Worthington Steel

WS · NYSE · Materials · Financials, fiscal 2022 to 2026

WS · Last close · October 26, 2026

$42.23

Worthington Steel's revenue rose 11.3% to $3.4 billion in fiscal 2026. Its operating margin was −0.0%, down from 4.8% a year earlier. Free cash flow was $80 million, down 19.9%. It paid out $33 million in dividends and buybacks, 41% of free cash flow. The diluted share count rose 0.6%.

WORTHINGTON STEEL, INC. Latest fiscal year ended May 31, 2026 10-K filed July 30, 2026 · 0001968487-26-000026 Updated October 22, 2026

Revenue

$3.4B

11.3%

Operating margin

−0.0%

4.8 pts

Net income

$8M

92.3%

Free cash flow

$80M

19.9%

Return on capital

−0.1%

8.9 pts

Market cap

$2.1B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2022 to 2026, earnings per share fell 53.6% a year and net income 53.4% a year, as new shares raised the share count by 3% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Worthington Steel yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Worthington Steel's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Worthington Steel's fiscal 2026 free cash flow of $80M, net cash of −$181M at May 31, 2026 and 51 million diluted shares, from its filings. The scenarios are fitted to Worthington Steel: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -1.5% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 13%: 11% for a cyclical or higher-risk business (Steel), plus 1 point as a smaller company, worth $2.1B, plus 1 point for unsteady results (revenue fell in two of the last five years); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at May 31, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Worthington Steel's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 14% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 13% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 12% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $42.23
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Worthington Steel's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	20	33	40	38	85
Debt incl. finance leases	—	23	148	301	265
Net debt (negative means net cash)	—	−10	108	263	181
Net debt to EBITDA	—	−0.1x	0.4x	1.2x	2.2x
Debt to equity	—	0.0x	0.1x	0.3x	0.2x
Interest coverage	75.5x	40.1x	32.4x	20.7x	−0.1x
Current ratio	—	2.0x	1.6x	1.7x	1.5x
Quick ratio	—	1.2x	1.0x	1.0x	0.9x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 2 insiders bought $374,145 of Worthington Steel shares on the open market, and 3 insiders sold $1.4 million, all of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Jun 2, 2026	Jeffrey R KlinglerChief Operating Officer	Sold plan	20,036	$43.82	$878,055	Form 4
Jun 1, 2026	Timothy A AdamsChief Financial Officer	Sold plan	2,367	$42.27	$100,060	Form 4
Jun 1, 2026	Jeffrey R KlinglerChief Operating Officer	Sold plan	200	$43.00	$8,600	Form 4
May 22, 2026	Clifford LariveyPresident Flat Rolled Stl Proc	Sold plan	11,105	$40.09	$445,199	Form 4
Jan 30, 2026	Jon J BowsherDirector	Bought	2,500	$40.15	$100,375	Form 4
Jan 27, 2026	Scott J KellyDirector	Bought	7,000	$39.11	$273,770	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	—	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	Fail	Pass
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Fail	Fail
Revenue rose relative to assets	—	Fail	Pass
F-score	—	4 of 9	5 of 9
Accruals ratio	−2.5%	−6.2%	−9.2%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Worthington Steel side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Worthington Steel	FY26	11.3%	−0.0%	2.3%	−0.1%	2.2x	5
Alpha Metallurgical Resources	FY25	−28.0%	−2.9%	0.8%	−4.2%	−3.5x	4	Compare
Warrior Met Coal	FY25	−14.1%	3.5%	−7.0%	2.4%	−0.3x	4	Compare
Commercial Metals	FY26	20.5%	—	5.1%	12.9%	2.1x	7	Compare
Metallus	FY25	6.8%	—	−8.0%	0.3%	−2.6x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

5 years of figures

Fiscal year	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	4,069	3,608	3,431	3,093	3,444
Revenue growth	—	−11.3%	−4.9%	−9.8%	11.3%
Gross profit	396	336	440	389	403
Research and development	—	—	—	—	—
Operating income	227	120	194	147	−1
Net income	180	87	155	111	8
Diluted EPS (US$)	3.66	1.77	3.11	2.19	0.17
Diluted shares (millions)	49	49	50	50	51
Cash flow
Cash from operations	40	315	200	230	201
Capital expenditure	36	46	103	130	121
Free cash flow	3	270	96	100	80
Dividends paid	0	0	8	32	33
Share buybacks	0	0	0	0	0
Acquisitions	377	0	21	0	3
Stock-based compensation	9	10	10	11	14
Balance sheet at fiscal year end
Cash and short-term investments	20	33	40	38	85
Debt incl. finance leases	—	23	148	301	265
Total assets	—	1,764	1,866	1,962	2,252
Total liabilities	—	610	749	764	990
Shareholders' equity	1,266	1,029	985	1,074	1,063
Margins and ratios
Gross margin	9.7%	9.3%	12.8%	12.6%	11.7%
Operating margin	5.6%	3.3%	5.7%	4.8%	−0.0%
Net margin	4.4%	2.4%	4.5%	3.6%	0.2%
Free cash flow margin	0.1%	7.5%	2.8%	3.2%	2.3%
Return on capital	—	—	12.9%	8.8%	−0.1%
Return on equity	—	—	15.4%	10.8%	0.8%
Return on assets	—	—	8.5%	5.8%	0.4%
Net debt to EBITDA	—	−0.1x	0.4x	1.2x	2.2x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Worthington Steel's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Worthington Steel.