Forensic Analysis · Primary Metals & Steel · as of Nov 8, 2026
Worthington Enterprises, Inc. (WOR)
A forensic read on Worthington Enterprises, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
3.9
Distress distance
Clean
Earnings quality
2
Forensic signals
15.9%
ROE
19.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Worthington Enterprises, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 3.9, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
4.1%
FY2026
Return on invested capital.Return on invested capital is 4.1% in the latest fiscal year and rising across FY2024–FY2026 from -3.9%. After-tax operating profit was ($48M) in FY2024 and $59M in FY2026, with operating income at -5.9% of revenue in FY2024, -0.9% in FY2025 and 5.5% in FY2026. The capital base behind it grew +17% across FY2024–FY2026, from $1.2B to $1.4B, and the return did not fall doing it, so the dollars added over that window earned at least the -3.9% the older base was already earning. FY2024's operating profit carried a $33M asset write-down and a $825,000 restructuring charge that alone took about 1.8 points off that year's return, so about 1.8 of the 8.0-point rise across FY2024–FY2026 is that charge leaving the base year rather than the capital earning more. FY2025's operating profit carried a $51M asset write-down and a $3M restructuring charge that alone took about 3.2 points off that year's return; FY2025 sits between the two ends of FY2024–FY2026, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
-40%
FY2024→FY2025
Dividend — cut.The payout was CUT ~40% in FY2025 (from FY2024). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.
Key fundamentals
Latest Revenue$1.38B
Revenue Growth YoY+19.7%
Revenue CAGR (2yr)+5.3%
Net Margin11.3%
Free Cash Flow$170.2M
Return on Equity15.9%
Debt / Equity0.30x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Worthington Enterprises, Inc.'s actual 10-K/10-Q/8-K filings?