Alpha Metallurgical Resources vs Worthington Steel
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The short version
- Worthington Steel is the larger business, with $3.4B of revenue in fiscal 2026 against $2.1B for Alpha Metallurgical Resources, about 1.6 times as much.
- Worthington Steel grew revenue faster (11.3%, against β28.0%).
- Worthington Steel kept more of each dollar of sales as operating profit (β0.0% operating margin, against β2.9%).
- Worthington Steel turned more of its sales into free cash flow (2.3% FCF margin, against 0.8%).
- Worthington Steel earned a higher return on the capital invested in it (β0.1%, against β4.2%).
| Latest fiscal year | AMR Β· FY25 | WS Β· FY26 |
|---|---|---|
| Size | ||
| Market cap | $2.1B | $2.0B |
| Revenue | $2.1B | $3.4B |
| Free cash flow | $17.8M | $80.0M |
| Net income | β$61.7M | $8.5M |
| Growth | ||
| Revenue growth | β28.0% | 11.3% |
| 5-year growth | 8.5% | β |
| Share count change | β1.1% | 0.6% |
| Profitability | ||
| Gross margin | β | 11.7% |
| Operating margin | β2.9% | β0.0% |
| Net margin | β2.9% | 0.3% |
| FCF margin | 0.8% | 2.3% |
| Return on capital | β4.2% | β0.1% |
| Return on equity | β3.9% | 0.8% |
| Balance sheet | ||
| Net debt | β$402M | $181M |
| Net debt / EBITDA | β3.6x | 2.2x |
| Dividends and buybacks | $0.4M | $32.6M |
| Valuation & quality | ||
| P/E | β | β |
| Piotroski F-score | 4 | 5 |
Revenue
FY17
AMR $1.7B
WS β
FY18
AMR $2.0B
WS β
FY19
AMR $2.0B
WS β
FY20
AMR $1.4B
WS β
FY21
AMR $2.3B
WS β
FY22
AMR $4.1B
WS $4.1B
FY23
AMR $3.5B
WS $3.6B
FY24
AMR $3.0B
WS $3.4B
FY25
AMR $2.1B
WS $3.1B
FY26
AMR β
WS $3.4B
AMR
WS
Operating margin
FY17
AMR 11.1%
WS β
FY18
AMR 9.5%
WS β
FY19
AMR β8.5%
WS β
FY20
AMR β12.1%
WS β
FY21
AMR 15.9%
WS β
FY22
AMR 38.5%
WS 5.6%
FY23
AMR 24.9%
WS 3.3%
FY24
AMR 7.7%
WS 5.7%
FY25
AMR β2.9%
WS 4.8%
FY26
AMR β
WS β0.0%
AMR
WS
Free cash flow
FY17
AMR $242M
WS β
FY18
AMR $76.5M
WS β
FY19
AMR β$28.6M
WS β
FY20
AMR $9.7M
WS β
FY21
AMR $91.6M
WS β
FY22
AMR $1.3B
WS $3.1M
FY23
AMR $606M
WS $270M
FY24
AMR $381M
WS $96.1M
FY25
AMR $17.8M
WS $99.9M
FY26
AMR β
WS $80.0M
AMR
WS
Return on capital
FY17
AMR β
WS β
FY18
AMR 21.6%
WS β
FY19
AMR β10.3%
WS β
FY20
AMR β15.2%
WS β
FY21
AMR 44.7%
WS β
FY22
AMR 146.1%
WS β
FY23
AMR 61.2%
WS β
FY24
AMR 16.3%
WS 12.9%
FY25
AMR β4.2%
WS 8.8%
FY26
AMR β
WS β0.1%
AMR
WS
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.