Reliance
RSNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $427.15 Prior regular-session close from the quote source.
- $423.90–$431.15 Regular-session low and high so far today.
- 222.9K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $263.12–$454.93 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own RS if its North American metals service-center network keeps getting paid for small-order, quick-turn availability rather than being treated like a commodity metal spread trade.
RS price history
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Investment thesis
What must happen next
Reliance’s local service-center promise—small order sizes with quick turnaround—continues to matter enough that customers choose it over mill-direct supply or spot-only distributors.HoldingMateriality: High
Item 1/profile language identifies Reliance as the largest metals service-center company in North America and references its focus on small order sizes with quick turnaround. If this holds, volume and pricing resilience can survive metal-price cycles; if it breaks, Reliance becomes a lower-multiple commodity distributor.
Watch: Nucor, Steel Dynamics, or other mills expand direct small-lot fulfillment capabilities that remove the need for Reliance as an intermediary.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Item 1/profile language identifies Reliance as the largest metals service-center company in North America and references its focus on small.
Open source ↗Reliance’s scale, procurement reach, and processing mix must defend metal spread margins through normal price resets rather than letting the business become pure pass-through commodity distribution.WeakeningMateriality: High
GAAP annual operating income remained positive at $1.0127 billion in FY2025 despite revenue being well below the FY2022 cyclical high. Margin durability is the difference between Reliance earning distributor-like returns and earning structurally better returns on its service-center assets.
Watch: Steel or aluminum prices fall faster than Reliance can reprice inventory, creating inventory spread compression or holding losses.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income remained positive at $1.0127 billion in FY2025 despite revenue being well below the FY2022 cyclical high.
Open source ↗Reliance’s operating discipline must keep working-capital cash conversion positive through the metals cycle so consolidation and shareholder returns are funded by the business rather than by stress borrowing or dilution.HoldingMateriality: Medium
GAAP annual operating cash flow was positive in every year shown from FY2021 through FY2025. Cash conversion determines whether cyclicality creates acquisition opportunity or forces balance-sheet retrenchment.
Watch: Reliance builds inventory ahead of a metal-price decline, tying up cash and creating write-down risk before reported margins fully deteriorate.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow was positive in every year shown from FY2021 through FY2025.
Open source ↗A conservative balance sheet gives Reliance the option to buy inventory and acquire regional service centers in downturns, but that advantage would erode if consolidation is funded with materially higher liabilities.StrengtheningMateriality: Medium
Total liabilities were $3.1938 billion at FY2025 versus stockholders’ equity of $7.1701 billion and assets of $10.3733 billion. Balance-sheet flexibility lets Reliance act offensively when weaker competitors are constrained; losing it would make the cycle more dangerous.
Watch: Reliance announces a large debt-funded acquisition near a cyclical peak in metal margins.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Total liabilities were $3.1938 billion at FY2025 versus stockholders’ equity of $7.1701 billion and assets of $10.3733 billion.
Open source ↗
Full investment case & evidence
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Original research
Reliance’s local service-center promise—small order sizes with quick turnaround—continues to matter enough that customers choose it over mill-direct supply or spot-only distributors. If this holds, volume and pricing resilience can survive metal-price cycles; if it breaks, Reliance becomes a lower-multiple commodity distributor.
Reliance’s scale, procurement reach, and processing mix must defend metal spread margins through normal price resets rather than letting the business become pure pass-through commodity distribution. Margin durability is the difference between Reliance earning distributor-like returns and earning structurally better returns on its service-center assets.
Reliance’s operating discipline must keep working-capital cash conversion positive through the metals cycle so consolidation and shareholder returns are funded by the business rather than by stress borrowing or dilution. Cash conversion determines whether cyclicality creates acquisition opportunity or forces balance-sheet retrenchment.
A conservative balance sheet gives Reliance the option to buy inventory and acquire regional service centers in downturns, but that advantage would erode if consolidation is funded with materially higher liabilities. Balance-sheet flexibility lets Reliance act offensively when weaker competitors are constrained; losing it would make the cycle more dangerous.
All standing thesis claims
Original report summary
its North American metals service-center network keeps getting paid for small-order, quick-turn availability rather than being treated like a commodity metal spread trade.
Bull case and bear case
Bull case and bear case for Reliance
Where the evidence on Reliance disagrees: Mixed on the latest evidence (Oct 12, 2026). Of its 4 thesis points, 1 strengthening, 2 holding and 1 weakening.
Bull case: what the evidence supports
Reliance’s local service-center promise—small order sizes with quick turnaround—continues to matter enough that customers choose it over mill-direct supply or spot-only distributors.
Reliance’s operating discipline must keep working-capital cash conversion positive through the metals cycle so consolidation and shareholder returns are funded by the business rather than by stress borrowing or dilution.
A conservative balance sheet gives Reliance the option to buy inventory and acquire regional service centers in downturns, but that advantage would erode if consolidation is funded with materially higher liabilities.
Bear case: what the evidence questions
Reliance’s scale, procurement reach, and processing mix must defend metal spread margins through normal price resets rather than letting the business become pure pass-through commodity distribution.
Thesis-Break Engine
Thesis-break watch · Reliance
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Reliance filed an SEC 8-K on 2026-07-22: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Reliance filed an SEC 8-K on 2026-04-22: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Nucor, Steel Dynamics, or other mills expand direct small-lot fulfillment capabilities that remove the need for Reliance as an intermediary.
- Steel or aluminum prices fall faster than Reliance can reprice inventory, creating inventory spread compression or holding losses.
- Reliance builds inventory ahead of a metal-price decline, tying up cash and creating write-down risk before reported margins fully deteriorate.
- Reliance announces a large debt-funded acquisition near a cyclical peak in metal margins.
RS news
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Financial statements
RS income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
RS: quick answers
- Have members of Congress traded RS?
- 6 trades in RS have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed RS trade