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Steel · Basic Materials · Fiscal year ends May 31
Worthington Enterprises reported revenue of $1.4B in the fiscal year ended May 2026, up 19.7% from the year before. Operating income was $76M, an operating margin of 5.5%, and net income was $156M. Operating cash flow of $226M less capital expenditure of $56M left free cash flow of $170M. Net debt was $278M.
Ranks among the 10 steel companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Revenue | 5,242 | 4,916 | 1,246 | 1,154 | 1,381 |
| Cost of revenue | 982 | 1,095 | 961 | 835 | 1,003 |
| Gross profit | 328 | 324 | 285 | 319 | 378 |
| Selling, general & admin | 281 | 287 | 283 | 268 | 295 |
| Operating income | 48.8 | 29.8 | −73.5 | −10.7 | 76.2 |
| Net interest incomeBanks | 23.9 | 18.3 | 1.6 | 2.1 | 6.2 |
| Interest expense | 23.9 | 18.3 | 1.6 | 2.1 | 6.2 |
| Pre-tax income | 211 | 160 | 74.0 | 129 | 201 |
| Income tax | 52.7 | 34.5 | 39.0 | 33.8 | 46.3 |
| Net income | 379 | 257 | 111 | 96.1 | 156 |
| Diluted EPS | 7.44 | 5.19 | 2.20 | 1.92 | 3.14 |
| Diluted shares | 51.0 | 49.4 | 50.3 | 50.1 | 49.7 |
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 34.5 | 422 | 244 | 250 | 27.7 |
| Receivables | 857 | 225 | 200 | 216 | 228 |
| Inventory | 759 | 194 | 165 | 169 | 207 |
| Current assets | 1,786 | 1,868 | 674 | 685 | 524 |
| Net PP&E | 696 | 256 | 227 | 270 | 311 |
| Goodwill | 321 | 336 | 332 | 376 | 501 |
| Total assets | 3,643 | 3,651 | 1,639 | 1,695 | 1,848 |
| Payables | 668 | 127 | 91.6 | 103 | 115 |
| Current liabilities | 932 | 718 | 178 | 197 | 221 |
| Short-term debt | 0.3 | 0.3 | – | – | – |
| Long-term debt | 696 | 690 | 298 | 303 | 306 |
| Total liabilities | 2,029 | 1,829 | 748 | 757 | 821 |
| Shareholders' equity | 1,481 | 1,696 | 889 | 937 | 1,027 |
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 70.1 | 625 | 290 | 210 | 226 |
| Capital expenditure | 94.6 | 86.4 | 83.5 | 50.6 | 55.9 |
| Free cash flow | −24.5 | 539 | 206 | 159 | 170 |
| Depreciation & amortisation | 98.8 | 113 | 80.7 | 48.3 | 57.3 |
| Stock-based compensation | 16.1 | 19.2 | 16.7 | 16.2 | 13.7 |
| Acquisitions | 377 | 56.1 | 42.0 | 95.0 | 304 |
| Share buybacks | 180 | – | – | 30.9 | 43.7 |
| Dividends paid | 57.2 | 59.2 | 56.8 | 33.9 | 36.9 |
| Dividend per share | 1.12 | 1.24 | 0.96 | 0.68 | 0.76 |
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −6.2% | −74.7% | −7.4% | 19.7% |
| Operating income growth (YoY) | – | −38.9% | −346.3% | – | – |
| EPS growth (YoY) | – | −30.2% | −57.6% | −12.7% | 63.5% |
| Gross margin | 6.2% | 6.6% | 22.9% | 27.7% | 27.4% |
| Operating margin | 0.9% | 0.6% | −5.9% | −0.9% | 5.5% |
| Net margin | 7.2% | 5.2% | 8.9% | 8.3% | 11.3% |
| Return on equityBlank when equity is negative | 25.6% | 15.1% | 12.4% | 10.2% | 15.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 1.8% | 1.0% | −5.0% | −0.7% | 4.7% |
| Free cash flow margin | −0.5% | 11.0% | 16.6% | 13.8% | 12.3% |
| Cash conversion (CFO ÷ net income) | 0.18x | 2.44x | 2.62x | 2.18x | 1.45x |
| Receivable days | 60 | 17 | 59 | 68 | 60 |
| Inventory days | 282 | 65 | 63 | 74 | 75 |
| Payable days | 249 | 42 | 35 | 45 | 42 |
| Interest cover | 2.05x | 1.63x | −46.3x | −5.13x | 12.2x |
| Debt ÷ equity | 0.47x | 0.41x | 0.34x | 0.32x | 0.30x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 662 | 268 | 53.9 | 52.8 | 278 |
| Current ratio | 1.92x | 2.60x | 3.78x | 3.48x | 2.37x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.