Ryerson (RYZ)
Market Price (8/24/2026): $25.7 | Market Cap: $1.3 BilSector: Industrials | Industry: Industrial Machinery & Supplies & Components
Ryerson (RYZ)
Market Price (8/24/2026): $25.7Market Cap: $1.3 BilSector: IndustrialsIndustry: Industrial Machinery & Supplies & Components
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 32% Attractive yieldDividend Yield is 2.4% | Weak multi-year price returns2Y Excs Rtn is -45%, 3Y Excs Rtn is -81% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 99% Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 57x Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.2%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.2% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.5% Key risksRYZ key risks include [1] its sustained unprofitability and significant operating losses, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 32% |
| Attractive yieldDividend Yield is 2.4% |
| Weak multi-year price returns2Y Excs Rtn is -45%, 3Y Excs Rtn is -81% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 99% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 57x |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.2%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.2% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.5% |
| Key risksRYZ key risks include [1] its sustained unprofitability and significant operating losses, Show more. |
Qualitative Assessment
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Ryerson (RYZ) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. Fiscal Q2 2026 Earnings Highlighted Underlying Financial Pressures.
Despite exceeding top-line and earnings per share (EPS) estimates in its fiscal Q2 2026 report (period ended June 30, 2026), Ryerson's stock experienced a significant decline. The company reported adjusted EPS of $0.52, beating the consensus estimate by over 25%, and revenue of $2.01 billion, surpassing guidance. However, the report also revealed a gross margin contraction of 70 basis points to 17.7% in fiscal Q2 2026, largely attributed to a $15.7 million purchase accounting adjustment. Additionally, net debt increased by $30 million sequentially to $913 million by the end of fiscal Q2 2026, driven by higher working capital requirements, which likely concerned investors regarding profitability and balance sheet health.
2. Conservative Fiscal Q3 2026 Guidance Signaled a Potential Slowdown.
Management's forward-looking guidance for fiscal Q3 2026 projected a sequential moderation in key operational metrics. The company anticipated volumes to be down 3-5% sequentially and average selling prices to be flat to up only 0-2%. Furthermore, the forecast for fiscal Q3 2026 reported net income of $19-$21 million, or $0.37-$0.40 per diluted share, suggested a potential sequential decrease compared to the adjusted EPS of $0.52 achieved in fiscal Q2 2026. This cautious outlook for the upcoming quarter likely dampened market expectations for continued growth, contributing to investor apprehension.
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Ryerson (RYZ) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. Fiscal Q2 2026 Earnings Highlighted Underlying Financial Pressures.
Despite exceeding top-line and earnings per share (EPS) estimates in its fiscal Q2 2026 report (period ended June 30, 2026), Ryerson's stock experienced a significant decline. The company reported adjusted EPS of $0.52, beating the consensus estimate by over 25%, and revenue of $2.01 billion, surpassing guidance. However, the report also revealed a gross margin contraction of 70 basis points to 17.7% in fiscal Q2 2026, largely attributed to a $15.7 million purchase accounting adjustment. Additionally, net debt increased by $30 million sequentially to $913 million by the end of fiscal Q2 2026, driven by higher working capital requirements, which likely concerned investors regarding profitability and balance sheet health.
2. Conservative Fiscal Q3 2026 Guidance Signaled a Potential Slowdown.
Management's forward-looking guidance for fiscal Q3 2026 projected a sequential moderation in key operational metrics. The company anticipated volumes to be down 3-5% sequentially and average selling prices to be flat to up only 0-2%. Furthermore, the forecast for fiscal Q3 2026 reported net income of $19-$21 million, or $0.37-$0.40 per diluted share, suggested a potential sequential decrease compared to the adjusted EPS of $0.52 achieved in fiscal Q2 2026. This cautious outlook for the upcoming quarter likely dampened market expectations for continued growth, contributing to investor apprehension.
3. Negative Analyst Sentiment and Overvaluation Concerns Weighed on the Stock.
Leading up to and following the fiscal Q2 2026 earnings release, Ryerson faced negative sentiment from several equity analysts. Zacks Research downgraded Ryerson to a "strong sell" on June 24th, and Weiss Ratings maintained a "sell (d+)" rating on June 18th. Overall, MarketBeat.com data indicated an average "Sell" rating for the stock. Concurrently, valuation analyses suggested the stock was trading at a premium. For example, GuruFocus highlighted on August 12, 2026, that Ryerson's forward P/E ratio of 22.9x was significantly above its 5-year median of 6.0x, with the stock's price of $28.81 considered overvalued compared to a fair value estimate of $24.81. These perspectives likely contributed to investor decisions to sell, pushing the stock price lower.
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Stock Movement Drivers
Fundamental Drivers
The -8.6% change in RYZ stock from 4/30/2026 to 8/23/2026 was primarily driven by a -37.9% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 4302026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.52 | 25.15 | -8.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,571 | 5,839 | 27.7% |
| P/S Multiple | 0.2 | 0.2 | 15.2% |
| Shares Outstanding (Mil) | 32 | 52 | -37.9% |
| Cumulative Contribution | -8.6% |
Market Drivers
4/30/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| RYZ | -8.6% | |
| Market (SPY) | 6.5% | 20.2% |
| Sector (XLI) | 3.2% | 28.9% |
Fundamental Drivers
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Market Drivers
1/31/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| RYZ | ||
| Market (SPY) | 11.0% | 30.5% |
| Sector (XLI) | 9.3% | 36.2% |
Fundamental Drivers
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Market Drivers
7/31/2025 to 8/23/2026| Return | Correlation | |
|---|---|---|
| RYZ | ||
| Market (SPY) | 22.2% | 30.5% |
| Sector (XLI) | 19.8% | 36.2% |
Fundamental Drivers
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Market Drivers
7/31/2023 to 8/23/2026| Return | Correlation | |
|---|---|---|
| RYZ | ||
| Market (SPY) | 73.2% | 30.5% |
| Sector (XLI) | 70.0% | 36.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| RYZ Return | - | - | - | - | - | -10% | -10% |
| Peers Return | 77% | 35% | 26% | -4% | 31% | 21% | 356% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| RYZ Win Rate | - | - | - | - | - | 43% | |
| Peers Win Rate | 62% | 50% | 60% | 60% | 63% | 55% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| RYZ Max Drawdown | - | - | - | - | - | - | |
| Peers Max Drawdown | -21% | -31% | -26% | -29% | -25% | -26% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: RS, WS, CMC, STLD, NUE.
[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 8/21/2026 (YTD)
How Low Can It Go
RYZ has limited trading history. Below is the Industrials sector ETF (XLI) in its place.
| Event | XLI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.8% | -18.8% |
| % Gain to Breakeven | 18.8% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -11.7% | -9.5% |
| % Gain to Breakeven | 13.2% | 10.5% |
| Time to Breakeven | 45 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -20.1% | -24.5% |
| % Gain to Breakeven | 25.1% | 32.4% |
| Time to Breakeven | 125 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.6% | -33.7% |
| % Gain to Breakeven | 71.2% | 50.9% |
| Time to Breakeven | 231 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.7% | -19.2% |
| % Gain to Breakeven | 31.1% | 23.8% |
| Time to Breakeven | 120 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -11.1% | -12.2% |
| % Gain to Breakeven | 12.5% | 13.9% |
| Time to Breakeven | 51 days | 62 days |
In The Past
State Street Industrial Select Sector SPDR ETF's stock fell -15.8% during the 2025 US Tariff Shock. Such a loss loss requires a 18.8% 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.
RYZ has limited trading history. Below is the Industrials sector ETF (XLI) in its place.
| Event | XLI | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -20.1% | -24.5% |
| % Gain to Breakeven | 25.1% | 32.4% |
| Time to Breakeven | 125 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.6% | -33.7% |
| % Gain to Breakeven | 71.2% | 50.9% |
| Time to Breakeven | 231 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.7% | -19.2% |
| % Gain to Breakeven | 31.1% | 23.8% |
| Time to Breakeven | 120 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -22.5% | -17.9% |
| % Gain to Breakeven | 29.0% | 21.8% |
| Time to Breakeven | 114 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -60.5% | -53.4% |
| % Gain to Breakeven | 153.2% | 114.4% |
| Time to Breakeven | 700 days | 1085 days |
In The Past
State Street Industrial Select Sector SPDR ETF's stock fell -15.8% during the 2025 US Tariff Shock. Such a loss loss requires a 18.8% 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 Ryerson (RYZ)
Ryerson (RYZ) is a leading processor and distributor of industrial metals, operating across the United States, Canada, Mexico, and China. The company supplies a comprehensive range of metal products, including carbon steel, stainless steel, alloy steels, aluminum, nickel, and red metals. These materials are provided in various forms such as coils, sheets, bars (round, hexagon, square, flat), plates, structural shapes, and tubing.
Beyond simply distributing raw materials, Ryerson provides extensive value-added processing services. These services are crucial for customizing metals to specific client needs and include bending, cutting (laser, burning, sawing), drilling, welding, stamping, machining, polishing, and various other techniques. This capability allows Ryerson to deliver materials that are ready for immediate use in manufacturing or assembly, reducing the processing burden for its customers.
Ryerson serves a diverse array of industries, acting as a critical supplier for various manufacturing and fabrication sectors. Its primary customers come from commercial ground transportation, industrial machinery and equipment manufacturing, metal fabrication and machine shops, and the production of consumer durable equipment. The company also supports industries such as HVAC, construction equipment, food processing, agricultural equipment, and oil and gas, providing essential metal products and processing expertise.
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1. Home Depot for industrial metals.
2. Sysco for industrial metals.
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- Industrial Metals Distribution: Ryerson distributes a comprehensive array of industrial metals, including carbon steel, stainless steel, alloy steels, aluminum, nickel, and red metals, available in various shapes and forms.
- Metal Processing Services: The company provides extensive metal processing services, utilizing techniques such as cutting, shaping, finishing, and welding to customize materials according to customer specifications.
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Ryerson (RYZ) primarily sells its industrial metal products and processing services to other companies (B2B) across a diverse range of industries.
While specific major customer company names are not disclosed in the provided background information, Ryerson serves businesses operating within the following categories:
- Commercial ground transportation companies
- Metal fabrication and machine shops
- Industrial machinery and equipment manufacturers
- Consumer durable equipment manufacturers
- HVAC manufacturers
- Construction equipment manufacturers
- Food processing and agricultural equipment manufacturers
- Oil and gas sector companies
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Edward J. Lehner, Chief Executive Officer
Edward J. Lehner has served as President and Chief Executive Officer of Ryerson since June 2015, after joining the company in 2012 as Executive Vice President and Chief Financial Officer. Prior to his tenure at Ryerson, he held the position of Chief Financial Officer at PSC Metals, Inc., a diversified metals company, and previously at SeverCorr, LLC., a primary steel manufacturing company. His career also includes senior general management, operational, financial, accounting, tax, and consulting roles for Nucor, Birmingham Steel, Inc., Laurel Steel, and Deloitte. He also served as Managing Director at Greenseed Holdings, LLC.
James J. Claussen, Executive Vice President & Chief Financial Officer
James J. Claussen was appointed Executive Vice President & Chief Financial Officer of Ryerson effective January 11, 2021. He joined Ryerson in 2002 and, prior to becoming CFO, served as President of Central Steel & Wire Co., which was acquired by Ryerson in 2018. He also held various financial leadership positions within Ryerson, including CFO of its North-West Region and general manager of corporate development.
Richard T. Marabito, President and Chief Operating Officer
Richard T. Marabito serves as President and Chief Operating Officer of Ryerson, a role he assumed following the merger with Olympic Steel, Inc., effective February 24, 2026. He previously served as the Chief Executive Officer of Olympic Steel, Inc., and held the position of Executive Chairman of Olympic Steel's Board of Directors from January 2019, having served on its Board since 1984 and as CEO from 1984 until December 2018.
Mark S. Silver, Executive Vice President, Chief Legal & Risk Officer
Mark S. Silver is Ryerson's Executive Vice President, Chief Legal & Risk Officer, and is responsible for managing the company's legal, risk management, and real estate functions. He brings over 20 years of legal experience, including 12 years at Sara Lee Corporation where he held positions such as Vice President and Assistant General Counsel, Vice President of Corporate Development, and Chief Counsel, Mergers and Acquisitions. Earlier in his career, he was a corporate attorney at Kirkland & Ellis.
Andrew Greiff, Executive Vice President – Ryerson & President – Olympic Steel
Andrew Greiff holds the position of Executive Vice President – Ryerson & President – Olympic Steel, a role he assumed following the merger between Ryerson and Olympic Steel, Inc., effective February 24, 2026. Prior to the merger, he served as President and Chief Operating Officer of Olympic Steel.
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The key risks to Ryerson Holding Corporation's business include the inherent volatility of metal prices, the cyclical nature of the industrial metals industry and broader economic conditions, and the company's current financial performance, specifically its debt levels and recent profitability challenges.
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Metal Price Volatility
Ryerson's profitability is highly susceptible to significant fluctuations in the prices of industrial metals such as carbon steel, stainless steel, alloy steels, and aluminum. These price changes are driven by global supply and demand imbalances, geopolitical events, energy costs, and economic policies. Sudden price increases or decreases can severely impact the company's financial planning, gross margins, and net income, as its cost of materials sold and average selling prices are directly affected. Managing the costs of purchased metals relative to the price at which the company sells its products is a continuous challenge, especially during periods of rapid price escalation or deflation.
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Cyclicality of the Metals Industry and Economic Conditions
The industrial metals distribution industry, and thus Ryerson's business, is significantly influenced by macroeconomic cycles. Demand for its products, which serve various sectors including commercial ground transportation, industrial machinery, and construction equipment, is highly sensitive to overall economic conditions and manufacturing and construction activity. Downturns in these industries lead to reduced customer demand, lower sales volumes, and consequently, decreased revenues and profitability for Ryerson. The company's performance remains closely tied to these macroeconomic cycles and commodity volatility.
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Debt and Financial Performance/Profitability
Ryerson has reported widening net losses in recent periods. For instance, the company reported a net loss of $56.4 million for the full year 2025, compared to an $8.6 million net loss in 2024. This trend, coupled with a notable level of debt (net debt of $436 million as of Q4 2025), raises concerns about the company's financial health. The ability to cover debt with operating cash flow and sustain growth while maintaining shareholder returns is a significant immediate risk, particularly as the dividend is not currently supported by earnings.
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- Additive Manufacturing (3D Printing) of Metals: This technology allows for the direct creation of complex metal parts from digital designs, potentially reducing or eliminating the need for many of Ryerson's traditional processing services (such as cutting, bending, drilling, and welding) and the purchase of standard metal forms from distributors. As metal 3D printing becomes more cost-effective and capable, it could allow customers to produce parts in-house or through specialized print services, bypassing Ryerson's role in the supply chain for a segment of the market.
- Substitution by Advanced Materials: A clear trend in several industries Ryerson serves (e.g., commercial ground transportation, industrial machinery) is the increasing adoption of alternative, lighter-weight, and high-performance materials such as advanced composites (e.g., carbon fiber, fiberglass) and specialized polymers. These materials can replace traditional industrial metals in a growing number of applications, driven by demands for improved fuel efficiency, reduced weight, and enhanced performance, thereby eroding the demand for the carbon steel, stainless steel, aluminum, and other metals that Ryerson distributes and processes.
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Ryerson Holding Corporation (RYZ) operates in the industrial metals processing and distribution sector across the United States, Canada, Mexico, and China. The addressable markets for its main products and services are as follows:
Main Products
- Carbon Steel:
- In the United States, the carbon steel market generated a revenue of USD 73,060.1 million in 2024, with projections to reach USD 89,518.4 million by 2030.
- Globally, the carbon steel market was estimated at USD 1,017.52 billion in 2024 and is projected to reach USD 1,370.43 billion by 2030.
- Stainless Steel:
- The U.S. stainless steel market generated a revenue of USD 9,810.3 million in 2024, anticipated to reach USD 15,348.0 million by 2030.
- The combined U.S. and Mexico stainless steel market size was valued at USD 12.22 billion in 2024.
- The global stainless steel market size was valued at USD 154.2 billion in 2025 and is expected to reach USD 224.4 billion by 2032.
- Alloy Steels:
- In the United States, the alloy steel market generated a revenue of USD 3,388.6 million in 2024 and is expected to reach USD 4,328.2 million by 2030.
- The North America alloy steel market generated a revenue of USD 4,834.1 million in 2024, with projections to reach US$ 6,046.5 million by 2030.
- Globally, the alloy steel market size was valued at USD 89.83 billion in 2025 and is projected to grow to USD 169.23 billion by 2034.
- Aluminum:
- The U.S. aluminum market was valued at USD 14.32 billion in 2024 and is projected to reach USD 21.36 billion by 2032. Another estimate projects the U.S. aluminum market size to reach USD 43.05 billion by 2032.
- The global aluminum market size was accounted at USD 190.98 billion in 2025 and is expected to reach around USD 347.29 billion by 2035.
- Nickel:
- The United States nickel market size reached USD 11.7 billion in 2025 and is expected to reach USD 15.8 billion by 2034.
- The global nickel market size was USD 47.8 billion in 2025 and is projected to grow to USD 78.3 billion by 2034.
- Red Metals:
- null
Processing Services
- Metal Fabrication/Metal Service Centers:
- In the United States, the metal service center and distributor industry generates approximately $299.3 billion annually. The U.S. metal fabrication market size is USD 7,257.4 million in 2025.
- The Canadian metal fabrication market size is projected to be USD 1.09 billion in 2025, reaching USD 1.47 billion by 2031. Another source indicates the Canadian metal fabrication market was USD 1103.8 million in 2025.
- The Mexico metal fabrication market size reached USD 1,102.50 million in 2024 and is expected to reach USD 1,558.37 million by 2033.
- The metal fabrication market in China is valued at $364.4 billion in 2024. The China fabricated metal products market is projected to grow from USD 4.04 billion in 2024 to USD 6.01 billion in 2032.
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Expected Drivers of Future Revenue Growth for Ryerson (RYZ) over the Next 2-3 Years
- Merger with Olympic Steel and Synergy Realization: Ryerson's recently completed merger with Olympic Steel is a significant driver. The company expects to achieve approximately $120 million in annual run-rate synergies over the next two years, with about 33% anticipated in the first year. These synergies are projected to come from areas such as procurement, efficiency improvements, network optimization, and commercial enhancements, leading to a combined entity with greater scale and expanded product and service offerings.
- Improving Demand and Market Conditions: Management has noted "encouraging strength in customer quote and order activity" in early 2026, describing it as the "best demand start to a year since 2022." This indicates an expectation of increased volume of tons shipped and improved industrial activity, which should translate into higher revenue.
- Pricing Discipline and Gross Margin Expansion: After experiencing cost increases that outpaced price realization in late 2025, Ryerson anticipates gross margin expansion in the first quarter of 2026. This is expected as "better pricing propagates through the industrial metals value chain," suggesting an improved ability to pass on cost increases and enhance overall pricing power.
- Operational Efficiency and Modernization Investments: Ryerson has been consistently investing in modernization and automation, as well as integrating its North American service center network. These strategic investments, which aim for over 20% project returns on growth capital expenditure, are expected to enhance competitiveness, improve service, and expand capacity, thereby supporting revenue growth.
- Market Share Gains: A core component of Ryerson's longer-term strategy is to gain market share while achieving margin accretion. The company demonstrated market share gains across its metal mix even during a challenging macroeconomic environment in 2024, indicating a continued focus on expanding its customer base and increasing its portion of the industrial metals market.
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Share Repurchases
- Ryerson completed a share repurchase program, authorized in August 2022, amounting to US$166.63 million, which retired 5,847,014 shares by February 2026.
- In full-year 2023, the company repurchased 3.3 million shares for $113.9 million.
- Approximately $50.0 million was returned to shareholders through share repurchases in 2022.
Share Issuance
- On February 13, 2026, Ryerson completed its merger with Olympic Steel, issuing 1.7105 shares of Ryerson's common stock for each Olympic Steel common stock share, resulting in former Olympic Steel shareholders owning approximately 37% of the combined company.
Outbound Investments
- Ryerson completed a strategic merger with Olympic Steel on February 13, 2026, aiming to achieve approximately $120 million in annual run-rate synergies by early 2028.
- Since 2022, Ryerson made cumulative investments of $422 million in acquisitions and capital expenditures.
Capital Expenditures
- For 2026, expected capital expenditures are anticipated to be $50 million on a same-store basis, or $75 million including Olympic Steel.
- Capital expenditures for the full year 2025 were $52 million. Capital expenditures in 2024 were $99.6 million and peaked in 2023 at $121.9 million.
- The primary focus of capital expenditures includes investments in fixed assets, digitalization, and acquisitions, with a goal of moving further up the value chain and improving EBITDA margins.
Peer Outperformance in Industrial Machinery & Supplies & Components
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 25.2% | 124.7% | 202.2% | CDNL 3246% · STRL 2190% · FIX 2132% |
| Marine Transportation | 4 | 57.9% | 61.9% | 150.7% | MATX 212% · KEX 154% · SFL 148% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 12.3% | 66.8% | 120.6% | CAT 324% · ALSN 285% · WAB 252% |
| Aerospace & Defense | 55 | 11.1% | 70.2% | 79.6% | DFNS 2047% · ATI 1042% · FTAI 968% |
| Passenger Ground Transportation | 3 | -5.7% | 65.1% | 69.3% | UBER 96% · CAR 69% · LYFT -63% |
| Industrial Machinery & Supplies & Components ← | 71 | 11.5% | 56.0% | 56.3% | CRS 1440% · PSIX 846% · GHM 735% |
| Rail Transportation | 7 | 38.3% | 76.2% | 50.1% | FSTR 115% · CSX 65% · UNP 56% |
| Cargo Ground Transportation | 16 | 35.7% | 16.1% | 45.4% | XPO 270% · R 264% · CVLG 222% |
| Diversified Support Services | 34 | 8.9% | 37.5% | 34.9% | LIME 4674% · TH 369% · WLFC 347% |
| Trading Companies & Distributors | 18 | 2.2% | 36.4% | 32.1% | DXPE 523% · AIT 303% · URI 232% |
| Building Products | 33 | -8.8% | 15.9% | 28.8% | LMB 436% · GFF 413% · PPIH 289% |
| Electrical Components & Equipment | 41 | 26.1% | 44.8% | 28.3% | POWL 2374% · VRT 856% · BE 849% |
| Industrial Conglomerates | 17 | 15.8% | 26.3% | 4.9% | RCMT 727% · CSW 153% · TTI 145% |
| Office Services & Supplies | 10 | 14.0% | 25.0% | 3.8% | TILE 188% · PBI 159% · EBF 56% |
| Environmental & Facilities Services | 28 | -8.3% | 20.9% | 0.8% | CECO 863% · ADUR 661% · GEO 324% |
| Research & Consulting Services | 13 | -7.2% | -18.4% | -1.6% | HURN 220% · CRAI 97% · GRNQ 31% |
| Agricultural & Farm Machinery | 17 | -1.2% | -3.9% | -14.4% | BLBD 200% · DE 88% · GENC 65% |
| Data Processing & Outsourced Services | 6 | -30.4% | -9.5% | -24.5% | EXLS 59% · BR 16% · G -23% |
| Passenger Airlines | 11 | 5.9% | -4.6% | -29.3% | LTM 2324% · UAL 140% · SKYW 130% |
| Human Resource & Employment Services | 20 | 4.5% | -19.4% | -36.1% | BBSI 89% · ADP 51% · KFY 36% |
| Air Freight & Logistics | 12 | -16.2% | -24.2% | -39.1% | CHRW 78% · FDX 67% · EXPD 62% |
| Security & Alarm Services | 10 | -36.2% | -14.3% | -43.4% | CIX 107% · MG 93% · BCO 52% |
| Airport Services | 3 | -69.1% | -69.0% | -58.3% | JOBY -31% · ASLE -58% · UP -100% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Ryerson Stock Pre-Market (-4.9%): Goes Ex-Dividend, Magnifying Technical Weakness | 03/06/2026 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 147.50 |
| Mkt Cap | 13.6 |
| Rev LTM | 12,096 |
| Op Inc LTM | 965 |
| FCF LTM | 467 |
| FCF 3Y Avg | 529 |
| CFO LTM | 846 |
| CFO 3Y Avg | 1,056 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 16.3% |
| Rev Chg 3Y Avg | 0.2% |
| Rev Chg Q | 24.7% |
| QoQ Delta Rev Chg LTM | 6.1% |
| Op Inc Chg LTM | 34.8% |
| Op Inc Chg 3Y Avg | -10.1% |
| Op Mgn LTM | 8.1% |
| Op Mgn 3Y Avg | 8.5% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 6.7% |
| CFO/Rev 3Y Avg | 9.4% |
| FCF/Rev LTM | 3.9% |
| FCF/Rev 3Y Avg | 3.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Carbon Steel Flat | 1,280 | 1,380 | 1,328 | 1,897 | 1,759 |
| Aluminum Flat | 731 | 736 | 766 | 822 | 681 |
| Stainless Steel Flat | 640 | 690 | 766 | 1,075 | 1,022 |
| Carbon Steel Long | 549 | 552 | 715 | 822 | 738 |
| Carbon Steel Plate | 411 | 460 | 562 | 632 | 568 |
| Aluminum Long | 274 | 184 | 204 | 253 | 227 |
| Stainless Steel Long | 229 | 184 | 255 | 316 | 227 |
| Stainless Steel Plate | 229 | 230 | 255 | 253 | 284 |
| Aluminum Plate | 183 | 138 | 153 | 126 | 114 |
| Other | 46 | 46 | 102 | 126 | 57 |
| Total | 4,571 | 4,599 | 5,109 | 6,324 | 5,675 |
Price Behavior
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.02 | 0.20 | 0.84 | -0.02 | 0.31 | 0.13 |
| Up Beta | -4.09 | -3.55 | -2.61 | 0.88 | -0.58 | 0.61 |
| Down Beta | 2.04 | 1.46 | 0.63 | 0.49 | 0.80 | 0.52 |
| Up Capture | 328% | 74% | 193% | 157% | 70% | 7% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 13 | 23 | 35 | 58 | 58 | 58 |
| Down Capture | 119% | 84% | 189% | 143% | 94% | 53% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 9 | 20 | 28 | 51 | 51 | 51 |
[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 RYZ | |
|---|---|---|---|---|
| RYZ | -6.4% | 52.7% | -0.07 | - |
| Sector ETF (XLI) | 20.5% | 17.1% | 0.92 | 36.2% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 30.5% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 20.3% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | -19.7% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 26.7% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 8.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RYZ | |
|---|---|---|---|---|
| RYZ | -1.3% | 52.7% | -0.07 | - |
| Sector ETF (XLI) | 13.1% | 17.6% | 0.57 | 36.2% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 30.5% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 20.3% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | -19.7% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 26.7% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 8.2% |
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 RYZ | |
|---|---|---|---|---|
| RYZ | -0.7% | 52.7% | -0.07 | - |
| Sector ETF (XLI) | 13.8% | 20.0% | 0.60 | 36.2% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 30.5% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 20.3% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | -19.7% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 26.7% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 8.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/23/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/30/2023 | 10-Q |
| 06/30/2023 | 07/31/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/23/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/30/2023 | 10-Q |
| 06/30/2023 | 07/31/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 10/28/2020 | 10-Q |
| 06/30/2020 | 07/29/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 03/04/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
Recent Forward Guidance
Updated 7/30/2026Latest: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Shipments | -0.05 | -0.04 | -0.03 | -4.0% | |||
| Q3 2026 Average Selling Price | 0 | 0.01 | 0.02 | 1.0% | |||
| Q3 2026 Revenue | 1.87 Bil | 1.91 Bil | 1.95 Bil | 0.8% | Higher New | Guidance: 1.90 Bil for Q2 2026 | |
| Q3 2026 Net Income | 19.00 Mil | 20.00 Mil | 21.00 Mil | -4.8% | Lower New | Guidance: 21.00 Mil for Q2 2026 | |
| Q3 2026 EPS | 0.37 | 0.39 | 0.4 | -3.8% | Lower New | Guidance: 0.4 for Q2 2026 | |
| Q3 2026 LIFO Expense | 16.00 Mil | 17.00 Mil | 18.00 Mil | ||||
| Q3 2026 Adjusted EBITDA, excluding LIFO | 88.00 Mil | 90.00 Mil | 92.00 Mil | 0.0% | Same New | Guidance: 90.00 Mil for Q2 2026 | |
Prior: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 1.86 Bil | 1.90 Bil | 1.93 Bil | 22.3% | Higher New | Guidance: 1.55 Bil for Q1 2026 | |
| Q2 2026 Net Income | 20.00 Mil | 21.00 Mil | 22.00 Mil | 90.9% | Higher New | Guidance: 11.00 Mil for Q1 2026 | |
| Q2 2026 EPS | 0.38 | 0.4 | 0.42 | ||||
| Q2 2026 Adjusted EBITDA, excluding LIFO | 88.00 Mil | 90.00 Mil | 92.00 Mil | 38.5% | Higher New | Guidance: 65.00 Mil for Q1 2026 | |
Q4 2025 Earnings Reported 2/19/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 1.52 Bil | 1.55 Bil | 1.58 Bil | 42.2% | Higher New | Guidance: 1.09 Bil for Q4 2025 | |
| Q1 2026 Adjusted EBITDA, excluding LIFO | 63.00 Mil | 65.00 Mil | 67.00 Mil | 85.7% | Higher New | Guidance: 35.00 Mil for Q4 2025 | |
| Q1 2026 Net Income | 10.00 Mil | 11.00 Mil | 12.00 Mil | ||||
| Q1 2026 LIFO Expense | 6.00 Mil | 7.00 Mil | 8.00 Mil | -41.7% | Lower New | Guidance: 12.00 Mil for Q4 2025 | |
Insider Activity
Updated 7/27/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kannan, Molly D | CAO & Corporate Controller | Direct | Sell | 6152026 | 30.00 | 1,000 | 30,000 | 739,094 | Form |
| 2 | Kannan, Molly D | CAO & Corporate Controller | Direct | Sell | 6012026 | 28.42 | 3,000 | 85,260 | 728,588 | Form |
| 3 | Silver, Mark S | EVP, Chief Legal/Risk Officer | Direct | Sell | 6012026 | 27.91 | 11,174 | 311,843 | 3,353,999 | Form |
| 4 | Kannan, Molly D | CAO & Corporate Controller | Direct | Sell | 5152026 | 26.18 | 2,500 | 65,456 | 749,766 | Form |
| 5 | Claussen, James J | Executive Vice President & CFO | Direct | Sell | 2042026 | 30.00 | 4,972 | 149,160 | 2,228,530 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kannan, Molly D | CAO & Corporate Controller | Direct | Sell | 6152026 | 30.00 | 1,000 | 30,000 | 739,094 | Form |
| 2 | Kannan, Molly D | CAO & Corporate Controller | Direct | Sell | 6012026 | 28.42 | 3,000 | 85,260 | 728,588 | Form |
| 3 | Silver, Mark S | EVP, Chief Legal/Risk Officer | Direct | Sell | 6012026 | 27.91 | 11,174 | 311,843 | 3,353,999 | Form |
| 4 | Kannan, Molly D | CAO & Corporate Controller | Direct | Sell | 5152026 | 26.18 | 2,500 | 65,456 | 749,766 | Form |
| 5 | Claussen, James J | Executive Vice President & CFO | Direct | Sell | 2042026 | 30.00 | 4,972 | 149,160 | 2,228,530 | Form |
| 6 | Lehner, Edward J | President & CEO | Direct | Sell | 1232026 | 30.06 | 59,001 | 1,773,570 | 17,832,448 | Form |
| 7 | Lehner, Edward J | President & CEO | Direct | Sell | 1232026 | 30.01 | 1,000 | 30,008 | 19,572,102 | Form |
| 8 | Kannan, Molly D | CAO & Corporate Controller | Direct | Sell | 8222025 | 22.24 | 2,528 | 56,223 | 523,006 | Form |
Investor Activity (13F)
Updated Aug 24, 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
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Industrial Machinery & Supplies & Components Resources |
| Machine Design |
| Modern Machine Shop |
| Industrial Equipment News (IEN) |
External Quote Links
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| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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