Ryerson Holding Corporation
RYZ Industrials Metal Fabrication
Ryerson Holding Corporation’s revenue for fiscal 2025 (year ended December 2025) was $4.6 billion, down 0.60% from fiscal 2024. In the quarter to June 2026, revenue grew 71.6%, EPS grew 400.0%, free cash flow fell 67.4% and total debt rose 87.2%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Ryerson Holding Corporation (RYZ) Altman Z-score
Ryerson Holding Corporation's Altman Z-score for fiscal 2025 is 2.84, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.84 | (0.07) |
| FY2024 | 2.91 | (0.60) |
| FY2023 | 3.51 | (1.32) |
| FY2022 | 4.84 | 0.73 |
| FY2021 | 4.11 | 1.47 |
| FY2020 | 2.64 | (0.61) |
| FY2019 | 3.25 | 0.35 |
| FY2018 | 2.90 | 0.19 |
| FY2017 | 2.71 | 0.03 |
| FY2016 | 2.68 | (0.04) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.23 | — | 0.28 | |
| Retained earnings / total assets | 0.29 | — | 0.41 | |
| EBIT / total assets | (0.01) | — | −0.04 | |
| Market value of equity / total liabilities | 0.49 | — | 0.30 | |
| Sales / total assets | 1.90 | — | 1.90 | |
| Altman Z-score | Grey zone | 2.84 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 2.86 | ||
Z and Z″ put Ryerson Holding Corporation in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| PRLB Proto Labs, Inc. compare | 9.6× |
| IIIN Insteel Industries, Inc. compare | 8.0× |
| TG Tredegar Corporation compare | 3.9× |
| GPGI CompoSecure, Inc. compare | 3.7× |
| WOR Worthington Enterprises, Inc. compare | 3.6× |
| CMC Commercial Metals Company compare | 3.0× |
| ESAB ESAB Corporation compare | 2.9× |
| RYZ Ryerson Holding Corporation | 2.8× |
| MEC Mayville Engineering Company, Inc. compare | 1.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets