Reliance Steel & Aluminum Co.
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Range $350 – $418
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About the company
Reliance Steel & Aluminum Co. (RS) operates as a premier diversified metal solutions provider and a leading metal service center, serving clients across the United States, Canada, and globally. The company provides an extensive inventory of approximately 100,000 metal products, including alloys, aluminum, brass, copper, carbon steel, stainless steel, titanium, and various specialty steels.
- CEO
- Karla R. Lewis
- IPO
- 1994
- Employees
- 15,700
- HQ
- Phoenix, AZ, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $19.54B
- P/E
- 22.12
- Fwd P/E
- 16.60
- PEG
- 0.87
- P/S
- 1.24
- P/B
- 2.65
- EV/EBITDA
- 14.01
- Div Yield
- 1.29%
- Gross Margin
- 26.89%
- Op Margin
- 7.88%
- Net Margin
- 5.66%
- ROE
- 12.35%
- ROIC
- 9.36%
Latest fiscal year · YoY change
- Revenue
- $14.29B+3.3%
- Gross Profit
- $3.83B-0.2%
- Op Income
- $1.02B
- Net Income
- $739.40M-15.5%
- EPS
- $14.07-10.4%
- OCF Growth
- -41.9%
- FCF Growth
- -49.7%
- 52W High
- $433.02
- 52W Low
- $260.31
- 50D MA
- $400.54
- 200D MA
- $339.80
- Beta
- 0.97
- RSI (14)
- 35
- Avg Volume
- 358.52K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Reliance reported a very strong quarter on record tons, higher pricing, and a meaningful boost from the border wall contract, but higher LIFO from aluminum created some margin noise.· July 23, 2026
- Record quarterly tons sold rose 7% sequentially and 10.8% year over year, materially ahead of guidance.
- Non-GAAP EPS of $6.27 was the highest since Q2 2023, up 42% year over year.
- Second-quarter sales increased 27% year over year; gross profit was $1.3 billion, up 11% sequentially and 20% year over year.
- The U.S. border wall contract contributed meaningfully to volumes, pretax margin, and EPS, and management said Q3 shipments should be close to a full run-rate.
- Full-year capex remains about $300 million, with about half aimed at strategic growth investments.
Second-quarter sales increased 27% year over year. Gross profit was $1.3 billion, up 11% from Q1 2026 and up 20% from Q2 2025. FIFO non-GAAP gross profit margin expanded to 30.5% versus 30.1% in Q1 and 30.6% a year ago. Non-GAAP pretax income rose 40% year over year to $429 million, and non-GAAP EPS was $6.27, up 42% year over year; the border wall project contributed 41 cents per share. Record tons sold increased 7% sequentially and 10.8% year over year, and average selling price increased 7.8% sequentially. For Q3 2026, management guided non-GAAP EPS to $6.40 to $6.60, including an estimated $75 million of LIFO expense, or about $1.10 per diluted share. Full-year 2026 capex is expected to be approximately $300 million, with about half for strategic growth investments.
Karla Lewis said the company delivered another excellent quarter with continued momentum, strong execution, and broad-based market strength. She highlighted improving customer activity, extended mill lead times, strong domestic pricing, and outperformance versus industry shipment trends. Her tone was confident and upbeat, emphasizing Reliance’s scale, diversification, domestic mill partnerships, and ability to capture opportunities across infrastructure, aerospace, semiconductor, and manufacturing.
Arthur Ajemyan emphasized the financial leverage from higher volumes and pricing, noting sales up 27% year over year, gross profit of $1.3 billion, pretax income of $429 million, and EPS of $6.27. He also detailed the LIFO impact: full-year LIFO expense outlook was raised to $300 million from $150 million, with Q2 LIFO expense of $112.5 million and expected Q3 LIFO expense of $75 million; the reserve ended at about $700 million. On cash and capital allocation, operating cash flow was about $162 million, capex was $93 million, dividends were $64 million, no shares were repurchased in the quarter, and debt was $1.7 billion with net debt to EBITDA of 0.9.
Analysts focused heavily on the border wall contract, asking whether the Q2 and Q3 shipment ramp represents a sustained run-rate and whether phase 2 could extend the contract beyond mid-2027. Management said Q3 should be close to a full shipment run-rate and likely sustained through subsequent quarters, while also saying the phase 1 work is $1.4 billion through mid-2027 and there is an additional roughly $800 million to $900 million that could be opted into. Questions also centered on inventory, lead times, and pricing discipline; management said inventory remains comfortable, some products are tight, flat-rolled lead times remain stretched, and industry consolidation could support a more disciplined pricing environment.
The quarter showed broad demand strength, with record tons sold, strong pricing, and higher profitability across the portfolio. Management sees continued momentum in nonresidential construction, data center-related demand, aerospace, semiconductor, and the border wall project, while saying domestic supply relationships and high inventories give Reliance an advantage in a tight market.
The main headwind is higher LIFO from aluminum, which raised the full-year expense outlook to $300 million and is creating margin distortion even as underlying gross profit improves. Management also flagged supply constraints, extended lead times, normal seasonality, and risks tied to domestic and international trade and the U.S.-Iran conflict; for the border wall project, future volumes still depend on metal supply and customer pull timing.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 99.5%
- Shares Outstanding
- 51.05M
- Float Shares
- 50.80M
of shares held by institutions
653 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for RS, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Lisa McClainHouse · MI09 | Sell | Sep 25, 25 | Filing → |
| Lisa McClainHouse · MI09 | Sell | Jun 24, 25 | Filing → |
| Lisa McClainHouse · MI09 | Buy | Jun 17, 25 | Filing → |
| Michael McCaulHouse · TX10 | Sell | May 23, 22 | Filing → |
| Michael McCaulHouse · TX10 | Sell | May 20, 22 | Filing → |
| Michael McCaulHouse · TX10 | Sell | May 20, 22 | Filing → |
| Michael McCaulHouse · TX10 | Sell | May 24, 22 | Filing → |
| Michael McCaulHouse · TX10 | Sell | May 23, 22 | Filing → |
| Michael McCaulHouse · TX10 | Sell | May 24, 22 | Filing → |
| Michael McCaulHouse · TX10 | Sell | Apr 1, 22 | Filing → |
| Michael McCaulHouse · TX10 | Sell | Apr 1, 22 | Filing → |
| Michael McCaulHouse · TX10 | Sell | Feb 23, 22 | Filing → |
| Michael McCaulHouse · TX10 | Sell | Feb 23, 22 | Filing → |
| Michael McCaulHouse · TX10 | Sell | Feb 15, 22 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 6.06M | ▼ 79.29K |
| Blackrock, Inc. | 5.81M | ▼ 26.21K |
| State Street Corp | 2.63M | ▼ 203.13K |
| Vanguard Capital Management LLC | 2.31M | ▼ 19.94K |
| Boston Partners | 2.20M | ▲ 85.87K |
| Price T Rowe Associates Inc | 1.54M | ▲ 12.26K |
| Wellington Management Group Llp | 1.33M | ▼ 111.13K |
| Geode Capital Management, LLC | 953.53K | ▼ 16.21K |
| Franklin Resources Inc | 832.23K | ▼ 227.25K |
| Alliancebernstein L.P. | 722.48K | ▼ 36.71K |
| Yacktman Asset Management LP | 698.57K | ▲ 5.44K |
| Dimensional Fund Advisors LP | 662.86K | ▼ 23.05K |
Held by 858 ETFs
Biggest fund positions in RS by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jul 31, 26 | Ajemyan Arthur | sell | 2,200 |
| Jul 28, 26 | Smith William A II | sell | 962 |
| Jul 28, 26 | Smith William A II | sell | 1,391 |
| May 20, 26 | Sznewajs John G | other | 469 |
| May 20, 26 | Stotlar Douglas | other | 469 |
| May 20, 26 | Seeger David W | other | 469 |
| May 20, 26 | McEvoy Robert Ambrose | other | 469 |
| May 20, 26 | Kamsickas James Kevin | other | 469 |
| May 20, 26 | DELLAQUILA FRANK J | other | 469 |
| May 20, 26 | Colonias Karen Winifred | other | 469 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our RS coverage
Recent articles, reports, and earnings notes.

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