# Metal Fabrication — company-by-company sector analysis

> Metal Fabrication: Commercial Metals Company owns the largest revenue base; Tredegar Corporation has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Metal Fabrication has outperformed S&P 500 by 26.7% over 52 weeks and 3.6% over 13 weeks. 7 of 12 covered companies beat the S&P 500 on Mansfield relative strength, while 6 of 12 beat the sector itself. Commercial Metals Company leads with revenue of $8,850 million, based on 9 of 14 comparable companies through Jun 2026.

### Is the Metal Fabrication sector outperforming S&P 500?

Metal Fabrication has outperformed S&P 500 by 26.7% over 52 weeks and 3.6% over 13 weeks. 7 of 12 covered companies beat the S&P 500 on Mansfield relative strength, while 6 of 12 beat the sector itself.

### Which Metal Fabrication company is largest by revenue?

Commercial Metals Company leads with revenue of $8,850 million, based on 9 of 14 comparable companies through Jun 2026.

### Which Metal Fabrication company is growing fastest?

Tredegar Corporation has the fastest current revenue growth at 20.2%, across 9 of 14 comparable companies.

### Which Metal Fabrication company has the strongest 4-Factor Sector Score?

Carpenter Technology Corporation ranks first at 66.1/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Metal Fabrication company reports the most CAPEX?

Commercial Metals Company reports the largest latest CAPEX at $156 million, with 12 of 14 companies comparable.

### Which Metal Fabrication company has the least gross debt?

Insteel Industries Inc. has the lowest comparable gross debt at $0 million. Commercial Metals Company has the highest at $3,400 million.

### Which Metal Fabrication company has the lowest comparable PEG?

Tredegar Corporation has the lowest comparable Guarded PEG at 0.26, among 5 of 14 companies that pass the metric’s comparability rules.

### How much history does this Metal Fabrication comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Metal Fabrication has outperformed S&P 500 by 26.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 3.6%. 7 of 12 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Carpenter Technology Corporation is the strongest against the sector itself at +27.4%.

13-week sector return versus NIFTY 500: 3.6%
52-week sector return versus NIFTY 500: 27%
Stocks leading NIFTY: 7/12
Stocks leading sector: 6/12

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 14
Combined market value: ₹89.6K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Carpenter Technology Corporation (CRS): 66/100 — Favorable setup; evidence 82%
   - Growth & earnings 20.5/35 | Capital efficiency 14.8/25 | Valuation 10.8/20 | Relative strength 20.0/20
   - Exact sum: 20.5 + 14.8 + 10.8 + 20 = 66.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Worthington Enterprises, Inc. (WOR): 65/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 31.6/35 | Capital efficiency 11.0/25 | Valuation 14.1/20 | Relative strength 7.8/20
   - Exact sum: 31.6 + 11 + 14.1 + 7.8 = 64.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Commercial Metals Company (CMC): 57/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 28.0/35 | Capital efficiency 12.5/25 | Valuation 11.0/20 | Relative strength 5.3/20
   - Exact sum: 28 + 12.5 + 11 + 5.3 = 56.8
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -11.4% and the one-year return is 40.2%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
4. Proto Labs, Inc. (PRLB): 56/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 21.8/35 | Capital efficiency 11.8/25 | Valuation 8.0/20 | Relative strength 14.0/20
   - Exact sum: 21.8 + 11.8 + 8 + 14 = 55.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Mueller Industries, Inc. (MLI): 54/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 19.5/35 | Capital efficiency 18.1/25 | Valuation 10.4/20 | Relative strength 6.2/20
   - Exact sum: 19.5 + 18.1 + 10.4 + 6.2 = 54.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Tredegar Corporation (TG): 54/100 — Mixed-positive evidence; evidence 69%
   - Growth & earnings 22.8/35 | Capital efficiency 10.6/25 | Valuation 16.5/20 | Relative strength 3.8/20
   - Exact sum: 22.8 + 10.6 + 16.5 + 3.8 = 53.7
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -22.4% and the one-year return is -10.2%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
7. ATI Inc. (ATI): 48/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 13.8/35 | Capital efficiency 12.4/25 | Valuation 4.0/20 | Relative strength 17.4/20
   - Exact sum: 13.8 + 12.4 + 4 + 17.4 = 47.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 34.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
8. Ryerson Holding Corporation (RYZ): 46/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 18.5/35 | Capital efficiency 6.3/25 | Valuation 8.5/20 | Relative strength 12.3/20
   - Exact sum: 18.5 + 6.3 + 8.5 + 12.3 = 45.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9. Insteel Industries Inc. (IIIN): 44/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 13.8/35 | Capital efficiency 14.6/25 | Valuation 10.7/20 | Relative strength 4.7/20
   - Exact sum: 13.8 + 14.6 + 10.7 + 4.7 = 43.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. ESAB Corporation (ESAB): 39/100 — Thin evidence · provisional; evidence 57%
   - Growth & earnings 15.5/35 | Capital efficiency 11.6/25 | Valuation 9.6/20 | Relative strength 2.5/20
   - Exact sum: 15.5 + 11.6 + 9.6 + 2.5 = 39.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. Ampco-Pittsburgh Corporation (AP): 39/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 9.5/35 | Capital efficiency 3.1/25 | Valuation 11.2/20 | Relative strength 15.3/20
   - Exact sum: 9.5 + 3.1 + 11.2 + 15.3 = 39.1
   - Decision use: Price leads the evidence: RS versus the benchmark is 27.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
12. Mayville Engineering Company, Inc. (MEC): 37/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 8.2/35 | Capital efficiency 4.3/25 | Valuation 9.9/20 | Relative strength 14.5/20
   - Exact sum: 8.2 + 4.3 + 9.9 + 14.5 = 36.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13. Xinxu Copper Industry Technology Limited (XXC): 53/100 — Thin evidence · provisional; evidence 9%
   - Growth & earnings 17.5/35 | Capital efficiency 15.9/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 17.5 + 15.9 + 10 + 10 = 53.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. Nintech Mould Factory Inc. (NTMJ): 52/100 — Thin evidence · provisional; evidence 9%
   - Growth & earnings 17.5/35 | Capital efficiency 14.6/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 17.5 + 14.6 + 10 + 10 = 52.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Commercial Metals Company is the scale leader at $8,850 million, 76.9% ahead of Ryerson Holding Corporation. Tredegar Corporation's growth is 20.2% from a $744 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Commercial Metals Company is the scale benchmark; Tredegar Corporation is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Commercial Metals Company's growth falls below Tredegar Corporation's for two consecutive comparable reports while operating margin also compresses.

Evidence: Commercial Metals Company · $8,850 million | 76.9% versus #2 · Ryerson Holding Corporation | 4/8 recent comparable periods | 9/14 companies · 224 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Commercial Metals Company (CMC): ₹8.9K Cr
2. Ryerson Holding Corporation (RYZ): ₹5.0K Cr
3. ATI Inc. (ATI): ₹4.6K Cr
4. Carpenter Technology Corporation (CRS): ₹3.0K Cr
5. Worthington Enterprises, Inc. (WOR): ₹1.4K Cr

### Revenue growth — fastest growers
1. Tredegar Corporation (TG): 20%
2. Worthington Enterprises, Inc. (WOR): 20%
3. Commercial Metals Company (CMC): 15%
4. Ryerson Holding Corporation (RYZ): 11%
5. Proto Labs, Inc. (PRLB): 9.0%

### 20-quarter Revenue history
- CRS: Sep 2021 ₹388 Cr | Dec 2021 ₹396 Cr | Mar 2022 ₹489 Cr | Jun 2022 ₹564 Cr | Sep 2022 ₹523 Cr | Dec 2022 ₹579 Cr | Mar 2023 ₹690 Cr | Jun 2023 ₹758 Cr | Sep 2023 ₹652 Cr | Dec 2023 ₹624 Cr | Mar 2024 ₹685 Cr | Jun 2024 ₹799 Cr | Sep 2024 ₹718 Cr | Dec 2024 ₹677 Cr | Mar 2025 ₹727 Cr | Jun 2025 ₹756 Cr | Sep 2025 ₹734 Cr | Dec 2025 ₹728 Cr | Mar 2026 ₹812 Cr | Jun 2026 —
- ATI: Sep 2021 ₹726 Cr | Dec 2021 — | Mar 2022 ₹765 Cr | Jun 2022 ₹960 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 — | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- MLI: Sep 2021 ₹982 Cr | Dec 2021 ₹956 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹945 Cr | Dec 2022 ₹878 Cr | Mar 2023 — | Jun 2023 ₹971 Cr | Sep 2023 ₹897 Cr | Dec 2023 ₹732 Cr | Mar 2024 ₹850 Cr | Jun 2024 ₹998 Cr | Sep 2024 ₹998 Cr | Dec 2024 ₹924 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹962 Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- CMC: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 ₹2.5K Cr
- ESAB: Sep 2021 ₹630 Cr | Dec 2021 ₹606 Cr | Mar 2022 — | Jun 2022 ₹648 Cr | Sep 2022 ₹661 Cr | Dec 2022 ₹664 Cr | Mar 2023 ₹684 Cr | Jun 2023 ₹720 Cr | Sep 2023 ₹681 Cr | Dec 2023 ₹689 Cr | Mar 2024 ₹690 Cr | Jun 2024 ₹707 Cr | Sep 2024 ₹673 Cr | Dec 2024 ₹671 Cr | Mar 2025 — | Jun 2025 ₹678 Cr | Sep 2025 ₹716 Cr | Dec 2025 ₹728 Cr | Mar 2026 — | Jun 2026 ₹746 Cr
- WOR: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹346 Cr | Jun 2023 ₹369 Cr | Sep 2023 ₹312 Cr | Dec 2023 ₹298 Cr | Mar 2024 ₹317 Cr | Jun 2024 ₹319 Cr | Sep 2024 ₹257 Cr | Dec 2024 ₹274 Cr | Mar 2025 ₹305 Cr | Jun 2025 ₹318 Cr | Sep 2025 ₹304 Cr | Dec 2025 ₹327 Cr | Mar 2026 ₹379 Cr | Jun 2026 ₹371 Cr
- PRLB: Sep 2021 ₹125 Cr | Dec 2021 ₹124 Cr | Mar 2022 ₹124 Cr | Jun 2022 ₹127 Cr | Sep 2022 ₹122 Cr | Dec 2022 ₹116 Cr | Mar 2023 ₹126 Cr | Jun 2023 ₹122 Cr | Sep 2023 ₹131 Cr | Dec 2023 ₹125 Cr | Mar 2024 ₹128 Cr | Jun 2024 ₹126 Cr | Sep 2024 ₹126 Cr | Dec 2024 ₹122 Cr | Mar 2025 ₹126 Cr | Jun 2025 ₹135 Cr | Sep 2025 ₹135 Cr | Dec 2025 ₹136 Cr | Mar 2026 ₹139 Cr | Jun 2026 —
- RYZ: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- MEC: Sep 2021 ₹109 Cr | Dec 2021 ₹113 Cr | Mar 2022 ₹136 Cr | Jun 2022 ₹138 Cr | Sep 2022 ₹136 Cr | Dec 2022 ₹129 Cr | Mar 2023 ₹143 Cr | Jun 2023 ₹139 Cr | Sep 2023 ₹158 Cr | Dec 2023 ₹149 Cr | Mar 2024 ₹161 Cr | Jun 2024 ₹164 Cr | Sep 2024 ₹135 Cr | Dec 2024 ₹121 Cr | Mar 2025 ₹136 Cr | Jun 2025 ₹132 Cr | Sep 2025 ₹144 Cr | Dec 2025 ₹134 Cr | Mar 2026 ₹145 Cr | Jun 2026 —
- IIIN: Sep 2021 ₹161 Cr | Dec 2021 ₹171 Cr | Mar 2022 ₹178 Cr | Jun 2022 ₹213 Cr | Sep 2022 ₹227 Cr | Dec 2022 ₹208 Cr | Mar 2023 — | Jun 2023 ₹159 Cr | Sep 2023 ₹166 Cr | Dec 2023 ₹122 Cr | Mar 2024 ₹127 Cr | Jun 2024 ₹146 Cr | Sep 2024 ₹134 Cr | Dec 2024 ₹130 Cr | Mar 2025 ₹161 Cr | Jun 2025 ₹180 Cr | Sep 2025 ₹177 Cr | Dec 2025 ₹160 Cr | Mar 2026 ₹173 Cr | Jun 2026 —
- TG: Sep 2021 ₹210 Cr | Dec 2021 ₹221 Cr | Mar 2022 ₹237 Cr | Jun 2022 ₹274 Cr | Sep 2022 ₹238 Cr | Dec 2022 ₹189 Cr | Mar 2023 ₹191 Cr | Jun 2023 ₹178 Cr | Sep 2023 ₹166 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹144 Cr | Jun 2024 ₹154 Cr | Sep 2024 ₹146 Cr | Dec 2024 ₹154 Cr | Mar 2025 ₹165 Cr | Jun 2025 ₹179 Cr | Sep 2025 ₹195 Cr | Dec 2025 ₹184 Cr | Mar 2026 ₹186 Cr | Jun 2026 —
- AP: Sep 2021 ₹79 Cr | Dec 2021 ₹88 Cr | Mar 2022 ₹92 Cr | Jun 2022 ₹100 Cr | Sep 2022 ₹97 Cr | Dec 2022 ₹91 Cr | Mar 2023 ₹102 Cr | Jun 2023 ₹107 Cr | Sep 2023 ₹102 Cr | Dec 2023 ₹104 Cr | Mar 2024 ₹110 Cr | Jun 2024 ₹107 Cr | Sep 2024 ₹92 Cr | Dec 2024 ₹98 Cr | Mar 2025 ₹99 Cr | Jun 2025 ₹109 Cr | Sep 2025 ₹104 Cr | Dec 2025 ₹104 Cr | Mar 2026 ₹103 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- CRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 34% | Sep 2022 35% | Dec 2022 46% | Mar 2023 41% | Jun 2023 34% | Sep 2023 25% | Dec 2023 7.8% | Mar 2024 -0.7% | Jun 2024 5.4% | Sep 2024 10% | Dec 2024 8.5% | Mar 2025 6.1% | Jun 2025 -5.4% | Sep 2025 2.2% | Dec 2025 7.5% | Mar 2026 12% | Jun 2026 —
- ATI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 56% | Sep 2022 42% | Dec 2022 — | Mar 2023 32% | Jun 2023 8.1% | Sep 2023 1.4% | Dec 2023 — | Mar 2024 3.3% | Jun 2024 5.5% | Sep 2024 0.5% | Dec 2024 14% | Mar 2025 9.7% | Jun 2025 4.1% | Sep 2025 7.1% | Dec 2025 0.3% | Mar 2026 0.7% | Jun 2026 —
- MLI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 -3.8% | Dec 2022 -8.2% | Mar 2023 — | Jun 2023 -16% | Sep 2023 -5.1% | Dec 2023 -17% | Mar 2024 — | Jun 2024 2.8% | Sep 2024 11% | Dec 2024 26% | Mar 2025 18% | Jun 2025 14% | Sep 2025 8.0% | Dec 2025 4.1% | Mar 2026 19% | Jun 2026 —
- CMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 19% | Dec 2022 12% | Mar 2023 0.5% | Jun 2023 -6.8% | Sep 2023 -8.2% | Dec 2023 -10% | Mar 2024 -8.4% | Jun 2024 -11% | Sep 2024 -9.6% | Dec 2024 -4.6% | Mar 2025 -5.1% | Jun 2025 -2.8% | Sep 2025 6.0% | Dec 2025 11% | Mar 2026 22% | Jun 2026 23%
- ESAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 4.9% | Dec 2022 9.6% | Mar 2023 — | Jun 2023 11% | Sep 2023 3.0% | Dec 2023 3.8% | Mar 2024 0.9% | Jun 2024 -1.8% | Sep 2024 -1.2% | Dec 2024 -2.6% | Mar 2025 — | Jun 2025 -4.1% | Sep 2025 6.4% | Dec 2025 8.5% | Mar 2026 — | Jun 2026 10%
- WOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 27% | Dec 2022 -4.6% | Mar 2023 -75% | Jun 2023 -76% | Sep 2023 -78% | Dec 2023 -75% | Mar 2024 -8.4% | Jun 2024 -14% | Sep 2024 -18% | Dec 2024 -8.1% | Mar 2025 -3.8% | Jun 2025 -0.3% | Sep 2025 18% | Dec 2025 19% | Mar 2026 24% | Jun 2026 17%
- PRLB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.3% | Sep 2022 -2.4% | Dec 2022 -6.5% | Mar 2023 1.6% | Jun 2023 -3.9% | Sep 2023 7.4% | Dec 2023 7.8% | Mar 2024 1.6% | Jun 2024 3.3% | Sep 2024 -3.8% | Dec 2024 -2.4% | Mar 2025 -1.6% | Jun 2025 7.1% | Sep 2025 7.1% | Dec 2025 11% | Mar 2026 10% | Jun 2026 —
- RYZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 -2.0% | Dec 2022 -16% | Mar 2023 -20% | Jun 2023 -23% | Sep 2023 -19% | Dec 2023 -14% | Mar 2024 -12% | Jun 2024 -8.8% | Sep 2024 -9.6% | Dec 2024 -9.4% | Mar 2025 -8.3% | Jun 2025 -4.7% | Sep 2025 3.1% | Dec 2025 9.7% | Mar 2026 38% | Jun 2026 —
- MEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 25% | Dec 2022 14% | Mar 2023 5.2% | Jun 2023 0.7% | Sep 2023 16% | Dec 2023 16% | Mar 2024 13% | Jun 2024 18% | Sep 2024 -15% | Dec 2024 -19% | Mar 2025 -16% | Jun 2025 -20% | Sep 2025 6.7% | Dec 2025 11% | Mar 2026 6.6% | Jun 2026 —
- IIIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 41% | Dec 2022 22% | Mar 2023 — | Jun 2023 -25% | Sep 2023 -27% | Dec 2023 -41% | Mar 2024 — | Jun 2024 -8.2% | Sep 2024 -19% | Dec 2024 6.6% | Mar 2025 27% | Jun 2025 23% | Sep 2025 32% | Dec 2025 23% | Mar 2026 7.5% | Jun 2026 —
- TG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 13% | Dec 2022 -14% | Mar 2023 -19% | Jun 2023 -35% | Sep 2023 -30% | Dec 2023 -80% | Mar 2024 -25% | Jun 2024 -13% | Sep 2024 -12% | Dec 2024 305% | Mar 2025 15% | Jun 2025 16% | Sep 2025 34% | Dec 2025 19% | Mar 2026 13% | Jun 2026 —
- AP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 23% | Dec 2022 3.4% | Mar 2023 11% | Jun 2023 7.0% | Sep 2023 5.2% | Dec 2023 14% | Mar 2024 7.8% | Jun 2024 0.0% | Sep 2024 -9.8% | Dec 2024 -5.8% | Mar 2025 -10% | Jun 2025 1.9% | Sep 2025 13% | Dec 2025 6.1% | Mar 2026 4.0% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Mueller Industries, Inc. leads opm at 26.2%; Worthington Enterprises, Inc. leads margin change at +15.8 percentage points.

Investor read: Mueller Industries, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Mueller Industries, Inc. · 26.2% | 13.9% versus #2 · Carpenter Technology Corporation | 3/8 recent comparable periods | 12/14 companies · 224 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Mueller Industries, Inc. (MLI): 26%
2. Carpenter Technology Corporation (CRS): 23%
3. ATI Inc. (ATI): 14%
4. ESAB Corporation (ESAB): 12%
5. Commercial Metals Company (CMC): 9.2%

### Margin change — fastest expanders
1. Worthington Enterprises, Inc. (WOR): +15.8 pp
2. Mueller Industries, Inc. (MLI): +5.6 pp
3. Carpenter Technology Corporation (CRS): +4.0 pp
4. Proto Labs, Inc. (PRLB): +3.5 pp
5. Commercial Metals Company (CMC): +3.2 pp

### 20-quarter OPM history
- CRS: Sep 2021 -4.9% | Dec 2021 -8.0% | Mar 2022 0.2% | Jun 2022 4.4% | Sep 2022 1.6% | Dec 2022 3.9% | Mar 2023 5.7% | Jun 2023 8.3% | Sep 2023 11% | Dec 2023 11% | Mar 2024 11% | Jun 2024 14% | Sep 2024 16% | Dec 2024 18% | Mar 2025 19% | Jun 2025 20% | Sep 2025 21% | Dec 2025 21% | Mar 2026 23% | Jun 2026 —
- ATI: Sep 2021 4.1% | Dec 2021 — | Mar 2022 8.8% | Jun 2022 -1.2% | Sep 2022 11% | Dec 2022 — | Mar 2023 14% | Jun 2023 11% | Sep 2023 12% | Dec 2023 12% | Mar 2024 11% | Jun 2024 13% | Sep 2024 14% | Dec 2024 18% | Mar 2025 13% | Jun 2025 14% | Sep 2025 14% | Dec 2025 15% | Mar 2026 14% | Jun 2026 —
- MLI: Sep 2021 24% | Dec 2021 18% | Mar 2022 21% | Jun 2022 23% | Sep 2022 22% | Dec 2022 22% | Mar 2023 — | Jun 2023 24% | Sep 2023 24% | Dec 2023 19% | Mar 2024 22% | Jun 2024 21% | Sep 2024 21% | Dec 2024 18% | Mar 2025 21% | Jun 2025 27% | Sep 2025 26% | Dec 2025 18% | Mar 2026 26% | Jun 2026 —
- CMC: Sep 2021 10% | Dec 2021 14% | Mar 2022 13% | Jun 2022 17% | Sep 2022 15% | Dec 2022 16% | Mar 2023 12% | Jun 2023 14% | Sep 2023 11% | Dec 2023 12% | Mar 2024 7.0% | Jun 2024 8.3% | Sep 2024 7.6% | Dec 2024 -12% | Mar 2025 2.7% | Jun 2025 6.0% | Sep 2025 9.9% | Dec 2025 9.8% | Mar 2026 7.1% | Jun 2026 9.2%
- ESAB: Sep 2021 13% | Dec 2021 13% | Mar 2022 — | Jun 2022 13% | Sep 2022 13% | Dec 2022 12% | Mar 2023 13% | Jun 2023 15% | Sep 2023 15% | Dec 2023 15% | Mar 2024 16% | Jun 2024 17% | Sep 2024 16% | Dec 2024 17% | Mar 2025 — | Jun 2025 16% | Sep 2025 15% | Dec 2025 15% | Mar 2026 — | Jun 2026 12%
- WOR: Sep 2021 12% | Dec 2021 7.3% | Mar 2022 2.7% | Jun 2022 4.3% | Sep 2022 4.7% | Dec 2022 -0.6% | Mar 2023 1.2% | Jun 2023 4.1% | Sep 2023 -2.3% | Dec 2023 -4.8% | Mar 2024 1.4% | Jun 2024 -18% | Sep 2024 -1.8% | Dec 2024 1.3% | Mar 2025 6.9% | Jun 2025 -9.6% | Sep 2025 3.0% | Dec 2025 3.7% | Mar 2026 8.3% | Jun 2026 6.2%
- PRLB: Sep 2021 5.5% | Dec 2021 11% | Mar 2022 6.4% | Jun 2022 4.1% | Sep 2022 5.0% | Dec 2022 1.2% | Mar 2023 3.0% | Jun 2023 4.6% | Sep 2023 8.0% | Dec 2023 6.7% | Mar 2024 5.3% | Jun 2024 4.8% | Sep 2024 6.8% | Dec 2024 -1.2% | Mar 2025 3.6% | Jun 2025 3.7% | Sep 2025 6.5% | Dec 2025 5.5% | Mar 2026 7.1% | Jun 2026 —
- RYZ: Sep 2021 12% | Dec 2021 9.7% | Mar 2022 13% | Jun 2022 16% | Sep 2022 5.5% | Dec 2022 -2.1% | Mar 2023 5.0% | Jun 2023 4.3% | Sep 2023 4.5% | Dec 2023 3.9% | Mar 2024 0.1% | Jun 2024 1.9% | Sep 2024 0.5% | Dec 2024 0.3% | Mar 2025 0.2% | Jun 2025 0.5% | Sep 2025 -0.1% | Dec 2025 -3.1% | Mar 2026 1.5% | Jun 2026 —
- MEC: Sep 2021 0.8% | Dec 2021 -15% | Mar 2022 4.1% | Jun 2022 6.1% | Sep 2022 6.5% | Dec 2022 2.2% | Mar 2023 3.3% | Jun 2023 3.1% | Sep 2023 3.7% | Dec 2023 3.6% | Mar 2024 4.7% | Jun 2024 5.0% | Sep 2024 4.2% | Dec 2024 19% | Mar 2025 1.2% | Jun 2025 0.1% | Sep 2025 0.0% | Dec 2025 -4.1% | Mar 2026 -5.3% | Jun 2026 —
- IIIN: Sep 2021 15% | Dec 2021 19% | Mar 2022 17% | Jun 2022 23% | Sep 2022 22% | Dec 2022 15% | Mar 2023 — | Jun 2023 3.7% | Sep 2023 7.5% | Dec 2023 -0.1% | Mar 2024 6.1% | Jun 2024 5.1% | Sep 2024 3.5% | Dec 2024 0.5% | Mar 2025 8.1% | Jun 2025 11% | Sep 2025 11% | Dec 2025 5.8% | Mar 2026 3.9% | Jun 2026 —
- TG: Sep 2021 4.1% | Dec 2021 4.4% | Mar 2022 7.7% | Jun 2022 7.4% | Sep 2022 1.3% | Dec 2022 -2.6% | Mar 2023 0.7% | Jun 2023 -11% | Sep 2023 -36% | Dec 2023 -166% | Mar 2024 4.3% | Jun 2024 6.5% | Sep 2024 -0.9% | Dec 2024 3.2% | Mar 2025 1.4% | Jun 2025 1.8% | Sep 2025 5.1% | Dec 2025 6.3% | Mar 2026 3.4% | Jun 2026 —
- AP: Sep 2021 -6.3% | Dec 2021 -3.2% | Mar 2022 -2.9% | Jun 2022 -0.2% | Sep 2022 -2.3% | Dec 2022 -2.2% | Mar 2023 -0.4% | Jun 2023 2.8% | Sep 2023 1.7% | Dec 2023 -44% | Mar 2024 -0.1% | Jun 2024 1.0% | Sep 2024 -2.4% | Dec 2024 -2.3% | Mar 2025 -1.2% | Jun 2025 -6.7% | Sep 2025 -3.0% | Dec 2025 -6.7% | Mar 2026 -2.6% | Jun 2026 —

### 20-quarter Margin change history
- CRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +21.2 pp | Sep 2022 +6.5 pp | Dec 2022 +11.9 pp | Mar 2023 +5.5 pp | Jun 2023 +3.9 pp | Sep 2023 +9.0 pp | Dec 2023 +7.3 pp | Mar 2024 +5.4 pp | Jun 2024 +5.3 pp | Sep 2024 +5.2 pp | Dec 2024 +6.4 pp | Mar 2025 +7.9 pp | Jun 2025 +6.4 pp | Sep 2025 +5.1 pp | Dec 2025 +3.7 pp | Mar 2026 +4.0 pp | Jun 2026 —
- ATI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.6 pp | Sep 2022 +6.9 pp | Dec 2022 — | Mar 2023 +4.8 pp | Jun 2023 +12.0 pp | Sep 2023 +0.5 pp | Dec 2023 — | Mar 2024 −2.6 pp | Jun 2024 +2.2 pp | Sep 2024 +2.0 pp | Dec 2024 +5.6 pp | Mar 2025 +1.8 pp | Jun 2025 +1.1 pp | Sep 2025 +0.9 pp | Dec 2025 −3.3 pp | Mar 2026 +1.4 pp | Jun 2026 —
- MLI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +7.8 pp | Sep 2022 −2.1 pp | Dec 2022 +3.7 pp | Mar 2023 — | Jun 2023 +0.2 pp | Sep 2023 +1.8 pp | Dec 2023 −3.2 pp | Mar 2024 — | Jun 2024 −2.6 pp | Sep 2024 −2.8 pp | Dec 2024 −0.1 pp | Mar 2025 −1.0 pp | Jun 2025 +5.7 pp | Sep 2025 +4.9 pp | Dec 2025 −0.5 pp | Mar 2026 +5.6 pp | Jun 2026 —
- CMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.6 pp | Dec 2022 +2.0 pp | Mar 2023 −1.0 pp | Jun 2023 −3.0 pp | Sep 2023 −3.4 pp | Dec 2023 −4.0 pp | Mar 2024 −5.2 pp | Jun 2024 −5.3 pp | Sep 2024 −3.7 pp | Dec 2024 −23.3 pp | Mar 2025 −4.3 pp | Jun 2025 −2.3 pp | Sep 2025 +2.3 pp | Dec 2025 +21.3 pp | Mar 2026 +4.4 pp | Jun 2026 +3.2 pp
- ESAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −1.2 pp | Mar 2023 — | Jun 2023 +2.2 pp | Sep 2023 +1.9 pp | Dec 2023 +3.2 pp | Mar 2024 +2.7 pp | Jun 2024 +1.8 pp | Sep 2024 +0.8 pp | Dec 2024 +1.6 pp | Mar 2025 — | Jun 2025 −0.7 pp | Sep 2025 −0.5 pp | Dec 2025 −2.0 pp | Mar 2026 — | Jun 2026 −4.1 pp
- WOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.5 pp | Dec 2022 −7.9 pp | Mar 2023 −1.5 pp | Jun 2023 −0.2 pp | Sep 2023 −7.0 pp | Dec 2023 −4.2 pp | Mar 2024 +0.2 pp | Jun 2024 −21.7 pp | Sep 2024 +0.5 pp | Dec 2024 +6.1 pp | Mar 2025 +5.5 pp | Jun 2025 +8.0 pp | Sep 2025 +4.8 pp | Dec 2025 +2.4 pp | Mar 2026 +1.4 pp | Jun 2026 +15.8 pp
- PRLB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −9.0 pp | Sep 2022 −0.5 pp | Dec 2022 −9.4 pp | Mar 2023 −3.4 pp | Jun 2023 +0.5 pp | Sep 2023 +3.0 pp | Dec 2023 +5.5 pp | Mar 2024 +2.3 pp | Jun 2024 +0.2 pp | Sep 2024 −1.2 pp | Dec 2024 −7.9 pp | Mar 2025 −1.7 pp | Jun 2025 −1.1 pp | Sep 2025 −0.3 pp | Dec 2025 +6.7 pp | Mar 2026 +3.5 pp | Jun 2026 —
- RYZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.7 pp | Sep 2022 −6.2 pp | Dec 2022 −11.8 pp | Mar 2023 −8.4 pp | Jun 2023 −12.1 pp | Sep 2023 −1.0 pp | Dec 2023 +6.0 pp | Mar 2024 −4.9 pp | Jun 2024 −2.4 pp | Sep 2024 −4.0 pp | Dec 2024 −3.6 pp | Mar 2025 +0.1 pp | Jun 2025 −1.4 pp | Sep 2025 −0.6 pp | Dec 2025 −3.4 pp | Mar 2026 +1.3 pp | Jun 2026 —
- MEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.1 pp | Sep 2022 +5.7 pp | Dec 2022 +17.4 pp | Mar 2023 −0.8 pp | Jun 2023 −3.0 pp | Sep 2023 −2.8 pp | Dec 2023 +1.4 pp | Mar 2024 +1.4 pp | Jun 2024 +1.9 pp | Sep 2024 +0.5 pp | Dec 2024 +15.4 pp | Mar 2025 −3.5 pp | Jun 2025 −4.9 pp | Sep 2025 −4.2 pp | Dec 2025 −23.1 pp | Mar 2026 −6.5 pp | Jun 2026 —
- IIIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.1 pp | Dec 2022 −3.9 pp | Mar 2023 — | Jun 2023 −19.5 pp | Sep 2023 −14.4 pp | Dec 2023 −15.2 pp | Mar 2024 — | Jun 2024 +1.4 pp | Sep 2024 −4.0 pp | Dec 2024 +0.6 pp | Mar 2025 +2.0 pp | Jun 2025 +5.6 pp | Sep 2025 +7.1 pp | Dec 2025 +5.3 pp | Mar 2026 −4.2 pp | Jun 2026 —
- TG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.7 pp | Sep 2022 −2.8 pp | Dec 2022 −7.0 pp | Mar 2023 −7.0 pp | Jun 2023 −18.5 pp | Sep 2023 −37.7 pp | Dec 2023 −163.8 pp | Mar 2024 +3.6 pp | Jun 2024 +17.6 pp | Sep 2024 +35.5 pp | Dec 2024 +169.6 pp | Mar 2025 −2.9 pp | Jun 2025 −4.7 pp | Sep 2025 +6.0 pp | Dec 2025 +3.1 pp | Mar 2026 +2.0 pp | Jun 2026 —
- AP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.5 pp | Sep 2022 +4.0 pp | Dec 2022 +1.0 pp | Mar 2023 +2.5 pp | Jun 2023 +3.0 pp | Sep 2023 +4.0 pp | Dec 2023 −42.0 pp | Mar 2024 +0.3 pp | Jun 2024 −1.8 pp | Sep 2024 −4.1 pp | Dec 2024 +41.9 pp | Mar 2025 −1.1 pp | Jun 2025 −7.7 pp | Sep 2025 −0.6 pp | Dec 2025 −4.4 pp | Mar 2026 −1.4 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Commercial Metals Company leads with $595 million of TTM profit, 24% above Carpenter Technology Corporation. Commercial Metals Company shows ≥100% on the scoring scale (1552.8% uncapped) growth from a $595 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Commercial Metals Company sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Commercial Metals Company · $595 million | 24% versus #2 · Carpenter Technology Corporation | 3/8 recent comparable periods | 9/14 companies · 224 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Commercial Metals Company (CMC): ₹595 Cr
2. Carpenter Technology Corporation (CRS): ₹480 Cr
3. ATI Inc. (ATI): ₹440 Cr
4. Worthington Enterprises, Inc. (WOR): ₹155 Cr
5. Tredegar Corporation (TG): ₹28 Cr

### Profit growth — fastest growers
1. Commercial Metals Company (CMC): 100%
2. Worthington Enterprises, Inc. (WOR): 63%
3. Proto Labs, Inc. (PRLB): 56%
4. Carpenter Technology Corporation (CRS): 34%
5. ATI Inc. (ATI): 5.8%

### 20-quarter Net profit history
- CRS: Sep 2021 ₹-15 Cr | Dec 2021 ₹-29 Cr | Mar 2022 ₹-8 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹-7 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹44 Cr | Dec 2023 ₹43 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹94 Cr | Sep 2024 ₹85 Cr | Dec 2024 ₹84 Cr | Mar 2025 ₹95 Cr | Jun 2025 ₹112 Cr | Sep 2025 ₹123 Cr | Dec 2025 ₹105 Cr | Mar 2026 ₹140 Cr | Jun 2026 —
- ATI: Sep 2021 ₹55 Cr | Dec 2021 — | Mar 2022 ₹198 Cr | Jun 2022 ₹-34 Cr | Sep 2022 ₹64 Cr | Dec 2022 — | Mar 2023 ₹274 Cr | Jun 2023 ₹87 Cr | Sep 2023 ₹94 Cr | Dec 2023 ₹94 Cr | Mar 2024 ₹68 Cr | Jun 2024 ₹86 Cr | Sep 2024 ₹87 Cr | Dec 2024 ₹142 Cr | Mar 2025 ₹101 Cr | Jun 2025 ₹104 Cr | Sep 2025 ₹114 Cr | Dec 2025 ₹101 Cr | Mar 2026 ₹121 Cr | Jun 2026 —
- MLI: Sep 2021 ₹172 Cr | Dec 2021 ₹127 Cr | Mar 2022 ₹159 Cr | Jun 2022 ₹208 Cr | Sep 2022 ₹156 Cr | Dec 2022 ₹140 Cr | Mar 2023 — | Jun 2023 ₹175 Cr | Sep 2023 ₹180 Cr | Dec 2023 ₹119 Cr | Mar 2024 ₹142 Cr | Jun 2024 ₹163 Cr | Sep 2024 ₹172 Cr | Dec 2024 ₹141 Cr | Mar 2025 ₹159 Cr | Jun 2025 ₹248 Cr | Sep 2025 ₹210 Cr | Dec 2025 ₹156 Cr | Mar 2026 ₹241 Cr | Jun 2026 —
- CMC: Sep 2021 ₹152 Cr | Dec 2021 ₹233 Cr | Mar 2022 ₹383 Cr | Jun 2022 ₹312 Cr | Sep 2022 ₹289 Cr | Dec 2022 ₹262 Cr | Mar 2023 ₹180 Cr | Jun 2023 ₹234 Cr | Sep 2023 ₹184 Cr | Dec 2023 ₹176 Cr | Mar 2024 ₹86 Cr | Jun 2024 ₹119 Cr | Sep 2024 ₹104 Cr | Dec 2024 ₹-176 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹83 Cr | Sep 2025 ₹152 Cr | Dec 2025 ₹177 Cr | Mar 2026 ₹93 Cr | Jun 2026 ₹173 Cr
- ESAB: Sep 2021 ₹78 Cr | Dec 2021 ₹61 Cr | Mar 2022 — | Jun 2022 ₹58 Cr | Sep 2022 ₹58 Cr | Dec 2022 ₹60 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹69 Cr | Sep 2023 ₹61 Cr | Dec 2023 ₹60 Cr | Mar 2024 ₹63 Cr | Jun 2024 ₹86 Cr | Sep 2024 ₹71 Cr | Dec 2024 ₹74 Cr | Mar 2025 — | Jun 2025 ₹73 Cr | Sep 2025 ₹70 Cr | Dec 2025 ₹65 Cr | Mar 2026 — | Jun 2026 ₹52 Cr
- WOR: Sep 2021 ₹141 Cr | Dec 2021 ₹113 Cr | Mar 2022 ₹59 Cr | Jun 2022 ₹86 Cr | Sep 2022 ₹65 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹-32 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹45 Cr | Jun 2026 ₹48 Cr
- PRLB: Sep 2021 ₹5 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹-115 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- RYZ: Sep 2021 ₹50 Cr | Dec 2021 ₹107 Cr | Mar 2022 ₹164 Cr | Jun 2022 ₹196 Cr | Sep 2022 ₹55 Cr | Dec 2022 ₹-27 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹-7 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹-6 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹-5 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹-14 Cr | Dec 2025 ₹-24 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- MEC: Sep 2021 ₹0 Cr | Dec 2021 ₹-14 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹-3 Cr | Dec 2025 ₹-4 Cr | Mar 2026 ₹-8 Cr | Jun 2026 —
- IIIN: Sep 2021 ₹18 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹39 Cr | Dec 2022 ₹24 Cr | Mar 2023 — | Jun 2023 ₹5 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- TG: Sep 2021 ₹6 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹-4 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹-19 Cr | Sep 2023 ₹-50 Cr | Dec 2023 ₹-29 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹-7 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- AP: Sep 2021 ₹-1 Cr | Dec 2021 ₹-12 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹-41 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹-7 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹-57 Cr | Mar 2026 ₹0 Cr | Jun 2026 —

### 20-quarter Profit growth history
- CRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1,167% | Sep 2023 — | Dec 2023 617% | Mar 2024 -68% | Jun 2024 147% | Sep 2024 93% | Dec 2024 95% | Mar 2025 1,483% | Jun 2025 19% | Sep 2025 45% | Dec 2025 25% | Mar 2026 47% | Jun 2026 —
- ATI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 38% | Jun 2023 — | Sep 2023 47% | Dec 2023 — | Mar 2024 -75% | Jun 2024 -1.2% | Sep 2024 -7.5% | Dec 2024 51% | Mar 2025 49% | Jun 2025 21% | Sep 2025 31% | Dec 2025 -29% | Mar 2026 20% | Jun 2026 —
- MLI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 87% | Sep 2022 -9.3% | Dec 2022 10% | Mar 2023 — | Jun 2023 -16% | Sep 2023 15% | Dec 2023 -15% | Mar 2024 — | Jun 2024 -6.9% | Sep 2024 -4.4% | Dec 2024 18% | Mar 2025 12% | Jun 2025 52% | Sep 2025 22% | Dec 2025 11% | Mar 2026 52% | Jun 2026 —
- CMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 90% | Dec 2022 12% | Mar 2023 -53% | Jun 2023 -25% | Sep 2023 -36% | Dec 2023 -33% | Mar 2024 -52% | Jun 2024 -49% | Sep 2024 -43% | Dec 2024 -200% | Mar 2025 -71% | Jun 2025 -30% | Sep 2025 46% | Dec 2025 — | Mar 2026 272% | Jun 2026 108%
- ESAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -26% | Dec 2022 -1.6% | Mar 2023 — | Jun 2023 19% | Sep 2023 5.2% | Dec 2023 0.0% | Mar 2024 85% | Jun 2024 25% | Sep 2024 16% | Dec 2024 23% | Mar 2025 — | Jun 2025 -15% | Sep 2025 -1.4% | Dec 2025 -12% | Mar 2026 — | Jun 2026 -29%
- WOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -54% | Dec 2022 -82% | Mar 2023 -49% | Jun 2023 -42% | Sep 2023 -58% | Dec 2023 -10% | Mar 2024 -27% | Jun 2024 -164% | Sep 2024 -11% | Dec 2024 56% | Mar 2025 77% | Jun 2025 — | Sep 2025 46% | Dec 2025 -3.6% | Mar 2026 15% | Jun 2026 1,100%
- PRLB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -77% | Sep 2022 -20% | Dec 2022 -1,058% | Mar 2023 -40% | Jun 2023 -100% | Sep 2023 100% | Dec 2023 — | Mar 2024 67% | Jun 2024 — | Sep 2024 -13% | Dec 2024 -100% | Mar 2025 -20% | Jun 2025 -20% | Sep 2025 0.0% | Dec 2025 — | Mar 2026 100% | Jun 2026 —
- RYZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 73% | Sep 2022 10% | Dec 2022 -125% | Mar 2023 -71% | Jun 2023 -81% | Sep 2023 -36% | Dec 2023 — | Mar 2024 -115% | Jun 2024 -74% | Sep 2024 -117% | Dec 2024 -88% | Mar 2025 — | Jun 2025 -80% | Sep 2025 — | Dec 2025 -900% | Mar 2026 — | Jun 2026 —
- MEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 100% | Sep 2022 — | Dec 2022 — | Mar 2023 -25% | Jun 2023 -67% | Sep 2023 -86% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 100% | Sep 2024 200% | Dec 2024 700% | Mar 2025 -100% | Jun 2025 -125% | Sep 2025 -200% | Dec 2025 -125% | Mar 2026 — | Jun 2026 —
- IIIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 117% | Dec 2022 -4.0% | Mar 2023 — | Jun 2023 -87% | Sep 2023 -72% | Dec 2023 -96% | Mar 2024 — | Jun 2024 40% | Sep 2024 -55% | Dec 2024 0.0% | Mar 2025 43% | Jun 2025 114% | Sep 2025 200% | Dec 2025 700% | Mar 2026 -50% | Jun 2026 —
- TG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -29% | Sep 2022 -83% | Dec 2022 -119% | Mar 2023 -106% | Jun 2023 -227% | Sep 2023 -5,100% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -67% | Jun 2025 -78% | Sep 2025 — | Dec 2025 — | Mar 2026 400% | Jun 2026 —
- AP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 200% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -67% | Sep 2023 0.0% | Dec 2023 — | Mar 2024 -300% | Jun 2024 200% | Sep 2024 -200% | Dec 2024 — | Mar 2025 — | Jun 2025 -333% | Sep 2025 — | Dec 2025 -2,000% | Mar 2026 -100% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Commercial Metals Company reports $156 million of CAPEX; Carpenter Technology Corporation has the highest covered intensity at 8.5%. Coverage is only 12 of 14 companies and 226 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Commercial Metals Company · $156 million | 126.1% versus #2 · Carpenter Technology Corporation | 8/8 recent comparable periods | 12/14 companies · 226 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Commercial Metals Company (CMC): ₹156 Cr
2. Carpenter Technology Corporation (CRS): ₹69 Cr
3. ATI Inc. (ATI): ₹55 Cr
4. Mueller Industries, Inc. (MLI): ₹22 Cr
5. Worthington Enterprises, Inc. (WOR): ₹16 Cr

### CAPEX intensity — highest reinvestment intensity
1. Carpenter Technology Corporation (CRS): 8.5%
2. Commercial Metals Company (CMC): 6.3%
3. ATI Inc. (ATI): 4.8%
4. Worthington Enterprises, Inc. (WOR): 4.3%
5. Ampco-Pittsburgh Corporation (AP): 2.9%

### 20-quarter CAPEX history
- CRS: Sep 2021 ₹14 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹33 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹58 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹46 Cr | Mar 2026 ₹69 Cr | Jun 2026 —
- ATI: Sep 2021 ₹43 Cr | Dec 2021 — | Mar 2022 ₹48 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹46 Cr | Dec 2022 — | Mar 2023 ₹30 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹66 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹66 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹53 Cr | Jun 2025 ₹72 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹93 Cr | Mar 2026 ₹55 Cr | Jun 2026 —
- MLI: Sep 2021 ₹8 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹8 Cr | Mar 2023 — | Jun 2023 ₹8 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹17 Cr | Jun 2026 ₹22 Cr
- CMC: Sep 2021 ₹57 Cr | Dec 2021 ₹70 Cr | Mar 2022 ₹121 Cr | Jun 2022 ₹103 Cr | Sep 2022 ₹156 Cr | Dec 2022 ₹133 Cr | Mar 2023 ₹156 Cr | Jun 2023 ₹150 Cr | Sep 2023 ₹167 Cr | Dec 2023 ₹67 Cr | Mar 2024 ₹94 Cr | Jun 2024 ₹82 Cr | Sep 2024 ₹81 Cr | Dec 2024 ₹118 Cr | Mar 2025 ₹86 Cr | Jun 2025 ₹89 Cr | Sep 2025 ₹109 Cr | Dec 2025 ₹125 Cr | Mar 2026 ₹123 Cr | Jun 2026 ₹156 Cr
- ESAB: Sep 2021 ₹6 Cr | Dec 2021 ₹8 Cr | Mar 2022 — | Jun 2022 ₹6 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹25 Cr | Mar 2025 — | Jun 2025 ₹7 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹11 Cr | Mar 2026 — | Jun 2026 ₹14 Cr
- WOR: Sep 2021 ₹24 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹24 Cr | Jun 2022 ₹82 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹73 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹14 Cr | Jun 2026 ₹16 Cr
- PRLB: Sep 2021 ₹4 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- RYZ: Sep 2021 ₹12 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹28 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- MEC: Sep 2021 ₹10 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- IIIN: Sep 2021 ₹5 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹4 Cr | Mar 2023 — | Jun 2023 ₹7 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹4 Cr | Jun 2026 ₹3 Cr
- TG: Sep 2021 ₹8 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- AP: Sep 2021 ₹5 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- CRS: Sep 2021 3.6% | Dec 2021 4.8% | Mar 2022 5.1% | Jun 2022 5.9% | Sep 2022 2.7% | Dec 2022 3.1% | Mar 2023 3.0% | Jun 2023 4.1% | Sep 2023 3.4% | Dec 2023 4.0% | Mar 2024 3.2% | Jun 2024 3.5% | Sep 2024 3.8% | Dec 2024 4.3% | Mar 2025 5.5% | Jun 2025 7.7% | Sep 2025 5.9% | Dec 2025 6.3% | Mar 2026 8.5% | Jun 2026 —
- ATI: Sep 2021 5.9% | Dec 2021 — | Mar 2022 6.3% | Jun 2022 3.0% | Sep 2022 4.5% | Dec 2022 — | Mar 2023 3.0% | Jun 2023 5.8% | Sep 2023 4.1% | Dec 2023 4.3% | Mar 2024 6.3% | Jun 2024 5.5% | Sep 2024 6.3% | Dec 2024 4.0% | Mar 2025 4.6% | Jun 2025 6.3% | Sep 2025 5.6% | Dec 2025 7.9% | Mar 2026 4.8% | Jun 2026 —
- MLI: Sep 2021 0.8% | Dec 2021 0.6% | Mar 2022 0.5% | Jun 2022 1.6% | Sep 2022 0.6% | Dec 2022 0.9% | Mar 2023 — | Jun 2023 0.8% | Sep 2023 2.5% | Dec 2023 2.0% | Mar 2024 1.9% | Jun 2024 0.9% | Sep 2024 2.6% | Dec 2024 3.1% | Mar 2025 1.7% | Jun 2025 1.2% | Sep 2025 1.7% | Dec 2025 2.1% | Mar 2026 1.4% | Jun 2026 —
- CMC: Sep 2021 2.8% | Dec 2021 3.5% | Mar 2022 6.0% | Jun 2022 4.1% | Sep 2022 6.5% | Dec 2022 6.0% | Mar 2023 7.7% | Jun 2023 6.4% | Sep 2023 7.6% | Dec 2023 3.3% | Mar 2024 5.1% | Jun 2024 3.9% | Sep 2024 4.1% | Dec 2024 6.2% | Mar 2025 4.9% | Jun 2025 4.4% | Sep 2025 5.2% | Dec 2025 5.9% | Mar 2026 5.8% | Jun 2026 6.3%
- ESAB: Sep 2021 1.0% | Dec 2021 1.3% | Mar 2022 — | Jun 2022 0.9% | Sep 2022 1.2% | Dec 2022 2.7% | Mar 2023 1.2% | Jun 2023 1.3% | Sep 2023 1.8% | Dec 2023 2.8% | Mar 2024 1.0% | Jun 2024 1.3% | Sep 2024 1.6% | Dec 2024 3.7% | Mar 2025 — | Jun 2025 1.0% | Sep 2025 1.3% | Dec 2025 1.5% | Mar 2026 — | Jun 2026 1.9%
- WOR: Sep 2021 2.2% | Dec 2021 1.9% | Mar 2022 1.7% | Jun 2022 5.4% | Sep 2022 1.5% | Dec 2022 2.0% | Mar 2023 6.6% | Jun 2023 20% | Sep 2023 9.3% | Dec 2023 11% | Mar 2024 3.2% | Jun 2024 3.4% | Sep 2024 3.9% | Dec 2024 5.5% | Mar 2025 4.3% | Jun 2025 4.1% | Sep 2025 4.3% | Dec 2025 3.7% | Mar 2026 3.7% | Jun 2026 4.3%
- PRLB: Sep 2021 3.2% | Dec 2021 4.8% | Mar 2022 2.4% | Jun 2022 2.4% | Sep 2022 8.2% | Dec 2022 4.3% | Mar 2023 2.4% | Jun 2023 2.5% | Sep 2023 2.3% | Dec 2023 14% | Mar 2024 2.3% | Jun 2024 3.2% | Sep 2024 1.6% | Dec 2024 0.8% | Mar 2025 0.8% | Jun 2025 0.7% | Sep 2025 3.0% | Dec 2025 5.9% | Mar 2026 2.9% | Jun 2026 —
- RYZ: Sep 2021 0.8% | Dec 2021 2.2% | Mar 2022 1.1% | Jun 2022 1.4% | Sep 2022 1.8% | Dec 2022 2.6% | Mar 2023 2.0% | Jun 2023 3.4% | Sep 2023 1.8% | Dec 2023 2.2% | Mar 2024 1.8% | Jun 2024 1.9% | Sep 2024 2.8% | Dec 2024 2.4% | Mar 2025 0.7% | Jun 2025 0.9% | Sep 2025 1.1% | Dec 2025 1.9% | Mar 2026 0.8% | Jun 2026 —
- MEC: Sep 2021 9.2% | Dec 2021 12% | Mar 2022 9.6% | Jun 2022 9.4% | Sep 2022 8.8% | Dec 2022 16% | Mar 2023 1.4% | Jun 2023 2.9% | Sep 2023 1.9% | Dec 2023 4.7% | Mar 2024 1.9% | Jun 2024 2.4% | Sep 2024 2.2% | Dec 2024 1.7% | Mar 2025 2.2% | Jun 2025 1.5% | Sep 2025 2.1% | Dec 2025 2.2% | Mar 2026 2.8% | Jun 2026 —
- IIIN: Sep 2021 3.1% | Dec 2021 2.3% | Mar 2022 0.6% | Jun 2022 3.8% | Sep 2022 1.8% | Dec 2022 1.9% | Mar 2023 — | Jun 2023 4.4% | Sep 2023 6.6% | Dec 2023 9.8% | Mar 2024 1.6% | Jun 2024 2.1% | Sep 2024 1.5% | Dec 2024 2.3% | Mar 2025 1.2% | Jun 2025 1.1% | Sep 2025 1.1% | Dec 2025 0.6% | Mar 2026 2.3% | Jun 2026 —
- TG: Sep 2021 3.8% | Dec 2021 3.6% | Mar 2022 2.1% | Jun 2022 2.9% | Sep 2022 5.0% | Dec 2022 5.8% | Mar 2023 4.7% | Jun 2023 3.9% | Sep 2023 3.6% | Dec 2023 11% | Mar 2024 1.4% | Jun 2024 1.3% | Sep 2024 2.1% | Dec 2024 4.5% | Mar 2025 1.8% | Jun 2025 1.7% | Sep 2025 2.1% | Dec 2025 4.3% | Mar 2026 2.7% | Jun 2026 —
- AP: Sep 2021 6.3% | Dec 2021 3.4% | Mar 2022 3.3% | Jun 2022 3.0% | Sep 2022 6.2% | Dec 2022 4.4% | Mar 2023 3.9% | Jun 2023 5.6% | Sep 2023 3.9% | Dec 2023 5.8% | Mar 2024 2.7% | Jun 2024 2.8% | Sep 2024 3.3% | Dec 2024 4.1% | Mar 2025 2.0% | Jun 2025 0.9% | Sep 2025 2.9% | Dec 2025 2.9% | Mar 2026 2.9% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Mueller Industries, Inc. has the clearest covered balance-sheet capacity with $1,391 million net cash and gross debt of $25 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Insteel Industries Inc. · $0 million | 100% versus #2 · Proto Labs, Inc. | 8/8 recent comparable periods | 12/14 companies · 225 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Insteel Industries Inc. (IIIN): ₹0 Cr
2. Proto Labs, Inc. (PRLB): ₹3 Cr
3. Mueller Industries, Inc. (MLI): ₹25 Cr
4. Tredegar Corporation (TG): ₹59 Cr
5. Ampco-Pittsburgh Corporation (AP): ₹139 Cr

### Net debt — lowest net debt
1. Mueller Industries, Inc. (MLI): ₹-1.4K Cr
2. Proto Labs, Inc. (PRLB): ₹-133 Cr
3. Insteel Industries Inc. (IIIN): ₹-23 Cr
4. Tredegar Corporation (TG): ₹43 Cr
5. Ampco-Pittsburgh Corporation (AP): ₹130 Cr

### 20-quarter Gross debt history
- CRS: Sep 2021 ₹695 Cr | Dec 2021 ₹695 Cr | Mar 2022 ₹991 Cr | Jun 2022 ₹692 Cr | Sep 2022 ₹692 Cr | Dec 2022 ₹774 Cr | Mar 2023 ₹801 Cr | Jun 2023 ₹693 Cr | Sep 2023 ₹693 Cr | Dec 2023 ₹708 Cr | Mar 2024 ₹694 Cr | Jun 2024 ₹694 Cr | Sep 2024 ₹695 Cr | Dec 2024 ₹695 Cr | Mar 2025 ₹695 Cr | Jun 2025 ₹695 Cr | Sep 2025 ₹696 Cr | Dec 2025 ₹690 Cr | Mar 2026 ₹690 Cr | Jun 2026 —
- ATI: Sep 2021 ₹2.3K Cr | Dec 2021 — | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 — | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- MLI: Sep 2021 ₹146 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹24 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹24 Cr | Mar 2023 — | Jun 2023 ₹31 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹35 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹23 Cr | Jun 2026 ₹25 Cr
- CMC: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 ₹3.4K Cr
- ESAB: Sep 2021 — | Dec 2021 ₹0 Cr | Mar 2022 — | Jun 2022 ₹0 Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹993 Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 — | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 — | Jun 2026 ₹2.0K Cr
- WOR: Sep 2021 ₹802 Cr | Dec 2021 ₹797 Cr | Mar 2022 ₹912 Cr | Jun 2022 ₹844 Cr | Sep 2022 ₹811 Cr | Dec 2022 ₹804 Cr | Mar 2023 ₹798 Cr | Jun 2023 ₹715 Cr | Sep 2023 ₹549 Cr | Dec 2023 ₹722 Cr | Mar 2024 ₹320 Cr | Jun 2024 ₹317 Cr | Sep 2024 ₹328 Cr | Dec 2024 ₹319 Cr | Mar 2025 ₹316 Cr | Jun 2025 ₹326 Cr | Sep 2025 ₹346 Cr | Dec 2025 ₹346 Cr | Mar 2026 ₹358 Cr | Jun 2026 ₹350 Cr
- PRLB: Sep 2021 ₹7 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- RYZ: Sep 2021 ₹875 Cr | Dec 2021 ₹849 Cr | Mar 2022 ₹757 Cr | Jun 2022 ₹734 Cr | Sep 2022 ₹717 Cr | Dec 2022 ₹607 Cr | Mar 2023 ₹641 Cr | Jun 2023 ₹727 Cr | Sep 2023 ₹691 Cr | Dec 2023 ₹804 Cr | Mar 2024 ₹869 Cr | Jun 2024 ₹897 Cr | Sep 2024 ₹892 Cr | Dec 2024 ₹834 Cr | Mar 2025 ₹871 Cr | Jun 2025 ₹879 Cr | Sep 2025 ₹857 Cr | Dec 2025 ₹816 Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- MEC: Sep 2021 ₹57 Cr | Dec 2021 ₹68 Cr | Mar 2022 ₹123 Cr | Jun 2022 ₹114 Cr | Sep 2022 ₹109 Cr | Dec 2022 ₹109 Cr | Mar 2023 ₹117 Cr | Jun 2023 ₹213 Cr | Sep 2023 ₹202 Cr | Dec 2023 ₹181 Cr | Mar 2024 ₹172 Cr | Jun 2024 ₹154 Cr | Sep 2024 ₹141 Cr | Dec 2024 ₹110 Cr | Mar 2025 ₹107 Cr | Jun 2025 ₹100 Cr | Sep 2025 ₹246 Cr | Dec 2025 ₹235 Cr | Mar 2026 ₹243 Cr | Jun 2026 —
- IIIN: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹0 Cr
- TG: Sep 2021 ₹142 Cr | Dec 2021 ₹88 Cr | Mar 2022 ₹146 Cr | Jun 2022 ₹116 Cr | Sep 2022 ₹139 Cr | Dec 2022 ₹152 Cr | Mar 2023 ₹170 Cr | Jun 2023 ₹155 Cr | Sep 2023 ₹168 Cr | Dec 2023 ₹265 Cr | Mar 2024 ₹295 Cr | Jun 2024 ₹281 Cr | Sep 2024 ₹282 Cr | Dec 2024 ₹77 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹77 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹59 Cr | Jun 2026 —
- AP: Sep 2021 ₹52 Cr | Dec 2021 ₹65 Cr | Mar 2022 ₹82 Cr | Jun 2022 ₹94 Cr | Sep 2022 ₹102 Cr | Dec 2022 ₹109 Cr | Mar 2023 ₹114 Cr | Jun 2023 ₹127 Cr | Sep 2023 ₹133 Cr | Dec 2023 ₹133 Cr | Mar 2024 ₹136 Cr | Jun 2024 ₹140 Cr | Sep 2024 ₹135 Cr | Dec 2024 ₹133 Cr | Mar 2025 ₹132 Cr | Jun 2025 ₹140 Cr | Sep 2025 ₹140 Cr | Dec 2025 ₹138 Cr | Mar 2026 ₹139 Cr | Jun 2026 —

### 20-quarter Net debt history
- CRS: Sep 2021 ₹482 Cr | Dec 2021 ₹598 Cr | Mar 2022 ₹597 Cr | Jun 2022 ₹538 Cr | Sep 2022 ₹639 Cr | Dec 2022 ₹754 Cr | Mar 2023 ₹779 Cr | Jun 2023 ₹648 Cr | Sep 2023 ₹675 Cr | Dec 2023 ₹692 Cr | Mar 2024 ₹640 Cr | Jun 2024 ₹495 Cr | Sep 2024 ₹545 Cr | Dec 2024 ₹533 Cr | Mar 2025 ₹543 Cr | Jun 2025 ₹379 Cr | Sep 2025 ₹488 Cr | Dec 2025 ₹458 Cr | Mar 2026 ₹395 Cr | Jun 2026 —
- ATI: Sep 2021 ₹1.3K Cr | Dec 2021 — | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 — | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- MLI: Sep 2021 ₹41 Cr | Dec 2021 ₹-63 Cr | Mar 2022 ₹-115 Cr | Jun 2022 ₹-179 Cr | Sep 2022 ₹-457 Cr | Dec 2022 ₹-655 Cr | Mar 2023 — | Jun 2023 ₹-751 Cr | Sep 2023 ₹-866 Cr | Dec 2023 ₹-1.2K Cr | Mar 2024 ₹-1.3K Cr | Jun 2024 ₹-791 Cr | Sep 2024 ₹-937 Cr | Dec 2024 ₹-1.0K Cr | Mar 2025 ₹-841 Cr | Jun 2025 ₹-1.0K Cr | Sep 2025 ₹-1.3K Cr | Dec 2025 ₹-1.4K Cr | Mar 2026 ₹-1.4K Cr | Jun 2026 ₹-1.4K Cr
- CMC: Sep 2021 ₹572 Cr | Dec 2021 ₹650 Cr | Mar 2022 ₹626 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹829 Cr | Dec 2022 ₹751 Cr | Mar 2023 ₹760 Cr | Jun 2023 ₹684 Cr | Sep 2023 ₹563 Cr | Dec 2023 ₹449 Cr | Mar 2024 ₹524 Cr | Jun 2024 ₹502 Cr | Sep 2024 ₹332 Cr | Dec 2024 ₹331 Cr | Mar 2025 ₹437 Cr | Jun 2025 ₹451 Cr | Sep 2025 ₹311 Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 ₹2.8K Cr
- ESAB: Sep 2021 — | Dec 2021 ₹-41 Cr | Mar 2022 — | Jun 2022 ₹-57 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹916 Cr | Mar 2024 ₹917 Cr | Jun 2024 ₹852 Cr | Sep 2024 ₹826 Cr | Dec 2024 ₹827 Cr | Mar 2025 — | Jun 2025 ₹783 Cr | Sep 2025 ₹823 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 — | Jun 2026 ₹1.0K Cr
- WOR: Sep 2021 ₹403 Cr | Dec 2021 ₹572 Cr | Mar 2022 ₹868 Cr | Jun 2022 ₹810 Cr | Sep 2022 ₹775 Cr | Dec 2022 ₹674 Cr | Mar 2023 ₹531 Cr | Jun 2023 ₹293 Cr | Sep 2023 ₹348 Cr | Dec 2023 ₹291 Cr | Mar 2024 ₹93 Cr | Jun 2024 ₹73 Cr | Sep 2024 ₹149 Cr | Dec 2024 ₹125 Cr | Mar 2025 ₹93 Cr | Jun 2025 ₹76 Cr | Sep 2025 ₹179 Cr | Dec 2025 ₹166 Cr | Mar 2026 ₹352 Cr | Jun 2026 ₹322 Cr
- PRLB: Sep 2021 ₹-57 Cr | Dec 2021 ₹-71 Cr | Mar 2022 ₹-70 Cr | Jun 2022 ₹-73 Cr | Sep 2022 ₹-79 Cr | Dec 2022 ₹-59 Cr | Mar 2023 ₹-64 Cr | Jun 2023 ₹-66 Cr | Sep 2023 ₹-83 Cr | Dec 2023 ₹-98 Cr | Mar 2024 ₹-105 Cr | Jun 2024 ₹-109 Cr | Sep 2024 ₹-97 Cr | Dec 2024 ₹-99 Cr | Mar 2025 ₹-94 Cr | Jun 2025 ₹-100 Cr | Sep 2025 ₹-117 Cr | Dec 2025 ₹-125 Cr | Mar 2026 ₹-133 Cr | Jun 2026 —
- RYZ: Sep 2021 ₹835 Cr | Dec 2021 ₹798 Cr | Mar 2022 ₹712 Cr | Jun 2022 ₹693 Cr | Sep 2022 ₹666 Cr | Dec 2022 ₹568 Cr | Mar 2023 ₹597 Cr | Jun 2023 ₹697 Cr | Sep 2023 ₹654 Cr | Dec 2023 ₹750 Cr | Mar 2024 ₹827 Cr | Jun 2024 ₹869 Cr | Sep 2024 ₹857 Cr | Dec 2024 ₹806 Cr | Mar 2025 ₹837 Cr | Jun 2025 ₹848 Cr | Sep 2025 ₹827 Cr | Dec 2025 ₹789 Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- MEC: Sep 2021 ₹57 Cr | Dec 2021 ₹68 Cr | Mar 2022 ₹123 Cr | Jun 2022 ₹114 Cr | Sep 2022 ₹109 Cr | Dec 2022 ₹109 Cr | Mar 2023 ₹117 Cr | Jun 2023 ₹123 Cr | Sep 2023 ₹200 Cr | Dec 2023 ₹180 Cr | Mar 2024 ₹172 Cr | Jun 2024 ₹154 Cr | Sep 2024 ₹141 Cr | Dec 2024 ₹110 Cr | Mar 2025 ₹107 Cr | Jun 2025 ₹100 Cr | Sep 2025 ₹245 Cr | Dec 2025 ₹233 Cr | Mar 2026 ₹241 Cr | Jun 2026 —
- IIIN: Sep 2021 ₹-90 Cr | Dec 2021 ₹-90 Cr | Mar 2022 ₹-63 Cr | Jun 2022 ₹-70 Cr | Sep 2022 ₹-63 Cr | Dec 2022 ₹-48 Cr | Mar 2023 — | Jun 2023 ₹-80 Cr | Sep 2023 ₹-92 Cr | Dec 2023 ₹-86 Cr | Mar 2024 ₹-84 Cr | Jun 2024 ₹-98 Cr | Sep 2024 ₹-112 Cr | Dec 2024 ₹-36 Cr | Mar 2025 ₹-28 Cr | Jun 2025 ₹-54 Cr | Sep 2025 ₹-39 Cr | Dec 2025 ₹-16 Cr | Mar 2026 ₹-15 Cr | Jun 2026 ₹-23 Cr
- TG: Sep 2021 ₹112 Cr | Dec 2021 ₹57 Cr | Mar 2022 ₹120 Cr | Jun 2022 ₹89 Cr | Sep 2022 ₹120 Cr | Dec 2022 ₹133 Cr | Mar 2023 ₹155 Cr | Jun 2023 ₹134 Cr | Sep 2023 ₹119 Cr | Dec 2023 ₹252 Cr | Mar 2024 ₹290 Cr | Jun 2024 ₹272 Cr | Sep 2024 ₹275 Cr | Dec 2024 ₹70 Cr | Mar 2025 ₹68 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹43 Cr | Jun 2026 —
- AP: Sep 2021 ₹40 Cr | Dec 2021 ₹55 Cr | Mar 2022 ₹75 Cr | Jun 2022 ₹87 Cr | Sep 2022 ₹90 Cr | Dec 2022 ₹100 Cr | Mar 2023 ₹108 Cr | Jun 2023 ₹118 Cr | Sep 2023 ₹127 Cr | Dec 2023 ₹126 Cr | Mar 2024 ₹125 Cr | Jun 2024 ₹132 Cr | Sep 2024 ₹123 Cr | Dec 2024 ₹118 Cr | Mar 2025 ₹125 Cr | Jun 2025 ₹130 Cr | Sep 2025 ₹125 Cr | Dec 2025 ₹127 Cr | Mar 2026 ₹130 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Xinxu Copper Industry Technology Limited leads ROCE at 18.1%, 4.1 percentage points above Nintech Mould Factory Inc.. Worthington Enterprises, Inc. has the strongest latest improvement at +3.6 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Xinxu Copper Industry Technology Limited sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Xinxu Copper Industry Technology Limited · 18.1% | 29.3% versus #2 · Nintech Mould Factory Inc. | Not enough history | 14/14 companies · 222 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Xinxu Copper Industry Technology Limited (XXC): 18%
2. Nintech Mould Factory Inc. (NTMJ): 14%
3. Mueller Industries, Inc. (MLI): 9.3%
4. Carpenter Technology Corporation (CRS): 6.1%
5. ATI Inc. (ATI): 4.0%

### ROCE change — fastest improvers
1. Worthington Enterprises, Inc. (WOR): +3.6 pp
2. Tredegar Corporation (TG): +1.3 pp
3. Commercial Metals Company (CMC): +1.2 pp
4. Carpenter Technology Corporation (CRS): +1.2 pp
5. Ryerson Holding Corporation (RYZ): +0.9 pp

### 20-quarter ROCE history
- CRS: Sep 2021 -0.7% | Dec 2021 -1.2% | Mar 2022 0.0% | Jun 2022 0.9% | Sep 2022 0.3% | Dec 2022 0.9% | Mar 2023 1.5% | Jun 2023 2.4% | Sep 2023 2.7% | Dec 2023 2.7% | Mar 2024 2.9% | Jun 2024 4.0% | Sep 2024 4.1% | Dec 2024 4.3% | Mar 2025 4.9% | Jun 2025 5.2% | Sep 2025 5.2% | Dec 2025 5.2% | Mar 2026 6.1% | Jun 2026 —
- ATI: Sep 2021 0.8% | Dec 2021 — | Mar 2022 2.0% | Jun 2022 -0.3% | Sep 2022 3.3% | Dec 2022 — | Mar 2023 4.0% | Jun 2023 3.3% | Sep 2023 3.5% | Dec 2023 3.4% | Mar 2024 3.1% | Jun 2024 4.0% | Sep 2024 3.5% | Dec 2024 5.2% | Mar 2025 3.7% | Jun 2025 4.2% | Sep 2025 4.0% | Dec 2025 4.2% | Mar 2026 4.0% | Jun 2026 —
- MLI: Sep 2021 19% | Dec 2021 14% | Mar 2022 16% | Jun 2022 18% | Sep 2022 13% | Dec 2022 12% | Mar 2023 — | Jun 2023 13% | Sep 2023 11% | Dec 2023 6.2% | Mar 2024 8.0% | Jun 2024 8.6% | Sep 2024 8.0% | Dec 2024 6.4% | Mar 2025 7.8% | Jun 2025 11% | Sep 2025 9.2% | Dec 2025 5.5% | Mar 2026 10% | Jun 2026 9.3%
- CMC: Sep 2021 — | Dec 2021 7.5% | Mar 2022 6.6% | Jun 2022 10% | Sep 2022 8.3% | Dec 2022 7.8% | Mar 2023 4.9% | Jun 2023 6.1% | Sep 2023 4.7% | Dec 2023 4.3% | Mar 2024 2.3% | Jun 2024 3.0% | Sep 2024 2.6% | Dec 2024 -3.8% | Mar 2025 0.8% | Jun 2025 2.0% | Sep 2025 3.5% | Dec 2025 3.1% | Mar 2026 2.2% | Jun 2026 3.2%
- ESAB: Sep 2021 — | Dec 2021 2.7% | Mar 2022 — | Jun 2022 5.3% | Sep 2022 5.7% | Dec 2022 2.6% | Mar 2023 2.9% | Jun 2023 3.5% | Sep 2023 3.3% | Dec 2023 3.3% | Mar 2024 3.4% | Jun 2024 3.6% | Sep 2024 3.2% | Dec 2024 3.4% | Mar 2025 — | Jun 2025 3.3% | Sep 2025 3.1% | Dec 2025 2.8% | Mar 2026 — | Jun 2026 2.1%
- WOR: Sep 2021 — | Dec 2021 3.5% | Mar 2022 1.4% | Jun 2022 2.5% | Sep 2022 2.5% | Dec 2022 -0.3% | Mar 2023 0.1% | Jun 2023 0.5% | Sep 2023 -0.3% | Dec 2023 -0.5% | Mar 2024 0.2% | Jun 2024 -2.6% | Sep 2024 -0.2% | Dec 2024 0.2% | Mar 2025 1.4% | Jun 2025 -2.1% | Sep 2025 0.6% | Dec 2025 0.8% | Mar 2026 2.0% | Jun 2026 1.5%
- PRLB: Sep 2021 0.9% | Dec 2021 1.7% | Mar 2022 0.9% | Jun 2022 0.6% | Sep 2022 0.7% | Dec 2022 0.2% | Mar 2023 0.5% | Jun 2023 0.7% | Sep 2023 1.3% | Dec 2023 1.2% | Mar 2024 1.0% | Jun 2024 0.8% | Sep 2024 1.2% | Dec 2024 -0.2% | Mar 2025 0.7% | Jun 2025 0.7% | Sep 2025 1.3% | Dec 2025 1.1% | Mar 2026 1.4% | Jun 2026 —
- RYZ: Sep 2021 13% | Dec 2021 10% | Mar 2022 16% | Jun 2022 18% | Sep 2022 5.0% | Dec 2022 -1.6% | Mar 2023 4.1% | Jun 2023 3.2% | Sep 2023 3.1% | Dec 2023 2.4% | Mar 2024 0.0% | Jun 2024 1.2% | Sep 2024 0.3% | Dec 2024 0.1% | Mar 2025 0.1% | Jun 2025 0.3% | Sep 2025 -0.1% | Dec 2025 -1.9% | Mar 2026 1.0% | Jun 2026 —
- MEC: Sep 2021 0.3% | Dec 2021 -5.8% | Mar 2022 1.7% | Jun 2022 2.7% | Sep 2022 2.8% | Dec 2022 0.9% | Mar 2023 1.3% | Jun 2023 1.1% | Sep 2023 1.5% | Dec 2023 1.4% | Mar 2024 2.0% | Jun 2024 1.9% | Sep 2024 1.4% | Dec 2024 5.7% | Mar 2025 0.4% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 -1.3% | Mar 2026 -1.8% | Jun 2026 —
- IIIN: Sep 2021 — | Dec 2021 11% | Mar 2022 11% | Jun 2022 16% | Sep 2022 15% | Dec 2022 8.6% | Mar 2023 — | Jun 2023 1.6% | Sep 2023 3.2% | Dec 2023 0.0% | Mar 2024 2.1% | Jun 2024 2.0% | Sep 2024 1.2% | Dec 2024 0.2% | Mar 2025 3.6% | Jun 2025 5.1% | Sep 2025 4.9% | Dec 2025 2.5% | Mar 2026 1.8% | Jun 2026 3.0%
- TG: Sep 2021 2.1% | Dec 2021 2.6% | Mar 2022 4.7% | Jun 2022 5.4% | Sep 2022 0.8% | Dec 2022 -1.3% | Mar 2023 0.3% | Jun 2023 -5.4% | Sep 2023 -16% | Dec 2023 -21% | Mar 2024 2.0% | Jun 2024 3.4% | Sep 2024 -0.5% | Dec 2024 2.2% | Mar 2025 1.0% | Jun 2025 1.3% | Sep 2025 4.1% | Dec 2025 4.4% | Mar 2026 2.3% | Jun 2026 —
- AP: Sep 2021 -1.4% | Dec 2021 -0.8% | Mar 2022 -0.7% | Jun 2022 -0.1% | Sep 2022 -0.6% | Dec 2022 -0.5% | Mar 2023 -0.1% | Jun 2023 0.8% | Sep 2023 0.5% | Dec 2023 -11% | Mar 2024 0.0% | Jun 2024 0.3% | Sep 2024 -0.5% | Dec 2024 -0.5% | Mar 2025 -0.3% | Jun 2025 -1.7% | Sep 2025 -0.8% | Dec 2025 -1.8% | Mar 2026 -0.7% | Jun 2026 —

### 20-quarter ROCE change history
- CRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 +2.1 pp | Mar 2023 +1.5 pp | Jun 2023 +1.5 pp | Sep 2023 +2.4 pp | Dec 2023 +1.8 pp | Mar 2024 +1.4 pp | Jun 2024 +1.6 pp | Sep 2024 +1.4 pp | Dec 2024 +1.6 pp | Mar 2025 +2.0 pp | Jun 2025 +1.2 pp | Sep 2025 +1.1 pp | Dec 2025 +0.9 pp | Mar 2026 +1.2 pp | Jun 2026 —
- ATI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.5 pp | Dec 2022 — | Mar 2023 +2.0 pp | Jun 2023 +3.6 pp | Sep 2023 +0.2 pp | Dec 2023 — | Mar 2024 −0.9 pp | Jun 2024 +0.7 pp | Sep 2024 0.0 pp | Dec 2024 +1.8 pp | Mar 2025 +0.6 pp | Jun 2025 +0.2 pp | Sep 2025 +0.5 pp | Dec 2025 −1.0 pp | Mar 2026 +0.3 pp | Jun 2026 —
- MLI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.3 pp | Dec 2022 −1.8 pp | Mar 2023 — | Jun 2023 −4.8 pp | Sep 2023 −2.4 pp | Dec 2023 −5.6 pp | Mar 2024 — | Jun 2024 −4.2 pp | Sep 2024 −2.9 pp | Dec 2024 +0.2 pp | Mar 2025 −0.2 pp | Jun 2025 +2.1 pp | Sep 2025 +1.2 pp | Dec 2025 −0.9 pp | Mar 2026 +2.2 pp | Jun 2026 −1.4 pp
- CMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.3 pp | Mar 2023 −1.7 pp | Jun 2023 −4.0 pp | Sep 2023 −3.6 pp | Dec 2023 −3.5 pp | Mar 2024 −2.6 pp | Jun 2024 −3.1 pp | Sep 2024 −2.1 pp | Dec 2024 −8.1 pp | Mar 2025 −1.5 pp | Jun 2025 −1.0 pp | Sep 2025 +0.9 pp | Dec 2025 +6.9 pp | Mar 2026 +1.4 pp | Jun 2026 +1.2 pp
- ESAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.1 pp | Mar 2023 — | Jun 2023 −1.8 pp | Sep 2023 −2.4 pp | Dec 2023 +0.7 pp | Mar 2024 +0.5 pp | Jun 2024 +0.1 pp | Sep 2024 −0.1 pp | Dec 2024 +0.1 pp | Mar 2025 — | Jun 2025 −0.3 pp | Sep 2025 −0.1 pp | Dec 2025 −0.6 pp | Mar 2026 — | Jun 2026 −1.2 pp
- WOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −3.8 pp | Mar 2023 −1.3 pp | Jun 2023 −2.0 pp | Sep 2023 −2.8 pp | Dec 2023 −0.2 pp | Mar 2024 +0.1 pp | Jun 2024 −3.1 pp | Sep 2024 +0.1 pp | Dec 2024 +0.7 pp | Mar 2025 +1.2 pp | Jun 2025 +0.5 pp | Sep 2025 +0.8 pp | Dec 2025 +0.6 pp | Mar 2026 +0.6 pp | Jun 2026 +3.6 pp
- PRLB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 −1.5 pp | Mar 2023 −0.4 pp | Jun 2023 +0.1 pp | Sep 2023 +0.6 pp | Dec 2023 +1.0 pp | Mar 2024 +0.5 pp | Jun 2024 +0.1 pp | Sep 2024 −0.1 pp | Dec 2024 −1.4 pp | Mar 2025 −0.3 pp | Jun 2025 −0.1 pp | Sep 2025 +0.1 pp | Dec 2025 +1.3 pp | Mar 2026 +0.7 pp | Jun 2026 —
- RYZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.7 pp | Dec 2022 −11.9 pp | Mar 2023 −11.7 pp | Jun 2023 −15.0 pp | Sep 2023 −1.9 pp | Dec 2023 +4.0 pp | Mar 2024 −4.1 pp | Jun 2024 −2.0 pp | Sep 2024 −2.8 pp | Dec 2024 −2.3 pp | Mar 2025 +0.1 pp | Jun 2025 −0.9 pp | Sep 2025 −0.4 pp | Dec 2025 −2.0 pp | Mar 2026 +0.9 pp | Jun 2026 —
- MEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.5 pp | Dec 2022 +6.7 pp | Mar 2023 −0.4 pp | Jun 2023 −1.6 pp | Sep 2023 −1.3 pp | Dec 2023 +0.5 pp | Mar 2024 +0.7 pp | Jun 2024 +0.8 pp | Sep 2024 −0.1 pp | Dec 2024 +4.3 pp | Mar 2025 −1.6 pp | Jun 2025 −1.9 pp | Sep 2025 −1.4 pp | Dec 2025 −7.0 pp | Mar 2026 −2.2 pp | Jun 2026 —
- IIIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −2.1 pp | Mar 2023 — | Jun 2023 −14.3 pp | Sep 2023 −11.4 pp | Dec 2023 −8.6 pp | Mar 2024 — | Jun 2024 +0.4 pp | Sep 2024 −2.0 pp | Dec 2024 +0.2 pp | Mar 2025 +1.5 pp | Jun 2025 +3.1 pp | Sep 2025 +3.7 pp | Dec 2025 +2.3 pp | Mar 2026 −1.8 pp | Jun 2026 −2.1 pp
- TG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.3 pp | Dec 2022 −3.9 pp | Mar 2023 −4.4 pp | Jun 2023 −10.8 pp | Sep 2023 −17.2 pp | Dec 2023 −20.1 pp | Mar 2024 +1.7 pp | Jun 2024 +8.8 pp | Sep 2024 +15.9 pp | Dec 2024 +23.6 pp | Mar 2025 −1.0 pp | Jun 2025 −2.1 pp | Sep 2025 +4.6 pp | Dec 2025 +2.2 pp | Mar 2026 +1.3 pp | Jun 2026 —
- AP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 +0.3 pp | Mar 2023 +0.6 pp | Jun 2023 +0.9 pp | Sep 2023 +1.1 pp | Dec 2023 −10.5 pp | Mar 2024 +0.1 pp | Jun 2024 −0.5 pp | Sep 2024 −1.0 pp | Dec 2024 +10.5 pp | Mar 2025 −0.3 pp | Jun 2025 −2.0 pp | Sep 2025 −0.3 pp | Dec 2025 −1.3 pp | Mar 2026 −0.4 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Tredegar Corporation has the lowest comparable Guarded PEG at 0.26×, 29.7% below Worthington Enterprises, Inc.. Only 5 of 14 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Tredegar Corporation · 0.26× | 29.7% versus #2 · Worthington Enterprises, Inc. | 0/8 recent comparable periods | 5/14 companies · 19 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Tredegar Corporation (TG): 0.3
2. Worthington Enterprises, Inc. (WOR): 0.4
3. Carpenter Technology Corporation (CRS): 1.2
4. Proto Labs, Inc. (PRLB): 1.6
5. ATI Inc. (ATI): 4.9

### P/E — lowest P/E
1. Tredegar Corporation (TG): 9.5
2. Ampco-Pittsburgh Corporation (AP): 9.9
3. Commercial Metals Company (CMC): 14.3
4. Insteel Industries Inc. (IIIN): 16.4
5. Mueller Industries, Inc. (MLI): 16.7

### 20-quarter Guarded PEG history
- CRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.2 | Jun 2026 —
- ATI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.9 | Jun 2025 1.2 | Sep 2025 0.7 | Dec 2025 3.6 | Mar 2026 4.9 | Jun 2026 —
- MLI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.6 | Sep 2025 0.5 | Dec 2025 0.6 | Mar 2026 0.4 | Jun 2026 —
- ESAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.5 | Jun 2024 1.0 | Sep 2024 1.0 | Dec 2024 1.3 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- WOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.2 | Mar 2024 0.4 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PRLB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.6 | Mar 2026 — | Jun 2026 —
- MEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.7 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IIIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.0 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- CRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 106.6 | Jun 2023 49.2 | Sep 2023 31.0 | Dec 2023 24.5 | Mar 2024 27.2 | Jun 2024 29.6 | Sep 2024 35.2 | Dec 2024 31.8 | Mar 2025 25.5 | Jun 2025 37.3 | Sep 2025 29.9 | Dec 2025 36.4 | Mar 2026 41.3 | Jun 2026 —
- ATI: Sep 2021 — | Dec 2021 — | Mar 2022 12.1 | Jun 2022 13.7 | Sep 2022 15.4 | Dec 2022 — | Mar 2023 13.4 | Jun 2023 15.8 | Sep 2023 12.9 | Dec 2023 11.3 | Mar 2024 19.0 | Jun 2024 20.9 | Sep 2024 25.5 | Dec 2024 21.8 | Mar 2025 18.5 | Jun 2025 30.1 | Sep 2025 26.8 | Dec 2025 41.0 | Mar 2026 46.5 | Jun 2026 —
- MLI: Sep 2021 6.2 | Dec 2021 7.1 | Mar 2022 5.8 | Jun 2022 4.6 | Sep 2022 5.1 | Dec 2022 5.1 | Mar 2023 — | Jun 2023 6.2 | Sep 2023 7.7 | Dec 2023 8.9 | Mar 2024 10.8 | Jun 2024 11.8 | Sep 2024 14.0 | Dec 2024 15.1 | Mar 2025 14.0 | Jun 2025 12.6 | Sep 2025 15.1 | Dec 2025 17.2 | Mar 2026 14.2 | Jun 2026 16.7
- CMC: Sep 2021 — | Dec 2021 6.4 | Mar 2022 5.2 | Jun 2022 4.5 | Sep 2022 4.0 | Dec 2022 4.7 | Mar 2023 5.9 | Jun 2023 5.2 | Sep 2023 7.8 | Dec 2023 6.9 | Mar 2024 9.3 | Jun 2024 11.6 | Sep 2024 12.9 | Dec 2024 54.6 | Mar 2025 79.4 | Jun 2025 150.3 | Sep 2025 77.9 | Dec 2025 16.4 | Mar 2026 16.3 | Jun 2026 14.3
- ESAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12.8 | Sep 2022 12.3 | Dec 2022 12.6 | Mar 2023 17.7 | Jun 2023 19.1 | Sep 2023 19.6 | Dec 2023 25.8 | Mar 2024 27.4 | Jun 2024 22.0 | Sep 2024 24.0 | Dec 2024 27.8 | Mar 2025 — | Jun 2025 24.0 | Sep 2025 29.8 | Dec 2025 29.4 | Mar 2026 — | Jun 2026 28.9
- WOR: Sep 2021 — | Dec 2021 3.6 | Mar 2022 4.4 | Jun 2022 9.3 | Sep 2022 5.1 | Dec 2022 8.0 | Mar 2023 8.9 | Jun 2023 6.7 | Sep 2023 8.0 | Dec 2023 7.4 | Mar 2024 11.4 | Jun 2024 25.9 | Sep 2024 60.3 | Dec 2024 49.3 | Mar 2025 35.6 | Jun 2025 30.7 | Sep 2025 30.9 | Dec 2025 25.9 | Mar 2026 24.9 | Jun 2026 18.1
- PRLB: Sep 2021 58.9 | Dec 2021 42.4 | Mar 2022 42.0 | Jun 2022 54.4 | Sep 2022 42.9 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 59.0 | Mar 2024 46.4 | Jun 2024 32.2 | Sep 2024 31.2 | Dec 2024 59.2 | Mar 2025 58.4 | Jun 2025 66.7 | Sep 2025 82.0 | Dec 2025 57.5 | Mar 2026 53.8 | Jun 2026 —
- RYZ: Sep 2021 5.1 | Dec 2021 3.5 | Mar 2022 3.2 | Jun 2022 1.6 | Sep 2022 1.9 | Dec 2022 3.0 | Mar 2023 5.1 | Jun 2023 13.8 | Sep 2023 10.9 | Dec 2023 8.5 | Mar 2024 13.0 | Jun 2024 10.8 | Sep 2024 19.1 | Dec 2024 — | Mar 2025 109.3 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MEC: Sep 2021 55.3 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 46.5 | Dec 2022 13.9 | Mar 2023 17.6 | Jun 2023 19.5 | Sep 2023 28.1 | Dec 2023 38.0 | Mar 2024 34.1 | Jun 2024 32.0 | Sep 2024 35.7 | Dec 2024 12.7 | Mar 2025 12.4 | Jun 2025 18.8 | Sep 2025 23.7 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IIIN: Sep 2021 — | Dec 2021 11.4 | Mar 2022 9.6 | Jun 2022 6.9 | Sep 2022 5.6 | Dec 2022 4.2 | Mar 2023 — | Jun 2023 6.9 | Sep 2023 11.9 | Dec 2023 33.3 | Mar 2024 30.8 | Jun 2024 29.8 | Sep 2024 31.2 | Dec 2024 27.8 | Mar 2025 22.7 | Jun 2025 23.6 | Sep 2025 18.3 | Dec 2025 13.4 | Mar 2026 15.1 | Jun 2026 16.4
- TG: Sep 2021 9.5 | Dec 2021 6.9 | Mar 2022 6.2 | Jun 2022 5.7 | Sep 2022 5.9 | Dec 2022 12.2 | Mar 2023 27.7 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 7.5 | Mar 2026 9.5 | Jun 2026 —
- AP: Sep 2021 47.0 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 13.9 | Mar 2023 49.0 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 104.5 | Mar 2025 9.9 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Insteel Industries Inc. leads ev/ebitda at 8.89×; Ryerson Holding Corporation leads p/bv at 0.91×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Insteel Industries Inc. · 8.89× | 3.6% versus #2 · Tredegar Corporation | 0/8 recent comparable periods | 12/14 companies · 194 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Insteel Industries Inc. (IIIN): 8.9
2. Tredegar Corporation (TG): 9.2
3. Commercial Metals Company (CMC): 9.8
4. Ampco-Pittsburgh Corporation (AP): 11.2
5. Mueller Industries, Inc. (MLI): 11.4

### P/BV — lowest P/BV
1. Ryerson Holding Corporation (RYZ): 0.9
2. Tredegar Corporation (TG): 1.2
3. Mayville Engineering Company, Inc. (MEC): 1.6
4. Insteel Industries Inc. (IIIN): 1.6
5. Commercial Metals Company (CMC): 1.9

### 20-quarter EV/EBITDA history
- CRS: Sep 2021 — | Dec 2021 — | Mar 2022 257.2 | Jun 2022 17.7 | Sep 2022 16.1 | Dec 2022 13.6 | Mar 2023 13.1 | Jun 2023 12.8 | Sep 2023 12.3 | Dec 2023 11.2 | Mar 2024 10.1 | Jun 2024 13.0 | Sep 2024 16.9 | Dec 2024 16.3 | Mar 2025 15.5 | Jun 2025 21.4 | Sep 2025 18.1 | Dec 2025 21.8 | Mar 2026 25.3 | Jun 2026 —
- ATI: Sep 2021 — | Dec 2021 — | Mar 2022 12.7 | Jun 2022 14.9 | Sep 2022 12.8 | Dec 2022 — | Mar 2023 11.1 | Jun 2023 13.6 | Sep 2023 11.7 | Dec 2023 11.2 | Mar 2024 13.4 | Jun 2024 13.7 | Sep 2024 16.7 | Dec 2024 12.0 | Mar 2025 10.9 | Jun 2025 16.7 | Sep 2025 15.3 | Dec 2025 21.4 | Mar 2026 24.9 | Jun 2026 —
- MLI: Sep 2021 4.2 | Dec 2021 4.5 | Mar 2022 3.9 | Jun 2022 3.1 | Sep 2022 3.2 | Dec 2022 2.9 | Mar 2023 — | Jun 2023 3.7 | Sep 2023 4.7 | Dec 2023 5.0 | Mar 2024 6.5 | Jun 2024 7.7 | Sep 2024 9.5 | Dec 2024 9.5 | Mar 2025 9.2 | Jun 2025 8.4 | Sep 2025 9.9 | Dec 2025 10.9 | Mar 2026 9.5 | Jun 2026 11.4
- CMC: Sep 2021 — | Dec 2021 4.7 | Mar 2022 4.9 | Jun 2022 4.5 | Sep 2022 3.8 | Dec 2022 4.1 | Mar 2023 4.4 | Jun 2023 3.9 | Sep 2023 5.2 | Dec 2023 4.5 | Mar 2024 5.7 | Jun 2024 6.6 | Sep 2024 6.7 | Dec 2024 8.5 | Mar 2025 7.5 | Jun 2025 7.6 | Sep 2025 15.3 | Dec 2025 10.8 | Mar 2026 10.9 | Jun 2026 9.8
- ESAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.4 | Sep 2022 11.2 | Dec 2022 10.1 | Mar 2023 11.6 | Jun 2023 11.9 | Sep 2023 11.6 | Dec 2023 12.9 | Mar 2024 15.5 | Jun 2024 13.1 | Sep 2024 14.4 | Dec 2024 15.8 | Mar 2025 — | Jun 2025 14.2 | Sep 2025 16.7 | Dec 2025 16.2 | Mar 2026 — | Jun 2026 14.6
- WOR: Sep 2021 — | Dec 2021 4.7 | Mar 2022 5.9 | Jun 2022 15.8 | Sep 2022 5.8 | Dec 2022 7.6 | Mar 2023 8.4 | Jun 2023 14.7 | Sep 2023 15.8 | Dec 2023 14.9 | Mar 2024 20.2 | Jun 2024 — | Sep 2024 299.4 | Dec 2024 — | Mar 2025 — | Jun 2025 416.9 | Sep 2025 33.4 | Dec 2025 25.3 | Mar 2026 40.8 | Jun 2026 16.7
- PRLB: Sep 2021 23.1 | Dec 2021 16.6 | Mar 2022 16.4 | Jun 2022 15.8 | Sep 2022 11.6 | Dec 2022 — | Mar 2023 13.1 | Jun 2023 15.1 | Sep 2023 10.1 | Dec 2023 13.8 | Mar 2024 11.7 | Jun 2024 9.8 | Sep 2024 9.4 | Dec 2024 15.2 | Mar 2025 13.9 | Jun 2025 16.6 | Sep 2025 20.8 | Dec 2025 18.2 | Mar 2026 18.6 | Jun 2026 —
- RYZ: Sep 2021 3.7 | Dec 2021 3.0 | Mar 2022 2.6 | Jun 2022 1.6 | Sep 2022 2.0 | Dec 2022 2.7 | Mar 2023 4.0 | Jun 2023 9.0 | Sep 2023 7.7 | Dec 2023 6.7 | Mar 2024 8.8 | Jun 2024 8.0 | Sep 2024 18.7 | Dec 2024 12.9 | Mar 2025 14.3 | Jun 2025 16.0 | Sep 2025 17.3 | Dec 2025 32.9 | Mar 2026 31.4 | Jun 2026 —
- MEC: Sep 2021 10.6 | Dec 2021 15.2 | Mar 2022 12.4 | Jun 2022 9.6 | Sep 2022 6.8 | Dec 2022 6.6 | Mar 2023 7.7 | Jun 2023 7.3 | Sep 2023 8.3 | Dec 2023 8.6 | Mar 2024 7.8 | Jun 2024 7.6 | Sep 2024 8.9 | Dec 2024 5.2 | Mar 2025 5.0 | Jun 2025 6.2 | Sep 2025 8.1 | Dec 2025 16.4 | Mar 2026 20.5 | Jun 2026 —
- IIIN: Sep 2021 — | Dec 2021 6.6 | Mar 2022 5.9 | Jun 2022 4.3 | Sep 2022 3.6 | Dec 2022 2.7 | Mar 2023 — | Jun 2023 4.0 | Sep 2023 6.7 | Dec 2023 17.5 | Mar 2024 16.4 | Jun 2024 14.0 | Sep 2024 13.9 | Dec 2024 13.4 | Mar 2025 11.0 | Jun 2025 11.8 | Sep 2025 10.1 | Dec 2025 7.8 | Mar 2026 8.7 | Jun 2026 8.9
- TG: Sep 2021 10.2 | Dec 2021 8.6 | Mar 2022 9.0 | Jun 2022 7.1 | Sep 2022 8.0 | Dec 2022 26.6 | Mar 2023 18.1 | Jun 2023 350.9 | Sep 2023 — | Dec 2023 — | Mar 2024 85,869.6 | Jun 2024 — | Sep 2024 — | Dec 2024 25.7 | Mar 2025 15.8 | Jun 2025 28.1 | Sep 2025 32.2 | Dec 2025 7.8 | Mar 2026 9.2 | Jun 2026 —
- AP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 15.4 | Mar 2023 — | Jun 2023 — | Sep 2023 84.4 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 11.2 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- CRS: Sep 2021 1.2 | Dec 2021 1.1 | Mar 2022 1.5 | Jun 2022 1.0 | Sep 2022 1.2 | Dec 2022 1.4 | Mar 2023 1.6 | Jun 2023 2.0 | Sep 2023 2.3 | Dec 2023 2.4 | Mar 2024 2.4 | Jun 2024 3.4 | Sep 2024 4.8 | Dec 2024 4.9 | Mar 2025 5.1 | Jun 2025 7.3 | Sep 2025 6.4 | Dec 2025 7.9 | Mar 2026 9.5 | Jun 2026 —
- ATI: Sep 2021 3.9 | Dec 2021 — | Mar 2022 3.0 | Jun 2022 3.9 | Sep 2022 4.2 | Dec 2022 — | Mar 2023 3.7 | Jun 2023 4.6 | Sep 2023 4.8 | Dec 2023 4.2 | Mar 2024 5.0 | Jun 2024 5.1 | Sep 2024 5.3 | Dec 2024 4.2 | Mar 2025 3.8 | Jun 2025 6.9 | Sep 2025 6.6 | Dec 2025 8.8 | Mar 2026 10.8 | Jun 2026 —
- MLI: Sep 2021 2.1 | Dec 2021 2.7 | Mar 2022 2.4 | Jun 2022 2.0 | Sep 2022 2.0 | Dec 2022 1.9 | Mar 2023 — | Jun 2023 2.1 | Sep 2023 2.3 | Dec 2023 2.3 | Mar 2024 2.5 | Jun 2024 2.5 | Sep 2024 3.1 | Dec 2024 3.3 | Mar 2025 3.2 | Jun 2025 3.0 | Sep 2025 3.7 | Dec 2025 4.1 | Mar 2026 3.6 | Jun 2026 4.0
- CMC: Sep 2021 — | Dec 2021 1.5 | Mar 2022 1.6 | Jun 2022 1.5 | Sep 2022 1.5 | Dec 2022 1.6 | Mar 2023 1.6 | Jun 2023 1.2 | Sep 2023 1.6 | Dec 2023 1.3 | Mar 2024 1.5 | Jun 2024 1.5 | Sep 2024 1.4 | Dec 2024 1.8 | Mar 2025 1.4 | Jun 2025 1.3 | Sep 2025 1.5 | Dec 2025 1.6 | Mar 2026 1.9 | Jun 2026 1.9
- ESAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.2 | Sep 2022 2.1 | Dec 2022 2.1 | Mar 2023 2.5 | Jun 2023 2.7 | Sep 2023 2.8 | Dec 2023 3.3 | Mar 2024 4.1 | Jun 2024 3.3 | Sep 2024 3.5 | Dec 2024 4.1 | Mar 2025 — | Jun 2025 3.4 | Sep 2025 3.7 | Dec 2025 3.4 | Mar 2026 — | Jun 2026 2.7
- WOR: Sep 2021 — | Dec 2021 1.0 | Mar 2022 1.2 | Jun 2022 0.9 | Sep 2022 1.0 | Dec 2022 1.2 | Mar 2023 1.2 | Jun 2023 1.0 | Sep 2023 1.3 | Dec 2023 1.2 | Mar 2024 3.4 | Jun 2024 3.2 | Sep 2024 2.5 | Dec 2024 2.3 | Mar 2025 2.2 | Jun 2025 3.1 | Sep 2025 3.4 | Dec 2025 2.8 | Mar 2026 2.8 | Jun 2026 2.7
- PRLB: Sep 2021 2.2 | Dec 2021 1.7 | Mar 2022 1.8 | Jun 2022 1.6 | Sep 2022 1.2 | Dec 2022 1.0 | Mar 2023 1.3 | Jun 2023 1.3 | Sep 2023 1.0 | Dec 2023 1.4 | Mar 2024 1.3 | Jun 2024 1.1 | Sep 2024 1.1 | Dec 2024 1.4 | Mar 2025 1.3 | Jun 2025 1.4 | Sep 2025 1.8 | Dec 2025 1.8 | Mar 2026 2.0 | Jun 2026 —
- RYZ: Sep 2021 2.0 | Dec 2021 1.9 | Mar 2022 1.9 | Jun 2022 0.9 | Sep 2022 1.1 | Dec 2022 1.3 | Mar 2023 1.5 | Jun 2023 1.7 | Sep 2023 1.1 | Dec 2023 1.3 | Mar 2024 1.3 | Jun 2024 0.8 | Sep 2024 0.8 | Dec 2024 0.7 | Mar 2025 0.9 | Jun 2025 0.9 | Sep 2025 0.9 | Dec 2025 1.1 | Mar 2026 0.9 | Jun 2026 —
- MEC: Sep 2021 1.8 | Dec 2021 279.5 | Mar 2022 1.0 | Jun 2022 0.8 | Sep 2022 0.6 | Dec 2022 1.2 | Mar 2023 1.4 | Jun 2023 1.1 | Sep 2023 1.0 | Dec 2023 11.9 | Mar 2024 1.3 | Jun 2024 1.4 | Sep 2024 13.4 | Dec 2024 1.3 | Mar 2025 6.4 | Jun 2025 8.3 | Sep 2025 1.1 | Dec 2025 1.6 | Mar 2026 1.6 | Jun 2026 —
- IIIN: Sep 2021 — | Dec 2021 2.5 | Mar 2022 2.7 | Jun 2022 2.2 | Sep 2022 1.9 | Dec 2022 1.3 | Mar 2023 — | Jun 2023 1.5 | Sep 2023 1.6 | Dec 2023 2.2 | Mar 2024 2.2 | Jun 2024 1.7 | Sep 2024 1.7 | Dec 2024 1.6 | Mar 2025 1.5 | Jun 2025 2.1 | Sep 2025 2.0 | Dec 2025 1.8 | Mar 2026 1.8 | Jun 2026 1.6
- TG: Sep 2021 2.8 | Dec 2021 2.2 | Mar 2022 1.9 | Jun 2022 1.6 | Sep 2022 1.6 | Dec 2022 1.7 | Mar 2023 1.5 | Jun 2023 1.3 | Sep 2023 1.2 | Dec 2023 1.2 | Mar 2024 1.4 | Jun 2024 1.0 | Sep 2024 1.6 | Dec 2024 1.5 | Mar 2025 1.4 | Jun 2025 1.6 | Sep 2025 1.4 | Dec 2025 1.2 | Mar 2026 1.2 | Jun 2026 —
- AP: Sep 2021 1.1 | Dec 2021 0.9 | Mar 2022 1.5 | Jun 2022 1.0 | Sep 2022 1.0 | Dec 2022 0.5 | Mar 2023 0.5 | Jun 2023 0.6 | Sep 2023 0.5 | Dec 2023 0.9 | Mar 2024 0.8 | Jun 2024 0.3 | Sep 2024 0.7 | Dec 2024 0.7 | Mar 2025 0.7 | Jun 2025 1.0 | Sep 2025 0.8 | Dec 2025 3.3 | Mar 2026 4.3 | Jun 2026 —

## Market action

Ampco-Pittsburgh Corporation has the strongest one-year price move in Metal Fabrication at +165.5%. Carpenter Technology Corporation leads on Mansfield relative strength against the S&P 500 at +40.3%. 7 of 12 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Ampco-Pittsburgh Corporation (AP): 166%
2. ATI Inc. (ATI): 144%
3. Carpenter Technology Corporation (CRS): 117%
4. Proto Labs, Inc. (PRLB): 73%
5. Mayville Engineering Company, Inc. (MEC): 70%

### Strongest relative strength versus NIFTY 500
1. Carpenter Technology Corporation (CRS): 40%
2. ATI Inc. (ATI): 34%
3. Ampco-Pittsburgh Corporation (AP): 27%
4. Mayville Engineering Company, Inc. (MEC): 26%
5. Proto Labs, Inc. (PRLB): 18%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- Carpenter Technology Corporation (CRS) — market value ₹27.8K Cr; latest fundamentals Mar 2026
- ATI Inc. (ATI) — market value ₹25.5K Cr; latest fundamentals Mar 2026
- Mueller Industries, Inc. (MLI) — market value ₹14.7K Cr; latest fundamentals Jun 2026
- Commercial Metals Company (CMC) — market value ₹7.8K Cr; latest fundamentals Jun 2026
- ESAB Corporation (ESAB) — market value ₹5.5K Cr; latest fundamentals Jun 2026
- Worthington Enterprises, Inc. (WOR) — market value ₹2.8K Cr; latest fundamentals Jun 2026
- Proto Labs, Inc. (PRLB) — market value ₹1.8K Cr; latest fundamentals Mar 2026
- Ryerson Holding Corporation (RYZ) — market value ₹1.6K Cr; latest fundamentals Mar 2026
- Mayville Engineering Company, Inc. (MEC) — market value ₹727 Cr; latest fundamentals Mar 2026
- Insteel Industries Inc. (IIIN) — market value ₹631 Cr; latest fundamentals Jun 2026
- Tredegar Corporation (TG) — market value ₹259 Cr; latest fundamentals Mar 2026
- Ampco-Pittsburgh Corporation (AP) — market value ₹167 Cr; latest fundamentals Mar 2026
- Xinxu Copper Industry Technology Limited (XXC) — market value ₹127 Cr; latest fundamentals unavailable
- Nintech Mould Factory Inc. (NTMJ) — market value ₹123 Cr; latest fundamentals unavailable

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Metal Fabrication company is the biggest?

Commercial Metals Company is the largest, with trailing-twelve-month revenue of $8,850 million, ahead of Ryerson Holding Corporation at $5,003 million. That covers 9 of 14 companies with comparable reporting through Jun 2026.

### Which Metal Fabrication company is growing fastest?

Tredegar Corporation has the fastest revenue growth at 20.2% year on year, across 9 of 14 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Metal Fabrication company has the best profit margins?

Mueller Industries, Inc. has the highest operating margin at 26.2%, from 12 of 14 comparable companies. Worthington Enterprises, Inc. shows the biggest recent improvement, at +15.8 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Metal Fabrication company makes the most profit?

Commercial Metals Company earns the most, at $595 million of trailing-twelve-month net profit, from 9 of 14 comparable companies. Commercial Metals Company has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Metal Fabrication company earns the highest return on capital?

Xinxu Copper Industry Technology Limited leads on return on capital employed at 18.1%, across 14 of 14 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Metal Fabrication stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Tredegar Corporation screens cheapest at 0.26×. Only 5 of 14 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Metal Fabrication company has the strongest balance sheet?

Insteel Industries Inc. carries the lowest comparable gross debt at $0 million, from 12 of 14 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Metal Fabrication company is investing most in new capacity?

Commercial Metals Company reports the largest capital spending at $156 million, across 12 of 14 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Metal Fabrication sector beating the market?

Metal Fabrication has outperformed S&P 500 by 26.7% over the last 52 weeks and 3.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 7 of 12 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Metal Fabrication stock has the strongest price momentum?

Carpenter Technology Corporation has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Metal Fabrication company scores highest for research priority?

Carpenter Technology Corporation scores 66.1 out of 100 with 82% evidence confidence, from 20.5 points on growth and earnings, 14.8 on capital efficiency, 10.8 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Metal Fabrication companies does this comparison cover, and over what period?

It compares 14 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Metal Fabrication sector?

The 14 Metal Fabrication companies on this page carry $89,647 million of combined market value. Carpenter Technology Corporation is the largest at $27,845 million, about 31% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Metal Fabrication sector's P/E ratio?

The median price-to-earnings ratio across the 14 Metal Fabrication companies on this page is 23.7×, measured on the 12 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Metal Fabrication sector performing?

7 of the 12 covered Metal Fabrication companies are beating S&P 500 on Mansfield relative strength. The sector itself is 26.7% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Metal Fabrication stocks are listed in the US?

This comparison covers 14 listed Metal Fabrication companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/metal-fabrication