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Worthington Steel, Inc.

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Worthington Steel, Inc. • NYSE
$33.75 ▼ -0.38% (-0.13)
Market Cap $1.72 B
52w High $46.31
52w Low $21.30
Dividend Yield 0.64%
P/E 14.36
Volume 83.39K
Outstanding Shares 50.84M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $872.9M ▲ $66.9M ▲ $36.3M ▼ 4.159% ▼ $0.73 ▼ $75.2M ▼
Q4-2025 $832.9M ▲ $60.6M ▼ $55.7M ▲ 6.687% ▲ $1.13 ▲ $93M ▲
Q3-2025 $687.4M ▼ $62.9M ▲ $13.8M ▲ 2.008% ▲ $0.28 ▲ $35.1M ▼
Q2-2025 $739M ▼ $61.1M ▲ $12.8M ▼ 1.732% ▼ $0.26 ▼ $38.1M ▼
Q1-2025 $834M $57M $28.4M 3.405% $0.57 $55M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $78.3M ▼ $2.243B ▲ $912.4M ▲ $1.105B ▲
Q4-2025 $92.9M ▲ $1.962B ▲ $763.9M ▲ $1.074B ▲
Q3-2025 $63.3M ▲ $1.8B ▲ $656.6M ▲ $1.012B ▲
Q2-2025 $52M ▲ $1.739B ▼ $594.2M ▼ $1.011B ▲
Q1-2025 $36M $1.829B $686.2M $1.009B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $36.3M ▼ $-5M ▼ $-30.9M ▲ $21M ▼ $-14.6M ▼ $-34.4M ▼
Q4-2025 $55.7M ▲ $53.9M ▲ $-55.4M ▼ $31.1M ▲ $29.6M ▲ $8.4M ▼
Q3-2025 $12.1M ▼ $53.8M ▼ $-28.6M ▲ $-13.9M ▲ $11.3M ▼ $25.2M ▼
Q2-2025 $16.1M ▼ $68M ▲ $-33.7M ▼ $-18.3M ▲ $16M ▲ $89.5M ▲
Q1-2025 $32.2M $54.6M $-21.5M $-37.3M $-4.2M $33.1M

Revenue by Products

Product Q2-2025Q3-2025Q4-2025Q1-2026
Steel Processing
Steel Processing
 $700.00M ▲$650.00M ▼$800.00M ▲$840.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Worthington Steel shows a consistently profitable business with solid margins for a cyclical industry. Revenue has eased back from its recent peak, suggesting a softer demand or pricing environment, but not a collapse. Profitability at the operating and net income level has remained fairly steady, indicating decent cost control and a balanced product mix. Earnings per share move around from year to year, which is common in metals, but the company has stayed clearly in the black across the period shown. Overall, this looks like a mature, profitable steel processor managing through normal industry ups and downs rather than a company in distress.

Balance Sheet

Balance Sheet The balance sheet appears reasonably sturdy. Assets have grown over time, and shareholder equity has built up, which points to retained earnings and reinvestment in the business. Debt has increased from very low levels to something more noticeable but still modest relative to the size of the company and its equity base. Cash on hand is quite small, so liquidity depends more on ongoing cash generation and credit access than on a large cash buffer. In simple terms, the company looks sensibly levered but runs fairly lean on cash, which works well in stable times but adds some risk in a downturn.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been positive each year, though somewhat volatile, which is typical in steel due to swings in working capital and prices. Free cash flow has also generally been positive, except for a breakeven year, even after stepping up capital spending. The pattern suggests a business that can fund its investments from its own cash flows most of the time, without over-reliance on borrowing. Rising capital expenditure indicates continued investment in plants, technology, and capacity rather than aggressive cash extraction.

Competitive Edge

Competitive Edge Worthington Steel is positioned more as a value-added processor than a pure commodity steel producer. It holds leading positions in several niche areas such as tailor welded blanks and electrical steel laminations, where technical know-how and tight customer integration matter. The company works closely with automakers and other industrial customers, helping design and engineer solutions rather than just selling metal by the ton. Joint ventures and partnerships expand its reach and technology base, especially in automotive. These strengths create switching costs and long-term relationships, giving it some protection against purely price-driven competition. The main risks are still tied to the broader steel and auto cycles and to competition from other global processors pursuing similar high-value niches.

Innovation and R&D

Innovation and R&D Innovation at Worthington Steel is very focused on practical, commercial improvements rather than pure research. The “Smart Factory” program uses data, automation, and analytics to reduce downtime and squeeze more efficiency out of existing facilities. On the product side, technologies like Full Surface Bonding for electrical steel and advanced tailor welded blanks with ablation technology differentiate its offerings in electric motors and automotive safety components. The company is clearly leaning into long-term themes such as electrification, EVs, and lightweighting, and it is expanding globally in electrical steel laminations. While this is not an R&D-heavy tech company, it is steadily layering in specialized processes, patents, and digital tools that deepen its moat and can support margin resilience over time, assuming execution continues to be strong.

Summary

Worthington Steel presents as a profitable, cash-generative steel processor with a growing focus on higher-value, technically demanding niches. Financially, it has stable margins, a solid equity base, manageable debt, and generally healthy free cash flow, albeit with a thin cash cushion and exposure to normal industry volatility. Strategically, it is moving away from pure commodity steel toward differentiated products tied to EVs, electrification, and automotive lightweighting, supported by smart manufacturing and proprietary technologies. The main opportunities lie in scaling these specialized businesses and benefiting from long-term electrification and sustainability trends, while key risks include the inherent cyclicality of steel and autos, execution on international expansion, and maintaining its technical edge versus well-funded global competitors.

NEWS

November 25, 2025 · 9:00 AM UTC

Worthington Steel Named a 2025 Supplier of the Year by Schaeffler Group USA Inc.

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November 11, 2025 · 8:31 AM UTC

Worthington Steel Earns 2026 Military Friendly® Employer Gold Designation

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October 29, 2025 · 9:00 AM UTC

Worthington Steel Releases 2025 Corporate Citizenship and Sustainability Report

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October 2, 2025 · 9:00 AM UTC

Worthington Steel Subsidiary Tempel Announces New Technology for Motor Core Lamination Bonding

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September 24, 2025 · 4:15 PM UTC

Worthington Steel Reports First Quarter Fiscal 2026 Results

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