A diversified manufacturing and industrial company spun off from steel processing that is expanding via targeted acquisitions (Halo, Ragasco, Elgen, LSI), has completed divestitures and restructurings post-Separation, and reports GAAP and reconciled non-GAAP results.

# Company Name

## Overview
A diversified manufacturing and industrial business that completed a corporate Separation from its former steel processing operations. The company has grown its platform through acquisitions (Halo in 2024; Ragasco in 2025; Elgen in 2025/2026; LSI) and has divested or restructured interests in ventures such as the joint venture with SES, including a partial divestiture of SES interests. It reports non-GAAP measures (Adjusted EBIT, Adjusted EBITDA, Adjusted EPS, etc.) and provides reconciliations to GAAP. Back-office and governance costs are allocated at the corporate level, and the company has recorded one-time separation costs and other non-recurring items related to the Separation and acquisitions.

## Key financial results (thousands USD)
| Metric | 2024 | 2025 | 2026 |
|---|---:|---:|---:|
| Net earnings from continuing operations (GAAP) | 35,243 | 96,053 | 155,035 |
| Net earnings attributable to controlling interest | 35,243 | 96,053 | 156,085 |
| Interest expense, net | 1,587 | 2,090 | 6,248 |
| Income tax expense | 39,027 | 33,839 | 46,313 |
| EBIT (earnings before interest and taxes) | 75,857 | 131,982 | 208,646 |
| Adjusted EBIT | 189,231 | 203,183 | 224,822 |
| Depreciation and amortization | 48,663 | 48,262 | 57,272 |
| Stock-based compensation | 13,155 | 13,521 | 13,734 |
| Adjusted EBITDA from continuing operations | 251,049 | 264,966 | 295,828 |
| Adjusted EBITDA margin (of net sales) | 23.5% | 23.0% | 23.3% |

## Notable non-GAAP adjustments and items excluded from non-GAAP measures
- Amortization of inventory step-up: 2024 — 50; 2025 — 1,477; 2026 — 5,151  
- Impairment of goodwill and long-lived assets: 2024 — 32,975; 2025 — 50,813; 2026 — 0  
- Restructuring and other expense, net: 2024 — 29,327; 2025 — 10,524; 2026 — 7,100  
- Separation costs: 2024 — 12,705; 2025 — 0; 2026 — 0  
- Non-cash losses in miscellaneous expense, net: 2024 — 17,258; 2025 — 5,000; 2026 — 3,925  
- Loss on extinguishment of debt: 2024 — 1,534; 2025 — 0; 2026 — 0  
- Non-recurring (gain) loss in equity income: 2024 — (1,322) gain; 2025 — 2,586; 2026 — 0  
- One-time tax effects of Separation: 2024 — 9,197; 2025 — 0; 2026 — 0

## Separation and acquisition-related items
- One-time Separation costs incurred to complete the Separation  
- Amortization of inventory step-up related to acquired businesses  
- Post-Separation corporate overhead adjustments and allocations  
- Divestiture-related and equity income adjustments (e.g., SES divestiture activity)

## Observations
- The company is in a transformation phase following Separation from its steel processing business and expansion through targeted acquisitions and selective divestitures.  
- GAAP net earnings from continuing operations increased from 35,243 (2024) to 96,053 (2025) to 155,035 (2026).  
- Adjusted EBITDA from continuing operations rose from 251,049 (2024) to 264,966 (2025) to 295,828 (2026), with Adjusted EBITDA margins around the mid-20% range.  
- The company identifies several non-cash and non-recurring items (inventory step-up amortization, impairment charges, restructuring charges, Separation costs, pension-related items, and equity income gains/losses) and adjusts reported non-GAAP results for comparability.

All figures shown are in thousands of USD.

Worthington Enterprises, Inc. is a diversified manufacturer of metal products, gas containment solutions, and related consumer and industrial products, focusing on innovative, safety-certified, and high-quality offerings across consumer, construction, and industrial markets.

# Company Summary: Worthington Enterprises, Inc.

## Overview
- **Founded:** 1955 as Worthington Industries
- **Headquarters:** Columbus, Ohio
- **Business Focus:**
  - Leading designer and manufacturer of innovative metal products and solutions
  - Organized into two primary segments: **Consumer Products** and **Building Products**
  - Also involved in unconsolidated joint ventures and other activities

## Business Segments
### 1. Consumer Products
- **Products:** 
  - Propane-filled cylinders for torches, camping, grilling, and recreational use
  - Helium-filled balloon kits
  - Handheld torches and specialty hand tools
  - Gas grills and pizza ovens
  - Accessories and related equipment
- **Customer Base:** Retailers, mass merchandisers, professional contractors, tradespeople, DIY consumers
- **Key Brands:** Balloon Time®, Bernzomatic®, Coleman® (licensed), Garden-Weasel®, General®, Halo®, Hawkeye™, Level5®, Mag-Torch®, Pactool International®, Worthington Pro Grade™
- **Facilities:** 5 manufacturing facilities located in Kansas (2), New Jersey, Wisconsin, Kentucky
- **Revenue (2025):** Approx. **$499.7 million**, representing **43%** of total consolidated sales
- **Employees:** Part of total ~3,400 employees company-wide

### 2. Building Products
- **Products & Solutions:**
  - Pressurized containment solutions:
    - Refrigerant and LPG cylinders
    - Well water tanks
    - Expansion tanks
    - Specialty tanks (fire suppression, chemical, foam, adhesive)
  - Unconsolidated joint ventures:
    - **WAVE:** Manufactures ceiling suspension systems; 7 facilities in GA, MI, NV, CA, MD
    - **ClarkDietrich:** Produces light-gauge steel framing products; 15 facilities across US and Canada
- **Customer Base:** Gas producers/distributors, residential and commercial construction, industrial sectors
- **Key End Markets:** Residential construction, non-residential construction, repair/remodel markets
- **Revenue (2025):** Approx. **$654.1 million**, **57%** of total sales
- **Employees:** Part of overall ~3,400 employees and joint venture workforce (~2,600)

## Financial Highlights (2025)
- **Total Revenue:** **$1.154 billion**
- **Net Earnings:** **$95 million** attributable to controlling interest
- **Gross Profit:** **$319 million** (Gross Margin: 27.6%)
- **Operating Loss:** **$10.7 million** (impacted by impairments and separation costs)
- **Adjusted EBITDA:** **$263.5 million**
- **Employees:** Approximately **3,400 employees** (company-wide)

## Key Developments
- **Separation of Steel Processing Business:** Completed December 1, 2023; Worthington Steel now operates independently with NYSE ticker **WS**
- **Major Acquisitions:**
  - **Ragasco:** Norwegian manufacturer of composite propane cylinders (acquired June 2024, ~$108.6 million)
  - **Halo:** Outdoor cooking solutions business, 80% ownership (acquired February 2024, ~$9.6 million)
  - **Elgen:** HVAC components manufacturer, purchase completed June 2025 (~$93 million)

## Additional Details
- **Employees:** About 3,400 employees; joint ventures employ about 2,600 additional individuals
- **Customer Concentration:** Largest customer accounts for **28%** of consumer product sales
- **Revenue Mix:** Focus on North American and European markets, with international operations making up approximately **17%** of sales in 2025
- **Trade & Market Focus:** End markets are cyclical, influenced by macroeconomic factors such as construction activity, consumer confidence, raw material prices, and supply chain conditions

## Summary
Worthington Enterprises is a diversified manufacturer specializing in metal, gas containment, and related consumer and industrial products. It operates across multiple U.S. locations and active international markets, with a significant focus on innovative, safety-certified, and high-quality products for consumer, construction, and industrial end markets. The company's strategic acquisitions and separation of its steel business reflect its focus on growth, innovation, and operational efficiency.

Worthington Enterprises, Inc. is a prominent designer and manufacturer of innovative consumer and building products, with a history dating back to 1955.

# Worthington Enterprises, Inc.

Founded in 1955, Worthington Enterprises, Inc. designs and manufactures a range of consumer and building products. The company transitioned from a steel processor to a manufacturer focused on delivering practical solutions across multiple markets.

## Business Segments

### Consumer Products
- Key brands: Balloon Time®, Bernzomatic®, Coleman® (licensed), Garden-Weasel®, General®, Halo®, Hawkeye™, Level5®, Mag-Torch®, Pactool International®, Worthington Pro Grade™
- Products offered:
  - Propane-filled cylinders for torches and camping stoves
  - Hand-held torches and helium-filled balloon kits
  - Specialized hand tools and drywall tools/accessories
  - Gas grills and pizza ovens
- Market presence: Serves approximately 1,550 customers
- Sales contribution: Approximately 40% of consolidated net sales in fiscal 2024
- Facilities: Four manufacturing facilities (Kansas: 2, New Jersey, Wisconsin)

### Building Products
- Key products: Pressurized containment solutions (refrigerant and LPG cylinders, well water tanks, fire suppression tanks) with emphasis on heating, cooking, and cooling applications
- Joint ventures: WAVE and ClarkDietrich, focusing on ceiling suspension systems and light gauge metal framing products
- Market presence: Serves approximately 1,650 customers
- Sales contribution: Approximately 50% of consolidated net sales in fiscal 2024
- Facilities: Eight manufacturing facilities (Kentucky, Maryland, Ohio: 3, Rhode Island, Norway, Portugal)

## Financial and Customer Highlights
- Employees: Approximately 3,800 direct employees and an additional 2,000 in unconsolidated joint ventures
- Key customers: One retail customer accounted for 12% of consolidated net sales; the top customer in the Consumer Products segment represented 30% of that segment’s net sales in fiscal 2024

## Recent Developments
- Separation of steel processing business: On December 1, 2023, the former steel processing business was separated into Worthington Steel, now an independent public company
- Joint ventures: Became a noncontrolling equity partner in a joint venture with Hexagon focused on clean energy solutions

## Market Position and Strategy
Worthington Enterprises is recognized as a leader in both the Consumer Products and Building Products segments. The company emphasizes a people-first philosophy, values employee relations, and focuses on creating shareholder value through disciplined capital deployment, operational optimization, and strategic partnerships. It maintains ongoing initiatives to improve product quality, workplace safety, and waste reduction.

Worthington Enterprises is positioned to adapt to changing market conditions while meeting customer needs with its product portfolio and operational capabilities.

WORTHINGTON ENTERPRISES, INC.

10-K / July 30, 2026

10-K / July 30, 2025

10-K / July 30, 2024

10-K / July 30, 2026

Company Name

Overview

Key financial results (thousands USD)

Notable non-GAAP adjustments and items excluded from non-GAAP measures

Separation and acquisition-related items

Observations