Worthington Steel, Inc. — Earnings Quality Grade F
WS · Basic Materials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 52 days, change +1 days YoY
AR outpaced revenue for 2 consecutive years
Revenue -9.8%, CFFO 15.4%. Cash follows revenue
Expense Quality
Inventory 4.1% vs COGS -9.6%. Normal
CapEx growth 26.1% is >2x revenue growth -9.8%
SG&A/Gross Profit = 59.6%. Normal
Gross margin 12.6%, change -0.3pp. Stable
Cash Flow Quality
CFFO/NI = 2.08. Profits backed by cash
FCF $0.1B, FCF/NI = 0.90
Accruals ratio = -6.1%. Low accruals
Cash $0.0B covers only 17% of debt $0.2B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 14% of equity. Manageable
Debt/EBITDA = 1.0x. Healthy
Other assets -58.3% vs revenue -9.8%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -6% YoY. Normal
Manipulation Score
M-Score = -2.87 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25