Reliance
RS on NYSE. Metals service centers & of fices. Market value $20.8bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $2.63 of spare cash in the past 12 months. A savings account pays about $4.
You pay 17.7 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 18 cents a year. Above 10 is good.
Quality score: 95 of 100. Price score: 61 of 100. Our list needs 70 on quality and 60 on price.
$401.49 a share, 54% above its 1-year low
Over the past year the price has ranged from $260.31 to $433.02.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $14.1bn | $17.0bn | $14.8bn | $13.8bn | $14.3bn |
| Operating margin | |||||
| Operating margin | 13.8% | 14.7% | 11.7% | 8.4% | 7.1% |
| Debt to equity | |||||
| Debt to equity | 0.27 | 0.23 | 0.15 | 0.16 | 0.20 |
| Shares outstanding | |||||
| Shares outstanding | 0.06bn | 0.06bn | 0.05bn | 0.05bn | 0.05bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)6 of 9
- Profit backed by cash (accruals)Yes
- Debt0.20× equity
- Revenue growth, five yearsStrong, 10.2% a year
- Buying back its own sharesYes, 13% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $4.6 billion last quarter, up 27% on a year ago.
- Profit: $323 million, up 38% on a year ago.
- It keeps 8 cents of each $1 of sales as operating profit, up from 7 cents a year earlier.
- Spare cash over the past 12 months: $540 million, down from $833 million.
- 3% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $1.4 billion more than cash, up from $1.2 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $3.4bn |
| December 2024 | $3.1bn |
| March 2025 | $3.5bn |
| June 2025 | $3.7bn |
| September 2025 | $3.7bn |
| December 2025 | $3.5bn |
| March 2026 | $4.0bn |
| June 2026 | $4.6bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $199m |
| December 2024 | $105m |
| March 2025 | $200m |
| June 2025 | $234m |
| September 2025 | $190m |
| December 2025 | $117m |
| March 2026 | $265m |
| June 2026 | $323m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 27 October 2026
Who owns it
6 long-term investors we follow own it, unchanged from 6 last quarter. 684 funds in all.
- Yacktman Asset ManagementStephen Yacktman
- Value
- $261m
- Share of fund
- 3.2%
- LSV Asset ManagementJosef Lakonishok
- Value
- $1m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Boston PartnersBoston Partners team | $822m | 0.7% | Added |
| Yacktman Asset ManagementStephen Yacktman | $261m | 3.2% | |
| Royce & AssociatesChuck Royce | $46m | 0.4% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $33m | <0.1% | Added |
| LSV Asset ManagementJosef Lakonishok | $1m | <0.1% | |
| First Eagle Investment ManagementMatthew McLennan | $1m | <0.1% | Added |
Largest holders overall
- BlackRock$2.2bn
- Vanguard Portfolio Management$1.2bnCut
- State Street$981mCut
- Vanguard Capital Management$862m
- Boston Partners$822mAdded
- Price T Rowe Associates$576m
- Wellington Management Group LLP$497mCut
- Geode Capital Management$355m
- Franklin Resources$311mCut
- Yacktman Asset Management$261m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Vanguard Portfolio ManagementPassive investor6.6%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.2%Since 31 March 2026
- STATE STREET CORPORATIONPassive investor5.2%Since 31 December 2025
- T. Rowe Price Associates, Inc.Passive investorSold down below 5%Since 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Portfolio Management Passive investor | 6.6% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.2% | 31 March 2026 | |
STATE STREET CORPORATION Passive investor | 5.2% | 31 December 2025 | |
T. Rowe Price Associates, Inc. Passive investor | Sold down below 5% | 30 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 5 sold $16m.
- Colonias Karen WinifredDirectorSold
- Date
- 26 August 2026
- Shares
- 1,542
- Price
- $390.13
- Value
- $601,580
- Ajemyan ArthurSVP, CFOSold
- Date
- 31 July 2026
- Shares
- 2,200
- Price
- $410.11
- Value
- $902,242
- Smith William A IISVP, General Counsel, Corp SecSold
- Date
- 28 July 2026
- Shares
- 2,353
- Price
- $414.21
- Value
- $974,630
- Ajemyan ArthurSVP, CFOSold
- Date
- 27 April 2026
- Shares
- 3,500
- Price
- $358.12
- Value
- $1m
- Smith William A IISVP, General Counsel, Corp SecSold
- Date
- 9 March 2026
- Shares
- 6,615
- Price
- $298.61
- Value
- $2m
- Koch Stephen PaulExec. VP, COOSold
- Date
- 23 February 2026
- Shares
- 24,060
- Price
- $321.62
- Value
- $8m
- Lewis Karla RPresident, CEO, DirectorSold
- Date
- 1 December 2025
- Shares
- 5,809
- Price
- $283.50
- Value
- $2m
- Koch Stephen PaulExec. VP, COOSold
- Date
- 1 December 2025
- Shares
- 3,066
- Price
- $283.56
- Value
- $869,389
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 26 August 2026 | Colonias Karen Winifred Director | Sold | 1,542 | $390.13 | $601,580 |
| 31 July 2026 | Ajemyan Arthur SVP, CFO | Sold | 2,200 | $410.11 | $902,242 |
| 28 July 2026 | Smith William A II SVP, General Counsel, Corp Sec | Sold | 2,353 | $414.21 | $974,630 |
| 27 April 2026 | Ajemyan Arthur SVP, CFO | Sold | 3,500 | $358.12 | $1m |
| 9 March 2026 | Smith William A II SVP, General Counsel, Corp Sec | Sold | 6,615 | $298.61 | $2m |
| 23 February 2026 | Koch Stephen Paul Exec. VP, COO | Sold | 24,060 | $321.62 | $8m |
| 1 December 2025 | Lewis Karla R President, CEO, Director | Sold | 5,809 | $283.50 | $2m |
| 1 December 2025 | Koch Stephen Paul Exec. VP, COO | Sold | 3,066 | $283.56 | $869,389 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.