Reliance (RS)
Market Price (10/28/2026): $433.17 | Market Cap: $22.1 BilSector: Materials | Industry: Steel
Reliance (RS)
Market Price (10/28/2026): $433.17Market Cap: $22.1 BilSector: MaterialsIndustry: Steel
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.2% Stock buyback supportStock Buyback 3Y Total is 2.2 Bil Low stock price volatilityVol 12M is 25% Megatrend and thematic driversMegatrends include Advanced Materials, Circular Economy & Recycling, and Renewable Energy Transition. Themes include Lightweight Composites, Show more. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 28x Key risksRS key risks include [1] volatility and long-term decarbonization pressures on its core oil-to-chemicals business, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.2% |
| Stock buyback supportStock Buyback 3Y Total is 2.2 Bil |
| Low stock price volatilityVol 12M is 25% |
| Megatrend and thematic driversMegatrends include Advanced Materials, Circular Economy & Recycling, and Renewable Energy Transition. Themes include Lightweight Composites, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 28x |
| Key risksRS key risks include [1] volatility and long-term decarbonization pressures on its core oil-to-chemicals business, Show more. |
Qualitative Assessment
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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.
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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 $109 million to its stockholders through a combination of dividends and share repurchases.
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Stock Movement Drivers
Fundamental Drivers
The 16.2% change in RS stock from 6/30/2026 to 10/27/2026 was primarily driven by a 17.5% change in the company's Net Income Margin (%).| (LTM values as of) | 6302026 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 372.50 | 432.79 | 16.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14,836 | 17,368 | 17.1% |
| Net Income Margin (%) | 5.4% | 6.4% | 17.5% |
| P/E Multiple | 23.9 | 19.9 | -16.6% |
| Shares Outstanding (Mil) | 52 | 51 | 1.2% |
| Cumulative Contribution | 16.2% |
Market Drivers
6/30/2026 to 10/27/2026| Return | Correlation | |
|---|---|---|
| RS | 16.2% | |
| 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) | 3312026 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 301.99 | 432.79 | 43.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14,294 | 17,368 | 21.5% |
| Net Income Margin (%) | 5.2% | 6.4% | 23.2% |
| P/E Multiple | 21.3 | 19.9 | -6.2% |
| Shares Outstanding (Mil) | 52 | 51 | 2.0% |
| Cumulative Contribution | 43.3% |
Market Drivers
3/31/2026 to 10/27/2026| Return | Correlation | |
|---|---|---|
| RS | 43.3% | |
| 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) | 9302025 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 276.67 | 432.79 | 56.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,691 | 17,368 | 26.9% |
| Net Income Margin (%) | 5.4% | 6.4% | 18.3% |
| P/E Multiple | 19.7 | 19.9 | 1.1% |
| Shares Outstanding (Mil) | 53 | 51 | 3.1% |
| Cumulative Contribution | 56.4% |
Market Drivers
9/30/2025 to 10/27/2026| Return | Correlation | |
|---|---|---|
| RS | 56.4% | |
| 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) | 9302023 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 250.57 | 432.79 | 72.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 15,704 | 17,368 | 10.6% |
| Net Income Margin (%) | 9.6% | 6.4% | -33.8% |
| P/E Multiple | 9.7 | 19.9 | 105.1% |
| Shares Outstanding (Mil) | 59 | 51 | 15.0% |
| Cumulative Contribution | 72.7% |
Market Drivers
9/30/2023 to 10/27/2026| Return | Correlation | |
|---|---|---|
| RS | 72.7% | |
| Market (SPY) | 86.2% | 44.5% |
| Sector (XLB) | 39.0% | 56.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| RS Return | 38% | 27% | 40% | -2% | 9% | 48% | 287% |
| Peers Return | 90% | 38% | 20% | -11% | 45% | 30% | 428% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 103% |
Monthly Win Rates [3] | |||||||
| RS Win Rate | 67% | 42% | 58% | 58% | 58% | 60% | |
| Peers Win Rate | 61% | 53% | 47% | 58% | 67% | 53% | |
| S&P 500 Win Rate | 75% | 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
| Event | RS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -10.4% | -18.8% |
| % Gain to Breakeven | 11.6% | 23.1% |
| Time to Breakeven | 24 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -16.2% | -9.5% |
| % Gain to Breakeven | 19.3% | 10.5% |
| Time to Breakeven | 106 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.7% | -33.7% |
| % Gain to Breakeven | 63.0% | 50.9% |
| Time to Breakeven | 231 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.5% | -19.2% |
| % Gain to Breakeven | 22.7% | 23.8% |
| Time to Breakeven | 58 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -15.8% | -12.2% |
| % Gain to Breakeven | 18.7% | 13.9% |
| Time to Breakeven | 41 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -24.7% | -6.8% |
| % Gain to Breakeven | 32.8% | 7.3% |
| Time to Breakeven | 411 days | 15 days |
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.
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Asset Allocation
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| Event | RS | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -38.7% | -33.7% |
| % Gain to Breakeven | 63.0% | 50.9% |
| Time to Breakeven | 231 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -24.7% | -6.8% |
| % Gain to Breakeven | 32.8% | 7.3% |
| Time to Breakeven | 411 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -36.3% | -17.9% |
| % Gain to Breakeven | 56.9% | 21.8% |
| Time to Breakeven | 92 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -32.3% | -15.4% |
| % Gain to Breakeven | 47.8% | 18.2% |
| Time to Breakeven | 183 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -77.2% | -53.4% |
| % Gain to Breakeven | 338.6% | 114.4% |
| Time to Breakeven | 501 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -31.4% | -8.6% |
| % Gain to Breakeven | 45.8% | 9.5% |
| Time to Breakeven | 236 days | 47 days |
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.
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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.
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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.
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Key risks to Reliance Steel & Aluminum Co. (symbol: RS) include:
-
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.
-
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.
-
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.
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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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For Reliance Steel & Aluminum Co. (RS), several key drivers are expected to contribute to future revenue growth over the next 2-3 years:
- 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.
- 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.
- 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.
- 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.
- 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.
Peer Outperformance in Steel
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 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 |
| Industry | Names | 1Y med | 3Y med | 5Y 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% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 258.53 |
| Mkt Cap | 28.8 |
| Rev LTM | 18,953 |
| Op Inc LTM | 1,873 |
| FCF LTM | 724 |
| FCF 3Y Avg | 651 |
| CFO LTM | 1,315 |
| CFO 3Y Avg | 1,527 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 20.1% |
| Rev Chg 3Y Avg | 2.0% |
| Rev Chg Q | 29.6% |
| QoQ Delta Rev Chg LTM | 7.1% |
| Op Inc Chg LTM | 63.2% |
| Op Inc Chg 3Y Avg | 0.2% |
| Op Mgn LTM | 10.0% |
| Op Mgn 3Y Avg | 9.7% |
| QoQ Delta Op Mgn LTM | 1.0% |
| CFO/Rev LTM | 9.5% |
| CFO/Rev 3Y Avg | 10.6% |
| FCF/Rev LTM | 4.5% |
| FCF/Rev 3Y Avg | 4.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 28.8 |
| P/S | 1.5 |
| P/Op Inc | 14.7 |
| P/EBIT | 14.0 |
| P/E | 20.7 |
| P/CFO | 18.3 |
| Total Yield | 5.8% |
| Dividend Yield | 1.0% |
| FCF Yield 3Y Avg | 4.0% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 7.7% |
| 3M Rtn | -1.4% |
| 6M Rtn | 14.8% |
| 12M Rtn | 57.9% |
| 3Y Rtn | 86.4% |
| 1M Excs Rtn | 9.8% |
| 3M Excs Rtn | -2.3% |
| 6M Excs Rtn | 8.0% |
| 12M Excs Rtn | 48.7% |
| 3Y Excs Rtn | 11.5% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Carbon steel | 7,903 | 7,576 | 8,072 | 9,488 | 8,532 |
| Aluminum | 2,472 | 2,294 | 2,456 | 2,659 | 2,051 |
| Stainless steel | 1,949 | 2,069 | 2,337 | 2,877 | 2,267 |
| Toll processing and logistics | 647 | 624 | 611 | 554 | 471 |
| Alloy | 641 | 638 | 705 | 741 | 548 |
| Copper and brass | 377 | 311 | 305 | 337 | 112 |
| Miscellaneous and eliminations | 306 | 324 | 321 | 369 | 113 |
| Total | 14,294 | 13,835 | 14,806 | 17,025 | 14,093 |
Price Behavior
| Market Price | $432.79 | |
| Market Cap ($ Bil) | 22.1 | |
| First Trading Date | 09/16/1994 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $398.07 | $365.31 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 8.7% | 18.5% |
| 3M | 1YR | |
| Volatility | 24.4% | 24.7% |
| Downside Capture | 45.55 | 36.44 |
| Upside Capture | 52.59 | 81.89 |
| Correlation (S&P 500) | 20.7% | 28.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.11 | 0.62 | 0.39 | 0.65 | 0.61 | 0.78 |
| Up Beta | -2.46 | 0.12 | -0.43 | 0.09 | 0.30 | 0.81 |
| Down Beta | -1.56 | 1.24 | 0.16 | 0.56 | 0.72 | 0.72 |
| Up Capture | 55% | 48% | 73% | 101% | 76% | 51% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 11 | 23 | 37 | 74 | 139 | 388 |
| Down Capture | 60% | 112% | 66% | 77% | 61% | 93% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 11 | 19 | 27 | 52 | 113 | 363 |
[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 | |
|---|---|---|---|---|
| RS | 58.8% | 24.7% | 1.81 | - |
| Sector ETF (XLB) | 18.0% | 17.7% | 0.77 | 50.9% |
| Equity (SPY) | 14.6% | 12.7% | 0.79 | 29.7% |
| Gold (GLD) | -1.4% | 28.5% | -0.06 | 15.8% |
| Commodities (DBC) | 47.3% | 20.6% | 1.76 | -6.6% |
| Real Estate (VNQ) | 3.8% | 13.9% | 0.02 | 16.8% |
| 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 | |
|---|---|---|---|---|
| RS | 26.0% | 28.0% | 0.83 | - |
| Sector ETF (XLB) | 6.1% | 19.1% | 0.21 | 61.4% |
| Equity (SPY) | 12.8% | 17.1% | 0.56 | 49.3% |
| Gold (GLD) | 17.6% | 18.9% | 0.75 | 9.1% |
| Commodities (DBC) | 9.2% | 19.5% | 0.35 | 11.9% |
| Real Estate (VNQ) | 1.0% | 18.9% | -0.06 | 38.7% |
| Bitcoin (BTCUSD) | 4.5% | 51.6% | 0.27 | 18.7% |
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 RS | |
|---|---|---|---|---|
| RS | 22.4% | 29.6% | 0.73 | - |
| Sector ETF (XLB) | 10.5% | 20.7% | 0.45 | 68.8% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 58.7% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 7.7% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 23.5% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 45.8% |
| Bitcoin (BTCUSD) | 62.2% | 66.2% | 1.02 | 16.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/26/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/21/2026 | -0.7% | ||
| 7/22/2026 | 2.4% | 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% |
| 4/23/2025 | 0.7% | 1.8% | 4.5% |
| 2/19/2025 | 3.1% | 0.2% | -3.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 18 | 14 |
| # Negative | 10 | 6 | 10 |
| Median Positive | 3.1% | 3.3% | 7.8% |
| Median Negative | -1.5% | -5.5% | -3.2% |
| Max Positive | 12.8% | 11.7% | 19.6% |
| Max Negative | -12.3% | -14.1% | -16.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/21/2026 | -0.7% | ||
| 7/22/2026 | 2.4% | 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% |
| 4/23/2025 | 0.7% | 1.8% | 4.5% |
| 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% |
| 4/22/2021 | 0.0% | 4.5% | 6.7% |
| 2/18/2021 | 1.2% | 10.2% | 19.6% |
| 10/22/2020 | -1.1% | -5.1% | 5.8% |
| SUMMARY STATS | |||
| # Positive | 15 | 18 | 14 |
| # Negative | 10 | 6 | 10 |
| Median Positive | 3.1% | 3.3% | 7.8% |
| Median Negative | -1.5% | -5.5% | -3.2% |
| Max Positive | 12.8% | 11.7% | 19.6% |
| Max Negative | -12.3% | -14.1% | -16.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/27/2026 | 10-Q |
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/27/2026 | 10-Q |
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 07/24/2020 | 10-Q |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
Recent Forward Guidance
Updated 10/22/2026Latest: Q3 2026 Earnings Reported 10/21/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Tons Sold Growth YoY | Reported | 13.5% | 14.5% | 15.5% | ||||
| Q4 2026 Tons Sold Growth (Excluding Border Wall Project) YoY | Reported | 4.0% | 5.0% | 6.0% | ||||
| Q4 2026 Tons Sold Growth (Excluding Border Wall Project) QoQ | Reported | -7.5% | -6.5% | -5.5% | ||||
| Q4 2026 Average Selling Price Per Ton Sold Growth QoQ | Reported | 1.0% | 2.0% | 3.0% | ||||
| Q4 2026 LIFO Expense | Reported | 112.50 Mil | ||||||
| Q4 2026 LIFO Expense Per Diluted Share | Reported | 1.64 | ||||||
| Q4 2026 Dividends Per Share | Reported | 1.25 | ||||||
| Q4 2026 Non-GAAP Diluted EPS | Reported | 7.4 | 7.5 | 7.6 | 15.4% | Higher New | Guidance: 6.5 for Q3 2026 | |
| Q4 2026 Border Wall Project EPS Contribution | Reported | 0.7 | ||||||
Prior: Q2 2026 Earnings Reported 7/22/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 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) | Reported | 1.0% | 2.0% | 3.0% | 2.0% | |||
| Q3 2026 Tons Sold Growth (Including border wall) | Reported | 9.0% | 10.0% | 11.0% | 10.0% | |||
| Q3 2026 Average Selling Price per Ton Sold Growth (Including border wall) | Reported | 0.0% | 1.0% | 2.0% | 1.0% | |||
| Q3 2026 Non-GAAP EPS | Reported | 6.4 | 6.5 | 6.6 | 23.8% | Higher New | Guidance: 5.25 for Q2 2026 | |
| Q3 2026 Non-GAAP EPS Growth | Reported | 76.0% | 78.5% | 81.0% | 78.5% | |||
Q1 2026 Earnings Reported 4/22/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Tons Sold Growth | Reported | 4.5% | 5.5% | 6.5% | -0.5% | Lower New | Guidance: 6.0% for Q1 2026 | |
| Q2 2026 Average Selling Price Growth | Reported | 1.5% | 2.5% | 3.5% | -1.5% | Lower New | Guidance: 4.0% for Q1 2026 | |
| Q2 2026 EPS | Reported | 5.15 | 5.25 | 5.35 | 14.1% | Higher New | Guidance: 4.6 for Q1 2026 | |
| Q2 2026 Border Wall EPS Contribution | Reported | 0.15 | 0.18 | 0.2 | ||||
Q4 2025 Earnings Reported 2/18/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Tons Sold Growth | Reported | 5.0% | 6.0% | 7.0% | ||||
| Q1 2026 Average Selling Price per Ton Sold Growth | Reported | 3.0% | 4.0% | 5.0% | ||||
| Q1 2026 EPS | Reported | 4.5 | 4.6 | 4.7 | 67.3% | Higher New | Guidance: 2.75 for Q4 2025 | |
| Q1 2026 EPS Growth | Reported | 19.0% | 22.0% | 25.0% | ||||
Insider Activity
Updated 8/27/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Colonias, Karen Winifred | Colonias Family Trust | Sell | 8272026 | 390.13 | 1,542 | 601,580 | 3,032,090 | Form | |
| 2 | Ajemyan, Arthur | SVP, CFO | Direct | Sell | 8042026 | 410.11 | 2,200 | 902,242 | 6,004,010 | Form |
| 3 | Smith, William A II | SVP, General Counsel, Corp Sec | Direct | Sell | 7292026 | 414.21 | 2,353 | 974,630 | 8,033,138 | Form |
| 4 | Ajemyan, Arthur | SVP, CFO | Direct | Sell | 4282026 | 358.12 | 3,500 | 1,253,403 | 6,030,660 | Form |
| 5 | Smith, William A II | SVP, General Counsel, Corp Sec | Direct | Sell | 3102026 | 298.61 | 6,615 | 1,975,326 | 6,493,940 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Colonias, Karen Winifred | Colonias Family Trust | Sell | 8272026 | 390.13 | 1,542 | 601,580 | 3,032,090 | Form | |
| 2 | Ajemyan, Arthur | SVP, CFO | Direct | Sell | 8042026 | 410.11 | 2,200 | 902,242 | 6,004,010 | Form |
| 3 | Smith, William A II | SVP, General Counsel, Corp Sec | Direct | Sell | 7292026 | 414.21 | 2,353 | 974,630 | 8,033,138 | Form |
| 4 | Ajemyan, Arthur | SVP, CFO | Direct | Sell | 4282026 | 358.12 | 3,500 | 1,253,403 | 6,030,660 | Form |
| 5 | Smith, William A II | SVP, General Counsel, Corp Sec | Direct | Sell | 3102026 | 298.61 | 6,615 | 1,975,326 | 6,493,940 | Form |
| 6 | Koch, Stephen Paul | Exec. VP, COO | Direct | Sell | 2252026 | 321.62 | 24,060 | 7,738,272 | 4,509,489 | Form |
| 7 | Lewis, Karla R | President, CEO | Direct | Sell | 12022025 | 283.50 | 5,809 | 1,646,832 | 23,933,065 | Form |
| 8 | Koch, Stephen Paul | Exec. VP, COO | Direct | Sell | 12022025 | 283.56 | 3,066 | 869,389 | 3,975,766 | Form |
Investor Activity (13F)
Updated Oct 28, 2026Active 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 Manager |
|---|
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Industry Resources
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