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WORTHINGTON STEEL, INC.

WS · Industrials · $2.0B mkt cap · FY2026 filings · · No moat ·

Doesn't clear the bar

No moat
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The five investor questions

17

2022–2026 (latest 5 aligned FYs; v3 window cap 5): revenue $4.1B to $3.4B, decreasing; diluted EPS 3.66 to 0.17, decreasing.

17

Median gross margin 11.7% over 5y, stable.

36

Median ROIC 10.0%, above the 12% hurdle in 40% of years.

26

Net debt/EBITDA 2.1x, interest coverage -0x.

18

Owner earnings changed -54.8%/yr over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
60% above value if growth stopped today
$111M
$24.75
$24.75
$39.68
60% above value if growth stopped today

What today’s price assumes: owner earnings growing ~10%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 243% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 17, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

6 years of fundamentals

The business, in plain English

WORTHINGTON STEEL, INC. booked $3.4B of revenue in FY2026 in the Industrials sector and kept 11.7% of it as gross profit — a thin-margin business by that measure. After every other cost, 0.2% of each revenue dollar reached the bottom line.

It earned −0.1% on invested capital in the latest filed year, FY2026. Across the full 5-year measurable filed record, median ROIC was 10.0%. Over the v3 recent window (5 measurable filed years), median ROIC was 10.0%. The Returns on Capital filter above scores it 36/100.

The balance sheet carried $257M of total debt in FY2026 against $8.5M of owner earnings — roughly 30.2 years of owner earnings to retire it all. Balance-Sheet Safety scores it 26/100.

Put together: Returns on Capital is the strongest of the five filters (36/100) and Business Trend the weakest (17/100), which is how WS lands at 23/100 — 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.

FY2021–FY2026 · 6 fiscal years, normalized from WS’s SEC filings

Sales, as filed$3.4B FY2026
$0$2B$4B2021202320252026
Revenue kept after cost of goods11.7% FY2026
0%5%10%2021202320252026
Standard ROIC or separately labeled Operating ROICStandard ROIC 0.0% FY2026

Exact FY and FY-1 financing invested-capital inputs are required.

0%10%2021202320252026
Cash an owner could take out$8.5M FY2026
$0$100M$200M2021202320252026

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the 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.

Flagship explainer

How WORTHINGTON STEEL, INC. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$3.4B · 100%Cost of revenue$3.0B · 88%Gross profit$403M · 12%Operating income−$1.4M · −0%Income before tax$7.1M · 0%Income tax$20M · 1%Net income$8.5M · 0%As of 2026-05-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$3.4B100%
  • 10-K · FY 2026Filing detailsAccession 0001968487-26-000026 · filed Jul 30, 2026
Cost of revenue$3.0B88%
  • 10-K · FY 2026Filing detailsAccession 0001968487-26-000026 · filed Jul 30, 2026
$403M12%
  • 10-K · FY 2026Filing detailsAccession 0001968487-26-000026 · filed Jul 30, 2026
−$1.4M−0%
  • 10-K · FY 2026Filing detailsAccession 0001968487-26-000026 · filed Jul 30, 2026
Income before tax$7.1M0%
  • 10-K · FY 2026Filing detailsAccession 0001968487-26-000026 · filed Jul 30, 2026
Income tax$20M1%
  • 10-K · FY 2026Filing detailsAccession 0001968487-26-000026 · filed Jul 30, 2026
$8.5M0%
  • 10-K · FY 2026Filing detailsAccession 0001968487-26-000026 · filed Jul 30, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0001968487-26-000026 · filed Jul 30, 2026
· event May 31, 2026 · retrieved Oct 17, 2026 · annual-row source set
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Flagship explainer

What WORTHINGTON STEEL, INC. owns — and owes

WORTHINGTON STEEL, INC.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$2.3B100%
  • 10-K · FY 2026Filing detailsAccession 0001968487-26-000026 · filed Jul 30, 2026
Cash and equivalents$84.6M4%
  • 10-K · FY 2026Filing detailsAccession 0001968487-26-000026 · filed Jul 30, 2026
$257M11%
  • 10-K · FY 2026Filing detailsAccession 0001968487-26-000026 · filed Jul 30, 2026
Stockholders’ equity$1.1B47%
  • 10-K · FY 2026Filing detailsAccession 0001968487-26-000026 · filed Jul 30, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0001968487-26-000026 · filed Jul 30, 2026
· event May 31, 2026 · retrieved Oct 17, 2026 · annual-row source set

Flagship explainer

What drives WORTHINGTON STEEL, INC.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity1%Tax burden120%net income ÷ pretax incomeInterest burden−507%pretax ÷ operating incomeOperating margin−0%operating income ÷ revenueAsset turnover1.63×revenue ÷ average assetsEquity multiplier1.97×average assets ÷ average equityAs of 2026-05-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$8.5MFY2026
  • 10-K · FY 2026Filing detailsAccession 0001968487-26-000026 · filed Jul 30, 2026
Income before tax$7.1MFY2026
  • 10-K · FY 2026Filing detailsAccession 0001968487-26-000026 · filed Jul 30, 2026
Operating income−$1.4MFY2026
  • 10-K · FY 2026Filing detailsAccession 0001968487-26-000026 · filed Jul 30, 2026
$3.4BFY2026
  • 10-K · FY 2026Filing detailsAccession 0001968487-26-000026 · filed Jul 30, 2026
Ending assets$2.3BFY2026
  • 10-K · FY 2026Filing detailsAccession 0001968487-26-000026 · filed Jul 30, 2026
Beginning assets$2.0BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000950170-25-099742 · filed Jul 29, 2025
  • 10-K · FY 2025Filing detailsAccession 0001968487-26-000026 · filed Jul 30, 2026
$1.1BFY2026
  • 10-K · FY 2026Filing detailsAccession 0001968487-26-000026 · filed Jul 30, 2026
$1.1BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000950170-25-099742 · filed Jul 29, 2025
  • 10-K · FY 2025Filing detailsAccession 0001968487-26-000026 · filed Jul 30, 2026
Source: · event May 31, 2026 · retrieved Oct 17, 2026 · annual-row source set
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Flagship explainer

Where WORTHINGTON STEEL, INC.'s cash went

WORTHINGTON STEEL, INC.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$201M100%
  • 10-K · FY 2026Filing detailsAccession 0001968487-26-000026 · filed Jul 30, 2026
Depreciation and amortization$84.2M42%
  • 10-K · FY 2026Filing detailsAccession 0001968487-26-000026 · filed Jul 30, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0001968487-26-000026 · filed Jul 30, 2026
· event May 31, 2026 · retrieved Oct 17, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding WORTHINGTON STEEL, INC.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Markel / Markel-GaynerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Oct 17, 2026

Flagship explainer

What WORTHINGTON STEEL, INC. insiders reported

We could not retrieve insider activity for this rendering; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

26 logged readings since Jul 18, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale22.7 / 100
0406080100WideNarrowShallowNo moatJul 18, 2026Oct 17, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

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

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

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

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for WS.

Track record

How WORTHINGTON STEEL, INC.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2024–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored WS on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score98139Indexed price · log scale (2024 = 100)202420252026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, WS did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Industrials context

#404 of 448 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #402CAPS Capstone Holding Corp.22.8No moat
  2. #403SCWO 374WATER INC.22.7No moat
  3. #405UUU UNIVERSAL SAFETY PRODUCTS, INC.22.6No moat
  4. #406SYPR SYPRIS SOLUTIONS, INC.22.5No moat

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

Common questions about WS

Does WORTHINGTON STEEL, INC. have an economic moat?
Based on its FY2026 SEC filings, the Moat Index scores WORTHINGTON STEEL, INC. (WS) 22.7 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 17, pricing power 17, returns on capital 36, balance-sheet safety 26, capital allocation 18.
Is WS trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $24.75 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $39.68, that is 60% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has WS's Moat Score changed over time?
The record logs 26 readings since Jul 18, 2026; the latest reads 22.7 out of 100 (no moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

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