Worthington Steel, Inc. WS

Basic materials SIC 3310 - Steel Works, Blast Furnaces & Rolling & Finishing Mills NAICS Manufacturing › Primary Metal Manufacturing › Steel Product Manufacturing from Purchased Steel derived NYSE

Worthington Steel, Inc., an Ohio corporation ("Worthington Steel" and, together with its consolidated subsidiaries and joint ventures, referred to herein as the "Company," "we," "us" or "our") is one of North America's premier value-added metals processors with the ability to provide a diversified range of products and services that span a variety of end markets. We are a value-added processor of carbon flat-rolled steel and a producer of laser welded solutions and electrical steel laminations. We are one of the largest independent intermediate processors of carbon flat-rolled steel in the U.S. We occupy a niche in the steel industry by focusing on products requiring exact specifications.

We buy coils of steel from primary steel producers and process them to the precise type, thickness, length, width, shape and surface quality required by customer specifications. Our product lines and processing capabilities include:

Last close 40.85 2026-10-23
Market cap $2.08B 2026-05-31 share count
52-week range 27.22 - 49.17

Valuation FY2025 figures against the last close

P/S0.6x
P/E240.3x
P/FCF26.0x
EV/EBITDA28.8x
Dividend yield1.6%
Diluted EPS0.17

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Canada
  • Rest of World
  • Mexico
Revenue by geography, 4 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 2.6B (74.4%) 74% United States Canada, FY2025: 392.1M (11.4%) 11% Canada Rest of World, FY2025: 282.9M (8.2%) 8% Mexico, FY2025: 208M (6.0%) 6% Mexico FY2024 United States, FY2024: 2.4B (78.8%) 79% Canada, FY2024: 330.8M (10.7%) 11% Rest of World, FY2024: 118.5M (3.8%) 4% Mexico, FY2024: 207.7M (6.7%) 7% FY2023 United States, FY2023: 2.8B (80.2%) 80% Canada, FY2023: 392.6M (11.4%) 11% Rest of World, FY2023: 104.7M (3.1%) Mexico, FY2023: 181.3M (5.3%) 5%
Region FY2025FY2024FY2023
United States $2.56B $2.44B $2.75B
Canada $392.1M $330.8M $392.6M
Rest of World $282.9M $118.5M $104.7M
Mexico $208.0M $207.7M $181.3M

As the company reported it, from the “Segment Information and Geographic Data - Schedule of Net Sales by Geographic Region (Detail)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020
Revenue $3.44B$3.09B$3.43B$3.61B$4.07B—
Cost of revenue $3.04B$2.70B$2.99B$3.27B$3.67B—
Gross profit $403.3M$388.6M$439.8M$336.5M$395.5M—
SG&A $297.4M$231.6M$224.4M$200.8M$180.3M—
Operating income -$1.4M$147.0M$194.5M$120.3M$226.6M—
Interest expense $28.4M$7.1M$6.0M$3.0M$3.0M—
Pre-tax income $7.1M$148.1M$216.2M$128.7M$254.3M—
Income tax $20.0M$28.8M$46.1M$29.0M$54.0M—
Net income -$13.0M$119.0M$170.0M$87.1M$180.4M—
EPS, basic 0.172.243.141.773.66—
EPS, diluted 0.172.193.111.773.66—
Shares, diluted (wtd. avg.) 50.8M50.5M49.8M49.3M49.3M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020
Cash and equivalents $84.6M$38.0M$40.2M$32.7M$20.1M$17.5M
Receivables $496.2M$438.7M$472.6M$468.0M——
Inventory $415.7M$422.0M$405.3M$414.8M——
Total current assets $1.13B$1.05B$1.00B$980.9M——
Property, plant and equipment $649.3M$548.2M$474.8M$414.4M$1.4M—
Goodwill $44.5M$79.6M$79.6M$78.6M$80.0M—
Other intangibles $77.3M$67.9M$77.0M$83.4M——
Total assets $2.25B$1.96B$1.87B$1.76B——
Accounts payable $424.0M$402.5M$380.4M$402.2M——
Short-term debt $27.0M$0$148.0M$20.0M——
Total current liabilities $775.8M$631.5M$618.4M$478.4M——
Long-term debt $44.4M$2.3M$0$0——
Total liabilities $989.5M$763.9M$748.9M$609.8M——
Retained earnings $140.0M$164.2M$86.1M$0——
Total equity $1.06B$1.07B$1.12B$1.15B$1.27B$814.8M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020
Operating cash flow $201.2M$230.3M$199.5M$315.0M$39.5M—
Depreciation and amortisation $73.1M$59.4M$58.5M$62.7M$54.2M—
Capital expenditure $121.2M$130.4M$103.4M$45.5M$36.4M—
Investing cash flow -$213.4M-$129.1M-$123.2M-$22.2M-$395.3M—
Financing cash flow $3.0M-$48.5M-$68.8M-$280.2M$358.4M—
Dividends paid $32.6M$31.9M$7.9M$0$0—

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-352256.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2B 0 2B 4B 6B Revenue, FY2021: 4.1B Gross profit, FY2021: 395.5M Net income, FY2021: 180.4M Revenue, FY2022: 3.6B Gross profit, FY2022: 336.5M Net income, FY2022: 87.1M Revenue, FY2023: 3.4B Gross profit, FY2023: 439.8M Net income, FY2023: 170M Revenue, FY2024: 3.1B Gross profit, FY2024: 388.6M Net income, FY2024: 119M Revenue, FY2025: 3.4B Gross profit, FY2025: 403.3M Net income, FY2025: -13M FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $4.07B $3.61B $3.43B $3.09B $3.44B
Gross profit — $395.5M $336.5M $439.8M $388.6M $403.3M
Net income — $180.4M $87.1M $170.0M $119.0M -$13.0M

Recent filings and events

  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Acquisition or disposal completed Item 2.01
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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