WORWORTHINGTON ENTERPRISES, INC.

Steel Works, Blast Furnaces & Rolling & Finishing Mills

Revenue: $1.4B; 20% YoY
Operating margin: 5.5%; 694% YoY
EBITDA: $133M; 256% YoY
Market cap: $3.1B
Employees: 3,800; $363K revenue each
Net debt / EBITDA: 1.9×; $252M net debt
AI in 10-K: 3.8; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
145% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
36% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
27% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$363K · 21st pct
Bottom quartile of its SIC industry
Quiet on AINo
3.8 per 10K words · 76th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

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

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$5.2B	$4.9B	$1.2B	$1.2B	$1.4B	20%
Operating income	$49M	$30M	−$73M	−$11M	$76M	811%
Net income	$379M	$257M	$111M	$96M	$156M	62%
Operating cash flow	$70M	$625M	$290M	$210M	$226M	7.8%
Capex	$95M	$86M	$84M	$51M	$56M	11%
Stock-based comp	$16M	$19M	$17M	$16M	$14M	15%
Buybacks	$180M	—	—	$31M	$44M	42%
Dividends	$57M	$59M	$57M	$34M	$37M	8.8%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 10, 2026	MCCONNELL JOHN P/OH	SCHEDULE 13D/A	35.1%	Passive
Apr 10, 2025	MCCONNELL JOHN P/OH	SCHEDULE 13D/A	34.7%	Passive
Apr 5, 2024	MCCONNELL JOHN P/OH	SC 13D/A	34.6%	Passive
May 3, 2023	MCCONNELL JOHN P/OH	SC 13D/A	34.7%	Passive
May 5, 2022	MCCONNELL JOHN P/OH	SC 13D/A	35.0%	Passive
Nov 12, 2021	MCCONNELL JOHN P/OH	SC 13D/A	33.7%	Passive
Apr 12, 2021	MCCONNELL JOHN P/OH	SC 13D/A	32.6%	Passive
Apr 1, 2020	MCCONNELL JOHN P/OH	SC 13D/A	31.3%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $10M · 9
Net: −$10M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	152000	190000
FY2025	—	—	155000	138000
FY2024	—	—	148000	135000
FY2023	—	—	88000	99000
FY2022	—	—	72000	94000