Worthington Enterprises
WOR on NYSE. Worthington Enterprises sells propane cylinders, tools and building products to retailers and builders. Market value $3.0bn.
Price checks use the past 12 months to May 2026. Quality checks use five annual reports, the latest for the year to May 2026.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Materials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $5.64 of spare cash in the past 12 months. A savings account pays about $4.
You pay 43.2 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 1 cents a year. Above 10 is good.
Quality score: 40 of 100. Price score: 60 of 100. Our list needs 70 on quality and 60 on price.
$61.64 a share, 37% above its 1-year low
Over the past year the price has ranged from $45.01 to $67.54.
Dividend: 1.2% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.3bn | $1.4bn | $1.2bn | $1.2bn | $1.4bn |
| Operating margin | |||||
| Operating margin | 3.7% | 2.1% | -5.9% | -0.9% | 5.5% |
| Debt to equity | |||||
| Debt to equity | 0.54 | 0.41 | 0.34 | 0.32 | 0.30 |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.05bn | 0.05bn | 0.05bn | 0.05bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)6 of 9
- Profit backed by cash (accruals)Yes
- Debt0.30× equity
- Revenue growth, five yearsShrinking, 15.3% a year
- Buying back its own sharesRoughly flat
The quarter to May 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $371 million last quarter, up 17% on a year ago.
- Profit: $48 million, up 1142% on a year ago.
- It keeps 6 cents of each $1 of sales as operating profit, after losing 1 cents a year earlier.
- Spare cash over the past 12 months: $170 million, up from $159 million.
- Debt is $279 million more than cash, up from $54 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| August 2024 | $257m |
| November 2024 | $274m |
| February 2025 | $305m |
| May 2025 | $318m |
| August 2025 | $304m |
| November 2025 | $327m |
| February 2026 | $379m |
| May 2026 | $371m |
| Quarter to | Amount |
|---|---|
| August 2024 | $24m |
| November 2024 | $28m |
| February 2025 | $40m |
| May 2025 | $4m |
| August 2025 | $35m |
| November 2025 | $27m |
| February 2026 | $45m |
| May 2026 | $48m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 30 July 2026
- Next quarterly (estimated, 10-Q)
- 9 July 2026
Who owns it
1 long-term investor we follow owns it, down from 3 last quarter. 287 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $11m | <0.1% | Cut |
Sold out this quarter
- GMOJeremy GranthamSold out
- Royce & AssociatesChuck RoyceSold out
Largest holders overall
- BlackRock$283mAdded
- Vanguard Portfolio Management$113m
- Dimensional Fund Advisors LP$86m
- Vanguard Capital Management$72m
- State Street$67mAdded
- Geode Capital Management$45mAdded
- Capital International Investors$38mAdded
- Nomura Asset Management International$34mCut
- Fort Washington Investment Advisors$28mAdded
- Morgan Stanley$25mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- John P. McConnell35.1%+0.4 ptsSince 9 April 2026
What they said
On May 12, 2008, Mr. McConnell filed his initial Schedule 13D to report that he had become the beneficial owner (for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) of more than five percent of the outstanding Common Shares of…
Read the filing - BlackRock, Inc.Passive investor9.3%Since 31 March 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
John P. McConnell | 35.1%+0.4 pts | 9 April 2026 | What they saidOn May 12, 2008, Mr. McConnell filed his initial Schedule 13D to report that he had become the beneficial owner (for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) of more than five percent of the outstanding Common Shares of… Read the filing |
BlackRock, Inc. Passive investor | 9.3% | 31 March 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 or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- Sales have shrunk: 15.3% a year.
- It isn't cheap on profits: 43.2× operating profit.
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.