Friedman Industries (FRD)


Market Price (11/8/2026): $35.95 | Market Cap: $259.0 MilSector: Materials | Industry: Steel

Friedman Industries (FRD)


Market Price (11/8/2026): $35.95
Market Cap: $259.0 Mil
Sector: Materials
Industry: Steel

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 17%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 74%

Megatrend and thematic drivers
Megatrends include US Energy Independence, Renewable Energy Transition, and Sustainable Resource Management. Themes include US Oilfield Technologies, Show more.

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 41x

Key risks
FRD key risks include [1] indications of receding medium-term earnings.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 17%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 74%
2 Megatrend and thematic drivers
Megatrends include US Energy Independence, Renewable Energy Transition, and Sustainable Resource Management. Themes include US Oilfield Technologies, Show more.
3 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 41x
4 Key risks
FRD key risks include [1] indications of receding medium-term earnings.

FRD in ETFs

Weight = FRD's share of each fund

VTI0.00%
IWM0.01%
IWN0.02%
DFAS0.01%
VTWO0.01%
DFAC0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/5/2026

Friedman Industries (FRD) stock has gained about 10% since 7/31/2026 because of the following key factors:

1. Friedman Industries reported exceptionally strong fiscal Q1 2027 results (for the quarter ended June 30, 2026) on August 6, 2026. Net sales increased by 78% year-over-year to $239.97 million, with net earnings rising to $12.78 million from $5.03 million in the prior year quarter. Diluted earnings per share reached $1.79, up significantly from $0.71 previously.

2. The company announced record-breaking fiscal Q2 2027 results (for the quarter ended September 30, 2026) on November 5, 2026. Friedman Industries achieved record net earnings of $15.6 million, an increase from $2.2 million in the prior-year quarter. Sales surged by 88% year-over-year to a record $286.8 million, and diluted EPS climbed to $2.19 from $0.32 a year earlier.

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Updated on 11/5/2026

Friedman Industries (FRD) stock has gained about 10% since 7/31/2026 because of the following key factors:

1. Friedman Industries reported exceptionally strong fiscal Q1 2027 results (for the quarter ended June 30, 2026) on August 6, 2026. Net sales increased by 78% year-over-year to $239.97 million, with net earnings rising to $12.78 million from $5.03 million in the prior year quarter. Diluted earnings per share reached $1.79, up significantly from $0.71 previously.

2. The company announced record-breaking fiscal Q2 2027 results (for the quarter ended September 30, 2026) on November 5, 2026. Friedman Industries achieved record net earnings of $15.6 million, an increase from $2.2 million in the prior-year quarter. Sales surged by 88% year-over-year to a record $286.8 million, and diluted EPS climbed to $2.19 from $0.32 a year earlier.

3. Friedman Industries benefited from increased sales volumes and higher average selling prices for its steel products. Total sales volume for fiscal Q2 2027 reached approximately 219,500 tons, a 23% increase year-over-year and 7% sequentially. The average selling price for inventory tons sold during the quarter was approximately $1,430 per ton, significantly higher than approximately $963 per ton in the prior-year quarter.

4. The full quarter of operations from the Century Metals acquisition contributed positively to the company's performance. The acquisition, completed in August 2025, provided an additional benefit to results, with its full operational impact in fiscal Q2 2027 compared to only one month in the prior-year quarter. This contributed to stronger sales volume growth, particularly in the flat-roll segment.

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Stock Movement Drivers

Fundamental Drivers

The 8.4% change in FRD stock from 7/31/2026 to 11/7/2026 was primarily driven by a 51.9% change in the company's Net Income Margin (%).
(LTM values as of)731202611072026Change
Stock Price ($)33.2236.008.4%
Change Contribution By: 
Total Revenues ($ Mil)64788737.0%
Net Income Margin (%)3.0%4.6%51.9%
P/E Multiple11.96.2-47.8%
Shares Outstanding (Mil)77-0.2%
Cumulative Contribution8.4%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/7/2026
ReturnCorrelation
FRD8.4% 
Market (SPY)-1.6%39.1%
Sector (XLB)3.0%17.0%

Fundamental Drivers

The 75.2% change in FRD stock from 4/30/2026 to 11/7/2026 was primarily driven by a 71.2% change in the company's Net Income Margin (%).
(LTM values as of)430202611072026Change
Stock Price ($)20.5536.0075.2%
Change Contribution By: 
Total Revenues ($ Mil)58488751.7%
Net Income Margin (%)2.7%4.6%71.2%
P/E Multiple9.16.2-32.4%
Shares Outstanding (Mil)77-0.2%
Cumulative Contribution75.2%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/7/2026
ReturnCorrelation
FRD75.2% 
Market (SPY)2.6%24.6%
Sector (XLB)1.3%26.1%

Fundamental Drivers

The 70.5% change in FRD stock from 10/31/2025 to 11/7/2026 was primarily driven by a 149.5% change in the company's Net Income Margin (%).
(LTM values as of)1031202511072026Change
Stock Price ($)21.1136.0070.5%
Change Contribution By: 
Total Revenues ($ Mil)46588790.7%
Net Income Margin (%)1.8%4.6%149.5%
P/E Multiple17.26.2-64.1%
Shares Outstanding (Mil)77-0.2%
Cumulative Contribution70.5%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/7/2026
ReturnCorrelation
FRD70.5% 
Market (SPY)8.7%26.1%
Sector (XLB)22.9%28.1%

Fundamental Drivers

The 281.9% change in FRD stock from 10/31/2023 to 11/7/2026 was primarily driven by a 69.5% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202311072026Change
Stock Price ($)9.4336.00281.9%
Change Contribution By: 
Total Revenues ($ Mil)52388769.5%
Net Income Margin (%)3.4%4.6%34.4%
P/E Multiple3.86.260.6%
Shares Outstanding (Mil)774.4%
Cumulative Contribution281.9%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/7/2026
ReturnCorrelation
FRD281.9% 
Market (SPY)81.9%19.6%
Sector (XLB)44.0%21.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
FRD Return38%5%59%-0%35%77%451%
Peers Return77%35%26%-4%31%26%373%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
FRD Win Rate50%67%50%67%50%55% 
Peers Win Rate62%50%60%60%63%53% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
FRD Max Drawdown-41%-40%-46%-30%-22%-26% 
Peers Max Drawdown-21%-31%-26%-29%-25%-26% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: RS, WS, STLD, NUE, CMC. See FRD Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/6/2026 (YTD)

How Low Can It Go

EventFRDS&P 500
2025 US Tariff Shock
  % Loss-18.8%-18.8%
  % Gain to Breakeven23.1%23.1%
  Time to Breakeven9 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-41.1%-9.5%
  % Gain to Breakeven69.9%10.5%
  Time to Breakeven84 days24 days
2023 SVB Regional Banking Crisis
  % Loss-13.5%-6.7%
  % Gain to Breakeven15.6%7.1%
  Time to Breakeven29 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-24.1%-24.5%
  % Gain to Breakeven31.7%32.4%
  Time to Breakeven18 days427 days
2020 COVID-19 Crash
  % Loss-31.7%-33.7%
  % Gain to Breakeven46.4%50.9%
  Time to Breakeven148 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-29.0%-19.2%
  % Gain to Breakeven40.9%23.8%
  Time to Breakeven795 days105 days

Compare to RS, WS, STLD, NUE, CMC

In The Past

Friedman Industries's stock fell -18.8% during the 2025 US Tariff Shock. Such a loss loss requires a 23.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventFRDS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-41.1%-9.5%
  % Gain to Breakeven69.9%10.5%
  Time to Breakeven84 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-24.1%-24.5%
  % Gain to Breakeven31.7%32.4%
  Time to Breakeven18 days427 days
2020 COVID-19 Crash
  % Loss-31.7%-33.7%
  % Gain to Breakeven46.4%50.9%
  Time to Breakeven148 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-29.0%-19.2%
  % Gain to Breakeven40.9%23.8%
  Time to Breakeven795 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-29.4%-12.2%
  % Gain to Breakeven41.6%13.9%
  Time to Breakeven323 days62 days
2014-2016 Oil Price Collapse
  % Loss-46.5%-6.8%
  % Gain to Breakeven87.0%7.3%
  Time to Breakeven894 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-34.3%-17.9%
  % Gain to Breakeven52.2%21.8%
  Time to Breakeven98 days123 days
2008-2009 Global Financial Crisis
  % Loss-32.2%-53.4%
  % Gain to Breakeven47.4%114.4%
  Time to Breakeven59 days1085 days

Compare to RS, WS, STLD, NUE, CMC

In The Past

Friedman Industries's stock fell -18.8% during the 2025 US Tariff Shock. Such a loss loss requires a 23.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Friedman Industries (FRD)

Friedman Industries (FRD) is a U.S.-based company engaged in steel processing, pipe manufacturing and processing, and the distribution of steel and pipe products. Established in 1965 and headquartered in Longview, Texas, the company primarily serves clients across the midwestern, southwestern, and southeastern regions of the United States.

The company operates through two distinct segments. Its Coil segment specializes in converting steel coils into flat sheet and plate steel, customized to customer specifications. This segment also resells steel coils and provides processing services for customer-owned coils on a fee basis. The primary customers for the Coil segment are steel distributors and manufacturers of diverse steel products, including steel buildings, railroad cars, barges, tanks, containers, trailers, and other fabricated steel components.

Friedman Industries' Tubular segment is dedicated to manufacturing various pipe products. This includes line pipes and oil country pipes, crucial for the energy sector, as well as pipes used for structural applications. The Tubular segment distributes its manufactured pipes mainly to steel and pipe distributors, utilizing its own sales force to reach these key customers.

AI Analysis | Feedback

It's like a regional version of Reliance Steel & Aluminum (RS) that processes steel coils into custom shapes and also manufactures various steel pipes for industrial customers.

AI Analysis | Feedback

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  • Steel Coil Processing Services: Friedman Industries converts steel coils into flat sheet and plate steel tailored to customer specifications, and also processes customer-owned coils for a fee.
  • Steel Coils: The company engages in the resale of steel coils to customers.
  • Pipes: Friedman Industries manufactures various types of pipes, including line, oil country, and pipes for structural applications.
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AI Analysis | Feedback

Friedman Industries (FRD) sells primarily to other companies. Based on the provided description, the specific names of its customer companies are not disclosed. However, its major customers fall into the following categories:

  • Steel distributors
  • Pipe distributors
  • Companies manufacturing steel products (such as steel buildings, railroad cars, barges, tanks and containers, trailers, component parts, and other fabricated steel products).

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Michael J. Taylor, Chairman of the Board, President and Chief Executive Officer

Mr. Taylor began his career with Cargill, Inc. in the Metals trading business, where he spent 33 years. During his time at Cargill, he held various positions in metals trading and steel service centers in locations such as Minneapolis, New York City, Chicago, Sao Paulo, Brazil, and Houston, Texas. He became president of Cargill Metals Supply Chain in 2002 and retired from Cargill in 2014. Mr. Taylor joined Friedman Industries' board as a director in 2016, was named Chairman of the Board in 2017, and became President and CEO in March 2019. He also served on the board of the Metals Service Center Institute (MSCI) on two occasions and held roles as MSCI Inaugural Health and Safety Chairperson, Flat Roll Product Division Chair for MSCI, and a member of the Committee of the Flat Roll Council. He graduated with a degree in business from Linfield University in 1981.

Alex LaRue, Chief Financial Officer, Secretary and Treasurer

Alex LaRue was appointed Chief Financial Officer, Secretary, and Treasurer of Friedman Industries in March 2018. He initially joined the company in 2011 as Controller of its Texas Tubular Products division. Prior to his current role, Mr. LaRue also served as Vice President Secretary and Treasurer and Assistant Vice President Secretary and Treasurer within Friedman Industries. Before joining Friedman, he worked in public accounting, specializing in financial statement audits and reviews. Mr. LaRue holds a Bachelor of Business Administration in accounting from Baylor University and is a licensed certified public accountant in Texas.

Gaurav Chhibbar, Chief Operating Officer

Gaurav Chhibbar was appointed Chief Operating Officer of Friedman Industries in July 2025, bringing over 15 years of experience in business transformations and M&A strategy within the Metals value chain. His previous experience includes working as a Principal at the Boston Consulting Group and holding roles with Cargill Metals in Singapore and the U.S. At Friedman Industries, Mr. Chhibbar is responsible for commercial, operations, and strategic market expansion. He earned his Master's in Business Administration from The University of Chicago Booth School of Business with a major in Analytic Finance and Strategy, and also holds degrees in International Business from the Indian Institute of Foreign Trade and Engineering from Panjab University.

Jonathan Holcomb, Vice President of Sales and Purchasing

Jonathan Holcomb was appointed VP of Sales and Purchasing in 2016. He started his career at Friedman Industries in 1997 as a sales associate and has been actively involved in sales and purchasing functions for the company since 1999. Mr. Holcomb completed his bachelor's degree from Stephen F. Austin and earned his MBA at LeTourneau University – Longview, TX in 1999.

Kimberly Thomas, Director of Human Resources

Kimberly Thomas joined Friedman Industries in April 2024 as the HR Director. She has over 20 years of experience in Human Resources, spanning the IT, Telecommunications, and Oil & Gas industries, including more than 10 years with Hewlett Packard.

AI Analysis | Feedback

The key risks to Friedman Industries' business include the volatility of steel prices, its dependence on cyclical industrial end markets, and its increasing debt level.

  1. Commodity Price Volatility: Friedman Industries is significantly exposed to fluctuations in steel prices, particularly hot-rolled coil (HRC), which directly impacts its raw material costs and the selling prices of its products. The company's financial results can swing considerably based on these price movements; for instance, its flat-roll segment operating profits experienced a substantial year-over-year drop in the third fiscal quarter of 2025, partly due to pricing pressures. Conversely, higher average selling prices have been noted as a key driver of improved performance in other periods. Friedman Industries utilizes derivatives to manage this commodity price risk.

  2. Dependence on Cyclical End Markets: The company's customer base is concentrated in industries such as steel building manufacturing, railroad car production, barges, tanks, containers, trailers, and other fabricated steel products, as well as the oil and gas sector for its tubular products. These industries are inherently cyclical and sensitive to overall economic conditions. Downturns or reduced activity in construction, energy, or general manufacturing sectors can lead to decreased demand for Friedman's steel processing and pipe manufacturing services, directly impacting its sales volume and profitability.

  3. Financial Health and Debt Level: Friedman Industries has seen its net debt-to-equity ratio increase significantly over the past five years, reaching 64.8% from 2.4%. This elevated debt level is considered high, and its operating cash flow has been negative, indicating that its debt is not well covered. While interest payments on its debt are currently covered by earnings before interest and taxes (EBIT), the rising debt and negative operating cash flow present a financial risk that could constrain the company's operational flexibility and financial stability, especially during periods of market weakness or higher interest rates.

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Friedman Industries, Inc. (FRD) operates within the steel processing and pipe manufacturing sectors, primarily serving markets in the midwestern, southwestern, and southeastern regions of the United States. The addressable markets for its main products and services in the U.S. are as follows:

Coil Segment (Steel Processing and Distribution)

  • U.S. Flat Steel Market: The U.S. flat steel market was valued at USD 82.04 billion in 2024 and is projected to reach USD 157.22 billion by 2035, exhibiting a compound annual growth rate (CAGR) of 6.09% from 2025 to 2035. Another report indicated the U.S. flat steel market size was USD 77.62 billion in 2022 and is projected to grow at a CAGR of 4.6% during the forecast period.
  • U.S. Hot Rolled Coil Steel Market: This market was valued at USD 26.50 billion in 2024 and is projected to reach USD 42.65 billion by 2034, with a CAGR of 4.9% from 2025 to 2034.
  • U.S. Plate Steel Market: The U.S. Extra Thick Steel Plate Market is projected to reach USD 43.9 billion in 2024. The USA Steel Plate Market accounts for nearly 14% of global steel plate consumption.
  • U.S. Sheet Metal Market: The demand for sheet metal in the USA is projected to grow from USD 68.5 billion in 2025 to approximately USD 92.1 billion by 2035, at a CAGR of 3.0%.
  • U.S. Steel Processing Market: The U.S. steel processing market captured the largest revenue share within North America in 2025. The global steel processing market size was valued at USD 749.45 million in 2024.

Tubular Segment (Pipe Manufacturing and Processing)

  • U.S. Oil Country Tubular Goods (OCTG) Market: The U.S. OCTG market is predicted to reach an estimated value of USD 22.94 billion by 2032. In 2024, the global OCTG market was valued at USD 22.66 billion and is poised to grow to USD 39.95 billion by 2033, with a CAGR of 6.5% during the forecast period (2026–2033). North America is the largest market for OCTG. The United States holds one of the world's largest OCTG markets, contributing nearly 34% of global consumption in 2025 with usage surpassing 3.1 million tons annually.
  • U.S. Line Pipe Market: The line pipe market in the United States is expected to experience an upward consumption trend with a forecasted CAGR of +3.0% in value from 2024 to 2035, projecting a market value of $840 million by the end of 2035. North America accounts for approximately 40% of the global market share, with the United States being the largest contributor.
  • U.S. Steel Pipes and Tubes Market: The U.S. steel pipes and tubes market was valued at USD 19,539.1 million in 2025 and is expected to reach USD 31,447.0 million by 2033, with a CAGR of 7% from 2026 to 2033. Another source estimated the market size at USD 23.26 billion in 2024, anticipated to reach USD 33.49 billion by 2035.

AI Analysis | Feedback

Friedman Industries (FRD) is poised for future revenue growth over the next 2-3 years, driven by a combination of strategic acquisitions, increased sales volumes, favorable pricing, and operational efficiencies. The company's expansion efforts and disciplined execution are expected to contribute significantly to its financial performance.

Here are the key drivers of future revenue growth for Friedman Industries:

  1. Strategic Acquisitions and Capacity Expansion: The acquisition of Century Metals & Supplies on August 29, 2025, is a significant growth driver, broadening Friedman Industries' product mix to include coated, stainless, and non-ferrous metals, while also expanding its geographical presence to Florida and Latin America. This acquisition, along with operations at facilities like the Sinton processing facility, is enhancing the company's flat-roll footprint and overall capacity.
  2. Increased Sales Volumes: Friedman Industries has demonstrated strong growth in sales volumes, with a 36% year-over-year increase in the third quarter of fiscal 2026. This increase is attributed to improved capacity utilization and the contribution from recent acquisitions. Management expects sales volumes to remain generally consistent in the upcoming quarter.
  3. Higher Average Selling Prices: The company has experienced an increase in average selling prices, particularly for its flat-roll products, which rose from approximately $813 per ton in Q4 2024 to about $1,016 per ton in Q4 2025. Management anticipates a sequential improvement in sales margins driven by these increasing average selling prices.
  4. Operational Improvements and Disciplined Commercial Execution: Friedman Industries' management has highlighted improved capacity utilization and disciplined commercial execution as key factors contributing to strong year-over-year growth in sales and volumes. These operational efficiencies support higher throughput and overall profitability.
  5. Diversification of Product Mix: Through the Century Metals & Supplies acquisition, Friedman Industries has broadened its product offerings beyond traditional steel products to include coated, stainless, and non-ferrous metals such as aluminum and brass. This diversification allows the company to cater to a wider range of customer needs and potentially tap into new market segments.

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Share Repurchases

  • Friedman Industries made cash payments for share repurchases of $9,000 and $134,000 as noted in their Q2 2026 10-Q filing.

Share Issuance

  • Friedman Industries registered 550,000 shares for issuance under the 2025 Long-Term Incentive Plan, which was approved by stockholders on September 18, 2025.

Inbound Investments

  • Friedman Industries amended its credit facility, increasing its borrowing capacity from $125 million to $140 million. This facility matures on August 29, 2030.

Outbound Investments

  • On August 29, 2025, Friedman Industries acquired certain assets and liabilities of Century Metals & Supplies for approximately $52.7 million.
  • The acquisition consideration included approximately $45.6 million in cash, a five-year seller's note valued at about $3.5 million, and contingent consideration with a fair value of roughly $3.6 million.
  • This strategic acquisition expanded FRD's presence in the southeastern United States and Latin America, while also broadening its product offerings.

Capital Expenditures

  • For the fiscal year ended March 31, 2024, capital expenditures were approximately $1.018 million.
  • For the fiscal year ended March 31, 2025, capital expenditures were approximately $4.0 million.
  • The focus of capital expenditures included investments in the new Sinton, Texas facility and an upgrade to the Decatur, Alabama processing line, aimed at increasing sales volume.

Better Bets vs. Friedman Industries (FRD)

Peer Outperformance in Steel

FRD has outperformed 77% of its 13 Steel peers over 5Y. Steel ranks 2nd of 15 industries in Materials by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Steel constituents that FRD has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
100%
of 15 industry peers · 72.2% return
3Y
100%
of 13 industry peers · 253.0% return
5Y
77%
of 13 industry peers · 182.9% return
No Steel peer with a comparable growth profile has beaten FRD by more than 20pp over 5Y.
Median price return by industry across the Materials sector, ranked by 5Y. Steel is FRD's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Copper 7 31.6%112.2%139.2% SCCO 250% · TGB 219% · HBM 211%
Steel ← 14 14.3%39.7%116.0% HCC 310% · STLD 269% · RS 177%
Gold 38 17.5%199.3%100.4% IAG 519% · OGC 386% · AGI 316%
Silver 6 37.5%289.4%85.8% AYA 285% · HL 151% · EXK 50%
Construction Materials 6 -14.7%28.6%42.0% USLM 350% · CRH 104% · VMC 50%
Aluminum 3 6.8%106.8%19.3% CENX 155% · AA -13%
Metal, Glass & Plastic Containers 11 16.9%19.0%7.6% GEF 25% · ATR 15% · SLGN 9%
Paper & Plastic Packaging Products & Materials 7 19.6%16.6%-5.1% PKG 114% · CCK 20% · SON 0%
Diversified Metals & Mining 23 -52.8%-3.1%-5.7% SKE 180% · MTRN 103% · MP -3%
Diversified Chemicals 3 18.4%6.1%-13.7% CBT 36% · ASH -14%
Specialty Chemicals 41 11.0%10.0%-26.8% NEU 127% · ECL 38% · SXT 34%
Commodity Chemicals 13 18.3%-22.7%-29.2% HWKN 316% · MEOH 53% · DOW -29%
Precious Metals & Minerals 7 -0.9%150.6%-31.2% PPTA 311%
Fertilizers & Agricultural Chemicals 10 5.2%9.6%-42.2% CF 124% · CTVA 76% · NTR 26%
Paper Products 4 -40.8%-62.6%-81.4%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

FRDRSWSSTLDNUECMCMedian
NameFriedman.Reliance Worthing.Steel Dy.Nucor Commerci. 
Mkt Price35.95422.7936.72222.95245.7762.28142.61
Mkt Cap0.321.61.831.956.16.914.2
Rev LTM88717,3685,29822,22036,1019,39413,381
Op Inc LTM731,5211112,7634,1688701,195
FCF LTM-3492471,0951,583479486
FCF 3Y Avg7735826131,500456534
CFO LTM68022021,6954,4241,059930
CFO 3Y Avg141,1042151,8604,494891998

Growth & Margins

FRDRSWSSTLDNUECMCMedian
NameFriedman.Reliance Worthing.Steel Dy.Nucor Commerci. 
Rev Chg LTM73.7%24.7%69.1%26.0%17.2%20.5%25.4%
Rev Chg 3Y Avg25.2%5.7%20.0%5.6%-0.4%3.0%5.6%
Rev Chg Q88.2%42.8%212.4%34.8%23.0%25.7%38.8%
QoQ Delta Rev Chg LTM17.9%9.9%53.8%8.2%5.7%6.1%9.0%
Op Inc Chg LTM419.9%54.8%-31.0%81.9%94.4%67.3%74.6%
Op Inc Chg 3Y Avg132.9%0.2%-11.6%3.4%0.3%0.6%0.5%
Op Mgn LTM8.3%8.8%2.1%12.4%11.5%9.3%9.0%
Op Mgn 3Y Avg4.5%8.4%4.2%11.5%10.9%8.2%8.3%
QoQ Delta Op Mgn LTM3.0%1.0%-1.0%1.6%1.4%0.1%1.2%
CFO/Rev LTM0.7%4.6%3.8%7.6%12.3%11.3%6.1%
CFO/Rev 3Y Avg2.8%7.5%5.8%9.8%13.5%10.6%8.7%
FCF/Rev LTM-0.3%2.8%0.9%4.9%4.4%5.1%3.6%
FCF/Rev 3Y Avg1.6%5.0%2.3%3.0%4.4%5.5%3.7%

Valuation

FRDRSWSSTLDNUECMCMedian
NameFriedman.Reliance Worthing.Steel Dy.Nucor Commerci. 
Mkt Cap0.321.61.831.956.16.914.2
P/S0.31.20.31.41.60.71.0
P/Op Inc3.414.216.511.513.57.912.5
P/EBIT4.213.158.512.113.28.112.6
P/E6.219.5-47.916.319.410.513.4
P/CFO41.426.99.118.812.76.515.7
Total Yield16.6%6.4%-0.3%7.1%6.1%10.7%6.7%
Dividend Yield0.5%1.2%1.8%0.9%0.9%1.2%1.1%
FCF Yield 3Y Avg7.0%4.5%4.9%2.4%3.5%7.0%4.7%
D/E0.40.11.40.10.10.50.3
Net D/E0.40.11.30.10.10.40.2

Returns

FRDRSWSSTLDNUECMCMedian
NameFriedman.Reliance Worthing.Steel Dy.Nucor Commerci. 
1M Rtn-14.0%6.5%6.1%-4.8%-0.2%-1.0%-0.6%
3M Rtn-18.0%0.0%-3.5%-14.8%-9.6%-16.8%-12.2%
6M Rtn66.4%15.2%-8.4%-4.7%8.6%-11.7%1.9%
12M Rtn72.0%55.9%18.7%48.3%72.3%7.3%52.1%
3Y Rtn252.5%67.0%74.7%112.6%67.6%43.1%71.1%
1M Excs Rtn-9.0%11.6%11.1%0.2%4.9%4.0%4.4%
3M Excs Rtn-12.4%3.9%1.7%-11.9%-5.4%-9.8%-7.6%
6M Excs Rtn66.7%15.5%-8.1%-4.4%8.9%-11.4%2.2%
12M Excs Rtn58.3%46.4%9.5%37.7%62.6%1.3%42.0%
3Y Excs Rtn184.0%-6.3%0.6%38.8%-1.1%-24.9%-0.3%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20262025202420232022
Flat-roll596405473486230
Tubular5140436255
Other000  
Total647445516548285


Operating Income by Segment
$ Mil20262025202420232022
Flat-roll3614332332
Tubular6-1392
Other-16-9-12  
General corporate expenses   -11-6
Total263252129


Assets by Segment
$ Mil20262025202420232022
Flat-roll302205206180115
Tubular2917201624
General corporate assets655420
Total337227230199159


Price Behavior

Price Behavior
Market Price$36.00 
Market Cap ($ Bil)0.3 
First Trading Date03/17/1992 
Distance from 52W High-25.1% 
   50 Days200 Days
DMA Price$41.58$29.86
DMA Trendupup
Distance from DMA-13.4%20.6%
 3M1YR
Volatility44.9%57.6%
Downside Capture168.6296.62
Upside Capture100.36148.17
Correlation (S&P 500)40.3%26.0%
FRD Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta1.801.131.731.161.090.64
Up Beta0.67-1.960.63-0.790.230.56
Down Beta2.721.832.541.311.210.61
Up Capture264%134%257%321%228%79%
Bmk +ve Days12182862130427
Stock +ve Days13213267129376
Down Capture73%132%101%71%95%73%
Bmk -ve Days10253664121325
Stock -ve Days9223259121360

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FRD
FRD67.4%57.6%1.09-
Sector ETF (XLB)23.7%18.2%1.0128.3%
Equity (SPY)9.5%13.6%0.4025.4%
Gold (GLD)1.6%28.7%0.055.6%
Commodities (DBC)38.4%21.2%1.42-11.9%
Real Estate (VNQ)11.3%14.2%0.5113.0%
Bitcoin (BTCUSD)-27.2%43.6%-0.616.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FRD
FRD22.2%54.7%0.56-
Sector ETF (XLB)6.1%19.2%0.2024.9%
Equity (SPY)11.3%17.3%0.4820.0%
Gold (GLD)17.5%19.1%0.744.5%
Commodities (DBC)8.1%19.6%0.306.1%
Real Estate (VNQ)1.3%18.9%-0.0414.4%
Bitcoin (BTCUSD)4.0%51.6%0.265.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FRD
FRD22.7%50.6%0.59-
Sector ETF (XLB)10.5%20.7%0.4421.5%
Equity (SPY)15.0%18.0%0.7017.9%
Gold (GLD)11.9%16.5%0.593.4%
Commodities (DBC)7.5%18.1%0.339.5%
Real Estate (VNQ)5.9%20.7%0.2412.6%
Bitcoin (BTCUSD)60.0%66.3%1.003.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity0.2 Mil
Short Interest: % Change Since 9302026-1.5%
Average Daily Volume0.0 Mil
Days-to-Cover Short Interest4.3 days
Basic Shares Quantity7.0 Mil
Short % of Basic Shares2.2%

Earnings Returns History

Updated 11/8/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/5/20261.4%  
8/6/202616.4%17.2%20.9%
6/11/202631.6%41.9%32.7%
2/9/20267.9%-4.4%-11.7%
11/10/2025-5.8%-6.7%-7.8%
8/7/20254.0%13.0%46.6%
6/12/2025-1.8%-1.7%-7.9%
2/7/2025-0.9%3.2%-10.8%
...
SUMMARY STATS   
# Positive131315
# Negative12119
Median Positive6.2%13.0%14.1%
Median Negative-5.4%-6.9%-15.1%
Max Positive31.6%41.9%79.0%
Max Negative-14.1%-22.6%-30.3%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/5/20261.4%  
8/6/202616.4%17.2%20.9%
6/11/202631.6%41.9%32.7%
2/9/20267.9%-4.4%-11.7%
11/10/2025-5.8%-6.7%-7.8%
8/7/20254.0%13.0%46.6%
6/12/2025-1.8%-1.7%-7.9%
2/7/2025-0.9%3.2%-10.8%
11/12/2024-3.5%-6.1%8.5%
8/8/2024-9.4%-14.4%-15.1%
6/11/20246.2%1.1%1.1%
2/14/2024-5.8%1.9%0.9%
11/14/20236.2%0.8%10.7%
8/14/2023-14.1%-18.9%-23.2%
6/29/202326.6%27.5%79.0%
2/9/2023-1.4%5.6%14.1%
12/2/20221.7%-6.9%10.3%
10/12/20225.1%29.8%30.5%
7/22/202215.8%16.3%33.2%
2/14/2022-14.0%-22.6%-16.1%
11/19/2021-10.8%-21.2%-30.3%
8/23/2021-2.8%-13.1%-17.9%
7/7/2021-5.0%-3.1%0.8%
2/22/202120.1%22.7%8.0%
11/17/20202.2%7.1%21.5%
SUMMARY STATS   
# Positive131315
# Negative12119
Median Positive6.2%13.0%14.1%
Median Negative-5.4%-6.9%-15.1%
Max Positive31.6%41.9%79.0%
Max Negative-14.1%-22.6%-30.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202611/05/202610-Q
06/30/202608/06/202610-Q
03/31/202606/11/202610-K
12/31/202502/09/202610-Q
09/30/202511/10/202510-Q
06/30/202508/07/202510-Q
03/31/202506/12/202510-K
12/31/202402/07/202510-Q
09/30/202411/12/202410-Q
06/30/202408/08/202410-Q
03/31/202406/11/202410-K
12/31/202302/14/202410-Q
09/30/202311/14/202310-Q
06/30/202308/14/202310-Q
03/31/202307/14/202310-K
12/31/202202/09/202310-Q
Collapse to Preview
Report DateFiling DateFiling
09/30/202611/05/202610-Q
06/30/202608/06/202610-Q
03/31/202606/11/202610-K
12/31/202502/09/202610-Q
09/30/202511/10/202510-Q
06/30/202508/07/202510-Q
03/31/202506/12/202510-K
12/31/202402/07/202510-Q
09/30/202411/12/202410-Q
06/30/202408/08/202410-Q
03/31/202406/11/202410-K
12/31/202302/14/202410-Q
09/30/202311/14/202310-Q
06/30/202308/14/202310-Q
03/31/202307/14/202310-K
12/31/202202/09/202310-Q
09/30/202212/02/202210-Q
06/30/202210/12/202210-Q
03/31/202208/02/202210-K
12/31/202102/14/202210-Q
09/30/202111/19/202110-Q
06/30/202108/23/202110-Q
03/31/202107/07/202110-K
12/31/202002/22/202110-Q
09/30/202011/16/202010-Q
06/30/202008/14/202010-Q
03/31/202006/30/202010-K
12/31/201902/14/202010-Q

Insider Activity

Updated 11/3/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Chhibbar, GauravChief Operating OfficerDirectBuy319202616.944006,776870,716Form
2Taylor, Mike JPresident / CEO / DirectorDirectBuy311202618.005009,0004,016,988Form
3Taylor, Mike JPresident / CEO / DirectorDirectBuy305202618.004007,2004,007,988Form
4Taylor, Mike JPresident / CEO / DirectorDirectBuy225202618.001001,8004,000,788Form
5Chhibbar, GauravChief Operating OfficerDirectBuy223202618.351,00018,350935,850Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Chhibbar, GauravChief Operating OfficerDirectBuy319202616.944006,776870,716Form
2Taylor, Mike JPresident / CEO / DirectorDirectBuy311202618.005009,0004,016,988Form
3Taylor, Mike JPresident / CEO / DirectorDirectBuy305202618.004007,2004,007,988Form
4Taylor, Mike JPresident / CEO / DirectorDirectBuy225202618.001001,8004,000,788Form
5Chhibbar, GauravChief Operating OfficerDirectBuy223202618.351,00018,350935,850Form
6Taylor, Mike JPresident / CEO / DirectorDirectBuy220202618.7560011,2504,165,612Form
7Taylor, Mike JPresident / CEO / DirectorDirectBuy1204202518.745009,3704,152,147Form
8Scott, Sandra Kay DirectBuy1202202520.2750010,135214,234Form
9Scott, Sandra Kay DirectBuy1202202520.0550010,025201,883Form
10Taylor, Mike JPresident / CEO / DirectorDirectBuy1125202519.471,00019,4704,304,155Form
11Taylor, Mike JPresident / CEO / DirectorDirectBuy1125202519.281,00019,2804,242,872Form
Core Cache Last Updated: 11/7/2026