Worthington Steel, Inc. (WS) Stock

Worthington Steel, Inc. (WS) is a Materials stock trading at $35.98 (as of 2026-07-24), with a market capitalization of $1.83B and a trailing P/E of 22.9. 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.

Understand Worthington Steel, Inc.: how it makes money

Worthington Steel processes carbon flat-rolled steel and tailor welded blanks, plus electrical steel laminations and aluminum tailor welded blanks, and sells these products to customers in end markets like automotive, heavy truck, agriculture, construction, and energy.

Because Worthington Steel sells both direct tons and toll tons, earnings are structurally driven by the total tonnage it moves and the mix between direct selling and toll processing.

Revenue by segment (latest quarter)
NetSales$0.9B

Business quality (Weak): The business appears to be highly volume driven, with very thin profitability (gross margin 9.9% and operating margin 0.4%), so operating results can be sensitive to changes in shipped volume and the direct versus toll mix.

Valuation: At 18× earnings, WS trades 25% below the Steel Works average (24×). Note: one-time items can distort reported P/E.

Bull case

  • Multi-product offering (carbon flat-rolled steel, tailor welded blanks, electrical steel laminations, and aluminum tailor welded blanks): This can support relevance across multiple end markets such as automotive, heavy truck, agriculture, construction, and energy.
  • Meaningful operating throughput shown by Tons Shipped of 929,000 (count): This indicates the company operates at substantial shipment scale for a steel processor.

Bear case

  • Low profitability with operating margin at 0.4% (operating_margin_pct): With a thin operating margin, small unfavorable shifts in costs or mix (including direct versus toll) can have an outsized impact on results.
  • End markets include sectors that can be sensitive to industrial activity, including automotive, heavy truck, agriculture, construction, and energy: If those end markets weaken, volume and pricing pressure could reduce shipped tons and negatively affect operating performance.
Valuation — source: SEC EDGAR (first-party)
Price$35.98
Market Cap$1.83B
P/E Ratio22.9
EV / EBITDA7.5
Price / Book1.45
Price / Sales0.57
FCF Yield9.1%
DCF Value (model)$26.44
DCF Upside vs Price-26.5%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$3.09B
Net Margin3.6%
Revenue Growth (YoY)12.0%
EPS Growth (YoY)-25.0%
FCF Growth (YoY)-21.1%
Financial Health — source: SEC EDGAR
Altman Z-Score3.63 (safe)
Piotroski F-Score5/9 (moderate)
Valuation vs Sector & Industry
Stock P/E22.9
Sector P/E (Materials)27.1
Industry P/E (Steel Works)26.9
vs Sector-15.5%
vs Industry-14.8%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($154.93M)
Institutional Holders Tracked10
Company
SectorMaterials
IndustrySteel Works
CEOGeoffrey G. Gilmore
Employees5,000
CountryUS
IPO Date2023-12-04

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WS earnings history · WS institutional & insider holders · WS KPIs & operating metrics · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-07-24.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.