Assay

Financial-condition grades for SEC filers

Company Report · as of Oct 9, 2026

HomeCompaniesSectorsCalendarLast night
Screens
WarningsPrice and conditionThen and nowSize bandsCeased filers
Tools
Time machinePoint in timeData exportsRun logForecast logEDGAR company search
Method
MethodCoverageAbout
Worthington Steel, Inc.WS · manufacturing
GradeNonecomputable_factors_below_threshold: 6 of 14 inputs computable; 7 are required
Reliability0.91 AUCfailure model, filers with $591M to $2.67B assets; 95% interval 0.88 to 0.94; 160 events, 2020 to 2025
Peer failure rate1.01% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025
Size band$591M to $2.67B assetstotal assets $2.3B[1]
Standard universeinsiderevenue above $1M and assets above $10M[1-2]
Warningsthin data · fortress balance sheetnot computable: distress
Inputs computable6 of 14
Graded fromfilings received through Jul 30, 202671 days before the rescan; every figure keyed to the SEC receipt date
Last close$34.622026-10-08; market equity $1.8B; iex feed
Price used in gradeNone
Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history
$30$40$50NovDecJanFebMarAprMayJunJulAugSepOctB$34.62
ABCDE20132014201520162017201820192020202120222023202420252026

Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date.

Open this report as it stood on

Letter setLetterPercentileBand
Jan 21, 2012nonen/a
Aug 21, 2024nonen/aQ4
Aug 21, 2025B35.9Q4
Aug 21, 2026nonen/aQ4

Each date opens the report as it stood on that rescan.

Business, in the company's words. Opening of Item 1 of the 10-K received Jul 30, 2026; the document on sec.gov.

We are one of North America’s premier value-added metals processors with the ability to provide a diversified range of products and services that span a variety of end markets. We maintain market-leading positions in the North American carbon flat-rolled steel and tailor welded blank industries and are one of the largest global producers of electrical steel laminations. For over 70 years, we have been delivering high-quality steel processing capabilities across a variety of end markets including automotive, heavy truck, agriculture, construction, and energy.

Warnings [top]

Thin data. 6 of 14 grade factors are computable; minimum is 7
Fortress balance sheet. cash minus debt is 13,200,000 USD; Altman Z is not used[3-4]

7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.

The Fourteen Inputs [top]

Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.

InputPercentile, 0 to 100ValueSourcePeer medianPercentilePeersPeriod end
Profitability, sleeve percentile 40.7
Gross profitability17.9%[1,5]21.9%59.92752026-05-31
Return on invested capitalnot computable9.7%
pretax income must exceed the validity floor and imply a 0%-100% tax rate
Accruals ratio(9.1%)[1,6-8](3.6%)21.53082026-05-31
Gross margin stability, five yearsnot computable2.1 pts
five annual gross margins are required; found 3
Solvency, sleeve percentile 48.1
Twelve-month failure probabilitynot computable0.04%
latest liabilities, cash plus short-term investments, book equity, and shares are required
Altman Z double-prime2.36[1,9-14]3.6654.72442026-05-31
Net debt to EBITDA(0.18x)[3-4,12,15]1.78x15.81212026-05-31
Interest coveragenot computable5.09x
latest aligned inputs end 2025-05-31; latest annual assets end 2026-05-31
Current ratio1.46x[9-10]2.25x73.83252026-05-31
Growth and financing, sleeve percentile 55.0
Revenue growth, three-year compoundnot computable2.1%
four annual observations are required; found 3
Free cash flow growth, three-year compoundnot computable13.9%
four consecutive annual FCF observations are required; found 3
Reinvestment ratenot computable26.4%
pretax income must exceed the validity floor and imply a 0%-100% tax rate
Asset growth, three yearsnot computable4.4%
four annual observations are required; found 3
Net share issuance, one year0.1%[16-17]0.01%55.02432026-07-24

Gross profitability. Revenue less cost of goods sold, over total assets.

Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.

Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.

Twelve-month failure probability. CHS model; lower is stronger.

Net debt to EBITDA. Lower is stronger.

Net share issuance, one year. Split-adjusted; lower is stronger.

Among 255 Peers [top]

What the Price Implies [top]

Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.

MeasureValuePeer medianPercentileReading
Twelve-month price change, skipping the latest month14.3%13.7%51hotter than 51 of 100 peers
Distance from 52-week high(28.9%)(24.3%)41closer to its high than 41 of 100 peers
EBIT to enterprise value(0.08%)4.1%19pricier than 81 of 100 peers
Free cash flow yield4.5%3.4%61pricier than 39 of 100 peers
Book value to price0.600.3471pricier than 29 of 100 peers
Sales to price1.950.5485pricier than 15 of 100 peers
Composite equity issuance, five yearsnot computable(9.5%)a share count from five years earlier is required
Relative strength against the sector, log excess return0.00(0.00)51ahead of 51 of 100 peers

Inputs: market equity $1.8B; EBIT -$1.4M; free cash flow $80.0M; book equity $1.1B; sales $3.4B; debt $71.4M; cash $84.6M[16].

Diagnostics [top]

Diagnostics do not feed the grade.

Piotroski F-score: 4 of 9, period end 2026-05-31
Return on assets above zero0.4%✓ pass[6,8]
Operating cash flow above zero$201.2M✓ pass[7]
Return on assets improved(5.5 pts)✗ fail[6,8,18-19]
Operating cash flow exceeds net income$192.7M✓ pass[6-7]
Long-term leverage fell2.0 pts✗ fail[1,8,19-21]
Current ratio improved(20.4 pts)✗ fail[9-10,22-23]
No new shares issued0.1%✗ fail[16-17]
Gross margin improved(0.9 pts)✗ fail[2,5,24-25]
Asset turnover improved9.8 pts✓ pass[2,8,19,25]
Cash, filings, liquidity
Cash and equivalents$84.6M[3]
Operating cash flow, four quarters$201.2M[3,7,26-28]
Months of runwaynot finite
trailing operating cash flow is nonnegative, so runway is not finite
Late filings, two years0
NT 10-K or NT 10-Q
Days since last periodic filing71
10-K received Jul 30, 2026
Median daily dollar volume$8.2M
63 sessions
Days since newest grade input71

Downloads [top]

Sources [top]

Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.

#ConceptXBRL tagValuePeriod endReceivedFormLinks
1assetsus-gaap:Assets$2.3B2026-05-312026-07-3010-Kfiling · viewer · series
2revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax$3.4B2026-05-312026-07-3010-Kfiling · viewer · series
3cashus-gaap:CashAndCashEquivalentsAtCarryingValue$84.6M2026-05-312026-07-3010-Kfiling · viewer · series
4total debtus-gaap:LongTermDebt$71.4M2026-05-312026-07-3010-Kfiling · viewer · series
5gross profitus-gaap:GrossProfit$403.3M2026-05-312026-07-3010-Kfiling · viewer · series
6net incomeus-gaap:NetIncomeLoss$8.5M2026-05-312026-07-3010-Kfiling · viewer · series
7operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities$201.2M2026-05-312026-07-3010-Kfiling · viewer · series
8assetsus-gaap:Assets$2.0B2025-05-312026-07-3010-Kfiling · viewer · series
9current assetsus-gaap:AssetsCurrent$1.1B2026-05-312026-07-3010-Kfiling · viewer · series
10current liabilitiesus-gaap:LiabilitiesCurrent$775.8M2026-05-312026-07-3010-Kfiling · viewer · series
11retained earningsus-gaap:RetainedEarningsAccumulatedDeficit$140.0M2026-05-312026-07-3010-Kfiling · viewer · series
12operating incomeus-gaap:OperatingIncomeLoss-$1.4M2026-05-312026-07-3010-Kfiling · viewer · series
13book equityus-gaap:StockholdersEquity$1.1B2026-05-312026-07-3010-Kfiling · viewer · series
14liabilitiesus-gaap:Liabilities$989.5M2026-05-312026-07-3010-Kfiling · viewer · series
15depreciation amortizationus-gaap:Depreciation$73.1M2026-05-312026-07-3010-Kfiling · viewer · series
16shares outstandingdei:EntityCommonStockSharesOutstanding50,948,1462026-07-242026-07-3010-Kfiling · viewer · series
17shares outstandingdei:EntityCommonStockSharesOutstanding50,872,8212025-07-252025-07-2910-Kfiling · viewer · series
18net incomeus-gaap:NetIncomeLoss$110.7M2025-05-312026-07-3010-Kfiling · viewer · series
19assetsus-gaap:Assets$1.9B2024-05-312025-07-2910-Kfiling · viewer · series
20long term debtus-gaap:LongTermDebtNoncurrent$44.4M2026-05-312026-07-3010-Kfiling · viewer · series
21long term debtus-gaap:LongTermDebtNoncurrent$2.3M2025-05-312026-07-3010-Kfiling · viewer · series
22current assetsus-gaap:AssetsCurrent$1.0B2025-05-312026-07-3010-Kfiling · viewer · series
23current liabilitiesus-gaap:LiabilitiesCurrent$631.5M2025-05-312026-07-3010-Kfiling · viewer · series
24gross profitus-gaap:GrossProfit$388.6M2025-05-312026-07-3010-Kfiling · viewer · series
25revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax$3.1B2025-05-312026-07-3010-Kfiling · viewer · series
26operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities$156.3M2026-02-282026-04-0910-Qfiling · viewer · series
27operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities$93.0M2025-11-302026-01-0810-Qfiling · viewer · series
28operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$6.3M2025-08-312025-10-1010-Qfiling · viewer · series

Limitations [top]

Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.

Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.

Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.

Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.

Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.

Informational and educational only. Not investment advice. SEC and market data may contain errors.

If you have any comments about this page, the methodology and every line of code that produced it are in the public repository. However, due to the limited number of personnel, we are unable to provide a direct response.

Pages
Home · Companies · Sectors · Calendar · Last night
Screens
Warnings · Price and condition · Then and now · Size bands · Ceased filers
Tools
Time machine · Point in time · Data exports · Run log · Forecast log · EDGAR company search
Method
Method · Coverage · About
Source
GitHub · ezrakruger.cc
Photographs from Wikimedia Commons

bull: Raphael Schön from Vienna, Austria, CC BY 2.0; bear: U. S. Fish and Wildlife Service - Northeast Region, Public domain; elk: Oregon Department of Fish & Wildlife, Public domain; tortoise: NPS, Public domain; sloth: Charles J. Sharp, CC BY-SA 3.0; fox: Cp9asngf, CC BY-SA 4.0; sector-business_equipment: Sangitiana Fararano, CC BY-SA 2.0; sector-healthcare: User:Squidonius, myself, and User:Beliason (assumed)., CC BY-SA 4.0; sector-manufacturing: unknown, CC BY-SA 2.0; sector-shops: Wilfredor, CC BY-SA 4.0; sector-consumer_nondurables: Nielsoncaetanosalmeron, CC BY 4.0; sector-utilities: Lijovklm, CC BY-SA 4.0; sector-consumer_durables: Stilfehler, CC BY-SA 4.0; sector-chemicals: PEO ACWA, CC BY 2.0; sector-energy: Arne Hückelheim, CC BY-SA 3.0; sector-telecom: Wikideas1, CC0; sector-other: Downtowngal, CC BY-SA 4.0.

Updated Oct 9, 2026