Detailed financial statements for Worthington Industries, Inc. (WOR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Worthington Industries, Inc. is an industrial manufacturing firm operating internationally, with a strong foothold in North America. The company's primary focus areas include value-added steel processing, the production of various consumer goods, building materials, and innovative sustainable mobility solutions. Its operations are organized into four distinct divisions: Steel Processing, Consumer Products, Building Products, and Sustainable Energy Solutions.
Analysis Summary
Worthington Industries, Inc. reported revenue of $1.38B in the most recent fiscal year, growing at a 5-year CAGR of -15.3%. Net income reached $156.1M, with a -26.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 27.2%, operating margin 6.0%, net margin 11.5%. Free cash flow grew at -2.4% CAGR over 5 years.
At $62.75 (closing price, October 30, 2026), WOR trades at a P/E of 18.73 and an ROE of 16.19%. Market capitalisation stands at $3.1B.
Balance sheet quality for WOR: current ratio of 2.4, net debt of $322.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $170.2M represents 109% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.01B | $3.58B | $3.76B | $3.06B | $3.17B | $5.24B | $1.42B | $1.25B | $1.15B | $1.38B |
| Cost of Revenue | $2.49B | $3.04B | $3.28B | $2.60B | $2.59B | $4.64B | $1.08B | $959.8M | $835.2M | $1.00B |
| Gross Profit | $519.8M | $542.5M | $481.3M | $464.1M | $579.8M | $602.0M | $339.4M | $285.9M | $318.3M | $378.3M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $316.4M | $365.9M | $338.4M | $328.1M | $350.5M | $397.6M | $287.1M | $283.5M | $268.4M | $295.0M |
| Operating Expenses | $316.4M | $365.9M | $338.4M | $328.1M | $401.1M | $397.6M | $287.1M | $283.5M | $268.4M | $295.0M |
| Operating Income | $203.4M | $176.6M | $142.9M | $136.0M | $178.7M | $204.4M | $52.3M | $2.4M | $49.9M | $83.3M |
| EBITDA | $413.5M | $350.7M | $340.0M | $235.5M | $1.03B | $644.4M | $291.4M | $156.5M | $179.4M | $140.6M |
| Interest Expense | $29.6M | $38.3M | $37.9M | $32.0M | $28.6M | $31.3M | $18.3M | $1.8M | $2.3M | $6.2M |
| Pre-tax Income | $297.1M | $209.1M | $206.5M | $110.8M | $917.7M | $514.3M | $160.3M | $74.0M | $128.8M | $201.3M |
| Income Tax | $79.2M | $8.2M | $43.2M | $26.3M | $176.3M | $115.0M | $34.5M | $39.0M | $33.8M | $46.3M |
| Net Income | $204.5M | $194.8M | $153.5M | $78.8M | $723.8M | $379.4M | $256.5M | $110.6M | $96.1M | $156.1M |
| EPS | $3.28 | $3.20 | $2.68 | $1.43 | $13.73 | $7.60 | $5.28 | $2.25 | $1.94 | $3.18 |
| EPS (Diluted) | $3.15 | $3.09 | $2.61 | $1.41 | $13.42 | $7.44 | $5.19 | $2.20 | $1.92 | $3.18 |
| Shares Outstanding (Diluted) | 64.9 M | 63.0 M | 58.8 M | 56.0 M | 53.9 M | 51.0 M | 49.4 M | 50.3 M | 50.1 M | 49.1 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $327.5M | $378.7M | $371.5M | $343.9M |
| Gross Profit | $84.6M | $109.5M | $101.9M | $90.9M |
| Operating Income | $13.9M | $33.7M | $24.0M | $13.0M |
| EBITDA | $51.0M | $76.5M | $39.8M | $73.3M |
| Net Income | $27.3M | $45.5M | $48.1M | $42.6M |
| EPS | $0.56 | $0.93 | $0.99 | $0.88 |
| EPS (Diluted) | $0.56 | $0.93 | $0.99 | $0.87 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $278.1M | $122.0M | $92.4M | $147.2M | $640.3M | $34.5M | $454.9M | $244.2M | $250.1M | $27.7M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $493.9M | $574.3M | $508.4M | $349.4M | $641.9M | $878.0M | $224.5M | $217.1M | $228.5M | $248.2M |
| Inventory | $353.9M | $454.0M | $484.3M | $405.1M | $564.8M | $759.1M | $608.0M | $164.6M | $169.4M | $207.3M |
| Total Current Assets | $1.19B | $1.24B | $1.17B | $983.2M | $1.97B | $1.79B | $1.87B | $673.9M | $685.4M | $524.5M |
| Property, Plant & Equipment | $570.5M | $585.0M | $578.7M | $604.2M | $550.1M | $795.1M | $775.6M | $245.9M | $292.9M | $665.6M |
| Goodwill | $247.7M | $345.2M | $334.6M | $321.4M | $351.1M | $401.5M | $414.8M | $331.6M | $376.5M | $500.8M |
| Intangible Assets | $82.8M | $214.0M | $196.1M | $184.4M | $240.4M | $299.0M | $314.2M | $221.1M | $190.4M | $322.8M |
| Total Assets | $2.33B | $2.62B | $2.51B | $2.33B | $3.37B | $3.64B | $3.65B | $1.64B | $1.70B | $1.85B |
| Accounts Payable | $368.1M | $473.5M | $393.5M | $224.2M | $535.8M | $668.4M | $126.7M | $90.2M | $103.2M | $115.2M |
| Short-term Debt | $6.8M | $1.5M | $150.9M | 0 | 0 | $48.3M | $264,000 | 0 | 0 | 0 |
| Total Current Liabilities | $520.8M | $646.9M | $698.0M | $388.2M | $787.9M | $932.3M | $717.6M | $178.4M | $196.8M | $221.4M |
| Long-term Debt | $571.8M | $748.9M | $598.4M | $699.5M | $710.0M | $696.3M | $689.7M | $298.1M | $302.9M | $305.9M |
| Total Liabilities | $1.25B | $1.59B | $1.56B | $1.37B | $1.82B | $2.03B | $1.83B | $747.6M | $756.9M | $821.0M |
| Retained Earnings | $676.0M | $637.8M | $591.5M | $572.3M | $1.07B | $1.23B | $1.43B | $589.4M | $624.5M | $704.1M |
| Total Equity | $951.6M | $918.8M | $831.2M | $820.8M | $1.40B | $1.48B | $1.70B | $888.9M | $937.2M | $1.03B |
| Total Debt | $578.6M | $750.4M | $749.3M | $736.1M | $747.4M | $844.4M | $795.4M | $317.2M | $326.1M | $349.8M |
| Net Debt | $300.5M | $628.4M | $656.9M | $588.9M | $107.0M | $809.9M | $340.4M | $73.0M | $76.0M | $322.0M |
| Working Capital | $670.2M | $594.2M | $467.9M | $594.9M | $1.18B | $853.4M | $1.15B | $495.5M | $488.5M | $303.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $180.3M | $6.0M | $27.7M | $55.1M |
| Total Assets | $1.75B | $1.82B | $1.85B | $1.84B |
| Total Liabilities | $790.3M | $821.0M | $821.0M | $793.6M |
| Total Equity | $963.0M | $1.00B | $1.03B | $1.05B |
| Total Debt | $377.6M | $357.7M | $349.8M | $347.6M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $217.9M | $200.8M | $163.3M | $84.4M | $741.5M | $399.3M | $269.2M | $117.8M | $95.0M | $154.7M |
| Depreciation & Amortization | $86.8M | $103.4M | $95.6M | $92.7M | $87.7M | $98.8M | $112.8M | $80.7M | $48.3M | $57.3M |
| Stock-based Compensation | $14.3M | $13.8M | $11.7M | $11.9M | $19.1M | $16.1M | $19.2M | $16.7M | $16.2M | $13.7M |
| Change in Working Capital | -$2.0M | -$35.7M | -$98.9M | $58.7M | $21.0M | -$337.6M | $159.6M | -$9.3M | $748,000 | -$18.3M |
| Operating Cash Flow | $335.7M | $281.3M | $197.9M | $336.7M | $274.4M | $70.1M | $625.4M | $290.0M | $209.7M | $226.1M |
| Capital Expenditure | -$68.4M | -$76.1M | -$84.5M | -$95.5M | -$82.2M | -$94.6M | -$86.4M | -$83.5M | -$50.6M | -$55.9M |
| Acquisitions | $5.4M | -$285.0M | -$10.4M | -$30.7M | -$129.6M | -$383.5M | -$20.3M | -$42.0M | -$95.0M | -$303.9M |
| Stock Repurchased | -$9.1M | -$206.4M | -$174.5M | -$57.5M | -$192.1M | -$186.5M | -$1.8M | -$11.4M | -$34.9M | -$43.7M |
| Dividends Paid | -$50.7M | -$51.4M | -$52.3M | -$53.3M | -$53.0M | -$57.2M | -$59.2M | -$56.8M | -$33.9M | -$36.9M |
| Free Cash Flow | $267.3M | $205.3M | $113.4M | $241.2M | $192.2M | -$24.5M | $539.0M | $206.4M | $159.2M | $170.2M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $51.5M | $61.9M | $71.6M | $66.7M |
| Capital Expenditure | -$12.4M | $25.6M | -$16.5M | -$12.8M |
| Free Cash Flow | $39.1M | $87.6M | $55.1M | $54.0M |
| Dividends Paid | -$9.6M | -$9.3M | -$9.3M | -$9.4M |
| Stock-based Compensation | $3.3M | $3.8M | $3.2M | $4.0M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +18.8% | +5.0% | -18.6% | +3.7% | +65.3% | -72.9% | -12.2% | -7.4% | +19.7% | |
| Net Income Growth (YoY) | -4.8% | -21.2% | -48.7% | +818.6% | -47.6% | -32.4% | -56.9% | -13.2% | +62.5% | |
| EPS Growth (YoY) | -2.4% | -16.2% | -46.6% | +860.1% | -44.6% | -30.5% | -57.4% | -13.8% | +63.9% | |
| Shares Change (YoY) | -2.8% | -6.7% | -4.8% | -3.7% | -5.4% | -3.2% | +1.9% | -0.4% | -2.1% | |
| FCF Growth (YoY) | -23.2% | -44.8% | +112.8% | -20.3% | -112.7% | +2,301.1% | -61.7% | -22.9% | +6.9% | |
| Gross Margin | 17.2% | 15.1% | 12.8% | 15.2% | 18.3% | 11.5% | 23.9% | 23.0% | 27.6% | 27.4% |
| Operating Margin | 6.7% | 4.9% | 3.8% | 4.4% | 5.6% | 3.9% | 3.7% | 0.2% | 4.3% | 6.0% |
| EBITDA Margin | 13.7% | 9.8% | 9.0% | 7.7% | 32.6% | 12.3% | 20.5% | 12.6% | 15.5% | 10.2% |
| Net Margin | 6.8% | 5.4% | 4.1% | 2.6% | 22.8% | 7.2% | 18.1% | 8.9% | 8.3% | 11.3% |
| FCF Margin | 8.9% | 5.7% | 3.0% | 7.9% | 6.1% | -0.5% | 38.0% | 16.6% | 13.8% | 12.3% |
| Effective Tax Rate | 26.7% | 3.9% | 20.9% | 23.8% | 19.2% | 22.4% | 21.5% | 52.7% | 26.3% | 23.0% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.12 | $3.26 | $1.93 | $4.31 | $3.56 | $-0.48 | $10.91 | $4.10 | $3.17 | $3.47 |
| Dividends Per Share | $0.78 | $0.81 | $0.89 | $0.95 | $0.98 | $1.12 | $1.20 | $1.13 | $0.68 | $0.75 |
| Shares Outstanding (Basic) | 62.4 M | 60.9 M | 57.2 M | 55.0 M | 52.7 M | 49.9 M | 48.6 M | 49.2 M | 49.4 M | 49.1 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 16.19% |
| Return on Invested Capital | 3.94% |
| Return on Assets | 8.88% |
| Gross Margin | 27.22% |
| Operating Margin | 5.95% |
| Net Margin | 11.50% |
Financial Health
| Debt / Equity | 0.33 |
| Current Ratio | 2.67 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 3.67 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 7.89 | 9.24 | 7.85 | 13.24 | 3.09 | 3.78 | 6.55 | 25.35 | 30.37 | 17.92 |
| P/B | 1.70 | 1.96 | 1.45 | 1.27 | 1.60 | 0.97 | 0.99 | 3.16 | 3.10 | 2.72 |
| P/S | 0.54 | 0.50 | 0.32 | 0.34 | 0.70 | 0.27 | 1.18 | 2.25 | 2.52 | 2.02 |
| Gross Margin | 17.2% | 15.1% | 12.8% | 15.2% | 18.3% | 11.5% | 23.9% | 23.0% | 27.6% | 27.4% |
| Operating Margin | 6.7% | 4.9% | 3.8% | 4.4% | 5.6% | 3.9% | 3.7% | 0.2% | 4.3% | 6.0% |
| Net Margin | 6.8% | 5.4% | 4.1% | 2.6% | 22.8% | 7.2% | 18.1% | 8.9% | 8.3% | 11.3% |
Related companies: MGRC · HURN · UNF · AZZ · SXI · ABM
Explore sector: Industrials · Manufacturing - Metal Fabrication
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