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Worthington Steel

WS NYSE Steel Financials FY2022–FY2026

Worthington Steel's revenue rose 11.3% to $3.4 billion in fiscal 2026. Its operating margin was −0.0%, down from 4.8% a year earlier. Free cash flow was $80 million, down 19.9%. It paid out $33 million in dividends and buybacks, 41% of free cash flow. The diluted share count rose 0.6%.

Last close · Oct 23, 2026

$40.85

0.9%
Value it Compare
Revenue Total sales reported in the income statement.
$3.4B
11.3% vs prior year
Operating margin Operating income as a share of revenue.
−0.0%
4.8 pts
Net income Profit after all expenses, interest and tax.
$8.5M
92.3%
Free cash flow Cash from operations minus capital spending.
$80.0M
19.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−0.1%
8.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$2.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Worthington Steel does

No business description yet.

Legal name
WORTHINGTON STEEL, INC.
Fiscal year ends
May 31, 2026
Latest annual report
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Accession · CIK
0001968487-26-000026
0001968487

Revenue and margins

Worthington Steel had $3.4B of revenue in fiscal 2026, up 11.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2022 to 2026, diluted EPS grew −53.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $80.0M in fiscal 2026, 2.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Worthington Steel returned $32.6M to shareholders in fiscal 2026, 41% of free cash flow. The diluted share count rose 0.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Worthington Steel yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$181M and divides by 50.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Worthington Steel can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $20.1M$32.7M$40.2M$38.0M$84.6M
Debt incl. finance leases —$22.8M$148M$301M$265M
Net debt / EBITDA —−0.1x0.4x1.2x2.2x
Debt / equity —0.0x0.2x0.3x0.3x
Interest coverage 75.5x40.1x32.4x20.7x−0.1x
Current ratio —2.1x1.6x1.7x1.5x
Quick ratio —1.2x1.0x1.0x0.9x
Total assets —$1.8B$1.9B$2.0B$2.3B
Total liabilities —$610M$749M$764M$990M
Shareholders' equity $1.3B$1.0B$985M$1.1B$1.1B
Net debt (− = net cash) —−$9.9M$108M$263M$181M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.4M

2 insiders

Sold, 12 months

$1.4M

3 insiders

Of sales under plans

100%

$1.4M

DateInsiderTradeSharesPriceValueFiling
Jun 2, 2026 Jeffrey R KlinglerChief Operating Officer Sold plan 20,036 $43.82 $0.9M Form 4
Jun 1, 2026 Jeffrey R KlinglerChief Operating Officer Sold plan 200 $43.00 $0.0M Form 4
Jun 1, 2026 Timothy A AdamsChief Financial Officer Sold plan 2,367 $42.27 $0.1M Form 4
May 22, 2026 Clifford LariveyPresident Flat Rolled Stl Proc Sold plan 11,105 $40.09 $0.4M Form 4
Jan 30, 2026 Jon J BowsherDirector Bought 2,500 $40.15 $0.1M Form 4
Jan 27, 2026 Scott J KellyDirector Bought 7,000 $39.11 $0.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose — ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets — ✕ ✓
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✕ ✕
Revenue rose relative to assets — ✕ ✓
F-score — / 94 / 95 / 9
Accruals ratio −2.5%−6.3%−9.2%
Altman Z'' 3.773.822.50

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Worthington Steel WS $2.0B 11.3% −0.0% 2.3% −0.1% — 5
Alpha Metallurgical Resources AMR $2.1B −28.0% −2.9% 0.8% −4.2% — 4 Compare →
Warrior Met Coal HCC $4.5B −14.1% 3.5% −7.0% 2.4% 20.7x 4 Compare →
Commercial Metals CMC $7.0B 20.5% — 5.1% 12.9% 10.7x 7 Compare →
Metallus MTUS $880M 6.9% — −8.0% 0.3% 102.1x 5 Compare →

5 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY22FY23FY24FY25FY26
Income statement
Revenue $4.1B $3.6B $3.4B $3.1B $3.4B
Gross profit $396M $337M $440M $389M $403M
Operating income $227M $120M $195M $147M −$1.4M
Interest expense $3.0M $3.0M $6.0M $7.1M $28.4M
Pretax income $254M $129M $216M $148M $7.1M
Income tax $54.0M $29.0M $46.1M $28.8M $20.0M
Net income $180M $87.1M $155M $111M $8.5M
Diluted EPS $3.66 $1.77 $3.11 $2.19 $0.17
Diluted shares 0.05B 0.05B 0.05B 0.05B 0.05B
Cash flow
Cash from operations $39.5M $315M $200M $230M $201M
Capital expenditure $36.4M $45.5M $103M $130M $121M
Free cash flow $3.1M $270M $96.1M $99.9M $80.0M
Depreciation and amortization $59.5M $69.6M $65.3M $66.0M $84.2M
Stock-based compensation $8.7M $10.4M $10.3M $11.0M $13.9M
Acquisitions $377M $0.0M $21.0M $0.0M $2.9M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $7.9M $31.9M $32.6M
Dividends and buybacks $0.0M $0.0M $7.9M $31.9M $32.6M
Balance sheet
Cash and short-term investments $20.1M $32.7M $40.2M $38.0M $84.6M
Total debt — $22.8M $148M $301M $257M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $8.4M
Current assets — $981M $1.0B $1.0B $1.1B
Current liabilities — $478M $618M $632M $776M
Inventory $0.0M $415M $405M $422M $416M
Property and equipment, net — $414M $475M $548M $649M
Total assets — $1.8B $1.9B $2.0B $2.3B
Total liabilities — $610M $749M $764M $990M
Shareholders' equity $1.3B $1.0B $985M $1.1B $1.1B
Margins
Gross margin 9.7% 9.3% 12.8% 12.6% 11.7%
Operating margin 5.6% 3.3% 5.7% 4.8% −0.0%
EBITDA margin 7.0% 5.3% 7.6% 6.9% 2.4%
Net margin 4.4% 2.4% 4.5% 3.6% 0.3%
FCF margin 0.1% 7.5% 2.8% 3.2% 2.3%
Returns
Return on capital — — 12.9% 8.8% −0.1%
Return on capital employed — — 15.4% 11.4% −0.1%
Return on equity — — 15.4% 10.8% 0.8%
Return on assets — — 8.5% 5.8% 0.4%
Growth
Revenue growth — −11.3% −4.9% −9.8% 11.3%
Net income growth — −51.7% 77.6% −28.4% −92.3%
EPS growth — −51.6% 75.7% −29.6% −92.2%
FCF growth — 8,593.6% −64.3% 4.0% −19.9%
Share count change — 0.0% 1.0% 1.4% 0.6%
Financial health
Net debt / EBITDA — −0.1x 0.4x 1.2x 2.2x
Debt / equity — 0.0x 0.2x 0.3x 0.3x
Interest coverage 75.5x 40.1x 32.4x 20.7x −0.1x
Current ratio — 2.1x 1.6x 1.7x 1.5x
Quick ratio — 1.2x 1.0x 1.0x 0.9x
Capital allocation
Capex / revenue 0.9% 1.3% 3.0% 4.2% 3.5%
Stock comp / revenue 0.2% 0.3% 0.3% 0.4% 0.4%
Payouts / FCF 0.0% 0.0% 8.2% 31.9% 40.8%
Quality scores
Piotroski F-score — — — 4.0 5.0
Altman Z'' — 4.3 3.8 3.8 2.5
Accruals ratio — — −2.5% −6.3% −9.2%

Source: SEC EDGAR XBRL filings (CIK 0001968487). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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