Worthington Steel

WS · NYSE

$41.24−$0.42 (−1.01%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $41.66

WS analyst rating

BuyConsensus of 2 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy2
Hold0
Underperform0
Sell0

12-month price target · 2 analysts

Average $46.92 (+13.8% upside)

Low: $46.46
Now: $41.24
High: $48.30

Upgrades and downgrades

The latest rating actions, newest first

WS analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Keybanc	Jun 2, 2026	Maintains	Overweight	$38.00 → $46.00	65%
Keybanc	Mar 27, 2026	Maintains	Overweight	$46.00 → $38.00	65%
Keybanc	Mar 25, 2026	Maintains	Overweight	$47.00 → $46.00	65%
Keybanc	Jan 23, 2026	Maintains	Overweight	$41.00 → $47.00	75%
Keybanc	Dec 16, 2025	Maintains	Overweight	$36.00 → $39.00	75%

The case for and against

Updated Oct 2, 2024

Bull case

Worthington Steel Inc has demonstrated robust growth, with a 37% increase in topline revenue since fiscal 2019, primarily driven by a 30% rise in average selling prices and a 5% increase in sales volume. The company is positioned to benefit from higher margins and returns during pricing upcycles, further bolstered by strategic investments in higher-margin electrical steel, which enhances its product mix and long-term profitability. Additionally, expectations for capacity expansion and strong growth in the electric vehicle market support a favorable outlook as the company anticipates improving margins and substantial returns in the coming years.

Bear case

Worthington Steel Inc. has experienced a significant decline in its steel EBITDA, falling from $92 million in the first quarter of fiscal 2024 to just $20 million in the second quarter, indicating a sharp negative swing attributed to both holding gains and losses. The company faces ongoing challenges such as compression of margins in a deflationary environment, yield losses during processing, and heightened pricing volatility, particularly exacerbated by a widening scrap gap amid inflationary pressures. Additionally, persistent overcapacity in the Chinese steel market, combined with risks related to electric vehicle adoption, global transformer market growth, and sector-specific dynamics, further contribute to a negative financial outlook for the company.

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