Worthington Steel, Inc. WS
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:
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| 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 | 0.17 | 2.24 | 3.14 | 1.77 | 3.66 | — |
| EPS, diluted | 0.17 | 2.19 | 3.11 | 1.77 | 3.66 | — |
| Shares, diluted (wtd. avg.) | $50.8M | $50.5M | $49.8M | $49.3M | $49.3M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| 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.
Others in SIC 3310
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WOR | WORTHINGTON ENTERPRISES, INC. | $3.06B | 19.9x | 19.7% |
| ROCK | GIBRALTAR INDUSTRIES, INC. | $1.40B | — | 11.0% |
| IIIN | INSTEEL INDUSTRIES INC | $605.1M | 14.9x | 22.4% |
| FRD | FRIEDMAN INDUSTRIES INC | $328.9M | — | — |
| SID | NATIONAL STEEL CO | — | — | — |
| GGB | GERDAU S.A. | — | — | — |