Worthington Steel, Inc.
WSdata completeness 100%4 fiscal years on fileWorthington Steel, Inc. earns about 12% on invested capital, comfortably above its ~9% cost of capital, but has diluted owners by 2% over 4 years — a real edge showing up in the numbers. The estimate methods put fair value between $25.37 and $27.23 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue | $4.07B1 | $3.61B2 | $3.43B2 | $3.09B2 |
| Net income | $180.4M3 | $87.1M4 | $154.7M4 | $110.7M4 |
| Operating cash flow | $39.5M5 | $315M6 | $199.5M6 | $230.3M6 |
| Capital expenditure | $36.4M7 | $45.5M8 | $103.4M8 | $130.4M8 |
| Free cash flow (derived) | $3.1M5 | $269.5M6 | $96.1M6 | $99.9M6 |
| Total debt | — | $45.6M9 | $296M10 | $452.2M10 |
| Cash & equivalents | $20.1M11 | $32.7M11 | $40.2M11 | $38M11 |
| Diluted shares | 49.3M | 49.3M | 49.8M | 50.5M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $212.69 of net worth that earned you $21.92 and generated $19.78 of cash last year, against $89.54 of debt.
It earned about 12% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is up 2% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 892% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $25.37 and $27.23 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth4.0%
- fcfBase$99.9M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth4.0%
- fcfBase$99.9M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$132.7M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $20.06 |
| Base | 4.0% | $25.37 |
| Bull | 9.0% | $33.26 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 4.0%= 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.
- 10-K · period ending 2022-05-31 · accession 0000950170-24-090031 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-05-31 · accession 0000950170-25-099742 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-05-31 · accession 0000950170-24-090031 (NetIncomeLoss)
- 10-K · period ending 2023-05-31 · accession 0000950170-25-099742 (NetIncomeLoss)
- 10-K · period ending 2022-05-31 · accession 0000950170-24-090031 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-05-31 · accession 0000950170-25-099742 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-05-31 · accession 0000950170-24-090031 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-05-31 · accession 0000950170-25-099742 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-05-31 · accession 0000950170-24-090031 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-05-31 · accession 0000950170-25-099742 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-05-31 · accession 0000950170-25-099742 (CashAndCashEquivalentsAtCarryingValue)