WS (Worthington Steel) Operating Income: $105 Mil (TTM As of May. 2026)


WS Worthington Steel Inc WS
32 GF Score
Price $33.58
! 10 Warning Signs
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What is Worthington Steel Operating Income?

Worthington Steel WS -4.49% 32 Operating Income is $105 Mil as of May. 2026. GuruFocus rates WS with a GF Score™ of 32/100. The stock has 10 warning signs investors should review.

Worthington Steel's Operating Income for the three months ended in May. 2026 was $37 Mil. Its Operating Income for the trailing twelve months (TTM) ended in May. 2026 was $105 Mil.

Warning Sign:

Worthington Steel Inc has recorded a loss in operating income at least once over the past 3 years.

Operating Margin % is calculated as Operating Income divided by its Revenue. Worthington Steel's Operating Income for the three months ended in May. 2026 was $37 Mil. Worthington Steel's Revenue for the three months ended in May. 2026 was $929 Mil. Therefore, Worthington Steel's Operating Margin % for the quarter that ended in May. 2026 was 3.97%.

Warning Sign:

Worthington Steel Inc operating margin has been in a 5-year decline. The average rate of decline per year is -15.3%.

Worthington Steel's 5-Year average Growth Rate for Operating Margin % was -15.30% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Worthington Steel's annualized ROC % for the quarter that ended in May. 2026 was 8.81%. Worthington Steel's annualized ROC (Joel Greenblatt) % for the quarter that ended in May. 2026 was -15.08%.

Worthington Steel  (NYSE:WS) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Worthington Steel's annualized ROC % for the quarter that ended in May. 2026 is calculated as:

ROC % (Q: May. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Feb. 2026 ) + Invested Capital (Q: May. 2026 ))/ count )
=147.6 * ( 1 - 0% )/( (1713.4 + 1635.9)/ 2 )
=147.6/1674.65
=8.81 %

where

Invested Capital(Q: Feb. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=2315.5 - 512.1 - ( 90 - max(0, 745.6 - 1106.5+90))
=1713.4

Invested Capital(Q: May. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=2269 - 548.5 - ( 84.6 - max(0, 774.2 - 1129.5+84.6))
=1635.9

Note: The Operating Income data used here is four times the quarterly (May. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Worthington Steel's annualized ROC (Joel Greenblatt) % for the quarter that ended in May. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: May. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Feb. 2026  Q: May. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-189.2/( ( (776.4 + max(501.7, 0)) + (748.2 + max(482.5, 0)) )/ 2 )
=-189.2/( ( 1278.1 + 1230.7 )/ 2 )
=-189.2/1254.4
=-15.08 %

where Working Capital is:

Working Capital(Q: Feb. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(461.6 + 435.6 + 116.6) - (512.1 + 0 + 0)
=501.7

Working Capital(Q: May. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(496.2 + 415.7 + 119.1) - (548.5 + 0 + 0)
=482.5

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (May. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Worthington Steel's Operating Margin % for the quarter that ended in May. 2026 is calculated as:

Operating Margin %=Operating Income (Q: May. 2026 )/Revenue (Q: May. 2026 )
=36.9/929.2
=3.97 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Worthington Steel Operating Income Related Terms

Worthington Steel Operating Income Historical Data

* Premium members only.

The historical data trend for Worthington Steel's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Worthington Steel Operating Income Chart

Worthington Steel Annual Data
Trend May21 May22 May23 May24 May25 May26
Operating Income
Get a 7-Day Free Trial 215.20 135.70 215.40 157.00 105.10

Worthington Steel Quarterly Data
May21 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23 Feb24 May24 Aug24 Nov24 Feb25 May25 Aug25 Nov25 Feb26 May26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 68.10 47.30 22.30 -1.40 36.90
WS
32GF Score
Worthington Steel Inc WS
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Worthington Steel Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in May. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $105 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of $105 Mil mean?
Worthington Steel (WS) has a Operating Income of $105 Mil as of May. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Worthington Steel and its competitors.
Is Worthington Steel's Operating Income too high?
Worthington Steel's current Operating Income is $105 Mil. Overall, Worthington Steel has a GF Score™ of 32/100, reflecting its overall financial health beyond just this single metric.
How does Worthington Steel's Operating Income compare to NWPX and MTUS?
Worthington Steel's Operating Income of $105 Mil can be compared against companies in the Steel industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Steel company?
A good Operating Income depends on the Steel industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Worthington Steel and its competitors. Worthington Steel's current Operating Income is $105 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Worthington Steel stock overvalued right now?
Worthington Steel (WS) has a current Operating Income of $105 Mil. The current Operating Income is $105 Mil. Worthington Steel's overall GF Score™ is 32/100 with 10 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Worthington Steel (WS), the current Operating Income is $105 Mil as of May. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Worthington Steel Business Description

Other Exchanges Z2J:Germany
Address 100 Old Wilson Bridge Road, Columbus, OH, USA, 43085
Worthington Steel Inc is a processor of carbon flat-rolled steel, a producer of laser-welded solutions, and a provider of electrical steel laminations. The company has manufacturing facilities across the United States, Canada, China, India, Germany and Mexico. It buys coils of steel from primary steel producers and processes them to precise type, thickness, length, width, shape, and surface quality required by customer specifications. The company's product lines and processing capabilities include; carbon flat-rolled steel processing, electrical steel laminations, and tailor welded products. Geographically, the company generates a majority of its revenue from the United States followed by Canada, Mexico, and other regions.
32GF Score

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Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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