Short answer
Worthington Steel, Inc. (WS) filed its fiscal 2025 10-K annual report with the SEC on Jul 29, 2025. It reported revenue of $3.1B (−9.8% year over year) and net income of $111M.
- Top risk flagged: Regulatory risk Sarbanes-Oxley Act Section 404 compliance, material weaknesses could trigger SEC investigations and harm share price
FY2025 key financial metrics · XBRL
- Revenue
- $3.1B
- −9.8% YoY
- Net income
- $111M
- −28.4% YoY
- Operating margin
- 4.8%
- −0.9 pp YoY
- Gross margin
- 12.6%
- −0.3 pp YoY
- EPS (diluted)
- $2.19
- −29.6% YoY
- ROE
- 10.3%
- −5.4 pp YoY
- Operating cash flow
- $230M
- +15.4% YoY
Source: XBRL data from the Worthington Steel, Inc. (WS) FY2025 10-K on SEC EDGAR. USD.
Worthington Steel, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Value-added processor of carbon flat-rolled steel with services spanning precision steel processing, electrical steel laminations, and tailor welded products for multiple end markets
- New acquisition: 52% controlling equity stake in Italy-based Sitem Group, expanding presence in Europe post fiscal 2025 close on June 3, 2025
- Strategic shift: Separation from Worthington Enterprises completed Dec 1, 2023, establishing Worthington Steel as an independent publicly traded company
- Quantitative metric: Approximately 4,800 employees as of May 31, 2025, plus 500 employees in unconsolidated joint ventures, reflecting stable workforce scale
- Noteworthy fact: Largest three customers accounted for 33.0% of total net sales in fiscal 2025, highlighting significant customer concentration
Management Discussion & Analysis
- Revenue $3,093.3M in fiscal 2025, down $337.3M (10%) YoY due to 6% lower direct selling prices and 5% lower volume (3.79M tons vs 4.01M tons)
- Gross margin 12.6% ($388.6M) vs 12.8% ($439.8M); decreased $51.2M due to lower volume and $6.1M unfavorable direct spreads
- Best segment: direct shipments (57% of volume), down 4%, largest margin contributor; worst segment: toll shipments, down 7%, negatively impacting gross margin by $6.9M
- Net earnings $110.7M, down $44.0M; operating income $147.0M, down $47.5M; SG&A 7.5% ($231.6M) vs 6.5% ($224.4M); impairment $7.4M, restructuring $2.6M
- Cash: equity distributions $12.8M from Serviacero Worthington; dividends declared $0.16/share; no specific capex or buyback data disclosed
- Management expects inventory holding gains $5-10M in Q1 FY2026; notes tariff policy changes and evolving trade risks may impact supply chains and financials
Risk Factors
- Regulatory risk Sarbanes-Oxley Act Section 404 compliance, material weaknesses could trigger SEC investigations and harm share price
- Geopolitical risk Ukraine war impact on European financial sector causing global growth uncertainty and credit market volatility
- Operational risk credit market disruptions could limit suppliers' material production and customers' ability to purchase or pay for products
- Competitive risk legislation increasing greenhouse gas emission costs may raise steel and utility prices, reducing competitiveness vs foreign operations
- Financial risk Ohio law and charter provisions requiring two-thirds shareholder vote to amend governance could delay takeover attempts affecting stock liquidity
Generated from the filing text; verify against the original. How to read a 10-K
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