RSRELIANCE, INC.

Wholesale-Metals Service Centers & Of Fices

Revenue: $14.3B; 3.3% YoY
Operating margin: 7.1%; 16% YoY
EBITDA: $1.3B; 9.6% YoY
Market cap: $22.3B
Employees: 15,700; $910K revenue each
Net debt / EBITDA: 0.8×; $1.0B net debt
AI in 10-K: 0.2; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
112% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
85% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
19% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$910K · 52nd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.2 per 10K words · 13th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$22.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$20M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$14.1B	$17.0B	$14.8B	$13.8B	$14.3B	3.3%
Operating income	$1.9B	$2.5B	$1.7B	$1.2B	$1.0B	13%
Net income	—	—	$1.3B	$875M	$739M	16%
Operating cash flow	$799M	$2.1B	$1.7B	$1.4B	$831M	42%
Capex	$237M	$342M	$469M	$431M	$329M	24%
Stock-based comp	$71M	$65M	$65M	$57M	$56M	2.1%
Buybacks	$324M	$630M	$480M	$1.1B	$594M	46%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $20M · 20
Net: −$20M

Pay vs performance

No pay-versus-performance disclosure yet.