Reliance (RS)


Market Price (10/28/2026): $433.17 | Market Cap: $22.1 BilSector: Materials | Industry: Steel

Reliance (RS)


Market Price (10/28/2026): $433.17
Market Cap: $22.1 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 6.2%

Stock buyback support
Stock Buyback 3Y Total is 2.2 Bil

Low stock price volatility
Vol 12M is 25%

Megatrend and thematic drivers
Megatrends include Advanced Materials, Circular Economy & Recycling, and Renewable Energy Transition. Themes include Lightweight Composites, Show more.

Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 28x

Key risks
RS key risks include [1] volatility and long-term decarbonization pressures on its core oil-to-chemicals business, 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 6.2%
1 Stock buyback support
Stock Buyback 3Y Total is 2.2 Bil
2 Low stock price volatility
Vol 12M is 25%
3 Megatrend and thematic drivers
Megatrends include Advanced Materials, Circular Economy & Recycling, and Renewable Energy Transition. Themes include Lightweight Composites, Show more.
4 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
5 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 28x
6 Key risks
RS key risks include [1] volatility and long-term decarbonization pressures on its core oil-to-chemicals business, Show more.

RS in ETFs

Weight = RS's share of each fund

VTI0.03%
ITOT0.03%
IWB0.03%
IJH0.63%
VIG0.09%
VYM0.08%
VB0.25%
IYM2.2%
+20 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/22/2026

Reliance (RS) stock has gained about 15% since 6/30/2026 because of the following key factors:

1. Strong Earnings Performance in Fiscal Q2 and Q3 2026. Reliance, Inc. demonstrated robust financial results, significantly exceeding analyst expectations during the specified period. For its fiscal second quarter of 2026 (ended June 30, 2026), the company reported non-GAAP Earnings Per Share (EPS) of $7.91, surpassing estimates by $2.44, and revenue of $4.63 billion, beating consensus by $380 million. Revenue also saw a 26.51% year-over-year increase. This positive trend continued into fiscal Q3 2026 (ended September 30, 2026), where Reliance, Inc. achieved record net sales of $5.21 billion, marking a 13% sequential increase and a 42.8% year-over-year rise. Non-GAAP EPS for Q3 2026 was $8.02, representing a 120% year-over-year increase and significantly exceeding the analyst consensus of $6.83 by $1.19. The company also reported a 115% year-over-year surge in pretax income to $531.9 million.

2. Favorable Market Dynamics and Strategic Project Contributions. The company benefited from a favorable market environment characterized by sustained healthy demand and tight supply conditions, which led to increased pricing levels for most carbon steel products. Reliance, Inc. reported record tons sold in fiscal Q3 2026, up 4.3% sequentially and 15.6% year-over-year. A significant contributor to these results was the ongoing U.S. Department of Homeland Security border wall contract, which continued to ramp up and provided a meaningful boost to the company's fiscal Q2 and Q3 2026 earnings. Nonresidential construction and general manufacturing each represented about one-third of the company's fiscal Q3 2026 sales, with demand notably strengthening in the semiconductor market.

Show more
Updated on 10/22/2026

Reliance (RS) stock has gained about 15% since 6/30/2026 because of the following key factors:

1. Strong Earnings Performance in Fiscal Q2 and Q3 2026. Reliance, Inc. demonstrated robust financial results, significantly exceeding analyst expectations during the specified period. For its fiscal second quarter of 2026 (ended June 30, 2026), the company reported non-GAAP Earnings Per Share (EPS) of $7.91, surpassing estimates by $2.44, and revenue of $4.63 billion, beating consensus by $380 million. Revenue also saw a 26.51% year-over-year increase. This positive trend continued into fiscal Q3 2026 (ended September 30, 2026), where Reliance, Inc. achieved record net sales of $5.21 billion, marking a 13% sequential increase and a 42.8% year-over-year rise. Non-GAAP EPS for Q3 2026 was $8.02, representing a 120% year-over-year increase and significantly exceeding the analyst consensus of $6.83 by $1.19. The company also reported a 115% year-over-year surge in pretax income to $531.9 million.

2. Favorable Market Dynamics and Strategic Project Contributions. The company benefited from a favorable market environment characterized by sustained healthy demand and tight supply conditions, which led to increased pricing levels for most carbon steel products. Reliance, Inc. reported record tons sold in fiscal Q3 2026, up 4.3% sequentially and 15.6% year-over-year. A significant contributor to these results was the ongoing U.S. Department of Homeland Security border wall contract, which continued to ramp up and provided a meaningful boost to the company's fiscal Q2 and Q3 2026 earnings. Nonresidential construction and general manufacturing each represented about one-third of the company's fiscal Q3 2026 sales, with demand notably strengthening in the semiconductor market.

3. Enhanced Shareholder Return Program. Reliance, Inc. demonstrated a commitment to returning capital to shareholders, which likely contributed to positive investor sentiment. On October 20, 2026, the company's Board of Directors approved an amendment to its existing share repurchase plan, increasing the authorization to $2.5 billion without a set expiration date. During fiscal Q3 2026, the company returned approximately $109 million to its stockholders through a combination of dividends and share repurchases.

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Stock Movement Drivers

Fundamental Drivers

The 16.2% change in RS stock from 6/30/2026 to 10/27/2026 was primarily driven by a 17.5% change in the company's Net Income Margin (%).
(LTM values as of)630202610272026Change
Stock Price ($)372.50432.7916.2%
Change Contribution By: 
Total Revenues ($ Mil)14,83617,36817.1%
Net Income Margin (%)5.4%6.4%17.5%
P/E Multiple23.919.9-16.6%
Shares Outstanding (Mil)52511.2%
Cumulative Contribution16.2%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/27/2026
ReturnCorrelation
RS16.2% 
Market (SPY)3.1%20.3%
Sector (XLB)1.9%31.8%

Fundamental Drivers

The 43.3% change in RS stock from 3/31/2026 to 10/27/2026 was primarily driven by a 23.2% change in the company's Net Income Margin (%).
(LTM values as of)331202610272026Change
Stock Price ($)301.99432.7943.3%
Change Contribution By: 
Total Revenues ($ Mil)14,29417,36821.5%
Net Income Margin (%)5.2%6.4%23.2%
P/E Multiple21.319.9-6.2%
Shares Outstanding (Mil)52512.0%
Cumulative Contribution43.3%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/27/2026
ReturnCorrelation
RS43.3% 
Market (SPY)18.7%30.6%
Sector (XLB)4.0%48.0%

Fundamental Drivers

The 56.4% change in RS stock from 9/30/2025 to 10/27/2026 was primarily driven by a 26.9% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202510272026Change
Stock Price ($)276.67432.7956.4%
Change Contribution By: 
Total Revenues ($ Mil)13,69117,36826.9%
Net Income Margin (%)5.4%6.4%18.3%
P/E Multiple19.719.91.1%
Shares Outstanding (Mil)53513.1%
Cumulative Contribution56.4%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/27/2026
ReturnCorrelation
RS56.4% 
Market (SPY)16.5%32.2%
Sector (XLB)17.1%51.4%

Fundamental Drivers

The 72.7% change in RS stock from 9/30/2023 to 10/27/2026 was primarily driven by a 105.1% change in the company's P/E Multiple.
(LTM values as of)930202310272026Change
Stock Price ($)250.57432.7972.7%
Change Contribution By: 
Total Revenues ($ Mil)15,70417,36810.6%
Net Income Margin (%)9.6%6.4%-33.8%
P/E Multiple9.719.9105.1%
Shares Outstanding (Mil)595115.0%
Cumulative Contribution72.7%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/27/2026
ReturnCorrelation
RS72.7% 
Market (SPY)86.2%44.5%
Sector (XLB)39.0%56.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
RS Return38%27%40%-2%9%48%287%
Peers Return90%38%20%-11%45%30%428%
S&P 500 Return27%-19%24%23%16%11%103%

Monthly Win Rates [3]
RS Win Rate67%42%58%58%58%60% 
Peers Win Rate61%53%47%58%67%53% 
S&P 500 Win Rate75%42%67%75%67%40% 

Max Drawdowns [4]
RS Max Drawdown-20%-22%-16%-21%-22%-19% 
Peers Max Drawdown-21%-33%-30%-31%-25%-24% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: 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] 2026 data is for the year up to 10/27/2026 (YTD)

How Low Can It Go

EventRSS&P 500
2025 US Tariff Shock
  % Loss-10.4%-18.8%
  % Gain to Breakeven11.6%23.1%
  Time to Breakeven24 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-16.2%-9.5%
  % Gain to Breakeven19.3%10.5%
  Time to Breakeven106 days24 days
2020 COVID-19 Crash
  % Loss-38.7%-33.7%
  % Gain to Breakeven63.0%50.9%
  Time to Breakeven231 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-18.5%-19.2%
  % Gain to Breakeven22.7%23.8%
  Time to Breakeven58 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-15.8%-12.2%
  % Gain to Breakeven18.7%13.9%
  Time to Breakeven41 days62 days
2014-2016 Oil Price Collapse
  % Loss-24.7%-6.8%
  % Gain to Breakeven32.8%7.3%
  Time to Breakeven411 days15 days

Compare to NUE, STLD, CMC

In The Past

Reliance's stock fell -10.4% during the 2025 US Tariff Shock. Such a loss loss requires a 11.6% 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.

EventRSS&P 500
2020 COVID-19 Crash
  % Loss-38.7%-33.7%
  % Gain to Breakeven63.0%50.9%
  Time to Breakeven231 days140 days
2014-2016 Oil Price Collapse
  % Loss-24.7%-6.8%
  % Gain to Breakeven32.8%7.3%
  Time to Breakeven411 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-36.3%-17.9%
  % Gain to Breakeven56.9%21.8%
  Time to Breakeven92 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-32.3%-15.4%
  % Gain to Breakeven47.8%18.2%
  Time to Breakeven183 days125 days
2008-2009 Global Financial Crisis
  % Loss-77.2%-53.4%
  % Gain to Breakeven338.6%114.4%
  Time to Breakeven501 days1085 days
Summer 2007 Credit Crunch
  % Loss-31.4%-8.6%
  % Gain to Breakeven45.8%9.5%
  Time to Breakeven236 days47 days

Compare to NUE, STLD, CMC

In The Past

Reliance's stock fell -10.4% during the 2025 US Tariff Shock. Such a loss loss requires a 11.6% 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 Reliance (RS)

Reliance Steel & Aluminum Co. (RS) operates as a leading diversified metal solutions provider and metals service center. The company procures a wide range of metal products from various producers, then processes and distributes them to a broad base of customers. With a vast network of approximately 315 locations across 40 U.S. states and 13 other countries, Reliance acts as a crucial link in the supply chain for diverse industries requiring specialized metal materials and processing.

Reliance offers an extensive catalog of around 100,000 different metal products. These include a variety of essential metals such as alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products. Beyond distribution, the company provides value-added metals processing services. Additionally, Reliance manufactures specialty extruded metals, fabricated parts, and welded components, and distributes non-ferrous metals and tubular building products, ensuring a comprehensive offering to meet varied industrial needs.

The company serves a diverse array of primary customers across numerous sectors. Key markets include general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries. Reliance sells its products directly to original equipment manufacturers (OEMs), with a significant focus on small machine shops and fabricators, providing them with the necessary materials and services to support their production and operational requirements.

AI Analysis | Feedback

Here are 1-3 brief analogies for Reliance (symbol: RS):

  • The Grainger of industrial metals.
  • The Sysco of industrial metals.

AI Analysis | Feedback

  • Metal Products Distribution: Reliance distributes a wide array of metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel.
  • Metals Processing Services: The company provides various metals processing services to cater to the specific needs of diverse industries.
  • Specialty Metal Manufacturing: Reliance manufactures specialty extruded metals, fabricated parts, and welded components.

AI Analysis | Feedback

Reliance Steel & Aluminum Co. (symbol: RS) sells primarily to other companies (business-to-business). The provided information does not list specific major customer companies by name or their public symbols. Instead, it describes the types of businesses it serves.

Its primary customer base includes:

  • Original Equipment Manufacturers (OEMs)
  • Small Machine Shops
  • Fabricators

These customers operate across a diverse range of industries, including general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.

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Karla R. Lewis — President and Chief Executive Officer

Karla R. Lewis was appointed President and Chief Executive Officer of Reliance Steel & Aluminum Co. (now Reliance, Inc.) effective January 1, 2023. She joined Reliance in 1992 as the company's first Corporate Controller. She served as Chief Financial Officer from 1999 until January 2021, and was promoted to President in January 2021. Before joining Reliance, she began her career as a public accountant with Ernst & Young. She has been involved in all 76 of Reliance's acquisitions. Ms. Lewis also serves as a director of Goodyear Tire & Rubber Co.

Arthur Ajemyan — Senior Vice President, Chief Financial Officer and Principal Accounting Officer

Arthur Ajemyan became Senior Vice President, Chief Financial Officer in February 2022, after having been promoted from Vice President. He was promoted to Vice President, Chief Financial Officer effective January 15, 2021.

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 that, 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.

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 following the company's acquisition of Metals USA in April 2013. Prior to joining Metals USA, he served as Senior Vice President, Chief Legal Officer, and Secretary at Metals USA Holdings Corp. from August 2009 to May 2013. He also held roles as Senior Vice President, General Counsel, Secretary, and Director of Corporate Development at Cross Match Technologies, Inc. from July 2005 to August 2008, and was a Partner in the Corporate & Securities practice group at DLA Piper from June 1999 to June 2005.

Michael R. Hynes — Senior Vice President, Operations

Michael R. Hynes was promoted to Senior Vice President, Operations effective July 1, 2022. Previously, he served as president of Phoenix Metals, a wholly-owned subsidiary of Reliance, overseeing a network of 14 metal service center locations across the U.S. Mr. Hynes has 34 years of experience in the metals service center industry, with the last 17 years at Reliance.

AI Analysis | Feedback

Key risks to Reliance Steel & Aluminum Co. (symbol: RS) include:

  1. Metal Pricing Volatility and Margin Pressure: Reliance Steel & Aluminum Co. is significantly exposed to the volatility of commodity prices, which can lead to pressure on its profitability margins. While the company has demonstrated resilience in managing these fluctuations, it faces challenges from metal pricing volatility and, at times, excess inventories, contributing to margin compression.

  2. Economic Sensitivity and Macroeconomic Uncertainty: As a diversified metal solutions provider, Reliance's business performance is closely tied to the health of the industrial economy and specific end markets like non-residential construction, transportation, and aerospace. Macroeconomic uncertainties or downturns, both domestically and internationally, can impact demand for its products and services.

  3. Cost Inflation: The company faces ongoing risks from persistent cost inflation, particularly related to raw material and wage expenses. If these increased costs cannot be fully passed on to customers through pricing, they could dilute profit margins.

AI Analysis | Feedback

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Reliance, Inc. (symbol: RS) operates in several large addressable markets, primarily within the United States and Canada, for its diverse range of metal products and processing services. The company serves various industries, including general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.

Key addressable markets for Reliance's main products and services include:

  • Metals Service Centers (U.S.): The U.S. metal service center and distributor industry generates approximately $299.3 billion annually.
  • Steel (U.S.): The United States steel market size reached USD 141.9 billion in 2025 and is projected to grow to USD 164.9 billion by 2034.
  • Aluminum (U.S.): The U.S. aluminum market was valued at USD 14.32 billion in 2024 and is expected to reach USD 21.36 billion by 2032.
  • Specialty Steel (Global): The global special steel market size is estimated at USD 242.15 billion in 2025 and is expected to reach USD 283.59 billion by 2030.
  • Metal Fabrication (U.S.): The metal fabrication market in the U.S. was valued at US$362.4 billion in 2020 and is projected to exceed US$ 473.7 billion by 2031.
  • Aerospace Materials (U.S.): The U.S. aerospace and defense materials market generated a revenue of USD 9,960.2 million in 2023 and is expected to reach USD 13,761.5 million by 2030.
  • Construction Materials (U.S.): The U.S. construction materials market was valued at USD 146.8 billion in 2022.
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AI Analysis | Feedback

For Reliance Steel & Aluminum Co. (RS), several key drivers are expected to contribute to future revenue growth over the next 2-3 years:

  1. Sustained Strength in Non-Residential Construction: The non-residential construction sector, Reliance's largest end market by volume, is anticipated to remain robust. This growth is primarily fueled by ongoing data center, manufacturing facility, and infrastructure projects, which drive demand for the company's metal products.
  2. Market Share Gains: Reliance has consistently demonstrated its ability to capture market share by outperforming the broader industry in tons sold. This competitive advantage is attributed to the company's deliberate, diversified strategy and its ability to leverage scale and specialized services, pushing its estimated U.S. market share to approximately 17.1% in Q3 2025, up from 14.5% two years prior.
  3. Expansion of Value-Added Processing Services: The company is strategically focusing on providing higher-value, processed metal, rather than just selling raw materials. Orders that include specialized processing, such as cutting, bending, and shaping, have increased from 40% to 50% of total orders, which is expected to drive higher gross profit margins and revenue.
  4. Strategic Acquisitions: Reliance completed four key acquisitions in 2024 and continues to prioritize a disciplined mergers and acquisitions (M&A) strategy. These acquisitions are aimed at enhancing the company's geographic reach, expanding its value-added capabilities, and strengthening its margin profile, thereby contributing to future revenue growth.
  5. Pricing Discipline and Stability in Metal Prices: While metal pricing can be volatile, Reliance's strategic pricing and operational efficiency are expected to support revenue. The company anticipates average selling prices to rise or remain stable in certain product lines, particularly carbon steel and aluminum, positively impacting gross margins and overall profitability.

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Share Repurchases

  • Reliance repurchased $594.1 million of its common stock in 2025, which reduced outstanding shares by 4%. The company returned $849 million to stockholders through dividends and buybacks in 2025.
  • In 2023, the company repurchased $479.5 million of common stock. Total returns to stockholders through dividends and share repurchases reached $718 million in 2023.
  • The share repurchase plan was replenished to $1.5 billion effective October 30, 2023, with no set expiration date, and approximately $763 million remained available under this program as of early 2026.

Outbound Investments

  • In February 2024, Reliance acquired American Alloy Steel, which had approximately $310 million in annual net sales in 2023, adding specialty carbon steel plate and new fabrication capabilities.
  • Also in February 2024, Reliance completed the acquisition of Cooksey Iron & Metal Company, which had approximately $90 million in annual net sales in 2023, to strengthen its presence in the fast-growing Southeastern United States market.
  • Other recent acquisitions include Southern Steel Supply in May 2023, and Rotax Metals, Admiral Metals, and New Tech Precision Metals, all in December 2021.

Capital Expenditures

  • Reliance's capital expenditures were $328.9 million in 2025. The expected capital expenditure budget for 2026 is $275 million, with total spending including carryover anticipated to be between $300 million and $325 million.
  • Over 50% of the capital expenditure budget is dedicated to growth projects.
  • The primary focus of these capital expenditures is on investing in advanced value-added processing equipment, upgrading facilities, and expanding into new markets to enhance capabilities and foster organic growth.

Better Bets vs. Reliance (RS)

Peer Outperformance in Steel

RS has outperformed 69% of its 13 Steel peers over 5Y. Among the peers that beat it is HCC. Steel ranks 1st 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 RS has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
73%
of 15 industry peers · 57.6% return
3Y
62%
of 13 industry peers · 82.4% return
5Y
69%
of 13 industry peers · 225.5% return
Steel peers with revenue growth within 4pp of RS's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
RS Reliance 5.7% 19.9x 57.6%82.4%225.5% —
HCC Warrior Met Coal 4.6% 21.0x 36.1%85.9%295.7% +70pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Materials sector, ranked by 5Y. Steel is RS'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
Steel ← 14 27.6%43.4%142.4% STLD 311% · HCC 296% · RS 226%
Copper 7 50.5%119.0%139.0% SCCO 291% · TGB 281% · HBM 239%
Gold 36 8.9%170.3%101.8% IAG 471% · OGC 365% · KGC 292%
Silver 6 33.5%256.8%76.8% AYA 228% · HL 146% · EXK 48%
Construction Materials 6 -17.9%28.4%41.6% USLM 367% · CRH 92% · VMC 48%
Aluminum 3 8.7%137.1%40.4% CENX 135% · AA -8%
Metal, Glass & Plastic Containers 11 -6.4%16.4%4.7% GEF 52% · ATR 7% · SLGN 5%
Paper & Plastic Packaging Products & Materials 7 10.4%15.0%-1.9% PKG 117% · CCK 20% · SON 3%
Diversified Metals & Mining 23 -55.4%-8.6%-2.6% USAR 34799% · MTRN 242% · MP 25%
Diversified Chemicals 3 6.7%3.9%-15.4% CBT 57% · ASH -15% · CC -44%
Specialty Chemicals 41 9.8%9.5%-21.9% NEU 197% · ESI 69% · SXT 54%
Commodity Chemicals 13 0.3%-16.5%-32.3% HWKN 332% · MEOH 54% · DOW -21%
Precious Metals & Minerals 8 -7.2%142.9%-45.3% PPTA 280%
Fertilizers & Agricultural Chemicals 10 -47.5%-53.9%-60.9% CF 136% · NTR 18% · MOS -48%
Paper Products 4 -41.2%-60.6%-82.1%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

RSNUESTLDCMCMedian
NameReliance Nucor Steel Dy.Commerci. 
Mkt Price433.17270.06247.0063.59258.53
Mkt Cap22.161.635.67.028.8
Rev LTM17,36836,10120,5399,39418,953
Op Inc LTM1,5214,1682,2268701,873
FCF LTM4921,583956479724
FCF 3Y Avg7351,500566456651
CFO LTM8024,4241,5721,0591,315
CFO 3Y Avg1,1044,4941,9508911,527

Growth & Margins

RSNUESTLDCMCMedian
NameReliance Nucor Steel Dy.Commerci. 
Rev Chg LTM24.7%17.2%19.8%20.5%20.1%
Rev Chg 3Y Avg5.7%-0.4%1.0%3.0%2.0%
Rev Chg Q42.8%23.0%33.4%25.7%29.6%
QoQ Delta Rev Chg LTM9.9%5.7%8.0%6.1%7.1%
Op Inc Chg LTM54.8%94.4%59.1%67.3%63.2%
Op Inc Chg 3Y Avg0.2%0.3%-8.2%0.6%0.2%
Op Mgn LTM8.8%11.5%10.8%9.3%10.0%
Op Mgn 3Y Avg8.4%10.9%11.4%8.2%9.7%
QoQ Delta Op Mgn LTM1.0%1.4%0.9%0.1%1.0%
CFO/Rev LTM4.6%12.3%7.7%11.3%9.5%
CFO/Rev 3Y Avg7.5%13.5%10.6%10.6%10.6%
FCF/Rev LTM2.8%4.4%4.7%5.1%4.5%
FCF/Rev 3Y Avg5.0%4.4%2.9%5.5%4.7%

Valuation

RSNUESTLDCMCMedian
NameReliance Nucor Steel Dy.Commerci. 
Mkt Cap22.161.635.67.028.8
P/S1.31.71.70.71.5
P/Op Inc14.514.816.08.114.7
P/EBIT13.514.516.78.214.0
P/E20.021.422.110.720.7
P/CFO27.613.922.66.618.3
Total Yield6.2%5.5%5.4%10.6%5.8%
Dividend Yield1.2%0.8%0.8%1.2%1.0%
FCF Yield 3Y Avg4.5%3.5%2.2%7.0%4.0%
D/E0.10.10.10.50.1
Net D/E0.10.10.10.40.1

Returns

RSNUESTLDCMCMedian
NameReliance Nucor Steel Dy.Commerci. 
1M Rtn11.8%9.5%6.0%-3.3%7.7%
3M Rtn4.9%1.9%-4.7%-9.8%-1.4%
6M Rtn20.3%20.5%9.3%-7.5%14.8%
12M Rtn57.7%89.5%58.0%6.5%57.9%
3Y Rtn82.5%90.2%147.0%57.7%86.4%
1M Excs Rtn11.4%11.5%8.2%-0.6%9.8%
3M Excs Rtn3.4%1.5%-6.1%-10.8%-2.3%
6M Excs Rtn13.5%13.8%2.5%-14.3%8.0%
12M Excs Rtn46.4%84.8%51.0%-6.9%48.7%
3Y Excs Rtn3.9%19.0%79.3%-16.7%11.5%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Carbon steel7,9037,5768,0729,4888,532
Aluminum2,4722,2942,4562,6592,051
Stainless steel1,9492,0692,3372,8772,267
Toll processing and logistics647624611554471
Alloy641638705741548
Copper and brass377311305337112
Miscellaneous and eliminations306324321369113
Total14,29413,83514,80617,02514,093


Price Behavior

Price Behavior
Market Price$432.79 
Market Cap ($ Bil)22.1 
First Trading Date09/16/1994 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$398.07$365.31
DMA Trendindeterminateup
Distance from DMA8.7%18.5%
 3M1YR
Volatility24.4%24.7%
Downside Capture45.5536.44
Upside Capture52.5981.89
Correlation (S&P 500)20.7%28.4%
RS Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta0.110.620.390.650.610.78
Up Beta-2.460.12-0.430.090.300.81
Down Beta-1.561.240.160.560.720.72
Up Capture55%48%73%101%76%51%
Bmk +ve Days6162766132424
Stock +ve Days11233774139388
Down Capture60%112%66%77%61%93%
Bmk -ve Days16263760120328
Stock -ve Days11192752113363

[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 RS
RS58.8%24.7%1.81-
Sector ETF (XLB)18.0%17.7%0.7750.9%
Equity (SPY)14.6%12.7%0.7929.7%
Gold (GLD)-1.4%28.5%-0.0615.8%
Commodities (DBC)47.3%20.6%1.76-6.6%
Real Estate (VNQ)3.8%13.9%0.0216.8%
Bitcoin (BTCUSD)-27.9%43.4%-0.63-3.0%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with RS
RS26.0%28.0%0.83-
Sector ETF (XLB)6.1%19.1%0.2161.4%
Equity (SPY)12.8%17.1%0.5649.3%
Gold (GLD)17.6%18.9%0.759.1%
Commodities (DBC)9.2%19.5%0.3511.9%
Real Estate (VNQ)1.0%18.9%-0.0638.7%
Bitcoin (BTCUSD)4.5%51.6%0.2718.7%

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Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with RS
RS22.4%29.6%0.73-
Sector ETF (XLB)10.5%20.7%0.4568.8%
Equity (SPY)15.5%17.9%0.7358.7%
Gold (GLD)12.0%16.4%0.607.7%
Commodities (DBC)8.2%18.1%0.3723.5%
Real Estate (VNQ)5.2%20.7%0.2145.8%
Bitcoin (BTCUSD)62.2%66.2%1.0216.5%

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

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity1.2 Mil
Short Interest: % Change Since 9302026-8.0%
Average Daily Volume0.2 Mil
Days-to-Cover Short Interest4.7 days
Basic Shares Quantity51.0 Mil
Short % of Basic Shares2.3%

Earnings Returns History

Updated 10/26/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/21/2026-0.7%  
7/22/20262.4%4.5%-1.2%
4/22/2026-1.8%2.4%3.9%
2/18/2026-2.7%-5.9%-12.0%
10/22/2025-0.2%2.9%-2.7%
7/23/2025-12.3%-14.1%-16.5%
4/23/20250.7%1.8%4.5%
2/19/20253.1%0.2%-3.7%
...
SUMMARY STATS   
# Positive151814
# Negative10610
Median Positive3.1%3.3%7.8%
Median Negative-1.5%-5.5%-3.2%
Max Positive12.8%11.7%19.6%
Max Negative-12.3%-14.1%-16.5%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/21/2026-0.7%  
7/22/20262.4%4.5%-1.2%
4/22/2026-1.8%2.4%3.9%
2/18/2026-2.7%-5.9%-12.0%
10/22/2025-0.2%2.9%-2.7%
7/23/2025-12.3%-14.1%-16.5%
4/23/20250.7%1.8%4.5%
2/19/20253.1%0.2%-3.7%
10/24/20244.0%2.5%12.0%
7/25/20244.9%3.7%-4.6%
4/25/2024-6.8%-8.7%-2.4%
2/15/202412.8%8.4%9.2%
10/26/20230.0%6.0%8.8%
7/27/2023-3.4%-1.9%-5.1%
4/27/20236.7%2.5%-1.1%
2/16/20234.1%4.2%3.4%
10/27/20223.0%2.5%9.5%
7/28/2022-0.2%-2.9%5.4%
4/28/20225.2%11.7%5.7%
2/17/20223.3%2.8%14.4%
10/28/20210.2%7.9%10.4%
7/22/2021-0.6%1.8%-0.3%
4/22/20210.0%4.5%6.7%
2/18/20211.2%10.2%19.6%
10/22/2020-1.1%-5.1%5.8%
SUMMARY STATS   
# Positive151814
# Negative10610
Median Positive3.1%3.3%7.8%
Median Negative-1.5%-5.5%-3.2%
Max Positive12.8%11.7%19.6%
Max Negative-12.3%-14.1%-16.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202610/27/202610-Q
06/30/202607/28/202610-Q
03/31/202604/29/202610-Q
12/31/202502/26/202610-K
09/30/202510/28/202510-Q
06/30/202507/30/202510-Q
03/31/202505/01/202510-Q
12/31/202402/27/202510-K
09/30/202410/31/202410-Q
06/30/202408/01/202410-Q
03/31/202405/02/202410-Q
12/31/202302/29/202410-K
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202202/28/202310-K
Collapse to Preview
Report DateFiling DateFiling
09/30/202610/27/202610-Q
06/30/202607/28/202610-Q
03/31/202604/29/202610-Q
12/31/202502/26/202610-K
09/30/202510/28/202510-Q
06/30/202507/30/202510-Q
03/31/202505/01/202510-Q
12/31/202402/27/202510-K
09/30/202410/31/202410-Q
06/30/202408/01/202410-Q
03/31/202405/02/202410-Q
12/31/202302/29/202410-K
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202202/28/202310-K
09/30/202211/03/202210-Q
06/30/202208/04/202210-Q
03/31/202205/05/202210-Q
12/31/202102/24/202210-K
09/30/202111/04/202110-Q
06/30/202107/29/202110-Q
03/31/202104/29/202110-Q
12/31/202002/25/202110-K
09/30/202010/29/202010-Q
06/30/202007/24/202010-Q
03/31/202005/01/202010-Q
12/31/201902/27/202010-K

Recent Forward Guidance

Updated 10/22/2026

Latest: Q3 2026 Earnings Reported 10/21/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 Tons Sold Growth YoYReported13.5%14.5%15.5%   
Q4 2026 Tons Sold Growth (Excluding Border Wall Project) YoYReported4.0%5.0%6.0%   
Q4 2026 Tons Sold Growth (Excluding Border Wall Project) QoQReported-7.5%-6.5%-5.5%   
Q4 2026 Average Selling Price Per Ton Sold Growth QoQReported1.0%2.0%3.0%   
Q4 2026 LIFO ExpenseReported 112.50 Mil    
Q4 2026 LIFO Expense Per Diluted ShareReported 1.64    
Q4 2026 Dividends Per ShareReported 1.25    
Q4 2026 Non-GAAP Diluted EPSReported7.47.57.615.4% Higher NewGuidance: 6.5 for Q3 2026
Q4 2026 Border Wall Project EPS ContributionReported 0.7    


Prior: Q2 2026 Earnings Reported 7/22/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 Tons Sold Growth (Excluding border wall)Reported-4.0%-3.0%-2.0% -3.0% 
Q3 2026 Average Selling Price per Ton Sold Growth (Excluding border wall)Reported1.0%2.0%3.0% 2.0% 
Q3 2026 Tons Sold Growth (Including border wall)Reported9.0%10.0%11.0% 10.0% 
Q3 2026 Average Selling Price per Ton Sold Growth (Including border wall)Reported0.0%1.0%2.0% 1.0% 
Q3 2026 Non-GAAP EPSReported6.46.56.623.8% Higher NewGuidance: 5.25 for Q2 2026
Q3 2026 Non-GAAP EPS GrowthReported76.0%78.5%81.0% 78.5% 

Q1 2026 Earnings Reported 4/22/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Tons Sold GrowthReported4.5%5.5%6.5% -0.5%Lower NewGuidance: 6.0% for Q1 2026
Q2 2026 Average Selling Price GrowthReported1.5%2.5%3.5% -1.5%Lower NewGuidance: 4.0% for Q1 2026
Q2 2026 EPSReported5.155.255.3514.1% Higher NewGuidance: 4.6 for Q1 2026
Q2 2026 Border Wall EPS ContributionReported0.150.180.2   

Q4 2025 Earnings Reported 2/18/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Tons Sold GrowthReported5.0%6.0%7.0%   
Q1 2026 Average Selling Price per Ton Sold GrowthReported3.0%4.0%5.0%   
Q1 2026 EPSReported4.54.64.767.3% Higher NewGuidance: 2.75 for Q4 2025
Q1 2026 EPS GrowthReported19.0%22.0%25.0%   

Insider Activity

Updated 8/27/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Colonias, Karen Winifred Colonias Family TrustSell8272026390.131,542601,5803,032,090Form
2Ajemyan, ArthurSVP, CFODirectSell8042026410.112,200902,2426,004,010Form
3Smith, William A IISVP, General Counsel, Corp SecDirectSell7292026414.212,353974,6308,033,138Form
4Ajemyan, ArthurSVP, CFODirectSell4282026358.123,5001,253,4036,030,660Form
5Smith, William A IISVP, General Counsel, Corp SecDirectSell3102026298.616,6151,975,3266,493,940Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Colonias, Karen Winifred Colonias Family TrustSell8272026390.131,542601,5803,032,090Form
2Ajemyan, ArthurSVP, CFODirectSell8042026410.112,200902,2426,004,010Form
3Smith, William A IISVP, General Counsel, Corp SecDirectSell7292026414.212,353974,6308,033,138Form
4Ajemyan, ArthurSVP, CFODirectSell4282026358.123,5001,253,4036,030,660Form
5Smith, William A IISVP, General Counsel, Corp SecDirectSell3102026298.616,6151,975,3266,493,940Form
6Koch, Stephen PaulExec. VP, COODirectSell2252026321.6224,0607,738,2724,509,489Form
7Lewis, Karla RPresident, CEODirectSell12022025283.505,8091,646,83223,933,065Form
8Koch, Stephen PaulExec. VP, COODirectSell12022025283.563,066869,3893,975,766Form

Investor Activity (13F)

Updated Oct 28, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Lodge Hill Capital, LLC$25.8 Mil5.0%22New13F
SRB Corp$29.2 Mil1.8%44Hold13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Lodge Hill Capital, LLC$25.8 Mil5.0%22New13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
SRB Corp$29.2 Mil1.8%44Hold13F
Lodge Hill Capital, LLC$25.8 Mil5.0%22New13F
Core Cache Last Updated: 10/27/2026