WORMEDIUM SIGNALFINANCIAL10-K

WOR showed strong operational improvement with operating losses narrowing 85% while maintaining solid profitability, though cash generation declined and share buyback activity was significantly reduced.

The dramatic improvement in operating income from -$73.5M to -$10.7M suggests the company is successfully addressing operational challenges and moving toward breakeven operations. The reduction in share buybacks by 83% indicates management is conserving cash and potentially being more cautious about capital allocation amid the operational turnaround.

Comparing 2025-07-30 vs 2024-07-30View on EDGAR →
FINANCIAL ANALYSIS

WOR demonstrated mixed but generally positive financial performance with gross profit growing 11.9% to $319M and operating losses improving dramatically by 85%, though the company remains operationally unprofitable. Cash flows weakened with operating cash flow declining 27.7% to $209.7M and capital expenditures reduced by 39.4%, while share buybacks dropped 83% to $30.9M, suggesting a more conservative cash management approach. Overall, the results point to operational improvements in progress but with management prioritizing cash preservation over shareholder returns during the turnaround phase.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+85.4%
-$73.5M→-$10.7M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Share Buybacks
Cash Flow
-82.9%
$180.2M→$30.9M

Buyback activity reduced 82.9% — capital being redeployed elsewhere or cash conservation underway.

Capital Expenditure
Cash Flow
-39.4%
$83.5M→$50.6M

Capex reduced 39.4% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Interest Expense
P&L
+31.7%
$1.6M→$2.1M

Interest expense surged 31.7% — significant debt increase or rising rates materially impacting earnings.

Operating Cash Flow
Cash Flow
-27.7%
$290.0M→$209.7M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

Net Income
P&L
-13.2%
$110.6M→$96.1M

Net income declined 13.2% — review whether driven by operations, interest costs, or non-recurring items.

Gross Profit
P&L
+11.9%
$285.0M→$319.0M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Current Liabilities
Balance Sheet
+10.4%
$178.4M→$196.8M

Current liabilities rose 10.4% — increased short-term obligations, watch current ratio.

LANGUAGE CHANGES
NEW — 2025-07-30
PRIOR — 2024-07-30
ADDED
The number of common shares (the only common equity of the registrant) outstanding, as of July 23, 2025 , was 49,823,223 .
DIY Do-it-yourself EPS Earnings per common share Elgen Elgen Manufacturing Company, Inc.
48, Accounting for Uncertainty in Income Taxes fiscal 2022 Our fiscal year ended May 31, 2022 fiscal 2023 Our fiscal year ended May 31, 2023 fiscal 2024 Our fiscal year ended May 31, 2024 fiscal 2025 Our fiscal year ending May 31, 2025 fiscal 2026 Our fiscal year ending May 31, 2026 GAAP U.S.
generally accepted accounting principles GDP Gross domestic product GDPR General Data Protection Regulation of the European Union Gerstenslager Plan The Gerstenslager Company Bargaining Unit Employees Pension Plan GTI General Tools Instruments Company LLC Halo WH Products, LLC Hexagon Hexagon Composites ASA HPG Halo Products Group, LLC HMI The National Association of Home Builders/Wells Fargo Housing Market Index HVAC Heating, ventilation, and air conditioning IRS U.S.
Occupational Safety and Health Administration PSLRA Private Securities Litigation Reform Act of 1995, as amended Record Date Close of business on November 21, 2023 Ragasco Ragasco AS ROU Right of use SEC U.S.
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REMOVED
The number of common shares (the only common equity of the registrant) outstanding, as of July 24, 2024 , was 50,045,044 .
Form 10-K Summary 94 Signatures 105 i DEFINED TERMS References in this Form 10-K to we, our, us or the Company are collectively to Worthington Enterprises and its consolidated subsidiaries.
generally accepted accounting principles GDP Gross domestic product GDPR General Data Protection Regulation of the European Union Gerstenslager Plan The Gerstenslager Company Bargaining Unit Employees Pension Plan Halo WH Products, LLC Hexagon Hexagon Composites ASA HPG Halo Products Group, LLC HMI The National Association of Home Builders/Wells Fargo Housing Market Index IRS U.S.
NYSE New York Stock Exchange OCI Other comprehensive income (loss) Original Senior Notes Collectively, the Original Series A Senior Note and the Original Series B Senior Notes Original Series A Senior Note The senior unsecured note issued by one of our European subsidiaries on August 23, 2019, in the principal amount of 36,700,000, which had an interest rate of 1.56% and was set to mature on August 23, 2031.
Securities and Exchange Commission Securities Act Securities Act of 1933, as amended Separation The separation of our steel processing business, effective December 1, 2023 Serviacero Serviacero Planos, S.
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