Warrior Met Coal 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 $1.3B for Warrior Met Coal, about 2.6 times as much.
- Worthington Steel grew revenue faster (11.3%, against −14.1%).
- Warrior Met Coal kept more of each dollar of sales as operating profit (3.5% operating margin, against −0.0%).
- Worthington Steel turned more of its sales into free cash flow (2.3% FCF margin, against −7.0%).
- Warrior Met Coal earned a higher return on the capital invested in it (2.4%, against −0.1%).
| Latest fiscal year | HCC · FY25 | WS · FY26 |
|---|---|---|
| Size | ||
| Market cap | $4.5B | $2.0B |
| Revenue | $1.3B | $3.4B |
| Free cash flow | −$91.0M | $80.0M |
| Net income | $57.0M | $8.5M |
| Growth | ||
| Revenue growth | −14.1% | 11.3% |
| 5-year growth | 10.9% | — |
| Share count change | 0.5% | 0.6% |
| Profitability | ||
| Gross margin | 25.0% | 11.7% |
| Operating margin | 3.5% | −0.0% |
| Net margin | 4.4% | 0.3% |
| FCF margin | −7.0% | 2.3% |
| Return on capital | 2.4% | −0.1% |
| Return on equity | 2.7% | 0.8% |
| Balance sheet | ||
| Net debt | −$61.6M | $181M |
| Net debt / EBITDA | −0.3x | 2.2x |
| Dividends and buybacks | $17.8M | $32.6M |
| Valuation & quality | ||
| P/E | 20.7x | — |
| Piotroski F-score | 4 | 5 |
Revenue
FY17
HCC $1.2B
WS —
FY18
HCC $1.4B
WS —
FY19
HCC $1.3B
WS —
FY20
HCC $783M
WS —
FY21
HCC $1.1B
WS —
FY22
HCC $1.7B
WS $4.1B
FY23
HCC $1.7B
WS $3.6B
FY24
HCC $1.5B
WS $3.4B
FY25
HCC $1.3B
WS $3.1B
FY26
HCC —
WS $3.4B
HCC
WS
Operating margin
FY17
HCC 36.2%
WS —
FY18
HCC 36.9%
WS —
FY19
HCC 30.2%
WS —
FY20
HCC −3.5%
WS —
FY21
HCC 23.0%
WS —
FY22
HCC 46.1%
WS 5.6%
FY23
HCC 32.3%
WS 3.3%
FY24
HCC 16.7%
WS 5.7%
FY25
HCC 3.5%
WS 4.8%
FY26
HCC —
WS −0.0%
HCC
WS
Free cash flow
FY17
HCC $342M
WS —
FY18
HCC $458M
WS —
FY19
HCC $426M
WS —
FY20
HCC $25.1M
WS —
FY21
HCC $294M
WS —
FY22
HCC $637M
WS $3.1M
FY23
HCC $209M
WS $270M
FY24
HCC −$89.8M
WS $96.1M
FY25
HCC −$91.0M
WS $99.9M
FY26
HCC —
WS $80.0M
HCC
WS
Return on capital
FY17
HCC —
WS —
FY18
HCC 59.8%
WS —
FY19
HCC 32.8%
WS —
FY20
HCC −2.3%
WS —
FY21
HCC 20.4%
WS —
FY22
HCC 72.1%
WS —
FY23
HCC 41.5%
WS —
FY24
HCC 14.6%
WS 12.9%
FY25
HCC 2.4%
WS 8.8%
FY26
HCC —
WS −0.1%
HCC
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.