MeritValue

WORTHINGTON ENTERPRISES, INC.

WORdata completeness 100%17 fiscal years on file
The thesis, from the filings

WORTHINGTON ENTERPRISES, INC. earns about 15% on invested capital, comfortably above its ~9% cost of capital, and has bought back 7% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $53.03 and $58.27 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$3.17B1$5.24B1$4.92B1$1.25B2$1.15B2
Net income$723.8M3$379.4M4$256.5M5$110.6M5$96.1M5
Operating cash flow$274.4M6$70.1M7$625.4M8$290M8$209.7M8
Capital expenditure$82.2M9$94.6M10$86.4M11$83.5M11$50.6M11
Free cash flow (derived)$192.2M6−$24.5M7$539M8$206.4M8$159.2M8
Total debt$710.9M12$1.54B13$1.39B14$597.6M15$606.9M15
Cash & equivalents$640.3M16$34.5M17$422.3M18$244.2M19$250.1M19
Diluted shares53.9M51.0M49.4M50.3M50.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$186.95
your share of equity
Profit it earned you last year
$19.16
Free cash flow it threw off
$31.75
Debt you’d be carrying
$121.07

10 shares is a claim on $186.95 of net worth that earned you $19.16 and generated $31.75 of cash last year, against $121.07 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
15% avg · 5y
FY21 52%FY22 6%FY23 5%FY24 3%FY25 7%

It earned about 15% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
−7% shares · 5y

Share count is down 7% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 15% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $53.03 and $58.27 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$58.08
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth2.4%
  • fcfBase$206.4M
DCF · Growth Exit 5Y
$58.27
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth2.4%
  • fcfBase$206.4M
Earnings Power Value
$53.03
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$256.5M
  • growthAssumed0.0%
Graham Number
$28.42
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years2.4%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $58.27
The three cases
Bear0.0%$51.72
Base2.4%$58.27
Bull7.4%$73.81

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 2.4%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-05-31 · accession 0000950170-23-035904 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-05-31 · accession 0000950170-25-100137 (Revenues)
  3. 10-K · period ending 2021-05-31 · accession 0000950170-23-035904 (NetIncomeLoss)
  4. 10-K · period ending 2022-05-31 · accession 0000950170-24-087983 (NetIncomeLoss)
  5. 10-K · period ending 2023-05-31 · accession 0000950170-25-100137 (NetIncomeLoss)
  6. 10-K · period ending 2021-05-31 · accession 0000950170-23-035904 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-05-31 · accession 0000950170-24-087983 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-05-31 · accession 0000950170-25-100137 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-05-31 · accession 0000950170-23-035904 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-05-31 · accession 0000950170-24-087983 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-05-31 · accession 0000950170-25-100137 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-05-31 · accession 0000950170-22-013641 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2022-05-31 · accession 0000950170-23-035904 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-05-31 · accession 0000950170-24-087983 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-05-31 · accession 0000950170-25-100137 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2021-05-31 · accession 0000950170-22-013641 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-05-31 · accession 0000950170-23-035904 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-05-31 · accession 0000950170-24-087983 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-05-31 · accession 0000950170-25-100137 (CashAndCashEquivalentsAtCarryingValue)