Worthington Enterprises, Inc. (WOR) Stock Price & How to Invest

Worthington Enterprises, Inc. was founded in 1955 as a value-added steel processor and spent most of its life as Worthington Industries. On December 1, 2023 it distributed its steel processing business to shareholders as a separate NYSE company, Worthington Steel (WS), renamed itself, and kept the WOR ticker. What stayed behind is two reportable segments. Building Products, about 62 percent of fiscal 2026 net sales at ~$861.5 million, makes pressurized containment products (LPG and refrigerant cylinders, well water and expansion tanks under Well-X-Trol, composite cylinders under Ragasco), HVAC ductwork and framing through Elgen, and standing-seam metal roof clips through LSI and Roof Hugger. Consumer Products, ~$519.8 million or 38 percent, sells handheld torches and fuel under Bernzomatic, helium balloon kits under Balloon Time, drywall and precision tools under Level5 and General, and grills and pizza ovens under Halo and a licensed Coleman brand, largely through mass retailers. Sitting outside all of that are the unconsolidated joint ventures accounted for on the equity method: WAVE, a 50 percent interest with Armstrong World Industries in ceiling suspension systems, and ClarkDietrich, a 25 percent interest in light gauge steel framing, plus smaller stakes in SES (49 percent, with Hexagon Composites) and Workhorse (20 percent). About 3,800 people work at the consolidated operations, which run 12 Building Products facilities and five Consumer Products facilities across the US, Norway and Portugal.

The investment picture in September 2026 turns on that structure. Fiscal 2026, which ended May 31, 2026, produced net sales of ~$1,381.3 million (up ~19.7 percent), operating income of ~$76.2 million, and net earnings of ~$155.0 million, or ~$3.14 per diluted share and ~$3.37 adjusted. Equity income from the joint ventures was ~$134.6 million of the ~$201.3 million pretax total, which is to say the wholly-owned factories generated well under half the profit while carrying all of the revenue. The trend inside that number diverged sharply: WAVE's net earnings rose to ~$235.6 million on ~$518.9 million of its own sales, an operating margin near 48 percent, while ClarkDietrich's net earnings fell to ~$87.5 million from ~$163.2 million in fiscal 2025 and ~$239.3 million in fiscal 2024 on essentially flat revenue, a pure margin compression in non-residential construction. The fourth quarter reported on June 23, 2026 missed on both lines (~$371.5 million of sales against estimates near $386.5 million, ~$0.97 adjusted EPS against ~$1.04 to ~$1.06) and the shares fell about 6 percent the next session. Against ~$56.93 and a ~$2.79 billion market capitalization, the stock trades near 18 times trailing and roughly 15 times forward earnings, sits between a 52-week range of ~$45.01 and ~$65.69, and carries a dividend that was raised 5 percent to $0.20 per quarter in June. Fiscal first quarter 2027 results are scheduled for after the close on September 22, 2026.

The most structural risk is that roughly two thirds of pretax earnings come from ventures Worthington does not control, at 50 percent and 25 percent ownership, so an operating decision, a distribution policy change or a partner dispute at WAVE or ClarkDietrich would move reported results without any change at the company's own plants. End-market exposure is cyclical on both sides: Building Products depends on residential and non-residential construction and repair and remodel activity, while Consumer Products sells discretionary grills, pizza ovens, torches and balloon kits whose demand follows retail traffic and consumer confidence. Customer concentration is real, with one retail customer accounting for about 10 percent of consolidated net sales and roughly 28 percent of Consumer Products sales, so a shelf-space or inventory decision at a single buyer carries weight. Input costs are exposed to steel, aluminum, copper, propane and helium, and the 10-K names the evolving tariff environment as a particularly significant driver of unpredictable domestic steel pricing, with the added wrinkle that steel is bought partly from the spun-off Worthington Steel under a supply agreement. Finally, the last two prints have gone the wrong way against expectations, the fourth quarter missed on revenue and adjusted EPS, and the market's reaction to that miss (roughly 6 percent down the following day) is a reminder that a stock trading at ~15 times forward earnings is not priced for repeated shortfalls.

5 analysts publish price targets on WOR, averaging $65.60 against a $56.93 price as of September 2026, or +15.2%. The published targets run from $50.00 to $76.00, a moderate spread, and the ratings split 3 buy, 0 hold, 1 sell. Over the last six months there have been 0 raises and 1 cut among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full WOR forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Worthington Enterprises, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. WAVE is the earnings engine and it never appears in revenue. The 50 percent ceiling suspension venture with Armstrong World Industries earned ~$250.6 million of operating income on ~$518.9 million of its own net sales in fiscal 2026, a margin near 48 percent, and grew net earnings in each of the last three years (~$206.0 million, ~$221.5 million, ~$235.6 million). The most optimistic published target, $76.00, assumes this works close to its best case.

The case against. The most structural risk is that roughly two thirds of pretax earnings come from ventures Worthington does not control, at 50 percent and 25 percent ownership, so an operating decision, a distribution policy change or a partner dispute at WAVE or ClarkDietrich would move reported results without any change at the company's own plants. The most pessimistic target, $50.00, is roughly what WOR is worth if this bites instead.

Read the full bull and bear case on WOR, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Worthington Enterprises, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$1.38 billion for fiscal 2026 (ended May 31, 2026), up ~19.7%
• Equity income from joint ventures: ~$134.6 million, about two thirds of ~$201.3 million pretax earnings
• FY2026 profitability: adjusted EBITDA ~$295.8 million, diluted EPS ~$3.14, adjusted EPS ~$3.37
• Q4 FY2026 (reported June 23, 2026): net sales ~$371.5 million and adjusted EPS ~$0.97, both below consensus
• Balance sheet: ~$305.9 million long-term debt, ~$27.7 million cash, ~$500 million revolver undrawn
• Market capitalization and multiples: ~$2.79 billion at ~$56.93, roughly 18x trailing and ~15x forward earnings

The ~$1.38 billion trailing revenue figure understates the economics, so a price-to-sales ratio computed from it (near 2x) is not a meaningful comparison to a fully consolidated manufacturer. WAVE and ClarkDietrich are equity-method investments, which means none of WAVE's ~$518.9 million or ClarkDietrich's ~$1,160.7 million of fiscal 2026 sales flows through Worthington's top line while their combined ~$134.6 million of attributed profit flows straight to pretax earnings. Adding Worthington's ownership share of those two revenue bases would put look-through sales closer to ~$1.9 billion, and enterprise value of roughly ~$3.1 billion against ~$295.8 million of adjusted EBITDA works out near 10x, though that EBITDA itself includes equity income the company collects as distributions (~$140.0 million in fiscal 2026) rather than as operating cash.

Other names that sit close to WOR: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get WOR exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so WOR sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where WOR fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

WOR is a mid-cap industrial whose consolidated income statement understates the business it controls and overstates how much of the profit its own factories produce, so a view on the stock is mostly a view on WAVE's ceiling grid economics and on when non-residential construction turns back in ClarkDietrich's favor.

Whether WOR is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is WOR a buy or a sell?, and where the stock could go from here in the WOR stock forecast.

For income investors, whether WOR pays a dividend and how the payout looks is covered in does WOR pay a dividend? And to weigh WOR against a peer, read the full side-by-side comparisons: WOR vs WTS and WOR vs LPG.