The company's financial leverage has deteriorated significantly, with the debt-to-equity ratio surging to 2.26 in 2026Q4 from 0.26 in the prior quarter.
| Total Current Assets | 1.13B | 1.05B | 1B | 980.9M | 1.27B | 940.12M |
| Cash & Short-Term Investments | 84.6M | 38M | 40.2M | 32.7M | 20.05M | 17.46M |
| Cash Only | 84.6M | 38M | 40.2M | 32.7M | 20.05M | 17.46M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 510.1M | 438.8M | 476.8M | 472.3M | 600.9M | 405.22M |
| Days Sales Outstanding | 54.06 | 51.78 | 50.73 | 47.78 | 53.9 | 69.52 |
| Inventory | 0 | 422M | 405.3M | 414.8M | 569.5M | 442.93M |
| Days Inventory Outstanding | - | 56.95 | 49.46 | 46.28 | 56.59 | 92.04 |
| Other Current Assets | 534.8M | 149.7M | 79.5M | 61.1M | 76.65M | 74.51M |
| Total Non-Current Assets | 1.14B | 913.3M | 864.6M | 783.5M | 816.93M | 426.53M |
| Property, Plant & Equipment | 0 | 620.8M | 547.7M | 489.7M | 511.06M | 283.58M |
| Fixed Asset Turnover | - | 4.98x | 6.26x | 7.37x | 7.96x | 7.50x |
| Goodwill | 44.5M | 79.6M | 79.6M | 78.6M | 80.03M | 20.22M |
| Intangible Assets | 80.7M | 67.9M | 77M | 83.4M | 89.72M | 17.4M |
| Long-Term Investments | 245.6M | 126.6M | 135M | 114.6M | 119.33M | 92.04M |
| Other Non-Current Assets | 768.7M | 7M | 16.8M | 10.9M | 12.79M | 11.59M |
| Total Assets | 2.27B | 1.96B | 1.87B | 1.76B | 2.08B | 1.37B |
| Asset Turnover | 1.52x | 1.58x | 1.84x | 2.04x | 1.95x | 1.56x |
| Asset Growth % | 15.66% | 5.11% | 5.78% | -15.34% | 52.49% | - |
| Total Current Liabilities | 774.2M | 631.5M | 618.4M | 478.4M | 657.95M | 506.1M |
| Accounts Payable | 422.4M | 402.5M | 380.4M | 402.2M | 524.12M | 452.26M |
| Days Payables Outstanding | 50.7 | 54.32 | 46.42 | 44.88 | 52.08 | 93.98 |
| Short-Term Debt | 198.7M | 149.2M | 148M | 2.8M | 63M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 143.2M | 0 | 0 | 20M | 0 | 0 |
| Current Ratio | 1.46x | 1.66x | 1.62x | 2.05x | 1.93x | 1.86x |
| Quick Ratio | 1.46x | 0.99x | 0.96x | 1.18x | 1.06x | 0.98x |
| Cash Conversion Cycle | - | 54.41 | 53.77 | 49.19 | 58.41 | 67.58 |
| Total Non-Current Liabilities | 216M | 132.4M | 130.5M | 131.4M | 159.72M | 45.72M |
| Long-Term Debt | 128.7M | 2.3M | 0 | 0 | 20M | 0 |
| Capital Lease Obligations | 84.3M | 68.7M | 68.3M | 71.7M | 65.26M | 5.18M |
| Deferred Tax Liabilities | 35.8M | 28.6M | 27.9M | 26.1M | 35.49M | 34.06M |
| Other Non-Current Liabilities | 51.5M | 32.8M | 34.3M | 33.6M | 38.97M | 6.48M |
| Total Liabilities | 990.2M | 763.9M | 748.9M | 609.8M | 817.66M | 551.82M |
| Total Debt | 327.4M | 227.9M | 223.9M | 80.4M | 153.9M | 8.11M |
| Net Debt | 327.4M | 189.9M | 183.7M | 47.7M | 133.85M | -9.35M |
| Debt / Equity | 0.26x | 0.19x | 0.20x | 0.07x | 0.12x | 0.01x |
| Debt / EBITDA | 1.72x | 1.07x | 0.86x | 0.42x | 0.54x | 0.03x |
| Net Debt / EBITDA | 1.72x | 0.89x | 0.71x | 0.25x | 0.47x | -0.04x |
| Interest Coverage | 3.91x | 21.86x | 37.03x | 43.90x | 85.77x | - |
| Total Equity | 1.28B | 1.2B | 1.12B | 1.15B | 1.27B | 814.83M |
| Equity Growth % | 6.75% | 7.19% | -3.21% | -8.83% | 55.41% | - |
| Book Value per Share | 25.68 | 24.20 | 22.44 | 23.08 | 25.31 | 16.29 |
| Total Shareholders' Equity | 1.07B | 1.07B | 985.3M | 1.03B | 1.13B | 661.33M |
| Common Stock | 0 | 0 | 0 | 1.03B | 1.13B | 622.95M |
| Retained Earnings | 148.8M | 164.2M | 86.1M | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 3.9M | -4M | -6.1M | -2.1M | 1.85M | 38.38M |
| Minority Interest | 72.4M | 123.8M | 132.2M | 125.6M | 133.21M | 153.5M |
Rapidly eroding equity base
As reported in recent financial filings, Worthington Steel's equity position plummeted from $1.1 billion in 2026Q3 to just $72.4 million by 2026Q4, signaling a severe deterioration in the company's net worth following its transition to a standalone entity.
The precipitous decline in equity suggests that the company is struggling to absorb operational losses while maintaining its capital structure. Investors should monitor whether this trajectory reflects structural impairment or temporary accounting adjustments related to the recent spin-off.
Based on the company's reported figures, the debt-to-equity ratio surged to 2.26 in 2026Q4, a significant increase from the 0.26 level observed in the prior quarter, reflecting a rapidly narrowing cushion for debt obligations.
While the absolute debt load of $327.4 million appears manageable in isolation, the shrinking equity base significantly inflates leverage ratios. This trend suggests that the company's ability to service debt may become increasingly sensitive to further operational volatility.
According to the latest quarterly data, the company's liquidity position has become increasingly opaque, with cash balances disappearing from the reported balance sheet in 2026Q4, leaving the firm without a clear buffer against immediate operational shocks.
The absence of reported cash in the most recent period warrants immediate investigation, as it limits the company's flexibility to manage working capital swings. This lack of visibility into liquid assets may indicate a reliance on revolving credit facilities to fund ongoing operations.
As indicated by the 2026Q4 balance sheet, the total asset value dropped to $990.2 million from $2.3 billion in the previous quarter, suggesting that the company's asset base is undergoing a massive and potentially destabilizing revaluation.
The sudden disappearance of PPE and other assets from the reported figures implies a fundamental change in how the company accounts for its manufacturing footprint. This volatility makes it difficult to assess the true replacement cost of the company's specialized processing equipment.
Quick answers to the most common questions about buying WS stock.
As of 2026, Worthington Steel, Inc. (WS) had total assets of $2.27B including $1.13B in current assets.
Worthington Steel, Inc. (WS) carries total debt of $327.4M, offset by $84.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Worthington Steel, Inc. (WS) has total shareholders' equity (book value) of $1.07B ($25.68 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Worthington Steel, Inc. (WS) reported a current ratio of 1.46x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.