RS
Reliance Steel & Aluminum Co.
RS's fundamentals are strong, but it looks expensive: trading at 20x earnings, above its usual 14x. Analysts expect strong earnings growth.
RS Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Under pressure | |
| Healthy |
RS's revenue, profitability and balance sheet are currently healthy, but its cash flow is under pressure.
RS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.6x | $184 | -58% |
| Fair | 14x | $301 | -31% |
| Forward | 15x | $434 | — |
| Current | 20x | $434 | — |
| Expensive | 21x | $458 | +5.6% |
Historical ranges are pointers, not guarantees.
RS's PE is in its expensive range at 20x. If earnings grow as analysts expect, today's price would be 15x next year's earnings, in its fair range.
RS Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for RS, with profitability improving.
RS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $27.99 | +30% |
| Q3 2026 | $21.46 | +56% |
| Q2 2026 | $17.21 | +25% |
| Q1 2026 | $15.34 | +9% |
| Q4 2025 | $13.98 | -10% |
| Q3 2025 | $13.80 | -24% |
| Q2 2025 | $13.82 | -30% |
| Q1 2025 | $14.07 | -34% |
| Q4 2024 | $15.56 | -31% |
RS's earnings per share have fallen from their peak: $21.46 over the past year, against $30.55 in late 2022.
RS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $5.2B | +43% |
| Q2 2026 | $4.6B | +27% |
| Q1 2026 | $4B | +16% |
| Q4 2025 | $3.5B | +12% |
| Q3 2025 | $3.7B | +6.8% |
| Q2 2025 | $3.7B | +0.5% |
| Q1 2025 | $3.5B | -4.4% |
| Q4 2024 | $3.1B | -6.3% |
RS's revenue has grown year over year for six quarters in a row: $5.2B last quarter, up 43% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 11% | +3.5 points |
| Q2 2026 | 9.5% | +1 points |
| Q1 2026 | 9.1% | +1.3 points |
| Q4 2025 | 4.8% | +0.2 points |
| Q3 2025 | 7.1% | -0.9 points |
| Q2 2025 | 8.5% | -1.1 points |
| Q1 2025 | 7.9% | -2.9 points |
| Q4 2024 | 4.5% | -5.2 points |
RS's operating margin was 11% last quarter, up 3.5 points from the same quarter a year ago.
RS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $133M | -26% |
| Q2 2026 | $68.8M | -51% |
| Q1 2026 | $87.2M | +$109.6M |
| Q4 2025 | $202.9M | -44% |
| Q3 2025 | $180.6M | -49% |
| Q2 2025 | $141.4M | -47% |
| Q1 2025 | -$22.4M | -227% |
| Q4 2024 | $362.4M | -13% |
RS still generates free cash flow, though less than at its 2022 peak: $492M over the past year.
RS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +13K shares |
| 1 year | -2.7% | -1.4M shares |
| 3 years | -13% | -7.7M shares |
| 5 years | -20% | -13M shares |
| Available history | -24% | -16.5M shares |
RS has 51M diluted shares, down 2.7% from a year ago, with $479M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $44.7M |
| Q2 2026 | — |
| Q1 2026 | $234.2M |
| Q4 2025 | $200.1M |
| Q3 2025 | $60.9M |
| Q2 2025 | $79.9M |
| Q1 2025 | $253.2M |
| Q4 2024 | $142.4M |
RS spent $479M buying back its own shares over the past year, down 11% from the year before.
RS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.8x | Very low |
| Q2 2026 | 0.9x | Very low |
| Q1 2026 | 1.0x | Healthy |
| Q4 2025 | 0.9x | Very low |
| Q3 2025 | 0.9x | Very low |
| Q2 2025 | 0.9x | Very low |
| Q1 2025 | 0.9x | Very low |
| Q4 2024 | 0.6x | Very low |
RS's net debt is less than a year of its operating earnings (EBITDA).
RS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 63.5 | Neutral |
| Stochastic | 70.5 | Neutral |
RS's weekly RSI is 63 (neutral) and its Stochastic is 71 (neutral).
RS PE vs Basic Materials Sector
| Metric | RS | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 19x | 8.6% above |
| PE % | 76 | 40 | 36 pts above |
RS is trading at 20x earnings, in line with the Basic Materials sector's median of 19x.
RS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $413.1 | 5% above |
| 20 week MA | $403.8 | 7.4% above |
| 50 week MA | $361.8 | 20% above |
| 100 week MA | $325.7 | 33% above |
| 200 week MA | $302.1 | 44% above |
RS is in an uptrend: it's above all five of its weekly moving averages, and 44% above its 200-week average.
RS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $120.3 | $118.1 | -1.8% |
| 2021 | $118.1 | $158.7 | +34% |
| 2022 | $158.7 | $204.5 | +29% |
| 2023 | $204.5 | $279.7 | +37% |
| 2024 | $279.7 | $269.7 | -3.6% |
| 2025 | $269.7 | $296.7 | +10% |
| 2026 YTD | $296.7 | $433.7 | +46% |
RS has finished higher in four of the last six years. It's up 46% so far in 2026.