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Steel · Basic Materials · Fiscal year ends May 31
Worthington Steel reported revenue of $3.4B in the fiscal year ended May 2026, up 11.3% from the year before. Operating income was −$1M, an operating margin of −0.0%, and net income was $9M. Operating cash flow of $201M less capital expenditure of $121M left free cash flow of $80M. It held more cash than debt (net cash $13M).
Ranks among the 11 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 | 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 & admin | 180 | 201 | 224 | 232 | 297 |
| Operating income | 227 | 120 | 195 | 147 | −1.4 |
| Net interest incomeBanks | – | – | – | – | 0.4 |
| Interest expense | 3.0 | 3.0 | 6.0 | 7.1 | 28.4 |
| Pre-tax income | 254 | 129 | 216 | 148 | 7.1 |
| Income tax | 54.0 | 29.0 | 46.1 | 28.8 | 20.0 |
| Net income | 180 | 87.1 | 155 | 111 | 8.5 |
| Diluted EPS | 3.66 | 1.77 | 3.11 | 2.19 | 0.17 |
| Diluted shares | 49.3 | 49.3 | 49.8 | 50.5 | 50.8 |
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 20.1 | 32.7 | 40.2 | 38.0 | 84.6 |
| Receivables | – | 468 | 473 | 439 | 496 |
| Inventory | – | 415 | 405 | 422 | 416 |
| Current assets | – | 981 | 1,002 | 1,049 | 1,130 |
| Net PP&E | – | 414 | 475 | 548 | 649 |
| Goodwill | 80.0 | 78.6 | 79.6 | 79.6 | 44.5 |
| Total assets | – | 1,764 | 1,866 | 1,962 | 2,252 |
| Payables | – | 402 | 380 | 403 | 424 |
| Deferred revenue | – | 6.0 | 0.0 | 5.2 | 7.0 |
| Current liabilities | – | 478 | 618 | 632 | 776 |
| Short-term debt | – | 20.0 | 0.0 | 0.0 | 27.0 |
| Long-term debt | – | 0.0 | 0.0 | 2.3 | 44.4 |
| Total liabilities | – | 610 | 749 | 764 | 990 |
| Shareholders' equity | 1,266 | 1,029 | 985 | 1,074 | 1,063 |
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 39.5 | 315 | 200 | 230 | 201 |
| Capital expenditure | 36.4 | 45.5 | 103 | 130 | 121 |
| Free cash flow | 3.1 | 270 | 96.1 | 99.9 | 80.0 |
| Depreciation & amortisation | 59.5 | 69.6 | 65.3 | 66.0 | 84.2 |
| Stock-based compensation | 8.7 | 10.4 | 10.3 | 11.0 | 13.9 |
| Acquisitions | 377 | 0.0 | 21.0 | 0.0 | 2.9 |
| Dividends paid | 0.0 | 0.0 | 7.9 | 31.9 | 32.6 |
| Dividend per share | – | – | 0.32 | 0.64 | 0.64 |
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −11.3% | −4.9% | −9.8% | 11.3% |
| Operating income growth (YoY) | – | −46.9% | 61.7% | −24.4% | −101.0% |
| EPS growth (YoY) | – | −51.6% | 75.7% | −29.6% | −92.2% |
| Gross margin | 9.7% | 9.3% | 12.8% | 12.6% | 11.7% |
| Operating margin | 5.6% | 3.3% | 5.7% | 4.8% | −0.0% |
| Net margin | 4.4% | 2.4% | 4.5% | 3.6% | 0.2% |
| Return on equityBlank when equity is negative | 14.2% | 8.5% | 15.7% | 10.3% | 0.8% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 9.4% | 15.6% | 11.1% | −0.1% |
| Free cash flow margin | 0.1% | 7.5% | 2.8% | 3.2% | 2.3% |
| Cash conversion (CFO ÷ net income) | 0.22x | 3.62x | 1.29x | 2.08x | 23.7x |
| Receivable days | – | 47 | 50 | 52 | 53 |
| Inventory days | – | 46 | 49 | 57 | 50 |
| Payable days | – | 45 | 46 | 54 | 51 |
| Interest cover | 75.5x | 40.1x | 32.4x | 20.7x | −0.05x |
| Debt ÷ equity | – | 0.02x | 0.00x | 0.00x | 0.07x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | −12.7 | −40.2 | −35.7 | −13.2 |
| Current ratio | – | 2.05x | 1.62x | 1.66x | 1.46x |
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.