Worthington Steel, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Worthington Steel, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2022	FY2024	FY2024	FY2025	FY2026
Revenue	4,069	3,608	3,431	3,093	3,444
Cost of revenue	3,673	3,271	2,991	2,705	3,041
Gross profit	396	337	440	389	403
Selling, general and administrative	180	201	224	232	297
Operating income	227	120	195	147	-1.4
Interest expense	3	3	6	7.1	28.4
Other non-operating income	0.9	3.7	5.3	3.8	16.6
Pre-tax income	254	129	216	148	7.1
Income tax	54	29	46.1	28.8	20
Net income to minority interests	19.9	12.6	15.4	8.6	-21.4
Net income	180	87.1	155	111	8.5
EBITDA	286	190	260	213	82.8
EPS, basic	3.66	1.77	3.14	2.24	0.17
EPS, diluted	3.66	1.77	3.11	2.19	0.17
Shares, basic (weighted)	49.3	49.3	49.3	49.5	49.8
Shares, diluted (weighted)	49.3	49.3	49.8	50.5	50.8
Dividend per share			0.32	0.64	0.64

Balance sheet

	FY2022	FY2024	FY2024	FY2025	FY2026
Cash and equivalents	20.1	32.7	40.2	38	84.6
Receivables		468	473	439	496
Inventory		415	405	422	416
Other current assets		57.7	76.6	83.3	110
Total current assets		981	1,002	1,049	1,130
Property, plant and equipment		414	475	548	649
Lease right-of-use assets		75.3	72.9	72.6	77.8
Goodwill	80	78.6	79.6	79.6	44.5
Intangible assets		83.4	77	67.9	77.3
Other non-current assets		10.9	16.8	7	7.8
Total assets		1,764	1,866	1,962	2,252
Accounts payable		402	380	403	424
Accrued liabilities		31.9	52.8	43	60
Deferred revenue			0
Short-term debt		22.8	148	149	212
Total current liabilities		478	618	632	776
Long-term debt		0	0	2.3	44.4
Lease liabilities		71.7	68.3	68.7	78.7
Other non-current liabilities		33.6	34.3	32.8	51.5
Total liabilities		610	749	764	990
Total debt		20	0	152	71.4
Paid-in capital		0	905	914	919
Retained earnings		0	86.1	164	140
Other comprehensive income		-2.1	-6.1	-4	3.9
Shareholders' equity		1,029	985	1,074	1,063
Minority interests		126	132	124	134
Total equity	1,266	1,155	1,118	1,198	1,198
Total liabilities and equity		1,764	1,866	1,962	2,252
Shares outstanding		0	49.3	49.5	49.9

Cash flow statement

	FY2022	FY2024	FY2024	FY2025	FY2026
Net income	200	99.7	170	119	-12.9
Depreciation and amortization	59.5	69.6	65.3	66	84.2
Stock-based compensation	8.7	10.4	10.3	11	13.9
Deferred income tax	13.6	-9.7	1.1	-3.1	-10.4
Change in receivables	-110	113	-1.4	34.1	-16.3
Change in inventory	-50.7	155	16.4	-16.7	47.2
Change in payables	-14.9	-124	-26.7	15.8	-17.4
Cash from operations	39.5	315	200	230	201
Capital expenditures	-36.4	-45.5	-103	-130	-121
Acquisitions	-377	0	-21	0	-2.9
Cash from investing	-395	-22.2	-123	-129	-213
Debt issued		0	0	2.3	38.1
Debt repaid	-15	-15	0	0	-22.4
Dividends paid	0	0	-7.9	-31.9	-32.6
Cash from financing	358	-280	-68.8	-48.5	3
Exchange rate effect			0	0	0.9
Net change in cash	2.6	12.6	7.5	52.7	-8.3
Free cash flow	3.1	270	96.1	99.9	80
Interest paid			4.5	7.7	11.6
Income taxes paid			37.6	26.2

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $36.26 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	11.7%	Gross profit / revenue.
Operating margin	-0.0%	Operating income / revenue.
EBITDA margin	2.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.2%	Pre-tax income / revenue.
Net margin	0.2%	Net income / revenue.
FCF margin	2.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.8%	Cash from operations / revenue.
Effective tax rate	281.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	0.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.4%	Net income / average total assets.
Return on invested capital (ROIC)	-0.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	8.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.5%	Capital expenditures / revenue.
D&A / revenue	2.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	3.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	6.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-101.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-61.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-24.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-92.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-54.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-92.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-54.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-12.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-13.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-19.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-33.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-1.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	14.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	0.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.46x	Current assets / current liabilities.
Quick ratio	0.75x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.11x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.07x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	3.2%	Total debt / total assets.
Liabilities / assets	43.9%	Total liabilities / total assets.
Net debt	-$13.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.16x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-0.05x	Operating income / interest expense.
Working capital	$354.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	5.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$941.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.63x	Revenue / average total assets.
Fixed asset turnover	5.75x	Revenue / average property, plant and equipment.
Inventory turnover	7.26x	Cost of revenue / average inventory.
Days inventory	50 days	365 x average inventory / cost of revenue.
Receivables turnover	7.37x	Revenue / average receivables.
Days sales outstanding	50 days	365 x average receivables / revenue.
Days payables	50 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	50 days	Days inventory + days sales outstanding - days payables.
FCF conversion	941.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	60.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.17	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.17	Net income per basic share, as reported (split-adjusted).
Revenue per share	$67.79	Revenue / diluted weighted shares.
FCF per share	$1.57	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.96	Cash from operations / diluted weighted shares.
Book value per share	$21.30	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$18.86	Tangible book value / shares outstanding.
Cash per share	$1.69	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.64	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	383.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	40.8%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.85B	Share price x shares outstanding.
Enterprise value	$1.83B	Market cap + total debt - cash - short-term investments.
P/E	217x	Market cap / net income. Only when net income is positive.
P/S	0.54x	Market cap / revenue.
P/B	1.74x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.96x	Market cap / tangible book value, when positive.
P/FCF	23.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.18x	Market cap / cash from operations, when positive.
EV/Sales	0.53x	Enterprise value / revenue.
EV/EBITDA	22.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	22.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.3%	Free cash flow / market cap.
Earnings yield	0.5%	Net income / market cap (the inverse of P/E).
Dividend yield	1.8%	Dividends paid over the period / market cap.
Shareholder yield	1.8%	(Dividends paid + share buybacks) / market cap.

What was Worthington Steel, Inc.'s revenue in fiscal 2026?

Worthington Steel, Inc. reported revenue of $3.44B for fiscal 2026, 11.3% higher than the year before.

Was Worthington Steel, Inc. profitable in fiscal 2026?

Yes. Net income was $8.5M, a net margin of 0.2%.

How much free cash flow did Worthington Steel, Inc. generate in fiscal 2026?

Cash from operations of $201.2M minus capital expenditures of $121.2M left free cash flow of $80.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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