Ryerson Holding Corporation

RYZ

Consumer DefensiveBeverages - Wineries & DistilleriesNYSE

$26.43

Market Cap: $1.10B

Ryerson Holding Corporation (RYZ) Valuation Summary

Updated May 11, 2026 17:33

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$2.98 – $2,149.88	$45.97	+73.9%
Revenue DCF 10Y	$4.54 – $1,664.18	$31.03	+17.4%
▸ Trading Multiples
EV/Revenue	$382.08 – $530.94	$462.12	+1648.5%

Valuation History

DCF Analysis

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

REVENUE DCF FAIR VALUE

$31.03

Market Price

$26.43

Upside / Downside

+17.4%

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 5.5%, Ryerson Holding Corporation (RYZ) has an intrinsic value of $31.03 per share (range: $4.54 – $1,664.18).

Key Assumptions

Current Operating Margin

-0.7%

Target Operating Margin

7.6%

WACC

5.5%

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	8,163	78.6%	1.0%	78	59	107	(172)	381	-387	-376
2027	8,347	2.3%	2.6%	219	165	110	(212)	22	40	37
2028	7,908	-5.3%	4.3%	339	256	104	(235)	-53	178	155
2029	7,491	-5.3%	6.0%	446	336	98	(255)	-51	230	190
2030	7,185	-4.1%	7.6%	547	413	94	(276)	-37	268	211
2031	6,977	-2.9%	7.6%	531	401	92	(298)	-25	220	163
2032	6,857	-1.7%	7.6%	522	394	90	(322)	-15	176	124
2033	6,819	-0.5%	7.6%	519	392	90	(350)	-5	136	90
2034	6,863	0.6%	7.6%	522	394	90	(382)	5	97	61
2035	6,988	1.8%	7.6%	532	401	92	(419)	15	59	35

Enterprise Value Bridge

Sum of PV(FCFF)691

Terminal Value (Gordon Growth at 3.0%)2,383

PV of Terminal Value1,428

Enterprise Value2,120

(–) Net Debt1,123

Equity Value997

(÷) Shares Outstanding32

Fair Value per Share$31.03

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
3.5%	$-77	$-43	$241	$953	$1664
4.5%	$-75	$-43	$68	$316	$564
5.5%	$-74	$-43	$31	$181	$331
6.5%	$-72	$-43	$14	$121	$228
7.5%	$-71	$-43	$5	$88	$171

Current price: $26.43. 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

$45.97

Market Price

$26.43

Upside / Downside

+73.9%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-0.7%

Target Operating Margin

7.6%

WACC

5.5%

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	8,163	78.6%	1.0%	78	59	107	(207)	381	-422	-411
2027	8,347	2.3%	2.6%	219	165	110	(284)	22	-32	-29
2028	7,908	-5.3%	4.3%	339	256	104	(338)	-53	75	66
2029	7,491	-5.3%	6.0%	446	336	98	(385)	-51	100	83
2030	7,406	-1.1%	7.6%	564	425	97	(444)	-10	89	70

Enterprise Value Bridge

Sum of PV(FCFF)-222

Terminal Value (Gordon Growth at 3.0%)3,596

PV of Terminal Value2,821

Enterprise Value2,599

(–) Net Debt1,123

Equity Value1,476

(÷) Shares Outstanding32

Fair Value per Share$45.97

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
3.5%	$-71	$-56	$410	$1280	$2150
4.5%	$-70	$-56	$110	$410	$711
5.5%	$-70	$-56	$46	$226	$406
6.5%	$-69	$-55	$18	$146	$274
7.5%	$-68	$-55	$3	$101	$200

Current price: $26.43. 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

$462.12

Market Price

$26.43

Upside / Downside

+1648.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Ryerson Holding Corporation (RYZ) has a fair value of $462.12 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	849	0.4x	0.4x
Constellation Brands, Inc.STZ	25,869	4.0x	4.0x
Brown-Forman CorporationBF-B	12,999	3.8x	3.9x
MGP Ingredients, Inc.MGPI	421	1.2x	1.0x
Agencia Comercial Spirits LtdAGCC	419	165.2x	—
Beeline Holdings, Inc.BLNE	17	3.8x	2.4x
Epsium Enterprise Limited Ordinary SharesEPSM	17	2.9x	—
Industry Median		3.8x	3.1x
(*) Revenue		4,571	4,617
= Enterprise Value		17,413	14,516
(-) Net Debt		1,123	1,123
Equity Value		16,290	13,393
(/) Outstanding shares		32	32
Fair Price		$507	$417

Selected Fair Value (avg of trailing + forward)

$462.12

+1648.5%

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

$2.98 – $2,149.88

$45.97

+73.9%

Revenue DCF 10Y

$4.54 – $1,664.18

$31.03

+17.4%

▸ Trading Multiples

EV/Revenue

$382.08 – $530.94

$462.12

+1648.5%

DCF Analysis

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

REVENUE DCF FAIR VALUE

$31.03

Market Price

$26.43

Upside / Downside

+17.4%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-0.7%

Target Operating Margin

7.6%

WACC

5.5%

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	8,163	78.6%	1.0%	78	59	107	(172)	381	-387	-376
2027	8,347	2.3%	2.6%	219	165	110	(212)	22	40	37
2028	7,908	-5.3%	4.3%	339	256	104	(235)	-53	178	155
2029	7,491	-5.3%	6.0%	446	336	98	(255)	-51	230	190
2030	7,185	-4.1%	7.6%	547	413	94	(276)	-37	268	211
2031	6,977	-2.9%	7.6%	531	401	92	(298)	-25	220	163
2032	6,857	-1.7%	7.6%	522	394	90	(322)	-15	176	124
2033	6,819	-0.5%	7.6%	519	392	90	(350)	-5	136	90
2034	6,863	0.6%	7.6%	522	394	90	(382)	5	97	61
2035	6,988	1.8%	7.6%	532	401	92	(419)	15	59	35

Enterprise Value Bridge

Sum of PV(FCFF)691

Terminal Value (Gordon Growth at 3.0%)2,383

PV of Terminal Value1,428

Enterprise Value2,120

(–) Net Debt1,123

Equity Value997

(÷) Shares Outstanding32

Fair Value per Share$31.03

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
3.5%	$-77	$-43	$241	$953	$1664
4.5%	$-75	$-43	$68	$316	$564
5.5%	$-74	$-43	$31	$181	$331
6.5%	$-72	$-43	$14	$121	$228
7.5%	$-71	$-43	$5	$88	$171

Current price: $26.43. 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

$462.12

Market Price

$26.43

Upside / Downside

+1648.5%

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	849	0.4x	0.4x
Constellation Brands, Inc.STZ	25,869	4.0x	4.0x
Brown-Forman CorporationBF-B	12,999	3.8x	3.9x
MGP Ingredients, Inc.MGPI	421	1.2x	1.0x
Agencia Comercial Spirits LtdAGCC	419	165.2x	—
Beeline Holdings, Inc.BLNE	17	3.8x	2.4x
Epsium Enterprise Limited Ordinary SharesEPSM	17	2.9x	—
Industry Median		3.8x	3.1x
(*) Revenue		4,571	4,617
= Enterprise Value		17,413	14,516
(-) Net Debt		1,123	1,123
Equity Value		16,290	13,393
(/) Outstanding shares		32	32
Fair Price		$507	$417

Selected Fair Value (avg of trailing + forward)

$462.12

+1648.5%