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Largest US metals service center, buying, processing and distributing steel, aluminum and other metals to a wide range of manufacturers.
Largest US metals service center, buying, processing and distributing steel, aluminum and other metals to a wide range of manufacturers.
Buys metals from mills and resells them in small lots, often after cutting, bending or polishing, earning a markup for speed and convenience; its customers span many industries, so no single one dominates. It has grown chiefly by buying other metal service centres.
Moat: narrow (scale, distribution, installed base). Largest US metals distribution/processing network gives scale purchasing and just-in-time delivery advantages over smaller service centers.
Headquarters: Scottsdale, Arizona, United States · Founded: 1939 · Employees: 15,700
Size Reliance (RS) is a United States Materials company (Steel) with a market value of $21.2B, the 475th largest of 3,117 United States companies the cockpit tracks. Shares closed at $417.00 on 6 Nov 2026.
Performance Over six months the shares gained 12.9%, against -4.1% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 24.8% over the last twelve months (peer median +7.7%); the operating margin is 8.9% (peer median 8.4%).
Valuation It trades at 14.9× forward earnings against a peer median of 12.3× (7th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.6 points above its cost of capital (9.3% WACC).
Credit Reliance has 2 bonds outstanding ($750M), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 82 bp.
Short interest Short interest is 2.2% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $17.4B | $14.3B | $13.8B | $14.8B | $17.0B |
| Revenue growth | — | +3% | -7% | -13% | — |
| Gross profit | $4.60B | $3.84B | $3.84B | $4.30B | $5.01B |
| EBITDA | $1.82B | $1.32B | $1.44B | $1.98B | $2.75B |
| Net income | $1.11B | $739M | $875M | $1.34B | $1.84B |
| Free cash flow | $492M | $502M | $999M | $1.20B | $1.78B |
| Capital expenditure | $310M | $329M | $431M | $469M | $342M |
| Total debt | $1.97B | $1.74B | $1.42B | $1.38B | $1.87B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Reliance RS | $21.2B | +13% | +25% | 9% | 14.9× | 9.1% |
| Ryerson RYZ | $1.43B | +1% | +53% | 1% | 10.6× | n/a |
| Worthington Enterprises WOR | $2.98B | +11% | +18% | 6% | 15.7× | 24.7% |
| Russel Metals RUS.TO | $2.98B | +36% | +18% | 5% | 14.4× | 8.7% |
| Worthington Steel WS | $1.88B | -9% | +69% | 3% | 9.7× | 26.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | RS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.1% | -2.5% | 5th highest of 21 |
| 6-month return | +12.9% | -4.1% | 2nd highest of 21 |
| Distance from 52-week high | -8.3% | -19.2% | 3rd highest of 21 |
| Revenue growth (TTM) | +24.8% | +7.7% | 5th highest of 21 |
| Operating margin | 8.9% | 8.4% | 11th highest of 21 |
| Forward P/E | 14.9× | 12.3× | 7th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 9.1% | 7.4% | 6th most demanding of 13 |
| Growth delivered (Del g) | +10.2% | +8.1% | 4th highest of 13 |
| Hurdle (Req g minus delivered) | -1.1 pp | -2.1 pp | 6th most demanding of 13 |
| ROIC minus cost of capital | +3.6 pp | -2.2 pp | 5th highest of 21 |
| EV / EBITDA | 12.6× | 9.0× | 4th most expensive of 16 |
| Net debt / EBITDA | 0.9× | 1.2× | 6th least indebted of 17 |
| Bond spread | 82 bp | 97 bp | 2nd tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Reliance RS | United States | $21.2B | +13% | +25% | 9% | 14.9× | 9.1% | +10.2% |
| Nippon Steel 5401.T | Japan | $22.3B | +15% | +28% | 4% | 11.2× | n/a | n/a |
| Baoshan Iron & Steel 600019.SS | China | $19.9B | -3% | +6% | 3% | 14.4× | -9.6% | +2.4% |
| Tata Steel TATASTEEL.NS | India | $24.6B | -14% | +11% | 9% | 14.0× | 8.7% | +8.2% |
| Tenaris TEN.MI | Italy | $30.2B | -1% | -5% | 19% | 15.9× | 6.1% | +18.6% |
| POSCO 005490.KS | South Korea | $14.4B | -42% | +4% | 3% | 11.2× | n/a | n/a |
| Steel Dynamics STLD | United States | $31.7B | -5% | +26% | 12% | 9.7× | 11.7% | +13.6% |
| Fortescue FMG.AX | Australia | $32.4B | -33% | +4% | 32% | 12.3× | -5.7% | -3.5% |
| Inner Mongolia Baotou Steel Union 600010.SS | China | $13.5B | -26% | -6% | 3% | 66.3× | 14.7% | +2.5% |
| JSW Steel JSWSTEEL.NS | India | $35.1B | +6% | +14% | 13% | 18.5× | 21.1% | +18.4% |
| Jindal Steel JINDALSTEL.NS | India | $12.6B | -7% | +26% | 10% | 21.2× | n/a | n/a |
| Lloyds Metals & Energy LLOYDSME.NS | India | $10.6B | +3% | +171% | 33% | 13.4× | n/a | n/a |
| Vale S.A. Sponsored ADR VALE | United States | $45.4B | -30% | +11% | 25% | 7.7× | -14.0% | -0.9% |
| ArcelorMittal MT.AS | Netherlands | $45.7B | 0% | -3% | 4% | 23.7× | n/a | n/a |
| Ternium S.A. Sponsored ADR TX | United States | $9.65B | +5% | -1% | 8% | 6.7× | n/a | n/a |
| Citic Pacific Special Steel 000708.SZ | China | $9.52B | -18% | 0% | 6% | 10.8× | -7.8% | +7.2% |
| China Steel 2002.TW | Taiwan | $8.65B | 0% | -7% | 0% | 41.5× | n/a | n/a |
| Gerdau S.A. Pfd Sponsored ADR Repr 1 Pfd Sh GGB | United States | $8.41B | -10% | +10% | 9% | 7.9× | 2.3% | +8.0% |
| thyssenkrupp TKA.DE | Germany | $8.33B | +10% | -2% | 1% | n/a | n/a | n/a |
| Nucor NUE | United States | $55.6B | +8% | +22% | 13% | 10.2× | 12.0% | +10.0% |
| Steel Authority of India SAIL.NS | India | $7.49B | -8% | +9% | 8% | 8.9× | 11.0% | +9.9% |
Reliance has 2 bonds outstanding with $750M face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 5.48%, a spread of 82 bp over government bonds.