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Processes flat-rolled steel—cutting, slitting, pickling—mainly for automotive and industrial manufacturers, spun off in 2023.
Processes flat-rolled steel—cutting, slitting, pickling—mainly for automotive and industrial manufacturers, spun off in 2023.
Buys steel coils from mills, then cuts and treats them to each customer's specification, with the steel price largely passed through to the buyer. Some work is done as a toll, a service fee on steel the customer already owns, which carries less metal-price risk. It was separated from Worthington Industries in December 2023.
Moat: narrow (scale, customer qualification). Long-standing automotive-supplier qualifications and processing scale are costly for new entrants to win.
Headquarters: Columbus, Ohio, US · Founded: 2023 · Employees: 5,400
Size Worthington Steel (WS) is a United States Materials company (Steel) with a market value of $1.88B, the 1839th largest of 3,117 United States companies the cockpit tracks. Shares closed at $36.72 on 6 Nov 2026.
Performance Over six months the shares fell 9.2%, against -23.2% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 69.1% over the last twelve months (peer median +0.7%); the operating margin is 2.6% (peer median 6.7%).
Valuation It trades at 9.7× forward earnings against a peer median of 18.4× (cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 27% a year for seven years (Req g). Recent delivered growth is -2%, so the hurdle is +28 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 7.1 points below its cost of capital (9.6% WACC).
Short interest Short interest is 3.8% of the free float (15 Oct 2026).
Next results Next results expected around 23 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.30B | $3.44B | $3.09B | $3.43B | $3.61B |
| Revenue growth | — | +11% | -10% | -5% | — |
| Gross profit | $536M | $390M | $399M | $432M | $363M |
| EBITDA | $228M | $215M | $234M | $273M | $232M |
| Net income | -$38.3M | $8.50M | $111M | $155M | $87.1M |
| Free cash flow | $62.2M | $80.0M | $99.9M | $96.1M | $270M |
| Capital expenditure | $155M | $121M | $130M | $103M | $45.5M |
| Total debt | $2.59B | $354M | $228M | $224M | $100M |
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 |
|---|---|---|---|---|---|---|
| Worthington Steel WS | $1.88B | -9% | +69% | 3% | 9.7× | 26.5% |
| Nucor NUE | $55.6B | +8% | +22% | 13% | 10.2× | 12.0% |
| Reliance RS | $21.2B | +13% | +25% | 9% | 14.9× | 9.1% |
| Russel Metals RUS.TO | $2.98B | +36% | +18% | 5% | 14.4× | 8.7% |
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 | WS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.1% | -6.6% | 2nd highest of 21 |
| 6-month return | -9.2% | -23.2% | 6th highest of 21 |
| Distance from 52-week high | -25.3% | -36.8% | 5th highest of 21 |
| Revenue growth (TTM) | +69.1% | +0.7% | highest of 21 |
| Operating margin | 2.6% | 6.7% | 7th lowest of 20 |
| Forward P/E | 9.7× | 18.4× | cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 26.5% | 9.1% | 3rd most demanding of 18 |
| Growth delivered (Del g) | -1.5% | +7.0% | 4th lowest of 18 |
| Hurdle (Req g minus delivered) | +28.1 pp | +5.5 pp | most demanding of 18 |
| ROIC minus cost of capital | -7.1 pp | -2.2 pp | 4th lowest of 20 |
| Net debt / EBITDA | 10.3× | 0.7× | most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Worthington Steel WS | United States | $1.88B | -9% | +69% | 3% | 9.7× | 26.5% | -1.5% |
| Tung Ho Steel Enterprise 2006.TW | Taiwan | $1.86B | +26% | -4% | 12% | 11.2× | -10.3% | +6.2% |
| Ratnamani Metals & Tubes RATNAMANI.NS | India | $1.83B | -13% | -16% | 14% | 31.8× | 27.4% | +14.4% |
| Shandong Iron and Steel 600022.SS | China | $1.98B | -12% | -10% | n/a | 12.6× | 1.3% | -5.1% |
| Outokumpu OUT1V.HE | Finland | $1.99B | -31% | -7% | -1% | 20.3× | 14.0% | -0.7% |
| Xinxing Ductile Iron Pipes 000778.SZ | China | $2.05B | -24% | +15% | 2% | 20.5× | -6.9% | -2.8% |
| Sichuan Anning Iron and Titanium 002978.SZ | China | $1.72B | -22% | -10% | 41% | 18.4× | 6.1% | +4.2% |
| China Nonferrous Metal Industry's Foreign Engineering and Construction 000758.SZ | China | $1.72B | -17% | +42% | 7% | n/a | 9.1% | +8.4% |
| Jindal Saw JINDALSAW.NS | India | $1.70B | +4% | -1% | 6% | 22.7× | 17.5% | +10.9% |
| KIOCL KIOCL.NS | India | $2.15B | -18% | +27% | -6% | n/a | n/a | n/a |
| Chongqing Iron & Steel 1053.HK | Hong Kong | $1.64B | -27% | -8% | -13% | n/a | n/a | n/a |
| Sarda Energy & Minerals SARDAEN.NS | India | $1.63B | -27% | -2% | 26% | n/a | 10.6% | +20.9% |
| Maanshan Iron & Steel 0323.HK | Hong Kong | $2.27B | -50% | 0% | 0% | 18.0× | 3.8% | -1.7% |
| Advanced Technology & Materials 000969.SZ | China | $2.28B | -32% | +37% | 5% | 40.2× | 16.2% | +9.8% |
| Daido Steel 5471.T | Japan | $2.29B | -4% | +8% | 7% | 10.8× | 8.8% | +7.0% |
| Alleima ALLEI.ST | Sweden | $2.32B | +9% | -5% | 7% | 21.5× | 12.9% | +0.4% |
| Suzhou Hesheng Special Material 002290.SZ | China | $1.51B | -50% | +1% | 7% | 42.2× | 34.8% | +7.1% |
| Godawari Power & Ispat GPIL.NS | India | $1.49B | -31% | +8% | 19% | 12.5× | 21.7% | +6.3% |
| Hainan Mining 601969.SS | China | $2.44B | -33% | +29% | 17% | 13.9× | 0.8% | +9.9% |
| Dalian Huarui Heavy Industry 002204.SZ | China | $1.43B | -28% | +5% | 4% | n/a | -3.8% | +13.9% |
| Ryerson RYZ | United States | $1.43B | +1% | +53% | 1% | 10.6× | n/a | n/a |