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Reliance, Inc. (RS) stock

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NYSE: RS NYSE Steel Next results ~January 20, 2027

B Fundamentals grade

Reliance, Inc. is a US-listed company in the steel industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$360

Cash-flow model

Base case. Range ~$270–$490 across our lower- and higher-growth cases (5.4%–15.4% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 23% above our base value.

Price used: $448.08, November 2, 2026

Reliance, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 5 selling0 purchases and 17 sales by directors and officers, last 12 monthsInsider trades
  • Funds333 adding, 268 cuttingOf 64 active managers that changed their stake, 36 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Reliance files

10-Q filed October 27: Reliance

Rating: Sell to Hold Model value +7.6%

Revenue for the twelve months to September 2026 was $17.4bn, up 24.7% on a year earlier, faster than the 15.4% growth a quarter earlier. Free-cash-flow margin fell to 2.8% from 4.8% a year earlier. The diluted share count is down 3.1% on a year earlier, which lifts each remaining share. Our model value rises from $336 to $362 a share, against a share price of $440. The rating changes from Sell to Hold. At that price, our model says the market is pricing in about 11.9% a year of cash-flow growth for five years, faster than the 4.3% a year revenue growth it has delivered.

Source: 10-Q filed October 27, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 28: Reliance

Revenue for the twelve months to June 2026 reached $17.4bn, up 24.7% on a year earlier and ahead of the 15.4% growth posted a quarter earlier. Behind that top line, the free-cash-flow margin slipped to 2.8% from 4.8%. A 3.1% reduction in the diluted share count over the year lifts the claim on each remaining share. Our fundamentals grade improves from C+ to B. Model value sits little changed at $336 a share, against a share price of $426, and the rating moves from Hold to Sell. At $426, the model implies the market is pricing in roughly 11.1% a year of cash-flow growth over five years, well above the 4.3% a year revenue growth delivered to date.

10-Q on SEC EDGAR

Where Reliance stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $15.8bn, up 15.4% on a year earlier, faster than 8.5% a quarter earlier. Free-cash-flow margin fell to 3.4% from 6.1% a year earlier. The diluted share count is down 3.5% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 6 of our 7 financial-health checks. Our cash-flow model value is $317 a share, against a share price of $416. At that price, our model says the market is pricing in about 11.4% a year of cash-flow growth for five years, faster than the 2.3% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 20, 2027 (estimated)

Reliance, Inc.'s trailing-twelve-month revenue grew 24.7% year on year, with a free-cash-flow margin of 2.8%. Where it stands out: operating margin of 8.8% ranks 3 of 11 steel companies we cover.

Our discounted-cash-flow model values the business at ~$360 per share in the base case (~$270–$490 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 25.7% while net income grew 52.0%: a 78pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 24.7% over the last 12 months, against a median of 14.2% for steel companies we cover.
  • Growth speeding up. The growth rate is 9.3 points higher than a quarter earlier.
  • Shrinking share count. Diluted shares fell 3.1% in a year, so each share owns more of the business.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 13.3% over 90 days.

Things to watch

  • Insiders selling. 5 insiders sold $16M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 44% of net income over the last 12 months.
  • Earnings expected to fall. The consensus expects earnings per share to fall 5% next year.

Latest results: FY2026 Q3

Filed October 27, 2026
Earnings per share
$8.02 against an average estimate of $6.83: beat by 17.4%
Revenue
$5.21bn, up 42.8% on a year earlier
Share reaction
+0.2% in the first session after the results on October 21, 2026, against -0.7% for the S&P 500
Guidance given
tons sold growth 4% to 6% (fourth quarter of 2026); tons sold growth 5.5% to 7.5% (fourth quarter of 2026)
Next report
October 21, 2026; average EPS estimate $7.62

Reliance's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.6%
  • 1 week+6.2%
  • 1 month+11.9%
  • This year+56.7%
  • 1 year+61.0%
  • 5 years+212.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$17.4B
Operating margin
8.8%
Net margin
6.4%
EPS (TTM, diluted)
$21.39

Growth

Revenue growth
+24.7%
Change in growth rate
+9.3 pts
Share count change
−3.1%

Cash

Free cash flow (TTM)
$492M
FCF margin
2.8%
Stock pay % of revenue
0.4%

Earnings

Last results
October 21, 2026
Next results (est.)
January 20, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Guidance
  4. Results
  5. Announcement
  6. Results
  7. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Reliance, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 12.0% a year of cash-flow growth for five years.That is faster than the 4.3% a year revenue growth Reliance has delivered.

  • Priced in12.0%
  • Last 12 months24.7%
  • 3 years a year4.8%
  • 5 years a year4.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($444.50, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$360
Price used
$444.50close November 3, 2026
Implied change
▼ 18%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Reliance, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($822M, FY2026 Q3 TTM), growing 8% and 6.2% in the next two years (forecasts, guidance and its record), then back to 10.4% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$270–~$490 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Reliance, Inc.'s free cash flow after stock-based pay ( $822M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Reliance, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.91 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$360 ~$270–$490 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$300 ~$250–$370 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$340 ~$250–$470 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$370 ~$310–$440 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$350 ~$300–$370 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Reliance, Inc. with Steel in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −34%
  • Last year's free-cash-flow margin change, if it persists ▼ −39%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $205$288$399$544$734$979
8.5% $150$211$290$394$529$703
10% $117$164$225$305$408$540

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$46.96$65.98$72.91$61.88$106.56$109.15$150.45$191.20$268.23$261.99$285.88$448.08
Market value$3.5bn$4.8bn$5.4bn$4.5bn$7.2bn$7.1bn$9.7bn$11.8bn$15.8bn$14.7bn$15.1bn$23.2bn
+ Net debt (− = net cash)$1.8bn$1.8bn$1.8bn$2.1bn$1.4bn$980m$1.4bn$486m$71m$833m$1.2bn$1.4bn
Enterprise value$5.4bn$6.6bn$7.1bn$6.6bn$8.7bn$8.1bn$11.0bn$12.2bn$15.9bn$15.6bn$16.3bn$24.6bn
Multiples
Price / sales 0.4x0.6x0.6x0.4x0.7x0.8x0.7x0.7x1.1x1.1x1.1x1.3x
Price / earnings 11.3x15.9x8.7x7.1x10.3x19.3x6.8x6.4x11.8x16.8x20.4x21.0x
Price / free cash flow 4.1x10.2x22.6x10.6x6.8x7.1x17.2x6.6x13.2x14.7x30.1x47.2x
EV / EBITDA 7.0x9.0x8.1x5.7x7.0x10.2x5.1x4.5x8.0x10.9x12.6x13.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

68 /100

Moderate moat

How hard Reliance's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 13 / 20

    Cash operating profit has been a median 10.5% of total assets over 10 years.

  • Pricing power 10 / 20

    Gross margin has been a median 27.8%, moving by 2.3 percentage points (standard deviation) across 10 years.

  • Durability 11 / 20

    Operating margin has been a median 8.6%; its worst year was 6.7%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 10 of 10 years, at a median 6.1% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 19.8% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $27.02 +90% $18.9bn +32%
Next $25.71 −5% $18.4bn −2%

Next year's EPS estimate has moved +13.3% in 90 days, across 9 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +17.6% on 90 days ago. In the last 30 days, 5 analysts raised Reliance, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Reliance, Inc., last 90 days
$22.00 $24.00 $26.00 $28.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $22.98 Current fiscal year, 60 days ago: $23.15 Current fiscal year, 30 days ago: $23.54 Current fiscal year, 7 days ago: $24.12 Current fiscal year, Now: $27.02 $27.02 Next fiscal year, 90 days ago: $22.69 Next fiscal year, 60 days ago: $23.14 Next fiscal year, 30 days ago: $23.61 Next fiscal year, 7 days ago: $24.64 Next fiscal year, Now: $25.71 $25.71

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $22.98$22.69
60 days ago $23.15$23.14
30 days ago $23.54$23.61
7 days ago $24.12$24.64
Now $27.02$25.71

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $6.83 $8.02 +17.4%
Jun 2026 $5.47 $6.27 +14.7%
Mar 2026 $4.66 $5.16 +10.7%
Dec 2025 $2.82 $2.40 −14.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 21, 2026
  • non-GAAP earnings per diluted share fourth quarter of 2026 $7.40 to $7.60 Non-GAAP
    “Based on these assumptions, and inclusive of LIFO expense of $112.5 million, or $1.64 per diluted share, the Company anticipates non-GAAP earnings per diluted share in the range of $7.40 to $7.60 for the fourth quarter of 2026, up over 200% year-over-year.” source
  • earnings per share from U.S. border wall project shipments fourth quarter of 2026 about $0.70
    “This outlook includes approximately $0.70 of earnings per share from shipments associated with the U.S. border wall project at pretax income margin levels above the Company average.” source
  • tons sold fourth quarter of 2026 4% growth to 6% growth
    “Excluding the impact of the border wall project, the Company estimates tons sold in the fourth quarter of 2026 will be up 4.0% to 6.0% compared to the fourth quarter of 2025, and, consistent with seasonal trends, down 5.5% to 7.5% compared to the third quarter of 2026.” source
  • tons sold fourth quarter of 2026 5.5% growth to 7.5% growth
    “Excluding the impact of the border wall project, the Company estimates tons sold in the fourth quarter of 2026 will be up 4.0% to 6.0% compared to the fourth quarter of 2025, and, consistent with seasonal trends, down 5.5% to 7.5% compared to the third quarter of 2026.” source
  • tons sold, including U.S. border wall project contribution fourth quarter of 2026 13.5% growth to 15.5% growth
    “Including an estimated 9.5% year-over-year contribution from the U.S. border wall project, we anticipate tons sold will be up 13.5% to 15.5% compared to the fourth quarter of 2025.” source
  • average selling price per ton sold fourth quarter of 2026 1% growth to 3% growth
    “Reliance expects its average selling price per ton sold for the fourth quarter of 2026 will be up 1.0% to 3.0% compared to the third quarter of 2026.” source
Show 2 more items
  • LIFO expense fourth quarter of 2026 about $113m
    “Based on these assumptions, and inclusive of LIFO expense of $112.5 million, or $1.64 per diluted share, the Company anticipates non-GAAP earnings per diluted share in the range of $7.40 to $7.60 for the fourth quarter of 2026, up over 200% year-over-year.” source
  • LIFO expense per diluted share fourth quarter of 2026 about $1.64
    “Based on these assumptions, and inclusive of LIFO expense of $112.5 million, or $1.64 per diluted share, the Company anticipates non-GAAP earnings per diluted share in the range of $7.40 to $7.60 for the fourth quarter of 2026, up over 200% year-over-year.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Reliance, Inc.'s revenue by +8.0% next year and +6.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.8%, weight 66%) and the company's own record (+10.4%, weight 34%) . How the weights are set.

Analyst recommendations

9 analysts, Oct 2026
Buy222%
Hold667%
Sell111%

Monthly trend

  1. Oct 20262619
  2. Sep 20262518
  3. Aug 20262518
  4. Jul 20262518

Counts of recommendations published by analysts covering Reliance, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.1%
of tradable shares
Days to cover
4.31
at average volume
Short interest, 1 month
−1%
to October 15, 2026
Held by institutions
85%
of shares
Held by insiders
0.5%
of shares
Employees
15,700
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +61.0%

$278.25 on October 31, 2025 to $448.08

ThenNowEffect
Revenue (last 12 months) $13.7bn $15.8bn +15.4%
Net margin 5.4% 5.7% +4.9%
P/E multiple 20.4x 26.1x +28.3%
Share count 54m 52m +3.6%

Biggest factor: p/e multiple.

Last 3 years +76.9%

$253.32 on November 3, 2023 to $448.08

ThenNowEffect
Revenue (last 12 months) $15.7bn $15.8bn +0.7%
Net margin 9.6% 5.7% −41.3%
P/E multiple 10.0x 26.1x +160.6%
Share count 60m 52m +14.8%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
RS+38%+27%+40%−2%+9%+57%
Industry peers (median)+76%+17%+29%−14%+38%+22%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
RS67%42%58%58%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
RS−20%−22%−16%−21%−22%−19%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 41% from January 17, 2020 to March 23, 2020. Getting back needed a 69% gain, reached on November 16, 2020, 238 days after the low.

Price behaviour

52-week range
$261.99 – $448.08
From 52-week high
0.0%
vs 50-day average
+11.6%
vs 200-day average
+21.8%
Volatility (1 year)
25%
Beta vs S&P 500
0.56

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±4.0%
After a week
8 up, 4 down
typical move ±5.2%
After a month
4 up, 7 down
typical move ±7.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 21, 2026 +0.2% −0.7% +4.8% —
July 22, 2026 +3.1% −1.3% +5.3% −0.5%
April 22, 2026 +2.5% +0.6% +7.0% +8.5%
February 18, 2026 −3.8% +0.2% −6.9% −13.0%
October 22, 2025 −1.8% +0.1% +1.3% −4.2%
July 23, 2025 −11.4% +0.9% −13.2% −15.6%
April 23, 2025 +1.8% +3.7% +2.9% +5.6%
February 19, 2025 +1.1% −0.2% −1.7% −5.6%
October 24, 2024 +0.3% +0.2% +1.3% +13.4%
July 25, 2024 +3.5% +0.6% +0.7% −3.6%
April 25, 2024 −7.3% +0.6% −7.3% −2.8%
February 15, 2024 +10.8% +0.2% +10.0% +9.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Reliance, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.09× the last 60 days’ realised volatility , richer than 32% of the 229 stocks we screen today.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

RS Reliance, Inc. Grade B $449.75

Own 100 shares, sell the $450 call expiring December 18, 2026 (46 days) for $14.50 a share — $1,450 per contract.

Previous session · Bid $14.50, ask $17.00, quoted Mon 2 Nov, 17:35 New York time with RS at $449.75. Option prices move with the shares: check the live chain at your broker before trading.

  • If RS ends below $450: you keep your shares and the $1,450 — 3.2% extra on the position, 25.6% a year at that pace.
  • If it ends above $450: your shares are sold at $450, a total return of 3.3% including the premium — at or above our value of ~$360.
$1.5k $0 −$8.7k Our value $360 Break-even $435.25 Price $449.75
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$1,450
Annualised
25.6%
Break-even
$435.25
Max gain
$1,475.01
Chance of selling
~54%

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Reliance, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Reliance, Inc.
$13B $14B $15B $16B $17B $18B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $14.8B Revenue (TTM), FY24 Q1: $14.5B Revenue (TTM), FY24 Q2: $14.2B Revenue (TTM), FY24 Q3: $14B Revenue (TTM), FY24 Q4: $13.8B Revenue (TTM), FY25 Q1: $13.7B Revenue (TTM), FY25 Q2: $13.7B Revenue (TTM), FY25 Q3: $13.9B Revenue (TTM), FY25 Q4: $14.3B Revenue (TTM), FY26 Q1: $14.8B Revenue (TTM), FY26 Q2: $15.8B Revenue (TTM), FY26 Q3: $17.4B $17.4B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $14.8B
FY24 Q1 $14.5B
FY24 Q2 $14.2B
FY24 Q3 $14B
FY24 Q4 $13.8B
FY25 Q1 $13.7B
FY25 Q2 $13.7B
FY25 Q3 $13.9B
FY25 Q4 $14.3B
FY26 Q1 $14.8B
FY26 Q2 $15.8B
FY26 Q3 $17.4B
Revenue growth, TTM YoY Reliance, Inc.
-20% -10% 0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -13.0% Revenue growth, TTM YoY, FY24 Q1: -12.2% Revenue growth, TTM YoY, FY24 Q2: -9.3% Revenue growth, TTM YoY, FY24 Q3: -6.9% Revenue growth, TTM YoY, FY24 Q4: -6.6% Revenue growth, TTM YoY, FY25 Q1: -5.6% Revenue growth, TTM YoY, FY25 Q2: -3.9% Revenue growth, TTM YoY, FY25 Q3: -0.9% Revenue growth, TTM YoY, FY25 Q4: 3.3% Revenue growth, TTM YoY, FY26 Q1: 8.5% Revenue growth, TTM YoY, FY26 Q2: 15.4% Revenue growth, TTM YoY, FY26 Q3: 24.7% 24.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -13.0%
FY24 Q1 -12.2%
FY24 Q2 -9.3%
FY24 Q3 -6.9%
FY24 Q4 -6.6%
FY25 Q1 -5.6%
FY25 Q2 -3.9%
FY25 Q3 -0.9%
FY25 Q4 3.3%
FY26 Q1 8.5%
FY26 Q2 15.4%
FY26 Q3 24.7%
Operating margin (TTM) Reliance, Inc.
6% 8% 10% 12% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 11.7% Operating margin (TTM), FY24 Q1: 11.2% Operating margin (TTM), FY24 Q2: 10.2% Operating margin (TTM), FY24 Q3: 9.6% Operating margin (TTM), FY24 Q4: 8.4% Operating margin (TTM), FY25 Q1: 7.6% Operating margin (TTM), FY25 Q2: 7.3% Operating margin (TTM), FY25 Q3: 7.1% Operating margin (TTM), FY25 Q4: 7.1% Operating margin (TTM), FY26 Q1: 7.5% Operating margin (TTM), FY26 Q2: 7.8% Operating margin (TTM), FY26 Q3: 8.8% 8.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 11.7%
FY24 Q1 11.2%
FY24 Q2 10.2%
FY24 Q3 9.6%
FY24 Q4 8.4%
FY25 Q1 7.6%
FY25 Q2 7.3%
FY25 Q3 7.1%
FY25 Q4 7.1%
FY26 Q1 7.5%
FY26 Q2 7.8%
FY26 Q3 8.8%
FCF margin (TTM) Reliance, Inc.
0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 8.1% FCF margin (TTM), FY24 Q1: 6.5% FCF margin (TTM), FY24 Q2: 7.3% FCF margin (TTM), FY24 Q3: 7.5% FCF margin (TTM), FY24 Q4: 7.2% FCF margin (TTM), FY25 Q1: 7.0% FCF margin (TTM), FY25 Q2: 6.1% FCF margin (TTM), FY25 Q3: 4.8% FCF margin (TTM), FY25 Q4: 3.5% FCF margin (TTM), FY26 Q1: 4.1% FCF margin (TTM), FY26 Q2: 3.4% FCF margin (TTM), FY26 Q3: 2.8% 2.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 8.1%
FY24 Q1 6.5%
FY24 Q2 7.3%
FY24 Q3 7.5%
FY24 Q4 7.2%
FY25 Q1 7.0%
FY25 Q2 6.1%
FY25 Q3 4.8%
FY25 Q4 3.5%
FY26 Q1 4.1%
FY26 Q2 3.4%
FY26 Q3 2.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Reliance took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $14.3B
  2. Selling, general and admin $2.8B · 19.6%
  3. Other operating costs $10.5B · 73.3%
  4. Operating income $1B · 7.1%
  5. Income tax $228M · 1.6%
  6. Net income $739M · 5.2%

Shares of revenue. Source: Reliance's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 5.3 6.3 8.1 8.4 9.2 10.5 9.4 8.6 9.7 11.5 11.0 8.8 14.1 17.0 14.8 13.8 14.3 17.4
Gross profit 1.4 1.6 2.0 2.2 2.4 2.6 2.5 2.6 2.8 3.3 — — — — — — — —
EBITDA 0.4 0.5 0.7 0.8 0.7 0.8 0.8 0.7 0.9 1.2 1.2 0.8 2.2 2.7 2.0 1.4 1.3 1.8
Operating income 0.3 0.4 0.6 0.7 0.6 0.6 0.5 0.5 0.7 0.9 1.0 0.6 1.9 2.5 1.7 1.2 1.0 1.5
Net income 0.1 0.2 0.3 0.4 0.3 0.4 0.3 0.3 0.6 0.6 0.7 0.4 1.4 1.8 1.3 0.9 0.7 1.1
Diluted EPS $2.01 $2.61 $4.58 $5.33 $4.14 $4.73 $4.16 $4.16 $8.34 $8.75 $10.34 $5.66 $21.97 $29.92 $22.64 $15.56 $13.98 $21.39
Growth (year on year)
Revenue −39.0% +18.7% +28.9% +3.8% +9.3% +13.3% −10.5% −7.9% +12.9% +18.7% −4.9% −19.7% +59.9% +20.8% −13.0% −6.6% +3.3% +24.7%
EBITDA −61.2% +30.3% +46.7% +14.5% −7.9% +11.7% −7.6% −3.7% +19.1% +30.9% +6.9% −35.7% +174.8% +26.1% −27.7% −28.0% −9.6% +42.5%
Operating income −70.6% +44.0% +58.8% +15.1% −16.3% +11.9% −10.9% −5.8% +27.9% +41.5% +8.1% −44.2% +244.5% +28.6% −30.6% −33.3% −12.7% +54.6%
Net income −69.3% +31.2% +76.9% +17.4% −20.3% +15.5% −16.2% −2.3% +101.6% +3.3% +10.7% −47.4% +282.8% +30.2% −27.4% −34.5% −15.5% +52.0%
Diluted EPS −69.4% +29.9% +75.5% +16.4% −22.3% +14.3% −12.1% 0.0% +100.5% +4.9% +18.2% −45.3% +288.2% +36.2% −24.3% −31.3% −10.2% +56.9%
Margins
Gross margin 26.3% 25.1% 24.4% 26.1% 26.0% 25.1% 27.2% 30.1% 28.7% 28.4% — — — — — — — —
EBITDA margin 6.9% 7.6% 8.7% 9.6% 8.1% 8.0% 8.2% 8.6% 9.1% 10.0% 11.2% 9.0% 15.5% 16.1% 13.4% 10.3% 9.0% 10.4%
Operating margin 4.7% 5.7% 7.0% 7.8% 6.0% 5.9% 5.9% 6.0% 6.8% 8.1% 9.2% 6.4% 13.8% 14.7% 11.7% 8.4% 7.1% 8.8%
Net margin 2.8% 3.1% 4.2% 4.8% 3.5% 3.6% 3.3% 3.5% 6.3% 5.5% 6.4% 4.2% 10.0% 10.8% 9.0% 6.3% 5.2% 6.4%
Free-cash-flow margin 16.4% 1.6% 1.0% 4.6% 5.0% 1.6% 9.1% 5.5% 2.4% 3.7% 9.7% 11.4% 4.0% 10.4% 8.1% 7.2% 3.5% 2.8%
Cash flow
Cash from operations 0.9 0.2 0.2 0.6 0.6 0.4 1.0 0.6 0.4 0.7 1.3 1.2 0.8 2.1 1.7 1.4 0.8 0.8
Capital spending 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.5 0.4 0.3 0.3
Free cash flow 0.9 0.1 0.1 0.4 0.5 0.2 0.9 0.5 0.2 0.4 1.1 1.0 0.6 1.8 1.2 1.0 0.5 0.5
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 0.9 0.1 0.1 0.4 0.4 0.1 0.8 0.4 0.2 0.4 1.0 1.0 0.5 1.7 1.1 0.9 0.4 0.4
Balance sheet
Cash 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.2 0.7 0.3 1.2 1.1 0.3 0.2 0.2
Total debt 0.9 0.9 1.3 1.2 2.1 2.3 1.9 1.9 1.9 2.2 1.6 1.7 1.7 1.7 1.2 1.2 1.4 1.6
Net debt (negative = net cash) 0.9 0.9 1.2 1.1 2.0 2.2 1.8 1.8 1.8 2.1 1.4 1.0 1.4 0.5 0.1 0.8 1.2 1.4
Diluted shares 74m 74m 75m 76m 78m 79m 75m 73m 74m 72m 68m 65m 64m 61m 59m 56m 53m 52m
Returned to shareholders
Dividends 0.0 0.0 0.0 0.1 0.1 0.1 — — — — — — — — — — — —
Buybacks — — — — — 0.1 0.4 — 0.0 0.5 0.1 0.3 0.3 0.6 0.5 1.1 0.6 0.5
Total returned 0.0 0.0 0.0 0.1 0.1 0.2 0.4 — 0.0 0.5 0.1 0.3 0.3 0.6 0.5 1.1 0.6 0.5

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

6 of 7 checks passed · September 30, 2026
What it owns · $11.6bn
Short-term assets $5.4bnLonger-term assets $6.2bn
What it owes, and who funded it · $11.6bn
Short-term liabilities $1.3bnLonger-term liabilities $2.6bnShareholders' equity $7.7bn
  • Short-term assets cover short-term liabilities $5.4bn of assets due within a year against $1.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $5.4bn short-term assets against $2.6bn of longer-dated liabilities.
  • More cash than debt $246m of cash against $1.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 21% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 25% to 21% over five years.
  • A year's operating cash flow covers at least 20% of debt $802m of operating cash flow against $1.6bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.5bn against $68m of interest.

From Reliance, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$479M
Buybacks, last 3 fiscal years
$2.2B
Diluted share count
−3.1%
year over year
Total shareholder yield
2.1%
dividends 0.0% + buybacks 2.1% of market value
Sales & admin spending
17.6%
of revenue
Days sales outstanding
52 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in steel
Last 12 months unless stated RS CLF STLD CMC NUE RYZ Median
Revenue, last 12 months $17.4bn $20.1bn $22.2bn $9.4bn $36.1bn $6.9bn $5.3bn
Revenue growth, last 12 months 24.7% 7.8% 26.0% 20.5% 17.2% 53.2% 14.2%
Revenue growth, 3-year average 4.8% −2.9% 4.6% 2.2% −1.2% 9.1% 2.2%
Revenue growth, latest quarter 42.8% 18.5% 34.8% 25.7% 23.0% 87.5% 23.0%
Gross margin 31.5% 1.5% 15.9% 18.6% 15.5% 17.3% 11.2%
Operating margin 8.8% −1.4% 11.5% — — 1.0% 0.5%
Operating margin, 3-year average 8.5% −4.2% 10.6% — — 0.9% 3.6%
Net margin 6.4% −2.4% 8.8% 7.0% 8.0% 0.2% 1.7%
Cash from operations / revenue 4.6% 0.6% 7.6% 11.3% 12.3% −1.6% 4.6%
Free-cash-flow margin 2.8% −2.4% 4.9% 5.1% 4.4% −2.7% 2.8%
Free-cash-flow margin, 3-year average 5.0% −2.6% 3.0% 5.5% 4.4% 0.3% 4.4%
Stock pay / revenue 0.4% 0.7% 0.3% 0.5% 0.4% 0.2% 0.4%
Change in share count −3.1% 14.8% −3.4% −1.9% −1.7% 41.1% −0.8%

Median of all 15 companies we cover in steel. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

15 steel companies
Measure Company Peer median Rank
Revenue growth Growth 24.7% 14.2% 4 of 15
Change in growth rate Growth +9.3pp +4.9pp 4 of 15
Operating margin Profitability 8.8% 0.1% 3 of 11
Net margin Profitability 6.4% 1.7% 5 of 15
Free-cash-flow margin Cash generation 2.8% 2.8% 8 of 15
Stock pay as % of revenue Cash generation 0.4% 0.4% 6 of 11
Long-term debt as % of assets Balance sheet 14.1% 18.5% 5 of 12
Change in share count Balance sheet -3.1% -0.8% 4 of 15
Days sales outstanding Balance sheet 52 days 52 days 7 of 12

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Carbon Steel $7.9B 55.3% ▲ 4.3%
Aluminum $2.5B 17.3% ▲ 7.7%
Stainless Steel $1.9B 13.6% ▼ 5.8%
Toll Processing $647M 4.5% ▲ 3.7%
Alloy Steel $641M 4.5% ▲ 0.5%
Copper and Brass $377M 2.6% ▲ 21.0%
Other Products Or Services $306M 2.1% ▼ 5.6%

From Reliance, Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$15.6B
Institutions reporting
684
Shares held vs prior quarter
▲ 0.9%
Positions opened / closed
80 / 39

Top buyers and sellers, Q2 2026: 333 institutions bought and 268 sold ; the biggest buyer was Acadian Asset Management LLC (+296K shares) and the biggest seller FMR LLC (−505K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.2B 5.8M 13.9% ▼ 0.4%
Vanguard Portfolio Management LLC $1.2B 3.3M 7.9% ▼ 2.6%
State Street Corp $981M 2.6M 6.3% ▼ 7.2%
Vanguard Capital Management LLC $862M 2.3M 5.5% ▼ 0.9%
Boston Partners $822M 2.2M 5.3% ▲ 4.1%
Price T Rowe Associates Inc $576M 1.5M 3.7% ▲ 0.8%
Wellington Management Group LLP $497M 1.3M 3.2% ▼ 7.7%
Geode Capital Management, LLC $355M 954K 2.3% ▼ 1.7%
Franklin Resources Inc $311M 832K 2.0% ▼ 21.4%
Yacktman Asset Management LP $261M 699K 1.7% ▲ 0.8%
Dimensional Fund Advisors LP $248M 663K 1.6% ▼ 3.4%
Principal Financial Group Inc $246M 658K 1.6% ▼ 8.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Reliance, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $16M 17 trades by 5 insiders · 0% under pre-set plans
Net ▼ $16M net selling
Insider Date Trade Shares Price Value
Colonias Karen Winifred Director August 26, 2026 Sell 1,542 $390.13 $601,580
Ajemyan Arthur SVP, CFO July 31, 2026 Sell 2,200 $410.11 $902,242
Smith William A Ii SVP, General Counsel, Corp Sec July 28, 2026 Sell 1,391 $414.42 $576,458
Smith William A Ii SVP, General Counsel, Corp Sec July 28, 2026 Sell 962 $413.90 $398,172
Ajemyan Arthur SVP, CFO April 27, 2026 Sell 1,822 $357.61 $651,565
Ajemyan Arthur SVP, CFO April 27, 2026 Sell 74 $359.18 $26,579
Ajemyan Arthur SVP, CFO April 27, 2026 Sell 1,604 $358.64 $575,259
Smith William A Ii SVP, General Counsel, Corp Sec March 9, 2026 Sell 1,707 $302.59 $516,521
Smith William A Ii SVP, General Counsel, Corp Sec March 9, 2026 Sell 4,908 $297.23 $1.5M
Koch Stephen Paul Exec. VP, COO February 23, 2026 Sell 13,888 $321.39 $4.5M
Koch Stephen Paul Exec. VP, COO February 23, 2026 Sell 10,132 $321.94 $3.3M
Koch Stephen Paul Exec. VP, COO February 23, 2026 Sell 40 $322.80 $12,912

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 5 trades and filings

No trades in Reliance, Inc. disclosed in the last 12 months; 5 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded September 25, 2025, filed October 22, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded August 4, 2025, filed September 12, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded June 24, 2025, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 20, 2027 estimated from the company's past filing pattern, not announced

  • October 21, 2026
  • July 22, 2026
  • April 22, 2026
  • February 18, 2026
  • October 22, 2025
  • July 23, 2025

Recent SEC filings

Data status

When each part of this page on Reliance, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Reliance, Inc. in brief

What does Reliance, Inc. do?
Reliance, Inc. is a US-listed company in the steel industry. Its financial year ends in December.
What is Reliance, Inc.'s stock ticker?
Reliance, Inc. trades under the ticker RS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Reliance, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Reliance, Inc. reported revenue of $17.4B, 24.7% higher than a year earlier, according to its SEC filings.
What is Reliance, Inc.'s free cash flow?
Reliance, Inc.'s free-cash-flow margin is 2.8% of revenue over the trailing twelve months, ranking 8 of the 15 steel companies we cover.
What is Reliance, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Reliance, Inc.'s free cash flow after stock-based pay gives ~$360 per share in the base case, and ~$270–$490 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Reliance, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Reliance, Inc. buying back stock, and does it pay a dividend?
Reliance, Inc. spent $479M on share repurchases over the trailing twelve months, and its diluted share count fell 3.1% over the year.
What is Reliance, Inc.'s market cap?
On November 2, 2026, Reliance, Inc.'s market capitalisation was about $23.2B, with a price-to-earnings ratio of 21.0 and net debt of $1.4B. Market figures come from third-party market data and may be delayed.
How much debt does Reliance, Inc. have?
Reliance, Inc.'s debt-to-equity ratio is 21.2%, from its latest balance sheet (25.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Reliance, Inc.'s competitors?
In our Steel peer group, the companies closest to Reliance, Inc. are Cleveland-cliffs Inc., Steel Dynamics, Commercial Metals Co, Nucor and Ryerson Holding Corp. The side-by-side comparison below sets their revenue, margins and growth against Reliance, Inc.'s.
Are insiders buying or selling Reliance, Inc. stock?
Over the last 12 months, Reliance, Inc.'s directors and officers reported 0 open-market purchases and 17 sales on Form 4. The insider trading page charts every trade.
When is Reliance, Inc.'s next earnings date?
Around January 20, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Reliance, Inc. announces its own schedule.