The data center ASME tank trajectory is the key catalyst — $13M in Q1 matching all of FY2026 with sequential growth expected. Monitor the November 10 Investor Day for updated data center revenue targets and capacity expansion plans. The A2L headwind should fade by H2, providing a clean earnings comp into Q3/Q4.
Price Chart
Executive Summary
Worthington Enterprises reported strong Q1 FY2027 results with adjusted EPS of $0.82 beating consensus of $0.71 by 15.5%, and sales up 13% YoY to $344M. The data center ASME tank business accelerated sharply ($13M revenue in Q1 vs $13M in all of FY2026), while the A2L refrigerant headwind in Cooling & Construction was larger than expected ($7M EBITDA impact). The company also granted CEO Joseph Hayek 150,000 performance shares with a $100 stock price target, and three directors retired at the annual meeting.
Key Financial Metrics
Key Facts
- Adjusted EPS of $0.82 beat consensus of $0.71 by 15.5%
- Revenue grew 13% YoY to $344M, including 7% organic growth and $19M from acquisitions
- Data center ASME tank revenue reached $13M in Q1, matching the entire FY2026 total; management expects sequential growth through FY2027
- A2L refrigerant transition headwind was ~$7M EBITDA impact in Q1, more than anticipated; Q2 expected to remain difficult with normalization in H2
- TTM free cash flow hit a record $196M (116% conversion rate)
- CEO Joseph Hayek awarded 150,000 performance shares vesting if stock averages $100+ over 90 days within 5 years
- Three directors (Endres, Horton, Winland) retired at the annual meeting; shareholders elected Chiappone, Southern, and Standridge
- Quarterly dividend maintained at $0.20/share; $18M spent on share repurchases (335,000 shares)
- Net debt of $250M vs TTM adjusted EBITDA of $303M (0.8x leverage)
Financial Impact
EPS beat of $0.11 (15.5%) vs consensus; data center ASME tank revenue run-rate accelerating from $13M FY2026 to potentially $52M+ annualized
Risk Factors
- A2L refrigerant normalization taking longer than expected (Q2 still difficult)
- Steel availability tightness and extended lead times disrupting production
- Data center ASME tank pipeline conversion timing uncertainty (18-24 month lag from announcements)
- Elevated interest rates pressuring new home sales and Cooling & Construction demand
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-402803 |
| Document: wor-ex99_1.htm | 0001193125-26-402803 |
| Document: wor-ex10_1.htm | 0001193125-26-402803 |
| Document: 0001193125-26-402803-index-headers.html | 0001193125-26-402803 |
| Document: 0001193125-26-402803-index.html | 0001193125-26-402803 |
| Document: 0001193125-26-402803.txt | 0001193125-26-402803 |
| 8-K Data (Synthetic) | 0001193125-26-402803 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 4d ago | 8-K | $63.65 | awaiting T+20 | — | $63.40 (−0.39%) |
Oct 7, 2026 20d ago | 144 | $61.22 | awaiting T+20 | — | $63.40 (+3.56%) |
Oct 6, 2026 20d ago | 144 | $60.45 | awaiting T+20 | — | $63.40 (+4.88%) |
Sep 25, 2026 4w ago | 8-K | $60.87 $64.55 | ▲ +6.05% | ▲ +6.08% | $63.40 (+4.16%) |
Sep 22, 2026 5w ago | Press Release | $59.70 $65.10 | ▲ +9.05% | ▲ +8.36% | $63.40 (+6.20%) |
Sep 22, 2026 5w ago | Press Release | $58.94 $63.90 | ▲ +8.42% | ▲ +8.98% | $63.40 (+7.57%) |
Sep 17, 2026 5w ago | Press Release | $59.94 $63.84 | ▲ +6.51% | ▲ +5.30% | $63.40 (+5.77%) |
Aug 31, 2026 8w ago | 8-K | $56.74 $59.54 | ▲ +4.93% | ▲ +4.62% | $63.40 (+11.74%) |
Aug 14, 2026 10w ago | 8-K | $58.66 $55.25 | ▼ −5.81% | ▼ −3.82% | $63.40 (+8.08%) |
Aug 13, 2026 10w ago | DEFA14A | $58.16 $56.93 | ▼ −2.11% | ▼ −0.37% | $63.40 (+9.01%) |
US Market Status
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