Does Ryerson Holding Corp have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Ryerson Holding Corp (RYZ) 28.5 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 30, returns on capital 49, balance-sheet safety 0, capital discipline 24.

Is RYZ stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $31.45 per share versus a recent price of $29.60 — 6% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has RYZ's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 28.5 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Ryerson Holding Corp

RYZ · Industrials · $1.5B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power30

Median gross margin 18.3% over 10y, very stable.

Returns on capital49

Median ROIC 10.6%, above the 9% hurdle in 70% of years.

Balance-sheet safety0

Net debt/EBITDA 8.9x, interest coverage -1x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

6% below value

Owner earnings (normalized): $145.7M
Est. intrinsic value / share: $31.45
Recent price: $29.60
Discount to value: 6% below value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

Ryerson Holding Corp booked $4.6B of revenue in FY2025 in the Industrials sector and kept 17.1% of it as gross profit — a thin-margin business by that measure. After every other cost, −1.2% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $3.1B (FY2009) to $4.6B (FY2025) — about 2.5% a year compounded over 16 years.

It earned −2.0% on invested capital in FY2025, with a median of 10.5% across 14 filed years. The Returns on Capital filter above scores it 49/100.

The balance sheet carried $463.1M of total debt in FY2025. Balance-Sheet Safety scores it 0/100.

The share count rose 929.7% between FY2011 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Returns on Capital is the strongest of the four filters (49/100) and Balance-Sheet Safety the weakest (0/100), which is how RYZ lands at 29/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$4.6B FY2025

Gross marginRevenue kept after cost of goods17.1% FY2025

Return on invested capitalOperating profit on the capital employed−2.0% FY2025

Owner earningsCash an owner could take out−$28.2M FY2025

Gaps in a line mean that item isn’t in RYZ’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale28.5 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — RYZ has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Industrials context

#217 of 309 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

#215NX QUANEX BUILDING PRODUCTS CORPORATION28.7 out of 100, No moatNo moat
#216ATI ATI INC28.5 out of 100, No moatNo moat
#218TGEN TECOGEN INC.28.3 out of 100, No moatNo moat
#219BBCP CONCRETE PUMPING HOLDINGS, INC.28.0 out of 100, No moatNo moat

Compare RYZ with its nearest peers →All Industrials companies on the Index →

Common questions about RYZ

Does Ryerson Holding Corp have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Ryerson Holding Corp (RYZ) 28.5 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 30, returns on capital 49, balance-sheet safety 0, capital discipline 24.
Is RYZ stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $31.45 per share versus a recent price of $29.60 — 6% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has RYZ's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 28.5 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell RYZ. See the disclaimer.