Worthington Steel, Inc.
WSdata completeness 100%5 fiscal years on fileData notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'
Worthington Steel, Inc. earns about 10% on invested capital, barely covering its ~9% cost of capital, but has diluted owners by 3% over 5 years — worth asking whether the growth reaches owners. The estimate methods put fair value between $15.49 and $22.24 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 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $4.07B1 | $3.61B2 | $3.43B3 | $3.09B3 | $3.44B3 |
| Net income | $180.4M4 | $87.1M5 | $154.7M6 | $110.7M6 | $8.5M6 |
| Operating cash flow | $39.5M7 | $315M8 | $199.5M9 | $230.3M9 | $201.2M9 |
| Capital expenditure | $36.4M10 | $45.5M11 | $103.4M12 | $130.4M12 | $121.2M12 |
| Free cash flow (derived) | $3.1M7 | $269.5M8 | $96.1M9 | $99.9M9 | $80M9 |
| Total debt | — | $45.6M13 | $296M14 | $452.2M15 | $540.6M15 |
| Cash & equivalents | $20.1M16 | $32.7M17 | $40.2M17 | $38M17 | $84.6M17 |
| Diluted shares | 49.3M | 49.3M | 49.8M | 50.5M | 50.8M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $209.31 of net worth that earned you $1.67 and generated $15.75 of cash last year, against $106.42 of debt.
It earned about 10% on invested capital against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.
seeing a moat in the numbers →Share count is up 3% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 1086% 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 $15.49 and $22.24 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)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$96.1M
assumptions (10)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$96.1M
assumptions (8)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$110.7M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $17.46 |
| Base | 0.0% | $17.46 |
| Bull | 5.0% | $23.84 |
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.
- 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 2024-05-31 · accession 0001968487-26-000026 (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 2024-05-31 · accession 0001968487-26-000026 (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 2024-05-31 · accession 0001968487-26-000026 (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 2024-05-31 · accession 0001968487-26-000026 (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 2025-05-31 · accession 0001968487-26-000026 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-05-31 · accession 0000950170-25-099742 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-05-31 · accession 0001968487-26-000026 (CashAndCashEquivalentsAtCarryingValue)