A Business at a Glance
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RELIANCE, INC.
RS
$21.6B
Mkt Cap
$407.83
+3.15%
RELIANCE, INC. (RS) has a current P/E ratio of 29.2, compared to its historical median P/E of 11.2. The stock is currently considered Expensive based on its historical valuation range.
RELIANCE, INC. (RS) has a 5-year average return on invested capital (ROIC) of 17.1%. This indicates strong capital allocation and a potential competitive advantage.
RELIANCE, INC. (RS) has a market capitalization of $20.8B. It is classified as a large-cap stock.
Yes, RELIANCE, INC. (RS) pays a dividend with a trailing twelve-month yield of 1.18%. The company also returns capital through share buybacks, with a buyback yield of 2.76%.
Based on historical P/E analysis, RELIANCE, INC. (RS) appears expensive. The current P/E of 29.2 is 159% above its historical median of 11.2. The estimated fair value CAGR (P/E method) is 15.1%.
RELIANCE, INC. (RS) operates in the Wholesale-Metals Service Centers & Of Fices industry, within the Consumer Cyclical sector.
RELIANCE, INC. (RS) reported annual revenue of $14.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Reliance Steel & Aluminum Co. is the largest metals service center company in North America, operating approximately 310 locations across 41 U.S. states and 10 foreign countries, distributing over 100,000 metal products including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steels. The company serves more than 125,000 customers across diverse industries including consumer products, general manufacturing, non-residential construction, transportation, aerospace, energy, electronics, and industrial machinery, with approximately 40% of orders delivered within 24 hours and over 90% of sales from repeat customers. Reliance's business model emphasizes value-added processing services—ranging from cutting and leveling to machining and electropolishing—which it has expanded through acquisitions and equipment investments to increase higher-margin orders and mitigate profitability volatility during unfavorable demand or pricing periods. The company operates primarily in the spot market with pricing power to adjust selling prices quickly in response to raw material cost changes, while leveraging significant purchasing power as one of the largest customers of North American primary metals producers, enabling product availability and effective inventory management across market cycles. Reliance's diversification across products, end markets, and geography has supported profitability every year since its 1994 initial public offering, including during recessions and the global pandemic, with 2025 tons sold increasing 6.2% and outperforming the industry-wide decline of 1.0% by over 7 percentage points.
【Strong pricing momentum continuing】 Management expects healthy demand and pricing to remain robust in the second quarter of 2026, with carbon steel, aluminum, and stainless steel products all trending upward amid tight supply and extending lead times. The company anticipates gross profit margins to improve in 2026 as tariff impacts and trade uncertainty lessen, with expectations to maintain an annual range of 29%-31%. Capital expenditure of approximately $300 million is planned for 2026, with roughly half directed toward strategic growth investments that enhance processing capabilities, expand footprint, and grow volumes in attractive markets. Management notes that defense and space-related aerospace programs remain robust, while non-residential construction is expected to gradually improve as original equipment manufacturers work through record backlogs and increase build rates, supported by encouraging reshoring activity trends.
| Metric | Target | Period |
|---|---|---|
| Capital Expenditures | approximately $300 million | FY2026 |
| LIFO Expense | $150 million | FY2026 |
Capital Expenditures (FY2026): “Our full year 2026 outlook for capital expenditures is approximately $300 million, with a little less than half directed towards strategic growth investments that enhance our processing capabilities, strengthen our ability to serve customers, expand our footprint, and grow volumes in attractive markets.”
LIFO Expense (FY2026): “Higher than anticipated material costs resulted in the first quarter LIFO expense of $37.5 million, above our $25 million estimate, prompting us to raise our full year LIFO outlook to $150 million from the prior $100 million annual estimate.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 14.8B | 14.3B | 13.8B | 14.8B | 17.0B | 14.1B |
| Net Income | 805M | 739M | 875M | 1.3B | 1.8B | 1.4B |
| EPS | $15.50 | $13.98 | $15.56 | $22.64 | $29.92 | $21.97 |
| Free Cash Flow | 612M | 502M | 999M | 1.2B | 1.8B | 563M |
| ROIC | 9.9% | 9.3% | 11.1% | 17.8% | 25.9% | 21.4% |
| Gross Margin | - | 28.7% | 29.7% | 30.7% | 30.8% | 31.9% |
| Debt/Equity | 0.24 | 0.24 | 0.20 | 0.18 | 0.19 | 0.31 |
| Dividends/Share | $0.00 | $4.80 | $4.40 | $4.00 | $3.50 | $2.75 |
| Operating Income | 1.1B | 1.0B | 1.2B | 1.7B | 2.5B | 1.9B |
| Operating Margin | 7.5% | 7.1% | 8.4% | 11.7% | 14.7% | 13.8% |
| ROE | 11.3% | 10.3% | 11.7% | 18.0% | 27.9% | 25.2% |
| Shares Outstanding | 51M | 53M | 56M | 59M | 62M | 64M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 10.5B | 9.4B | 8.6B | 9.7B | 11.5B | 11.0B | 8.8B | 14.1B | 17.0B | 14.8B | 13.8B | 14.3B | 14.8B |
| Gross Margin | 25.1% | 27.2% | 30.1% | 28.7% | 28.4% | 30.3% | 31.5% | 31.9% | 30.8% | 30.7% | 29.7% | 28.7% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 1.8B | 1.7B | 1.8B | 1.9B | 2.1B | 2.1B | 1.9B | 2.3B | 2.5B | 2.6B | 2.7B | 2.8B | 2.9B |
| EBIT | 617M | 550M | 518M | 662M | 938M | 1.0B | 566M | 1.9B | 2.5B | 1.7B | 1.2B | 1.0B | 1.1B |
| Op. Margin | 5.9% | 5.9% | 6.0% | 6.8% | 8.1% | 9.2% | 6.4% | 13.8% | 14.7% | 11.7% | 8.4% | 7.1% | 7.5% |
| Net Income | 372M | 312M | 304M | 613M | 634M | 702M | 369M | 1.4B | 1.8B | 1.3B | 875M | 739M | 805M |
| Net Margin | 3.6% | 3.3% | 3.5% | 6.3% | 5.5% | 6.4% | 4.2% | 10.0% | 10.8% | 9.0% | 6.3% | 5.2% | 5.4% |
| Non-Recurring | 13M | 59M | 70M | 14M | 58M | 2.2M | 160M | 8.1M | 1.4M | 2.2M | 27M | 29M | 29M |
| Returns on Capital | |||||||||||||
| ROIC | 7.3% | 6.3% | 6.4% | 10.7% | 10.8% | 11.4% | 6.9% | 21.4% | 25.9% | 17.8% | 11.1% | 9.3% | 9.9% |
| ROE | 9.3% | 7.8% | 7.5% | 13.9% | 13.6% | 14.2% | 7.2% | 25.2% | 27.9% | 18.0% | 11.7% | 10.3% | 11.3% |
| ROA | 4.9% | 4.2% | 4.2% | 8.1% | 8.0% | 8.7% | 4.5% | 16.0% | 18.5% | 12.8% | 8.5% | 7.3% | 7.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 356M | 1.0B | 627M | 399M | 665M | 1.3B | 1.2B | 799M | 2.1B | 1.7B | 1.4B | 831M | 918M |
| Free Cash Flow | 166M | 853M | 472M | 237M | 425M | 1.1B | 1.0B | 563M | 1.8B | 1.2B | 999M | 502M | 612M |
| Owner Earnings | 119M | 785M | 380M | 147M | 404M | 1.0B | 904M | 498M | 1.8B | 1.4B | 1.1B | 498M | 583M |
| CapEx | 190M | 172M | 155M | 162M | 240M | 242M | 172M | 237M | 342M | 469M | 431M | 329M | 306M |
| Maint. CapEx | 214M | 219M | 222M | 218M | 215M | 219M | 227M | 230M | 240M | 245M | 269M | 278M | 279M |
| Growth CapEx | 0 | 0 | 0 | 0 | 25M | 23M | 0 | 6.4M | 102M | 223M | 162M | 51M | 27M |
| D&A | 214M | 219M | 222M | 218M | 215M | 219M | 227M | 230M | 240M | 245M | 269M | 278M | 279M |
| CapEx/OCF | 53.5% | 16.8% | 24.7% | 40.5% | 36.1% | 18.6% | 14.7% | 29.6% | 16.1% | 28.1% | 30.1% | 39.6% | 33.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 109M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | 2.5% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 50M | 356M | 0 | 25M | 485M | 50M | 337M | 324M | 630M | 480M | 1.1B | 594M | 575M |
| Buyback Yield | 1.3% | 10.0% | N/A | 0.5% | 10.7% | 0.7% | 4.7% | 3.3% | 5.3% | 3.0% | 7.3% | 3.8% | 2.8% |
| Stock-Based Comp | 23M | 21M | 24M | 33M | 46M | 51M | 42M | 71M | 65M | 65M | 57M | 56M | 57M |
| Debt Repayment | 552M | 962M | 2.1B | 915M | 1.2B | 1.6B | 1.6B | 21M | 300K | 506M | 663M | 2.4B | 2.4B |
| Balance Sheet | |||||||||||||
| Net Debt | 2.2B | 1.8B | 1.8B | 1.8B | 2.0B | 1.6B | 1.2B | 1.6B | 182M | 295M | 1.1B | 1.5B | 1.4B |
| Cash & Equiv. | 106M | 104M | 123M | 154M | 128M | 174M | 684M | 301M | 1.2B | 1.1B | 318M | 217M | 250M |
| Long-Term Debt | 2.2B | 1.4B | 1.8B | 1.8B | 2.1B | 1.5B | 1.6B | 1.6B | 1.1B | 1.1B | 743M | 1.4B | 1.7B |
| Debt/Equity | 0.56 | 0.50 | 0.46 | 0.41 | 0.46 | 0.33 | 0.36 | 0.31 | 0.19 | 0.18 | 0.20 | 0.24 | 0.24 |
| Interest Coverage | 7.5 | 6.5 | 6.1 | 9.0 | 10.9 | 11.9 | 9.0 | 31.1 | 40.2 | 43.4 | 28.8 | 18.2 | 18.6 |
| Equity | 4.1B | 3.9B | 4.1B | 4.7B | 4.7B | 5.2B | 5.1B | 6.1B | 7.1B | 7.7B | 7.2B | 7.2B | 7.1B |
| Total Assets | 7.8B | 7.1B | 7.4B | 7.8B | 8.0B | 8.1B | 8.1B | 9.5B | 10.3B | 10.5B | 10.0B | 10.4B | 10.8B |
| Total Liabilities | 792M | 3.2B | 757M | 3.1B | 3.4B | 2.9B | 3.0B | 3.4B | 3.2B | 2.7B | 2.8B | 3.2B | 3.7B |
| Intangibles | 1.2B | 1.1B | 1.2B | 1.1B | 1.1B | 1.0B | 947M | 1.1B | 1.0B | 981M | 1.0B | 960M | 953M |
| Retained Earnings | 3.3B | 3.5B | 3.7B | 4.1B | 4.6B | 5.2B | 5.2B | 6.2B | 7.2B | 7.8B | 7.3B | 7.3B | 7.2B |
| Working Capital | 2.5B | 1.6B | 2.0B | 2.3B | 2.6B | 2.3B | 2.5B | 3.1B | 3.5B | 3.9B | 2.7B | 3.3B | 3.5B |
| Current Assets | 3.1B | 2.6B | 2.7B | 3.1B | 3.3B | 3.0B | 3.1B | 4.2B | 4.9B | 4.8B | 3.9B | 4.1B | 4.6B |
| Current Liabilities | 663M | 990M | 656M | 704M | 699M | 675M | 613M | 1.1B | 1.4B | 844M | 1.2B | 848M | 1.0B |
| Per Share Data | |||||||||||||
| EPS | 4.73 | 4.16 | 4.16 | 8.34 | 8.75 | 10.34 | 5.66 | 21.97 | 29.92 | 22.64 | 15.56 | 13.98 | 15.50 |
| Owner EPS | 1.52 | 10.49 | 5.20 | 2.00 | 5.58 | 15.20 | 13.85 | 7.75 | 29.48 | 23.06 | 19.63 | 9.41 | 11.42 |
| Book Value | 52.19 | 52.27 | 56.72 | 63.46 | 64.50 | 76.74 | 78.44 | 94.64 | 115.24 | 130.87 | 128.36 | 135.57 | 139.53 |
| Cash Flow/Share | 4.53 | 13.69 | 8.56 | 5.42 | 9.18 | 19.18 | 17.99 | 12.43 | 34.45 | 28.32 | 25.42 | 15.72 | 21.22 |
| Dividends/Share | 1.40 | 1.60 | 1.65 | 1.80 | 2.00 | 2.20 | 2.50 | 2.75 | 3.50 | 4.00 | 4.40 | 4.80 | 0.00 |
| Shares Out. | 78.5M | 74.9M | 73.1M | 73.5M | 72.4M | 67.8M | 65.2M | 64.3M | 61.5M | 59.0M | 56.2M | 52.9M | 51.0M |
| Valuation | |||||||||||||
| P/E Ratio | 10.3 | 11.5 | 16.3 | 8.9 | 7.1 | 10.5 | 19.3 | 6.9 | 6.4 | 12.0 | 17.0 | 21.2 | 26.3 |
| P/FCF | 23.1 | 4.2 | 10.5 | 23.1 | 10.7 | 6.9 | 7.1 | 17.3 | 6.7 | 13.4 | 14.9 | 31.2 | 34.0 |
| EV/EBIT | 9.7 | 10.6 | 13.0 | 10.8 | 7.0 | 8.5 | 13.1 | 5.5 | 4.6 | 8.7 | 13.6 | 16.5 | 20.1 |
| Price/Book | 0.9 | 0.9 | 1.2 | 1.2 | 1.0 | 1.4 | 1.4 | 1.6 | 1.7 | 2.1 | 2.1 | 2.2 | 2.9 |
| Price/Sales | 0.4 | 0.4 | 0.5 | 0.5 | 0.5 | 0.5 | 0.7 | 0.6 | 0.6 | 1.0 | 1.2 | 1.1 | 1.4 |
| FCF Yield | 4.3% | 23.9% | 9.5% | 4.3% | 9.4% | 14.4% | 14.1% | 5.8% | 15.0% | 7.5% | 6.7% | 3.2% | 2.9% |
| Market Cap | 3.8B | 3.6B | 5.0B | 5.5B | 4.5B | 7.3B | 7.1B | 9.7B | 11.8B | 16.1B | 14.9B | 15.7B | 20.8B |
| Avg. Price | 54.87 | 47.75 | 58.99 | 65.41 | 75.45 | 85.14 | 94.44 | 139.30 | 175.08 | 246.05 | 289.95 | 287.82 | 407.83 |
| Year-End Price | 48.77 | 47.66 | 67.92 | 74.60 | 62.54 | 108.14 | 109.05 | 151.23 | 192.40 | 272.56 | 265.19 | 296.71 | 407.83 |
RELIANCE, INC. passes 6 of 9 quality checks, suggesting mixed fundamentals.
RELIANCE, INC. trades at 29.2x trailing earnings, compared to its 15-year median P/E of 11.2x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 42.0x vs a median of 12.0x. The company's 5-year average ROIC is 17.1% with a gross margin of 30.4%. Total shareholder yield (dividends + buybacks) is 3.9%. At current prices, the estimated annualized return to fair value is +9.3%.
RELIANCE, INC. (RS) has a net profit margin of 5.2%. This is a modest margin.
RELIANCE, INC. (RS) generated $502 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
RELIANCE, INC. (RS) has a debt-to-equity ratio of 0.24. This indicates a conservatively financed balance sheet.
RELIANCE, INC. (RS) reported earnings per share (EPS) of $13.98 in its most recent fiscal year.
RELIANCE, INC. (RS) has a return on equity (ROE) of 10.3%. This indicates moderate shareholder returns.
RELIANCE, INC. (RS) has a 5-year average gross margin of 30.4%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for RELIANCE, INC. (RS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
RELIANCE, INC. (RS) has a book value per share of $135.57, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects healthy demand and pricing to remain robust in the second quarter of 2026, with carbon steel, aluminum, and stainless steel products all trending upward amid tight supply and extending lead times. The company anticipates gross profit margins to improve in 2026 as tariff impacts and trade uncertainty lessen, with expectations to maintain an annual range of 29%-31%. Capital expenditure of approximately $300 million is planned for 2026, with roughly half directed toward strategic growth investments that enhance processing capabilities, expand footprint, and grow volumes in attractive markets. Management notes that defense and space-related aerospace programs remain robust, while non-residential construction is expected to gradually improve as original equipment manufacturers work through record backlogs and increase build rates, supported by encouraging reshoring activity trends.
Based on recent SEC filings and earnings calls, RELIANCE, INC. (RS) has provided the following forward guidance: Capital Expenditures: approximately $300 million (FY2026); LIFO Expense: $150 million (FY2026).