WORTHINGTON ENTERPRISES, INC.

Listed Company

WORCIK 0000108516NYSELarge AcceleratedSteel Works, Blast Furnaces & Rolling & Finishing MillsOhioFY ends May 31

Period

FY 2025

Revenue

$1.15B

Net Income

$96.05M

Total Assets

$1.70B

Equity

$937.19M

Shares Out

49.25M

Op. Cash Flow

$209.74M

Business

WORTHINGTON ENTERPRISES, INC. designs and manufactures consumer and building products sold primarily through retail and distributor channels. It offers tools, outdoor living and celebration products (including torches, helium kits, grills, hand tools) and specialized building products such as pressurized containment solutions (refrigerant and LPG cylinders, water and expansion tanks) and HVAC components. The company operates through two reportable segments, Consumer Products and Building Products, and complements its wholly owned operations with unconsolidated joint ventures including WAVE and ClarkDietrich. Products are distributed to mass merchandisers, home centers, retailers and commercial customers across the U.S., Canada and international markets including Europe.

Summary from filing dated 2025-07-30

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-05-31	FY 2024 2024-05-31	FY 2023 2023-05-31	FY 2022 2022-05-31	FY 2021 2021-05-31
Net sales	1,154	1,246	1,418	1,309	3,171
Cost of goods sold	835	961	1,095	982	2,532
Gross profit	319	285	324	328	639
Selling, general and administrative expense	268	283	287	281	351
Impairment of goodwill and long-lived assets	51	33	484,000	3	14
Restructuring and other expense (income), net	11	29	−367,000	−3	56
Separation costs	—	13	7	—	—
Operating income (loss)	−11	−73	30	49	167
Miscellaneous expense, net	−3	−17	−4	2	2
Loss on extinguishment of debt	—	−2	—	—	0
Interest expense, net	−2	−2	−18	−24	−30
Equity in net income of unconsolidated affiliates	145	168	153	184	123
Earnings before income taxes	129	74	160	211	918
Income tax expense	34	39	35	53	176
Net earnings from continuing operations	95	35	126	158	—
Net earnings from discontinued operations	—	83	143	241	—
Net earnings	95	118	269	399	741
Net earnings (loss) attributable to noncontrolling interests	−1	7	13	20	18
Net earnings attributable to controlling interest	96	111	257	379	724
Net earnings from continuing operations	96	35	126	158	—
Net earnings from discontinued operations	—	75	131	221	—
Continuing operations	1.94	0.72	2.59	3.16	—
Discontinued operations	—	1.53	2.69	4.44	—
Consolidated (per share)	1.94	2.25	5.28	7.6	13.73
Continuing operations	1.92	0.7	2.55	3.1	—
Discontinued operations	—	1.5	2.64	4.34	—
Consolidated (per share)	1.92	2.2	5.19	7.44	13.42
Weighted average common shares outstanding - basic	49	49	49	50	53
Weighted average common shares outstanding - diluted	50	50	49	51	54

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-05-31	FY 2024 2024-05-31	FY 2023 2023-05-31	FY 2022 2022-05-31	FY 2021 2021-05-31
Cash and cash equivalents	250	244	422	34	640
Receivables, less allowances of $907 and $343 , respectively	216	200	225	857	640
Raw materials	81	66	92	324	266
Work in process	9	12	19	255	183
Finished products	79	87	83	181	115
Total inventories	169	165	194	759	565
Income taxes receivable	13	17	2	21	2
Prepaid expenses and other current assets	37	48	46	94	69
Total current assets	685	674	1,868	1,786	1,968
Investments in unconsolidated affiliates	129	145	138	327	233
Operating lease assets	23	19	25	99	35
Goodwill	376	332	336	321	351
Other intangible assets, net of accumulated amortization of $88,887 and $83,242 respectively	190	221	231	299	240
Other assets	21	21	14	34	31
Land	9	9	12	51	22
Buildings and improvements	133	123	140	303	271
Machinery and equipment	373	322	404	1,197	1,046
Construction in progress	33	25	25	59	54
Total property, plant and equipment	548	478	580	1,611	1,393
Less: accumulated depreciation	277	251	324	915	878
Total property, plant and equipment, net	270	227	256	696	515
Total assets	1,695	1,639	3,651	3,643	3,373
Accounts payable	103	92	127	668	567
Accrued compensation, contributions to employee benefit plans and related taxes	44	42	47	118	138
Dividends payable	9	9	18	16	17
Other accrued items	34	29	38	70	52
Current operating lease liabilities	6	6	7	12	10
Income taxes payable	109,000	470,000	9	300,000	4
Total current liabilities	197	178	718	932	788
Other liabilities	53	62	72	116	83
Distributions in excess of investment in unconsolidated affiliate	104	112	117	81	100
Long-term debt	303	298	690	696	710
Noncurrent operating lease liabilities	17	13	18	88	27
Deferred income taxes, net	83	84	82	115	114
Total liabilities	757	748	1,829	2,029	1,822
Preferred shares, without par value; authorized - 1,000,000 shares; issued and outstanding - none	—	—	—	—	—
Common shares, without par value; authorized - 150,000,000 shares; issued and outstanding, 2024 - 49,512,937 shares, 2023 - 48,659,323 shares	—	—	—	—	—
Additional paid-in capital	309	299	291	273	283
Accumulated other comprehensive income (loss), net of taxes of $(911) and $(5) May 31, 2024 and May 31, 2023, respectively	4	454,000	−23	−23	45
Retained earnings	625	589	1,428	1,230	1,070
Total shareholders' equity - controlling interest	937	889	1,696	1,481	1,398
Noncontrolling interests	1	2	126	133	154
Total equity	938	891	1,822	1,614	1,552
Total liabilities and equity	1,695	1,639	3,651	3,643	3,373

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-05-31	FY 2024 2024-05-31	FY 2023 2023-05-31	FY 2022 2022-05-31	FY 2021 2021-05-31
Depreciation and amortization	48	81	113	99	88
Impairment of goodwill and long-lived assets	51	34	3	3	—
Provision for (benefit from) deferred income taxes	−18	3	−16	19	—
Impairment of investment in note receivable	5	11	—	—	—
Bad debt expense (income)	3	−450,000	2	959,000	−255,000
Equity in net income of unconsolidated affiliates, net of distributions	9	6	80	−114	32
Net (gain) loss on sale of assets	277,000	29	−4	−16	54
Stock-based compensation	16	17	19	16	19
Receivables	−22	50	143	−151	−223
Inventories	12	64	160	−118	−170
Accounts payable	619,000	−65	−150	12	315
Accrued compensation and employee benefits	2	468,000	−23	−29	76
Other operating items, net	9	−58	30	−51	20
Net cash provided by operating activities	210	290	625	70	274
Investment in property, plant and equipment	−51	−84	−86	−95	−82
Acquisitions, net of cash acquired	−95	−42	−56	−377	−130
Proceeds from sale of assets, net of selling costs	13	865,000	36	40	46
Investment in note receivable	—	−15	—	—	—
Investment in non-marketable equity securities	−3	−2	−770,000	—	—
Net proceeds from sale of investment in ArtiFlex	—	—	36	—	—
Excess distributions from unconsolidated affiliate	—	1	—	—	—
Net cash used by investing activities	−135	−141	−72	−438	469
Dividends paid	−34	−57	−59	−57	−53
Repurchase of common shares	−31	—	—	−180	−192
Proceeds from issuance of common shares, net of tax withholdings	−4	−11	−2	−6	7
Dividend from Worthington Steel at Separation	—	150	—	—	—
Distribution to Worthington Steel at Separation	—	−218	—	—	—
Net proceeds from (repayments of) short-term borrowings, net of issuance costs	—	172	−45	42	—
Principal payments on long-term obligations	—	−394	−7	−565,000	−622,000
Payments to noncontrolling interests	—	−2	−20	−35	−11
Net cash used by financing activities	−69	−360	−133	−238	−250
Increase (decrease) in cash and cash equivalents	6	−211	420	−606	493

Filings

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