# Worthington Enterprises, Inc. (WOR)

> Source: Nexqual · https://nexqual.com/WOR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Worthington Enterprises, Inc. (WOR), nexqual.com/WOR" · informational, not investment advice.

**Price:** USD 64.44 (-1.01% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 65.1 · day 63.98–65.12 · 52w 45.01–67.54 · market cap $3.17B · NYQ

## Key facts
- Last four reported quarters (through Aug 31, 2026): revenue $1.42B, net income $164M (11.5% margin), free cash flow $196M (SEC filings).
- Valuation: P/E 19.4x (avg 24.9x at the last 3 fiscal year-ends), EV/EBITDA 24.5x, net debt $250M.
- Analysts: Buy (mean 2.25 on a 1–5 scale) (4 analysts), mean target USD 70.4 (range 56–76).
- Total return with dividends: 1Y +13.2% vs S&P 500 +14.9%; 5Y +110.7% vs S&P 500 +80.3%.
- Next earnings: 2026-12-15, EPS estimate USD 0.71, revenue estimate $356M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.24B | $4.92B | $1.25B | $1.15B | $1.38B | $1.42B |
| Gross profit | $328M | $324M | $285M | $319M | $378M | — |
| Operating income | $48.8M | $29.8M | -$73.5M | -$10.7M | $76.2M | $80.0M |
| Net income | $379M | $257M | $111M | $96.1M | $156M | $164M |
| EPS (diluted) | $7.44 | $5.19 | $2.20 | $1.92 | $3.14 | — |
| Free cash flow | -$24.5M | $539M | $206M | $159M | $170M | $196M |
| Gross margin | 6.2% | 6.6% | 22.9% | 27.7% | 27.4% | — |
| Operating margin | 0.9% | 0.6% | -5.9% | -0.9% | 5.5% | 5.6% |
| Net margin | 7.2% | 5.2% | 8.9% | 8.3% | 11.3% | 11.5% |
| Revenue growth | +65.3% | -6.2% | -74.7% | -7.4% | +19.7% | — |
| Cash + short-term investments | $34.5M | $422M | $244M | $250M | $27.7M | — |
| Total debt | $747M | $695M | $299M | $304M | $307M | — |
Fiscal years end May. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 31, 2026)
P/E 19.4x · P/S 2.2x · EV/EBITDA 24.5x · EV/Sales 2.4x · P/FCF 16.2x · P/B 3.0x · FCF yield 6.18% · Earnings yield 5.15% · Dividend yield (paid, TTM) 1.19% · Buyback yield (TTM) 1.75% · Net debt $250M · EV $3.42B
P/E at fiscal year-ends: May 2026 18.1x, May 2025 30.7x, May 2024 26.0x.

## Analysts
Consensus Buy (mean 2.25 on a 1–5 scale), 4 analysts; mean target USD 70.4 (low 56, high 76).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-24 | Canaccord Genuity | Target raised | Buy | $67 → $75 |
| 2026-06-25 | Canaccord Genuity | Target lowered | Buy | $69 → $67 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +13.2% | +110.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +13.3% | +16.0% |
| Volatility (annualized) | 30.3% | 38.5% |
| Max drawdown | -20.5% (Feb 2026→Mar 2026) | -39.2% (Mar 2024→Oct 2024) |

## Peers (Metal Fabrication)
GPGI (GPGI, Inc.) USD 12.55 -2.86% · ESAB (ESAB Corporation) USD 66.89 +0.80% · PRLB (Proto Labs, Inc.) USD 84.36 -5.94% · RYZ (Ryerson Holding Corporation) USD 28.05 -0.28% · CMC (Commercial Metals Company) USD 63.79 -0.72% · MLI (Mueller Industries, Inc.) USD 54.53 -5.23%

## More
Full page: https://nexqual.com/WOR · 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

## Supply chain and relationships (SEC annual reports)

Named in WOR's own 10-K filed 2026-07-30 (https://www.sec.gov/Archives/edgar/data/108516/000119312526325872/wor-20260531.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | ARMSTRONG WORLD INDUSTRIES INC (AWI) | "WAVE, a 50%-owned joint venture with Armstrong World Industries, Inc., is the largest of the four North American manufacturers of ceiling suspension systems for concealed and lay-in panel ceilings used in the commercial …" |

Other companies that name WOR in their own reports (relationship from WOR's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | ARMSTRONG WORLD INDUSTRIES INC (AWI) | 10-K 2026-02-24 | "financial contribution of Worthington Armstrong Venture ("WAVE"), our joint venture with Worthington Enterprises, Inc.;" |

## Revenue by business segment (quarter ended 2026-08-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Building Performance Solutions | $215.1M | 62.5% | +16.4% |
| Trade & Specialty Solutions | $128.8M | 37.5% | +8.3% |
| Total revenue | $343.9M | 100% | — |

## Revenue by region (fiscal year ended 2026-05-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.22B | 88.1% | +36.5% |
| International | $164.4M | 11.9% | -37.3% |
| Total revenue | $1.38B | 100% | — |

## Company outlook (8-K filed 2026-09-25)

- "Given the projected growth in data centers and increasing adoption of liquid cooling in those data centers, industry sources suggest the market for liquid cooling and thermal management ASME tanks alone could be more than 10x the size of the legacy market in the next few years."
- "Q1 is a strong quarter for them always during the year, but we would expect as we look into Q2, some sequential moderation."
- "And we estimate the year-over-year impact to adjusted EBITDA this quarter was approximately $7 million which is more than we anticipated a quarter ago."
- "We expect Q2 to remain a difficult comparison because of that prior year quarter benefited from the A2L-related volumes."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-11-30) | $0.71 | $0.73 | -3.3% | $356.0M | 5 |
| Next quarter (ends 2027-02-28) | $1.11 | $1.11 | +0.0% | $403.3M | 5 |
| Current fiscal year (ends 2027-05-31) | $3.76 | $3.73 | +0.8% | $1.50B | 5 |
| Next fiscal year (ends 2028-05-31) | $4.22 | $4.13 | +2.1% | $1.57B | 4 |