WOR · 10-K filed 30 Jul 2026 · year to 31 May 2026

Worthington Enterprises

28 named things its latest annual report says its results depend on, each in the company's own words. 14 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Largest retail customer (unnamed)

earns from · 10% of our consolidated net salesnamed as a risk

Sales to one retail customer accounted for 10% of our consolidated net sales in fiscal 2026.Business (Item 1)

Consumer Products largest customer (unnamed)

concentrated in · approximately 28%named as a risk

Within Consumer Products, net sales attributable to our largest customer were approximately 28% in fiscal 2026 and fiscal 2025, and 30% in fiscal 2024.Business (Item 1)

Suppliers

Worthington Steel

depends on

We purchase steel in large quantities at regular intervals from Worthington Steel through the Steel Supply Agreement.Business (Item 1)

Partners and platforms

WAVE (joint venture with Armstrong World Industries)

50%-ownednamed as a risk

WAVE, a 50%-owned joint venture with Armstrong World Industries, Inc., is the largest of the four North American manufacturers of ceiling suspension systems for concealed and lay-in panel ceilings used in the commercial and residential ceiling markets.Business (Item 1)

ClarkDietrich (joint venture with CWBS-MISA)

25%-ownednamed as a risk

ClarkDietrich, a 25%-owned joint venture with CWBS-MISA, is an industry leader in the manufacture and supply of light gauge steel framing products in the U.S.Business (Item 1)

SES (joint venture with Hexagon Composites)

49%-owned

SES, a 49%-owned joint venture with Hexagon Composites, focused on high-pressure storage systems for industrial gases, hydrogen and compressed natural gas infrastructure primarily in Europe.Business (Item 1)

Workhorse (joint venture with Angeles Equity Partners)

20%-owned

Workhorse, a 20%-owned joint venture with an affiliate of Angeles Equity Partners, LLC, is a non-captive designer and manufacturer of high-quality, custom-engineered open and enclosed cabs and operator stations and custom fabrications and packaging for heavy mobile equipment used primarily in the agricultural, construction, forestry, military and mining industries.Business (Item 1)

Other companies

John P. McConnell

Approximately 35% of the outstanding common sharesnamed as a risk

Approximately 35% of the outstanding common shares are beneficially owned, directly or indirectly, by John P. McConnell, our former Executive Chairman.Risk factors (Item 1A)

LSI

$206,559

The purchase price was $206,559, net of cash acquired, including an estimated tax equalization payment of approximately $3,000, subject to customary post-closing adjustments.Business (Item 1)

Elgen

$90,734

The purchase price was $90,734, net of cash acquired.Business (Item 1)

Construction end markets

concentrated innamed as a risk

Our net sales are heavily concentrated in the consumer products and construction end markets, including residential and non-residential construction, and repair and remodel, and a decline in those end markets may have an adverse impact on our results of operations and cash flows.Risk factors (Item 1A)

Hexagon Composites and Hexagon Purus

In exchange for our divested interest in the composite business, we received common shares of both Hexagon Composites and Hexagon Purus.Business (Item 1)

Places

Europe

earns from · approximately 12% of consolidated net sales

International operations accounted for approximately 12% of consolidated net sales in fiscal 2026, primarily to customers in Europe.Business (Item 1)

Also named by ADSK, AME, AMRC, ATR, BCSF, BKNG, BMI, BMY and 60 more

Portugal

operates innamed as a risk

We have wholly-owned facilities in Portugal and Norway, and joint venture facilities in Austria and are active in exploring other foreign opportunities.Risk factors (Item 1A)

Also named by LGND

Norway

operates innamed as a risk

We have wholly-owned facilities in Portugal and Norway, and joint venture facilities in Austria and are active in exploring other foreign opportunities.Risk factors (Item 1A)

Also named by COP

Commodities and inputs

Aluminum

depends onnamed as a risk

If, for any reason, our supply of flat-rolled steel or other key raw materials, such as aluminum, zinc, copper or helium, or other supplies is curtailed or we are otherwise unable to obtain the quantities we need at competitive prices, our business could suffer and our financial results could be adversely affected.Risk factors (Item 1A)

Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more

Copper

exposed to its pricenamed as a risk

We are exposed to market risk for price fluctuations on purchases of steel, natural gas, copper, zinc and other raw materials as well as our utility requirements.Market risk (Item 7A)

Also named by AAON, AGX, AMKR, APG, APH, APLD, BMI, BWA and 58 more

Natural gas

exposed to its pricenamed as a risk

We are exposed to market risk for price fluctuations on purchases of steel, natural gas, copper, zinc and other raw materials as well as our utility requirements.Market risk (Item 7A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Zinc

exposed to its pricenamed as a risk

We are exposed to market risk for price fluctuations on purchases of steel, natural gas, copper, zinc and other raw materials as well as our utility requirements.Market risk (Item 7A)

Also named by CDE, FBIN, HL, HLMN, JBI, LFUS, LNN, MAS and 6 more

Helium

depends onnamed as a risk

Also named by ATI, GEHC, LIN, LRCX, MCHP

Flat-rolled steel

exposed to its pricenamed as a risk

Our operating results may be adversely affected by continued volatility in steel prices.Risk factors (Item 1A)

Propane

depends on

The most important raw materials we purchase are steel, aluminum, copper, and propane.Business (Item 1)

Also named by EMN, FLO, HESM, RRC, TRGP, UGI

Regulators

U.S. Department of Transportation

subject to

In the U.S. and Canada, our manufactured cylinders and tanks are designed to comply with U.S. Department of Transportation and Transport Canada specifications, as applicable.Business (Item 1)

Also named by ACHR, AESI, ALK, BLDR, CHRW, CTAS, DAL, EXPE and 19 more

Transport Canada

subject to

In the U.S. and Canada, our manufactured cylinders and tanks are designed to comply with U.S. Department of Transportation and Transport Canada specifications, as applicable.Business (Item 1)

Also named by CP

OSHA

subject to

In addition to the requirements of the state and local governments of the communities in which we operate, we must comply with federal health and safety regulations, the most significant of which are enforced by OSHA.Business (Item 1)

Also named by AGX

Laws and programs

GDPR

subject tonamed as a risk

For example, the European Union has implemented the GDPR, which contains numerous requirements that must be complied with in connection with how we handle personal data related to our European-based operations and individuals.Risk factors (Item 1A)

Also named by BGC, MCO, WRB

U.S. steel import tariffs

subject tonamed as a risk

Although such steel tariffs may benefit portions of our business, these tariffs, as well as country-specific or product-specific exemptions, may also lead to steel price fluctuations and retaliatory actions from foreign governments and/or modifications to the purchasing patterns of our customers that could adversely affect our business.Risk factors (Item 1A)

Also named by CRC

Internal Revenue Code Sections 355 and 368(a)(1)(D)

subject tonamed as a risk

If the Distribution, together with certain related transactions, fails to qualify as a reorganization under Sections 355 and 368(a)(1)(D) of the Code, Worthington Enterprises and its shareholders could incur significant tax liabilities.Risk factors (Item 1A)