Revenue growth accelerated to 16.9% in 2026Q4, though the 4.7% operating margin indicates that core profitability remains significantly lower than the 27.4% gross margin suggests.
| Metric | May'26 | May'25 | May'24 | May'23 | May'22 | May'21 | May'20 | May'19 | May'18 | May'17 | May'16 | May'15 | May'14 | May'13 | May'12 | May'11 | May'10 | May'09 | May'08 | May'07 | May'06 | May'05 | May'04 | May'03 | May'02 | May'01 | May'00 | May'99 | May'98 | May'97 |
|---|
| Sales/Revenue | 1.38B | 1.15B | 1.25B | 1.42B | 5.24B | 3.17B | 3.06B | 3.76B | 3.58B | 3.01B | 2.82B | 3.38B | 3.13B | 2.61B | 2.53B | 2.44B | 1.94B | 2.63B | 3.07B | 2.97B | 2.9B | 3.08B | 2.38B | 2.22B | 1.74B | 1.83B | 1.96B | 1.76B | 1.62B | 1.91B |
| Revenue Growth % | 19.75% | -7.4% | -12.18% | -72.94% | 65.3% | 3.67% | -18.63% | 4.97% | 18.83% | 6.89% | -16.68% | 8.25% | 19.68% | 3.06% | 3.77% | 25.71% | -26.16% | -14.21% | 3.21% | 2.58% | -5.9% | 29.41% | 7.17% | 27.22% | -4.44% | -6.96% | 11.32% | 8.54% | -15.03% | 29.36% |
| Cost of Goods Sold | 1B | 835.23M | 959.79M | 1.08B | 4.64B | 2.59B | 2.6B | 3.28B | 3.04B | 2.49B | 2.34B | 2.9B | 2.63B | 2.23B | 2.2B | 2.09B | 1.66B | 2.46B | 2.71B | 2.61B | 2.53B | 2.58B | 2B | 1.92B | 1.48B | 1.58B | 1.56B | 1.39B | 1.31B | 1.58B |
| COGS % of Revenue | 72.61% | 72.41% | 77.05% | 76.08% | 88.52% | 81.72% | 84.83% | 87.2% | 84.85% | 82.76% | 82.92% | 85.6% | 84.05% | 85.18% | 86.64% | 85.45% | 85.59% | 93.3% | 88.4% | 87.83% | 87.17% | 83.8% | 84.22% | 86.36% | 84.83% | 86.59% | 79.41% | 78.86% | 80.66% | 82.8% |
| Gross Profit | 378.27M | 318.26M | 285.92M | 339.37M | 602.01M | 579.84M | 464.1M | 481.32M | 542.54M | 519.75M | 481.67M | 487.33M | 498.74M | 387.02M | 338.75M | 355.34M | 279.94M | 176.17M | 355.75M | 361.63M | 371.63M | 498.87M | 375.37M | 302.9M | 264.78M | 244.92M | 404.15M | 372.7M | 314.1M | 328.9M |
| Gross Margin % | 27.39% | 27.59% | 22.95% | 23.92% | 11.48% | 18.28% | 15.17% | 12.8% | 15.15% | 17.24% | 17.08% | 14.4% | 15.95% | 14.82% | 13.36% | 14.55% | 14.41% | 6.7% | 11.6% | 12.17% | 12.83% | 16.2% | 15.78% | 13.64% | 15.17% | 13.41% | 20.59% | 21.14% | 19.34% | 17.2% |
| Gross Profit Growth % | 18.86% | 11.31% | -15.75% | -43.63% | 3.82% | 24.94% | -3.58% | -11.28% | 4.38% | 7.91% | -1.16% | -2.29% | 28.86% | 14.25% | -4.67% | 26.93% | 58.91% | -50.48% | -1.63% | -2.69% | -25.51% | 32.9% | 23.93% | 14.4% | 8.11% | -39.4% | 8.44% | 18.66% | -4.5% | 26.31% |
| Operating Expenses | 294.97M | 268.41M | 283.47M | 287.12M | 397.64M | 401.11M | 328.11M | 338.39M | 365.89M | 316.37M | 297.4M | 295.92M | 302.35M | 258.32M | 227.97M | 235.2M | 218.31M | 210.05M | 231.6M | 232.49M | 214.03M | 225.91M | 195.78M | 177.19M | 144.66M | 173.26M | 234.66M | 226.5M | 178.6M | 174.7M |
| OpEx % of Revenue | 21.35% | 23.27% | 22.76% | 20.24% | 7.59% | 12.65% | 10.73% | 9% | 10.22% | 10.5% | 10.55% | 8.74% | 9.67% | 9.89% | 8.99% | 9.63% | 11.24% | 7.98% | 7.55% | 7.82% | 7.39% | 7.34% | 8.23% | 7.98% | 8.29% | 9.49% | 11.96% | 12.85% | 10.99% | 9.14% |
| Selling, General & Admin | 294.97M | 268.41M | 283.47M | 287.12M | 397.64M | 350.49M | 328.11M | 338.39M | 365.89M | 316.37M | 297.4M | 291.86M | 298.54M | 255.14M | 227.97M | 235.2M | 218.31M | 210.05M | 231.6M | 232.49M | 214.03M | 225.91M | 195.78M | 182.69M | 165.88M | 173.26M | 163.66M | 148M | 117.1M | 123.3M |
| SG&A % of Revenue | 21.35% | 23.27% | 22.76% | 20.24% | 7.59% | 11.05% | 10.73% | 9% | 10.22% | 10.5% | 10.55% | 8.62% | 9.55% | 9.77% | 8.99% | 9.63% | 11.24% | 7.98% | 7.55% | 7.82% | 7.39% | 7.34% | 8.23% | 8.23% | 9.51% | 9.49% | 8.34% | 8.39% | 7.21% | 6.45% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | 0.14% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 50.62M | 0 | 0 | 0 | 0 | 4.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.5M | -21.22M | 0 | 71M | 78.5M | 61.5M | 51.4M |
| Operating Income | 76.21M | 49.85M | 2.45M | 52.26M | 204.36M | 178.73M | 135.99M | 142.93M | 176.65M | 203.38M | 184.27M | 191.41M | 196.39M | 128.7M | 110.78M | 120.14M | 61.63M | -33.88M | 124.14M | 129.15M | 157.6M | 272.96M | 110.19M | 125.93M | 34.32M | 65.18M | 160.94M | 146.2M | 135.5M | 154.2M |
| Operating Margin % | 5.52% | 4.32% | 0.2% | 3.68% | 3.9% | 5.64% | 4.45% | 3.8% | 4.93% | 6.75% | 6.54% | 5.66% | 6.28% | 4.93% | 4.37% | 4.92% | 3.17% | -1.29% | 4.05% | 4.35% | 5.44% | 8.87% | 4.63% | 5.67% | 1.97% | 3.57% | 8.2% | 8.29% | 8.34% | 8.07% |
| Operating Income Growth % | 52.87% | 1938.1% | -95.32% | -74.43% | 14.34% | 31.43% | -4.85% | -19.09% | -13.14% | 10.37% | -3.73% | -2.54% | 52.6% | 16.18% | -7.8% | 94.94% | 281.91% | -127.29% | -3.87% | -18.06% | -42.26% | 147.72% | -12.5% | 266.96% | -47.35% | -59.5% | 10.08% | 7.9% | -12.13% | 22.28% |
| EBITDA | 76.21M | 98.11M | 83.15M | 165.06M | 302.57M | 266.38M | 228.23M | 238.53M | 280.01M | 290.17M | 268.97M | 276.5M | 276.12M | 195.17M | 166.65M | 181.2M | 126.28M | 30.19M | 187.56M | 190.61M | 216.72M | 330.83M | 177.49M | 195.35M | 103.2M | 135.77M | 231.93M | 224.7M | 197M | 205.6M |
| EBITDA Margin % | 5.52% | 8.51% | 6.67% | 11.64% | 5.77% | 8.4% | 7.46% | 6.34% | 7.82% | 9.63% | 9.54% | 8.17% | 8.83% | 7.47% | 6.57% | 7.42% | 6.5% | 1.15% | 6.12% | 6.41% | 7.48% | 10.75% | 7.46% | 8.8% | 5.91% | 7.43% | 11.82% | 12.74% | 12.13% | 10.75% |
| EBITDA Growth % | -22.33% | 18% | -49.62% | -45.45% | 13.58% | 16.72% | -4.32% | -14.81% | -3.5% | 7.88% | -2.72% | 0.14% | 41.48% | 17.11% | -8.03% | 43.49% | 318.24% | -83.9% | -1.6% | -12.05% | -34.49% | 86.4% | -9.14% | 89.29% | -23.98% | -41.46% | 3.22% | 14.06% | -4.18% | 24.38% |
| D&A (Non-Cash Add-back) | 0 | 48.26M | 80.7M | 112.8M | 98.21M | 87.65M | 92.24M | 95.6M | 103.36M | 86.79M | 84.7M | 85.09M | 79.73M | 66.47M | 55.87M | 61.06M | 64.65M | 64.07M | 63.41M | 61.47M | 59.12M | 57.87M | 67.3M | 69.42M | 68.89M | 70.58M | 71M | 78.5M | 61.5M | 51.4M |
| EBIT | 0 | 131.11M | 75.78M | 178.56M | 545.6M | 946.35M | 142.79M | 244.36M | 247.34M | 326.71M | 247.78M | 146.29M | 239.59M | 221.21M | 192.72M | 193.6M | 87.69M | -125.23M | 167.15M | 187.91M | 239.03M | 313.23M | 179.59M | 125.71M | 120.11M | 71.66M | 169.49M | 146.2M | 135.5M | 110.9M |
| Net Interest Income | 0 | -2.3M | -1.77M | -18.27M | -31.31M | -28.64M | -32.01M | -37.9M | -38.27M | -29.59M | -31.16M | -33.26M | -22.09M | -19.91M | -15.46M | -11.07M | -9.53M | -20.73M | -21.45M | -21.89M | -26.28M | -24.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | -6.25M | 2.3M | 1.77M | 18.27M | 31.31M | 28.64M | 32.01M | 37.9M | 38.27M | 29.59M | 31.16M | 33.26M | 22.09M | 19.91M | 15.46M | 11.07M | 9.53M | 20.73M | 21.45M | 21.89M | 26.28M | 24.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 125.14M | 78.96M | 71.56M | 108.03M | 309.92M | 738.99M | -25.2M | 63.53M | 32.42M | 93.75M | 32.35M | -78.38M | 21.11M | 72.6M | 66.48M | 62.39M | 16.53M | -112.09M | 21.55M | 36.87M | 55.15M | 15.51M | 17.28M | -7.53M | -24.08M | -9.18M | -10.29M | -13.5M | -4.9M | -3.5M |
| Pretax Income | 201.35M | 128.81M | 74.01M | 160.29M | 514.29M | 917.72M | 110.79M | 206.46M | 209.07M | 297.13M | 216.62M | 113.03M | 217.5M | 201.3M | 177.26M | 182.53M | 78.16M | -145.97M | 145.69M | 166.02M | 212.75M | 288.47M | 127.46M | 118.4M | 10.24M | 56.01M | 150.64M | 132.7M | 130.6M | 150.5M |
| Pretax Margin % | 14.58% | 11.17% | 5.94% | 11.3% | 9.81% | 28.94% | 3.62% | 5.49% | 5.84% | 9.86% | 7.68% | 3.34% | 6.96% | 7.71% | 6.99% | 7.47% | 4.02% | -5.55% | 4.75% | 5.59% | 7.34% | 9.37% | 5.36% | 5.33% | 0.59% | 3.07% | 7.68% | 7.53% | 8.04% | 7.87% |
| Income Tax | 46.31M | 33.84M | 39.03M | 34.53M | 115.02M | 176.27M | 26.34M | 43.18M | 8.22M | 79.19M | 58.99M | 25.77M | 57.35M | 64.47M | 51.9M | 58.5M | 26.65M | -37.75M | 38.62M | 52.11M | 66.76M | 109.06M | 40.71M | 43.22M | 3.74M | 20.44M | 56.49M | 49.1M | 48.3M | 57.2M |
| Effective Tax Rate % | 23% | 26.27% | 52.73% | 21.55% | 22.37% | 19.21% | 23.78% | 20.92% | 3.93% | 26.65% | 27.23% | 22.8% | 26.37% | 32.02% | 29.28% | 32.05% | 34.1% | 25.86% | 26.51% | 31.39% | 31.38% | 37.81% | 31.94% | 36.5% | 36.5% | 36.5% | 37.5% | 37% | 36.98% | 38.01% |
| Net Income | 156.09M | 96.05M | 110.62M | 256.53M | 379.39M | 723.79M | 78.8M | 153.46M | 194.79M | 204.51M | 143.72M | 76.78M | 151.3M | 136.44M | 115.59M | 115.07M | 45.24M | -108.21M | 107.08M | 113.91M | 145.99M | 179.41M | 86.75M | 75.18M | 6.5M | 35.56M | 94.15M | 54.9M | 118.4M | 93.3M |
| Net Margin % | 11.3% | 8.33% | 8.88% | 18.08% | 7.24% | 22.82% | 2.58% | 4.08% | 5.44% | 6.79% | 5.1% | 2.27% | 4.84% | 5.22% | 4.56% | 4.71% | 2.33% | -4.11% | 3.49% | 3.83% | 5.04% | 5.83% | 3.65% | 3.39% | 0.37% | 1.95% | 4.8% | 3.11% | 7.29% | 4.88% |
| Net Income Growth % | 62.5% | -13.17% | -56.88% | -32.38% | -47.58% | 818.57% | -48.65% | -21.22% | -4.75% | 42.31% | 87.17% | -49.25% | 10.89% | 18.03% | 0.46% | 154.34% | 141.81% | -201.06% | -5.99% | -21.98% | -18.63% | 106.81% | 15.39% | 1056.31% | -81.72% | -62.23% | 71.5% | -53.63% | 26.9% | 2.19% |
| Net Income (Continuing) | 156.09M | 94.97M | 34.98M | 125.75M | 399.26M | 741.45M | 84.44M | 163.27M | 200.85M | 217.94M | 157.63M | 87.26M | 160.15M | 136.84M | 125.35M | 124.03M | 51.51M | -108.21M | 107.08M | 113.91M | 145.99M | 179.41M | 86.75M | 75.18M | 6.5M | 35.56M | 94.15M | 83.6M | 82.3M | 66.6M |
| Discontinued Operations | 0 | 0 | 82.84M | 143.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 1.05M | 2.13M | 125.62M | 133.21M | 153.5M | 145.61M | 117.15M | 117.61M | 122.29M | 126.47M | 90.94M | 94.07M | 41.41M | 50.26M | 50.79M | 38.62M | 36.89M | 42.16M | 49.32M | 49.45M | 43M | 41.98M | 0 | 41.22M | 49.54M | 53.59M | 47.8M | 42.4M | 8.9M |
| EPS (Diluted) | 3.18 | 1.92 | 2.20 | 5.19 | 7.44 | 13.42 | 1.41 | 2.61 | 3.09 | 3.15 | 2.22 | 1.12 | 2.11 | 1.91 | 1.65 | 1.53 | 0.57 | -1.37 | 1.31 | 1.31 | 1.64 | 2.03 | 1.00 | 0.87 | 0.08 | 0.42 | 1.06 | 0.59 | 1.22 | 0.96 |
| EPS Growth % | 65.63% | -12.73% | -57.61% | -30.24% | -44.56% | 851.77% | -45.98% | -15.53% | -1.9% | 41.89% | 98.21% | -46.92% | 10.47% | 15.76% | 7.84% | 168.42% | 141.61% | -204.58% | 0% | -20.12% | -19.21% | 103% | 14.94% | 1049.27% | -81.98% | -60.38% | 79.66% | -51.64% | 27.08% | -8.57% |
| EPS (Basic) | 3.18 | 1.94 | 2.25 | 5.28 | 7.60 | 13.73 | 1.43 | 2.68 | 3.20 | 3.28 | 2.30 | 1.16 | 2.19 | 1.97 | 1.66 | 1.54 | 0.57 | -1.37 | 1.32 | 1.32 | 1.65 | 2.05 | 1.01 | 0.88 | 0.08 | 0.42 | 1.06 | 0.59 | 1.22 | 0.96 |
| Diluted Shares Outstanding | 49.07M | 50.13M | 50.35M | 49.39M | 50.99M | 53.92M | 55.98M | 58.82M | 63.04M | 64.87M | 64.75M | 68.48M | 71.66M | 71.31M | 70.25M | 75.41M | 79.14M | 78.9M | 81.9M | 87M | 88.98M | 88.5M | 86.95M | 86.54M | 85.93M | 85.62M | 88.6M | 93.11M | 96.95M | 97.19M |
| Basic Shares Outstanding | 49.07M | 49.4M | 49.2M | 48.57M | 49.94M | 52.7M | 54.96M | 57.2M | 60.92M | 62.44M | 62.47M | 66.31M | 68.94M | 69.3M | 69.65M | 74.8M | 79.13M | 78.9M | 81.23M | 86.35M | 88.29M | 87.65M | 86.31M | 85.78M | 85.41M | 85.59M | 88.41M | 93.02M | 96.75M | 97.19M |
| Dividend Payout Ratio | - | 35.3% | 51.36% | 23.09% | 15.08% | 7.32% | 67.63% | 34.1% | 26.37% | 24.8% | 32.84% | 60.47% | 20.62% | 32.35% | 27.8% | 26.22% | 69.98% | - | 51.91% | 51.81% | 41.09% | 31.71% | 63.59% | 72.98% | 840.59% | 154.15% | 56.46% | 95.45% | 42.48% | 47.48% |
JV Income Dependency
According to recent quarterly filings, Worthington Enterprises has demonstrated a notable acceleration in top-line performance, with revenue growth reaching 16.9% in 2026Q4 compared to the contraction observed in early 2025, suggesting a successful pivot toward higher-value branded consumer and building product segments following the corporate restructuring.
The shift from negative growth in 2025 to double-digit expansion in late 2026 indicates that the company's current product mix is gaining traction in its core North American markets. Investors should monitor whether this growth is sustainable or if it reflects a temporary recovery in retail replenishment cycles that may normalize in subsequent periods.
As reported in financial statements, the company achieved a gross margin of 27.4% in 2026Q4, reflecting a structural improvement over the 22.6% levels seen in 2024Q3, which suggests that the transition toward branded consumer goods is successfully insulating the firm from raw commodity price volatility.
While gross margins have trended upward, operating margins remain thin at 4.7%, indicating that manufacturing overhead and SG&A costs continue to exert significant pressure on profitability. This disparity suggests that the company has yet to achieve the operational scale necessary to translate its improved gross profit profile into consistent bottom-line margin expansion.
Based on the provided income statement data, net income consistently exceeds operating income, with 2026Q4 net income of $48.1M dwarfing the $17.6M operating income, a discrepancy largely driven by the significant contribution of equity earnings from unconsolidated affiliates like the WAVE joint venture.
The reliance on non-operating equity income suggests that the core manufacturing business may be less profitable than the headline net margin implies. Analysts should exercise caution, as the quality of earnings is heavily dependent on the performance of external partnerships rather than the organic efficiency of the wholly-owned business units.
Analysis of the income statement reveals that operating income has failed to scale proportionally with gross profit, as evidenced by the 2026Q4 operating margin of 4.7% despite a robust gross margin of 27.4%, indicating that SG&A expenses are consuming a substantial portion of the company's gross profit.
The inability to drive significant operating leverage suggests that the company's cost structure remains rigid, potentially due to the high fixed costs associated with specialized pressure cylinder manufacturing. Further investigation is warranted to determine if management can optimize SG&A spending to improve the conversion of gross profit into operating income.
Data from recent filings indicates that the company's reliance on equity income and the potential cooling of the US construction market pose significant risks to the current growth narrative, as the 2026Q4 net margin of 13.0% appears disconnected from the underlying 4.7% operating margin.
Short-term growth may be masking underlying cyclical vulnerabilities in the Building Products segment, which is highly sensitive to interest rate environments. Investors should consider the possibility that the current valuation reflects an overly optimistic view of the company's ability to maintain these margins if construction demand softens.
Quick answers to the most common questions about buying WOR stock.
For fiscal year 2026, Worthington Industries, Inc. (WOR) reported total revenue of $1.38B. This represents a 27.7% decline compared to $1.91B in 1997.
Worthington Industries, Inc. (WOR) is profitable, generating $156.1M in net income for the fiscal year ending 2026 with a net profit margin of 11.3%.
Worthington Industries, Inc. (WOR) reported an operating income of $76.2M, resulting in an operating profit margin of 5.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Worthington Industries, Inc. (WOR) generated $378.3M in gross profit for the year, representing a gross profit margin of 27.4%. This demonstrates the company's core pricing power and production efficiency.