# Reliance Steel & Aluminum (RS.US)

Canonical: https://gigainvestors.com/s/RS

Analysis as of: 2026-10-16T07:31:41.494Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $406.67 per share; close as of 2026-10-15.

Estimated value: low $254.26 per share, central $289.32 per share, high $335.98 per share. Buy at or below the central value $289.32 per share. Valuation as of 2026-10-16T07:31:41.494Z; scenarios are not confidence intervals.

Expected annual return: 7.9% at the stated quote. About 7.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.07×

- FY2018: 0.08×

- FY2019: 0.09×

- FY2020: 0.08×

- FY2021: 0.14×

- FY2022: 0.15×

- FY2023: 0.12×

- FY2024: 0.08×

- FY2025: 0.07×

- LTM to Jun 2026: 0.08×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 14.8%

- ROIC, second-lowest year: 13.0%

- Typical minus recent gross margin: 1.1 pp

- Typical gross margin (annual median): 28.0%

- Recent gross margin (lower of latest and 3-year median): 26.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.0%

- ROIC including acquisitions, ten-year median: 9.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 14.6%

- FY2018: 14.8%

- FY2019: 16.0%

- FY2020: 13.0%

- FY2021: 26.5%

- FY2022: 33.5%

- FY2023: 22.7%

- FY2024: 14.7%

- FY2025: 11.6%

- LTM to Jun 2026: 13.5%

### economics: pass

- Owner earnings / net income, 5-yr: 0.93×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $5.3B

- Net income, five-year total: $5.7B

- Return on incremental invested capital: 23.7%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -0.4 pp

- Working capital / revenue, final three-year average: 23.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 0.83×

- FY2024: 0.82×

- FY2025: 1.00×

- LTM to Jun 2026: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 14.6% vs 14.7%

- Per-share earnings: 4.16 to 15.56 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.4%

- Ordinary dilution, 5-year annual growth: -4.1%

- Market cap gain: $9.2B

- Cumulative retained earnings: $3.6B

- Diluted shares, 10-year annual growth: -3.4%

- Diluted shares, 5-year annual growth: -4.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 17.9%

- Per-share value change: $11.40

- Per-share value, starting three-year median: $4.16

- Per-share value, ending three-year median: $15.56

- Buybacks concentrated in cheaper years (correlation): 0.02

- Average buyback yield: 4.3%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $1.5B

- Cumulative net income, 10 years: $8.8B

- ROIC, first three-year median: 14.6%

- ROIC, last three-year median: 14.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: $4.16

- FY2017: $8.34

- FY2018: $8.75

- FY2019: $10.34

- FY2020: $5.66

- FY2021: $21.97

- FY2022: $29.92

- FY2023: $22.64

- FY2024: $15.56

- FY2025: $13.98

### accounting: pass

- Sloan accruals: -0.9%

- Receivables to sales index (DSRI): 1.06×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 6.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.12×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.44×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.3%

- FY2017: 2.8%

- FY2018: -0.4%

- FY2019: -7.4%

- FY2020: -9.9%

- FY2021: 6.4%

- FY2022: -2.7%

- FY2023: -3.2%

- FY2024: -5.5%

- FY2025: -0.9%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Donald Yacktman](https://gigainvestors.com/YAM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 5.2% a year for ten years · "RS Q2 Earnings Beat Estimates on Record Shipments and Pricing" (finance.yahoo.com, Jul 2026) · sales +10.6%

Story as of 2026-10-16T09:59:31.897Z; price observation 2026-10-15.

Price needs cash profits to grow 5.2% a year for ten years

- 2026-02-19: RS' Q4 Earnings Miss Estimates, Sales Up on Higher Price and Volume ([finance.yahoo.com](https://finance.yahoo.com/news/rs-q4-earnings-miss-estimates-140100499.html))

- 2026-04-22: Reliance tops Q1 estimates as steel demand, pricing lift results ([seekingalpha.com](https://seekingalpha.com/news/4578349-reliance-tops-q1-estimates-as-steel-demand-pricing-lift-results?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-07-23: RS Q2 Earnings Beat Estimates on Record Shipments and Pricing ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/rs-q2-earnings-beat-estimates-144500181.html))

### Sales · FY2025–2026

sales +10.6%; source https://www.sec.gov/Archives/edgar/data/861884/000110465926020651/rs-20251231x10k.htm; observed 2026-02-26.

- FY2017: $9.7B 

- FY2018: $12B 

- FY2019: $11B 

- FY2020: $8.8B 

- FY2021: $14B 

- FY2022: $17B 

- FY2023: $15B 

- FY2024: $14B 

- FY2025: $14B 

- FY2026: $16B 

### Gross margin · FY2026

gross margin 26.9%; source https://www.sec.gov/Archives/edgar/data/861884/000110465926020651/rs-20251231x10k.htm; observed 2026-02-26.

- FY2017: 26.4% 

- FY2018: 26.6% 

- FY2019: 28.3% 

- FY2020: 29.3% 

- FY2021: 30.2% 

- FY2022: 29.4% 

- FY2023: 29.1% 

- FY2024: 27.7% 

- FY2025: 26.8% 

- FY2026: 26.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in steel; annual sales are USD 14.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/861884/000110465926020651/rs-20251231x10k.htm (filed 2026-02-26); FY2025: revenue 14294300000; grossProfit 3829300000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RS.US: Reliance, Inc. operates as a diversified metal solutions provider and metals service center company primarily in the United States and Canada. The company distributes metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and other specialty steel products; and provides metals processing services to consumer products, general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, industrial machinery, and heavy industries. It sells its products directly to original equipment manufacturers, which primarily include small machine shops and fabricators. The company was formerly known as Reliance Steel & Aluminum Co. and changed its name to Reliance, Inc. in February 2024. Reliance, Inc. was founded in 1939 and is based in Phoenix, Arizona.

### Why customers stay

Margins ranged from 26.8% to 29.1% during 2023–25; it earns 14.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 29.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 27.7%.

- Source: https://www.sec.gov/Archives/edgar/data/861884/000110465926020651/rs-20251231x10k.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 26.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2017,0.1457945969594225],[2018,0.14821907246505925],[2019,0.15984742145378622],[2020,0.1296399908103175],[2021,0.26512940930422024],[2022,0.3354797687476939],[2023,0.22666015008738605],[2024,0.1470739103035042],[2025,0.11550928929907402],[2026,0.13515571135386395]]; median 0.1476464913842817. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Prices fell 2.6%; sales volumes rose.

- Source: https://www.sec.gov/Archives/edgar/data/861884/000110465926020651/rs-20251231x10k.htm (filed 2026-02-26); [p0] parable with similarly titled measures for other companies. Overview Net sales were $14.29 billion in 2025, an increase of 3.3% compared to 2024, driven by record tons sold, which increased 6.2% and more than offset a 2.6% decline in average selling price per ton sold. Fourth quarter 28 / 2025 Form 10-K Table of Contents 2025 net sales increased 11.9% year-over-year, with tons sold increasing 5.8%, representing the strongest fourth quarter growth since 2021. Shipments grew across most of the end markets we serve, with notably strong underlying demand in non-residential construction, our largest end market by tons. Operating results reported under our LIFO method of inventory accounting declined in 2025 due to temporary tariff-related pressure on gross profit margin and higher SG&A expense. However, excluding significant LIFO impacts in both 2025 and 2024, FIFO gross profit margin and profitability improved. Growth in tons sold during 2025 exceeded the industry-wide decline of 1.0% reported by the Metals Service Center Institute (“MSCI”) by more than 7 percentage points. We believe that our scale, diversified business model, and customer service capabilities, including next-day delivery and extensive value-added processing, enabled us to expand our market share despite a declining industry trend. Tariff-related carbon steel and aluminum cost increases during the first half of 2025 initially supported higher metals pricing following the declining pricing environment experienced throughout 2024. However, because these increases were not demand-driven, our gross profit margin softened beginning in the third quarter as higher metal costs were not fully passed through to customers, particularly for aluminum products amid soft demand and ample supply in the commercial aerospace and semiconductor markets. Our LIFO gross profit

[p1] next-day delivery and extensive value-added processing, enabled us to expand our market share despite a declining industry trend. Tariff-related carbon steel and aluminum cost increases during the first half of 2025 initially supported higher metals pricing following the declining pricing environment experienced throughout 2024. However, because these increases were not demand-driven, our gross profit margin softened beginning in the third quarter as higher metal costs were not fully passed through to customers, particularly for aluminum products amid soft demand and ample supply in the commercial aerospace and semiconductor markets. Our LIFO gross profit margin was 28.7% in 2025, down 100 basis points year-over-year, mainly due to a swing in LIFO inventory valuation adjustments—from $144.4 million of income in 2024 to $113.7 million of expense in 2025—driven in part by higher aluminum costs that had a disproportionate impact on LIFO expense. However, higher metal prices supported by tariff actions drove FIFO gross profit margin up 80 basis points to 29.5%. Same-store SG&A expense increased 4.2% while tons sold grew 5.3% in 2025 compared to 2024, resulting in a 1.0% decline in same-store SG&A expense per ton sold and demonstrating improved operating leverage. Increases in total and same-store SG&A expense reflected inflationary wage adjustments and higher variable warehousing and delivery costs associated with increased shipment volumes. Higher FIFO profitability also contributed to increased incentive-based compensation. Earnings per diluted share were $13.98 in 2025 compared to $15.56 in 2024, a decrease of 10.2%. The impacts of a lower average selling price per ton sold and tariff-related gross profit margin pressure on our earnings per share were partially mitigated by significant growth in tons sold, lower SG&A ex

[p2] value-added processing, enabled us to expand our market share despite a declining industry trend. Tariff-related carbon steel and aluminum cost increases during the first half of 2025 initially supported higher metals pricing following the declining pricing environment experienced throughout 2024. However, because these increases were not demand-driven, our gross profit margin softened beginning in the third quarter as higher metal costs were not fully passed through to customers, particularly for aluminum products amid soft demand and ample supply in the commercial aerospace and semiconductor markets. Our LIFO gross profit margin was 28.7% in 2025, down 100 basis points year-over-year, mainly due to a swing in LIFO inventory valuation adjustments—from $144.4 million of income in 2024 to $113.7 million of expense in 2025—driven in part by higher aluminum costs that had a disproportionate impact on LIFO expense. However, higher metal prices supported by tariff actions drove FIFO gross profit margin up 80 basis points to 29.5%. Same-store SG&A expense increased 4.2% while tons sold grew 5.3% in 2025 compared to 2024, resulting in a 1.0% decline in same-store SG&A expense per ton sold and demonstrating improved operating leverage. Increases in total and same-store SG&A expense reflected inflationary wage adjustments and higher variable warehousing and delivery costs associated with increased shipment volumes. Higher FIFO profitability also contributed to increased incentive-based compensation. Earnings per diluted share were $13.98 in 2025 compared to $15.56 in 2024, a decrease of 10.2%. The impacts of a lower average selling price per ton sold and tariff-related gross profit margin pressure on our earnings per share were partially mitigated by significant growth in tons sold, lower SG&A expense per ton sold, and a 4% red

[p3] ainly due to a swing in LIFO inventory valuation adjustments—from $144.4 million of income in 2024 to $113.7 million of expense in 2025—driven in part by higher aluminum costs that had a disproportionate impact on LIFO expense. However, higher metal prices supported by tariff actions drove FIFO gross profit margin up 80 basis points to 29.5%. Same-store SG&A expense increased 4.2% while tons sold grew 5.3% in 2025 compared to 2024, resulting in a 1.0% decline in same-store SG&A expense per ton sold and demonstrating improved operating leverage. Increases in total and same-store SG&A expense reflected inflationary wage adjustments and higher variable warehousing and delivery costs associated with increased shipment volumes. Higher FIFO profitability also contributed to increased incentive-based compensation. Earnings per diluted share were $13.98 in 2025 compared to $15.56 in 2024, a decrease of 10.2%. The impacts of a lower average selling price per ton sold and tariff-related gross profit margin pressure on our earnings per share were partially mitigated by significant growth in tons sold, lower SG&A expense per ton sold, and a 4% reduction in outstanding shares resulting from share repurchases. However, profitability excluding the impacts of LIFO inventory valuation adjustments increased 14.5% year-over-year. Cash flow from operations was $831.4 million in 2025, a decrease of $598.4 million from $1.43 billion in 2024, which represented the third-highest level in our history. The decline in operating cash flow was driven primarily by higher working capital requirements related to higher tons sold volume and higher metals pricing. Spending on growth-related activities decreased by $463.5 million in 2025 compared to 2024, primarily due to the absence of acquisition activity ($361.8 million) and a $101.7 million reductio

[p4]  increased shipment volumes. Higher FIFO profitability also contributed to increased incentive-based compensation. Earnings per diluted share were $13.98 in 2025 compared to $15.56 in 2024, a decrease of 10.2%. The impacts of a lower average selling price per ton sold and tariff-related gross profit margin pressure on our earnings per share were partially mitigated by significant growth in tons sold, lower SG&A expense per ton sold, and a 4% reduction in outstanding shares resulting from share repurchases. However, profitability excluding the impacts of LIFO inventory valuation adjustments increased 14.5% year-over-year. Cash flow from operations was $831.4 million in 2025, a decrease of $598.4 million from $1.43 billion in 2024, which represented the third-highest level in our history. The decline in operating cash flow was driven primarily by higher working capital requirements related to higher tons sold volume and higher metals pricing. Spending on growth-related activities decreased by $463.5 million in 2025 compared to 2024, primarily due to the absence of acquisition activity ($361.8 million) and a $101.7 million reduction in capital expenditures. Returns to stockholders totaled $848.8 million in 2025, consisting of $594.1 million of share repurchases and $254.7 million of cash dividends, reflecting a 9.1% increase in the regular quarterly dividend rate. Effect of Demand and Pricing Changes on our Operating Results Customer demand has a significant impact on our results of operations. When volume increases, our revenue dollars generally increase, which contributes to increased gross profit dollars. Conversely, when volume declines, we typically produce fewer revenue dollars, which can reduce our gross profit dollars. Variable costs such as certain warehouse, delivery and selling, general and administrative expen

[p5]  $598.4 million from $1.43 billion in 2024, which represented the third-highest level in our history. The decline in operating cash flow was driven primarily by higher working capital requirements related to higher tons sold volume and higher metals pricing. Spending on growth-related activities decreased by $463.5 million in 2025 compared to 2024, primarily due to the absence of acquisition activity ($361.8 million) and a $101.7 million reduction in capital expenditures. Returns to stockholders totaled $848.8 million in 2025, consisting of $594.1 million of share repurchases and $254.7 million of cash dividends, reflecting a 9.1% increase in the regular quarterly dividend rate. Effect of Demand and Pricing Changes on our Operating Results Customer demand has a significant impact on our results of operations. When volume increases, our revenue dollars generally increase, which contributes to increased gross profit dollars. Conversely, when volume declines, we typically produce fewer revenue dollars, which can reduce our gross profit dollars. Variable costs such as certain warehouse, delivery and selling, general and administrative expenses also increase with 2025 Form 10-K / 29 Table of Contents volume. While we can and do reduce certain variable expenses when volumes decline, we cannot easily reduce our fixed costs. Pricing for our products generally has a much more significant impact on our results of operations than customer demand. Our revenues generally increase as a result of pricing increases as overall customer demand is not usually impacted by typical mill pricing increases, although customer buying patterns may change. Our selling prices generally increase when the cost of the metals we purchase increase as we are typically able to pass higher metals costs on to our customers. If prices increase and we mainta

[p6] tal expenditures. Returns to stockholders totaled $848.8 million in 2025, consisting of $594.1 million of share repurchases and $254.7 million of cash dividends, reflecting a 9.1% increase in the regular quarterly dividend rate. Effect of Demand and Pricing Changes on our Operating Results Customer demand has a significant impact on our results of operations. When volume increases, our revenue dollars generally increase, which contributes to increased gross profit dollars. Conversely, when volume declines, we typically produce fewer revenue dollars, which can reduce our gross profit dollars. Variable costs such as certain warehouse, delivery and selling, general and administrative expenses also increase with 2025 Form 10-K / 29 Table of Contents volume. While we can and do reduce certain variable expenses when volumes decline, we cannot easily reduce our fixed costs. Pricing for our products generally has a much more significant impact on our results of operations than customer demand. Our revenues generally increase as a result of pricing increases as overall customer demand is not usually impacted by typical mill pricing increases, although customer buying patterns may change. Our selling prices generally increase when the cost of the metals we purchase increase as we are typically able to pass higher metals costs on to our customers. If prices increase and we maintain the same gross profit percentage, we generate higher levels of gross profit and pretax income dollars for the same operational efforts. Conversely, if pricing declines, we will typically generate lower levels of gross profit and pretax income dollars. For more information, see Item 1A. “Risk Factors”. We primarily purchase and sell inventory in the spot market, with the majority valued using the last-in, first-out (“LIFO”) method. Under this method, co

[p7] ve, significantly contribute to our industry-leading financial results. We believe the increase in our level of orders that include value-added processing over time has provided stability to our gross profit margin during periods of declining metals prices and contributed to a higher sustainable gross profit margin level. We have made significant investments in capital expenditures in recent years that have expanded our value-added processing capabilities and increased the level of our sales orders that include value-added processing to approximately 50%. We believe we have industry leading gross profit margins based on our peer group of publicly traded metal service center companies. Our current processing and estimated sustainable gross profit margin level is significantly higher than what we believe to be our historical levels from over a decade ago, in which the percentage of our orders that included value-added processing was closer to 40% and our gross profit margin level was under 27%. We believe that our ability to make significant investments in processing equipment and in new and improved facilities is a competitive advantage, as we can expand our services and provide higher quality products to our customers. We believe many of our metals service center company competitors do not have 30 / 2025 Form 10-K Table of Contents the ability to expand their processing services in response to their customers’ needs as quickly or at the same scale as Reliance. Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 (in millions, except tons in thousands and average selling price per ton sold) Net Sales Dollar Percentage Year Ended December 31, 2025 ​ ​ 2024 ​ ​ Change ​ ​ Change Net sales $ 14,294.3 ​ ​ $ 13,835.0 ​ ​ $ 459.3 ​ ​ 3.3 % Net sales, same-store $ 13,905.1 ​ ​ $ 13,548.8 ​ ​ $ 356.3 ​ ​ 2.6 % 

[p8] y to expand their processing services in response to their customers’ needs as quickly or at the same scale as Reliance. Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 (in millions, except tons in thousands and average selling price per ton sold) Net Sales Dollar Percentage Year Ended December 31, 2025 ​ ​ 2024 ​ ​ Change ​ ​ Change Net sales $ 14,294.3 ​ ​ $ 13,835.0 ​ ​ $ 459.3 ​ ​ 3.3 % Net sales, same-store $ 13,905.1 ​ ​ $ 13,548.8 ​ ​ $ 356.3 ​ ​ 2.6 % Tons Percentage Year Ended December 31, 2025 ​ ​ 2024 ​ ​ Change ​ ​ Change Tons sold 6,388.1 6,013.2 374.9 6.2 % Tons sold, same-store ​ ​ 6,151.5 5,842.0 309.5 5.3 % Price Percentage Year Ended December 31, 2025 ​ ​ 2024 ​ ​ Change ​ ​ Change Average selling price per ton sold $ 2,244 $ 2,303 $ (59) (2.6) % Average selling price per ton sold, same-store $ 2,267 $ 2,321 $ (54) (2.3) % Tons sold and average selling price per ton sold exclude our toll processed tons. Our average selling price per ton sold includes intercompany transactions that are eliminated from our consolidated net sales. Same-store amounts exclude the results of our 2024 acquisitions. Net sales in 2025 increased due to record tons sold that offset a moderate decline in average selling price per ton sold. Our tons sold increases reflect market share gains during a period of ongoing trade policy uncertainty. We believe uncertainty in the market has led our customers to purchase more frequently and in smaller quantities which are core tenets of our operational strategy. We believe these shifts in customer buying patterns, combined with our scale, diverse product offerings, extensive value-added processing capabilities, and high levels of customer service supported our record tons sold in 2025 which surpassed the industry performance reported by the MSCI by over 7 percentage p

### Where the cash goes

Reinvests 7.2% of cash earnings; earns 23.7% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 154900000; cash acquisitions 348700000; owner earnings 371400000. Growth capex plus acquisitions / owner earnings = 0.9388799138395261.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 0; upkeep 161600000; cash acquisitions 37800000; owner earnings 670200000. Growth capex plus acquisitions / owner earnings = 0.05640107430617726.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 24700000; upkeep 215200000; cash acquisitions 77600000; owner earnings 633700000. Growth capex plus acquisitions / owner earnings = 0.1614328546630898.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 0; upkeep 242200000; cash acquisitions 177800000; owner earnings 678600000. Growth capex plus acquisitions / owner earnings = 0.26201002063071027.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 172000000; cash acquisitions 6900000; owner earnings 424400000. Growth capex plus acquisitions / owner earnings = 0.016258246936852027.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 6400000; upkeep 230200000; cash acquisitions 439300000; owner earnings 1413000000. Growth capex plus acquisitions / owner earnings = 0.31542816702052373.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 101600000; upkeep 240200000; cash acquisitions 0; owner earnings 1840100000. Growth capex plus acquisitions / owner earnings = 0.05521439052225423.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 0; upkeep 468800000; cash acquisitions 24000000; owner earnings 1112500000. Growth capex plus acquisitions / owner earnings = 0.021573033707865168.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 430600000; cash acquisitions 364600000; owner earnings 713300000. Growth capex plus acquisitions / owner earnings = 0.5111453806252628.

- Source: https://www.sec.gov/Archives/edgar/data/861884/000110465926020651/rs-20251231x10k.htm (filed 2026-02-26); FY2025: growth capex 50700000; upkeep 278200000; cash acquisitions 2800000; owner earnings 739400000. Growth capex plus acquisitions / owner earnings = 0.07235596429537462.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Incremental return on capital 0.23699597749274853, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,120400000],[2017,132000000],[2018,145300000],[2019,151300000],[2020,164100000],[2021,177000000],[2022,217100000],[2023,238100000],[2024,249700000],[2025,254700000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/861884/000110465926020651/rs-20251231x10k.htm (filed 2026-02-26); FY2025: cash repurchases 594100000 USD.

### Are managers owners

Insiders own 0.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RS.US SharesStats.PercentInsiders = 0.45599999999999996 percentage points; cache date 2026-10-16.

### What could break it

Subsequently, in June 2025, the Section 232 steel and aluminum tariffs were generally increased to 50%.

- Source: https://www.sec.gov/Archives/edgar/data/861884/000110465926020651/rs-20251231x10k.htm (filed 2026-02-26); These executive actions also increased the aluminum tariffs from 10% to 25% effective on and after March 12, 2025. Subsequently, in June 2025, the Section 232 steel and aluminum tariffs were generally increased to 50%. The tariffs were also expanded to cover a range of additional “derivative” steel-containing articles.

### What the price says

The price assumes cash profits grow 5.2% yearly over ten years; actual growth was 11.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate 0.06097305866778771. Price 406.67; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.776904412140098 → FY2025 13.983924349881796. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $68.78 per share

- 2016-11: $81.10 per share

- 2016-12: $79.54 per share

- 2017-01: $79.65 per share

- 2017-02: $84.65 per share

- 2017-03: $80.02 per share

- 2017-04: $78.82 per share

- 2017-05: $72.95 per share

- 2017-06: $72.81 per share

- 2017-07: $72.36 per share

- 2017-08: $72.42 per share

- 2017-09: $76.17 per share

- 2017-10: $76.84 per share

- 2017-11: $78.61 per share

- 2017-12: $85.79 per share

- 2018-01: $87.59 per share

- 2018-02: $90.17 per share

- 2018-03: $85.74 per share

- 2018-04: $87.92 per share

- 2018-05: $93.57 per share

- 2018-06: $87.54 per share

- 2018-07: $90.20 per share

- 2018-08: $87.89 per share

- 2018-09: $85.29 per share

- 2018-10: $78.92 per share

- 2018-11: $80.45 per share

- 2018-12: $71.17 per share

- 2019-01: $81.88 per share

- 2019-02: $89.25 per share

- 2019-03: $90.26 per share

- 2019-04: $91.96 per share

- 2019-05: $83.27 per share

- 2019-06: $94.62 per share

- 2019-07: $99.95 per share

- 2019-08: $97.23 per share

- 2019-09: $99.66 per share

- 2019-10: $116.04 per share

- 2019-11: $117.98 per share

- 2019-12: $119.76 per share

- 2020-01: $114.80 per share

- 2020-02: $102.29 per share

- 2020-03: $87.59 per share

- 2020-04: $89.58 per share

- 2020-05: $97.00 per share

- 2020-06: $94.93 per share

- 2020-07: $98.26 per share

- 2020-08: $104.87 per share

- 2020-09: $102.04 per share

- 2020-10: $108.99 per share

- 2020-11: $117.80 per share

- 2020-12: $119.75 per share

- 2021-01: $116.08 per share

- 2021-02: $132.20 per share

- 2021-03: $152.29 per share

- 2021-04: $160.31 per share

- 2021-05: $168.07 per share

- 2021-06: $150.90 per share

- 2021-07: $157.15 per share

- 2021-08: $150.04 per share

- 2021-09: $142.42 per share

- 2021-10: $146.16 per share

- 2021-11: $148.63 per share

- 2021-12: $162.22 per share

- 2022-01: $152.88 per share

- 2022-02: $190.87 per share

- 2022-03: $183.35 per share

- 2022-04: $198.25 per share

- 2022-05: $194.40 per share

- 2022-06: $169.86 per share

- 2022-07: $190.25 per share

- 2022-08: $187.98 per share

- 2022-09: $174.41 per share

- 2022-10: $201.48 per share

- 2022-11: $211.29 per share

- 2022-12: $202.44 per share

- 2023-01: $227.45 per share

- 2023-02: $247.84 per share

- 2023-03: $256.74 per share

- 2023-04: $247.80 per share

- 2023-05: $234.68 per share

- 2023-06: $271.59 per share

- 2023-07: $292.86 per share

- 2023-08: $284.96 per share

- 2023-09: $262.23 per share

- 2023-10: $254.38 per share

- 2023-11: $275.26 per share

- 2023-12: $279.68 per share

- 2024-01: $285.42 per share

- 2024-02: $321.22 per share

- 2024-03: $334.18 per share

- 2024-04: $284.72 per share

- 2024-05: $300.78 per share

- 2024-06: $285.60 per share

- 2024-07: $304.56 per share

- 2024-08: $286.65 per share

- 2024-09: $289.21 per share

- 2024-10: $286.34 per share

- 2024-11: $321.24 per share

- 2024-12: $269.26 per share

- 2025-01: $289.50 per share

- 2025-02: $297.16 per share

- 2025-03: $288.75 per share

- 2025-04: $288.23 per share

- 2025-05: $292.82 per share

- 2025-06: $313.90 per share

- 2025-07: $290.13 per share

- 2025-08: $295.66 per share

- 2025-09: $280.83 per share

- 2025-10: $282.43 per share

- 2025-11: $279.32 per share

- 2025-12: $288.87 per share

- 2026-01: $329.50 per share

- 2026-02: $315.64 per share

- 2026-03: $303.92 per share

- 2026-04: $362.50 per share

- 2026-05: $380.77 per share

- 2026-06: $373.60 per share

- 2026-07: $406.10 per share

- 2026-08: $384.05 per share

- 2026-09: $384.75 per share

- 2026-10: $406.67 per share

## Annual estimated value (USD per share)

- FY2016: low $49.27 per share, central $56.06 per share, high $65.10 per share

- FY2017: low $55.29 per share, central $62.91 per share, high $73.06 per share

- FY2018: low $78.40 per share, central $93.43 per share, high $108.77 per share

- FY2019: low $109.02 per share, central $140.06 per share, high $163.70 per share

- FY2020: low $88.85 per share, central $100.03 per share, high $114.91 per share

- FY2021: low $164.22 per share, central $207.85 per share, high $242.70 per share

- FY2022: low $231.87 per share, central $305.51 per share, high $355.45 per share

- FY2023: low $250.24 per share, central $325.44 per share, high $378.56 per share

- FY2024: low $202.75 per share, central $230.60 per share, high $267.68 per share

- FY2025: low $222.03 per share, central $252.64 per share, high $293.39 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/861884/000110465926020651/rs-20251231x10k.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.