Worthington Industries

WOR

Manufacturing - Metal Fabrication · Industrials

Price

$55.77

-0.90 (-1.59%)

Market Cap

$2.76B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−3.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 51.0M (2022) → 49.1M (2026)

Worthington Industries is a metal processing and manufacturing company based in Columbus, Ohio. It takes raw steel and transforms it into finished metal products that other businesses use to build things. Its main products include steel cylinders (used for propane, camping fuel, and industrial gases), pressure vessels, and processed steel sold to manufacturers in the automotive, construction, and agriculture industries.

The company makes money by buying raw steel, adding value through cutting, shaping, and forming it, and selling the finished products at a higher price. Worthington operates primarily in the United States, with some international exposure, and generates roughly $3 billion in annual revenue. Its competitive edge comes from long-standing customer relationships and its network of steel processing facilities, though its margins are modest because steel is a commodity and input costs can swing sharply. The biggest ongoing risk is steel price volatility, which can squeeze profits quickly when raw material costs rise faster than the company can pass them on to customers.

Winston Score History

Politician Trades

3 trades / 12mo

1 Congressional buy and 2 sells on WOR in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+24.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+16.3% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

38.2%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$6M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Worthington Industries is a rare growth stock that's already generating positive cash flow while growing at 24%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

28.9%

Modest — 28.9% gross margin

Operating Margin

8.9%

Modest — 8.9% operating margin

ROCE

2.6%

Weak — 2.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+9.5%

Steady sales growth (9.5% YoY)

EPS YoY

+117.3%

Earnings growing fast (117.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

200%

Turns 200% of profit into real cash

FCF Margin

12.7%

Converts sales into free cash efficiently (12.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.32

Conservative — low debt load (0.32)

Interest Cover

23.82x

Comfortably covers interest (23.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

23.5x

Growth-priced — P/E 23.5

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+11.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (23.5 → 12.4)

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Dividends

Dividend Yield

1.41%

Small dividend — 1.41% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+10.0%

Dividend growing modestly (10.0% YoY)

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