On this page of StockholderLetter.com we present the latest annual shareholder letter from WORTHINGTON ENTERPRISES, INC. — ticker symbol WOR. Reading current and past WOR letters to shareholders can bring important insights into the investment thesis.
2025 ANNUAL REPORT
FINANCIAL HIGHLIGHTS MAY 31 FISCAL YEARS ENDED (In thousands, except per share amounts) Net sales 2025 Net earnings from continuing operations 2 Net earnings per share (EPS) from continuing operations - diluted 2024 1,153,762 96,053 1,245,703 2023 35,243 1,418,496 125,751 1.92 0.70 2.55 10,524 50,813 8,387 29,327 32,975 19,343 12,705 18,974 (367) 484 41,479 6,534 18,770 Selected items (pre-tax) 69,724 113,324 66,900 Selected items (after-tax) 57,740 108,220 51,579 Per share impact of selected items - diluted 1.15 2.14 1.05 Adjusted net earnings from continuing operations 1, 2 153,793 143,463 177,330 Adjusted EPS from continuing operations - diluted 1, 2 3.07 2.84 3.60 Net earnings from continuing operations 1 Selected items (pre-tax) Interest expense, net Income tax expense Depreciation and amortization Stock-based compensation 96,053 69,724 2,090 33,839 48,262 13,521 35,243 113,324 1,587 39,027 48,663 13,155 125,751 66,900 18,298 34,535 45,975 14,566 Adjusted EBITDA from continuing operations 2 263,489 250,999 306,025 Selected items: 2 Restructuring and other expense (income), net Impairment of goodwill and long-lived assets Corporate costs eliminated at Separation Separation costs Other selected items 3 Net earnings from continuing operations margin Adjusted EBITDA from continuing operations margin 2 8.3% 22.8% 2.8% 20.1% 8.9% 21.6% Excludes the impact of the noncontrolling interest in HALO brand joint venture, WH Products, LLC, beginning in fiscal 2024. 1 2 See the Use of Non-GAAP Financial Measures section in the Form 10-K included in this Annual Report for additional information regarding our use of non-GAAP financial measures, including reconciliations to the most comparable GAAP financial measures. 3 Other selected items include non-cash charges in miscellaneous expense in fiscal 2025, fiscal 2024 and fiscal 2023, loss on extinguishment of debt in fiscal 2024, and non-cash activity within equity income in fiscal 2025, fiscal 2024 and fiscal 2023. MAY 31 AT FISCAL YEAR END (In thousands) 2025 2024 Operating net working capital Net fixed assets Total assets 282,012 270,226 1,695,152 272,808 227,206 1,638,637 Total debt Less: cash and cash equivalents Net debt 302,868 250,075 52,793 298,133 244,225 53,908 MAY 31 AT FISCAL YEAR END (In thousands) Net cash provided by operating activities Investment in property, plant and equipment Free cash flow 5 2025 209,744 (50,580) 159,164 Net earnings from continuing operations attributable to controlling interest Adjusted net earnings attributable to controlling interest 96,053 153,793 Operating cash flow conversion Free cash flow conversion 4 218% 103% 4 Cash flow information in periods prior to the Separation includes the discontinued operations of Worthington Steel and therefore has not been furnished for the fiscal years ended May 31, 2024, and May 31, 2023. 5 Free cash flow and free cash flow conversion are non-GAAP financial measures. Free cash flow is defined as net cash flows from operating activities less investment in property, plant and equipment and free cash flow conversion is calculated by dividing free cash by adjusted net earnings attributable to controlling interest. On the Cover | Ted Brandenburg, senior superintendent, Chilton, Wisconsin
Improving Everyday Life Worthington Enterprises is a designer and manufacturer of innovative building and consumer products that improve everyday life by elevating spaces and experiences. The Company is the only American manufacturer of many sizes of steel cylinders, which are relied upon daily by businesses, consumers and families for essential purposes such as cooking, heating, refrigeration and cooling, water, foam insulation, sealants and adhesives. Additional market-leading brands from Worthington Enterprises are trusted by campers to contractors, entertainers to enthusiasts, drywallers to DIYers and gardeners to go-getters who strive to make the ordinary extraordinary. Our people-first Philosophy, which was penned by Founder John H. McConnell, continues to guide the business today. It is the foundation of the Worthington Business System of innovation, transformation and acquisition that enables the Company s growth and profitability by empowering its approximately 6,000 employees throughout the United States and Europe to innovate, thrive and grow. LEADING THE WAY FOR SEVEN DECADES Founded by John H. McConnell 1955 1966 Formalized operating principles of Our Philosophy Entered pressure cylinders industry 1971 1986 Launched Balloon Time portable helium tank Created Worthington Armstrong joint venture 1992 2007 Deployed transformation initiative Acquired Bernzomatic hand-held torches 2011 2023 Separated Steel Processing business Added Ragasco composite cylinders 2024 2025 Celebrated 70th Anniversary
Dear Worthington Enterprises Shareholders, It is a privilege to write my first letter to you as president and CEO of Worthington Enterprises. Since stepping into this role in November 2024, I ve come to appreciate more deeply the strength of our people, the clarity of our purpose and the significant opportunity ahead. In many ways, Worthington Enterprises is a new company. Following the separation of our former Steel Processing business in December 2023, we ve had the opportunity to reimagine our future one that honors our 70-year legacy while embracing a bold new chapter. Guided by our founder s entrepreneurial spirit, we ve reset priorities, reallocated resources to our highest-return opportunities and begun to operate with the agility and mindset of a start-up business. We are optimizing margins, fostering innovation and executing with discipline all with the goal of creating enduring value for our shareholders. FISCAL 2025 RESULTS 1 NET SALES ADJ. EPS ADJ. EBITDA $ 1.2 B $ 3.07 $ 263 M FREE CASH FLOW FREE CASH FLOW CONVERSION ADJ. EBITDA MARGIN $ 159M 103.5% 22.8%
A YEAR OF PROGRESS DISCIPLINED CAPITAL DEPLOYMENT Fiscal 2025 was a pivotal year for Worthington In fiscal 2025, we deployed $211 million in capital Enterprises. Thanks to the talent, dedication to both grow the business and return value and resilience of our team, we delivered strong to shareholders. This included: financial performance and laid a foundation Strengthening our portfolio by acquiring for long-term growth. We achieved: Adjusted EBITDA of $263 million 1 on net sales of $1.2 billion Free cash flow of $159 million, representing 103.5% conversion A year-end cash position of $250 million and a strong balance sheet that gives us flexibility to invest and grow Ragasco for $95 million Investing $25 million as we further modernize and automate our Westerville, Ohio, and Chilton, Wisconsin, facilities, and an additional $26 million in other capital expenditures Repurchasing 700,000 of our common shares for $31 million Returning $34 million to shareholders via dividends, including approval of a 12% dividend increase in June 2025 These actions reflect our commitment to a balanced capital allocation strategy that supports innovation, growth and shareholder returns. LEADING THE WAY Throughout fiscal 2025, our teams executed strategic initiatives and prioritized safety, quality and customer service. They adapted exceptionally well amid broader economic challenges such as cautious consumer sentiment, Automation is creating efficiencies and enhancing productivity within the 20-pound propane cylinder manufacturing process at our Westerville, Ohio, facility. elevated interest rates and ongoing policy and trade uncertainty. Our focus on operational excellence, cost discipline and our value propositions enabled us to deliver strong results. We steadily expanded margins and increased We captured market share across multiple adjusted earnings per share each quarter. categories, expanded retail placements Our people-first, performance-based culture and launched new products that improve empowers our teams to innovate, serve everyday lives by elevating the spaces customers with excellence and adapt to and experiences that matter to our a complex macroeconomic landscape. customers and consumers. 1 EBITDA and the items identified as adjusted are non-GAAP financial measures. See the Use of Non-GAAP Financial Measures and Definitions section preceding Part I, Item 1 of the Form 10-K included in this Annual Report for additional information regarding our use of non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial measures. Free cash flow and free cash flow conversion are also non-GAAP financial measures. See the Financial Highlights section of this Annual Report for reconciliations to the most directly comparable GAAP financial measures.
 • shareholder letter icon 8/13/2025 Letter Continued (Full PDF)
 • stockholder letter icon 8/15/2023 WOR Stockholder Letter
 • stockholder letter icon 8/14/2024 WOR Stockholder Letter
 • stockholder letter icon More "Non-Precious Metals & Non-Metallic Mining" Category Stockholder Letters
 • Benford's Law Stocks icon WOR Benford's Law Stock Score = 79


WOR Shareholder/Stockholder Letter Transcript:

2025 ANNUAL REPORT

FINANCIAL
HIGHLIGHTS
MAY 31
FISCAL YEARS ENDED (In thousands, except per share amounts)
Net sales  
2025

Net earnings from continuing operations 2  
Net earnings per share (EPS) from continuing operations - diluted
2024
1,153,762

96,053
1,245,703
2023

35,243
1,418,496
125,751

1.92

0.70

2.55

10,524
50,813
8,387

29,327
32,975
19,343
12,705
18,974

(367)
484
41,479
6,534
18,770
Selected items (pre-tax)

69,724

113,324

66,900
Selected items (after-tax)

57,740

108,220

51,579
Per share impact of selected items - diluted

1.15

2.14

1.05
Adjusted net earnings from continuing operations 1, 2

153,793

143,463

177,330
Adjusted EPS from continuing operations - diluted 1, 2

3.07

2.84

3.60
Net earnings from continuing operations 1
Selected items (pre-tax)  
Interest expense, net  
Income tax expense  
Depreciation and amortization  
Stock-based compensation  

96,053
69,724
2,090
33,839
48,262
13,521

35,243
113,324
1,587
39,027
48,663
13,155

125,751
66,900
18,298
34,535
45,975
14,566
Adjusted EBITDA from continuing operations 2

263,489

250,999

306,025
Selected items: 2
Restructuring and other expense (income), net
Impairment of goodwill and long-lived assets  
Corporate costs eliminated at Separation  
Separation costs  
Other selected items 3  
Net earnings from continuing operations margin   
Adjusted EBITDA from continuing operations margin 2  
8.3%  
22.8%
2.8%  
20.1%  
8.9%
21.6%
Excludes the impact of the noncontrolling interest in HALO brand joint venture, WH Products, LLC, beginning in fiscal 2024.
1       
2 See the    Use of Non-GAAP Financial Measures    section in the Form 10-K included in this Annual Report for additional information
regarding our use of non-GAAP financial measures, including reconciliations to the most comparable GAAP financial measures.
3 Other selected items include non-cash charges in miscellaneous expense in fiscal 2025, fiscal 2024 and fiscal 2023, loss
on extinguishment of debt in fiscal 2024, and non-cash activity within equity income in fiscal 2025, fiscal 2024 and fiscal 2023.     
MAY 31
AT FISCAL YEAR END (In thousands)
2025
2024
Operating net working capital
Net fixed assets  
Total assets  

282,012
270,226
1,695,152

272,808
227,206
1,638,637
Total debt
Less: cash and cash equivalents  
Net debt  

302,868
250,075  
52,793

298,133
244,225
53,908


MAY 31
AT FISCAL YEAR END (In thousands)
Net cash provided by operating activities
Investment in property, plant and equipment  
Free cash flow 5
2025

209,744
(50,580)
159,164
Net earnings from continuing operations attributable to controlling interest  
Adjusted net earnings attributable to controlling interest

96,053
153,793
Operating cash flow conversion  
Free cash flow conversion  

4
218%
103%
4 Cash flow information in periods prior to the Separation includes the discontinued operations of Worthington Steel and therefore has not been furnished
for the fiscal years ended May 31, 2024, and May 31, 2023.
5 Free cash flow and free cash flow conversion are non-GAAP financial measures. Free cash flow is defined as net cash flows from operating activities less investment
in property, plant and equipment and free cash flow conversion is calculated by dividing free cash by adjusted net earnings attributable to controlling interest.
On the Cover | Ted Brandenburg, senior superintendent, Chilton, Wisconsin

Improving
Everyday Life
Worthington Enterprises is a designer and manufacturer of
innovative building and consumer products that improve everyday
life by elevating spaces and experiences.
The Company is the only American manufacturer of many sizes of steel cylinders, which are
relied upon daily by businesses, consumers and families for essential purposes such as cooking,
heating, refrigeration and cooling, water, foam insulation, sealants and adhesives. Additional
market-leading brands from Worthington Enterprises are trusted by campers to contractors,
entertainers to enthusiasts, drywallers to DIYers and gardeners to go-getters who strive to make
the ordinary extraordinary.
Our people-first Philosophy, which was penned by Founder John H. McConnell, continues to
guide the business today. It is the foundation of the Worthington Business System of innovation,
transformation and acquisition that enables the Company   s growth and profitability
by empowering its approximately 6,000 employees throughout the United States and Europe
to innovate, thrive and grow.
LEADING THE WAY
FOR SEVEN DECADES
Founded by
John H. McConnell
1955
1966
Formalized
operating principles
of Our Philosophy
Entered pressure
cylinders industry
1971
1986
Launched
Balloon Time
portable
helium tank
Created
Worthington
Armstrong
joint venture
1992
2007
Deployed
transformation
initiative
Acquired
Bernzomatic
hand-held torches
2011
2023
Separated
Steel Processing
business
Added Ragasco
composite cylinders
2024
2025
Celebrated
70th Anniversary

Dear Worthington Enterprises
Shareholders,
It is a privilege to write my first letter to you as
president and CEO of Worthington Enterprises.
Since stepping into this role in November 2024,
I   ve come to appreciate more deeply the strength
of our people, the clarity of our purpose and the
significant opportunity ahead.
In many ways, Worthington Enterprises
is a new company. Following the
separation of our former Steel Processing
business in December 2023, we   ve
had the opportunity to reimagine our
future     one that honors our 70-year
legacy while embracing a bold new
chapter. Guided by our founder   s
entrepreneurial spirit, we   ve reset
priorities, reallocated resources
to our highest-return opportunities
and begun to operate with the agility
and mindset of a start-up business.
We are optimizing margins, fostering
innovation and executing with discipline
    all with the goal of creating enduring
value for our shareholders.
FISCAL 2025 RESULTS 1
NET SALES
ADJ. EPS
ADJ. EBITDA
$ 1.2 B
$ 3.07
$ 263 M
FREE CASH
FLOW
FREE CASH FLOW
CONVERSION
ADJ. EBITDA
MARGIN
$ 159M
103.5%
22.8%

A YEAR OF PROGRESS
DISCIPLINED CAPITAL DEPLOYMENT
Fiscal 2025 was a pivotal year for Worthington
In fiscal 2025, we deployed $211 million in capital
Enterprises. Thanks to the talent, dedication
to both grow the business and return value
and resilience of our team, we delivered strong
to shareholders. This included:
financial performance and laid a foundation
    Strengthening our portfolio by acquiring
for long-term growth. We achieved:
    Adjusted EBITDA of $263 million
1
on net sales of $1.2 billion
    Free cash flow of $159 million, representing
103.5% conversion
    A year-end cash position of $250 million
and a strong balance sheet that gives
us flexibility to invest and grow
Ragasco for $95 million
    Investing $25 million as we further modernize
and automate our Westerville, Ohio, and
Chilton, Wisconsin, facilities, and an additional
$26 million in other capital expenditures
    Repurchasing 700,000 of our common shares
for $31 million
    Returning $34 million to shareholders via
dividends, including approval of
a 12% dividend increase in June 2025
These actions reflect our commitment
to a balanced capital allocation
strategy that supports innovation,
growth and shareholder returns.
LEADING THE WAY
Throughout fiscal 2025, our teams
executed strategic initiatives and
prioritized safety, quality and
customer service. They adapted
exceptionally well amid broader
economic challenges such as
cautious consumer sentiment,
Automation is creating efficiencies and enhancing
productivity within the 20-pound propane cylinder
manufacturing process at our Westerville, Ohio, facility.
elevated interest rates and ongoing
policy and trade uncertainty. Our
focus on operational excellence, cost
discipline and our value propositions
enabled us to deliver strong results.
We steadily expanded margins and increased
We captured market share across multiple
adjusted earnings per share each quarter.
categories, expanded retail placements
Our people-first, performance-based culture
and launched new products that improve
empowers our teams to innovate, serve
everyday lives by elevating the spaces
customers with excellence and adapt to
and experiences that matter to our
a complex macroeconomic landscape.
customers and consumers.
1
EBITDA and the items identified as    adjusted    are non-GAAP financial measures. See the    Use of Non-GAAP Financial Measures
and Definitions    section preceding Part I, Item 1 of the Form 10-K included in this Annual Report for additional information
regarding our use of non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial
measures. Free cash flow and free cash flow conversion are also non-GAAP financial measures. See the    Financial Highlights   
section of this Annual Report for reconciliations to the most directly comparable GAAP financial measures.



shareholder letter icon 8/13/2025 Letter Continued (Full PDF)
 

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