Reliance, Inc.RS
NYSE•Basic Materials•Steel
Reliance, Inc. operates as a diversified metal solutions provider and metals service center company primarily in the United States and Canada. The company distributes metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and other specialty steel products; and provides metals processing services to consumer products, general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, industrial machinery, and heavy industries. It sells its products directly to original equipment manufacturers, which primarily include small machine shops and fabricators. The company was formerly known as Reliance Steel & Aluminum Co. and changed its name to Reliance, Inc. in February 2024. Reliance, Inc. was founded in 1939 and is based in Phoenix, Arizona.
Reliance, Inc. (RS) reported trailing twelve months revenue of $14.84B as of March 2026, a 8.5% increase year-over-year. Quarterly revenue reached $4.03B, reflecting continued top-line momentum.
Reliance, Inc. generated $804.60M in TTM net income, with quarterly EBITDA of $437.10M. The operating margin expanded from 7.9% to 9.1%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (9.1%) and net margin (6.6%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 5.7% a year ago, signaling stronger bottom-line efficiency.
RS trades at a P/E of 19.3x (in line with broad market averages) and a P/S of 1.0x. The price-to-book ratio of 2.2x reflects a moderate premium to book value.
The company generated $87.20M in free cash flow over the trailing twelve months, a 489.3% increase year-over-year, indicating cash generation ability. The balance sheet shows $10.81B in total assets with $1.69B in long-term debt against $7.12B in stockholders equity for a debt-to-equity ratio of 0.2, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~7.4% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~11.7% on average, adequate but below the threshold typically associated with wide moats.
7 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue shows resilience with 4 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~7.4% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
Debt-to-equity has risen 57.3% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 9.2% — net buybacks are reducing shares outstanding and boosting per-share value.