Vulcan SteelASX:VSL -0.40%60 Pretax Margin % is 2.29% as of Dec. 2025, which is 71% below its 10-year median of 7.78. GuruFocus rates ASX:VSL with a GF Score™ of 60/100 and a GF Value™ of A$6.22 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 615 Steel companies, Vulcan Steel ranks worse than 54.31% on this metric.
Pre-Tax margin is calculated as Pre-Tax Income divided by its Revenue. Vulcan Steel's Pre-Tax Income for the
six
months ended in Dec. 2025 was A$10.7 Mil. Vulcan Steel's Revenue for the
six
months ended in Dec. 2025 was A$466.3 Mil. Therefore, Vulcan Steel's pretax margin for the quarter that ended in Dec. 2025 was 2.29%.
The historical rank and industry rank for Vulcan Steel's Pretax Margin % or its related term are showing as below:
ASX:VSL'
s Pretax Margin % Range Over the Past 10 Years
Min: 2.1 Med: 7.78 Max: 18.64
Current: 2.1
ASX:VSL's Pretax Margin % is ranked worse than 54.31% of 615
companies
in the Steel industry
Industry Median: 2.56
vs ASX:VSL: 2.10
The pretax margin, as know as pretax profit margin, is widely used to measure the operating efficiency of a company before deducting taxes.
The pretax margin is sometimes preferred over the net margin as tax expenditures can make profitability comparisons between companies misleading.
It is a useful tool to compare companies operating in the same sector and less effective when comparing companies from other sectors as each industry generally has different operating expenses and sales patterns.
The long term trend of the pretax margin is a good indicator of the competitiveness and health of the business.
Vulcan Steel Pretax Margin % Related Terms
Vulcan Steel Pretax Margin % Historical Data
* Premium members only.
The historical data trend for Vulcan Steel's Pretax Margin % 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.
ASX:VSL vs NUE, STLD, RS: Pretax Margin % Comparison
For the Steel subindustry, Vulcan Steel's Pretax Margin %, along with its competitors' market caps and Pretax Margin % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Vulcan Steel Pretax Margin % vs Steel Industry
For the Steel industry and Basic Materials sector, Vulcan Steel's Pretax Margin % distribution charts can be found below:
* The bar in red indicates where Vulcan Steel's Pretax Margin % falls into.
* 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.
Vulcan Steel (ASX:VSL) has a Pretax Margin % of 2.29% as of Dec. 2025. Pre-Tax margin is the ratio of total pre-tax income to net sales. View historical data on Vulcan Steel and its competitors. This is 71% below median its historical median of 7.78. Over the past decade, Vulcan Steel's Pretax Margin % has ranged from 2.10 to 18.64. According to the industry distribution chart, Vulcan Steel ranks #334 out of 615 companies in the Steel industry, placing it in the top 54.3%.
Is Vulcan Steel's Pretax Margin % too high?
Vulcan Steel's current Pretax Margin % of 2.29% is 71% below median its 10-year median of 7.78. Over the past 10 years, this metric has ranged from a low of 2.10 to a high of 18.64. The Steel industry median Pretax Margin % is 2.56. Vulcan Steel's value of 2.29% is 10.5% below this industry median. Based on the distribution chart, Vulcan Steel ranks #334 out of 615 companies in the Steel industry, which is below the industry midpoint. Overall, Vulcan Steel has a GF Score™ of 60/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Vulcan Steel's Pretax Margin % compare to NUE and STLD?
According to the Steel industry distribution chart, Vulcan Steel ranks #334 out of 615 companies for Pretax Margin %. This places Vulcan Steel in the lower half of its industry. The industry median Pretax Margin % is 2.56. Vulcan Steel's value of 2.29% is 10.5% below this benchmark. Historically, Vulcan Steel's own Pretax Margin % has ranged from 2.10 to 18.64 over the past decade. While the company's 10-year median is 7.78 vs. the industry median of 2.56, Vulcan Steel has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Pretax Margin % for a Steel company?
The median Pretax Margin % among Steel companies is 2.56, based on 615 companies in the industry. Companies in the top quartile (top 25%) have a Pretax Margin % significantly above this median, while those in the bottom quartile fall well below. However, Pretax Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Vulcan Steel's current Pretax Margin % of 2.29% is 10.5% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Pretax Margin % mean?
A high Pretax Margin % can signal that a stock is expensive relative to its fundamentals. Pre-Tax margin is the ratio of total pre-tax income to net sales. View historical data on Vulcan Steel and its competitors. For the Steel industry, the median Pretax Margin % is 2.56 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Vulcan Steel's current Pretax Margin % is 2.29%, which is 71% below median its own 10-year median of 7.78. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Vulcan Steel stock overvalued right now?
Based on GuruFocus' analysis, Vulcan Steel (ASX:VSL) is currently considered Modestly Undervalued. The stock's GF Value™ is A$6.22, compared to a current price of A$4.99 — trading 19.8% below its estimated fair value. The current Pretax Margin % is 2.29%, which is 71% below median its 10-year median of 7.78 and 10.5% below the Steel industry median of 2.56. Vulcan Steel's overall GF Score™ is 60/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Pretax Margin % calculated?
Pretax Margin % is calculated from a company's financial statements. For Vulcan Steel (ASX:VSL), the current Pretax Margin % is 2.29% as of Dec. 2025. 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.
Is Vulcan Steel (ASX:VSL) Overvalued in 2026?
Based on GuruFocus' analysis, Vulcan Steel stock appears to be undervalued.
The current stock price of A$4.99 is trading 19.8% below its estimated GF Value™ of A$6.22.
GuruFocus considers Vulcan Steel to be Modestly Undervalued.
Key valuation signals for ASX:VSL:
Pretax Margin %: 2.29% (71% below median its 10-year median of 7.78)
GF Value™: A$6.22 vs. price of A$4.99 (19.8% below fair value)
Industry Position: 10.5% below the Steel median (#334 of 615)
No single metric tells the full story. See the ASX:VSL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Vulcan Steel Ltd is a metals distributor and processor. Its products include Steel, Stainless Steel, Engineering steel, Plate processing, and Coil processing. The company has two operating segments namely, the Steel business across New Zealand and Australia which includes Steel distribution, Plate processing, and Coil processing; and Metals business across New Zealand, which includes Stainless Steel, Engineering Steel, and Aluminium.
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