One-glance verdict
Undervalued
$47.73 our estimate vs market $28.03
Wall Street consensus: $29.00 (-39.2% lower than our fair-value estimate)
41% below our estimate, below the bear case
Fundamentals snapshot
Ryerson Holding Corporation
RYZ · NYQ · Industrials · Metal Fabrication
Current price
$28.03
52-week range
$19.34 - $32.00
Market cap
$1.45B
Balance sheet
Distressed
-0.70x Concerning
Net debt $1.31B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Revenue grew 27.7% last year.
- Reward Free cash flow was positive in 8/10 years.
- Risk Net debt grew 38.8% over 3 years.
- Risk Insider ownership is only 6.3% (peer median: 21.2%).
What this company does
Ryerson Holding Corporation
Ryerson Holding Corporation sells a wide variety of metals like steel and aluminum, shaped into different forms, to many industries including transportation and manufacturing. Their main source of money comes from selling these metals and offering services to process them, which means they need efficient operations to keep their profit margins (the percentage of each sales dollar left after covering the costs of making and selling their products) healthy. Understanding how well they manage their supply chain (the network of businesses involved in getting raw materials and delivering finished products) is key to seeing how they make money.
How the company got here
Ryerson Holding Corporation has a long history, dating back to 1842 when Joseph T. Ryerson opened an iron store in Chicago. Over the decades, it evolved from a simple metal merchant into a comprehensive metals service center and processor. The company has navigated significant historical events, including the Great Chicago Fire and various economic downturns, adapting its business model to meet the changing needs of industrial manufacturing. Ryerson has grown through strategic acquisitions and by expanding its service center network across North America and into China. It became a publicly traded company on the New York Stock Exchange in 2014.
What it actually does
Ryerson acts as a crucial link between metal producers and the manufacturers who use metal in their products. Instead of buying directly from large mills, manufacturers often rely on Ryerson to supply them with specific types and shapes of metal, already processed to their exact specifications. This saves manufacturers time, labor, and the cost of handling scrap metal. Ryerson essentially provides a one-stop shop for industrial metals, offering not just the raw materials but also the services to make them ready for use.
Industrial Metals Distribution and Processing
This is Ryerson's core business, where it distributes and processes a wide variety of industrial metals. These include common materials like carbon steel, as well as more specialized ones such as stainless steel, alloy steels, aluminum, and nickel. Ryerson stocks these metals in various forms like coils, sheets, bars, and tubes. The company then processes these metals through services like cutting, sawing, slitting, and leveling to meet precise customer requirements. This segment is the largest part of Ryerson's operations, serving a broad range of industries from transportation to heavy equipment.
Value-Added Processing Services
Beyond simply distributing metal, Ryerson offers a suite of value-added processing services that make the metal ready for immediate use by manufacturers. These services include cutting metal to specific lengths, shaping it, drilling holes, applying finishes like painting, and even more complex fabrication. These services are critical for customers who need custom- તૈયાર metal components without investing in their own specialized machinery or labor. This part of the business helps Ryerson differentiate itself by providing tailored solutions that go beyond basic metal supply.
What management is betting on now
Ryerson's current strategy focuses on enhancing the quality of its earnings by emphasizing value-added processing and fabrication services, which tend to be more profitable than simply distributing raw metal. The company is also working to improve its product mix by focusing on higher-value metals like stainless steel and aluminum. Strategic acquisitions are being used to expand its capabilities and geographic reach. Furthermore, Ryerson is investing in digital tools to improve customer experience and operational efficiency, aiming to make it easier for customers to do business with them. A key recent development is the merger with Olympic Steel, Inc., which management believes will unlock significant cost and revenue synergies.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$103.00M
FY2024 Q4
$68.70M
FY2025 Q1
$-49.20M
FY2025 Q2
$13.90M
FY2025 Q3
$-21.10M
FY2025 Q4
$91.90M
FY2026 Q1
$-191.40M
FY2026 Q2
$5.10M
Revenue
$2.01B
Net income
$15.50M
Diluted EPS
0.30
Operating cash flow
$21.40M
Free cash flow
$5.10M
Fetching…
Sources
Revenue
$1.57B
Net income
$4.50M
Diluted EPS
0.10
Operating cash flow
$-179.20M
Free cash flow
$-191.40M
Fetching…
Sources
Revenue
$1.10B
Net income
$-37.90M
Diluted EPS
-1.18
Operating cash flow
$112.70M
Free cash flow
$91.90M
Fetching…
Sources
Revenue
$1.16B
Net income
$-14.80M
Diluted EPS
-0.46
Operating cash flow
$-8.30M
Free cash flow
$-21.10M
Fetching…
Sources
Revenue
$1.17B
Net income
$1.90M
Diluted EPS
0.06
Operating cash flow
$23.80M
Free cash flow
$13.90M
Fetching…
Sources
Revenue
$1.14B
Net income
$-5.60M
Diluted EPS
-0.18
Operating cash flow
$-41.20M
Free cash flow
$-49.20M
Fetching…
Sources
Revenue
$1.01B
Net income
$-4.30M
Diluted EPS
-0.13
Operating cash flow
$92.20M
Free cash flow
$68.70M
Fetching…
Sources
Revenue
$1.13B
Net income
$-6.60M
Diluted EPS
-0.20
Operating cash flow
$134.60M
Free cash flow
$103.00M
Fetching…
Sources
Is it cheap or expensive?
Fair value $47.73 vs current price $28.03
Wall Street consensus is the average analyst price target: $29.00 (-39.2% lower than our fair-value estimate).
Our most-likely fair value is $47.73 a share — about 70.3% above today's price of $28.03, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Distressed
Net debt $1.3B. Interest coverage -0.7x.
Net debt
$1.31B
Interest coverage
-0.70x
Ryerson Holding Corporation's profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
RYZ
BASELINE
Ryerson Holding Corporation
Total debt $1.35B Interest coverage -0.70x This is the baseline the peer rows are being compared against.
Total debt $2.59B Interest coverage 3.73x This peer still has a real interest-payment cushion, while RYZ does not.
Total debt $1.34B Interest coverage 0.67x This peer still has a real interest-payment cushion, while RYZ does not.
Total debt $343.75M Interest coverage 9.53x This peer still has a real interest-payment cushion, while RYZ does not.
Total debt $101.32M Interest coverage 6.25x This peer still has a real interest-payment cushion, while RYZ does not.
What you should know
The case for and against RYZ
3 Rewards
3 Risks
Rewards
-
Revenue grew 27.7% last year.
-
Free cash flow was positive in 8/10 years.
-
Dividend yield is 2.7% with 6-year payout history.
Risks
-
Net debt grew 38.8% over 3 years.
-
Insider ownership is only 6.3% (peer median: 21.2%).
-
Operating margin compressed from 9.1% to 1.9% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
11.88x
P/B
1.13x
P/S
0.25x
EV/EBITDA
22.56x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
17.3%
Operating margin
1.9%
Net margin
-0.6%
ROE
-2.9%
ROA
0.5%
Health
Liquidity and balance-sheet strength
Debt / equity
1.04x
Current ratio
2.21x
Quick ratio
0.96x
Total debt
$1.35B
Total cash
$41.90M
Growth
How the business has been compounding
Revenue TTM
$5.84B
Revenue 5Y CAGR
-5.3%
EPS TTM
-1.22
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$-53.40M
Free CF TTM
$35.50M
FCF margin
0.6%
Dividend
Shareholder payout
Yield
2.7%
Payout ratio
118.7%
Last ex-div date
2026-09-03