Worthington Steel, Inc. (WS) is a Materials stock trading at $33.26 (as of 2026-09-18), with a market capitalization of $1.69B and a trailing P/E of 198.8. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.
Worthington Steel, Inc. is a North American steel processor producing carbon flat-rolled steel and tailor welded blanks, along with electrical steel laminations and aluminum tailor welded blanks. Its products are used in end markets such as automotive, heavy truck, agriculture, construction, and energy.
Worthington Steel processes flat-rolled carbon steel, tailor welded blanks, and electrical steel laminations for automotive OEMs, heavy truck, agriculture, and construction customers. It earns revenue by buying and reselling processed steel at a markup (direct) or charging a per-ton fee on customer-supplied coils (toll), with direct tonnage at roughly two-thirds of the mix.
Worthington is a processor, not a producer: it buys or receives steel coils, cuts them into panels and laminations, and earns the spread (direct) or a per-ton fee (toll). Profitability swings with the direct-to-toll mix and plant utilization, not with any proprietary technology.
Business quality (Weak): Low-margin processor with a negative operating margin this quarter and a P/E roughly nine times the steel-works industry average. No broad product moat beyond the electrical-steel niche; heavy working-capital needs amplify the commodity cycle.
Valuation: At 203× earnings, WS trades 833% above the Steel Works average (22×).
| Price | $33.26 |
| Market Cap | $1.69B |
| P/E Ratio | 198.8 |
| EV / EBITDA | 22.5 |
| Price / Book | 1.41 |
| Price / Sales | 0.49 |
| Dividend Yield | 1.9% |
| FCF Yield | 4.7% |
| DCF Value (model) | $30.54 |
| DCF Upside vs Price | -8.2% |
| Revenue (TTM) | $3.44B |
| Net Margin | 0.2% |
| Return on Equity | 0.7% |
| Debt / Equity | 0.21 |
| Current Ratio | 1.46 |
| Revenue Growth (YoY) | 11.6% |
| FCF Growth (YoY) | -7.1% |
| Altman Z-Score | 2.74 (grey) |
| Piotroski F-Score | 3/9 (weak) |
| Stock P/E | 198.8 |
| Sector P/E (Materials) | 21.8 |
| Industry P/E (Steel Works) | 19.3 |
| vs Sector | 811.7% |
| vs Industry | 931.7% |
| Top Institutional Holder | BlackRock, Inc. ($171.50M) |
| Institutional Holders Tracked | 10 |
| Sector | Materials |
| Industry | Steel Works |
| CEO | Geoffrey G. Gilmore |
| Employees | 5,000 |
| Country | US |
| IPO Date | 2023-12-04 |
Data as of 2026-09-18.
Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.