# Reliance, Inc. (RS)

> Source: Nexqual · https://nexqual.com/RS · data as of 2026-10-22 20:02 UTC · cite as "Nexqual, Reliance, Inc. (RS), nexqual.com/RS" · informational, not investment advice.

**Price:** USD 417.92 (-0.75% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 421.07 · day 411.34–435 · 52w 260.31–435 · market cap $21.3B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $15.8B, net income $894M (5.7% margin), free cash flow $540M (SEC filings).
- Valuation: P/E 23.9x (avg 16.8x at the last 3 fiscal year-ends), EV/EBITDA 15.0x, net debt $1.43B.
- 2 of 80 tracked superinvestors hold RS (13F, Q2 2026): 0 new, 2 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $3.7M; 4 not under a Rule 10b5-1 plan ($3.7M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 3.00 on a 1–5 scale) (9 analysts), mean target USD 420.33 (range 400–435).
- Total return with dividends: 1Y +55.0% vs S&P 500 +14.9%; 5Y +203.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-21, EPS estimate USD 6.62, revenue estimate $4.98B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $14.1B | $17.0B | $14.8B | $13.8B | $14.3B | $15.8B |
| Operating income | $1.95B | $2.51B | $1.74B | $1.16B | $1.01B | $1.24B |
| Net income | $1.42B | $1.84B | $1.34B | $875M | $739M | $894M |
| EPS (diluted) | $21.97 | $29.92 | $22.64 | $15.56 | $13.98 | — |
| Free cash flow | $563M | $1.78B | $1.20B | $999M | $503M | $540M |
| Operating margin | 13.8% | 14.7% | 11.7% | 8.4% | 7.1% | 7.8% |
| Net margin | 10.1% | 10.8% | 9.0% | 6.3% | 5.2% | 5.7% |
| Revenue growth | +59.9% | +20.8% | -13.0% | -6.6% | +3.3% | — |
| Cash + short-term investments | $301M | $1.17B | $1.08B | $318M | $217M | — |
| Total debt | $1.66B | $1.66B | $1.15B | $1.14B | $1.42B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 23.9x · P/S 1.4x · EV/EBITDA 15.0x · EV/Sales 1.4x · P/FCF 39.5x · P/B 2.9x · FCF yield 2.53% · Earnings yield 4.19% · Buyback yield (TTM) 2.32% · Net debt $1.43B · EV $22.8B
P/E at fiscal year-ends: Dec 2025 20.7x, Dec 2024 17.3x, Dec 2023 12.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold RS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Yacktman Asset Management |  | 3.23% | $261M | Added +0.8% |
| First Eagle Investment | First Eagle Investment Management | <0.01% | $545K | Added +35.8% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-26 | Colonias Karen Winifred | Director | 1,542 | $602K | 15.8% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-31 | Ajemyan Arthur | SVP, CFO | 2,200 | $902K | 11.3% | No | Too little history (no open-market trades in 2025) |
| 2026-07-28 | Smith William A Ii | SVP, General Counsel, Corp Sec | 2,353 | $975K | 10.6% | No | Too little history (no open-market trades in 2025) |
| 2026-04-27 | Ajemyan Arthur | SVP, CFO | 3,500 | $1.3M | 15.3% | No | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 9 analysts; mean target USD 420.33 (low 400, high 435).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Wells Fargo | Target raised | Equal-Weight | $391 → $420 |
| 2026-10-14 | Barclays | Initiated | Equal-Weight | $420 |
| 2026-10-09 | JP Morgan | Target raised | Neutral | $390 → $400 |
| 2026-10-05 | Keybanc | Target raised | Overweight | $418 → $421 |
| 2026-09-09 | JP Morgan | Target lowered | Neutral | $398 → $390 |
| 2026-08-24 | Wells Fargo | Target lowered | Equal-Weight | $398 → $391 |
| 2026-07-27 | BMO Capital | Target raised | Market Perform | $390 → $415 |
| 2026-07-23 | Wells Fargo | Target raised | Equal-Weight | $372 → $398 |
| 2026-07-15 | JP Morgan | Target lowered | Neutral | $378 → $376 |
| 2026-07-09 | Wells Fargo | Target lowered | Equal-Weight | $376 → $372 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +55.0% | +203.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +55.2% | +24.8% |
| Volatility (annualized) | 24.7% | 27.1% |
| Max drawdown | -19.1% (Feb 2026→Mar 2026) | -20.9% (Apr 2024→Mar 2025) |

## Peers (Steel)
PKX (POSCO Holdings Inc.) USD 52.35 -6.27% · STLD (Steel Dynamics, Inc.) USD 239.9 -3.25% · TX (Ternium S.A. Ternium S.A.) USD 55.36 -6.04% · MT (Arcelor Mittal NY Registry Shar) USD 60.18 -5.18% · GGB (Gerdau S.A.) USD 5.07 -3.24% · NUE (Nucor Corporation) USD 258.06 -2.45%

## More
Full page: https://nexqual.com/RS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Carbon Steel | $2.62B | 56.6% | +28.2% |
| Aluminum | $837.9M | 18.1% | +35.2% |
| Stainless Steel | $595.2M | 12.9% | +21.7% |
| Alloy Steel | $186.2M | 4.0% | +11.2% |
| Toll Processing | $183.5M | 4.0% | +11.7% |
| Copper & Brass | $123.7M | 2.7% | +25.1% |
| Other Products Or Services | $82.1M | 1.8% | +8.3% |
| Total revenue | $4.63B | 100% | — |

## Company outlook (8-K filed 2026-10-21)

- "Reliance anticipates fourth quarter 2026 demand to remain at healthy levels across its key products and end markets, despite ongoing domestic and international trade policy uncertainty and the continued conflicts in Iran and Ukraine, which could pose supply availability and macroeconomic risks."
- "Excluding the impact of the border wall project, the Company estimates tons sold in the fourth quarter of 2026 will be up 4.0% to 6.0% compared to the fourth quarter of 2025, and, consistent with seasonal trends, down 5.5% to 7.5% compared to the third quarter of 2026."
- "Including an estimated 9.5% year-over-year contribution from the U.S. border wall project, we anticipate tons sold will be up 13.5% to 15.5% compared to the fourth quarter of 2025."
- "Reliance expects its average selling price per ton sold for the fourth quarter of 2026 will be up 1.0% to 3.0% compared to the third quarter of 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $6.62 | $4.73 | +40.1% | $4.98B | 7 |
| Next quarter (ends 2027-03-31) | $6.62 | $5.39 | +22.8% | $4.53B | 4 |
| Current fiscal year (ends 2026-12-31) | $25.13 | $22.32 | +12.6% | $18.85B | 7 |
| Next fiscal year (ends 2027-12-31) | $24.87 | $21.83 | +13.9% | $17.97B | 9 |