Worthington Steel, Inc.
- Open
- 35.82
- Day high
- 35.84
- Day low
- 35.07
- Prev close
- 35.33
- Volume
- 179K
- Mkt cap
- $1.8B
- P/E (TTM)
- 100.7
- EPS (TTM)
- $0.35
- P/B
- 1.7
- P/S
- 0.5
- Yield
- 0.91%
- Per share
- $0.32
- ▼Insiders net selling -$445K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions mixed (13F)
Worthington Steel, Inc. (WS) is a Basic Materials company listed on NYSE. The stock is up 11% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4).
Worthington Steel, Inc. (WS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
WS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 25, 2026 | $0.73 | $0.74 | +1.4% | $929M | -6.3% |
| Mar 26, 2026 | $0.47 | $0.27 | -42.6% | $770M | -12.8% |
| Dec 17, 2025 | $0.39 | $0.38 | -2.6% | $872M | +8.7% |
| Sep 24, 2025 | $0.74 | $0.77 | +4.1% | $873M | +11.2% |
| Jun 25, 2025 | $0.83 | $1.05 | +26.5% | $833M | +14.9% |
| Mar 19, 2025 | $0.67 | $0.35 | -47.8% | $687M | -14.1% |
| Dec 18, 2024 | $0.63 | $0.19 | -69.8% | $739M | -0.2% |
| Sep 25, 2024 | $0.55 | $0.56 | +1.8% | $834M | +7.6% |
| Mar 21, 2024 | $0.84 | $0.99 | +17.9% | $806M | +21.2% |
| Dec 21, 2023 | $0.15 | $0.11 | -26.7% | $808M | +7.6% |
| Aug 30, 2023 | — | $1.17 | — | $906M | — |
| May 30, 2023 | — | $1.31 | — | $888M | — |
WS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 8, 2026 | ADAMS TIMOTHY Aofficer: Chief Financial Officer | Grant | 2,837 | — |
| Jul 8, 2026 | ADAMS TIMOTHY Aofficer: Chief Financial Officer | Tax | 1,266 | $32.16 |
| Jul 8, 2026 | KLINGLER JEFFREY Rofficer: Chief Operating Officer | Grant | 8,655 | — |
| Jul 8, 2026 | KLINGLER JEFFREY Rofficer: Chief Operating Officer | Tax | 3,861 | $32.16 |
| Jul 8, 2026 | GILMORE GEOFFREY Gdirector, officer: President and CEO | Grant | 23,664 | — |
| Jul 8, 2026 | GILMORE GEOFFREY Gdirector, officer: President and CEO | Tax | 10,555 | $32.16 |
| Jul 8, 2026 | BLYSTONE JOHN Bdirector, officer: Executive Chairman | Grant | 14,750 | — |
| Jul 8, 2026 | BLYSTONE JOHN Bdirector, officer: Executive Chairman | Tax | 6,408 | $32.16 |
| Jul 8, 2026 | Larivey Cliffordofficer: President Flat Rolled Stl Proc | Grant | 2,906 | — |
| Jul 8, 2026 | Larivey Cliffordofficer: President Flat Rolled Stl Proc | Tax | 1,297 | $32.16 |
| Jul 1, 2026 | Larivey Cliffordofficer: President Flat Rolled Stl Proc | Tax | 1,873 | $33.58 |
| Jul 1, 2026 | KLINGLER JEFFREY Rofficer: Chief Operating Officer | Tax | 4,898 | $33.58 |
| Jul 1, 2026 | GILMORE GEOFFREY Gdirector, officer: President and CEO | Tax | 9,075 | $33.58 |
| Jul 1, 2026 | ADAMS TIMOTHY Aofficer: Chief Financial Officer | Tax | 1,153 | $33.58 |
| Jun 30, 2026 | GILMORE GEOFFREY Gdirector, officer: President and CEO | Grant | 39,915 | — |
Source: WS SEC Form 4 filings, latest Jul 8, 2026. For informational purposes only — not investment advice.
See the full WS insider & 13F page →Worthington Steel, Inc. company profile
Overview
Worthington Steel, Inc. (NYSE:WS) is a Columbus, Ohio-based steel processing company that was spun off as an independent public entity in December 2023. The company operates as a specialized steel processor serving the North American market, focusing on value-added steel products for automotive, construction, energy, and industrial applications. As a newly public company, Worthington Steel represents the steel processing legacy of the former Worthington Industries conglomerate, bringing decades of industry expertise to its standalone operations.
Business
Worthington Steel operates in the steel processing industry, which sits between raw steel production and end-user manufacturing. The company does not produce raw steel from iron ore; instead, it purchases flat-rolled steel from steel mills and transforms it into specialized products tailored to customer specifications. The company's core offerings include carbon flat-rolled steel processing, where basic steel coils are cut, shaped, and finished according to customer requirements. A significant specialty product is tailor welded blanks, which are pre-engineered steel pieces welded together in specific configurations before being shipped to automotive manufacturers. These blanks allow car makers to use different steel grades and thicknesses in a single part, optimizing both strength and weight. Additionally, the company produces electrical steel laminations, which are thin steel sheets used in electric motors and transformers, and aluminum tailor welded blanks for lightweight automotive applications. The company serves multiple end markets with automotive representing the largest segment at approximately 45-50% of business, followed by construction, energy infrastructure (including renewable energy projects), agriculture equipment, and heavy truck manufacturing. The electrical steel segment, while smaller, represents a high-growth area driven by electric vehicle adoption and renewable energy infrastructure development.
Revenue model
Worthington Steel generates revenue primarily through product sales of processed steel products. The company operates on a toll processing model where it charges customers for the value-added services of cutting, shaping, welding, and finishing steel according to their specifications. Customers are typically manufacturers in automotive (original equipment manufacturers like Ford, GM, and suppliers), construction companies, energy infrastructure developers, and agricultural equipment manufacturers. The business model benefits from several factors that can expand margins. Direct sales to end customers (currently 55-56% of mix) typically carry higher margins than sales through distributors. The company's focus on high-value-added products like electrical steel laminations and tailor welded blanks commands premium pricing compared to basic steel processing. Operational efficiency improvements through automation and the company's "Transformation" continuous improvement strategy help reduce processing costs. However, margins face pressure from steel price volatility, as the company must purchase raw materials from steel mills while competing for customer contracts. Energy costs significantly impact processing operations, and labor costs can fluctuate with market conditions. Competition from other steel processors and potential customer backward integration into steel processing also present margin challenges. The cyclical nature of end markets, particularly automotive and construction, creates volume and pricing volatility that directly impacts profitability.
Competitive moat
Worthington Steel's competitive moat is moderate and primarily stems from its specialized processing capabilities and established customer relationships. The company's expertise in producing complex products like tailor welded blanks and electrical steel laminations requires significant technical knowledge and specialized equipment that creates barriers for new entrants. Long-term contracts with automotive OEMs provide some revenue stability and switching costs for customers. The company's geographic footprint across North America, including recent expansions into Mexico and Germany, offers logistical advantages in serving major manufacturing centers. Its ability to handle both steel and aluminum processing provides operational flexibility that many competitors lack. However, the moat faces several vulnerabilities. The steel processing industry has relatively low barriers to entry for basic services, and larger steel mills could potentially integrate forward into processing. Customer concentration in automotive creates dependency risks, and the company competes with both independent processors and captive operations within large manufacturers. The cyclical nature of steel markets and commodity price exposure limit pricing power. Additionally, technological disruption in manufacturing processes or materials science could potentially reduce demand for traditional steel processing services, though the transition to electric vehicles currently favors the company's electrical steel capabilities.
Risks & safety
The margin of safety appears moderate based on current financial metrics, though the company's recent IPO status limits historical perspective. • Liquidity and Solvency: Strong current ratio of 1.75x and quick ratio of 1.09x indicate solid short-term liquidity. Debt-to-equity ratio of 0.19x shows conservative leverage. Cash position of $63.3 million provides adequate working capital buffer. • Profitability and Cash Generation: Free cash flow of $25.2 million in Q3 2024 demonstrates cash generation capability, though this declined from $89.5 million in Q2. Operating cash flow of $53.8 million shows underlying operational strength. • Valuation Metrics: EV/EBITDA of 10.3x appears reasonable for a cyclical industrial company. P/E ratio of 23.9x reflects moderate valuation, though earnings volatility makes this metric less reliable. Price-to-book of 1.30x suggests reasonable asset valuation. • Other Considerations: As a newly public company, limited trading history creates liquidity concerns. Cyclical industry exposure and steel price volatility add earnings uncertainty. Recent acquisitions and expansion projects require successful execution to justify investments.
Recent development
Since becoming a standalone public company in December 2023, Worthington Steel has pursued an aggressive expansion strategy focused on high-value-added segments. The company completed the acquisition of a Nagel electrical steel facility in Germany, establishing its European footprint in the growing electric vehicle motor market. This acquisition complements ongoing expansions in Mexico and Canada for electrical steel laminations, with management expecting over $100 million in annual revenue from these new projects. A significant technological advancement came through a licensing agreement with ArcelorMittal for ablation technology, a patented laser process that removes silicon coating from press-hardened steel used in automotive applications. This technology is expected to open up 30% more market opportunities in the automotive sector by enabling new applications for lightweight, high-strength steel components. The company has implemented a multi-year ERP system at its Tempel subsidiary to improve operational efficiency and is pursuing its "Transformation" strategy of continuous improvement across all facilities. Management has established a quarterly dividend of $0.16 per share and is evaluating share buyback programs alongside selective acquisition opportunities in high-value-added niches. The strategic focus remains on organic growth in electrical steel and automotive applications while maintaining market position in traditional construction and industrial segments.
WS company profile · for informational purposes only — not investment advice.
Track WS with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free