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WOR

Worthington Industries, Inc.

WOR

Worthington Industries, Inc. • NYSE
$54.86 ▼ -1.01% (-0.56)
Market Cap $2.72 B
52w High $70.91
52w Low $37.88
Dividend Yield 0.70%
P/E 249.36
Volume 57.60K
Outstanding Shares 49.67M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $303.707M ▼ $73.041M ▼ $35.148M ▲ 11.573% ▲ $0.71 ▲ $58.83M ▲
Q4-2025 $317.884M ▲ $123.639M ▲ $3.877M ▼ 1.22% ▼ $0.079 ▼ $20.826M ▼
Q3-2025 $304.524M ▲ $68.379M ▼ $39.663M ▲ 13.025% ▲ $0.8 ▲ $65.209M ▲
Q2-2025 $274.046M ▲ $70.538M ▲ $28.26M ▲ 10.312% ▲ $0.57 ▲ $50.069M ▲
Q1-2025 $257.308M $67.194M $24.253M 9.426% $0.49 $43.161M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $167.122M ▼ $1.738B ▲ $778.306M ▲ $959.831M ▲
Q4-2025 $250.075M ▲ $1.695B ▲ $756.915M ▲ $938.237M ▼
Q3-2025 $222.844M ▲ $1.682B ▲ $743.483M ▼ $938.521M ▲
Q2-2025 $193.805M ▲ $1.657B ▲ $744.059M ▲ $912.958M ▲
Q1-2025 $178.547M $1.645B $742.03M $901.353M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $34.821M ▼ $41.061M ▼ $-105.43M ▼ $-18.584M ▼ $-82.953M ▼ $27.866M ▼
Q4-2025 $96.053M ▲ $62.414M ▲ $-20.022M ▼ $-15.161M ▼ $27.231M ▼ $49.328M ▲
Q3-2025 $39.339M ▲ $57.131M ▲ $-13.478M ▼ $-14.614M ▲ $29.039M ▲ $44.427M ▲
Q2-2025 $28.009M ▲ $49.053M ▲ $-12.854M ▲ $-20.941M ▼ $15.258M ▲ $33.892M ▲
Q1-2025 $24.253M $41.146M $-88.747M $-18.077M $-65.678M $31.517M

Revenue by Products

Product Q2-2025Q3-2025Q4-2025Q1-2026
Building Products
Building Products
 $160.00M ▲$160.00M ▲$190.00M ▲$180.00M ▼
Consumer Products
Consumer Products
 $120.00M ▲$140.00M ▲$130.00M ▼$120.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Worthington’s income statement shows a company in transition. Revenue has stepped down sharply from earlier peaks, largely reflecting the separation from its legacy steel business and a narrower, more focused portfolio. Profitability has been choppy: operating income recently dipped slightly into the red, but cash-based earnings remain positive, suggesting underlying businesses are still generating value even as reported margins absorb restructuring, separation, and integration costs. Net income is positive but well below the unusually strong results seen earlier in the decade, and earnings per share have come down from prior highs. Overall, the picture is of a company reshaping itself, trading past scale in steel for a more specialized, brand- and product-driven profile, with profits in a rebuilding phase rather than at a peak.

Balance Sheet

Balance Sheet The balance sheet has become leaner and simpler after the strategic separation. Total assets are much lower than a few years ago, which is expected when a major business line is spun out. On the plus side, debt has been pared back meaningfully, and leverage looks more conservative than before. Cash levels are healthy relative to the size of the new enterprise, providing a cushion for operations and ongoing investment. Equity is smaller in absolute terms, but still forms a solid base of capitalization. In short, the balance sheet now reflects a more focused, less capital-intensive company with a cleaner financial structure and more flexibility, albeit with less asset backing than in the past.

Cash Flow

Cash Flow Cash flow is a relative bright spot. Operating cash generation has been consistently positive, even in years when reported earnings were pressured. Free cash flow has also generally been positive, except for one year when investment needs temporarily outweighed operating inflows. Capital spending has been steady but not aggressive, suggesting disciplined investment rather than a heavy build-out of fixed assets. This pattern fits a business model that leans on brands, product innovation, and partnerships more than on owning large, commodity manufacturing assets. Overall, Worthington appears to fund its needs from internal cash flow, with room to support moderate growth initiatives and shareholder returns without stretching its finances.

Competitive Edge

Competitive Edge Worthington now competes less as a commodity steel processor and more as a specialized manufacturer with strong brands and channels. It holds leading positions in portable propane cylinders, gas containment, building products, and ceiling systems, supported by well-known consumer brands and entrenched relationships with big-box retailers and specialty distributors. Joint ventures like WAVE (ceiling systems) and ClarkDietrich (light-gauge framing) provide access to dominant positions in attractive building product niches and add a recurring stream of earnings without bearing all the associated capital costs. Its role as the only North American maker of certain small propane cylinders gives it a unique foothold that newcomers would struggle to match. These advantages are reinforced by broad distribution, long-standing customer relationships, and a culture built around continuous improvement and acquisitions of niche leaders, creating a multi-layered competitive moat rather than reliance on any single product.

Innovation and R&D

Innovation and R&D Innovation is central to Worthington’s new identity. The company is pushing beyond basic metal fabrication into smart, connected, and lightweight solutions. Examples include the SmartLid remote tank monitoring system, which turns traditional gas tanks into connected assets, and advanced composite cylinders that are lighter, more durable, and often easier and safer for end users. Internally, Worthington is rolling out “smart factory” tools that use real-time data to reduce downtime and waste. The partnership pipeline is broad: collaborations in hydrogen storage, data center cooling and containment, and IoT-enabled products show a clear intent to ride long-term themes like energy transition, digital infrastructure, and sustainability. Rather than a large centralized R&D lab, Worthington appears to blend targeted acquisitions, partnerships, and applied engineering to keep its portfolio refreshed and differentiated, with a noticeable tilt toward environmentally friendlier and technology-enhanced products.

Summary

Worthington today is very different from the more steel-heavy company of a few years ago. The separation of its steel processing business has reduced size and short-term earnings power, but also created a more focused portfolio centered on higher-value building and consumer products, branded cylinders, and joint ventures. Financially, profits are in a transition phase, but cash generation and a cleaner balance sheet provide stability. Strategically, the company’s strength lies in its combination of trusted brands, deep retail and distribution reach, and powerful joint ventures, supported by a culture that emphasizes people, lean operations, and bolt-on acquisitions. On top of that, its push into smart, connected, and sustainable products—ranging from composite cylinders to data center solutions and hydrogen-related systems—positions it to participate in several long-term growth trends. The key questions going forward are how effectively Worthington converts these innovation and partnership assets into steady, higher-margin earnings and how smoothly it manages the shift from a scale-driven steel processor to a more specialized, innovation-led industrial enterprise.

NEWS

November 5, 2025 · 8:15 AM UTC

Worthington Enterprises Participating in Baird Global Industrial Conference

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September 23, 2025 · 4:15 PM UTC

Worthington Enterprises Reports First Quarter Fiscal 2026 Results

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September 23, 2025 · 12:35 PM UTC

Worthington Enterprises Declares Quarterly Dividend

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September 16, 2025 · 8:35 AM UTC

Worthington Enterprises Releases 2025 Corporate Citizenship and Sustainability Report

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