$WOR
WORTHINGTON ENTERPRISES, INC.
CIK:0000108516|SEC Filings
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
May 31, 2026 |
May 31, 2025 |
May 31, 2024 |
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| Operating activities: | |||||
| Net earnings | $ 155,035 | $ 94,970 | $ 117,821 | ||
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||
| Depreciation and amortization | 57,272 | 48,262 | 80,704 | ||
| Impairment of goodwill and long-lived assets | 50,813 | 34,377 | |||
| Provision for (benefit from) deferred income taxes | 8,439 | (18,439) | 2,762 | ||
| Impairment of investment in note receivable | 5,000 | 11,170 | |||
| Loss on extinguishment of debt | [1] | 1,534 | |||
| Bad debt expense (income) | 358 | 3,158 | (450) | ||
| Equity in net income of unconsolidated affiliates, net of distributions | 5,361 | 8,769 | 5,722 | ||
| Net loss on sale of assets | 3,290 | 277 | 28,980 | ||
| Stock-based compensation | 13,734 | 16,186 | 16,688 | ||
| Unrealized loss on investment in marketable securities | 975 | ||||
| Changes in assets and liabilities, net of impact of acquisitions: | |||||
| Receivables | 7,706 | (22,261) | 50,078 | ||
| Inventories | (11,557) | 11,500 | 63,596 | ||
| Accounts payable | 3,820 | 619 | (65,401) | ||
| Accrued compensation and employee benefits | (1,986) | 1,807 | 468 | ||
| Other operating items, net | (16,328) | 9,083 | (58,073) | ||
| Net cash provided by operating activities | 226,119 | 209,744 | 289,976 | ||
| Investing activities: | |||||
| Investment in property, plant and equipment | (55,913) | (50,580) | (83,527) | ||
| Acquisitions, net of cash acquired | (304,148) | (95,018) | (42,035) | ||
| Proceeds from sale of assets, net of selling costs | 245 | 13,455 | 865 | ||
| Investment in note receivable | (14,900) | ||||
| Investment in non-marketable equity securities, net of distributions | (251) | (2,958) | (2,296) | ||
| Excess distributions from unconsolidated affiliate | 1,085 | ||||
| Net cash used by investing activities | (360,067) | (135,101) | (140,808) | ||
| Financing activities: | |||||
| Dividends paid | (36,890) | (33,903) | (56,819) | ||
| Repurchase of common shares | (43,710) | (30,883) | |||
| Proceeds from issuance of common shares, net of tax withholdings | (5,948) | (4,007) | (11,399) | ||
| Principal payments on long-term obligations | (1,854) | (393,890) | |||
| Dividend from Worthington Steel at Separation | 150,000 | ||||
| Distribution to Worthington Steel at Separation | (218,048) | ||||
| Net proceeds from short-term borrowings, net of issuance costs | 172,187 | ||||
| Payments to noncontrolling interests | (1,920) | ||||
| Net cash used by financing activities | (88,402) | (68,793) | (359,889) | ||
| (Decrease) increase in cash and cash equivalents | (222,350) | 5,850 | (210,721) | ||
| Cash and cash equivalents at beginning of year | 250,075 | 244,225 | 454,946 | ||
| Cash and cash equivalents at end of year | $ 27,725 | $ 250,075 | $ 244,225 | ||
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Consolidated Balance Sheets - USD ($) $ in Thousands |
May 31, 2026 |
May 31, 2025 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $ 27,725 | $ 250,075 |
| Receivables, less allowances of $1,310 and $907, respectively | 228,168 | 215,824 |
| Inventories: | ||
| Raw materials | 110,536 | 80,522 |
| Work in process | 9,490 | 9,408 |
| Finished products | 87,270 | 79,463 |
| Total inventories | 207,296 | 169,393 |
| Income taxes receivable | 20,016 | 12,720 |
| Prepaid expenses and other current assets | 41,269 | 37,358 |
| Total current assets | 524,474 | 685,370 |
| Investments in unconsolidated affiliates | 118,048 | 129,262 |
| Operating lease assets | 42,888 | 22,699 |
| Goodwill | 500,784 | 376,480 |
| Other intangible assets, net of accumulated amortization of $106,944 and $88,887, respectively | 322,761 | 190,398 |
| Other assets | 28,215 | 20,717 |
| Property, plant and equipment: | ||
| Land | 8,732 | 8,703 |
| Buildings and improvements | 136,441 | 132,742 |
| Machinery and equipment | 411,030 | 372,798 |
| Construction in progress | 66,509 | 33,326 |
| Total property, plant and equipment | 622,712 | 547,569 |
| Less: accumulated depreciation | 311,818 | 277,343 |
| Total property, plant and equipment, net | 310,894 | 270,226 |
| Total assets | 1,848,064 | 1,695,152 |
| Current liabilities: | ||
| Accounts payable | 115,203 | 103,205 |
| Accrued compensation, contributions to employee benefit plans and related taxes | 41,728 | 43,864 |
| Dividends payable | 9,814 | 9,172 |
| Other accrued items | 45,832 | 34,478 |
| Current operating lease liabilities | 7,982 | 6,014 |
| Income taxes payable | 867 | 109 |
| Total current liabilities | 221,426 | 196,842 |
| Other liabilities | 56,657 | 53,364 |
| Distributions in excess of investment in unconsolidated affiliate | 105,349 | 103,767 |
| Long-term debt | 305,896 | 302,868 |
| Noncurrent operating lease liabilities | 35,883 | 17,173 |
| Deferred income taxes, net | 95,813 | 82,901 |
| Total liabilities | 821,024 | 756,915 |
| Shareholders' equity - controlling interest: | ||
| Preferred shares, without par value; authorized - 1,000,000 shares; issued and outstanding - none | ||
| Common shares, without par value; authorized - 150,000,000 shares; issued and outstanding, 2026 - 48,684,701 shares, 2025 - 49,236,449 shares | ||
| Additional paid-in capital | 311,997 | 308,608 |
| Accumulated other comprehensive income, net of taxes of $(951) and $(173) at May 31, 2026 and May 31, 2025, respectively | 10,906 | 4,050 |
| Retained earnings | 704,137 | 624,529 |
| Total shareholders' equity - controlling interest | 1,027,040 | 937,187 |
| Noncontrolling interests | 0 | 1,050 |
| Total equity | 1,027,040 | 938,237 |
| Total liabilities and equity | $ 1,848,064 | $ 1,695,152 |