RYZHIGH SIGNALOPERATIONAL10-K

RYZ completed a major merger with Olympic Steel in February 2026, substantially expanding its operations while experiencing a significant decline in operating cash flow generation.

The Olympic Steel merger represents a transformative acquisition that increased outstanding shares by over 60% and expanded RYZ's metals processing capabilities across sheet, plate, coil, and specialty steel products. This strategic combination positions RYZ as a more diversified metals service provider but comes during a period of operational headwinds that investors should monitor closely.

Comparing 2026-02-23 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

RYZ's financial performance deteriorated meaningfully, with operating cash flow declining substantially from $204.9M to $87.0M, signaling weaker operational efficiency or margin compression. The company dramatically reduced both dividend payments (from $213.8M to $35.0M) and capital expenditures (from $99.6M to $51.5M), suggesting management is conserving cash amid challenging operating conditions. Current liabilities increased 15.2% to $668.1M, likely reflecting integration costs and working capital needs from the Olympic Steel acquisition.

FINANCIAL STATEMENT CHANGES
Dividends Paid
Cash Flow
-83.6%
$213.8M$35.0M

Dividends cut 83.6% — significant signal of cash flow stress or capital reallocation priorities.

Operating Cash Flow
Cash Flow
-57.5%
$204.9M$87.0M

Operating cash flow fell 57.5% — earnings quality concerns; investigate working capital changes and non-cash items.

Capital Expenditure
Cash Flow
-48.3%
$99.6M$51.5M

Capex reduced 48.3% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Current Liabilities
Balance Sheet
+15.2%
$580.1M$668.1M

Current liabilities rose 15.2% — increased short-term obligations, watch current ratio.

LANGUAGE CHANGES
NEW — 2026-02-23
PRIOR — 2025-02-20
ADDED
As of February 18, 2026 there we re 51,482,714 shares of our Common Stock, par value $0.01 per share, outstanding.
As of December 31, 2025, affiliates of Platinum Equity, LLC ( Platinum ) own approximately 3,924,478 shares of our common stock, which is approximately 12.2% of our issued and outstanding common stock.
As of December 31, 2025, we have approximately 4,300 employees across 103 facilities in North America and three facilities in China.
("Olympic Steel") jointly announced their definitive agreement to merge and on February 13, 2026, they announced the successful completion of the merger (the Olympic Steel Merger ).
Olympic Steel is a metals service center focused on the direct sale and value-added processing of carbon and coated sheet, plate, and coil products; stainless steel sheet, plate, bar, and coil; aluminum sheet, plate, and coil; pipe, tube, bar, valves and fittings, tin plate and metal-intensive end-use products.
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REMOVED
As of February 14, 2025 there were 31,850,903 shares of our Common Stock, par value $0.01 per share, outstanding.
Affiliates of Platinum Equity, LLC ( Platinum ) own approximately 3,924,478 shares of our common stock, which is approximately 12.3% of our issued and outstanding common stock.
We have approximately 4,200 employees across 107 facilities in North America and four facilities in China.
This saves our customers time, labor, and expense, reducing their overall manufacturing costs, while permitting us to increasingly focus on value-added services and expanding our mix of fabrication products, which typically sell at higher margins.
This supports our capital expenditures on processing equipment to grow annual gross profit margin.
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