olivLaw · US equity research
Ryerson Holding Corporation RYZ
Wholesale-Metals Service Centers & of fices · SIC 5051 · Vertical: Wholesale — durable goods (SIC 50xx)
Ryerson is one of the largest value-added processors and distributors of industrial metals in North America, with a network of service centers in the US, Canada, Mexico and China. The Olympic Steel acquisition, completed in February 2026, moved the company to second place in the region and brought quarterly revenue of about 2.01 billion USD. For investors the key question is whether the promised synergies can be realized while debt has risen during the integration.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 06 Nov 2026, Ryerson Holding Corporation (RYZ) stock was 27.60 USD (+3.84% on the day), with market capitalisation 1.4 bn USD, dividend yield 2.72%, beta 1.18, 52-week range 19.86–33.26 USD. Latest reported quarter (Q3 2026): revenue of 2.2 bn USD (+87.5% YoY), net income of 32.0 m USD, diluted EPS 0.61 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 47.1
- neutral
- Bollinger (20, 2)
- 24.67 – 32.74
- in the lower half of the band · %B 0.36 · band width 28.1%
- SMA 50 / 200
- 26.50 / 26.43
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.96 / 1.17
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.3% | −5.4% | +10.7 pp | — |
| 3 months | −1.7% | −4.9% | +3.2 pp | — |
| 6 months | +1.4% | −0.3% | +1.7 pp | — |
| Year to date | +9.7% | +7.8% | +1.9 pp | — |
| 1 year | +34.6% | +9.8% | +24.8 pp | −4.9% |
| 3 years | −2.9% | +68.5% | −71.4 pp | +28.5% |
| 5 years | −0.9% | +57.0% | −57.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.0 bn | 1.1 bn | 1.2 bn | 1.2 bn | 1.1 bn | 1.6 bn | 2.0 bn | 2.2 bn |
| Cost of revenue | 816.3 m | 931.3 m | 959.9 m | 962.0 m | 935.9 m | 1.3 bn | 1.7 bn | 1.8 bn |
| Gross profit | 191.1 m | 204.4 m | 209.4 m | 199.5 m | 168.9 m | 288.8 m | 355.2 m | 373.7 m |
| SG&A | 188.5 m | 202.1 m | 201.8 m | 200.4 m | 205.3 m | 265.2 m | 320.3 m | 326.1 m |
| Operating income | 2.6 m | 2.3 m | 5.8 m | -1.0 m | -37.9 m | 23.2 m | 34.4 m | 51.5 m |
| Depreciation & amortisation | 22.7 m | 19.2 m | 19.4 m ≈ | 20.2 m ≈ | 20.9 m | 23.4 m | 31.7 m ≈ | 29.1 m ≈ |
| Interest expense | 10.1 m | 9.5 m | 9.8 m | 10.1 m | 9.5 m | 11.7 m | 14.3 m | 15.2 m |
| Pre-tax income | -4.8 m | -6.9 m | -6.3 m | -10.3 m | -47.7 m | 13.2 m | 22.0 m | 36.4 m |
| Income tax | -600.0 k | -1.6 m | -8.4 m | 4.1 m | -10.2 m | 8.2 m | 6.0 m | 3.9 m |
| Net income | -4.3 m | -5.6 m | 1.9 m | -14.8 m | -37.9 m | 4.5 m | 15.5 m | 32.0 m |
| Diluted EPS | -0.14 ≈ | -0.18 | 0.06 | -0.46 | -1.18 ≈ | 0.10 | 0.30 | 0.61 |
| Operating cash flow | 92.2 m | -41.2 m | 38.8 m ≈ | 24.7 m ≈ | 64.7 m | -179.2 m | 21.4 m ≈ | -18.2 m ≈ |
| Capex | 23.5 m | 8.0 m | 9.9 m ≈ | 12.8 m ≈ | 20.8 m | 12.2 m | 16.3 m ≈ | 21.3 m ≈ |
| Dividends paid | 6.0 m | 6.0 m | 6.0 m ≈ | 6.0 m ≈ | 6.1 m | 9.7 m | 9.7 m ≈ | 9.8 m ≈ |
| Share repurchases | 0 | — | — | — | — | 1.6 m | 800.0 k ≈ | 3.8 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.4 bn | 4.5 bn | 3.5 bn | 5.7 bn | 6.3 bn | 5.1 bn | 4.6 bn | 4.6 bn |
| Revenue YoY | +31.0% | +2.1% | −23.0% | +63.7% | +11.4% | −19.2% | −10.0% | −0.6% |
| Net income | 106.0 m | 82.4 m | -65.8 m | 294.3 m | 391.0 m | 145.7 m | -8.6 m | -56.4 m |
| Net income YoY | +519.9% | −22.3% | −179.9% | unavailable | +32.9% | −62.7% | −105.9% | unavailable |
| Diluted EPS | 2.81 | 2.17 | -1.73 | 7.56 | 10.21 | 4.10 | -0.26 | -1.76 |
| Diluted EPS YoY | +510.9% | −22.8% | −179.7% | unavailable | +35.1% | −59.8% | −106.3% | unavailable |
| net % | 2.4% | 1.8% | -1.9% | 5.2% | 6.2% | 2.9% | -0.2% | -1.2% |
| Free cash flow | 19.0 m | 147.3 m | 251.9 m | -24.3 m | 396.1 m | 243.2 m | 105.3 m | 35.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 26.9 m USD
- Financial debt
- 1.9 m USD
- Net debt
- -25.0 m USD
- Equity
- 763.6 m USD
- Total assets
- 2.4 bn USD
- Debt / equity
- 0.00x
- Current ratio
- 1.83x
- ROE
- -7.1%
- ROA
- -2.3%
- FCF margin
- 0.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.5 bn | 5.7 bn | 6.3 bn | 5.1 bn | 4.6 bn | 4.6 bn | SEC (XBRL)· 23 Feb 2026verified |
| Cost of revenue | 2.8 bn | 4.5 bn | 5.0 bn | 4.1 bn | 3.8 bn | 3.8 bn | SEC (XBRL)· 23 Feb 2026verified |
| Gross profit | 621.1 m | 1.1 bn | 1.3 bn | 1.0 bn | 834.2 m | 782.2 m | SEC (XBRL)· 23 Feb 2026verified |
| SG&A | 554.3 m | 711.2 m | 735.2 m | 793.5 m | 801.2 m | 809.6 m | SEC (XBRL)· 23 Feb 2026verified |
| Operating income | 64.6 m | 545.2 m | 578.7 m | 228.1 m | 31.5 m | -30.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Depreciation & amortisation | 53.9 m | 55.9 m | 59.0 m | 62.5 m | 77.6 m | 79.7 m | SEC (XBRL)· 23 Feb 2026verified |
| EBITDA | 118.5 m ≈ | 601.1 m ≈ | 637.7 m ≈ | 290.6 m ≈ | 109.1 m ≈ | 48.9 m ≈ | SEC (XBRL)· 23 Feb 2026derived |
| Interest expense | 76.4 m | 51.0 m | 33.2 m | 34.7 m | 43.0 m | 38.9 m | SEC (XBRL)· 23 Feb 2026verified |
| Pre-tax income | -90.1 m | 389.1 m | 522.9 m | 193.7 m | -7.4 m | -71.2 m | SEC (XBRL)· 23 Feb 2026verified |
| Income tax | -24.8 m | 93.7 m | 131.4 m | 47.3 m | -100.0 k | -16.1 m | SEC (XBRL)· 23 Feb 2026verified |
| Net income | -65.8 m | 294.3 m | 391.0 m | 145.7 m | -8.6 m | -56.4 m | SEC (XBRL)· 23 Feb 2026verified |
| Diluted EPS | -1.73 | 7.56 | 10.21 | 4.10 | -0.26 | -1.76 | SEC (XBRL)· 23 Feb 2026verified |
| Weighted average diluted shares | 38.0 m | 38.9 m | 38.3 m | 35.6 m | 33.2 m | 32.1 m | SEC (XBRL)· 23 Feb 2026verified |
| Dividend per share | — | 0.17 | 0.54 | 0.72 | 0.75 | 0.75 | SEC (XBRL)· 23 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 61.4 m | 51.2 m | 39.2 m | 54.3 m | 27.7 m | 26.9 m | SEC (XBRL)· 23 Feb 2026verified |
| Inventories | 604.5 m | 832.1 m | 798.5 m | 782.5 m | 684.6 m | 648.3 m | SEC (XBRL)· 23 Feb 2026verified |
| Current assets | 1.1 bn | 1.6 bn | 1.4 bn | 1.4 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 23 Feb 2026verified |
| Property, plant & equipment, net | 421.8 m | 388.3 m | 458.4 m | 589.6 m | 636.7 m | 609.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Goodwill | 120.3 m | 124.1 m | 129.2 m | 157.8 m | 161.8 m | 161.5 m | SEC (XBRL)· 23 Feb 2026verified |
| Intangibles (excl. goodwill) | 43.2 m | 42.2 m | 50.9 m | 73.7 m | 68.3 m | 58.2 m | SEC (XBRL)· 23 Feb 2026verified |
| Total assets | 1.8 bn | 2.4 bn | 2.3 bn | 2.6 bn | 2.4 bn | 2.4 bn | SEC (XBRL)· 23 Feb 2026verified |
| Accounts payable | 365.1 m | 481.2 m | 438.4 m | 463.4 m | 440.8 m | 516.0 m | SEC (XBRL)· 23 Feb 2026verified |
| Short-term debt | 13.8 m | 28.8 m | 5.8 m | 8.2 m | 700.0 k | 1.9 m | SEC (XBRL)· 23 Feb 2026verified |
| Long-term debt | 726.2 m | 610.5 m | — | — | — | — | SEC (XBRL)· 23 Feb 2022verified |
| Current liabilities | 527.6 m | 751.0 m | 619.2 m | 633.9 m | 580.1 m | 668.1 m | SEC (XBRL)· 23 Feb 2026verified |
| Total liabilities | 1.7 bn | 1.8 bn | 1.4 bn | 1.7 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 23 Feb 2026verified |
| Equity | 145.1 m | 544.6 m | 893.0 m | 914.5 m | 824.5 m | 763.6 m | SEC (XBRL)· 23 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 277.9 m | 35.0 m | 501.2 m | 365.1 m | 204.9 m | 87.0 m | SEC (XBRL)· 23 Feb 2026verified |
| Capex | 26.0 m | 59.3 m | 105.1 m | 121.9 m | 99.6 m | 51.5 m | SEC (XBRL)· 23 Feb 2026verified |
| Free cash flow | 251.9 m ≈ | -24.3 m ≈ | 396.1 m ≈ | 243.2 m ≈ | 105.3 m ≈ | 35.5 m ≈ | SEC (XBRL)· 23 Feb 2026derived |
| Investing cash flow | -25.9 m | 94.4 m | -160.0 m | -262.1 m | -142.7 m | -53.6 m | SEC (XBRL)· 23 Feb 2026verified |
| Financing cash flow | -250.2 m | -137.9 m | -350.1 m | -88.3 m | -86.8 m | -36.5 m | SEC (XBRL)· 23 Feb 2026verified |
| Dividends paid | — | 6.4 m | 19.9 m | 24.8 m | 24.8 m | 24.1 m | SEC (XBRL)· 23 Feb 2026verified |
| Share repurchases | — | 1.8 m | 50.0 m | 113.9 m | 51.0 m | 0 | SEC (XBRL)· 23 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 36 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 1.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Growth0
- Returns35
- Balance sheet63
- Valuation42
- Quality20
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 9.86 – 46.84 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDA27.04 – 46.84 (Mid 34.14)18 companies used · median multiple 9.8x · quartiles 7.7x – 13.5xACH, ARW, AVT, BCC, CLMB, FERG, FSTR, GWW, HSIC, INGM, ITRN, MSM, REZI, RS, SCSC, SNX, TEL, WCC
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)9.86 – 13.25 (Mid 11.31)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 36/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.6% | 24 (vs peers) | 14% |
| Net margin · Quality | 0.2% | 33 (vs peers) | 8% |
| FCF conversion · Quality | -1,290.1% | 0 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | -10.3% | 0 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.2x | 86 (vs peers) | 14% |
| Interest coverage · Balance sheet | 1.4x | 0 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 2.2x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 7.9x | 75 (vs peers) | 14% |
| FCF yield · Valuation | -12.7% | 0 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 2.5% | 35 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet63/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality20/100 · 3/3 factors with a value
- Returns· partial35/100 · 1/2 factors with a value
- Valuation42/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
RYERSON HOLDING CORPORATION (RYZ). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 4.6 bn USD in 2025; YoY growth -0.6%; net margin 0.2%; ROE 1.3%; net debt/EBITDA -0.2x.
The estimated value range is 18.45–30.04 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 22.72 USD, the price of 27.60 USD leaves a potential of -17.7% (value / price − 1) and a margin of safety of -21.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 36/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: -0.2x
- Current ratio: 2.2x
- EV/EBITDA: 7.9x
What contradicts it
- ROIC: 4.6%
- FCF conversion: -1,290.1%
- Revenue CAGR 3Y: -10.3%
- Interest coverage: 1.4x
- FCF yield: -12.7%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, P/E (TTM), Payout ratio (FCF).
Versus the vertical median
Wholesale — durable goods (SIC 50xx) · same major group (2-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| GWWW.W. Grainger, Inc. | 67.4 bn | 31.6 | 54.7% | 11.2% | +4.5% | +52% / +83% |
| TELTe Connectivity PLC | 59.9 bn | 25.8 | 18.5% | 12.6% | +8.9% | −8% / +58% |
| FERGFerguson Enterprises Inc. | 45.2 bn | 23.6 | 32.8% | 6.3% | +3.8% | −7% / +36% |
| RSReliance, Inc. | 21.2 bn | 19.4 | 14.7% | 6.4% | +3.3% | +49% / +51% |
| SNXTd Synnex Corporation | 17.4 bn | 13.3 | 14.9% | 1.8% | +6.9% | +43% / +122% |
| GPCGenuine Parts Co | 16.9 bn | 468.1 | 0.7% | 0.1% | +3.5% | −6% / −8% |
| WCCWESCO International, Inc. | 14.2 bn | 18.3 | 15.4% | 3.0% | +7.8% | +9% / +88% |
| QXOQxo, Inc. | 12.0 bn | — | -2.8% | -4.1% | +11,925.0% | −38% / −61% |
| HSICHenry Schein, Inc. | 9.5 bn | 23.6 | 12.9% | 3.1% | +4.0% | +15% / +29% |
| ARWArrow Electronics, Inc. | 9.2 bn | 9.2 | 15.0% | 2.6% | +10.5% | +68% / +53% |
| POOLPool Corporation | 7.6 bn | 19.5 | 30.4% | 7.3% | −0.4% | −13% / −39% |
| AVTAvnet, Inc. | 6.5 bn | 11.9 | 11.1% | 1.7% | +24.5% | +67% / +70% |
| MSMMsc Industrial Direct Co., Inc. | 6.3 bn | 28.5 | 15.8% | 5.6% | +6.4% | +27% / +16% |
| INGMIngram Micro Holding Corp | 5.9 bn | 12.8 | 10.9% | 0.8% | +9.5% | +19% / unavailable |
| SITESiteOne Landscape Supply, Inc. | 4.9 bn | 30.5 | 9.6% | 3.4% | +3.6% | −16% / −20% |
| REZIResideo Technologies, Inc. | 2.9 bn | 7.9 | 15.2% | 5.6% | +10.5% | −15% / +70% |
| BCCBoise Cascade Company | 2.4 bn | 20.6 | 5.7% | 1.8% | −4.8% | −8% / −36% |
| DXPEDXP Enterprises, Inc. | 2.2 bn | 23.4 | 18.6% | 4.4% | +11.9% | +50% / +380% |
| CNXNPc Connection, Inc. | 2.0 bn | 19.6 | 10.9% | 3.3% | +2.5% | +36% / +33% |
| RYZRyerson Holding Corporation | 1.4 bn | — | 1.3% | 0.2% | −0.6% | +35% / −3% |
| ITRNIturan Location & Control Ltd. | 985.7 m | 17.0 | 28.8% | 16.1% | +6.8% | +24% / +85% |
| SCSCScanSource, Inc. | 869.5 m | 13.4 | 7.4% | 2.0% | +6.1% | +4% / +28% |
| CLMBClimb Global Solutions, Inc. | 740.7 m | 31.2 | 19.5% | 3.1% | +40.1% | +57% / +233% |
| FSTRFoster L B Co | 418.2 m | 30.7 | 7.6% | 2.3% | +1.7% | +47% / +99% |
| ASPNAspen Aerogels Inc | 408.2 m | — | -53.2% | -60.8% | −40.1% | +52% / −53% |
1- and 3-year price returns: for RYZ from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 2.85 Total return -90% · Per year -90% | 5.07 Total return -82% · Per year -82% | 7.66 Total return -72% · Per year -72% |
| 3 years | 2.26 Total return -92% · Per year -57% | 4.57 Total return -83% · Per year -45% | 7.66 Total return -72% · Per year -35% |
| 5 years | 1.80 Total return -93% · Per year -42% | 4.13 Total return -85% · Per year -32% | 7.66 Total return -72% · Per year -23% |
- Exit P/E± 1.14
- Net margin± 0.80
- Annual revenue growth± 0.72
- Annual dilution± 0.07
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
In brief
Ryerson is one of the largest value-added processors and distributors of industrial metals in North America, with a network of service centers in the US, Canada, Mexico and China. The Olympic Steel acquisition, completed in February 2026, moved the company to second place in the region and brought quarterly revenue of about 2.01 billion USD 3. For investors the key question is whether the promised synergies can be realized while debt has risen during the integration.
SWOT
Strengths
- A broad North American facility network and large purchasing scale that support favorable supplier terms and inventory transfers between locations 1.
- A very broad product portfolio and processing services that build long-term customer relationships and support better margins 1.
- Management experience in the industry and the ability to integrate acquisitions, shown by the completed merger with Olympic Steel 12.
Weaknesses
- Debt has risen with the integration and working capital needs, which reduces financial room if demand falls 3.
- Gross margins declined in 2025 and are sensitive to metal price swings, which makes profitability volatile 1.
- Operating cash flow was negative in the first two quarters of 2026 because of higher inventories and receivables 3.
Opportunities
- Realizing the Olympic Steel synergies could materially improve margins if the integration plan stays on schedule 23.
- Demand from energy and data center projects could provide growth for steel and aluminum products 3.
- Expanding higher-margin processing services could reduce reliance on sales of raw metal 1.
Threats
- Volatile metal prices and tariff policy could weigh on volumes, margins and compliance with credit terms 1.
- Pressure from online platforms and local competitors could limit the ability to hold prices 1.
- A slowdown in rate-sensitive and inflation-exposed industries could reduce demand from industrial customers 13.
Risks
- Metal price volatilityhigh
Price declines can reduce sales and margins, while rapid increases may be passed on to customers with a delay, affecting liquidity and margins 1.
- Higher indebtednesshigh
Total debt rose after the acquisition, and a demand decline could make it hard to meet financial covenants on credit facilities 13.
- Integration riskmedium
Realizing synergies depends on executing the integration plan; delays or unexpected costs could reduce the expected benefits 23.
- Cyclical customer industriesmedium
Customers operate in cyclical industries, and a prolonged slowdown in the US or Canadian economy could reduce orders and profitability 1.
- Competitive and pricing pressuremedium
Competition from online platforms and local centers could reduce revenues and margins if the company does not adapt its model 1.
Investment thesis
What would need to be true (bull case)
- If Olympic Steel synergies are realized faster than planned, margins could improve and the business could become more profitable as demand stabilizes 23.
- A leading North American position and a large network can support share gains, especially with customers who value availability and speed of response 13.
- Demand from energy and infrastructure sectors could support volumes, and higher metal prices could lift revenue per ton 3.
What would break the thesis
- If metal prices fall quickly, inventory bought at higher prices could compress margins and the capacity to repay debt 1.
- Higher debt and negative operating cash flow could limit financial flexibility, especially if demand from rate-sensitive industries stays weak 3.
- If the Olympic Steel integration runs into difficulties, synergies could be delayed and margins could stay below expectations 23.
What to watch
- Quarterly synergy realization against the 40 million USD first-year target and the 120 million USD two-year targetQ3 2026
- Development of net debt and the net debt to adjusted EBITDA ratioQ3 2026
- Operating cash flow after the build-up in working capitalQ3 2026
- Metal price trends and gross margin excluding LIFO2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
The business
Ryerson Holding Corporation is the parent of Joseph T. Ryerson & Son, Inc., a processor and distributor of industrial metals that buys metal in large volumes from primary producers and sells it in smaller quantities to a wide range of metal-consuming industries 1. The company operates 103 facilities in North America and three in China and serves about 40,000 customers, from small machine shops to large original equipment manufacturers 1. Nearly 80% of the products it sells are processed to customer requirements, making processing services central to the model 1. Total revenues for fiscal 2025 were 4.6 billion USD, with gross margin down 100 basis points from 2024 1.
Ryerson bases its strategy on fast service, a network of service centers close to customers and a very broad product portfolio spanning carbon and stainless steel, aluminum and alloys, which lets it offer customers a one-stop shop 1. The customer base is diversified: no single customer exceeded 6% of 2025 sales and the top ten customers together represented about 15% 1. The company relies on long-term supplier relationships and an experienced management team 1.
Following the February 2026 merger with Olympic Steel, the operating footprint has grown, and the second-quarter 2026 results include, for the first time, a full reporting period for the combined business 23. Management described the combination as bringing a complementary geographic footprint and a broader product range into the network 2.
Segments
Sales by product and end market
Ryerson stocks carbon steel, stainless steel, alloy steels and aluminum, along with a limited line of nickel and red metals, in forms such as coils, sheets, bars and tubing 1. The range covers about 75,000 products, and sales are spread across end markets such as commercial transportation, fabrication and welding, machinery and equipment, consumer products and power 1.
Processing services
Cutting, bending, punching, welding and other processing operations form the higher-margin part of the business and are supported by investment in specialized equipment 1. The company says its investments at the Shelbyville, Norcross, Dallas and Los Angeles centers aim to raise value-added output and margins 1.
Olympic Steel
Olympic Steel, part of the group since February 2026, adds sheet, plate, coil and tube processing as well as metal-intensive end-use products 2. In the second quarter of 2026 it generated 564 million USD of revenue, and its contribution to adjusted EBITDA excluding LIFO exceeded management's expectations 3.
Market context
The metals service center market is fragmented, with a few large companies and many local and regional operators; competition is based on price, service, quality, inventory availability and delivery speed 1. The industry's cash flow is counter-cyclical to volume, since in weaker periods companies release capital tied up in inventory and receivables 1. The ISM manufacturing PMI showed contraction for most of 2025 and moved back above the growth threshold in January 2026 1.
In the second quarter of 2026 US industrial metal prices reached multi-year highs, supported by tight domestic supply and low service center inventories, while demand from data centers and power generation stayed firm and rate-sensitive sectors remained cautious 3. For operators in the sector, such moves can lift sales but can also compress margins if prices fall quickly 1.
Trends
- Metal price cyclemixed
Metal prices are volatile and directly affect sales, margins and liquidity, because the company sells inventory bought at earlier prices; if prices rise quickly, the company could lag in passing costs on to customers 13.
- Data center and power demandtailwind
Projects in data centers and power generation support demand for certain metal products, a trend that could continue if infrastructure investment stays high 3.
- Financing costs and debtheadwind
Total debt rose along with the working capital needed to support higher sales, and a high cost of financing could limit flexibility if demand slows 3.
- Trade tariffs and importsmixed
Tariff policy and global overcapacity can shift US metal prices, with effects that may help prices but hurt volumes if customers delay orders 1.
Competitive position
Ryerson competes mainly with other metals service centers and, to a lesser extent, with metal producers that sell directly to customers 1. The company notes growing price pressure from online businesses that make prices more transparent and from wider adoption of e-commerce in the industry 1.
Through the Olympic Steel acquisition, Ryerson aims to become a stronger player among the largest service centers in North America, with purchasing scale and network reach as its main advantages 23. The market nevertheless remains fragmented, and small local companies can compete on proximity and flexibility 1.
- Olympic Steel
Acquired in February 2026 and now a wholly owned subsidiary of Ryerson 2.
- Metal producers selling directly
Primary suppliers that compete with service centers for certain customers and market segments 1.
- Local and regional service centers
Small operators that make up most of the market and compete on proximity and relationships 1.
- Online metals trading platforms
Digital players that increase price transparency and pressure margins across the sector 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report28 Oct 2026Results of operations · Other events
- Quarterly report28 Oct 2026
- Current report29 Jul 2026Results of operations · Other events · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report27 May 2026Regulation FD disclosure
- Current report06 May 2026Results of operations · Other events · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report06 May 2026Departure or appointment of officers · Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Proxy statement18 Mar 2026
- Current report23 Feb 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Ryerson Holding Corporation · 23 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Ryerson Holding Corporation · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Ryerson Holding Corporation · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.