Tearsheet

Reliance (RS)

Market Price (12/26/2025): $295.4 | Market Cap: $15.5 Bil
Sector: Materials | Industry: Steel

Reliance (RS)

Market Price (12/26/2025): $295.4
Market Cap: $15.5 Bil
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 6.3%	Weak multi-year price returns 2Y Excs Rtn is -36%, 3Y Excs Rtn is -27%	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.0%
1	Low stock price volatility Vol 12M is 26%		Key risks RS key risks include [1] volatility and long-term decarbonization pressures on its core oil-to-chemicals business, Show more.
2	Megatrend and thematic drivers Megatrends include Advanced Materials, Circular Economy & Recycling, and Renewable Energy Transition. Themes include Lightweight Composites, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.3%
1	Low stock price volatility Vol 12M is 26%
2	Megatrend and thematic drivers Megatrends include Advanced Materials, Circular Economy & Recycling, and Renewable Energy Transition. Themes include Lightweight Composites, Show more.
3	Weak multi-year price returns 2Y Excs Rtn is -36%, 3Y Excs Rtn is -27%
4	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.0%
5	Key risks RS key risks include [1] volatility and long-term decarbonization pressures on its core oil-to-chemicals business, Show more.

Valuation, Metrics & Events

	12/26/25	2024	2023	2022	2021
Share Price CYE	$295.40	$264.73	$271.04	$193.20	$152.03
Market Cap CYE ($ Bil)	15.5	14.3	15.5	11.3	9.5
Total Debt ($ Bil)	1.7	1.4	1.4	1.9	1.9
Total Cash ($ Bil)	0.3	0.3	1.1	1.2	0.3
Enterprise Value ($ Bil)	16.9	15.7	16.9	13.2	11.4
Valuation Ratios
P/S TTM	1.1	1.1	1.1	0.7	0.7
P/EBIT TTM	14.1	11.7	8.7	4.7	5.0
P/E TTM	21.3	17.2	12.2	6.7	7.3
P/FCF TTM	23.4	15.0	13.6	6.9	18.2
Sector Ratios
P/S TTM (Sector)	1.5	1.3	1.4	1.2	1.5
P/EBIT TTM (Sector)	8.2	6.8	6.6	5.1	5.8
P/E TTM (Sector)	-0.2	6.1	7.1	4.8	6.8
P/FCF TTM (Sector)	6.8	5.8	5.0	2.7	5.7

	12/26/25	2024	2023
Share Price CYE	$295.40	$264.73	$271.04
Market Cap CYE ($ Bil)	15.5	14.3	15.5
Total Debt ($ Bil)	1.7	1.4	1.4
Total Cash ($ Bil)	0.3	0.3	1.1
Enterprise Value ($ Bil)	16.9	15.7	16.9
Valuation Ratios
P/S TTM	1.1	1.1	1.1
P/EBIT TTM	14.1	11.7	8.7
P/E TTM	21.3	17.2	12.2
P/FCF TTM	23.4	15.0	13.6
Sector Ratios
P/S TTM (Sector)	1.5	1.3	1.4
P/EBIT TTM (Sector)	8.2	6.8	6.6
P/E TTM (Sector)	-0.2	6.1	7.1
P/FCF TTM (Sector)	6.8	5.8	5.0

	RS	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	13.9
Rev Chg Q	6.8%	7.3%
Rev Chg LTM	-0.9%	6.1%
Rev Chg 3Y Avg	-7.0%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	1.0
CFO LTM ($ Bil)	1.0
Net Inc LTM ($ Bil)	0.7
Op Mgn LTM	7.1%	18.8%
CFO/Rev LTM	7.4%	20.4%
Net Inc Mgn	5.2%	13.1%
VALUATION	MODERATE
P/S	1.1	3.3
P/CFO	15.1	15.8
P/FCF	23.4	20.7
P/E	21.3	23.5
STABILITY	GOOD
Debt/Equity	0.11	0.21
Cash/Assets	0.02	0.07

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Metric	Value	Date	Source
Tons Sold	1.62 million	6302025	Link
Number of Customers	more than 125,000	11062025	Link
Number of Locations	approximately 320	11062025	Link
Percentage of Orders with Value-Added Processing	approximately 50%	12312024	Link
Average Order Size	$2,980	12312024	Link
Percentage of Orders Delivered within 24 Hours	approximately 40%	12312024	Link
U.S. Market Share	17.1%	10242025	Link
Repeat Customer Sales Order Percentage	over 95%	12312024	Link

Upcoming
2/18/2026	Earnings Release	Rev: - EPS: -
4/21/2026	Earnings Release	Rev: - EPS: -

RS Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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1. On August 15, 2025, Reliance Inc. (RS) traded ex-dividend for a $1.20 dividend per share. This event typically leads to a corresponding decrease in the stock price, which would have approximated 0.4% based on its stock price around that time.

2. The company announced its Q3 2025 earnings on October 23, 2025. Reliance Inc. reported a solid quarter with record tons sold and outperforming the industry, but also noted challenges from trade policy uncertainty and readily available inventory affecting gross profit margins. The Q4 2025 earnings per share (EPS) were projected to be between $2.65 and $2.85.

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Stock Movement Drivers

Fundamental Drivers

The 5.8% change in RS stock from 9/25/2025 to 12/25/2025 was primarily driven by a 6.9% change in the company's P/E Multiple.

	9252025	12252025	Change
Stock Price ($)	279.32	295.51	5.80%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	13691.40	13922.30	1.69%
Net Income Margin (%)	5.39%	5.23%	-2.95%
P/E Multiple	19.91	21.30	6.95%
Shares Outstanding (Mil)	52.61	52.48	0.24%
Cumulative Contribution			5.80%

LTM = Last Twelve Months as of date shown

Market Drivers

9/25/2025 to 12/25/2025

	Return	Correlation
RS	5.8%
Market (SPY)	4.9%	41.2%
Sector (XLB)	4.4%	55.1%

Fundamental Drivers

The -5.3% change in RS stock from 6/26/2025 to 12/25/2025 was primarily driven by a -7.3% change in the company's Net Income Margin (%).

	6262025	12252025	Change
Stock Price ($)	311.94	295.51	-5.27%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	13674.90	13922.30	1.81%
Net Income Margin (%)	5.65%	5.23%	-7.35%
P/E Multiple	21.45	21.30	-0.69%
Shares Outstanding (Mil)	53.08	52.48	1.12%
Cumulative Contribution			-5.28%

LTM = Last Twelve Months as of date shown

Market Drivers

6/26/2025 to 12/25/2025

	Return	Correlation
RS	-5.3%
Market (SPY)	13.1%	33.0%
Sector (XLB)	4.9%	57.8%

Fundamental Drivers

The 10.9% change in RS stock from 12/25/2024 to 12/25/2025 was primarily driven by a 52.4% change in the company's P/E Multiple.

	12252024	12252025	Change
Stock Price ($)	266.42	295.51	10.92%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	14045.70	13922.30	-0.88%
Net Income Margin (%)	7.42%	5.23%	-29.54%
P/E Multiple	13.98	21.30	52.39%
Shares Outstanding (Mil)	54.69	52.48	4.04%
Cumulative Contribution			10.74%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2024 to 12/25/2025

	Return	Correlation
RS	10.9%
Market (SPY)	15.8%	54.2%
Sector (XLB)	8.8%	65.0%

Fundamental Drivers

The 51.5% change in RS stock from 12/26/2022 to 12/25/2025 was primarily driven by a 247.3% change in the company's P/E Multiple.

	12262022	12252025	Change
Stock Price ($)	195.11	295.51	51.46%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	17402.90	13922.30	-20.00%
Net Income Margin (%)	10.98%	5.23%	-52.37%
P/E Multiple	6.13	21.30	247.32%
Shares Outstanding (Mil)	60.05	52.48	12.61%
Cumulative Contribution			49.05%

LTM = Last Twelve Months as of date shown

Market Drivers

12/26/2023 to 12/25/2025

	Return	Correlation
RS	7.8%
Market (SPY)	48.3%	48.0%
Sector (XLB)	10.1%	58.9%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
RS Return	2%	38%	27%	40%	-2%	12%	174%
Peers Return	-1%	88%	35%	36%	-26%	46%	271%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
RS Win Rate	58%	67%	42%	58%	58%	58%
Peers Win Rate	53%	60%	52%	50%	52%	65%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
RS Max Drawdown	-40%	-3%	-8%	-1%	-4%	-2%
Peers Max Drawdown	-55%	-6%	-17%	-7%	-28%	-11%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: RYI, ZEUS, NUE, STLD, CMC. See RS 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] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique Key	Event	RS	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-22.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	29.3%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	152 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-41.2%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	70.1%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	239 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-28.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	39.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	213 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-83.8%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	518.4%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	2,772 days	1,480 days

Compare to NUE, CLF, STLD, CRS, RS

In The Past

Reliance's stock fell -22.7% during the 2022 Inflation Shock from a high on 5/4/2022. A -22.7% loss requires a 29.3% gain to breakeven.

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About Reliance (RS)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Reliance Steel & Aluminum Co. operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries. It also distributes non-ferrous metals products and tubular building products; and manufactures specialty extruded metals, fabricated parts, and welded components. As of December 31, 2021, the company operated a network of approximately 315 locations in 40 states in the United States and 13 in other countries. It sells its products directly to original equipment manufacturers, which primarily include small machine shops and fabricators. The company was founded in 1939 and is headquartered in Los Angeles, California.

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Like a combined Amazon, Verizon, and ExxonMobil, but focused on the Indian market.
Imagine India's Walmart (retail), AT&T (telecom), and Shell (energy) merged into one company.

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Petrochemicals & Refining: Produces a wide range of petroleum products and chemicals like polymers, fibers, and aromatics from crude oil.
Digital Services (Jio Platforms): Provides telecommunications (mobile, broadband), digital content, and technology solutions across India.
Retail (Reliance Retail): Operates an extensive network of physical stores and e-commerce platforms covering groceries, electronics, fashion, and consumer brands.
Oil & Gas Exploration & Production: Engages in the exploration, development, and production of crude oil and natural gas.
New Energy: Focuses on developing and deploying renewable energy solutions including solar power, green hydrogen, and battery storage.
Media & Entertainment: Operates television channels, streaming platforms like JioCinema, and produces diverse content.
Financial Services (Jio Financial Services): Offers consumer finance, merchant acquiring, and asset management services.

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For Reliance Steel & Aluminum Co. (symbol: RS), the company primarily sells its products to other businesses (B2B).

Due to the highly fragmented nature of its customer base and competitive considerations, Reliance Steel & Aluminum Co. does not publicly disclose the names of its specific customer companies. Its customer base consists of approximately 125,000 customers across a wide range of industries. Therefore, its "major customers" are best described by the industries in which these customer companies operate.

The primary industries served by Reliance Steel & Aluminum Co.'s customers include:

Non-residential Construction: This includes companies involved in various building and infrastructure projects, such as structural steel fabricators, HVAC manufacturers, and general contractors who require processed metal products.
Manufacturing: A diverse category encompassing companies that produce heavy equipment (e.g., agricultural, mining, construction), general fabrication shops, appliance manufacturers, and other industrial manufacturers requiring specific metal components.
Transportation: Businesses operating in the aerospace industry (for specialized alloys and components), automotive sector (including aftermarket parts and trailer manufacturing), and shipbuilding for various metal requirements.

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Karla R. Lewis, President and Chief Executive Officer

Karla R. Lewis was named President and Chief Executive Officer of Reliance, Inc. effective January 1, 2023. She joined Reliance in 1992 as the company's first controller, after beginning her career as a public accountant with Ernst & Young (Ernst & Whinney). She steadily rose through the ranks, becoming Vice President in 1995, Chief Financial Officer in 1999, Executive Vice President in 2002, and Senior Executive Vice President & Chief Financial Officer in 2015. In 2017, Ms. Lewis took on operational responsibility for a number of Reliance subsidiaries, and in January 2021, she was promoted to President and appointed a director. She served as a director of the Metals Service Center Institute from 2009 to 2020 and has been a director of Goodyear Tire & Rubber Co. since 2021.

Arthur Ajemyan, Senior Vice President, Chief Financial Officer

Arthur Ajemyan became Senior Vice President, Chief Financial Officer in February 2022, after being promoted from Vice President, Chief Financial Officer, a position he held since January 2021. He previously served as Corporate Controller since August 2012. From 2005 to 2012, Mr. Ajemyan held various positions in Reliance's accounting and finance department, including Group Controller and Director of Financial Reporting. Before joining Reliance, he was a certified public accountant and held various professional staff and manager positions at PricewaterhouseCoopers, LLP from 1998 to 2005.

Stephen P. Koch, Executive Vice President, Chief Operating Officer

Stephen P. Koch was promoted to Executive Vice President and Chief Operating Officer in July 2022. Prior to this, he served as Senior Vice President, Operations since April 2010. From July 2007 until he joined Reliance Corporate Operations, Mr. Koch was President of Chapel Steel Corp., a subsidiary of Reliance. He held various positions at Chapel Steel Corp., including Sales Manager, Vice President, and Executive Vice President.

Michael R. Hynes, Senior Vice President, Safety & Operations

Michael R. Hynes assumed the newly created role of Senior Vice President, Safety & Operations in March 2025, having previously served as Senior Vice President, Operations since July 2022. He has a 17-year career at Reliance, starting at Reliance Metalcenter Union City, then Phoenix Metals, where he served as President since 2019. Before his time at Reliance, Mr. Hynes held various roles in the metals service center industry for 17 years, from test report clerk to inside and outside sales, to management.

William A. Smith II, Senior Vice President, General Counsel and Corporate Secretary

William A. Smith II was appointed Senior Vice President, General Counsel and Corporate Secretary in May 2015. He joined Reliance as Vice President, General Counsel and Corporate Secretary following Reliance's acquisition of Metals USA in April 2013. During his tenure at Metals USA Holdings Corp. from August 2009, Mr. Smith served as senior vice president, chief legal officer, and secretary.

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The key risks to Reliance Industries Limited (RIL) are multifaceted, stemming from its diversified business portfolio spanning energy, retail, and digital services. Up to three significant risks include volatility and long-term challenges in its traditional oil-to-chemicals (O2C) business, substantial execution risks and capital intensity in its new growth ventures, and intense competition coupled with regulatory changes across its core sectors.

Oil-to-Chemicals (O2C) Business Volatility and Decarbonization Pressure: Reliance's significant reliance on its oil-to-chemicals (O2C) business exposes it to fluctuating global crude oil prices, which directly impact refining margins. This segment has faced weak financial results, with declining net profit margins in 2024 attributed to global oversupply and cheap Russian crude oil. Furthermore, the O2C business faces long-term risks due to global decarbonization pressures, evolving environmental regulations, increasing stakeholder expectations, and the broader energy transition, presenting a fundamental challenge to a core revenue generator.
Execution Risk and High Capital Intensity in New Growth Verticals: Reliance is strategically pivoting towards digital and green energy enterprises, which necessitates enormous upfront capital investments in areas like 5G infrastructure, renewable energy, and retail warehousing. This diversification into new markets, such as renewable energy, carries inherent execution risks, and the volatility in renewable energy prices could impact the returns on these substantial investments. Successful monetization of these new ventures and effective execution of its digital and green transformation plans are critical for the company's future growth trajectory.
Intense Competition and Regulatory Changes in Key Verticals: Reliance operates in highly competitive sectors, including petrochemicals, refining, telecommunications, and retail, facing aggressive competition from both domestic and multinational conglomerates. The telecom sector, in particular, experiences pricing pressures from competitors, affecting average revenue per user (ARPU). Additionally, frequent changes in government policies, such as those related to telecom spectrum pricing, FDI norms in retail, and environmental regulations, can disrupt expansion plans and increase compliance burdens across RIL's diverse operations. The rise of quick commerce companies also adds competitive pressure on Reliance's retail division.

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Reliance Industries Limited (symbol: RS) operates in several major sectors, with significant addressable markets primarily within India.

Petrochemicals and Refining

The petrochemicals market in India was valued at USD 50.23 billion in 2024 and is projected to reach approximately USD 85.83 billion by 2034, growing at a compound annual growth rate (CAGR) of 5.5% from 2025 to 2034. The broader Indian chemicals and petrochemicals sector, combined, had a market size of USD 220 billion in 2025 and is expected to grow to about USD 300 billion by 2025, with potential to reach US$1 trillion by 2040.

Retail

India's retail market reached USD 993.1 billion in 2024 and is anticipated to grow to USD 3,434.1 billion by 2033, demonstrating a CAGR of 13.21% from 2025 to 2033. Another estimate indicates the Indian retail sector is on track to expand from approximately US$ 952 billion in 2024 to over US$ 1.6 trillion by 2030.

Digital Services (Telecommunications and IT)

The India Digitally Delivered Services Market was valued at USD 256.9 billion in 2023 and is projected to reach USD 1197.2 billion by 2033, with a CAGR of 16.64% during the period of 2023 to 2033. Furthermore, the India IT services market size was valued at USD 39.83 billion in 2024 and is expected to reach USD 75.03 billion by 2033, exhibiting a CAGR of 7.30% from 2025 to 2033. The Indian digital transformation market size reached USD 26.7 billion in 2024 and is expected to reach USD 126.8 billion by 2033, with a CAGR of 17.50% during 2025-2033.

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HTML output:

Here are 3-5 expected drivers of future revenue growth for Reliance over the next 2-3 years:

Expansion and Monetization of 5G and Digital Services (Jio Platforms): Reliance Jio is projected to drive significant revenue growth through the continued rollout and expansion of its 5G network across India. The company anticipates increasing its subscriber base, which stood at over 500 million as of Q2 FY26, including 234 million 5G users. Growth will also be fueled by a focus on improving Average Revenue Per User (ARPU), partly through strategic tariff hikes, as evidenced by a 13.5% year-on-year increase in ARPU to ₹206.2 in Q4 FY25. Furthermore, diversification into digital services such as home broadband through Jio AirFiber, digital entertainment, e-commerce, fintech, and enterprise solutions, alongside the monetization of its robust tech stack, is expected to substantially contribute to revenue.
Aggressive Expansion and Omnichannel Strategy in Retail (Reliance Retail): Reliance Retail's revenue growth is set to be propelled by its strategy of aggressive physical store expansion, with approximately 1,800 new stores added in FY24, bringing the total to over 18,800 across more than 7,000 towns and cities. The company is enhancing its digital commerce initiatives and integrating an omnichannel approach, combining online platforms with physical stores to offer a seamless shopping experience. Strategic acquisitions and partnerships, along with the scaling of its private labels and fast-moving consumer goods (FMCG) business, including brands like Campa and Independence, are also key growth catalysts.
Significant Investments and Capacity Expansion in New Energy: Reliance is making substantial investments, approximately ₹75,000 crore, in its New Energy business. A primary driver will be the commissioning and scaling of giga factories in Jamnagar for solar modules, battery systems, and electrolysers. The solar module manufacturing facility aims to scale annual capacity to 20 GW, and battery and electrolyser units are scheduled to commence operations in 2026 with initial capacities of 40 GWh and 3 GW respectively. This transition to green energy, including plans to achieve 100 GW of renewable energy capacity by 2030 and a shift to green hydrogen by 2025, is projected to be a major earnings contributor, potentially matching O2C earnings between FY29 and FY31.
Petrochemical Portfolio Expansion and Operational Enhancements in Oil-to-Chemicals (O2C): The O2C business remains a significant growth engine for Reliance, with plans to invest ₹75,000 crore in expanding its petrochemical portfolio. This includes setting up new plants for PVC, CPVC, PTA, and specialty polyester, as well as a carbon fibre facility. Revenue growth will also be supported by a continued focus on operational excellence, yield optimization, and improving domestic placement, building on the 100% capacity utilization achieved in crude processing in FY25.

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Share Repurchases

Reliance repurchased approximately 16.5 million shares of its common stock for a total of $3.26 billion since 2020.
In the third quarter of 2025, Reliance repurchased 211,873 shares of common stock for $60.9 million.
As of September 30, 2025, $963.6 million remained available under the company's share repurchase program, which was replenished to $1.5 billion on October 22, 2024.

Share Issuance

Reliance Industries undertook a rights issue of ₹53,125 crore (approximately $7.05 billion) in May-June 2020.
The 2020 rights issue offered 1 equity share for every 15 shares held at a price of ₹1,257 per share.
In October 2024, Reliance Industries announced a 1:1 bonus share issue, with October 28, 2024, set as the record date.

Inbound Investments

In 2020, Jio Platforms raised ₹152,056 crore (approximately $20.52 billion) from 13 global investors for a 32.97% equity stake.
Significant investors in Jio Platforms included Meta (formerly Facebook) which invested ₹43,574 crore for a 9.99% stake, and Google which invested ₹33,737 crore for a 7.73% stake.
Reliance Retail Ventures Limited (RRVL) raised ₹57,562 crore from various investors in 2020, including General Atlantic, GIC, and the Public Investment Fund (PIF).
In August 2023, Qatar Investment Authority invested $0.99 billion (₹8,278 crore) for a 0.99% equity stake in RRVL.

Outbound Investments

Reliance Industries invested $13 billion in acquisitions over the five years leading up to December 2024, shifting its focus towards clean energy, telecom, retail, and media sectors.
Major acquisitions included Hathway Cable and Datacom for $981 million, REC Solar Holdings for $771 million, and JustDial for $767 million.
The company acquired Karkinos Healthcare for ₹375 crore (approximately $43.9 million) in late 2024, enhancing its digital healthcare presence.

Capital Expenditures

Capital expenditures for the fiscal year ending March 2025 amounted to ₹131,107 crore ($15.3 billion).
The capital expenditure is primarily directed towards new Oil to Chemicals (O2C) projects, expanding retail stores, augmenting digital services infrastructure, and developing new energy manufacturing assets.
Investments are expected to peak over the second half of fiscal year 2026, with significant capital allocated to renewables, Fast-Moving Consumer Goods (FMCG), and Artificial Intelligence (AI).

Better Bets than Reliance (RS)

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SECTOR: Materials

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Higher Rev Chg LTM (Value for RS: -0.9%)

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Agnico Eagle Mines

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CRH

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Linde

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CRH

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Higher Op Mgn LTM (Value for RS: 7.1%)

SCCO (50.3%)

Southern Copper

AEM (49.4%)

Agnico Eagle Mines

NEM (43.5%)

Newmont

LIN (26.9%)

Linde

CRH (13.8%)

CRH

Higher CFO/Rev LTM (Value for RS: 7.4%)

AEM (55.2%)

Agnico Eagle Mines

NEM (42.9%)

Newmont

SCCO (37.4%)

Southern Copper

LIN (29.8%)

Linde

CRH (14.7%)

CRH

Higher FCF/Rev LTM (Value for RS: 4.8%)

AEM (34.5%)

Agnico Eagle Mines

NEM (28.5%)

Newmont

SCCO (28.2%)

Southern Copper

LIN (15.2%)

Linde

CRH (7.1%)

CRH

Higher Total Yield (Value for RS: 6.3%)

NTR (9.3%)

Nutrien

AU (7.7%)

Anglogold Ashanti

NEM (7.2%)

Newmont

PPG (6.9%)

PPG Industries

TECK (6.6%)

Teck Resources

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for RS: -7.0% | 1.1x)

UNH (11.4% | 0.7x)

UnitedHealth

CMCSA (0.7% | 0.9x)

Comcast

MCK (12.6% | 0.3x)

McKesson

CVS (7.7% | 0.3x)

CVS Health

DELL (0.2% | 0.8x)

Dell Technologies

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for RS: -7.0% | 15.8x)

XOM (-5.6% | 14.3x)

Exxon Mobil

UNH (11.4% | 11.3x)

UnitedHealth

MRK (2.9% | 11.9x)

Merck

TMUS (2.4% | 11.5x)

T-Mobile US

DIS (4.5% | 14.9x)

Walt Disney

Higher Rev Chg LTM (Value for RS: -0.9%)

NVDA (65.2%)

NVIDIA

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for RS: -7.0%)

NVDA (91.6%)

NVIDIA

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

AAPL (1.8%)

Apple

Higher Op Mgn LTM (Value for RS: 7.1%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

AMZN (11.4%)

Amazon.com

Higher CFO/Rev LTM (Value for RS: 7.4%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

AMZN (18.1%)

Amazon.com

Higher FCF/Rev LTM (Value for RS: 4.8%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for RS: 6.3%)

XOM (9.2%)

Exxon Mobil

JNJ (7.5%)

Johnson & Johnson

BAC (7.1%)

Bank of America

HD (6.9%)

Home Depot

JPM (6.4%)

JPMorgan Chase

		Best Bets In Materials Sector
	RS	SCCO	USLM	CF	NEU	EXP	LIN	NEM	SMG	CBT	B
What You Pay
P/E	21.3	31.9	27.9	9.1	14.9	15.5	29.8	16.0	23.1	10.6	21.6
P/EBIT	14.1	19.2	23.8	5.6	10.7	11.3	21.4	11.0	9.5	5.5	11.2
What You Get
Rev Chg Q	6.8%	15.2%	14.1%	21.1%	-4.8%	2.5%	2.8%	20.0%	-6.6%	-10.2%	23.2%
Rev Chg LTM	-0.9%	12.7%	20.3%	12.6%	-1.1%	1.5%	1.3%	26.6%	-3.9%	-7.0%	18.4%
Rev Chg 3Y Avg	-7.0%	7.1%	17.8%	-13.5%	1.1%	4.1%	0.6%	23.9%	-4.5%	-4.8%	8.5%
FCF/Rev 3Y Avg	7.4%	27.0%	25.6%	22.3%	17.5%	16.7%	15.4%	13.8%	12.3%	10.3%	10.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.8%, and sharpe of 0.46

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Reliance Earnings Notes
2	Reliance Stock Jump Looks Great, But How Secure Is That Gain?	Return
3	Reliance vs T-Mobile US: Which Is A Better Investment?	Counter-Intuitive Comparisons
4	Reliance vs Newmont: Which Is A Better Investment?	Counter-Intuitive Comparisons
5	How Does Reliance Stock Stack Up Against Its Peers?	Peer Comparison
6	Better Bet Than RS Stock: Pay Less Than Reliance To Get More From TMUS, UNH
7	Better Bet Than RS Stock: Pay Less Than Reliance To Get More From SCCO, AA
8	RS Dip Buy Analysis
9	Reliance Total Shareholder Return (TSR): -0.7% in 2024 and 21.8% 3-yr compounded annual returns (above peer average)
10	Reliance (RS) Operating Cash Flow Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to RS. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
DD_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	DD	DuPont de Nemours	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	7.1%	7.1%	-0.2%
CF_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	CF	CF Industries	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-1.2%	-1.2%	-3.1%
HL_11212025_Quality_Momentum_RoomToRun_10%	11212025	HL	Hecla Mining	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	48.2%	48.2%	0.0%
CDE_11072025_Dip_Buyer_ValueBuy	11072025	CDE	Coeur Mining	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	27.4%	27.4%	-5.7%
ATR_10312025_Dip_Buyer_ValueBuy	10312025	ATR	AptarGroup	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	5.8%	5.8%	-2.5%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OMER	Omeros	0.9	75.5%	55.5%
DVAX	Dynavax Technologies	1.8	38.2%	20.4%
EWTX	Edgewise Therapeutics	2.9	25.5%	2.2%
AGIO	Agios Pharmaceuticals	1.7	18.6%	-11.2%
TVTX	Travere Therapeutics	3.6	13.9%	131.2%
KOD	Kodiak Sciences	1.6	13.2%	212.4%
RZLT	Rezolute	0.3	13.2%	-44.1%
UP	Wheels Up Experience	0.5	11.7%	-57.4%
FBYD	Falcons Beyond Global	0.7	9.5%	129.7%
BW	Babcock & Wilcox Enterprises	0.5	8.5%	226.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASTS	AST SpaceMobile	18.9	-8.9%	269.9%
QBTS	D-Wave Quantum	9.4	-5.5%	227.6%
NNE	Nano Nuclear Energy	1.2	-4.6%	21.7%
MNMD	Mind Medicine	1.2	-4.2%	93.0%
PPTA	Perpetua Resources	2.0	-4.0%	149.1%
KOS	Kosmos Energy	0.4	-4.0%	-73.6%
FRMI	Fermi	5.5	-4.0%	-75.7%
EXOD	Exodus Movement	0.4	-3.9%	-50.5%
TLRY	Tilray Brands	10.8	-3.6%	-23.7%
AEHR	Aehr Test Systems	0.7	-3.1%	32.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	74.0%	55.5%
LUNR	Intuitive Machines	2.0	63.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	51.1%	11.2%
FBYD	Falcons Beyond Global	0.7	47.2%	129.7%
FLY	Firefly Aerospace	3.8	45.9%	-55.2%
RKLB	Rocket Lab	39.8	43.0%	203.0%
DVAX	Dynavax Technologies	1.8	42.5%	20.4%
UAMY	United States Antimony	0.8	39.9%	258.8%
DJT	Trump Media & Technology	4.0	36.7%	-58.0%
RZLT	Rezolute	0.3	36.3%	-44.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	31.7	-80.5%	-28.0%
TPL	Texas Pacific Land	6.8	-66.5%	-19.2%
LW	Lamb Weston	6.0	-28.6%	-34.8%
TLRY	Tilray Brands	10.8	-21.2%	-23.7%
INSP	Inspire Medical Systems	2.8	-19.1%	-48.4%
TDUP	ThredUp	0.8	-17.1%	354.7%
OLMA	Olema Pharmaceuticals	2.3	-15.8%	370.8%
IIPR	Innovative Industrial Properties	1.4	-12.9%	-15.7%
ABM	ABM Industries	2.6	-12.6%	-15.8%
FRMI	Fermi	5.5	-12.6%	-75.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	144.6%	47.5%
TE	T1 Energy	1.1	124.5%	418.4%
ANF	Abercrombie & Fitch	6.0	93.2%	-15.2%
VERA	Vera Therapeutics	3.6	90.4%	31.6%
LUNR	Intuitive Machines	2.0	85.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	82.5%	11.2%
RKLB	Rocket Lab	39.8	81.8%	203.0%
PL	Planet Labs PBC	6.2	76.1%	403.0%
NRGV	Energy Vault	0.8	66.9%	118.9%
FLY	Firefly Aerospace	3.8	60.4%	-55.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-44.1%
JANX	Janux Therapeutics	0.9	-54.6%	-73.3%
LENZ	LENZ Therapeutics	0.5	-46.3%	-40.6%
FRMI	Fermi	5.5	-45.2%	-75.7%
GOGO	Gogo	0.6	-34.1%	-43.0%
HPK	HighPeak Energy	0.6	-30.8%	-69.2%
ORIC	ORIC Pharmaceuticals	0.7	-28.5%	4.5%
FDMT	4D Molecular Therapeutics	0.5	-25.6%	45.4%
NKTR	Nektar Therapeutics	0.6	-25.1%	215.0%
LW	Lamb Weston	6.0	-24.8%	-34.8%

Peer Comparisons for Reliance

Peers to compare with:

Financials

	RS	RYI	ZEUS	NUE	STLD	CMC	Median
Name	Reliance	Ryerson	Olympic .	Nucor	Steel Dy.	Commerci.
Mkt Price	295.51	26.18	44.53	165.49	175.38	70.74	118.12
Mkt Cap	15.5	0.8	0.5	38.0	25.8	7.9	11.7
Rev LTM	13,922	4,474	1,899	31,883	17,635	7,798	10,860
Op Inc LTM	982	10	35	2,518	1,519	520	751
FCF LTM	662	12	42	-331	311	312	176
FCF 3Y Avg	1,073	147	91	2,512	1,018	542	780
CFO LTM	1,029	66	74	3,168	1,524	715	872
CFO 3Y Avg	1,488	242	119	5,353	2,562	986	1,237

Growth & Margins

	RS	RYI	ZEUS	NUE	STLD	CMC	Median
Name	Reliance	Ryerson	Olympic .	Nucor	Steel Dy.	Commerci.
Rev Chg LTM	-0.9%	-4.9%	-5.6%	1.7%	-1.5%	-1.6%	-1.6%
Rev Chg 3Y Avg	-7.0%	-11.8%	-10.5%	-9.3%	-8.0%	-4.3%	-8.6%
Rev Chg Q	6.8%	3.1%	4.4%	14.5%	11.2%	5.9%	6.3%
QoQ Delta Rev Chg LTM	1.7%	0.8%	1.1%	3.5%	2.8%	1.5%	1.6%
Op Mgn LTM	7.1%	0.2%	1.9%	7.9%	8.6%	6.7%	6.9%
Op Mgn 3Y Avg	9.6%	1.6%	2.6%	12.9%	13.7%	9.5%	9.6%
QoQ Delta Op Mgn LTM	-0.2%	-0.1%	-0.0%	0.9%	0.5%	0.7%	0.2%
CFO/Rev LTM	7.4%	1.5%	3.9%	9.9%	8.6%	9.2%	8.0%
CFO/Rev 3Y Avg	10.3%	4.8%	5.7%	16.0%	13.8%	11.9%	11.1%
FCF/Rev LTM	4.8%	0.3%	2.2%	-1.0%	1.8%	4.0%	2.0%
FCF/Rev 3Y Avg	7.4%	2.9%	4.3%	7.2%	5.4%	6.5%	6.0%

Valuation

	RS	RYI	ZEUS	NUE	STLD	CMC	Median
Name	Reliance	Ryerson	Olympic .	Nucor	Steel Dy.	Commerci.
Mkt Cap	15.5	0.8	0.5	38.0	25.8	7.9	11.7
P/S	1.1	0.2	0.3	1.2	1.5	1.0	1.1
P/EBIT	14.1	75.3	14.8	14.4	17.4	51.6	16.1
P/E	21.3	-37.0	37.9	23.0	22.9	93.3	22.9
P/CFO	15.1	12.7	7.1	12.0	16.9	11.0	12.3
Total Yield	6.3%	0.1%	4.0%	5.7%	5.5%	2.1%	4.7%
Dividend Yield	1.6%	2.8%	1.3%	1.3%	1.1%	1.0%	1.3%
FCF Yield 3Y Avg	7.0%	16.6%	16.9%	6.5%	5.6%	8.9%	8.0%
D/E	0.1	1.0	0.5	0.2	0.1	0.2	0.2
Net D/E	0.1	1.0	0.5	0.1	0.1	0.0	0.1

Returns

	RS	RYI	ZEUS	NUE	STLD	CMC	Median
Name	Reliance	Ryerson	Olympic .	Nucor	Steel Dy.	Commerci.
1M Rtn	5.7%	16.0%	15.8%	5.9%	6.8%	12.9%	9.9%
3M Rtn	5.8%	18.5%	44.8%	23.3%	29.3%	23.1%	23.2%
6M Rtn	-5.3%	25.9%	38.4%	27.8%	34.4%	42.2%	31.1%
12M Rtn	10.9%	41.7%	35.4%	43.4%	52.2%	42.0%	41.9%
3Y Rtn	51.5%	-6.2%	39.3%	27.1%	78.8%	50.9%	45.1%
1M Excs Rtn	4.7%	19.2%	19.0%	4.3%	5.4%	14.1%	9.8%
3M Excs Rtn	0.8%	13.5%	39.8%	18.3%	24.4%	18.2%	18.3%
6M Excs Rtn	-18.1%	13.0%	25.5%	14.9%	21.5%	29.3%	18.2%
12M Excs Rtn	-5.2%	21.5%	17.4%	27.6%	37.1%	25.8%	23.7%
3Y Excs Rtn	-26.9%	-87.1%	-39.1%	-50.3%	-0.9%	-25.8%	-33.0%

Comparison Analyses

	Title
0	How Does Reliance Stock Stack Up Against Its Peers?
1	STLD or RS - With 4.7% Return Forecast, RS Probably Deserves Your Money
2	RS or X - With 0.0% Return Forecast, X Probably Deserves Your Money
3	Why NUE With 9.4% Upside May Beat RS?
4	With 5.4% Gains On The Table, CLF May Outshine RS
5	Reliance Steel & Aluminum vs. CenterPoint Energy: Similar Market Cap, But CenterPoint Energy Is A Better Bet
6	Reliance Steel & Aluminum vs. Logitech: Similar Market Cap, But Logitech Is A Better Bet
7	Reliance Steel & Aluminum vs. Citrix Systems: Similar Market Cap, But Citrix Systems Is A Better Bet
8	Reliance Steel & Aluminum vs. Allegion: Similar Market Cap, But Allegion Is A Better Bet
9	Reliance Steel & Aluminum vs. Snap-on: Similar Market Cap, But Reliance Steel & Aluminum Is A Better Bet

FDIC Bank Data

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/28/2025	2/27/2025	2/29/2024	2/28/2023	2/24/2022	2/25/2021	2/27/2020
Key Financials
Total Revenue	13,922	13,835	14,806	17,025	14,093	8,812	10,974
EBITDA	1,381	1,552	2,125	2,824	2,262	848	1,308
Operating Income	982	1,154	1,723	2,491	1,939	660	1,002
Net Income	728	875	1,336	1,840	1,413	369	702
EPS	13.76	15.70	22.90	30.39	22.35	5.74	10.49
Growth Rates
Total Revenue Growth	-0.9%	-6.6%	-13.0%	20.8%	59.9%	-19.7%	-4.9%
EBITDA Growth	-20.6%	-26.9%	-24.8%	24.9%	166.7%	-35.2%	7.0%
Operating Income Growth	-25.9%	-33.0%	-30.9%	28.5%	193.6%	-34.1%	4.1%
Net Income Growth	-30.2%	-34.5%	-27.4%	30.2%	282.8%	-47.4%	10.7%
Margins
EBITDA Margin	9.9%	11.2%	14.3%	16.6%	16.0%	9.6%	11.9%
Operating Income Margin	7.1%	8.3%	11.6%	14.6%	13.8%	7.5%	9.1%
Net Income Margin	5.2%	6.3%	9.0%	10.8%	10.0%	4.2%	6.4%
Cash & Debt
Total Cash	261	318	1,080	1,173	300	684	174
Total Debt	1,689	1,418	1,377	1,865	1,868	1,850	1,790
Net Debt / (Cash)	1,427	1,100	297	692	1,568	1,166	1,616
Cash Flows
Net Cash from Operations	1,029	1,430	1,671	2,119	799	1,173	1,302
Free Cash from Operations	662	999	1,202	1,777	563	1,001	1,059
Returns to Shareholders
Dividends	252	250	238	217	177	164	151
Share Repurchases	536	1,094	480	630	324	337	50

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/28/2025	7/30/2025	5/1/2025	2/27/2025	10/31/2024	8/1/2024	5/2/2024	2/29/2024	11/2/2023	8/3/2023	5/4/2023	2/28/2023
Key Financials Quarterly
Total Revenue	3,651	3,660	3,485	3,127	3,420	3,643	3,645	3,337	3,623	3,880	3,965	3,611
Ebitda	333	388	343	318	339	426	470	504	458	581	580	615
Operating Income	260	312	274	136	273	352	393	308	390	511	514	439
Net Income	190	234	200	105	199	268	303	273	295	385	383	350
EPS	3.61	4.44	3.76	1.95	3.64	4.71	5.28	4.75	5.05	6.56	6.51	5.97
Key Financials TTM
Total Revenue TTM	13,922	13,691	13,675	13,835	14,046	14,248	14,485	14,806	15,079	15,704	16,504	17,025
Ebitda TTM	1,381	1,388	1,426	1,552	1,739	1,858	2,014	2,125	2,235	2,377	2,633	2,824
Operating Income TTM	982	996	1,035	1,154	1,326	1,442	1,602	1,723	1,854	2,012	2,289	2,491
Net Income TTM	728	738	772	875	1,043	1,138	1,256	1,336	1,414	1,512	1,700	1,840
Growth Rates Quarterly
Total Revenue Growth	6.8%	0.5%	-4.4%	-6.3%	-5.6%	-6.1%	-8.1%	-7.6%	-14.7%	-17.1%	-11.6%	-9.5%
EBITDA Growth	-2.0%	-8.8%	-27.0%	-37.0%	-26.0%	-26.7%	-19.1%	-18.0%	-23.6%	-30.6%	-24.8%	-13.0%
Operating Income Growth	-5.0%	-11.2%	-30.2%	-55.9%	-29.8%	-31.2%	-23.5%	-29.8%	-29.0%	-35.1%	-28.3%	-20.6%
Net Income Growth	-4.9%	-12.7%	-34.1%	-61.4%	-32.5%	-30.5%	-20.9%	-22.2%	-25.0%	-32.8%	-26.8%	-16.8%
Margins Quarterly
EBITDA Margin	9.1%	10.6%	9.8%	10.2%	9.9%	11.7%	12.9%	15.1%	12.6%	15.0%	14.6%	17.0%
Operating Income Margin	7.1%	8.5%	7.9%	4.3%	8.0%	9.7%	10.8%	9.2%	10.8%	13.2%	13.0%	12.2%
Net Income Margin	5.2%	6.4%	5.7%	3.4%	5.8%	7.4%	8.3%	8.2%	8.1%	9.9%	9.7%	9.7%
Cash & Debt
Total Cash	261	240	278	318	315	351	935	1,080	977	816	816	1,173
Total Debt	1,689	1,732	1,760	1,418	1,538	1,389	1,377	1,377	1,372	1,366	1,367	1,865
Net Debt / (Cash)	1,427	1,493	1,482	1,100	1,224	1,038	442	297	395	550	551	692
Cash Flows Quarterly
FCF from Operations	262	229	64	473	464	366	126	526	466	295	385	809
Cash Flows TTM
FCF from Operations TTM	1,029	1,231	1,368	1,430	1,482	1,484	1,413	1,671	1,954	2,124	2,099	2,119
Returns to Shareholders Quarterly
Dividends	63	63	65	61	61	63	65	59	59	59	62	54
Share Repurchases	61	80	253	142	432	519	-0	240	126	74	39	83
Return on Invested Capital (ROIC) Quarterly
ROIC	55.8%	64.4%	56.6%	39.2%	68.6%	104.0%	272.7%	340.4%	300.6%	281.4%	281.9%	199.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	53.0%	51.4%	53.8%	80.8%	84.6%	108.1%	280.3%	446.4%	358.5%	279.1%	315.8%	273.2%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Carbon steel	8,072	9,488	8,532	4,494	5,706
Aluminum	2,456	2,659	2,051	1,674	2,085
Stainless steel	2,337	2,877	2,267	1,410	1,536
Alloy	705	741	548	441	658
Toll processing and logistics	611	554	471	352	439
Miscellaneous and eliminations	321	369	113	441	549
Copper and brass	305	337	112
Total	14,806	17,025	14,093	8,812	10,974

Price Behavior

Price Behavior

Market Price	$295.51
Market Cap ($ Bil)	15.5
First Trading Date	09/16/1994
Distance from 52W High	-13.3%
	50 Days	200 Days
DMA Price	$279.73	$289.43
DMA Trend	indeterminate	indeterminate
Distance from DMA	5.6%	2.1%
	3M	1YR
Volatility	20.5%	26.0%
Downside Capture	71.45	67.83
Upside Capture	81.69	68.08
Correlation (SPY)	41.9%	54.2%

RS Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.53	0.76	0.80	0.84	0.74	0.83
Up Beta	-0.32	0.20	0.65	1.21	0.78	0.90
Down Beta	-0.01	0.64	0.62	0.68	0.70	0.73
Up Capture	80%	84%	59%	50%	48%	57%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	9	21	29	62	121	390
Down Capture	83%	102%	116%	101%	89%	96%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	11	21	34	64	127	360

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of RS With Other Asset Classes (Last 1Y)
	RS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	13.8%	10.6%	19.2%	71.9%	8.9%	6.0%	-10.1%
Annualized Volatility	25.9%	20.0%	19.5%	19.3%	15.3%	17.1%	35.0%
Sharpe Ratio	0.46	0.39	0.78	2.69	0.36	0.18	-0.12
Correlation With Other Assets		65.1%	54.3%	5.3%	22.3%	47.7%	23.0%

ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of RS With Other Asset Classes (Last 5Y)
	RS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	21.7%	7.3%	14.9%	18.7%	11.7%	4.8%	32.7%
Annualized Volatility	28.4%	18.9%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.72	0.29	0.70	0.97	0.51	0.17	0.60
Correlation With Other Assets		65.4%	51.1%	8.8%	19.9%	40.4%	24.2%

Based On 10-Year Data

		Comparison of RS With Other Asset Classes (Last 10Y)
	RS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	20.4%	9.8%	14.7%	14.9%	6.9%	5.2%	69.3%
Annualized Volatility	29.7%	20.8%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.68	0.43	0.70	0.83	0.31	0.22	0.90
Correlation With Other Assets		69.9%	60.7%	5.9%	27.8%	47.2%	19.4%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	1,237,444
Short Interest: % Change Since 11302025	-3.0%
Average Daily Volume	322,346
Days-to-Cover Short Interest	3.84
Basic Shares Quantity	52,482,000
Short % of Basic Shares	2.4%

Returns Analyses

	Title
0	Reliance Stock Jump Looks Great, But How Secure Is That Gain?
1	Reliance Steel & Aluminum Stock Return Comparison
2	Reliance Total Shareholder Return (TSR): 27.0% in 2022 and 21.3% 3-yr returns (below peer average)
3	[9/28/2021] Reliance Steel & Aluminum (RS) Stock Price Forecast: AI Forecasts RS Stock Price To Be Around $148 In A Month (Up 1.2%)
4	Reliance Steel & Aluminum (RS) Stock Return: AI Predicts RS Average and Excess Return After a Fall or Rise

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/22/2025	-0.2%	2.9%	-2.3%
7/23/2025	-12.3%	-14.1%	-16.5%
2/19/2025	3.1%	0.2%	-3.7%
10/24/2024	4.0%	2.5%	12.0%
7/25/2024	4.9%	3.7%	-4.6%
4/25/2024	-6.8%	-8.7%	-2.4%
2/15/2024	12.8%	8.4%	9.2%
10/26/2023	0.0%	6.0%	8.8%
...
SUMMARY STATS
# Positive	13	15	12
# Negative	8	6	9
Median Positive	4.0%	3.7%	9.4%
Median Negative	-2.3%	-6.2%	-3.7%
Max Positive	12.8%	11.7%	19.6%
Max Negative	-12.3%	-14.1%	-32.7%

	Forward Returns
10/22/2025	-0.2%	2.9%	-2.3%
7/23/2025	-12.3%	-14.1%	-16.5%
2/19/2025	3.1%	0.2%	-3.7%
10/24/2024	4.0%	2.5%	12.0%
7/25/2024	4.9%	3.7%	-4.6%
4/25/2024	-6.8%	-8.7%	-2.4%
2/15/2024	12.8%	8.4%	9.2%
10/26/2023	0.0%	6.0%	8.8%
7/27/2023	-3.4%	-1.9%	-5.1%
4/27/2023	6.7%	2.5%	-1.1%
2/16/2023	4.1%	4.2%	3.4%
10/27/2022	3.0%	2.5%	9.5%
7/28/2022	-0.2%	-2.9%	5.4%
4/28/2022	5.2%	11.7%	5.7%
2/17/2022	3.3%	2.8%	14.4%
10/28/2021	0.2%	7.9%	10.4%
7/22/2021	-0.6%	1.8%	-0.3%
2/18/2021	1.2%	10.2%	19.6%
10/22/2020	-1.1%	-5.1%	5.8%
7/23/2020	4.5%	5.5%	9.7%
2/20/2020	-6.7%	-7.3%	-32.7%
SUMMARY STATS
# Positive	13	15	12
# Negative	8	6	9
Median Positive	4.0%	3.7%	9.4%
Median Negative	-2.3%	-6.2%	-3.7%
Max Positive	12.8%	11.7%	19.6%
Max Negative	-12.3%	-14.1%	-32.7%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10282025	10-Q 9/30/2025
6302025	7302025	10-Q 6/30/2025
3312025	5012025	10-Q 3/31/2025
12312024	2272025	10-K 12/31/2024
9302024	10312024	10-Q 9/30/2024
6302024	8012024	10-Q 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	2292024	10-K 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	8032023	10-Q 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	2282023	10-K 12/31/2022
9302022	11032022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	2242022	10-K 12/31/2021

Insider Activity

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	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Lewis Karla R	President, CEO	12032024	Sell	322.85	527	170,142	28,566,414	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Reliance (RS)

Market Price (12/26/2025): $295.4 | Market Cap: $15.5 BilSector: Materials | Industry: Steel

Reliance (RS)

Market Price (12/26/2025): $295.4Market Cap: $15.5 BilSector: MaterialsIndustry: Steel

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

Valuation, Metrics & Events

RS Stock

Why The Stock Moved

Qualitative Assessment

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Fundamental Drivers

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Fundamental Drivers

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About Reliance (RS)

Petrochemicals and Refining

Retail

Digital Services (Telecommunications and IT)

Interactive Breakdown

Better Bets than Reliance (RS)

INDUSTRY: Steel

Higher Rev Chg 3Y Avg | Lower P/S (Values for RS: -7.0% | 1.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for RS: -7.0% | 15.8x)

Higher Rev Chg LTM (Value for RS: -0.9%)

Higher Rev Chg 3Y Avg (Value for RS: -7.0%)

Higher Op Mgn LTM (Value for RS: 7.1%)

Higher CFO/Rev LTM (Value for RS: 7.4%)

Higher FCF/Rev LTM (Value for RS: 4.8%)

Higher Total Yield (Value for RS: 6.3%)

SECTOR: Materials

Higher Rev Chg 3Y Avg | Lower P/S (Values for RS: -7.0% | 1.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for RS: -7.0% | 15.8x)

Higher Rev Chg LTM (Value for RS: -0.9%)

Higher Rev Chg 3Y Avg (Value for RS: -7.0%)

Higher Op Mgn LTM (Value for RS: 7.1%)

Higher CFO/Rev LTM (Value for RS: 7.4%)

Higher FCF/Rev LTM (Value for RS: 4.8%)

Higher Total Yield (Value for RS: 6.3%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for RS: -7.0% | 1.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for RS: -7.0% | 15.8x)

Higher Rev Chg LTM (Value for RS: -0.9%)

Higher Rev Chg 3Y Avg (Value for RS: -7.0%)

Higher Op Mgn LTM (Value for RS: 7.1%)

Higher CFO/Rev LTM (Value for RS: 7.4%)

Higher FCF/Rev LTM (Value for RS: 4.8%)

Higher Total Yield (Value for RS: 6.3%)

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Market Price (12/26/2025): $295.4 | Market Cap: $15.5 Bil
Sector: Materials | Industry: Steel

Market Price (12/26/2025): $295.4
Market Cap: $15.5 Bil
Sector: Materials
Industry: Steel