Ryerson Holdings (RYZ)
NYSE:RYZ
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Ryerson Holdings
(NYSE:RYZ)
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Rating:52Neutral
Price Target:
$27.00
▲(8.74% Upside)
Action:Reiterated
Date:05/11/26
The score is held back primarily by weak financial performance—ongoing losses and a sharp turn to cash burn—despite improving revenue. Technicals are supportive with a clear uptrend and constructive momentum, while valuation remains a headwind due to a high P/E. The latest earnings call adds a positive offset via improved guidance and synergy execution, tempered by high leverage and near-term cash demands.
Positive Factors
Meaningful merger synergy realization
Early procurement and facility synergies from the Olympic Steel merger are producing measurable cost savings and facility rationalizations. Sustained realization toward the $120M run‑rate would structurally improve gross margins, cash generation and ROI over the next 12–24 months.
Negative Factors
Elevated leverage post‑merger
A 5.1x leverage ratio materially limits financial flexibility, raises interest expense sensitivity, and constrains capital allocation choices. Deleveraging depends on sustained EBITDA improvement; persistently high leverage would impede strategic optionality and increase refinancing risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Meaningful merger synergy realization
Early procurement and facility synergies from the Olympic Steel merger are producing measurable cost savings and facility rationalizations. Sustained realization toward the $120M run‑rate would structurally improve gross margins, cash generation and ROI over the next 12–24 months.
Read all positive factors
Ryerson Holdings (RYZ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.30B
Dividend Yield2.84%
Average Volume (3M)467.02K
Price to Earnings (P/E)53.0
Beta (1Y)1.37
Revenue Growth11.28%
EPS Growth-560.75%
CountryUS
Employees4,300
SectorIndustrials
Sector Strength72
IndustryBeverages - Wineries & Distilleries
Share Statistics
EPS (TTM)-1.47
Shares Outstanding51,888,725
10 Day Avg. Volume460,409
30 Day Avg. Volume467,025
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)1.07
Price to Sales (P/S)0.18
P/FCF Ratio22.76
Enterprise Value/Market Cap1.78
Enterprise Value/Revenue0.46
Enterprise Value/Gross Profit2.68
Enterprise Value/Ebitda32.65
Forecast
1Y Price Target
$29.00Price Target Upside16.79% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)1.2
Revenue Forecast (FY)$8.16B
Ryerson Holdings Business Overview & Revenue Model
Company Description
Ryerson Holding Corporation, together with its subsidiaries, processes and distributes industrial metals in the United States and internationally. It offers a line of products in carbon steel, stainless steel, alloy steels, and aluminum, as well a...
How the Company Makes Money
Ryerson makes money primarily by selling industrial metal products and by charging for value-added processing services. Its core revenue model is distribution-based: it purchases metal (e.g., carbon steel, stainless steel, aluminum and other alloy...
Ryerson Holdings Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The earnings call highlights a clear operational rebound: strong shipment growth, robust revenue expansion (+37.9% YoY), margin improvement, and adjusted EBITDA more than doubling year-over-year. Integration with Olympic Steel is producing early, tangible synergies (procurement savings realized, facility consolidations, and initial synergy targets on track) and management provided constructive Q2 guidance including higher revenues and substantially higher expected adjusted EBITDA. Counterbalancing these positives are elevated leverage (net debt increased to $883M and leverage rose to 5.1x), significant near-term cash use for working capital and merger costs, higher-than-expected LIFO expense, and demand unevenness in contract/OEM markets plus commodity/delivery cost inflation risk. On balance, the operational momentum, synergy progress, and improved profitability and guidance materially outweigh the near-term balance-sheet and cost pressures.Positive Updates
Strong Volume Recovery and Market Share Gains
Total company tons shipped increased sequentially by 42.3% (13.4% on a same-store basis). Year-over-year shipments rose 31.2% (4.6% on a same-store basis). Ryerson outpaced the MSCI industry trend and realized market share gains, driven by transactional strength and carbon products.
Negative Updates
Significant Increase in Leverage
Total debt increased to $908 million and net debt to $883 million in Q1 (increases of ~$445M), driving the leverage ratio to 5.1x from 3.1x in the prior quarter. Management expects leverage to decline as EBITDA rises, but current leverage is elevated.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Volume Recovery and Market Share Gains
Total company tons shipped increased sequentially by 42.3% (13.4% on a same-store basis). Year-over-year shipments rose 31.2% (4.6% on a same-store basis). Ryerson outpaced the MSCI industry trend and realized market share gains, driven by transactional strength and carbon products.
Read all positive updates
Company Guidance
The company guided Q2 shipments to be 1%–3% higher on a same‑store basis (total company tons 18%–20% above Q1 with Olympic fully included), revenue of $1.86B–$1.93B, same‑store average selling prices up 2%–4% sequentially (overall ASPs up 1%–3%), net income of $20M–$22M or $0.38–$0.42 per diluted share, LIFO expense of $14M–$16M, and adjusted EBITDA excluding LIFO of $88M–$92M (with $21M–$23M contributed by Olympic Steel); management expects $4M–$6M of Q2 synergy realization, has already annualized roughly $15M of procurement savings in the first 6 weeks, remains on track for a $40M procurement target and $120M of annual run‑rate synergies over two years, plans 2026 capex of ~$75M ($50M same‑store + $25M Olympic), confirmed a $0.1875 quarterly dividend and a new $100M share‑repurchase authorization over two years, and noted Q1 balance‑sheet metrics of $908M total debt/$883M net debt (5.1x leverage) with liquidity of $618M, inventory days of supply at 74 (target 70–75) and a 67‑day cash conversion cycle.Ryerson Holdings Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
52
Neutral
Cash Flow
27
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.00B | 4.57B | 4.60B | 5.11B | 6.32B | 5.68B |
| Gross Profit | 863.30M | 767.70M | 817.60M | 1.00B | 1.31B | 1.19B |
| EBITDA | 70.90M | 47.50M | 103.60M | 279.90M | 639.20M | 538.80M |
| Net Income | -46.30M | -56.40M | -8.60M | 145.70M | 391.00M | 294.30M |
Balance Sheet | ||||||
| Total Assets | 3.72B | 2.57B | 2.60B | 2.57B | 2.33B | 2.37B |
| Cash, Cash Equivalents and Short-Term Investments | 26.70M | 27.80M | 29.30M | 55.40M | 40.50M | 52.40M |
| Total Debt | 1.29B | 1.15B | 1.19B | 1.16B | 841.50M | 1.06B |
| Total Liabilities | 2.43B | 1.80B | 1.77B | 1.66B | 1.44B | 1.82B |
| Stockholders Equity | 1.28B | 753.10M | 815.30M | 905.90M | 885.10M | 537.20M |
Cash Flow | ||||||
| Free Cash Flow | -106.70M | 35.50M | 105.30M | 243.20M | 396.10M | -24.30M |
| Operating Cash Flow | -51.00M | 87.00M | 204.90M | 365.10M | 501.20M | 35.00M |
| Investing Cash Flow | -326.60M | -53.60M | -142.70M | -262.10M | -160.00M | 94.40M |
| Financing Cash Flow | 368.20M | -36.50M | -86.80M | -88.30M | -350.10M | -137.90M |
Ryerson Holdings Technical Analysis
Neutral
24.83
Price Trends
24.14
Positive
25.71
Negative
24.00
Positive
Market Momentum
0.03
Positive
48.05
Neutral
26.06
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RYZ, the sentiment is Neutral. The current price of 24.83 is below the 20-day moving average (MA) of 26.26, above the 50-day MA of 24.14, and above the 200-day MA of 24.00, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 48.05 is Neutral, neither overbought nor oversold. The STOCH value of 26.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for RYZ.
Ryerson Holdings Risk Analysis
Ryerson Holdings disclosed 39 risk factors in its most recent earnings report. Ryerson Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ryerson Holdings Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $4.18B | 12.84 | 24.53% | 0.67% | 4.58% | 556.92% | |
77 Outperform | $1.06B | 17.70 | 10.73% | ― | 10.67% | 30.61% | |
70 Outperform | $2.69B | 15.14 | 11.58% | 1.27% | 14.99% | 86.18% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $502.54M | 30.80 | 11.72% | 3.49% | 20.94% | 88.74% | |
59 Neutral | $490.83M | -11.22 | -6.76% | ― | -0.04% | -172.38% | |
52 Neutral | $1.30B | 52.96 | -5.10% | 2.84% | 11.28% | -560.75% |
* Industrials Sector Average
RYZ
Ryerson Holdings
25.12
4.53
21.99%
AZZ
AZZ
137.01
47.34
52.80%
IIIN
Insteel Industries
25.86
-8.84
-25.48%
NWPX
Northwest Pipe Company
109.53
68.86
169.31%
WOR
Worthington Industries
54.66
-3.29
-5.68%
MEC
Mayville Engineering Company
23.95
8.46
54.62%
Ryerson Holdings Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresM&A Transactions
Ryerson Holdings posts strong Q1 results after merger
Positive
May 6, 2026
On May 6, 2026, Ryerson Holding Corporation reported first-quarter 2026 results showing a sharp rebound in activity after its February 13 merger with Olympic Steel, with revenue rising 37.9% year over year to $1.57 billion as tons shipped increase...
Executive/Board ChangesShareholder Meetings
Ryerson Holdings Shareholders Approve Governance Changes and Directors
Neutral
May 6, 2026
On April 30, 2026, Ryerson Holdings shareholders elected Class III directors Edward J. Lehner and Philip E. Norment with strong majorities, while Jacob Kotzubei received a notably higher level of withheld votes. The board’s remaining directo...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.