Worthington Industries, Inc. (WOR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-78.4%

$14.06

vs $65.05 price

Levered DCF

$17.24

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.28

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	17.92×	30.37×	25.35×	6.55×	3.78×	3.09×	13.24×	7.85×
P/B	2.72×	3.1×	3.16×	0.99×	0.97×	1.6×	1.27×	1.45×
P/S	2.02×	2.52×	2.25×	1.18×	0.27×	0.7×	0.34×	0.32×
EV / EBITDA	22.18×	16.65×	18.39×	6.94×	3.48×	2.27×	6.92×	5.47×
Gross margin	27.4%	27.6%	23.0%	23.9%	11.5%	18.3%	15.2%	12.8%
Operating margin	6.0%	4.3%	0.2%	3.7%	3.9%	5.6%	4.4%	3.8%
Net margin	11.3%	8.3%	8.9%	18.1%	7.2%	22.8%	2.6%	4.1%
Current ratio	2.37×	3.48×	3.78×	2.6×	1.92×	2.5×	2.53×	1.67×
Debt / equity	0.34×	0.35×	0.36×	0.47×	0.57×	0.53×	0.9×	0.9×
Interest coverage	13.33×	21.7×	1.38×	2.86×	6.53×	6.24×	4.25×	3.77×
Dividend yield	1.3%	1.2%	2.0%	3.5%	4.0%	2.4%	5.1%	4.3%
Payout ratio	23.6%	35.3%	51.4%	23.1%	15.1%	7.3%	67.6%	34.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	15.2%	10.2%	12.4%	15.1%	25.6%	51.8%	9.6%	18.5%
Return on invested capital	3.9%	2.4%	0.1%	1.4%	5.7%	5.6%	5.3%	5.8%
Return on assets	8.4%	5.7%	6.8%	7.0%	10.4%	21.5%	3.4%	6.1%
Free cash flow yield	6.1%	5.5%	7.4%	32.1%	-1.7%	8.6%	23.2%	9.4%
Earnings yield	5.6%	3.3%	3.9%	15.3%	26.4%	32.4%	7.6%	12.7%
Enterprise value	$3.1B	$3B	$2.9B	$2B	$2.2B	$2.3B	$1.6B	$1.9B
Net debt / EBITDA	2.29×	0.42×	0.47×	1.17×	1.26×	0.1×	2.5×	1.93×
Cash conversion cycle (days)	99	101	92	221	68	78	67	59