Worthington Industries

WOR

Manufacturing - Metal Fabrication · Industrials

Price

$56.86

+0.47 (+0.83%)

Market Cap

$2.78B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through May 31, 2026

How the score breaks down

Quality

Mixed

Growth

Strong

Cash Flow

Strong

Stability

Exceptional

Valuation

Strong

Dividends

Mixed

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Share count falling — buybacks

−3.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 51.0M (2022) → 49.1M (2026)

Winston Score History

The full picture

Worthington Industries is a metal processing and manufacturing company based in Columbus, Ohio. It takes raw steel and transforms it into finished metal products that other businesses use to build things. Its main products include steel cylinders (used for propane, camping fuel, and industrial gases), pressure vessels, and processed steel sold to manufacturers in the automotive, construction, and agriculture industries.

The company makes money by buying raw steel, adding value through cutting, shaping, and forming it, and selling the finished products at a higher price. Worthington operates primarily in the United States, with some international exposure, and generates roughly $3 billion in annual revenue. Its competitive edge comes from long-standing customer relationships and its network of steel processing facilities, though its margins are modest because steel is a commodity and input costs can swing sharply. The biggest ongoing risk is steel price volatility, which can squeeze profits quickly when raw material costs rise faster than the company can pass them on to customers.

Politician Trades

3 trades / 12mo

1 Congressional buy and 2 sells on WOR in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+16.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

38.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$146M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Worthington Industries is a rare growth stock that's already generating positive cash flow while growing at 17%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

27.4%

Modest — 27.4% gross margin

Profit after running costs

Operating Margin

6.4%

Modest — 6.4% operating margin

Return on the money invested

ROCE

6.2%

Weak — 6.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+19.7%

Fast-growing sales (+19.7% YoY)

Profit growth

EPS YoY

+64.5%

Earnings growing fast (+64.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

145%

Turns 145% of profit into real cash

Spare cash per sale

FCF Margin

11.5%

Modest free cash flow (11.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.30

Conservative — low debt load (0.30)

Covers its interest

Interest Cover

13.11x

Comfortably covers interest (13.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

17.8x

Fair value — P/E 17.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+4.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (17.8 → 12.9)

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Dividends

Dividend

Dividend Yield

1.35%

Small dividend — 1.35% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+10.0%

Dividend growing modestly (10.0% YoY)

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