Here are 1-3 brief analogies for Worthington Enterprises (WOR):

• Imagine 3M, but with a strong focus on essential products like propane tanks, water heaters, and sustainable energy storage systems.

• Like Stanley Black & Decker for home and outdoor essentials (torches, propane tanks), but also a key provider of water heaters and future-focused hydrogen storage solutions.

Major Products of Worthington Enterprises (WOR)

• Building Products: Manufactures and sells water system solutions such as water heaters and expansion tanks, along with various structural building components for residential and commercial construction.
• Consumer Products: Provides a range of consumer goods including hand tools, outdoor living products like patio heaters, and branded retail propane tanks and accessories.
• Sustainable Energy Solutions: Offers specialized pressure cylinders and integrated systems for industrial gases, alternative fuels like hydrogen and natural gas, and other high-pressure applications.

Worthington Enterprises (WOR) - Major Customers

Worthington Enterprises (WOR) primarily sells its products and solutions to other companies (Business-to-Business, B2B) rather than directly to individual consumers. The company operates in two main segments: Building Products and Sustainable Energy Solutions.

Based on its public filings, including SEC 10-K reports, Worthington Enterprises does not publicly disclose specific "major customers" by name (e.g., those accounting for 10% or more of consolidated net sales). This typically indicates a diversified customer base across various industries and distribution channels.

However, the company serves a broad range of business customers, which can be categorized as follows:

• Original Equipment Manufacturers (OEMs): These are companies that incorporate Worthington's components (such as pressure cylinders, water system tanks, or alternative fuel systems) into their own finished products. Examples include manufacturers in the HVAC (heating, ventilation, and air conditioning), water heating, industrial machinery, and alternative fuel vehicle sectors.
• Distributors and Wholesalers: These companies purchase Worthington's products in bulk and then resell them to smaller businesses, retailers, or contractors. This category includes distributors of industrial gases, propane, plumbing and HVAC supplies, and architectural materials.
• Contractors and Fabricators: Businesses in the construction, plumbing, HVAC, or specialized fabrication industries that use Worthington's building products or structural components directly in their projects.

While specific customer names are not disclosed, these categories represent the core types of businesses that rely on Worthington Enterprises' products and solutions.

Joseph B. Hayek President & Chief Executive Officer

Joseph B. Hayek became President and Chief Executive Officer of Worthington Enterprises on November 1, 2024. Before this, he was the Executive Vice President and Chief Financial and Operations Officer of Worthington Enterprises after the separation of the Steel Processing business from Worthington Industries in December 2023. From 2018 to 2023, he served as Vice President and Chief Financial Officer of Worthington Industries. His experience at Worthington also includes roles as general manager of the oil and gas equipment business (2017-2018) and vice president of mergers & acquisitions and corporate development (2014-2017). Prior to joining Worthington, Hayek was the president of PCM/Sarcom, an IT solutions provider and the largest subsidiary of PCM, Inc. He also served as PCM's executive vice president of corporate development and investor relations from 2008 to 2012. Hayek spent 10 years in investment banking with Raymond James and Wachovia. He was instrumental in leading the strategic initiative to separate Worthington Industries into two standalone public companies, Worthington Enterprises and Worthington Steel, and in positioning both for growth. He also played a key role in guiding the company to record earnings through the COVID pandemic.

Colin J. Souza Vice President & Chief Financial Officer

Colin J. Souza was appointed Vice President and Chief Financial Officer of Worthington Enterprises, effective November 1, 2024. He joined the Company in 2011 and has held various finance and strategy roles throughout his tenure. In 2023, Souza led the project management office for the "Worthington 2024" strategic initiative, which involved separating the Steel Processing business to create two independent public companies. After the separation was completed in December 2023, he became Vice President of Finance, overseeing financial planning and analytics, corporate development, and mergers and acquisitions (M&A) functions. His previous roles include Director of Corporate Development and Mergers & Acquisitions from January 2021 to December 2023, and Manager of Corporate Development and Mergers & Acquisitions from July 2019 to December 2021. Souza has contributed to business growth and shareholder value by leading several acquisitions and divestitures, including HALO™-branded pizza ovens, Hexagon Ragasco composite cylinders, and the establishment of the Sustainable Energy Solutions joint venture.

John B. Blystone Chairman

John B. Blystone was named Chairman of the Board in December 2023. He has been a member of the Board since 1997 and was appointed Lead Director in 2007. Blystone is the retired Chairman, President, and Chief Executive Officer of SPX Corporation, a global provider of technical products and systems, industrial products and services, and flow technology and service solutions. He joined SPX Corporation in December 1995 and previously worked at General Electric, Tenneco, Inc., and Nuovo Pignone.

Sonya L. Higginbotham Sr Vice President & Chief of Corporate Affairs, Communications & Sustainability

Sonya L. Higginbotham has served as Senior Vice President & Chief of Corporate Affairs, Communications & Sustainability since 2023. Previously, she was the Vice President of Corporate Communications and Brand Management at the company. She joined Worthington Industries in 1997.

Patrick Kennedy Vice President - General Counsel & Secretary

Patrick Kennedy has been Vice President, General Counsel and Secretary since 2021. He joined the company's legal department as corporate counsel in 2016. Prior to joining Worthington, Kennedy was a partner with the law firm Ice Miller LLP, where he was a member of the firm's business law group.

Key Risks to Worthington Enterprises (WOR)

1. Competition from Foreign Manufacturers and Non-Compliant Products: Worthington Enterprises, as the sole American producer of various steel cylinders, faces significant competition from foreign manufacturers, particularly Chinese companies. This risk is exacerbated by the proliferation of non-compliant pressure cylinders, which lack proper safety certification and adherence to U.S. Department of Transportation (DOT) or UN standards. Such products pose substantial safety risks and could potentially damage Worthington's reputation and market share if consumers associate these broader safety concerns with the company's offerings.
2. Acquisition-Related Risks: The company's strategy involves acquisitions, such as the recent agreement to acquire LSI Group. These transactions introduce risks including increased leverage from revolver borrowings and the inherent challenges associated with integrating acquired businesses.
3. Slower Growth and Profitability Pressures: Worthington Enterprises is projected to experience earnings and revenue growth that lags broader market averages. Additionally, the company's profits have been, and may continue to be, pressured by one-off expenses and other sector-specific challenges.

The rapid and widespread global adoption of battery electric vehicles (BEVs) across various transportation and industrial sectors poses a clear emerging threat to Worthington Enterprises' strategic investments and growth trajectory within its Sustainable Energy Solutions segment, particularly concerning hydrogen storage. While Worthington Enterprises is positioning itself as a key supplier for hydrogen fuel cell electric vehicle (FCEV) and other hydrogen-economy applications, the accelerating dominance of BEVs could significantly limit the overall market size and demand for FCEV-related hydrogen storage tanks. This technological competition from BEVs threatens to constrain the growth potential and return on investment for WOR's focus on hydrogen solutions if FCEVs fail to achieve substantial market penetration or scale.

Worthington Enterprises (NYSE: WOR) operates in two primary business segments: Building Products and Consumer Products. The addressable markets for their main products and services are as follows:

Building Products Segment

• Green Building Materials / Sustainable Construction Materials: The global sustainable construction materials market was valued at approximately USD 422.27 billion in 2023 and is projected to reach USD 1,199.52 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.3% during the forecast period. North America dominated this market with a 32.05% share in 2023, and the U.S. market alone is projected to reach an estimated USD 289.50 billion by 2032. Another source estimates the global sustainable construction materials market size at USD 430 billion in 2023, predicted to grow to USD 1,241 billion by 2032 with a CAGR of roughly 12.5% between 2024 and 2032. North America is expected to dominate this market regionally.
• Building and Construction Sheets (includes metal framing and other components): The North America building and construction sheets market generated a revenue of USD 35,786.3 million in 2024 and is expected to grow at a CAGR of 5.7% from 2025 to 2030, reaching a projected revenue of US$49,894.9 million by 2030. Another report estimates the North America Building and Construction Sheets Market size at USD 26.50 billion in 2025, expected to reach USD 33.30 billion by 2030.
• North America Construction Materials: The North America Construction Materials market size was USD 568.62 billion in 2024 and is projected to reach USD 722.07 billion by 2031, growing at a CAGR of 2.2% from 2024 to 2031.

Consumer Products Segment

• Outdoor Living Products/Structures: The North America outdoor living structures market size was estimated at USD 997.6 million in 2024 and is expected to grow at a CAGR of 5.4% from 2025 to 2030, reaching a projected revenue of US$1,374.1 million by 2030. Another report states the North America outdoor living structures market is projected to reach USD 997.6 million by 2034, growing at a CAGR of 5.63% during the forecast period. The global outdoor living product market size was estimated at USD 158.61 billion in 2024 and is projected to grow to USD 228.44 billion by 2035, exhibiting a CAGR of 3.37% from 2025 to 2035. North America is the largest market for outdoor living products, accounting for approximately 45% of the global market share.
• Consumer Packaged Goods (CPG) in North America (including tools, celebrations, and other retail products): The North America Consumer Packaged Goods (CPG) market was valued at USD 630 billion in 2023. This market is projected to grow from USD 1645.0 billion in 2024 to USD 2320.4 billion by 2035, with a compound annual growth rate of 3.18% from 2025 to 2035. Another source states the North America CPG industry commands a $2 trillion valuation. The North America consumer packaged goods market is expected to reach a projected revenue of US$2589.41 billion by 2033, with a CAGR of 3.6% from 2025 to 2033.

Worthington Enterprises (WOR) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Growth in the Building Products Segment, driven by secular trends and strategic acquisitions: The Building Products segment has been identified as a primary contributor to recent revenue increases for Worthington Enterprises. The company is strategically positioned to benefit from secular trends, including investments in U.S. infrastructure and the growth in housing supply. Acquisitions, such as Elgen Manufacturing completed in June 2025, further bolster this segment's growth. In Q1 FY2026, the Building Products segment's net sales increased 32% year-over-year.
2. Strategic Acquisitions and Strong Performance from Joint Ventures: Worthington Enterprises employs a disciplined acquisition strategy, targeting market-leading positions in niche areas with high margins. The company recently acquired Elgen Manufacturing for approximately $91 million, which contributed $21 million in sales in Q1 FY2026. Additionally, strong performance from joint ventures like WAVE continues to contribute significant equity earnings, with WAVE contributing $32 million in Q1 FY2026 equity earnings.
3. Innovation and New Product Development: Innovation is a core growth driver for Worthington Enterprises, focusing on transforming and optimizing its businesses. Recent new product launches, including the Balloon Time Mini, A2L refrigerant cylinders, and new Halo grids, are aimed at capturing market share and attracting new customers.
4. Market Share Gains and Market Normalization: Management anticipates revenue growth from securing market share gains across various businesses, notably in heating and cooking, cooling, and construction. Furthermore, the company expects market normalization, particularly in the heating, cooking, and water segments, to contribute positively to future revenue. While the Consumer Products segment faced some macro headwinds, the company believes it is well-positioned for improvement as consumer sentiment and demand return to normalized levels.

Share Repurchases

• In the first quarter of fiscal 2026 (ended August 31, 2025), Worthington Enterprises repurchased 100,000 common shares for $6.3 million.
• As of August 31, 2025, the company had 5,265,000 common shares remaining on its repurchase authorization.

Share Issuance

• On December 1, 2023, Worthington Enterprises completed the separation of its Steel Processing business into Worthington Steel, Inc. Worthington Enterprises shareholders received one common share of Worthington Steel for every one common share of Worthington Industries (the former name of Worthington Enterprises) they held on the record date.

Inbound Investments

• On May 29, 2024, Worthington Enterprises formed a new unconsolidated joint venture with Hexagon for its former Sustainable Energy Solutions segment. Hexagon acquired a 49% stake in this joint venture for approximately $10 million plus closing cash.

Outbound Investments

• On June 18, 2025, Worthington Enterprises acquired Elgen Manufacturing, a designer and manufacturer of HVAC parts and components, for $91.2 million, net of cash acquired.
• On June 3, 2024, the company acquired Hexagon Ragasco, a leading manufacturer of composite propane cylinders, for approximately $98 million.
• In 2022, Worthington Enterprises acquired Level5® Tools, a provider of drywall tools.

Capital Expenditures

• Capital expenditures for the first quarter of fiscal 2026 (ended August 31, 2025) were $13.2 million, with approximately $8.6 million specifically for ongoing facility modernization projects.
• In the last 12 months (as of reported data around late 2024/early 2025), capital expenditures totaled $54.15 million.
• Increased capital expenditures related to ongoing facility modernization projects contributed to a decrease in free cash flow in Q1 FY2026.