WS NYSE Steel Financials FY2022βFY2026
Worthington Steel had $3.4B of revenue in fiscal 2026, up 11.3% on the year before.
Hi! I read Worthington Steelβs latest annual report (fiscal 2026). Here is what stands out:
Good So-so Weak
Are sales growing?
+11.3%
Yes. Sales grew 11.3% last year.
Does it make a profit?
0.3%
A little. It keeps 0.3% of every sale as profit.
Does profit turn into cash?
2.3%
Partly. 2.3% of sales ends up as free cash.
Is debt under control?
2.2x
Keep an eye on it. Repaying its debt would take 2.2 years of operating profit.
How healthy are the accounts?
5 / 9
Mixed. It passes 5 of 9 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Worthington Steel did it, and the next one. Share prices often move a lot on those days.
Next results
December 16, 2026
Wednesday Β· in 52 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Oct 6, 2026 | Q1 '27 | Time not announced | 8-K β |
| Jun 23, 2026 | Q4 '26 | Time not announced | 8-K β |
| Mar 25, 2026 | Q3 '26 | Time not announced | 8-K β |
| Dec 17, 2025 | Q2 '26 | Time not announced | 8-K β |
| Sep 24, 2025 | Q1 '26 | Time not announced | 8-K β |
| Jun 24, 2025 | Q4 '25 | Time not announced | 8-K β |
| Mar 19, 2025 | Q3 '25 | Time not announced | 8-K β |
| Dec 18, 2024 | Q2 '25 | Time not announced | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Worthington Steel had $3.4B of revenue in fiscal 2026, up 11.3% on the year before. Its operating margin was β0.0%, down 4.8Β pts: of every 100 in sales, about β0 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
KIRA Β· Worthington Steel made $8.5M of net profit in fiscal 2026. From fiscal 2022 to 2026, diluted EPS grew β53.6% a year.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $80.0M in fiscal 2026, 2.3% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
KIRA Β· Worthington Steel returned $32.6M to shareholders in fiscal 2026, 41% of free cash flow. The diluted share count rose 0.6%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
KIRA Β· In the last 12 months, insiders bought $0.4M and sold $1.4M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.4M
2 insiders
Sold, 12 months
$1.4M
3 insiders
Of sales under plans
100%
$1.4M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| 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 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Worthington Steel owes $181M more than it holds in cash, about 2.2 years of operating profit.
Cash, debt and the ratios that show how comfortably Worthington Steel can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $20.1M | $32.7M | $40.2M | $38.0M | $84.6M |
| Debt incl. finance leases | β | $22.8M | $148M | $301M | $265M |
| Net debt / EBITDA | β | β0.1x | 0.4x | 1.2x | 2.2x |
| Debt / equity | β | 0.0x | 0.2x | 0.3x | 0.3x |
| Interest coverage | 75.5x | 40.1x | 32.4x | 20.7x | β0.1x |
| Current ratio | β | 2.1x | 1.6x | 1.7x | 1.5x |
| Quick ratio | β | 1.2x | 1.0x | 1.0x | 0.9x |
| Total assets | β | $1.8B | $1.9B | $2.0B | $2.3B |
| Total liabilities | β | $610M | $749M | $764M | $990M |
| Shareholders' equity | $1.3B | $1.0B | $985M | $1.1B | $1.1B |
| Net debt (β = net cash) | β | β$9.9M | $108M | $263M | $181M |
KIRA Β· Its return on capital was β0.1%: every 100 invested in the business earned about β0 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
KIRA Β· Worthington Steel passes 5 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | β / 9 | 4 / 9 | 5 / 9 |
| Accruals ratio | β2.5% | β6.3% | β9.2% |
| Altman Z'' | 3.77 | 3.82 | 2.50 |
What does the share cost, and how does it compare?
KIRA Β· At $40.85 a share, the company is worth $2.0B.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of β$181M and divides by 50.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
KIRA Β· Worthington Steel grew sales faster than 3 of its 4 similar companies.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Worthington Steel WS | $2.0B | 11.3% | β0.0% | 2.3% | β0.1% | β | 5 | |
| Alpha Metallurgical Resources AMR | $2.1B | β28.0% | β2.9% | 0.8% | β4.2% | β | 4 | Compare β |
| Warrior Met Coal HCC | $4.5B | β14.1% | 3.5% | β7.0% | 2.4% | 20.7x | 4 | Compare β |
| Commercial Metals CMC | $7.0B | 20.5% | β | 5.1% | 12.9% | β | 7 | Compare β |
| Metallus MTUS | $880M | 6.9% | β | β8.0% | 0.3% | 102.1x | 5 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| 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 | β$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 | β | $22.8M | $148M | $301M | $257M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $8.4M |
| Current assets | β | $981M | $1.0B | $1.0B | $1.1B |
| Current liabilities | β | $478M | $618M | $632M | $776M |
| Inventory | $0.0M | $415M | $405M | $422M | $416M |
| Property and equipment, net | β | $414M | $475M | $548M | $649M |
| Total assets | β | $1.8B | $1.9B | $2.0B | $2.3B |
| Total liabilities | β | $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% | β0.0% |
| 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 | β | β | 12.9% | 8.8% | β0.1% |
| Return on capital employed | β | β | 15.4% | 11.4% | β0.1% |
| Return on equity | β | β | 15.4% | 10.8% | 0.8% |
| Return on assets | β | β | 8.5% | 5.8% | 0.4% |
| Growth | |||||
| Revenue growth | β | β11.3% | β4.9% | β9.8% | 11.3% |
| Net income growth | β | β51.7% | 77.6% | β28.4% | β92.3% |
| EPS growth | β | β51.6% | 75.7% | β29.6% | β92.2% |
| FCF growth | β | 8,593.6% | β64.3% | 4.0% | β19.9% |
| Share count change | β | 0.0% | 1.0% | 1.4% | 0.6% |
| Financial health | |||||
| Net debt / EBITDA | β | β0.1x | 0.4x | 1.2x | 2.2x |
| Debt / equity | β | 0.0x | 0.2x | 0.3x | 0.3x |
| Interest coverage | 75.5x | 40.1x | 32.4x | 20.7x | β0.1x |
| Current ratio | β | 2.1x | 1.6x | 1.7x | 1.5x |
| Quick ratio | β | 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 | β | β | β | 4.0 | 5.0 |
| Altman Z'' | β | 4.3 | 3.8 | 3.8 | 2.5 |
| Accruals ratio | β | β | β2.5% | β6.3% | β9.2% |
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 β not investment advice. Check the original filings before relying on any figure.
