Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical passes the values gate
Price33.34 USD
Fair value43.58
Ethical score70.0/100
Our investment reviews on this name
2026-09-24Read Accumulation33.34+0.0% to today ✓
2026-09-17Read Distribution33.33+0.0% to today
2026-08-18Read Accumulation38.04-12.4% to today
2026-07-02Read Markup43.45-23.3% to today
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Worthington Steel, Inc. holds its Accumulation at $33.34. The statistical read favours the sellers, held for 23 days.
As held on the ledger · 2026-09-21
Phase
Accumulation
Quantitative state
The statistical read favours the sellers, held for 23 days
Price at the screen
$33.34
Valuation
196.12 trailing · 6.85 forward price to earnings
Values screen
PASS· score 70.0
Beta
2.26
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
15.73%
Below 33%
Interest-bearing debt is just 15.7% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
5.43%
Below 33%
Cash held in interest-bearing accounts and securities is 5.4% of assets, under the one-third limit.
Pass
Receivables
25.79%
Below 49%
Money owed to the company is 25.8% of assets, under the 49% limit.
Pass
Revenue purity
0.00%
Below 5%
Only 0.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Worthington Steel, clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 16%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-10-02. It updates when the underlying figures move, and past reads are kept below.
Fair value range in USD, drawn from the 2026-09-21 screen. The gold marker is the market price at the same screen. A 30.7% margin of safety to the base estimate.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-21 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Steel Processor Offers No Margin in Cycles
Steel moves in big swings that hit processors hardest when demand drops. Worthington sits right in that path, turning flat-rolled coils into parts for cars and appliances across North America, yet it shows zero profit margin and negative return on equity. The shares trade above our fair value with a slim negative safety margin, so the setup offers no real entry even after 12 percent revenue growth.
A 14 times forward multiple can look cheap on the surface, but in steel that often marks peak earnings rather than a bargain. One lone analyst target sits higher, yet the business carries no clear moat and the ethical screen passes without lifting the investment case.
Cyclical traps appear exactly when multiples compress at the top of the cycle and margins vanish on the way down. Currency and demand shocks can widen the gap fast. Analysis, not advice.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; it already moves more than the market on an average day.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
WS trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The framework has shifted from distribution to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 20% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 59%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (1 analysts) rates it none, with a mean price target of $38. It reported earnings in this window, a natural checkpoint for the thesis.
The framework has shifted from accumulation to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 12.4% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 20% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 59%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (1 analysts) rates it none, with a mean price target of $38.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 12.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 20% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 59%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (1 analysts) rates it none, with a mean price target of $38.
2026-07-18Markup$43.45+0.0%Entry 3
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 20% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 59%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (1 analysts) rates it none, with a mean price target of $38.
2026-07-03Markup$43.45+0.0%Entry 2
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Markup$43.45Entry 1
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
