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Worthington Steel (WS) Financials

Worthington Steel logo
$29.91 +0.21 (+0.71%)
Closing price 08/8/2025 03:59 PM Eastern
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$29.96 +0.04 (+0.15%)
As of 08/8/2025 04:10 PM Eastern
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Annual Income Statements for Worthington Steel

Annual Income Statements for Worthington Steel

This table shows Worthington Steel's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 5/31/2022 5/31/2023 5/31/2024 5/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 180 87 155 111
Consolidated Net Income / (Loss)		 200 100 170 119
Net Income / (Loss) Continuing Operations		 200 100 170 119
Total Pre-Tax Income 		254 129 216 148
Total Operating Income		 227 120 195 147
Total Gross Profit		 396 337 440 389
Total Revenue		 4,069 3,608 3,431 3,093
Operating Revenue		 4,069 3,608 3,431 3,093
Total Cost of Revenue		 3,673 3,271 2,991 2,705
Operating Cost of Revenue		 3,673 3,271 2,991 2,705
Total Operating Expenses		 169 216 245 242
Selling, General & Admin Expense		 180 201 224 232
Other Operating Expenses / (Income)		 0.00 18 20 0.00
Impairment Charge		 3.10 2.10 1.40 7.40
Restructuring Charge		 -15 -4.20 0.00 2.60
Total Other Income / (Expense), net		 28 8.40 22 1.10
Interest Expense		 3.00 3.00 6.00 7.10
Interest & Investment Income		 30 7.70 22 4.40
Other Income / (Expense), net		 0.90 3.70 5.30 3.80
Income Tax Expense		 54 29 46 29
Net Income / (Loss) Attributable to Noncontrolling Interest		 20 13 15 8.60
Basic Earnings per Share		 $3.66 $1.77 $3.14 $2.24
Weighted Average Basic Shares Outstanding		 49.30M 49.30M 49.30M 49.50M
Diluted Earnings per Share		 $3.66 $1.77 $3.11 $2.19
Weighted Average Diluted Shares Outstanding		 49.30M 49.30M 49.80M 50.50M
Weighted Average Basic & Diluted Shares Outstanding		 - - 50.39M 50.87M

Quarterly Income Statements for Worthington Steel

This table shows Worthington Steel's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 2/28/2023 8/31/2023 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025 5/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 5.40 59 -6.00 49 53 28 13 14 56
Consolidated Net Income / (Loss)		 9.30 62 -2.10 52 58 32 16 12 59
Net Income / (Loss) Continuing Operations		 9.30 62 -2.10 52 58 32 16 12 59
Total Pre-Tax Income 		10 79 -4.60 66 75 36 20 17 75
Total Operating Income		 9.50 70 -8.80 66 67 43 19 18 66
Total Gross Profit		 63 129 60 120 131 100 80 81 127
Total Revenue		 781 906 808 806 911 834 739 687 833
Operating Revenue		 781 906 808 806 911 834 739 687 833
Total Cost of Revenue		 718 777 748 686 780 734 659 606 706
Operating Cost of Revenue		 718 777 748 686 780 734 659 606 706
Total Operating Expenses		 54 59 69 54 64 57 61 63 61
Selling, General & Admin Expense		 50 54 54 53 64 57 61 55 59
Total Other Income / (Expense), net		 0.60 9.40 4.20 0.10 8.00 -7.20 0.80 -1.20 8.70
Interest Expense		 0.50 0.50 0.20 2.90 2.40 2.60 2.10 1.40 1.00
Interest & Investment Income		 -0.20 9.00 3.80 2.90 6.70 1.30 -0.90 0.00 4.00
Other Income / (Expense), net		 1.30 0.90 0.60 0.10 3.70 -5.90 3.80 0.20 5.70
Income Tax Expense		 0.80 17 -2.50 14 18 4.00 3.60 5.00 16
Net Income / (Loss) Attributable to Noncontrolling Interest		 3.90 3.60 3.90 3.40 4.50 3.80 3.30 -1.70 3.20
Basic Earnings per Share		 $0.11 $1.19 ($0.12) $0.99 $1.08 $0.57 $0.26 $0.28 $1.13
Weighted Average Basic Shares Outstanding		 49.30M 49.30M 49.30M 49.30M 49.30M 49.40M 49.50M 49.50M 49.50M
Diluted Earnings per Share		 $0.11 $1.19 ($0.12) $0.98 $1.06 $0.56 $0.25 $0.27 $1.11
Weighted Average Diluted Shares Outstanding		 49.30M 49.30M 49.30M 50.30M 49.80M 50.40M 50.60M 50.50M 50.50M
Weighted Average Basic & Diluted Shares Outstanding		 - - - 50.38M 50.39M 50.78M 50.75M 50.74M 50.87M

Annual Cash Flow Statements for Worthington Steel

This table details how cash moves in and out of Worthington Steel's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 5/31/2022 5/31/2023 5/31/2024 5/31/2025
Net Change in Cash & Equivalents		 2.60 13 7.50 53
Net Cash From Operating Activities		 40 315 200 230
Net Cash From Continuing Operating Activities		 40 315 200 230
Net Income / (Loss) Continuing Operations		 200 100 170 119
Consolidated Net Income / (Loss)		 200 100 170 119
Depreciation Expense		 60 70 65 66
Non-Cash Adjustments To Reconcile Net Income		 -30 16 -6.60 28
Changes in Operating Assets and Liabilities, net		 -190 130 -29 17
Net Cash From Investing Activities		 -395 -22 -123 -129
Net Cash From Continuing Investing Activities		 -395 -22 -123 -129
Purchase of Property, Plant & Equipment		 -36 -46 -103 -130
Acquisitions		 -377 0.00 -21 0.00
Other Investing Activities, net		 18 23 1.20 1.30
Net Cash From Financing Activities		 358 -280 -69 -49
Net Cash From Continuing Financing Activities		 358 -280 -69 -49
Repayment of Debt		 77 -60 145 1.20
Payment of Dividends		 -35 -20 -167 -49
Issuance of Debt		 - 0.00 0.00 2.30
Issuance of Common Equity		 0.00 0.00 0.30 -3.10
Other Financing Activities, net		 317 -200 -48 0.00

Quarterly Cash Flow Statements for Worthington Steel

This table details how cash moves in and out of Worthington Steel's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 5/31/2023 8/31/2023 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025 5/31/2025
Net Change in Cash & Equivalents		 - -5.30 187 -154 -21 -4.20 16 11 30
Net Cash From Operating Activities		 79 -21 140 45 36 55 68 54 54
Net Cash From Continuing Operating Activities		 79 -21 140 45 36 55 68 54 54
Net Income / (Loss) Continuing Operations		 72 62 -2.10 52 58 32 16 12 59
Consolidated Net Income / (Loss)		 72 62 -2.10 52 58 32 16 12 59
Depreciation Expense		 17 17 16 16 16 16 16 17 17
Non-Cash Adjustments To Reconcile Net Income		 1.50 -5.50 -0.60 -0.90 0.40 1.00 9.80 18 -0.80
Changes in Operating Assets and Liabilities, net		 -11 -94 126 -23 -39 5.20 26 7.20 -21
Net Cash From Investing Activities		 -9.00 -17 -39 -22 -44 -22 -34 -29 -45
Net Cash From Continuing Investing Activities		 -9.00 -17 -39 -22 -44 -22 -34 -29 -45
Purchase of Property, Plant & Equipment		 -9.10 -17 -19 -22 -45 -22 -35 -29 -46
Other Investing Activities, net		 0.10 0.00 0.80 - 0.40 0.00 1.10 - 0.20
Net Cash From Financing Activities		 -70 33 86 -176 -12 -37 -18 -14 21
Net Cash From Continuing Financing Activities		 -70 33 86 -176 -12 -37 -18 -14 21
Repayment of Debt		 -45 -2.80 175 -28 271 -172 139 -5.00 39
Payment of Dividends		 -8.40 -1.90 - -152 -13 -9.90 -11 -9.90 -18
Issuance of Debt		 44 0.00 - - - 147 - - 0.10

Annual Balance Sheets for Worthington Steel

This table presents Worthington Steel's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 5/31/2023 5/31/2024 5/31/2025
Total Assets		 1,764 1,866 1,962
Total Current Assets		 981 1,002 1,049
Cash & Equivalents		 33 40 38
Restricted Cash		 - 0.00 55
Accounts Receivable		 468 473 439
Inventories, net		 415 405 422
Prepaid Expenses		 58 77 83
Current Deferred & Refundable Income Taxes		 4.30 4.20 0.10
Other Current Nonoperating Assets		 3.40 2.90 12
Plant, Property, & Equipment, net		 414 475 548
Plant, Property & Equipment, gross		 1,074 1,192 1,304
Accumulated Depreciation		 660 718 756
Total Noncurrent Assets		 369 390 365
Long-Term Investments		 115 135 127
Goodwill		 79 80 80
Intangible Assets		 83 77 68
Noncurrent Deferred & Refundable Income Taxes		 6.30 8.50 11
Other Noncurrent Operating Assets		 86 90 80
Total Liabilities & Shareholders' Equity		 1,764 1,866 1,962
Total Liabilities		 610 749 764
Total Current Liabilities		 478 618 632
Short-Term Debt		 23 148 149
Accounts Payable		 402 380 403
Accrued Expenses		 16 16 15
Dividends Payable		 0.00 8.70 9.30
Current Deferred & Payable Income Tax Liabilities		 0.00 5.20 4.50
Current Employee Benefit Liabilities		 32 53 43
Other Current Liabilities		 5.90 7.60 7.70
Total Noncurrent Liabilities		 131 131 132
Long-Term Debt		 - 0.00 2.30
Noncurrent Deferred & Payable Income Tax Liabilities		 26 28 29
Other Noncurrent Operating Liabilities		 105 103 102
Total Equity & Noncontrolling Interests		 1,155 1,118 1,198
Total Preferred & Common Equity		 1,029 985 1,074
Preferred Stock		 0.00 0.00 0.00
Total Common Equity		 1,029 985 1,074
Common Stock		 0.00 905 914
Retained Earnings		 0.00 86 164
Accumulated Other Comprehensive Income / (Loss)		 -2.10 -6.10 -4.00
Noncontrolling Interest		 126 132 124

Quarterly Balance Sheets for Worthington Steel

This table presents Worthington Steel's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 2/29/2024 8/31/2024 11/30/2024 2/28/2025
Total Assets		 1,849 1,829 1,739 1,800
Total Current Assets		 1,023 956 857 913
Cash & Equivalents		 61 36 52 63
Accounts Receivable		 469 443 373 414
Inventories, net		 408 392 343 342
Prepaid Expenses		 77 74 79 85
Current Deferred & Refundable Income Taxes		 6.20 7.60 9.20 6.90
Other Current Nonoperating Assets		 1.80 2.90 1.80 1.10
Plant, Property, & Equipment, net		 447 487 505 517
Plant, Property & Equipment, gross		 1,157 1,218 1,250 1,267
Accumulated Depreciation		 710 731 745 750
Total Noncurrent Assets		 379 387 377 370
Long-Term Investments		 130 136 130 123
Goodwill		 80 80 80 79
Intangible Assets		 79 76 74 69
Noncurrent Deferred & Refundable Income Taxes		 5.80 8.50 8.50 10
Other Noncurrent Operating Assets		 84 87 84 89
Total Liabilities & Shareholders' Equity		 1,849 1,829 1,739 1,800
Total Liabilities		 779 686 594 657
Total Current Liabilities		 645 558 468 521
Short-Term Debt		 147 122 115 110
Accounts Payable		 407 359 286 335
Accrued Expenses		 15 13 16 18
Dividends Payable		 8.50 8.80 9.00 9.10
Current Deferred & Payable Income Tax Liabilities		 14 7.30 1.20 1.10
Current Employee Benefit Liabilities		 47 40 34 41
Other Current Liabilities		 6.70 7.40 7.40 7.40
Total Noncurrent Liabilities		 133 128 127 136
Long-Term Debt		 - - - 2.20
Noncurrent Deferred & Payable Income Tax Liabilities		 27 27 27 28
Other Noncurrent Operating Liabilities		 107 101 100 105
Total Equity & Noncontrolling Interests		 1,070 1,143 1,145 1,143
Total Preferred & Common Equity		 938 1,009 1,011 1,012
Preferred Stock		 0.00 0.00 0.00 0.00
Total Common Equity		 938 1,009 1,011 1,012
Common Stock		 903 907 910 911
Retained Earnings		 41 106 111 117
Accumulated Other Comprehensive Income / (Loss)		 -6.30 -3.90 -9.80 -15
Other Equity Adjustments		 0.00 0.00 0.00 0.00
Noncontrolling Interest		 133 134 134 131

Annual Metrics And Ratios for Worthington Steel

This table displays calculated financial ratios and metrics derived from Worthington Steel's official financial filings.

Metric 2022 2023 2024 2025
Period end date 5/31/2022 5/31/2023 5/31/2024 5/31/2025
Growth Metrics		 - - - -
Revenue Growth		 0.00% -11.33% -4.91% -9.83%
EBITDA Growth		 0.00% -32.54% 36.93% -18.22%
EBIT Growth		 0.00% -45.49% 61.13% -24.52%
NOPAT Growth		 0.00% -47.79% 64.20% -22.62%
Net Income Growth		 0.00% -50.22% 70.61% -29.86%
EPS Growth		 0.00% -51.64% 75.71% -29.58%
Operating Cash Flow Growth		 0.00% 697.47% -36.67% 15.44%
Free Cash Flow Firm Growth		 0.00% 0.00% 108.96% 3.81%
Invested Capital Growth		 0.00% 0.00% 6.76% 2.88%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% -2.46%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% 0.88%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% 0.73%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% 0.54%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% 1.02%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 2.34%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% -17.97% 8.63%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 4.67%
Profitability Metrics		 - - - -
Gross Margin		 9.72% 9.33% 12.82% 12.56%
EBITDA Margin		 7.05% 5.37% 7.73% 7.01%
Operating Margin		 5.57% 3.33% 5.67% 4.75%
EBIT Margin		 5.59% 3.44% 5.82% 4.88%
Profit (Net Income) Margin		 4.92% 2.76% 4.96% 3.86%
Tax Burden Percent		 78.77% 77.47% 78.68% 80.55%
Interest Burden Percent		 111.78% 103.79% 108.21% 98.21%
Effective Tax Rate		 21.23% 22.53% 21.32% 19.45%
Return on Invested Capital (ROIC)		 0.00% 18.15% 14.42% 10.65%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 7.98% -8.45% 8.72%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -0.88% 0.56% -0.34%
Return on Equity (ROE)		 0.00% 17.27% 14.97% 10.30%
Cash Return on Invested Capital (CROIC)		 0.00% -181.85% 7.88% 7.81%
Operating Return on Assets (OROA)		 0.00% 7.03% 11.01% 7.88%
Return on Assets (ROA)		 0.00% 5.65% 9.37% 6.23%
Return on Common Equity (ROCE)		 0.00% 15.39% 13.27% 9.17%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 9.69% 17.26% 0.00%
Net Operating Profit after Tax (NOPAT)		 178 93 153 118
NOPAT Margin		 4.39% 2.58% 4.46% 3.83%
Net Nonoperating Expense Percent (NNEP)		 0.00% 10.18% 22.87% 1.93%
Return On Investment Capital (ROIC_SIMPLE)		 - - - 8.78%
Cost of Revenue to Revenue		 90.28% 90.67% 87.18% 87.44%
SG&A Expenses to Revenue		 4.43% 5.57% 6.54% 7.49%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 4.15% 5.99% 7.15% 7.81%
Earnings before Interest and Taxes (EBIT)		 228 124 200 151
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 287 194 265 217
Valuation Ratios		 - - - -
Price to Book Value (P/BV)		 0.00 0.00 1.68 1.17
Price to Tangible Book Value (P/TBV)		 0.00 0.00 2.00 1.36
Price to Revenue (P/Rev)		 0.00 0.00 0.48 0.41
Price to Earnings (P/E)		 0.00 0.00 10.69 11.34
Dividend Yield		 0.00% 0.00% 0.49% 2.59%
Earnings Yield		 0.00% 0.00% 9.36% 8.82%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 1.60 1.16
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.51 0.42
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 6.63 6.05
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 8.80 8.70
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 11.49 11.07
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 8.81 5.69
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 21.03 15.10
Leverage & Solvency		 - - - -
Debt to Equity		 0.00 0.02 0.13 0.13
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00
Financial Leverage		 0.00 -0.11 -0.07 -0.04
Leverage Ratio		 0.00 1.53 1.60 1.65
Compound Leverage Factor		 0.00 1.59 1.73 1.62
Debt to Total Capital		 0.00% 1.94% 11.70% 11.23%
Short-Term Debt to Total Capital		 0.00% 1.94% 11.70% 11.06%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.17%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 10.67% 10.45% 9.17%
Common Equity to Total Capital		 0.00% 87.40% 77.86% 79.60%
Debt to EBITDA		 0.00 0.12 0.56 0.70
Net Debt to EBITDA		 0.00 -0.64 -0.10 -0.31
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.01
Debt to NOPAT		 0.00 0.24 0.97 1.28
Net Debt to NOPAT		 0.00 -1.34 -0.18 -0.57
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.02
Altman Z-Score		 0.00 0.00 3.83 3.19
Noncontrolling Interest Sharing Ratio		 0.00% 10.88% 11.35% 11.06%
Liquidity Ratios		 - - - -
Current Ratio		 0.00 2.05 1.62 1.66
Quick Ratio		 0.00 1.05 0.83 0.75
Cash Flow Metrics		 - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -934 84 87
Operating Cash Flow to CapEx		 108.52% 692.31% 192.94% 176.61%
Free Cash Flow to Firm to Interest Expense		 0.00 -311.17 13.94 12.23
Operating Cash Flow to Interest Expense		 13.17 105.00 33.25 32.44
Operating Cash Flow Less CapEx to Interest Expense		 1.03 89.83 16.02 14.07
Efficiency Ratios		 - - - -
Asset Turnover		 0.00 2.04 1.89 1.62
Accounts Receivable Turnover		 0.00 7.71 7.29 6.79
Inventory Turnover		 0.00 7.89 7.29 6.54
Fixed Asset Turnover		 0.00 8.71 7.72 6.05
Accounts Payable Turnover		 0.00 8.13 7.64 6.91
Days Sales Outstanding (DSO)		 0.00 47.35 50.04 53.77
Days Inventory Outstanding (DIO)		 0.00 46.28 50.04 55.82
Days Payable Outstanding (DPO)		 0.00 44.88 47.75 52.83
Cash Conversion Cycle (CCC)		 0.00 48.75 52.33 56.76
Capital & Investment Metrics		 - - - -
Invested Capital		 0.00 1,027 1,096 1,128
Invested Capital Turnover		 0.00 7.03 3.23 2.78
Increase / (Decrease) in Invested Capital		 0.00 1,027 69 32
Enterprise Value (EV)		 0.00 0.00 1,758 1,311
Market Capitalization		 0.00 0.00 1,653 1,256
Book Value per Share		 $0.00 $20.87 $19.56 $21.17
Tangible Book Value per Share		 $0.00 $17.59 $16.45 $18.26
Total Capital		 0.00 1,177 1,266 1,349
Total Debt		 0.00 23 148 152
Total Long-Term Debt		 0.00 0.00 0.00 2.30
Net Debt		 0.00 -125 -27 -68
Capital Expenditures (CapEx)		 36 46 103 130
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 493 491 473
Debt-free Net Working Capital (DFNWC)		 0.00 525 531 566
Net Working Capital (NWC)		 0.00 503 383 417
Net Nonoperating Expense (NNE)		 -22 -6.51 -17 -0.89
Net Nonoperating Obligations (NNO)		 0.00 -128 -21 -70
Total Depreciation and Amortization (D&A)		 60 70 65 66
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 13.65% 14.32% 15.30%
Debt-free Net Working Capital to Revenue		 0.00% 14.56% 15.49% 18.30%
Net Working Capital to Revenue		 0.00% 13.93% 11.18% 13.48%
Earnings Adjustments		 - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $3.14 $2.24
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 49.30M 49.50M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $3.11 $2.19
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 49.80M 50.50M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 50.39M 50.87M
Normalized Net Operating Profit after Tax (NOPAT)		 170 92 154 126
Normalized NOPAT Margin		 4.17% 2.54% 4.49% 4.09%
Pre Tax Income Margin		 6.25% 3.57% 6.30% 4.79%
Debt Service Ratios		 - - - -
EBIT to Interest Expense		 75.83 41.33 33.30 21.24
NOPAT to Interest Expense		 59.49 31.06 25.50 16.68
EBIT Less CapEx to Interest Expense		 63.70 26.17 16.07 2.87
NOPAT Less CapEx to Interest Expense		 47.36 15.90 8.27 -1.69
Payout Ratios		 - - - -
Dividend Payout Ratio		 17.57% 20.26% 98.00% 40.99%
Augmented Payout Ratio		 17.57% 20.26% 98.00% 40.99%

Quarterly Metrics And Ratios for Worthington Steel

This table displays calculated financial ratios and metrics derived from Worthington Steel's official financial filings.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 2/28/2023 8/31/2023 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025 5/31/2025
Growth Metrics		 - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 3.22% 0.00% -7.93% -8.54% -14.69% -8.57%
EBITDA Growth		 0.00% 0.00% 0.00% 662.04% 0.00% -38.63% 375.61% -57.35% 2.18%
EBIT Growth		 0.00% 0.00% 0.00% 514.81% 0.00% -46.88% 376.83% -72.14% 1.55%
NOPAT Growth		 0.00% 0.00% 0.00% 498.12% 0.00% -29.45% 350.75% -75.25% 0.98%
Net Income Growth		 0.00% 0.00% 0.00% 463.44% 0.00% -48.15% 866.67% -76.91% 2.08%
EPS Growth		 0.00% 0.00% 0.00% 790.91% 0.00% -52.94% 308.33% -72.45% 4.72%
Operating Cash Flow Growth		 0.00% 0.00% 0.00% 0.00% -55.11% 363.77% -51.39% 20.36% 51.40%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 96.80% 0.00%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 4.29% 2.88%
Revenue Q/Q Growth		 0.00% 0.00% -10.80% -0.27% 13.06% 0.00% -11.39% -6.98% 21.17%
EBITDA Q/Q Growth		 0.00% 0.00% -90.63% 903.66% 5.83% 0.00% -27.37% -10.00% 153.56%
EBIT Q/Q Growth		 0.00% 0.00% -111.61% 909.76% 6.93% 0.00% -39.47% -18.50% 289.73%
NOPAT Q/Q Growth		 0.00% 0.00% -111.26% 949.37% -1.44% 0.00% -59.99% -16.17% 302.16%
Net Income Q/Q Growth		 0.00% 0.00% -103.38% 2,595.24% 10.11% 0.00% -50.00% -24.84% 386.78%
EPS Q/Q Growth		 0.00% 0.00% -110.08% 916.67% 8.16% 0.00% -55.36% 8.00% 311.11%
Operating Cash Flow Q/Q Growth		 0.00% -126.10% 775.85% -68.05% -20.36% 53.37% 24.54% -20.88% 0.19%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 100.00% 0.00% -0.85% 97.07% 165.31%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 6.10% 0.00% -1.28% -0.69% 4.67%
Profitability Metrics		 - - - - - - - - -
Gross Margin		 8.10% 14.19% 7.45% 14.90% 14.38% 12.04% 10.83% 11.81% 15.25%
EBITDA Margin		 1.38% 9.66% 1.01% 10.21% 9.56% 6.44% 5.28% 5.11% 10.69%
Operating Margin		 1.22% 7.69% -1.09% 8.23% 7.39% 5.20% 2.56% 2.66% 7.97%
EBIT Margin		 1.38% 7.79% -1.01% 8.24% 7.79% 4.50% 3.07% 2.69% 8.66%
Profit (Net Income) Margin		 1.19% 6.86% -0.26% 6.50% 6.33% 3.86% 2.18% 1.76% 7.07%
Tax Burden Percent		 92.08% 78.51% 45.65% 78.92% 76.63% 88.95% 81.73% 70.76% 78.43%
Interest Burden Percent		 93.52% 112.04% 56.10% 100.00% 106.06% 96.53% 86.78% 92.43% 104.16%
Effective Tax Rate		 7.92% 21.49% 0.00% 21.08% 23.37% 11.05% 18.27% 29.24% 21.57%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 17.72% 28.29% 12.68% 5.66% 17.39%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% -10.93% 57.27% 10.50% 7.31% 2.50%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.21% -2.21% -0.55% -0.34% -0.10%
Return on Equity (ROE)		 0.00% 0.00% 0.00% 0.00% 17.93% 26.08% 12.12% 5.32% 17.30%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 7.63% 0.00% 0.00% 0.00% 7.81%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 14.73% 8.26% 5.81% 4.68% 13.99%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 11.97% 7.09% 4.12% 3.06% 11.43%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% 0.00% 15.89% 23.02% 10.70% 4.69% 15.38%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% 0.00% 13.89% 15.67% 11.67% 0.00%
Net Operating Profit after Tax (NOPAT)		 8.75 55 -6.16 52 52 39 15 13 52
NOPAT Margin		 1.12% 6.04% -0.76% 6.49% 5.66% 4.63% 2.09% 1.88% 6.25%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.42% 28.65% -28.98% 2.17% -1.65% 14.90%
Return On Investment Capital (ROIC_SIMPLE)		 - - - 4.30% 4.08% - 1.23% 1.03% 3.86%
Cost of Revenue to Revenue		 91.90% 85.81% 92.55% 85.10% 85.62% 87.96% 89.17% 88.19% 84.75%
SG&A Expenses to Revenue		 6.37% 5.94% 6.70% 6.55% 6.99% 6.83% 8.27% 7.94% 7.07%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 6.88% 6.49% 8.54% 6.68% 6.99% 6.83% 8.27% 9.15% 7.28%
Earnings before Interest and Taxes (EBIT)		 11 71 -8.20 66 71 38 23 19 72
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 11 88 8.20 82 87 54 39 35 89
Valuation Ratios		 - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 1.64 1.76 2.24 1.33 1.17
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 1.95 2.08 2.65 1.56 1.36
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.47 0.53 0.69 0.42 0.41
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 10.46 14.25 15.82 12.43 11.34
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.50% 0.91% 1.07% 2.41% 2.59%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 9.56% 7.02% 6.32% 8.04% 8.82%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 1.57 1.69 2.15 1.30 1.16
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.50 0.55 0.71 0.44 0.42
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 6.50 8.04 8.91 6.53 6.05
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 8.63 11.15 11.82 9.37 8.70
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 11.26 13.66 14.87 11.91 11.07
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 8.64 6.76 11.51 6.61 5.69
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 15.10
Leverage & Solvency		 - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.14 0.13 0.11 0.10 0.10 0.13
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 0.00 0.00 0.00 -0.03 -0.02 -0.04 -0.05 -0.05 -0.04
Leverage Ratio		 0.00 0.00 0.00 1.73 1.60 1.60 1.52 1.65 1.65
Compound Leverage Factor		 0.00 0.00 0.00 1.73 1.69 1.54 1.32 1.52 1.72
Debt to Total Capital		 0.00% 0.00% 0.00% 12.09% 11.70% 9.66% 9.13% 8.94% 11.23%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 12.09% 11.70% 9.66% 9.13% 8.76% 11.06%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.18% 0.17%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 10.90% 10.45% 10.60% 10.66% 10.42% 9.17%
Common Equity to Total Capital		 0.00% 0.00% 0.00% 77.01% 77.86% 79.75% 80.22% 80.64% 79.60%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.56 0.53 0.44 0.52 0.70
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 -0.10 -0.22 -0.26 -0.34 -0.31
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.97 0.90 0.73 0.95 1.28
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 -0.18 -0.37 -0.43 -0.63 -0.57
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.02
Altman Z-Score		 0.00 0.00 0.00 0.00 3.57 3.80 4.58 3.38 3.06
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 11.35% 11.73% 11.73% 11.90% 11.06%
Liquidity Ratios		 - - - - - - - - -
Current Ratio		 0.00 0.00 0.00 1.58 1.62 1.71 1.83 1.75 1.66
Quick Ratio		 0.00 0.00 0.00 0.82 0.83 0.86 0.91 0.92 0.75
Cash Flow Metrics		 - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 0.00 -981 0.00 -1,060 -1,069 -31 20
Operating Cash Flow to CapEx		 0.00% -119.65% 740.21% 199.55% 79.46% 253.95% 195.40% 188.11% 118.46%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 -338.20 0.00 -407.84 -509.26 -22.39 20.48
Operating Cash Flow to Interest Expense		 0.00 -41.40 699.50 15.41 14.83 21.00 32.38 38.43 53.90
Operating Cash Flow Less CapEx to Interest Expense		 0.00 -76.00 605.00 7.69 -3.83 12.73 15.81 18.00 8.40
Efficiency Ratios		 - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 1.89 1.84 1.89 1.74 1.62
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 7.29 7.58 8.82 7.19 6.79
Inventory Turnover		 0.00 0.00 0.00 0.00 7.29 7.52 8.33 7.41 6.54
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 7.72 6.90 6.51 6.58 6.05
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 7.64 8.20 10.01 7.49 6.91
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 50.04 48.18 41.37 50.79 53.77
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 50.04 48.56 43.80 49.29 55.82
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 47.75 44.50 36.46 48.74 52.83
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 52.33 52.25 48.72 51.33 56.76
Capital & Investment Metrics		 - - - - - - - - -
Invested Capital		 0.00 0.00 0.00 1,033 1,096 1,099 1,085 1,077 1,128
Invested Capital Turnover		 0.00 0.00 0.00 0.00 3.13 6.11 6.06 3.01 2.78
Increase / (Decrease) in Invested Capital		 0.00 0.00 0.00 1,033 0.00 1,099 1,085 44 32
Enterprise Value (EV)		 0.00 0.00 0.00 0.00 1,724 1,859 2,335 1,402 1,311
Market Capitalization		 0.00 0.00 0.00 0.00 1,619 1,775 2,268 1,345 1,256
Book Value per Share		 $0.00 $0.00 $0.00 $19.02 $19.56 $20.03 $19.91 $19.95 $21.17
Tangible Book Value per Share		 $0.00 $0.00 $0.00 $15.81 $16.45 $16.95 $16.89 $17.02 $18.26
Total Capital		 0.00 0.00 0.00 1,218 1,266 1,265 1,260 1,255 1,349
Total Debt		 0.00 0.00 0.00 147 148 122 115 112 152
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.20 2.30
Net Debt		 0.00 0.00 0.00 -44 -27 -50 -67 -74 -68
Capital Expenditures (CapEx)		 0.00 17 19 22 45 22 35 29 46
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 0.00 0.00 464 491 484 453 438 473
Debt-free Net Working Capital (DFNWC)		 0.00 0.00 0.00 525 531 520 505 502 566
Net Working Capital (NWC)		 0.00 0.00 0.00 378 383 398 390 392 417
Net Nonoperating Expense (NNE)		 -0.55 -7.38 -4.06 -0.08 -6.13 6.40 -0.65 0.85 -6.82
Net Nonoperating Obligations (NNO)		 0.00 0.00 0.00 -37 -21 -44 -60 -66 -70
Total Depreciation and Amortization (D&A)		 0.00 17 16 16 16 16 16 17 17
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 14.32% 14.40% 13.76% 13.82% 15.30%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 15.49% 15.48% 15.34% 15.82% 18.30%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 11.18% 11.84% 11.85% 12.35% 13.48%
Earnings Adjustments		 - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 $0.99 $1.08 $0.57 $0.26 $0.28 $1.13
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 49.30M 49.30M 49.40M 49.50M 49.50M 49.50M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.98 $1.06 $0.56 $0.25 $0.27 $1.11
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 50.30M 49.80M 50.40M 50.60M 50.50M 50.50M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 50.38M 50.39M 50.78M 50.75M 50.74M 50.87M
Normalized Net Operating Profit after Tax (NOPAT)		 8.75 56 -6.16 52 52 39 15 19 52
Normalized NOPAT Margin		 1.12% 6.16% -0.76% 6.49% 5.66% 4.63% 2.09% 2.74% 6.25%
Pre Tax Income Margin		 1.29% 8.73% -0.57% 8.24% 8.27% 4.34% 2.67% 2.49% 9.02%
Debt Service Ratios		 - - - - - - - - -
EBIT to Interest Expense		 21.60 141.20 -41.00 22.90 29.58 14.42 10.81 13.21 72.10
NOPAT to Interest Expense		 17.50 109.44 -30.80 18.04 21.49 14.85 7.36 9.25 52.08
EBIT Less CapEx to Interest Expense		 0.00 106.60 -135.50 15.17 10.92 6.15 -5.76 -7.21 26.60
NOPAT Less CapEx to Interest Expense		 0.00 74.84 -125.30 10.32 2.82 6.58 -9.22 -11.18 6.58
Payout Ratios		 - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 98.00% 124.61% 117.23% 37.00% 40.99%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 98.00% 124.61% 117.23% 37.00% 40.99%

Key Financial Trends

Worthington Steel (NYSE: WS) has demonstrated a gradual recovery and growth in revenue and profitability over the past four years, highlighted by recent quarterly financials through Q4 2025. Here’s a summary of key financial trends and factors that investors should note:

  • Revenue Growth: Quarterly operating revenue increased to approximately $833 million in Q4 2025, up from $687 million in Q3 2025 and showing an upward trend from $780 million in Q3 2024 and $734 million in Q4 2024.
  • Improved Profitability: The company’s net income rose markedly to about $58.9 million in Q4 2025 from $12.1 million in Q3 2025, reflecting improved operational efficiency and cost control.
  • Strong Operating Cash Flow: Net cash from operating activities remained solid, with $53.9 million generated in Q4 2025, consistent with strong operating cash flows in prior quarters (e.g., $53.8 million in Q3 2025).
  • Reduction in Debt: Worthington Steel has been actively repaying debt, with repayments of $39.2 million in Q4 2025 and $5 million in Q3 2025, which strengthens the balance sheet and reduces interest expenses over time.
  • Stable Dividend Policy: The company consistently paid dividends of $0.16 per share from Q1 2024 through Q4 2025, signaling confidence in cash flow stability and providing income to shareholders.
  • Capital Expenditures: The company invested heavily in property, plant, and equipment, with capex of $45.5 million in Q4 2025 and ongoing investments in previous quarters, indicating a focus on maintaining or expanding production capacity.
  • Fluctuating Other Income/Expense: The net other income/expense varied across quarters, with significant swings such as $5.7 million net income in Q4 2025 versus a $5.9 million net expense in Q1 2025, which may impact short-term profitability.
  • Noncontrolling Interest: Net income attributable to noncontrolling interests fluctuated, e.g., $3.2 million expense in Q4 2025, affecting the net income available to common shareholders.
  • Cost Pressures: Operating cost of revenue remains high, consuming a large portion of total revenue (e.g., $706 million out of $833 million in Q4 2025), which compresses gross margins despite revenue growth.
  • Volatile Net Income and EPS: Earnings per share have experienced volatility—from a loss of $0.12 per share in Q2 2024 to a peak of $1.19 in Q1 2024 and $1.13 in Q4 2025 — reflecting sensitivity to market conditions and operational challenges.

Overall, Worthington Steel’s recent quarterly results show encouraging signs of recovery with increasing revenue and profitability, aided by strong cash flow generation and debt reduction. Investors should monitor cost trends and margin sustainability, as well as potential impacts from fluctuating other income and noncontrolling interests. The company’s steady dividend payments are a positive indicator of cash flow confidence.

08/09/25 03:26 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Worthington Steel's Financials

When does Worthington Steel's fiscal year end?

According to the most recent income statement we have on file, Worthington Steel's financial year ends in May. Their financial year 2025 ended on May 31, 2025.

How has Worthington Steel's net income changed over the last 3 years?

Worthington Steel's net income appears to be on a downward trend, with a most recent value of $119.30 million in 2025, falling from $200.30 million in 2022. The previous period was $170.10 million in 2024. See Worthington Steel's forecast for analyst expectations on what’s next for the company.

What is Worthington Steel's operating income?
Worthington Steel's total operating income in 2025 was $147 million, based on the following breakdown:
  • Total Gross Profit: $388.60 million
  • Total Operating Expenses: $241.60 million
How has Worthington Steel's revenue changed over the last 3 years?

Over the last 3 years, Worthington Steel's total revenue changed from $4.07 billion in 2022 to $3.09 billion in 2025, a change of -24.0%.

How much debt does Worthington Steel have?

Worthington Steel's total liabilities were at $763.90 million at the end of 2025, a 2.0% increase from 2024, and a 25.3% increase since 2023.

How much cash does Worthington Steel have?

In the past 2 years, Worthington Steel's cash and equivalents has ranged from $32.70 million in 2023 to $40.20 million in 2024, and is currently $38 million as of their latest financial filing in 2025.

How has Worthington Steel's book value per share changed over the last 3 years?

Over the last 3 years, Worthington Steel's book value per share changed from 0.00 in 2022 to 21.17 in 2025, a change of 2,116.9%.


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This page (NYSE:WS) was last updated on 8/9/2025 by MarketBeat.com Staff
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