Forensic Analysis · Materials / Mining & Chemicals · as of Aug 11, 2026

Worthington Steel, Inc. (WS)

A forensic read on Worthington Steel, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Safe

Financial health

3.3

Distress distance

Clean

Earnings quality

Forensic signals

109.3

P / E (ttm)

0.8%

ROE

$1.9B

Market cap

1.95%

Dividend yield

11.3%

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 (red flags, auditor quality, say on pay, board independence). 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 Steel, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 3.3, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-0.1%

FY2026

Return on invested capital. Return on invested capital is -0.1% in the latest fiscal year and slipping from 13% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.

$54M

FY2026–FY2026

Goodwill impairments. Took $54M of goodwill writedowns across 1 year (FY2026 ($54M)) — about 633% of net income over the span. A large writedown means an acquisition turned out worth far less than was paid — a real mark against M&A discipline.

+1.0%/yr

FY2024–FY2026

Share count. Diluted share count changed +2% over the last 2 years to FY2026 (+1.0%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.

Key fundamentals

Latest Revenue$3.44B

Revenue Growth YoY+11.3%

Net Margin0.2%

Free Cash Flow$80.0M

Return on Equity0.8%

Debt / Equity0.24x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.