Ryerson Holding Corporation

RYZ

Consumer DefensiveBeverages - Wineries & DistilleriesNYSE

$26.26

Market Cap: $1.10B

Ryerson Holding Corporation (RYZ) Valuation Summary

Updated Apr 6, 2026 22:28

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$7.41 – $11,197.53	$62.70	+176.8%
Revenue DCF 10Y	$7.02 – $8,568.33	$40.38	+78.3%
▸ Trading Multiples
EV/Revenue	$171.50 – $509.86	$390.38	+1623.5%

Valuation History

DCF Analysis

Ryerson Holding Corporation (RYZ) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$40.38

Market Price

$26.26

Upside / Downside

+53.8%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -0.7% to a target of 7.6% over 5 years, discounted at a WACC of 5.1%, Ryerson Holding Corporation (RYZ) has an intrinsic value of $40.38 per share (range: $7.02 – $8,568.33).

Key Assumptions

Current Operating Margin

-0.7%

Target Operating Margin

7.6%

WACC

5.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.7%

Target CapEx/Rev

6.0%

D&A/Revenue

1.3%

Tax Rate

24.5%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	7,957	74.1%	0.9%	76	57	105	(168)	356	-362	-353
2027	8,129	2.2%	2.6%	212	160	107	(207)	21	40	37
2028	7,701	-5.3%	4.3%	329	248	101	(229)	-52	172	152
2029	7,296	-5.3%	5.9%	433	327	96	(249)	-49	223	187
2030	6,998	-4.1%	7.6%	531	401	92	(269)	-36	260	208
2031	6,795	-2.9%	7.6%	516	389	89	(290)	-25	213	162
2032	6,678	-1.7%	7.6%	507	383	88	(314)	-14	170	123
2033	6,641	-0.5%	7.6%	504	380	87	(341)	-4	131	90
2034	6,684	0.6%	7.6%	507	383	88	(372)	5	93	61
2035	6,805	1.8%	7.6%	517	390	89	(408)	15	56	35

Enterprise Value Bridge

Sum of PV(FCFF)704

Terminal Value (Gordon Growth at 3.0%)2,754

PV of Terminal Value1,716

Enterprise Value2,420

(–) Net Debt1,123

Equity Value1,297

(÷) Shares Outstanding32

Fair Value per Share$40.38

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
3.1%	$-76	$-43	$1304	$4936	$8568
4.1%	$-75	$-43	$100	$437	$775
5.1%	$-73	$-43	$40	$217	$393
6.1%	$-71	$-43	$19	$138	$257
7.1%	$-70	$-43	$7	$97	$186

Current price: $26.26. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 12.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Ryerson Holding Corporation (RYZ) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$62.70

Market Price

$26.26

Upside / Downside

+138.8%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-0.7%

Target Operating Margin

7.6%

WACC

5.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.7%

Target CapEx/Rev

6.0%

D&A/Revenue

1.3%

Tax Rate

24.5%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	7,957	74.1%	0.9%	76	57	105	(202)	356	-396	-386
2027	8,129	2.2%	2.6%	212	160	107	(277)	21	-31	-28
2028	7,701	-5.3%	4.3%	329	248	101	(329)	-52	73	64
2029	7,296	-5.3%	5.9%	433	327	96	(375)	-49	97	82
2030	7,213	-1.1%	7.6%	548	413	95	(433)	-10	85	68

Enterprise Value Bridge

Sum of PV(FCFF)-201

Terminal Value (Gordon Growth at 3.0%)4,176

PV of Terminal Value3,338

Enterprise Value3,137

(–) Net Debt1,123

Equity Value2,014

(÷) Shares Outstanding32

Fair Value per Share$62.70

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
3.1%	$-70	$-55	$2279	$6739	$11198
4.1%	$-69	$-55	$166	$576	$986
5.1%	$-69	$-55	$63	$275	$488
6.1%	$-68	$-55	$26	$169	$311
7.1%	$-67	$-54	$7	$114	$221

Current price: $26.26. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 12.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$390.38

Market Price

$26.26

Upside / Downside

+1386.6%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Ryerson Holding Corporation (RYZ) has a fair value of $390.38 based on 6 comparable companies in the Beverages - Wineries & Distilleries industry.

EV/Revenue Valuation — Beverages - Wineries & Distilleries

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Ryerson Holding CorporationRYZ	843	0.4x	0.4x
Constellation Brands, Inc.STZ	27,028	3.8x	4.3x
Brown-Forman CorporationBF-B	12,553	3.7x	3.8x
MGP Ingredients, Inc.MGPI	410	1.2x	0.9x
Agencia Comercial Spirits LtdAGCC	300	118.4x	—
Beeline Holdings, Inc.BLNE	20	2.9x	1.4x
Epsium Enterprise Limited Ordinary SharesEPSM	18	1.5x	—
Industry Median		3.3x	2.6x
(*) Revenue		4,571	4,617
= Enterprise Value		15,238	12,084
(-) Net Debt		1,123	1,123
Equity Value		14,115	10,961
(/) Outstanding shares		32	32
Fair Price		$439	$341

Selected Fair Value (avg of trailing + forward)

$390.38

+1386.6%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$7.41 – $11,197.53

$62.70

+176.8%

Revenue DCF 10Y

$7.02 – $8,568.33

$40.38

+78.3%

▸ Trading Multiples

EV/Revenue

$171.50 – $509.86

$390.38

+1623.5%

DCF Analysis

Ryerson Holding Corporation (RYZ) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$40.38

Market Price

$26.26

Upside / Downside

+53.8%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-0.7%

Target Operating Margin

7.6%

WACC

5.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.7%

Target CapEx/Rev

6.0%

D&A/Revenue

1.3%

Tax Rate

24.5%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	7,957	74.1%	0.9%	76	57	105	(168)	356	-362	-353
2027	8,129	2.2%	2.6%	212	160	107	(207)	21	40	37
2028	7,701	-5.3%	4.3%	329	248	101	(229)	-52	172	152
2029	7,296	-5.3%	5.9%	433	327	96	(249)	-49	223	187
2030	6,998	-4.1%	7.6%	531	401	92	(269)	-36	260	208
2031	6,795	-2.9%	7.6%	516	389	89	(290)	-25	213	162
2032	6,678	-1.7%	7.6%	507	383	88	(314)	-14	170	123
2033	6,641	-0.5%	7.6%	504	380	87	(341)	-4	131	90
2034	6,684	0.6%	7.6%	507	383	88	(372)	5	93	61
2035	6,805	1.8%	7.6%	517	390	89	(408)	15	56	35

Enterprise Value Bridge

Sum of PV(FCFF)704

Terminal Value (Gordon Growth at 3.0%)2,754

PV of Terminal Value1,716

Enterprise Value2,420

(–) Net Debt1,123

Equity Value1,297

(÷) Shares Outstanding32

Fair Value per Share$40.38

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
3.1%	$-76	$-43	$1304	$4936	$8568
4.1%	$-75	$-43	$100	$437	$775
5.1%	$-73	$-43	$40	$217	$393
6.1%	$-71	$-43	$19	$138	$257
7.1%	$-70	$-43	$7	$97	$186

Current price: $26.26. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 12.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$390.38

Market Price

$26.26

Upside / Downside

+1386.6%

Verdict

Undervalued

EV/Revenue Valuation — Beverages - Wineries & Distilleries

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Ryerson Holding CorporationRYZ	843	0.4x	0.4x
Constellation Brands, Inc.STZ	27,028	3.8x	4.3x
Brown-Forman CorporationBF-B	12,553	3.7x	3.8x
MGP Ingredients, Inc.MGPI	410	1.2x	0.9x
Agencia Comercial Spirits LtdAGCC	300	118.4x	—
Beeline Holdings, Inc.BLNE	20	2.9x	1.4x
Epsium Enterprise Limited Ordinary SharesEPSM	18	1.5x	—
Industry Median		3.3x	2.6x
(*) Revenue		4,571	4,617
= Enterprise Value		15,238	12,084
(-) Net Debt		1,123	1,123
Equity Value		14,115	10,961
(/) Outstanding shares		32	32
Fair Price		$439	$341

Selected Fair Value (avg of trailing + forward)

$390.38

+1386.6%