levels in response to local demand. This dynamic suggests that cash flow is less a function of operational margin and more a reflection of the company's strategic decision to prioritize immediate product availability.
Based on the company's historical cash flow statements, management consistently prioritizes share repurchases and dividends, with buybacks totaling $234.2 million in 2026Q1 alone, even during periods where operating cash flow was significantly constrained by working capital requirements.
The commitment to returning capital to shareholders appears to be a core pillar of the company's strategy, supported by a robust balance sheet that allows for continued payouts despite cash flow volatility. However, the aggressive pace of buybacks during lower cash flow quarters suggests a high degree of confidence in the long-term durability of the business model.
Quick answers to the most common questions about buying RS stock.
Reliance Steel & Aluminum Co. (RS) generated $831.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Reliance Steel & Aluminum Co. (RS) generated $502.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Reliance Steel & Aluminum Co. (RS) spent $328.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Reliance Steel & Aluminum Co. (RS) returned $254.7M to shareholders via cash dividends and spent $594.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.