Reliance, Inc. RS

MaterialsMetals & MiningUnited States of America

Last close 448.08 USD on Nov 2, 2026, +56.7% year to date

Quant rating

Quant rating A Rank 5 of 151 in Materials

Growth C 73 of 151
Valuation D 120 of 151
Quality A 13 of 151
Revisions A 11 of 151
Momentum A 8 of 151

Wall Street consensus Hold (2.91)Average target 427.18 USD −4.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 22.8B
Enterprise value: 24.2B
52-week range: 264.06 – 454.56
3-year range: 262.08 – 454.56
Dividend yield: 1.14%
Beta (5 years): 0.95
Shares outstanding: 50.9M
Next earnings: Feb 16, 2027

About the company

Reliance, Inc. is a globally diversified metal solutions provider and the metals service center company in North America. The Company distributes a full line of over 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and other specialty steel products. It also provides a variety of processing services to meet its customers' specifications. The Company services approximately 125,000 customers in a variety of industries, including consumer products, general manufacturing, non-residential construction (including infrastructure and renewable energy), transportation (rail, truck trailer and shipbuilding), aerospace (commercial, military, defense and space), energy (oil and natural gas), electronics and semiconductor fabrication, industrial machinery and heavy industry (agricultural, construction and mining equipment). It also services the auto industry, through its toll processing operations.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	14,294	13,835	14,806	17,025	14,093	–
Revenue growth	3.3%	−6.6%	−13.0%	20.8%	59.9%	10.2%
EPS (basic, normalized)	14.26	15.92	22.62	30.03	21.97	–
EPS growth	−10.4%	−29.6%	−24.7%	36.7%	–	–
Gross margin	28.8%	29.8%	30.7%	30.9%	31.9%	30.4%
Net margin	5.2%	6.3%	9.0%	10.8%	10.0%	8.3%
ROE	10.3%	11.7%	18.0%	27.9%	25.2%	18.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	246
Current ratio	4.12x
Long-term debt (mil)	1,639
Net debt (mil)	1,403
Total equity (mil)	7,724
Net debt / equity	0.18x
Net debt / EBITDA	1.06x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	14,294	+3.3%	1.7x	1,320	−11.6%	18.4x	14.26	−10.4%	31.4x
2026	18,789	+31.4%	1.3x	2,183	+65.5%	11.1x	26.70	+87.2%	16.8x
2027	18,641	−0.8%	1.3x	2,073	−5.0%	11.7x	25.74	−3.6%	17.4x
2028	17,002	−8.8%	1.4x	1,762	−15.0%	13.8x	21.56	−16.2%	20.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	18,789	+7.4%	+8.0%	+17.0%	26.70	+13.8%	+15.8%	+36.3%
2027	18,641	+7.6%	+8.5%	+15.9%	25.74	+9.4%	+11.5%	+23.4%
2028	17,002	+2.0%	+1.7%	+3.1%	21.56	+1.8%	+0.3%	+5.8%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	3,645	3,643	3,420	3,127	3,485	3,660	3,651	3,499	4,026	4,630
Sales mean (mil)	3,757	3,650	3,379	3,060	3,445	3,680	3,538	3,444	3,911	4,243
Surprise	−3.0%	−0.2%	+1.2%	+2.2%	+1.2%	−0.5%	+3.2%	+1.6%	+3.0%	+9.1%
EPS reported	5.30	4.65	3.64	2.22	3.77	4.43	3.64	2.40	5.16	6.27
EPS mean	5.53	4.73	3.66	2.74	3.70	4.68	3.68	2.83	4.67	5.41
Surprise	−4.2%	−1.8%	−0.4%	−18.9%	+1.9%	−5.3%	−1.2%	−15.3%	+10.5%	+15.8%

Peer comparison Metals & Mining

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
RS Reliance, Inc.	22.8B	1.06x	5.2%	2.96x	16.8x	17.4x	11.1x	11.7x
SCCO Southern Copper Corp	151.4B	0.00x	32.3%	11.74x	22.5x	23.8x	13.4x	13.9x
NEM Newmont Corporation	113.4B	−0.23x	31.3%	3.19x	11.9x	10.9x	6.5x	6.3x
FCX Freeport-McMoRan Inc	88.2B	1.93x	8.5%	4.31x	19.5x	14.4x	8.4x	6.0x
AEM Agnico Eagle Mines Limited	86.3B	−0.41x	37.5%	2.91x	14.7x	14.5x	7.6x	7.4x
B Barrick Mining Corporation	62.5B	1.02x	29.4%	2.29x	10.5x	8.7x	5.1x	4.3x
Mean		0.56x	24.0%	4.57x	16.0x	15.0x	8.7x	8.3x
Median		0.51x	30.4%	3.07x	15.7x	14.5x	8.0x	6.8x

Technical analysis

1M+11.9%
3M+10.7%
1Y+61.0%
3Y+76.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Reliance, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	14,294	13,835	14,806	17,025	14,093	8,812
Cost of revenue	10,175	9,718	10,259	11,766	9,603	5,999
Gross profit	4,119	4,117	4,547	5,259	4,490	2,813
Selling, general & administrative expenses	2,800	2,662	2,562	2,503	2,306	1,862
Research & development	–	–	–	–	–	–
Depreciation/amortization	278	269	245	240	230	227
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	28.7	26.0	0	9.5	4.8	158
Other operating expenses	0	0	0	0	0	0
Operating income	1,012	1,160	1,740	2,507	1,949	566
Net interest income (expense)	−53.5	−17.7	−6.2	−65.6	−63.5	−65.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	10.3	−2.4	7.4	−10.9	−2.3	−22.3
Net income before taxes	969	1,140	1,741	2,430	1,883	478
Provision for taxes	228	262	401	586	466	106
Minority interest	−2.2	−2.8	−4.2	−4.1	−4.4	−3.3
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	739	875	1,336	1,840	1,413	369
Extraordinary items	–	–	–	–	–	–
Net income	739	875	1,336	1,840	1,413	369
EBIT, normalized	1,041	1,186	1,740	2,516	1,954	724
EBITDA, normalized	1,319	1,455	1,985	2,757	2,184	951
Basic EPS, normalized	14.26	15.92	22.62	30.03	21.97	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Reliance, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	217	318	1,080	1,173	300	684
Receivables	1,571	1,402	1,508	1,602	1,683	928
Total inventory	2,188	2,027	2,043	1,995	2,065	1,420
Prepaid expenses	166	148	140	116	112	80.5
Other current assets	0	0	0	0	0	0
Total current assets	4,141	3,896	4,772	4,887	4,160	3,113
Property, plant & equipment	2,948	2,820	2,480	2,191	2,061	1,996
Goodwill	2,170	2,162	2,111	2,106	2,108	1,935
Intangibles	960	1,007	981	1,020	1,078	947
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	154	137	136	127	129	116
Total assets	10,373	10,022	10,480	10,330	9,536	8,107
Liabilities
Accounts payable	375	362	410	412	454	259
Payable/accrued	–	–	–	–	–	–
Accrued expenses	472	451	433	455	542	348
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0.7	400	0.3	508	5.0	6.0
Other current liabilities	0	0	0	0	64.3	0
Total current liabilities	848	1,213	844	1,375	1,065	613
Long-term debt	1,420	743	1,142	1,139	1,642	1,639
Minority interest	9.4	11.0	10.5	8.5	7.2	7.3
Other liabilities	925	835	762	719	735	732
Total liabilities	3,203	2,802	2,758	3,242	3,450	2,991
Shareholders' equity
Preferred stock	–	–	–	–	0	0
Common stock	0.1	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	7,258	7,335	7,799	7,174	6,155	5,193
Treasury stock	–	–	–	–	–	–
Other equity	−87.6	−115	−76.7	−86.3	−68.9	−77.9
Total equity	7,170	7,220	7,722	7,087	6,086	5,115
Total liabilities & shareholders' equity	10,373	10,022	10,480	10,330	9,536	8,107

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Reliance, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	742	878	1,340	1,844	1,417	372
Depreciation, depletion & amortization	278	269	245	240	230	227
Deferred taxes	37.1	36.4	16.2	−6.7	−23.8	−13.7
Non-cash items	55.8	80.8	67.7	95.9	85.3	187
Changes in working capital	−281	166	1.9	−55.0	−910	400
Cash from operations	831	1,430	1,671	2,119	799	1,173
Investing activities
Capital expenditures	−329	−431	−469	−342	−237	−172
Other investing cash flows	7.1	−373	−15.1	−6.7	−416	−16.4
Cash from investing	−322	−804	−484	−348	−652	−188
Financing activities
Financing cash flow items	−38.1	−32.7	−56.4	−42.7	−26.9	−40.4
Cash dividends paid	−255	−250	−238	−217	−177	−164
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−327	−1,094	−988	−633	−325	−278
Cash from financing	−620	−1,376	−1,282	−893	−529	−483
Foreign exchange effects	9.1	−11.8	1.7	−4.6	−1.2	7.6
Net change in cash	−102	−762	−93.2	873	−383	509
Free cash flow	502	999	1,202	1,777	563	1,001

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.