WOR
Worthington Industries, Inc.
WOR's fundamentals are strong: its operating margin rose 5 points to 5.6% and revenue grew 18%. Its PE of 18x looks cheaper than it really is, because one-off gains boosted its recent earnings. Analysts expect earnings growth.
WOR Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Strong | |
| Healthy |
WOR's revenue, cash flow and balance sheet are currently healthy, and its profitability is stable.
WOR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6x | $20.01 | -66% |
| Fair | 14x | $46.16 | -21% |
| Forward | 15x | $58.20 | — |
| Current | 18x | $58.20 | — |
| Expensive | 28x | $91.69 | +58% |
Historical ranges are pointers, not guarantees.
WOR's PE is in its fair range at 18x, but its recent earnings include one-off gains. If earnings grow as analysts expect, today's price would be 15x next year's earnings.
WOR Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for WOR, with profitability holding steady.
WOR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.86 | +17% |
| Q3 2026 | $3.31 | +55% |
| Q2 2026 | $3.14 | +64% |
| Q1 2026 | $2.26 | +93% |
| Q4 2025 | $2.13 | +160% |
| Q3 2025 | $2.14 | +185% |
| Q2 2025 | $1.92 | -13% |
| Q1 2025 | $1.17 | -79% |
| Q4 2024 | $0.82 | -86% |
WOR's earnings per share have fallen from their peak: $3.31 over the past year, against $13.24 in mid-2021. Its recent earnings include one-off gains.
WOR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $343.9M | +13% |
| Q2 2026 | $371.5M | +17% |
| Q1 2026 | $378.7M | +24% |
| Q4 2025 | $327.5M | +19% |
| Q3 2025 | $303.7M | +18% |
| Q2 2025 | $317.9M | -0.3% |
| Q1 2025 | $304.5M | -3.9% |
| Q4 2024 | $274M | -75% |
WOR's revenue is recovering but still below its 2022 peak: $344M last quarter, up 13% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 3.8% | +0.8 points |
| Q2 2026 | 6.2% | +16 points |
| Q1 2026 | 8.3% | +1.5 points |
| Q4 2025 | 3.8% | +2.5 points |
| Q3 2025 | 3% | +4.9 points |
| Q2 2025 | -9.6% | +8 points |
| Q1 2025 | 6.8% | +5.5 points |
| Q4 2024 | 1.3% | +1.8 points |
WOR's operating margin was 3.8% last quarter, up 0.8 points from the same quarter a year ago.
WOR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $54M | +94% |
| Q2 2026 | $55.1M | +12% |
| Q1 2026 | $48.1M | +8.4% |
| Q4 2025 | $39.1M | +15% |
| Q3 2025 | $27.9M | -12% |
| Q2 2025 | $49.3M | +46% |
| Q1 2025 | $44.4M | +11% |
| Q4 2024 | $33.9M | -67% |
WOR still generates free cash flow, though less than at its 2023 peak: $196M over the past year.
WOR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.1% | -551K shares |
| 1 year | -1.7% | -861K shares |
| 3 years | -1.4% | -721K shares |
| 5 years | -5.2% | -2.7M shares |
| Available history | -12% | -6.9M shares |
WOR has 49M diluted shares, down 1.7% from a year ago, with $56M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $18.2M |
| Q2 2026 | $18.4M |
| Q1 2026 | $5.4M |
| Q4 2025 | $13.7M |
| Q3 2025 | $6.3M |
| Q2 2025 | $9.8M |
| Q1 2025 | $6.2M |
| Q4 2024 | $8.1M |
WOR spent $56M buying back its own shares over the past year, up 83% from the year before.
WOR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.8x | Healthy |
| Q2 2026 | 2.1x | Moderate |
| Q1 2026 | 4.0x | Elevated |
| Q4 2025 | 2.0x | Healthy |
| Q3 2025 | 2.6x | Moderate |
| Q2 2025 | 1.4x | Healthy |
| Q1 2025 | 6.0x | High |
| Q3 2024 | 67.1x | High |
WOR's net debt is about 1.8 years of its operating earnings (EBITDA), down from 2.6 years a year ago.
WOR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.6 | Neutral |
| Stochastic | 48.9 | Neutral |
WOR's weekly RSI is 49 (neutral) and its Stochastic is 49 (neutral).
WOR PE vs Industrials Sector
| Metric | WOR | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 24x | 27% below |
| PE % | 57 | 58 | 1 pt below |
WOR is trading at 18x earnings, a 27% discount to the Industrials sector's median of 24x, though its recent earnings include one-off gains.
WOR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $61.8 | 5.9% below |
| 20 week MA | $59.0 | 1.3% below |
| 50 week MA | $56.4 | 3.2% above |
| 100 week MA | $54.9 | 6% above |
| 200 week MA | $50.4 | 16% above |
WOR has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 16% above its 200-week average.
WOR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $26.2 | $31.3 | +20% |
| 2021 | $31.3 | $32.5 | +3.6% |
| 2022 | $32.5 | $30.6 | -5.9% |
| 2023 | $30.6 | $57.6 | +88% |
| 2024 | $57.6 | $40.7 | -29% |
| 2025 | $40.7 | $52.9 | +30% |
| 2026 YTD | $52.9 | $58.2 | +10% |
WOR has finished higher in four of the last six years. It's up 10% so far in 2026.