NYSE : WS
Worthington Steel, Inc. — Financial statements
Materials · Steel · United States
Last price 40.66 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 2.08B
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Financial statements
Worthington Steel, Inc. (WS) reported revenue of 5.30B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year June - May; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 5.30B | 3.44B | 3.09B | 3.43B | 3.61B | 4.07B |
| Cost of Revenue | 4.75B | 3.04B | 2.70B | 2.99B | 3.27B | 3.67B |
| Gross Profit | 549.30M | 403.30M | 388.60M | 439.80M | 336.50M | 395.50M |
| Selling, General & Admin | 381.20M | 257.90M | 231.60M | 224.40M | 200.80M | 180.30M |
| Operating Expenses | 381.20M | 257.90M | 231.60M | 224.40M | 200.80M | 180.30M |
| Operating Income | 168.10M | 145.40M | 157.00M | 215.40M | 135.70M | 215.20M |
| Interest Expense | -64.30M | -28.40M | -7.10M | -6.00M | -3.00M | -3.00M |
| Earnings From Equity Investments | 19.20M | 20.30M | 4.40M | 22.40M | 7.70M | 29.80M |
| Currency Exchange Gain (Loss) | -2.80M | 4.00M | ||||
| Other Non Operating Income (Expenses) | -9.10M | -1.20M | -4.40M | 5.30M | 3.70M | 900.00K |
| EBT Excluding Unusual Items | 111.10M | 136.10M | 153.90M | 237.10M | 144.10M | 242.90M |
| Merger & Restructuring Charges | -43.80M | -28.80M | -2.60M | -19.50M | -13.30M | 14.50M |
| Impairment of Goodwill | -53.80M | -53.80M | ||||
| Gain (Loss) on Sale of Investments | 17.40M | 17.40M | ||||
| Gain (Loss) on Sale of Assets | 1.50M | |||||
| Asset Writedown | -60.50M | -60.50M | -7.40M | -1.40M | -2.10M | -3.10M |
| Other Unusual Items | -3.30M | -3.30M | 2.70M | |||
| Pretax Income | -32.90M | 7.10M | 148.10M | 216.20M | 128.70M | 254.30M |
| Income Tax Expense | 18.70M | 20.00M | 28.80M | 46.10M | 29.00M | 54.00M |
| Earnings From Continuing Operations | -51.60M | -12.90M | 119.30M | 170.10M | 99.70M | 200.30M |
| Minority Interest in Earnings | 18.20M | 21.40M | -8.60M | -15.40M | -12.60M | -19.90M |
| Net Income | -38.30M | 8.50M | 110.70M | 154.70M | 87.10M | 180.40M |
| Net Income to Common | -38.30M | 8.50M | 110.70M | 154.70M | 87.10M | 180.40M |
| Shares Outstanding (Basic) | 49.90M | 49.80M | 49.50M | 49.30M | 49.30M | 49.30M |
| Shares Outstanding (Diluted) | 49.90M | 50.80M | 50.50M | 49.80M | 49.30M | 49.30M |
| EPS (Basic) | -0.77 | 0.17 | 2.24 | 3.14 | 1.77 | 3.66 |
| EPS (Diluted) | -0.77 | 0.17 | 2.19 | 3.11 | 1.77 | 3.66 |
| Free Cash Flow | 62.20M | 80.00M | 99.90M | 96.10M | 269.50M | 3.10M |
| Free Cash Flow Per Share | 1.25 | 1.57 | 1.98 | 1.93 | 5.47 | 0.06 |
| Dividend Per Share | 0.64 | 0.64 | 0.64 | 0.32 | ||
| Gross Margin | 10.37% | 11.71% | 12.56% | 12.82% | 9.33% | 9.72% |
| Operating Margin | 3.17% | 4.22% | 5.08% | 6.28% | 3.76% | 5.29% |
| Profit Margin | -0.72% | 0.25% | 3.58% | 4.51% | 2.41% | 4.43% |
| Free Cash Flow Margin | 1.17% | 2.32% | 3.23% | 2.80% | 7.47% | 0.08% |
| EBITDA | 259.80M | 229.60M | 223.00M | 280.70M | 205.30M | 274.70M |
| EBITDA Margin | 4.90% | 6.67% | 7.21% | 8.18% | 5.69% | 6.75% |
| D&A For EBITDA | 91.70M | 84.20M | 66.00M | 65.30M | 69.60M | 59.50M |
| EBIT | 168.10M | 145.40M | 157.00M | 215.40M | 135.70M | 215.20M |
| EBIT Margin | 3.17% | 4.22% | 5.08% | 6.28% | 3.76% | 5.29% |
| Effective Tax Rate | 281.69% | 19.45% | 21.32% | 22.53% | 21.23% | |
| Advertising Expenses | 400.00K | 1.00M | 800.00K | 1.20M |
Balance sheet
Fiscal year June - May; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 248.20M | 84.60M | 38.00M | 40.20M | 32.70M | 20.05M |
| Cash & Short-Term Investments | 248.20M | 84.60M | 38.00M | 40.20M | 32.70M | 20.05M |
| Accounts Receivable | 1.47B | 500.80M | 440.10M | 476.90M | 465.80M | 600.42M |
| Other Receivables | 35.40M | 14.30M | 100.00K | 4.20M | 4.30M | 474.00K |
| Receivables | 1.51B | 515.10M | 440.20M | 481.10M | 470.10M | 600.90M |
| Inventory | 1.71B | 415.70M | 422.00M | 405.30M | 414.80M | 569.50M |
| Prepaid Expenses | 163.70M | 97.30M | 76.30M | 68.70M | 57.70M | 60.93M |
| Restricted Cash | 54.90M | |||||
| Other Current Assets | 196.70M | 17.20M | 17.10M | 6.50M | 5.60M | 15.72M |
| Total Current Assets | 3.83B | 1.13B | 1.05B | 1.00B | 980.90M | 1.27B |
| Property, Plant & Equipment | 1.49B | 734.60M | 620.80M | 547.70M | 489.70M | 511.06M |
| Long-Term Investments | 106.70M | 245.60M | 126.60M | 135.00M | 114.60M | 119.33M |
| Goodwill | 44.50M | 44.50M | 79.60M | 79.60M | 78.60M | 80.03M |
| Other Intangible Assets | 75.00M | 77.30M | 67.90M | 77.00M | 83.40M | 89.72M |
| Long-Term Deferred Tax Assets | 81.90M | 12.70M | 11.40M | 8.50M | 6.30M | 4.00M |
| Other Long-Term Assets | 398.50M | 7.80M | 7.00M | 16.80M | 10.90M | 12.79M |
| Total Assets | 6.02B | 2.25B | 1.96B | 1.87B | 1.76B | 2.08B |
| Accounts Payable | 1.17B | 424.00M | 402.50M | 380.40M | 402.20M | 524.12M |
| Accrued Expenses | 227.70M | 116.20M | 58.30M | 68.50M | 47.50M | 65.19M |
| Short-Term Debt | 530.90M | 185.40M | 149.20M | 148.00M | 2.80M | 48.00M |
| Current Portion of Long-Term Debt | 10.70M | 27.00M | 20.00M | 15.00M | ||
| Current Portion of Leases | 45.00M | 13.30M | 7.70M | 7.60M | 5.90M | 5.64M |
| Current Income Taxes Payable | 6.60M | 700.00K | 4.50M | 5.20M | ||
| Other Current Liabilities | 117.60M | 9.20M | 9.30M | 8.70M | ||
| Total Current Liabilities | 2.11B | 775.80M | 631.50M | 618.40M | 478.40M | 657.95M |
| Long-Term Debt | 1.65B | 44.40M | 2.30M | 20.00M | ||
| Long-Term Leases | 353.20M | 84.20M | 68.70M | 68.30M | 71.70M | 65.26M |
| Long-Term Deferred Tax Liabilities | 112.00M | 33.60M | 28.60M | 27.90M | 26.10M | 35.49M |
| Other Long-Term Liabilities | 92.30M | 51.50M | 32.80M | 34.30M | 33.60M | 38.97M |
| Total Liabilities | 4.32B | 989.50M | 763.90M | 748.90M | 609.80M | 817.66M |
| Common Stock | 1.03B | 1.13B | ||||
| Additional Paid-In Capital | 926.10M | 919.40M | 913.90M | 905.30M | ||
| Retained Earnings | 121.80M | 140.00M | 164.20M | 86.10M | ||
| Comprehensive Income & Other | -15.60M | 3.90M | -4.00M | -6.10M | -2.10M | 1.85M |
| Total Common Equity | 1.03B | 1.06B | 1.07B | 985.30M | 1.03B | 1.13B |
| Minority Interest | 668.00M | 199.60M | 123.80M | 132.20M | 125.60M | 133.21M |
| Shareholders' Equity | 1.70B | 1.26B | 1.20B | 1.12B | 1.15B | 1.27B |
| Total Liabilities & Equity | 6.02B | 2.25B | 1.96B | 1.87B | 1.76B | 2.08B |
| Total Debt | 2.59B | 354.30M | 227.90M | 223.90M | 100.40M | 153.90M |
| Net Cash (Debt) | -2.35B | -269.70M | -189.90M | -183.70M | -67.70M | -133.85M |
| Net Cash Per Share | -47.02 | -5.31 | -3.76 | -3.69 | -1.37 | -2.71 |
| Filing Date Shares Outstanding | 51.22M | 50.95M | 50.87M | 50.39M | 49.30M | 49.30M |
| Total Common Shares Outstanding | 50.07M | 49.92M | 49.55M | 49.33M | 49.30M | 49.30M |
| Working Capital | 1.72B | 354.10M | 417.00M | 383.40M | 502.50M | 609.15M |
| Book Value Per Share | 20.62 | 21.30 | 21.68 | 19.97 | 20.87 | |
| Tangible Book Value | 912.80M | 941.50M | 926.60M | 828.70M | 867.00M | 963.40M |
| Tangible Book Value Per Share | 18.23 | 18.86 | 18.70 | 16.80 | 17.59 | |
| Land | 277.00M | 57.20M | 38.60M | 37.90M | 37.60M | 39.26M |
| Buildings | 393.90M | 272.50M | 190.40M | 177.10M | 168.60M | 167.65M |
| Machinery | 1.19B | 1.06B | 942.60M | 893.80M | 847.50M | 820.71M |
| Construction In Progress | 118.10M | 105.90M | 132.70M | 83.60M | 20.30M | 22.83M |
Cash flow statement
Fiscal year June - May; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | -38.30M | 8.50M | 110.70M | 154.70M | 87.10M | 180.40M |
| Depreciation & Amortization | 91.70M | 84.20M | 66.00M | 65.30M | 69.60M | 59.50M |
| Loss (Gain) From Sale of Assets | -8.60M | -4.70M | -700.00K | 1.00M | -3.30M | -15.10M |
| Asset Writedown & Restructuring Costs | 115.30M | 114.30M | 7.40M | 1.40M | 2.10M | 3.10M |
| Loss (Gain) From Sale of Investments | -500.00K | -16.00M | ||||
| Loss (Gain) on Equity Investments | 26.30M | 3.20M | 8.40M | -20.40M | 4.80M | -27.30M |
| Stock-Based Compensation | 8.80M | 13.90M | 11.00M | 10.30M | 10.40M | 8.70M |
| Provision & Write-off of Bad Debts | 1.10M | 800.00K | 1.80M | 1.10M | 1.60M | 700.00K |
| Other Operating Activities | -26.70M | -31.80M | 5.50M | 16.50M | 2.90M | 33.50M |
| Change in Accounts Receivable | -42.80M | -16.30M | 34.10M | -1.40M | 113.00M | -109.70M |
| Change in Inventory | 20.70M | 47.20M | -16.70M | 16.40M | 154.50M | -50.70M |
| Change in Accounts Payable | 60.00M | -17.40M | 15.80M | -26.70M | -124.30M | -14.90M |
| Change in Other Net Operating Assets | -5.50M | 15.30M | -13.00M | -18.70M | -3.40M | -28.70M |
| Operating Cash Flow | 217.00M | 201.20M | 230.30M | 199.50M | 315.00M | 39.50M |
| Capital Expenditures | -154.80M | -121.20M | -130.40M | -103.40M | -45.50M | -36.40M |
| Sale of Property, Plant & Equipment | 35.30M | 16.60M | 1.30M | 1.20M | 23.30M | 24.60M |
| Cash Acquisitions | -546.50M | -2.90M | -21.00M | -383.50M | ||
| Investment in Securities | -106.20M | -106.20M | ||||
| Other Investing Activities | 7.50M | 300.00K | ||||
| Investing Cash Flow | -764.70M | -213.40M | -129.10M | -123.20M | -22.20M | -395.30M |
| Short-Term Debt Issued | 1.65B | 523.70M | 393.30M | 41.70M | ||
| Long-Term Debt Issued | 38.10M | 2.30M | 50.00M | |||
| Total Debt Issued | 3.12B | 1.69B | 526.00M | 393.30M | 91.70M | |
| Short-Term Debt Repaid | -1.61B | -522.50M | -248.10M | -45.20M | ||
| Long-Term Debt Repaid | -22.40M | -15.00M | -15.00M | |||
| Total Debt Repaid | -2.29B | -1.63B | -522.50M | -248.10M | -60.20M | -15.00M |
| Net Debt Issued (Repaid) | 828.50M | 51.90M | 3.50M | 145.20M | -60.20M | 76.70M |
| Issuance of Common Stock | 300.00K | |||||
| Repurchase of Common Stock | -7.00M | -5.90M | -3.10M | |||
| Common Dividends Paid | -32.70M | -32.60M | -31.90M | -7.90M | ||
| Other Financing Activities | -71.20M | -10.40M | -17.00M | -206.40M | -220.00M | 281.70M |
| Financing Cash Flow | 717.60M | 3.00M | -48.50M | -68.80M | -280.20M | 358.40M |
| Foreign Exchange Rate Adjustments | 900.00K | |||||
| Net Cash Flow | 169.90M | -8.30M | 52.70M | 7.50M | 12.60M | 2.60M |
| Free Cash Flow | 62.20M | 80.00M | 99.90M | 96.10M | 269.50M | 3.10M |
| Free Cash Flow Margin | 1.17% | 2.32% | 3.23% | 2.80% | 7.47% | 0.08% |
| Free Cash Flow Per Share | 1.25 | 1.57 | 1.98 | 1.93 | 5.47 | 0.06 |
| Levered Free Cash Flow | -1.47B | 90.72M | 3.19M | 102.78M | 276.68M | -73.83M |
| Unlevered Free Cash Flow | -1.43B | 108.47M | 7.62M | 106.53M | 278.55M | -71.95M |
| Cash Interest Paid | 11.60M | 11.60M | 7.70M | 4.50M | ||
| Cash Income Tax Paid | 26.20M | 37.60M | ||||
| Change in Working Capital | 32.40M | 28.80M | 20.20M | -30.40M | 139.80M | -204.00M |
Ratios
Fiscal year June - May; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.08B | 2.14B | 1.26B | 1.66B | ||
| Enterprise Value | 4.43B | 2.64B | 1.52B | 1.96B | ||
| Last Close Price | 40.66 | 41.83 | 24.19 | 31.41 | ||
| PE Ratio | 252.18 | 11.41 | 10.74 | |||
| Forward PE | 10.04 | 15.12 | 9.67 | 13.36 | ||
| PS Ratio | 0.39 | 0.62 | 0.41 | 0.48 | ||
| PB Ratio | 1.97 | 1.70 | 1.05 | 1.49 | ||
| P/TBV Ratio | 2.28 | 2.28 | 1.36 | 2.01 | ||
| P/FCF Ratio | 33.48 | 26.79 | 12.65 | 17.30 | ||
| P/OCF Ratio | 9.60 | 10.65 | 5.49 | 8.33 | ||
| EV/Sales Ratio | 0.84 | 0.77 | 0.49 | 0.57 | ||
| EV/EBITDA Ratio | 17.05 | 11.49 | 6.82 | 6.97 | ||
| EV/EBIT Ratio | 26.35 | 18.15 | 9.68 | 9.08 | ||
| EV/FCF Ratio | 71.20 | 32.99 | 15.22 | 20.36 | ||
| Debt / Equity Ratio | 1.53 | 0.28 | 0.19 | 0.20 | 0.09 | 0.12 |
| Debt / EBITDA Ratio | 9.18 | 1.41 | 0.95 | 0.76 | 0.46 | 0.54 |
| Debt / FCF Ratio | 41.71 | 4.43 | 2.28 | 2.33 | 0.37 | 49.65 |
| Net Debt / Equity Ratio | 1.38 | 0.21 | 0.16 | 0.16 | 0.06 | 0.11 |
| Net Debt / EBITDA Ratio | 9.03 | 1.18 | 0.85 | 0.65 | 0.33 | 0.49 |
| Net Debt / FCF Ratio | 37.72 | 3.37 | 1.90 | 1.91 | 0.25 | 43.18 |
| Asset Turnover | 1.28 | 1.63 | 1.62 | 1.89 | 1.88 | 2.36 |
| Inventory Turnover | 4.34 | 7.26 | 6.54 | 7.29 | 6.65 | 7.26 |
| Quick Ratio | 0.83 | 0.77 | 0.76 | 0.84 | 1.05 | 0.94 |
| Current Ratio | 1.81 | 1.46 | 1.66 | 1.62 | 2.05 | 1.93 |
| Return on Equity (ROE) | -3.40% | -1.05% | 10.30% | 14.97% | 8.24% | 19.25% |
| Return on Assets (ROA) | 2.54% | 4.31% | 5.13% | 7.42% | 4.41% | 7.80% |
| Return on Invested Capital (ROIC) | 6.03% | -18.09% | 9.41% | 13.43% | 8.02% | 15.37% |
| Return on Capital Employed (ROCE) | 4.30% | 9.80% | 11.80% | 17.30% | 10.60% | 15.10% |
| Earnings Yield | -1.89% | 0.40% | 8.76% | 9.31% | ||
| FCF Yield | 2.99% | 3.73% | 7.91% | 5.78% | ||
| Dividend Yield | 1.57% | 1.49% | 2.51% | 0.95% | ||
| Payout Ratio | 383.53% | 28.82% | 5.11% | |||
| Buyback Yield / Dilution | 1.29% | -0.59% | -1.41% | -1.01% | ||
| Total Shareholder Return | 2.86% | 0.90% | 1.10% | -0.06% |