회사 개요
Ryerson Holding Corporation is a significant player in the industrial metals sector, engaging in the processing and distribution of industrial metals across the United States and international markets. The company offers a comprehensive product line including carbon steel, stainless steel, alloy steels, aluminum, as well as nickel and red metals in various shapes and forms. Operating within the Industrials sector specifically in the Metal Fabrication industry, the company provides essential materials that support broader manufacturing and construction needs. With a market capitalization of $900.97M and an annual revenue of $4.57B, Ryerson employs approximately 6,400 individuals to execute its operations. These valuation and revenue figures indicate that the company maintains a substantial presence in the metal fabrication landscape, serving as a critical supplier for downstream industries that rely on consistent access to processed metals.
재무 건전성
The company reported a trailing twelve-month revenue of $4.57B, yet it recorded a net income loss of $56.4M over the same period, while generating an EBITDA of $51.00M. The substantial gap between the high revenue figure and the negative net income reveals a cost structure where operating expenses, including interest and taxes, significantly erode profits despite strong top-line sales. Regarding cash flow and liquidity, the company holds $26.90M in cash reserves, but free cash flow data is not available in the current reporting period. The balance sheet reflects a highly leveraged position with total debt standing at $828.50M, resulting in a debt-to-equity ratio of 108.50, which suggests the company relies heavily on borrowed capital rather than equity financing. Despite the high leverage, the current ratio stands at 1.83, indicating that the company possesses adequate short-term liquid assets to cover its immediate obligations without difficulty. However, the return on equity is -6.9% and the return on assets is -0.7%, metrics that reveal management has not yet generated positive returns on the capital invested in the business. The operating margin of -3.3% and profit margin of -1.2% further highlight the challenges in converting revenue into net earnings during this specific reporting cycle.
밸류에이션 평가
The valuation metrics present a complex picture, with a trailing twelve-month P/E ratio listed as N/A due to the negative earnings, while the forward P/E is 16.55. The difference between a non-existent trailing P/E and a forward P/E of 16.55 implies that the market is pricing in a future turnaround or expects earnings to recover from the current loss state to reach profitability. The price-to-book ratio is 1.20, which indicates that the market values the company at a slight premium over its tangible book value, suggesting confidence in the underlying assets despite recent earnings struggles. Alternative valuation metrics include a price-to-sales ratio of 0.20 and an EV/EBITDA of 33.59, which suggest the stock is trading at a fraction of its sales but commands a high multiple relative to its adjusted earnings before interest, taxes, depreciation, and amortization. In terms of trading range, the 52-week high was $30.90 and the 52-week low was $19.02, meaning the stock currently trades within the lower to middle portion of its annual trading band. The beta value of 1.59 indicates that the stock exhibits higher volatility than the broader market, moving more aggressively in response to market fluctuations.
Growth & Income
Revenue growth for the trailing twelve months stands at 9.7%, demonstrating a robust expansion in sales volume, whereas earnings growth is N/A due to the current loss position. Since there is no earnings growth to compare against, the revenue expansion alone suggests the company is successfully capturing market share or increasing sales volume even while profitability remains under pressure. As a dividend payer, the company offers a dividend yield of 2.7%, but the payout ratio is 118.7%, which is unsustainable given the negative net income and indicates dividends are being funded from cash reserves or debt rather than operational earnings. This high payout ratio relative to negative earnings highlights a potential risk to future dividend sustainability if the company cannot return to profitability soon. The overall growth and income profile is characterized by strong revenue expansion offset by significant earnings losses and a dividend policy that exceeds the current capacity of reported net income.