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what it is
Ryerson buys, processes, and delivers industrial metals to factories that need exact sizes and shapes.
how it gets paid
Last year Ryerson made $4.6B in revenue. stainless steel was the main engine at $1.65B, or 36% of sales.
why growth slowed
Revenue fell 0.6% last year. 17.7% gross margin mattered most because it shows how much metal sales turn into actual profit after material costs.
what just happened
Roughly ~$1.15B in quarterly revenue (~one-fourth of ~$4.6B FY) still paired with a weak bottom line — scale the period before you trust a headline.
At a glance
C++ balance sheet — some cracks in the foundation
15/100 earnings predictability — expect surprises
3.6% dividend yield — cash in your pocket every quarter
1.0% return on capital — nothing to write home about
~-$0.26 FY EPS (full-year scale)
xvary composite: 44/100 — below average
What they do
Ryerson buys, processes, and delivers industrial metals to factories that need exact sizes and shapes.
You do not call Ryerson for raw metal. You call them when your plant needs stainless cut to spec. That matters because 75,000 products and 110 facilities make switching slower than a normal supplier swap.
How they make money
$4.6B
annual revenue · their business grew -0.6% last year
stainless steel
$1.65B
carbon steel
$1.20B
aluminum
$0.90B
alloy steels
$0.54B
nickel and red metals
$0.31B
The products that matter
processed stainless distribution
Stainless Steel
$1.65B · ~36% of sales (revenue bridge)
it's the largest line on the revenue bridge at $1.65B. when stainless holds up, it offsets weaker mixes elsewhere.
largest segment
flat-rolled aluminum distribution
Aluminum
$0.90B · ~20% of sales (revenue bridge)
aluminum is $0.90B on the same bridge. demand can hold without fixing the rest of the income statement.
steady, not enough
carbon and alloy distribution
Carbon & Alloy Steel
$1.20B carbon + alloy lines (bridge)
carbon steel is $1.20B on the bridge; alloy and nickel lines add more cyclical exposure. that tells you industrial pressure is still real in a business already running at a thin net margin.
cyclical pressure
Key numbers
$4.6B
annual revenue
That is the size of the machine. You are buying a distributor that moves billions, not a niche shop.
2.4%
operating margin (FY)
This is the thin slice left after costs. A tiny slip matters because there is no fat to burn.
3.6%
dividend yield
You get paid while you wait. That cash return helps when the stock is stuck in industrial mud.
$822M
long-term debt
Debt is the bill attached to the balance sheet. Bigger debt means less room when demand weakens.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 4 — safer than 20% of stocks
- price stability 10 / 100
- long-term debt $822M (43% of capital)
C++ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for RYZ right now.
source: institutional data · return history unavailable
What just happened
missed estimates
~$1.15B in quarterly revenue (~¼ of ~$4.6B FY) did not save a -$0.58 EPS print.
Full-year revenue was roughly flat vs. prior year. FY EPS near ~-$0.26 sits on a different period than the ~-$0.58 quarterly print — do not merge them into one “the EPS” number. Gross margin was 17.7% (FY), which tells you the business still lives and dies by spread discipline.
~$1.15B
revenue (q)
-$0.58
eps (q)
17.7%
gross margin (FY)
the number that mattered
17.7% gross margin mattered most because it shows how much metal sales turn into actual profit after material costs.
source: company earnings report, 2026
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What could go wrong
the #1 risk is Olympic Steel integration while Ryerson is still losing money.
med
Olympic Steel integration
Ryerson closed the deal on feb 13, 2026 and issued 1.7105 shares for each Olympic Steel share. Former Olympic holders own about 37% of the combined company, so this is a full-company integration challenge, not a small add-on.
With a -1.23% net margin on $4.6B in revenue, Ryerson does not have much space for execution mistakes.
med
margin compression from metal pricing
Gross margin is 17.7%. That sounds serviceable until you remember the company still lost money. If selling prices soften or inventory turns the wrong way, the spread business gets squeezed fast.
A low-teens gross margin business can absorb some volatility. A 17.7% gross margin business that still posts a loss already used that buffer.
med
debt and dividend tension
Long-term debt stands at $822M, or 43% of capital, while the dividend yield is 3.6%. Paying shareholders and carrying debt is fine when profits are solid. It looks different when EPS is negative.
If losses persist after the merger, management may have to choose between protecting the balance sheet and preserving the payout story.
med
tariffs and trade policy
Management flagged tariffs and trade policy in the Q3 FY2025 call. For a distributor, policy shifts affect sourcing, pricing, and customer behavior at the same time.
This is not abstract macro talk. It reaches purchase costs, scrap management, and customer demand in a business with thin profit margins.
$822M of long-term debt, a -1.23% net margin, and a 37% ownership reset from the merger make this a narrow-margin turnaround, not a sleepy income stock.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
first full combined quarter
The quarter ending mar 31, 2026 is the first clean read on the combined company. If losses keep showing up after that, the merger story gets a lot weaker.
metric
gross margin vs. net loss
Start with 17.7% gross margin and ask a simple question: did that translate into actual profit, or did Ryerson still lose money after overhead and interest?
risk
debt discipline
Long-term debt is $822M. You want that number moving down, not just management saying the deal will get better with time.
trend
segment mix inside a shrinking top line
Stainless grew 3.1%, aluminum was flat, and carbon & alloy fell 5.0%. Watch whether the stronger mix can offset the parts of the book still rolling over.
Analyst rankings
earnings predictability
15 / 100
in human-speak, analysts do not expect clean, repeatable quarters here.
risk rank
4
safer than 20% of stocks. that is the opposite of defensive.
price stability
10 / 100
the market has treated this like a cyclical trade, not a hold-and-forget name.
source: institutional data
Institutional activity
institutional ownership data for RYZ is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$24
current price
n/a
target midpoint · n/a from current
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