What is Worthington Steel's operating income?

Worthington Steel's total operating income in 2026 was -$1.40 million, based on the following breakdown: Total Gross Profit: $403.30 million Total Operating Expenses: $404.70 million

Worthington Steel (WS) Financials

$37.96 -0.09 (-0.22%)

Closing price 08/14/2026 03:59 PM Eastern

Extended Trading

$37.96 +0.01 (+0.01%)

As of 08/14/2026 07:34 PM Eastern

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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	2026
Period end date	5/31/2022	5/31/2023	5/31/2024	5/31/2025	5/31/2026
Net Income / (Loss) Attributable to Common Shareholders	180	87	155	111	8.50
Consolidated Net Income / (Loss)	200	100	170	119	-13
Net Income / (Loss) Continuing Operations	200	100	170	119	-13
Total Pre-Tax Income	254	129	216	148	7.10
Total Operating Income	227	120	195	147	-1.40
Total Gross Profit	396	337	440	389	403
Total Revenue	4,069	3,608	3,431	3,093	3,444
Operating Revenue	4,069	3,608	3,431	3,093	3,444
Total Cost of Revenue	3,673	3,271	2,991	2,705	3,041
Operating Cost of Revenue	3,673	3,271	2,991	2,705	3,041
Total Operating Expenses	169	216	245	242	405
Selling, General & Admin Expense	180	201	224	232	297
Other Operating Expenses / (Income)	0.00	18	20	0.00	0.00
Impairment Charge	3.10	2.10	1.40	7.40	114
Restructuring Charge	-15	-4.20	0.00	2.60	-7.00
Total Other Income / (Expense), net	28	8.40	22	1.10	8.50
Interest Expense	3.00	3.00	6.00	7.10	28
Interest & Investment Income	30	7.70	22	4.40	20
Other Income / (Expense), net	0.90	3.70	5.30	3.80	17
Income Tax Expense	54	29	46	29	20
Net Income / (Loss) Attributable to Noncontrolling Interest	20	13	15	8.60	-21
Basic Earnings per Share	$3.66	$1.77	$3.14	$2.24	$0.17
Weighted Average Basic Shares Outstanding	49.30M	49.30M	49.30M	49.50M	49.80M
Diluted Earnings per Share	$3.66	$1.77	$3.11	$2.19	$0.17
Weighted Average Diluted Shares Outstanding	49.30M	49.30M	49.80M	50.50M	50.80M
Weighted Average Basic & Diluted Shares Outstanding	-	-	50.39M	50.87M	50.95M

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	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025	8/31/2025	11/30/2025	2/28/2026	5/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-6.00	49	53	28	13	14	56	36	19	10	-57
Consolidated Net Income / (Loss)	-2.10	52	58	32	16	12	59	39	22	11	-84
Net Income / (Loss) Continuing Operations	-2.10	52	58	32	16	12	59	39	22	11	-84
Total Pre-Tax Income	-4.60	66	75	36	20	17	75	52	26	14	-85
Total Operating Income	-8.80	66	67	43	19	18	66	48	22	3.10	-75
Total Gross Profit	60	120	131	100	80	81	127	115	93	76	119
Total Revenue	808	806	911	834	739	687	833	873	872	770	929
Operating Revenue	808	806	911	834	739	687	833	873	872	770	929
Total Cost of Revenue	748	686	780	734	659	606	706	758	779	694	810
Operating Cost of Revenue	748	686	780	734	659	606	706	758	779	694	810
Total Operating Expenses	69	54	64	57	61	63	61	67	72	73	193
Selling, General & Admin Expense	54	53	64	57	61	55	59	68	71	78	81
Impairment Charge	0.00	0.00	-	0.00	0.00	7.40	-	0.00	0.60	1.50	112
Total Other Income / (Expense), net	4.20	0.10	8.00	-7.20	0.80	-1.20	8.70	3.70	4.00	11	-10
Interest Expense	0.20	2.90	2.40	2.60	2.10	1.40	1.00	2.90	2.70	2.10	21
Interest & Investment Income	3.80	2.90	6.70	1.30	-0.90	0.00	4.00	6.40	6.80	3.50	3.60
Other Income / (Expense), net	0.60	0.10	3.70	-5.90	3.80	0.20	5.70	0.20	-0.10	9.80	6.70
Income Tax Expense	-2.50	14	18	4.00	3.60	5.00	16	13	4.20	3.50	-1.10
Net Income / (Loss) Attributable to Noncontrolling Interest	3.90	3.40	4.50	3.80	3.30	-1.70	3.20	1.80	2.70	0.40	-26
Basic Earnings per Share	($0.12)	$0.99	$1.08	$0.57	$0.26	$0.28	$1.13	$0.73	$0.38	$0.21	($1.15)
Weighted Average Basic Shares Outstanding	49.30M	49.30M	49.30M	49.40M	49.50M	49.50M	49.50M	49.60M	49.80M	49.90M	49.80M
Diluted Earnings per Share	($0.12)	$0.98	$1.06	$0.56	$0.25	$0.27	$1.11	$0.72	$0.37	$0.20	($1.12)
Weighted Average Diluted Shares Outstanding	49.30M	50.30M	49.80M	50.40M	50.60M	50.50M	50.50M	50.60M	50.70M	50.90M	50.80M
Weighted Average Basic & Diluted Shares Outstanding	-	50.38M	50.39M	50.78M	50.75M	50.74M	50.87M	50.83M	50.81M	50.81M	50.95M

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	2026
Period end date	5/31/2022	5/31/2023	5/31/2024	5/31/2025	5/31/2026
Net Change in Cash & Equivalents	2.60	13	7.50	53	-9.20
Net Cash From Operating Activities	40	315	200	230	201
Net Cash From Continuing Operating Activities	40	315	200	230	201
Net Income / (Loss) Continuing Operations	200	100	170	119	-13
Consolidated Net Income / (Loss)	200	100	170	119	-13
Depreciation Expense	60	70	65	66	84
Non-Cash Adjustments To Reconcile Net Income	-30	16	-6.60	28	112
Changes in Operating Assets and Liabilities, net	-190	130	-29	17	18
Net Cash From Investing Activities	-395	-22	-123	-129	-213
Net Cash From Continuing Investing Activities	-395	-22	-123	-129	-213
Purchase of Property, Plant & Equipment	-36	-46	-103	-130	-121
Acquisitions	-377	0.00	-21	0.00	-2.90
Purchase of Investments	-	-	-	0.00	-106
Other Investing Activities, net	18	23	1.20	1.30	17
Net Cash From Financing Activities	358	-280	-69	-49	3.00
Net Cash From Continuing Financing Activities	358	-280	-69	-49	3.00
Repayment of Debt	77	-60	145	-14	-16
Payment of Dividends	-35	-20	-167	-49	-39
Issuance of Debt	-	0.00	0.00	17	63
Issuance of Common Equity	0.00	0.00	0.00	-3.10	-5.90
Other Financing Activities, net	317	-200	-48	0.00	0.00

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	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025	8/31/2025	11/30/2025	2/28/2026	5/31/2026
Net Change in Cash & Equivalents	187	-154	-21	-4.20	16	11	30	-15	12	0.20	-6.30
Net Cash From Operating Activities	140	45	36	55	68	54	54	-6.30	99	63	45
Net Cash From Continuing Operating Activities	140	45	36	55	68	54	54	-6.30	99	63	45
Net Income / (Loss) Continuing Operations	-2.10	52	58	32	16	12	59	39	22	11	-84
Consolidated Net Income / (Loss)	-2.10	52	58	32	16	12	59	39	22	11	-84
Depreciation Expense	16	16	16	16	16	17	17	20	22	22	21
Non-Cash Adjustments To Reconcile Net Income	-0.60	-0.90	0.40	1.00	9.80	18	-0.80	0.10	4.20	12	96
Changes in Operating Assets and Liabilities, net	126	-23	-39	5.20	26	7.20	-21	-65	52	19	13
Net Cash From Investing Activities	-39	-22	-44	-22	-34	-29	-45	-30	-25	-116	-43
Net Cash From Continuing Investing Activities	-39	-22	-44	-22	-34	-29	-45	-30	-25	-116	-43
Purchase of Property, Plant & Equipment	-19	-22	-45	-22	-35	-29	-46	-29	-25	-30	-37
Acquisitions	-21	-	-	0.00	-	-	-	-1.60	-	-	-1.30
Purchase of Investments	-	-	-	-	-	-	-	-	-	-	-4.80
Other Investing Activities, net	0.80	-	0.40	0.00	1.10	-	0.20	1.40	-	16	-0.10
Net Cash From Financing Activities	86	-176	-12	-37	-18	-14	21	21	-63	53	-8.00
Net Cash From Continuing Financing Activities	86	-176	-12	-37	-18	-14	21	21	-63	53	-8.00
Repayment of Debt	175	-28	271	-26	139	-5.00	39	8.10	-53	63	-34
Payment of Dividends	-	-152	-13	-9.90	-11	-9.90	-18	-8.10	-8.40	-8.10	-14
Issuance of Debt	-	-	-	0.00	-	-	0.10	23	1.20	-0.40	40
Issuance of Common Equity	-	-	-	-	-	-	-	-	-	4.80	-5.90
Other Financing Activities, net	-89	3.80	-	-	1.60	-	-	-	-	-	6.00

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	2026
Period end date	5/31/2023	5/31/2024	5/31/2025	5/31/2026
Total Assets	1,764	1,866	1,962	2,252
Total Current Assets	981	1,002	1,049	1,130
Cash & Equivalents	33	40	38	85
Restricted Cash	-	0.00	55	0.00
Accounts Receivable	468	473	439	496
Inventories, net	415	405	422	416
Prepaid Expenses	58	77	83	110
Current Deferred & Refundable Income Taxes	4.30	4.20	0.10	14
Other Current Nonoperating Assets	3.40	2.90	12	9.10
Plant, Property, & Equipment, net	414	475	548	649
Plant, Property & Equipment, gross	1,074	1,192	1,304	1,501
Accumulated Depreciation	660	718	756	851
Total Noncurrent Assets	369	390	365	473
Long-Term Investments	115	135	127	123
Noncurrent Note & Lease Receivables	-	-	0.00	7.50
Goodwill	79	80	80	45
Intangible Assets	83	77	68	77
Noncurrent Deferred & Refundable Income Taxes	6.30	8.50	11	13
Other Noncurrent Operating Assets	86	90	80	208
Total Liabilities & Shareholders' Equity	1,764	1,866	1,962	2,252
Total Liabilities	610	749	764	990
Total Current Liabilities	478	618	632	776
Short-Term Debt	23	148	149	212
Accounts Payable	402	380	403	424
Accrued Expenses	16	16	15	56
Dividends Payable	0.00	8.70	9.30	9.20
Current Deferred & Payable Income Tax Liabilities	0.00	5.20	4.50	0.70
Current Employee Benefit Liabilities	32	53	43	60
Other Current Liabilities	5.90	7.60	7.70	13
Total Noncurrent Liabilities	131	131	132	214
Long-Term Debt	-	0.00	2.30	44
Noncurrent Deferred & Payable Income Tax Liabilities	26	28	29	34
Other Noncurrent Operating Liabilities	105	103	102	136
Redeemable Noncontrolling Interest	-	-	0.00	65
Total Equity & Noncontrolling Interests	1,155	1,118	1,198	1,198
Total Preferred & Common Equity	1,029	985	1,074	1,063
Preferred Stock	0.00	0.00	0.00	0.00
Total Common Equity	1,029	985	1,074	1,063
Common Stock	0.00	905	914	919
Retained Earnings	0.00	86	164	140
Accumulated Other Comprehensive Income / (Loss)	-2.10	-6.10	-4.00	3.90
Noncontrolling Interest	126	132	124	134

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	Q1 2026	Q2 2026	Q3 2026
Period end date	2/29/2024	8/31/2024	11/30/2024	2/28/2025	8/31/2025	11/30/2025	2/28/2026
Total Assets	1,849	1,829	1,739	1,800	2,243	2,150	2,316
Total Current Assets	1,023	956	857	913	1,149	1,050	1,107
Cash & Equivalents	61	36	52	63	78	90	90
Restricted Cash	-	-	-	-	0.00	0.00	0.00
Accounts Receivable	469	443	373	414	490	441	462
Inventories, net	408	392	343	342	479	413	436
Prepaid Expenses	77	74	79	85	89	92	116
Current Deferred & Refundable Income Taxes	6.20	7.60	9.20	6.90	1.60	4.80	2.70
Other Current Nonoperating Assets	1.80	2.90	1.80	1.10	11	10	0.60
Plant, Property, & Equipment, net	447	487	505	517	656	663	678
Plant, Property & Equipment, gross	1,157	1,218	1,250	1,267	1,429	1,456	1,486
Accumulated Depreciation	710	731	745	750	773	793	808
Total Noncurrent Assets	379	387	377	370	439	436	531
Long-Term Investments	130	136	130	123	133	134	120
Noncurrent Note & Lease Receivables	-	-	-	-	8.40	9.70	9.40
Goodwill	80	80	80	79	102	102	103
Intangible Assets	79	76	74	69	90	88	87
Noncurrent Deferred & Refundable Income Taxes	5.80	8.50	8.50	10	10	11	13
Other Noncurrent Operating Assets	84	87	84	89	95	92	199
Total Liabilities & Shareholders' Equity	1,849	1,829	1,739	1,800	2,243	2,150	2,316
Total Liabilities	779	686	594	657	912	803	958
Total Current Liabilities	645	558	468	521	694	585	746
Short-Term Debt	147	122	115	110	190	140	220
Accounts Payable	407	359	286	335	386	339	402
Accrued Expenses	15	13	16	18	24	29	44
Dividends Payable	8.50	8.80	9.00	9.10	9.10	9.00	9.10
Current Deferred & Payable Income Tax Liabilities	14	7.30	1.20	1.10	17	1.20	2.00
Current Employee Benefit Liabilities	47	40	34	41	55	54	55
Other Current Liabilities	6.70	7.40	7.40	7.40	13	13	14
Total Noncurrent Liabilities	133	128	127	136	219	218	213
Long-Term Debt	-	-	-	2.20	43	42	32
Noncurrent Deferred & Payable Income Tax Liabilities	27	27	27	28	40	41	36
Other Noncurrent Operating Liabilities	107	101	100	105	136	136	145
Redeemable Noncontrolling Interest	-	-	-	-	98	98	97
Total Equity & Noncontrolling Interests	1,070	1,143	1,145	1,143	1,233	1,249	1,261
Total Preferred & Common Equity	938	1,009	1,011	1,012	1,105	1,117	1,125
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	938	1,009	1,011	1,012	1,105	1,117	1,125
Common Stock	903	907	910	911	915	915	917
Retained Earnings	41	106	111	117	193	204	206
Accumulated Other Comprehensive Income / (Loss)	-6.30	-3.90	-9.80	-15	-2.90	-1.50	2.10
Noncontrolling Interest	133	134	134	131	128	132	136

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

Metric	2022	2023	2024	2025	2026
Period end date	5/31/2022	5/31/2023	5/31/2024	5/31/2025	5/31/2026
DEI Shares Outstanding	-	-	-	-	50,806,338.00
DEI Adjusted Shares Outstanding	-	-	-	-	50,806,338.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	0.17
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	-11.33%	-4.91%	-9.83%	11.33%
EBITDA Growth	0.00%	-32.54%	36.93%	-18.22%	-54.15%
EBIT Growth	0.00%	-45.49%	61.13%	-24.52%	-89.92%
NOPAT Growth	0.00%	-47.79%	64.20%	-22.62%	-97.85%
Net Income Growth	0.00%	-50.22%	70.61%	-29.86%	-110.81%
EPS Growth	0.00%	-51.64%	75.71%	-29.58%	-92.24%
Operating Cash Flow Growth	0.00%	697.47%	-36.67%	15.44%	-12.64%
Free Cash Flow Firm Growth	0.00%	0.00%	108.96%	3.81%	-309.13%
Invested Capital Growth	0.00%	0.00%	6.76%	2.88%	16.33%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	-2.46%	2.88%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	0.88%	-57.81%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	0.73%	-90.20%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	0.54%	-97.65%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	1.02%	-109.94%
EPS Q/Q Growth	0.00%	0.00%	0.00%	2.34%	-92.92%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-17.97%	8.63%	-4.28%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	18.12%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	4.67%	-6.80%
Profitability Metrics	-	-	-	-	-
Gross Margin	9.72%	9.33%	12.82%	12.56%	11.71%
EBITDA Margin	7.05%	5.37%	7.73%	7.01%	2.89%
Operating Margin	5.57%	3.33%	5.67%	4.75%	-0.04%
EBIT Margin	5.59%	3.44%	5.82%	4.88%	0.44%
Profit (Net Income) Margin	4.92%	2.76%	4.96%	3.86%	-0.37%
Tax Burden Percent	78.77%	77.47%	78.68%	80.55%	-181.69%
Interest Burden Percent	111.78%	103.79%	108.21%	98.21%	46.71%
Effective Tax Rate	21.23%	22.53%	21.32%	19.45%	281.69%
Return on Invested Capital (ROIC)	0.00%	18.15%	14.42%	10.65%	0.21%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	7.98%	-8.45%	8.72%	145.22%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-0.88%	0.56%	-0.34%	-1.26%
Return on Equity (ROE)	0.00%	17.27%	14.97%	10.30%	-1.05%
Cash Return on Invested Capital (CROIC)	0.00%	-181.85%	7.88%	7.81%	-14.88%
Operating Return on Assets (OROA)	0.00%	7.03%	11.01%	7.88%	0.72%
Return on Assets (ROA)	0.00%	5.65%	9.37%	6.23%	-0.61%
Return on Common Equity (ROCE)	0.00%	15.39%	13.27%	9.17%	-0.91%
Return on Equity Simple (ROE_SIMPLE)	0.00%	9.69%	17.26%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	178	93	153	118	2.54
NOPAT Margin	4.39%	2.58%	4.46%	3.83%	0.07%
Net Nonoperating Expense Percent (NNEP)	0.00%	10.18%	22.87%	1.93%	-145.01%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	8.78%	0.17%
Cost of Revenue to Revenue	90.28%	90.67%	87.18%	87.44%	88.29%
SG&A Expenses to Revenue	4.43%	5.57%	6.54%	7.49%	8.64%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	4.15%	5.99%	7.15%	7.81%	11.75%
Earnings before Interest and Taxes (EBIT)	228	124	200	151	15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	287	194	265	217	99
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	1.68	1.17	2.01
Price to Tangible Book Value (P/TBV)	0.00	0.00	2.00	1.36	2.27
Price to Revenue (P/Rev)	0.00	0.00	0.48	0.41	0.62
Price to Earnings (P/E)	0.00	0.00	10.69	11.34	251.25
Dividend Yield	0.00%	0.00%	0.49%	2.59%	1.52%
Earnings Yield	0.00%	0.00%	9.36%	8.82%	0.40%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	1.60	1.16	1.82
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.51	0.42	0.69
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	6.63	6.05	23.98
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	8.80	8.70	156.84
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	11.49	11.07	937.24
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	8.81	5.69	11.85
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	21.03	15.10	0.00
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.00	0.02	0.13	0.13	0.20
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.04
Financial Leverage	0.00	-0.11	-0.07	-0.04	-0.01
Leverage Ratio	0.00	1.53	1.60	1.65	1.71
Compound Leverage Factor	0.00	1.59	1.73	1.62	0.80
Debt to Total Capital	0.00%	1.94%	11.70%	11.23%	16.90%
Short-Term Debt to Total Capital	0.00%	1.94%	11.70%	11.06%	13.98%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.17%	2.92%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	10.67%	10.45%	9.17%	13.13%
Common Equity to Total Capital	0.00%	87.40%	77.86%	79.60%	69.97%
Debt to EBITDA	0.00	0.12	0.56	0.70	2.58
Net Debt to EBITDA	0.00	-0.64	-0.10	-0.31	0.49
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.01	0.45
Debt to NOPAT	0.00	0.24	0.97	1.28	100.96
Net Debt to NOPAT	0.00	-1.34	-0.18	-0.57	19.18
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.02	17.46
Altman Z-Score	0.00	0.00	3.83	3.19	3.12
Noncontrolling Interest Sharing Ratio	0.00%	10.88%	11.35%	11.06%	13.14%
Liquidity Ratios	-	-	-	-	-
Current Ratio	0.00	2.05	1.62	1.66	1.46
Quick Ratio	0.00	1.05	0.83	0.75	0.75
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-934	84	87	-182
Operating Cash Flow to CapEx	108.52%	692.31%	192.94%	176.61%	166.01%
Free Cash Flow to Firm to Interest Expense	0.00	-311.17	13.94	12.23	-6.39
Operating Cash Flow to Interest Expense	13.17	105.00	33.25	32.44	7.08
Operating Cash Flow Less CapEx to Interest Expense	1.03	89.83	16.02	14.07	2.82
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.00	2.04	1.89	1.62	1.63
Accounts Receivable Turnover	0.00	7.71	7.29	6.79	7.37
Inventory Turnover	0.00	7.89	7.29	6.54	7.26
Fixed Asset Turnover	0.00	8.71	7.72	6.05	5.75
Accounts Payable Turnover	0.00	8.13	7.64	6.91	7.36
Days Sales Outstanding (DSO)	0.00	47.35	50.04	53.77	49.54
Days Inventory Outstanding (DIO)	0.00	46.28	50.04	55.82	50.28
Days Payable Outstanding (DPO)	0.00	44.88	47.75	52.83	49.61
Cash Conversion Cycle (CCC)	0.00	48.75	52.33	56.76	50.22
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	0.00	1,027	1,096	1,128	1,312
Invested Capital Turnover	0.00	7.03	3.23	2.78	2.82
Increase / (Decrease) in Invested Capital	0.00	1,027	69	32	184
Enterprise Value (EV)	0.00	0.00	1,758	1,311	2,384
Market Capitalization	0.00	0.00	1,653	1,256	2,136
Book Value per Share	$0.00	$20.87	$19.56	$21.17	$20.93
Tangible Book Value per Share	$0.00	$17.59	$16.45	$18.26	$18.53
Total Capital	0.00	1,177	1,266	1,349	1,520
Total Debt	0.00	23	148	152	257
Total Long-Term Debt	0.00	0.00	0.00	2.30	44
Net Debt	0.00	-125	-27	-68	49
Capital Expenditures (CapEx)	36	46	103	130	121
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	493	491	473	482
Debt-free Net Working Capital (DFNWC)	0.00	525	531	566	567
Net Working Capital (NWC)	0.00	503	383	417	354
Net Nonoperating Expense (NNE)	-22	-6.51	-17	-0.89	15
Net Nonoperating Obligations (NNO)	0.00	-128	-21	-70	49
Total Depreciation and Amortization (D&A)	60	70	65	66	84
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	13.65%	14.32%	15.30%	13.99%
Debt-free Net Working Capital to Revenue	0.00%	14.56%	15.49%	18.30%	16.45%
Net Working Capital to Revenue	0.00%	13.93%	11.18%	13.48%	10.28%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$3.14	$2.24	$0.17
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	49.30M	49.50M	49.80M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$3.11	$2.19	$0.17
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	49.80M	50.50M	50.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	50.39M	50.87M	50.95M
Normalized Net Operating Profit after Tax (NOPAT)	170	92	154	126	74
Normalized NOPAT Margin	4.17%	2.54%	4.49%	4.09%	2.15%
Pre Tax Income Margin	6.25%	3.57%	6.30%	4.79%	0.21%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	75.83	41.33	33.30	21.24	0.54
NOPAT to Interest Expense	59.49	31.06	25.50	16.68	0.09
EBIT Less CapEx to Interest Expense	63.70	26.17	16.07	2.87	-3.73
NOPAT Less CapEx to Interest Expense	47.36	15.90	8.27	-1.69	-4.18
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	17.57%	20.26%	98.00%	40.99%	-299.22%
Augmented Payout Ratio	17.57%	20.26%	98.00%	40.99%	-299.22%

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

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025	8/31/2025	11/30/2025	2/28/2026	5/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	50,805,635.00	50,806,338.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	50,805,635.00	50,806,338.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.20	-1.12
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	3.22%	0.00%	-7.93%	-8.54%	-14.69%	-8.57%	4.66%	17.98%	11.99%	11.56%
EBITDA Growth	0.00%	662.04%	0.00%	-38.63%	375.61%	-57.35%	2.18%	28.12%	11.03%	-1.71%	-153.03%
EBIT Growth	0.00%	514.81%	0.00%	-46.88%	376.83%	-72.14%	1.55%	29.33%	-4.85%	-30.27%	-194.04%
NOPAT Growth	0.00%	498.12%	0.00%	-29.45%	350.75%	-75.25%	0.98%	-7.13%	17.53%	-81.92%	-200.14%
Net Income Growth	0.00%	463.44%	0.00%	-48.15%	866.67%	-76.91%	2.08%	19.88%	33.54%	-10.74%	-242.28%
EPS Growth	0.00%	790.91%	0.00%	-52.94%	308.33%	-72.45%	4.72%	28.57%	48.00%	-25.93%	-200.90%
Operating Cash Flow Growth	0.00%	0.00%	-55.11%	363.77%	-51.39%	20.36%	51.40%	-111.54%	46.03%	17.66%	-16.70%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	0.00%	96.80%	0.00%	79.63%	81.19%	-945.45%	-1,253.75%
Invested Capital Growth	0.00%	0.00%	0.00%	0.00%	0.00%	4.29%	2.88%	22.92%	20.21%	30.64%	16.33%
Revenue Q/Q Growth	-10.80%	-0.27%	13.06%	0.00%	-11.39%	-6.98%	21.17%	4.80%	-0.11%	-11.71%	20.71%
EBITDA Q/Q Growth	-90.63%	903.66%	5.83%	0.00%	-27.37%	-10.00%	153.56%	-22.70%	-37.06%	-20.32%	-236.81%
EBIT Q/Q Growth	-111.61%	909.76%	6.93%	0.00%	-39.47%	-18.50%	289.73%	-32.73%	-55.46%	-40.28%	-625.58%
NOPAT Q/Q Growth	-111.26%	949.37%	-1.44%	0.00%	-59.99%	-16.17%	302.16%	-31.15%	-49.37%	-87.10%	-2,327.43%
Net Income Q/Q Growth	-103.38%	2,595.24%	10.11%	0.00%	-50.00%	-24.84%	386.78%	-34.47%	-44.30%	-49.77%	-875.93%
EPS Q/Q Growth	-110.08%	916.67%	8.16%	0.00%	-55.36%	8.00%	311.11%	-35.14%	-48.61%	-45.95%	-660.00%
Operating Cash Flow Q/Q Growth	775.85%	-68.05%	-20.36%	53.37%	24.54%	-20.88%	0.19%	-111.69%	1,676.19%	-36.25%	-29.07%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	100.00%	0.00%	-0.85%	97.07%	165.31%	-1,155.08%	6.90%	-62.95%	27.92%
Invested Capital Q/Q Growth	0.00%	0.00%	6.10%	0.00%	-1.28%	-0.69%	4.67%	19.79%	-3.46%	7.92%	-6.80%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	7.45%	14.90%	14.38%	12.04%	10.83%	11.81%	15.25%	13.20%	10.69%	9.89%	12.79%
EBITDA Margin	1.01%	10.21%	9.56%	6.44%	5.28%	5.11%	10.69%	7.88%	4.97%	4.48%	-5.08%
Operating Margin	-1.09%	8.23%	7.39%	5.20%	2.56%	2.66%	7.97%	5.53%	2.49%	0.40%	-8.02%
EBIT Margin	-1.01%	8.24%	7.79%	4.50%	3.07%	2.69%	8.66%	5.56%	2.48%	1.68%	-7.30%
Profit (Net Income) Margin	-0.26%	6.50%	6.33%	3.86%	2.18%	1.76%	7.07%	4.42%	2.47%	1.40%	-9.02%
Tax Burden Percent	45.65%	78.92%	76.63%	88.95%	81.73%	70.76%	78.43%	74.23%	83.66%	75.52%	98.70%
Interest Burden Percent	56.10%	100.00%	106.06%	96.53%	86.78%	92.43%	104.16%	107.22%	118.98%	110.85%	125.22%
Effective Tax Rate	0.00%	21.08%	23.37%	11.05%	18.27%	29.24%	21.57%	25.77%	16.34%	24.48%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	17.72%	28.29%	12.68%	5.66%	17.39%	10.50%	5.69%	0.82%	-15.85%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	-10.93%	57.27%	10.50%	7.31%	2.50%	-12.20%	-0.81%	-107.63%	281.34%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.21%	-2.21%	-0.55%	-0.34%	-0.10%	0.12%	0.03%	0.67%	-2.44%
Return on Equity (ROE)	0.00%	0.00%	17.93%	26.08%	12.12%	5.32%	17.30%	10.62%	5.72%	1.49%	-18.28%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	7.63%	0.00%	0.00%	0.00%	7.81%	-11.05%	-8.37%	-17.85%	-14.88%
Operating Return on Assets (OROA)	0.00%	0.00%	14.73%	8.26%	5.81%	4.68%	13.99%	8.55%	4.16%	2.73%	-11.93%
Return on Assets (ROA)	0.00%	0.00%	11.97%	7.09%	4.12%	3.06%	11.43%	6.80%	4.14%	2.28%	-14.74%
Return on Common Equity (ROCE)	0.00%	0.00%	15.89%	23.02%	10.70%	4.69%	15.38%	9.08%	4.89%	1.27%	-15.88%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	13.89%	15.67%	11.67%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-6.16	52	52	39	15	13	52	36	18	2.34	-52
NOPAT Margin	-0.76%	6.49%	5.66%	4.63%	2.09%	1.88%	6.25%	4.11%	2.08%	0.30%	-5.61%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.42%	28.65%	-28.98%	2.17%	-1.65%	14.90%	22.70%	6.50%	108.45%	-297.18%
Return On Investment Capital (ROIC_SIMPLE)	-	4.30%	4.08%	-	1.23%	1.03%	3.86%	2.44%	1.27%	0.15%	-3.59%
Cost of Revenue to Revenue	92.55%	85.10%	85.62%	87.96%	89.17%	88.19%	84.75%	86.80%	89.31%	90.11%	87.21%
SG&A Expenses to Revenue	6.70%	6.55%	6.99%	6.83%	8.27%	7.94%	7.07%	7.78%	8.13%	10.07%	8.73%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	8.54%	6.68%	6.99%	6.83%	8.27%	9.15%	7.28%	7.66%	8.20%	9.48%	20.80%
Earnings before Interest and Taxes (EBIT)	-8.20	66	71	38	23	19	72	49	22	13	-68
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	8.20	82	87	54	39	35	89	69	43	35	-47
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	1.64	1.76	2.24	1.33	1.17	1.53	1.53	1.87	2.01
Price to Tangible Book Value (P/TBV)	0.00	0.00	1.95	2.08	2.65	1.56	1.36	1.85	1.84	2.25	2.27
Price to Revenue (P/Rev)	0.00	0.00	0.47	0.53	0.69	0.42	0.41	0.54	0.52	0.63	0.62
Price to Earnings (P/E)	0.00	0.00	10.46	14.25	15.82	12.43	11.34	14.22	13.71	17.34	251.25
Dividend Yield	0.00%	0.00%	0.50%	0.91%	1.07%	2.41%	2.59%	1.93%	1.90%	1.55%	1.52%
Earnings Yield	0.00%	0.00%	9.56%	7.02%	6.32%	8.04%	8.82%	7.03%	7.29%	5.77%	0.40%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	1.57	1.69	2.15	1.30	1.16	1.43	1.45	1.69	1.82
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.50	0.55	0.71	0.44	0.42	0.62	0.58	0.71	0.69
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	6.50	8.04	8.91	6.53	6.05	8.34	8.03	10.08	23.98
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	8.63	11.15	11.82	9.37	8.70	11.95	11.80	15.32	156.84
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	11.26	13.66	14.87	11.91	11.07	16.60	15.89	21.92	937.24
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	8.64	6.76	11.51	6.61	5.69	11.42	9.45	11.30	11.85
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	15.10	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.14	0.13	0.11	0.10	0.10	0.13	0.18	0.14	0.19	0.20
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.03	0.03	0.02	0.04
Financial Leverage	0.00	-0.03	-0.02	-0.04	-0.05	-0.05	-0.04	-0.01	-0.04	-0.01	-0.01
Leverage Ratio	0.00	1.73	1.60	1.60	1.52	1.65	1.65	1.65	1.56	1.65	1.71
Compound Leverage Factor	0.00	1.73	1.69	1.54	1.32	1.52	1.72	1.76	1.86	1.82	2.14
Debt to Total Capital	0.00%	12.09%	11.70%	9.66%	9.13%	8.94%	11.23%	14.92%	11.91%	15.63%	16.90%
Short-Term Debt to Total Capital	0.00%	12.09%	11.70%	9.66%	9.13%	8.76%	11.06%	12.17%	9.18%	13.66%	13.98%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.18%	0.17%	2.76%	2.73%	1.96%	2.92%
Preferred Equity to Total Capital	0.00%	0.00%	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%	10.90%	10.45%	10.60%	10.66%	10.42%	9.17%	14.45%	15.03%	14.48%	13.13%
Common Equity to Total Capital	0.00%	77.01%	77.86%	79.75%	80.22%	80.64%	79.60%	70.63%	73.06%	69.90%	69.97%
Debt to EBITDA	0.00	0.00	0.56	0.53	0.44	0.52	0.70	1.01	0.77	1.07	2.58
Net Debt to EBITDA	0.00	0.00	-0.10	-0.22	-0.26	-0.34	-0.31	0.10	-0.18	0.18	0.49
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.01	0.01	0.19	0.18	0.13	0.45
Debt to NOPAT	0.00	0.00	0.97	0.90	0.73	0.95	1.28	2.00	1.53	2.32	100.96
Net Debt to NOPAT	0.00	0.00	-0.18	-0.37	-0.43	-0.63	-0.57	0.19	-0.35	0.38	19.18
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.02	0.02	0.37	0.35	0.29	17.46
Altman Z-Score	0.00	0.00	3.57	3.80	4.58	3.38	3.06	2.94	3.22	3.09	3.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	11.35%	11.73%	11.73%	11.90%	11.06%	14.55%	14.61%	14.55%	13.14%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	1.58	1.62	1.71	1.83	1.75	1.66	1.66	1.80	1.48	1.46
Quick Ratio	0.00	0.82	0.83	0.86	0.91	0.92	0.75	0.82	0.91	0.74	0.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-981	0.00	-1,060	-1,069	-31	20	-216	-201	-328	-236
Operating Cash Flow to CapEx	740.21%	199.55%	79.46%	253.95%	195.40%	188.11%	118.46%	-21.43%	402.02%	211.00%	121.02%
Free Cash Flow to Firm to Interest Expense	0.00	-338.20	0.00	-407.84	-509.26	-22.39	20.48	-74.50	-74.50	-156.08	-11.41
Operating Cash Flow to Interest Expense	699.50	15.41	14.83	21.00	32.38	38.43	53.90	-2.17	36.78	30.14	2.17
Operating Cash Flow Less CapEx to Interest Expense	605.00	7.69	-3.83	12.73	15.81	18.00	8.40	-12.31	27.63	15.86	0.38
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	1.89	1.84	1.89	1.74	1.62	1.54	1.68	1.63	1.63
Accounts Receivable Turnover	0.00	0.00	7.29	7.58	8.82	7.19	6.79	6.71	8.03	7.65	7.37
Inventory Turnover	0.00	0.00	7.29	7.52	8.33	7.41	6.54	6.27	7.54	7.55	7.26
Fixed Asset Turnover	0.00	0.00	7.72	6.90	6.51	6.58	6.05	5.48	5.59	5.60	5.75
Accounts Payable Turnover	0.00	0.00	7.64	8.20	10.01	7.49	6.91	7.33	9.12	7.97	7.36
Days Sales Outstanding (DSO)	0.00	0.00	50.04	48.18	41.37	50.79	53.77	54.40	45.48	47.73	49.54
Days Inventory Outstanding (DIO)	0.00	0.00	50.04	48.56	43.80	49.29	55.82	58.23	48.44	48.35	50.28
Days Payable Outstanding (DPO)	0.00	0.00	47.75	44.50	36.46	48.74	52.83	49.83	40.02	45.80	49.61
Cash Conversion Cycle (CCC)	0.00	0.00	52.33	52.25	48.72	51.33	56.76	62.80	53.89	50.28	50.22
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	1,033	1,096	1,099	1,085	1,077	1,128	1,351	1,304	1,408	1,312
Invested Capital Turnover	0.00	0.00	3.13	6.11	6.06	3.01	2.78	2.56	2.73	2.69	2.82
Increase / (Decrease) in Invested Capital	0.00	1,033	0.00	1,099	1,085	44	32	252	219	330	184
Enterprise Value (EV)	0.00	0.00	1,724	1,859	2,335	1,402	1,311	1,934	1,896	2,376	2,384
Market Capitalization	0.00	0.00	1,619	1,775	2,268	1,345	1,256	1,686	1,708	2,101	2,136
Book Value per Share	$0.00	$19.02	$19.56	$20.03	$19.91	$19.95	$21.17	$21.72	$21.98	$22.13	$20.93
Tangible Book Value per Share	$0.00	$15.81	$16.45	$16.95	$16.89	$17.02	$18.26	$17.95	$18.24	$18.39	$18.53
Total Capital	0.00	1,218	1,266	1,265	1,260	1,255	1,349	1,564	1,529	1,609	1,520
Total Debt	0.00	147	148	122	115	112	152	233	182	251	257
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	2.20	2.30	43	42	32	44
Net Debt	0.00	-44	-27	-50	-67	-74	-68	22	-42	42	49
Capital Expenditures (CapEx)	19	22	45	22	35	29	46	29	25	30	37
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	464	491	484	453	438	473	567	516	491	482
Debt-free Net Working Capital (DFNWC)	0.00	525	531	520	505	502	566	645	606	581	567
Net Working Capital (NWC)	0.00	378	383	398	390	392	417	455	465	361	354
Net Nonoperating Expense (NNE)	-4.06	-0.08	-6.13	6.40	-0.65	0.85	-6.82	-2.75	-3.35	-8.46	32
Net Nonoperating Obligations (NNO)	0.00	-37	-21	-44	-60	-66	-70	20	-43	50	49
Total Depreciation and Amortization (D&A)	16	16	16	16	16	17	17	20	22	22	21
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	14.32%	14.40%	13.76%	13.82%	15.30%	18.10%	15.80%	14.66%	13.99%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	15.49%	15.48%	15.34%	15.82%	18.30%	20.60%	18.55%	17.35%	16.45%
Net Working Capital to Revenue	0.00%	0.00%	11.18%	11.84%	11.85%	12.35%	13.48%	14.52%	14.25%	10.78%	10.28%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.99	$1.08	$0.57	$0.26	$0.28	$1.13	$0.73	$0.38	$0.21	($1.15)
Adjusted Weighted Average Basic Shares Outstanding	0.00	49.30M	49.30M	49.40M	49.50M	49.50M	49.50M	49.60M	49.80M	49.90M	49.80M
Adjusted Diluted Earnings per Share	$0.00	$0.98	$1.06	$0.56	$0.25	$0.27	$1.11	$0.72	$0.37	$0.20	($1.12)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	50.30M	49.80M	50.40M	50.60M	50.50M	50.50M	50.60M	50.70M	50.90M	50.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$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	50.38M	50.39M	50.78M	50.75M	50.74M	50.87M	50.83M	50.81M	50.81M	50.95M
Normalized Net Operating Profit after Tax (NOPAT)	-6.16	52	52	39	15	19	52	35	19	-1.06	26
Normalized NOPAT Margin	-0.76%	6.49%	5.66%	4.63%	2.09%	2.74%	6.25%	4.02%	2.14%	-0.14%	2.84%
Pre Tax Income Margin	-0.57%	8.24%	8.27%	4.34%	2.67%	2.49%	9.02%	5.96%	2.95%	1.86%	-9.14%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-41.00	22.90	29.58	14.42	10.81	13.21	72.10	16.72	8.00	6.14	-3.28
NOPAT to Interest Expense	-30.80	18.04	21.49	14.85	7.36	9.25	52.08	12.36	6.72	1.11	-2.52
EBIT Less CapEx to Interest Expense	-135.50	15.17	10.92	6.15	-5.76	-7.21	26.60	6.59	-1.15	-8.14	-5.07
NOPAT Less CapEx to Interest Expense	-125.30	10.32	2.82	6.58	-9.22	-11.18	6.58	2.23	-2.42	-13.17	-4.31
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	98.00%	124.61%	117.23%	37.00%	40.99%	37.47%	33.94%	32.90%	-299.22%
Augmented Payout Ratio	0.00%	0.00%	98.00%	124.61%	117.23%	37.00%	40.99%	37.47%	33.94%	32.90%	-299.22%

Financials Breakdown Chart

Key Financial Trends

Worthington Steel’s latest results show a sharp deterioration in profitability despite stronger revenue. Fourth-quarter fiscal 2026 revenue rose to $929.2 million from $769.8 million in Q3 and $832.9 million in the prior-year quarter. However, gross margin fell to approximately 12.8%, compared with 15.2% in Q4 fiscal 2025, as cost of revenue increased to $810.4 million.

The quarter included a substantial $112.2 million impairment charge, which pushed operating expenses to $193.3 million and resulted in a $74.5 million operating loss. Worthington Steel reported an $83.8 million consolidated net loss and a $57.0 million loss attributable to common shareholders, or a diluted loss of $1.12 per share. This reversed three consecutive profitable quarters in fiscal 2026, during which diluted EPS declined from $0.72 in Q1 to $0.37 in Q2 and $0.20 in Q3.

Cash generation remained positive but weakened. Operating cash flow was $44.9 million in Q4, down from $63.3 million in Q3 and $99.3 million in Q2. Capital expenditures totaled $37.1 million, leaving limited quarterly free cash flow before dividends and financing activity. The company also repaid $33.8 million of debt while issuing $39.7 million of new debt, and cash declined by $6.3 million during the quarter.

The latest available balance sheet, from February 28, 2026, showed $90.0 million of cash against $251.4 million of total debt. Current assets of $1.11 billion exceeded current liabilities of $745.6 million, but the current ratio had declined from approximately 1.80 in Q2 to 1.48 in Q3. Total liabilities also increased to $958.1 million from $803.1 million in Q2, while the impairment charge highlights the risk that acquired or other long-lived assets may require additional write-downs.

Revenue momentum: Q4 fiscal 2026 revenue reached a quarterly high in the provided data at $929.2 million, up approximately 20.7% sequentially and 11.6% year over year.
Positive operating cash flow: The company generated $44.9 million of operating cash flow in Q4 and approximately $201.2 million across fiscal 2026 based on the four quarterly figures provided.
Ongoing capital investment: Quarterly capital expenditures of $37.1 million and rising net property, plant and equipment indicate continued investment in production capacity and operations.
Current-asset coverage: At the latest reported balance-sheet date, current assets exceeded current liabilities, providing some liquidity support despite the weaker earnings outlook.
Dividend continuation: Worthington Steel paid approximately $14.0 million of dividends in Q4, and the dividend remained $0.16 per share in the latest reported income statements. Future coverage will depend on the company’s ability to restore earnings and cash flow.
Debt refinancing activity: Q4 included both $39.7 million of debt issuance and $33.8 million of repayments, suggesting active balance-sheet management but making the direction of leverage less clear.
Profitability reversal: The company moved from $10.8 million of consolidated net income in Q3 to an $83.8 million loss in Q4, while common shareholders’ earnings fell from a $0.20 diluted profit per share to a $1.12 loss.
Large impairment charge: The $112.2 million Q4 impairment charge exceeded SG&A expense and was the primary reason for the operating loss, raising concerns about asset quality and future write-down risk.
Margin pressure: Gross margin fell from approximately 15.2% in Q4 fiscal 2025 and 15.1% in Q1 fiscal 2026 to 12.8% in Q4 fiscal 2026, indicating that higher revenue is not yet translating into proportional gross profit.
Weaker liquidity and higher leverage: From Q2 to Q3 fiscal 2026, cash was essentially flat, total debt increased from approximately $182.1 million to $251.4 million, and the current ratio deteriorated from about 1.80 to 1.48.

08/14/26 11:36 PM ETAI Generated. May Contain Errors.

Worthington Steel Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Worthington Steel's fiscal year ends in May. Their fiscal year 2026 ended on May 31, 2026.

Worthington Steel's net income appears to be on a downward trend, with a most recent value of -$12.90 million in 2026, falling from $200.30 million in 2022. The previous period was $119.30 million in 2025. Check out Worthington Steel's forecast to explore projected trends and price targets.

Worthington Steel's total operating income in 2026 was -$1.40 million, based on the following breakdown:

Total Gross Profit: $403.30 million
Total Operating Expenses: $404.70 million

Over the last 4 years, Worthington Steel's total revenue changed from $4.07 billion in 2022 to $3.44 billion in 2026, a change of -15.4%.

Worthington Steel's total liabilities were at $989.50 million at the end of 2026, a 29.5% increase from 2025, and a 62.3% increase since 2023.

In the past 3 years, Worthington Steel's cash and equivalents has ranged from $32.70 million in 2023 to $84.60 million in 2026, and is currently $84.60 million as of their latest financial filing in 2026.

Over the last 4 years, Worthington Steel's book value per share changed from 0.00 in 2022 to 20.93 in 2026, a change of 2,092.9%.

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Financial statements for NYSE:WS last updated on 7/30/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Worthington Steel (WS) Financials

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Worthington Steel (WS) Financials

Annual Income Statements for Worthington Steel

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Financials Breakdown Chart

Key Financial Trends

Worthington Steel Financials - Frequently Asked Questions

When does Worthington Steel's financial year end?

How has Worthington Steel's net income changed over the last 4 years?

What is Worthington Steel's operating income?

How has Worthington Steel's revenue changed over the last 4 years?

How much debt does Worthington Steel have?

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How has Worthington Steel's book value per share changed over the last 4 years?

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