MeritValue

WORTHINGTON ENTERPRISES, INC.

WORdata completeness 100%18 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'

The thesis, from the filings

WORTHINGTON ENTERPRISES, INC. earns about 6% on invested capital, below its ~9% cost of capital, and has bought back 3% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $32.04 and $36.08 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$5.24B1$4.92B1$1.25B2$1.15B2$1.38B2
Net income$379.4M3$256.5M4$110.6M5$96.1M5$156.1M5
Operating cash flow$70.1M6$625.4M7$290M8$209.7M8$226.1M8
Capital expenditure$94.6M9$86.4M10$83.5M11$50.6M11$55.9M11
Free cash flow (derived)−$24.5M6$539M7$206.4M8$159.2M8$170.2M8
Total debt$1.54B12$1.39B13$597.6M14$606.9M15$612.8M15
Cash & equivalents$34.5M16$422.3M17$244.2M18$250.1M19$27.7M19
Diluted shares51.0M49.4M50.3M50.1M49.7M

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
$206.58
your share of equity
Profit it earned you last year
$31.4
Free cash flow it threw off
$34.24
Debt you’d be carrying
$123.26

10 shares is a claim on $206.58 of net worth that earned you $31.4 and generated $34.24 of cash last year, against $123.26 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
6% avg · 5y
FY22 6%FY23 5%FY24 3%FY25 7%FY26 10%

It earned about 6% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
−3% shares · 5y

Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 60% — 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 v0.5.0

The 3 estimate methods that apply put fair value between $32.04 and $36.08 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
$32.51
assumptions (10)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$170.2M
DCF · Growth Exit 5Y
$36.08
assumptions (10)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$170.2M
Earnings Power Value
$32.04
assumptions (8)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$156.1M
  • growthAssumed0.0%
Graham Number
$38.61
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 years0.0%
Discount rate (WACC)9.08%
Terminal growth2.5%
At your growth, a share is worth $36.08
The three cases
Bear0.0%$36.08
Base0.0%$36.08
Bull5.0%$47.63

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

Default growth 0.0%= 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 2022-05-31 · accession 0000950170-23-035904 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-05-31 · accession 0001193125-26-325872 (Revenues)
  3. 10-K · period ending 2022-05-31 · accession 0000950170-24-087983 (NetIncomeLoss)
  4. 10-K · period ending 2023-05-31 · accession 0000950170-25-100137 (NetIncomeLoss)
  5. 10-K · period ending 2024-05-31 · accession 0001193125-26-325872 (NetIncomeLoss)
  6. 10-K · period ending 2022-05-31 · accession 0000950170-24-087983 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-05-31 · accession 0000950170-25-100137 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-05-31 · accession 0001193125-26-325872 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-05-31 · accession 0000950170-24-087983 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2023-05-31 · accession 0000950170-25-100137 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2024-05-31 · accession 0001193125-26-325872 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-05-31 · accession 0000950170-23-035904 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2023-05-31 · accession 0000950170-24-087983 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2024-05-31 · accession 0000950170-25-100137 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2025-05-31 · accession 0001193125-26-325872 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2022-05-31 · accession 0000950170-23-035904 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-05-31 · accession 0000950170-24-087983 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-05-31 · accession 0000950170-25-100137 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2025-05-31 · accession 0001193125-26-325872 (CashAndCashEquivalentsAtCarryingValue)