At a glance
Reliance Steel & Aluminum Co is worth $22.27B, about 31 times its fiscal 2025 earnings. Revenue grew 3.3% to $14.29B in fiscal 2025, with 5.2% kept as profit; over 5 years it has grown 10.2% a year. It pays a 1.13% dividend yield, raised every year for at least 9 years, and returned $3.12B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +58.4% over the past year with dividends reinvested and +26.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 38.6% in the 2020 crash (S&P 500: 33.7%) and 22.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 5 months after the lows.
The business in plain English
Reliance, Inc. (formerly Reliance Steel & Aluminum Co.) sits between metal mills and businesses that use metal. It buys steel, aluminum and other metals in bulk, mostly from U.S. producers. It stocks them, cuts or shapes them to order, and delivers them, often in small amounts. Its 10-K calls it North America's largest metals service center company by revenue, with 2025 net sales of $14.29 billion. As of December 31, 2025, it ran about 310 locations in 41 U.S. states and 10 other countries.
Its more than 125,000 customers span manufacturing, non-residential construction, aerospace, energy, transportation, heavy equipment, and electronics and semiconductor fabrication. Reliance profits from marking up metal and from processing work such as cutting, sawing and machining. It buys and sells mostly at spot (current market) prices, so metal prices drive results. About 40% of its 2025 orders were delivered within 24 hours, and over 90% of sales orders came from repeat customers.
Reliance reports a single segment. By product, carbon steel made up 55.3% of 2025 revenue, aluminum 17.3%, stainless steel 13.6% and alloy steel 4.5%. Toll processing, where Reliance processes customer-owned metal for a fee, added 4.5% and is its main link to the auto industry. In 2025 its U.S. locations accounted for about 17% of tons sold by U.S. metals service centers.
Price history
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RS +58.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Carbon Steel | $7.90B | 55.3% |
| Aluminum | $2.47B | 17.3% |
| Stainless Steel | $1.95B | 13.6% |
| Toll Processing | $646.9M | 4.5% |
| Alloy Steel | $641.0M | 4.5% |
| Copper And Brass | $376.7M | 2.6% |
| Other Products Or Services | $305.6M | 2.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $5.21B, up 42.8% from a year earlier, and net income was $402.9M (+112.6%).
- For fiscal 2025, revenue was $14.29B (+3.3% year over year; +10.2% a year from FY2020 to FY2025) with a 5.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.2% good |
|---|---|
| Operating margin | 7.1% watch |
| Free cash flow margin | 3.5% watch |
| Return on equity (FY2025) | 10.3% watch |
| Return on assets (FY2025) | 7.1% watch |
| Net cash (cash minus debt) | $-1.39B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $8.81B | $369.1M | $1.00B |
| FY2021 | $14.09B | $1.41B | $562.8M |
| FY2022 | $17.02B | $1.84B | $1.78B |
| FY2023 | $14.81B | $1.34B | $1.20B |
| FY2024 | $13.84B | $875.2M | $999.2M |
| FY2025 | $14.29B | $739.4M | $502.5M |
Valuation snapshot
| Market value | $22.27B |
|---|---|
| P/E ratio | 31.3 |
| Dividend yield | 1.13% |
Rank among 1514 US companies
Market value at each year end
Reliance Steel & Aluminum’s market value went from $5.77B at the end of 2016 to $22.27B on Oct 28, 2026, about 3.9 times as much; since the end of 2025 it is up 47%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $22.27B | +47.4% |
| 2025 | $15.10B | +3.6% |
| 2024 | $14.57B | -9.3% |
| 2023 | $16.07B | +35.3% |
| 2022 | $11.88B | +16.9% |
| 2021 | $10.16B | +33.1% |
| 2020 | $7.63B | -4.4% |
| 2019 | $7.98B | +59.3% |
| 2018 | $5.01B | -19.9% |
| 2017 | $6.26B | +8.4% |
| 2016 | $5.77B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| RS price data to Oct 28, 2026 | +52.9% | +58.4% | +22.6% | +26.8% | +22.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +52.9% |
| 2025 | +9.1% |
| 2024 | -2.3% |
| 2023 | +40.3% |
| 2022 | +27.0% |
| 2021 | +37.8% |
| 2020 | +2.5% |
| 2019 | +72.3% |
| 2018 | -15.1% |
| 2017 | +10.5% |
| 2016 | +40.5% |
| 2015 | -2.9% |
| 2014 | -17.6% |
| 2013 | +25.5% |
| 2012 | +29.5% |
| 2011 | -3.7% |
| 2010 | +19.3% |
| 2009 | +119.4% |
| 2008 | -62.8% |
| 2007 | +38.5% |
| 2006 | +29.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 61.3% over that stretch · deepest drop along the way 83.8%, back to its old high 57.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 38.6% over that stretch · deepest drop along the way 38.6%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 14% over that stretch · deepest drop along the way 22.3%, back to its old high 5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 17 sales ($18.7M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 23, 2026 | Stephen Paul Koch Exec. VP, COO | sell | $4.5M |
| Feb 23, 2026 | Stephen Paul Koch Exec. VP, COO | sell | $3.3M |
| Oct 27, 2026 | Stephen Paul Koch Exec. VP, COO | sell | $1.8M |
| Mar 9, 2026 | William A II Smith SVP, General Counsel, Corp Sec | sell | $1.5M |
| Oct 27, 2026 | Stephen Paul Koch Exec. VP, COO | sell | $1.4M |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 6.55% | Mar 31, 2026 |
| Vanguard Capital Management | 5.23% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.2% | Dec 31, 2025 |
| T. Rowe Price Associates, Inc. | 1.8% | Sep 30, 2025 |
ETFs with the most weight in RS
| SLX VanEck Steel ETF | 5.68% |
| XME SPDR S&P Metals & Mining ETF | 4.97% |
| FXZ First Trust Materials AlphaDEX Fund | 3.95% |
| PYZ Invesco Dorsey Wright Basic Materials Momentum ETF | 3.75% |
| UPGR Xtrackers US Green Infrastructure Select Equity ETF | 3% |
| BCUS Bancreek U.S. Large Cap ETF | 2.98% |
| IYM iShares U.S. Basic Materials ETF | 2.95% |
| KONG Formidable Fortress ETF | 2.95% |
What could go wrong
- Metal price swings drive profits. Profit depends more on metal prices than on demand, and Reliance generally doesn't hedge (lock in prices). When prices fall, it sells inventory bought at higher cost. Tariff-driven cost increases are harder to pass on.
- Cheaper imports could push prices down. If foreign producers overproduce or U.S. tariffs drop, more imported metal could enter the U.S. That would push domestic metal prices lower, which the 10-K says would hurt Reliance's sales, margins and profits.
- Exposed to economic downturns. Demand comes from construction, manufacturing, energy, aerospace and heavy-equipment customers, whose spending can slump together in a recession. In the 2008 financial crisis, the share price fell 83.8% from peak to low.
- Losing key metal suppliers. Reliance buys most of its metal from U.S. mills. Losing a primary supplier, or not getting enough metal on time, could mean lost sales. It also relies on mills for accurate metal specifications.
- Acquisitions and a decentralized structure. Reliance grows partly by acquisition, and deals may miss their goals. The 10-K also flags its decentralized setup, where dozens of separately named businesses make many of their own decisions, as a risk.
- Debt with floating interest rates. Reliance had about $1.64 billion of debt and $246 million of cash and investments as of September 30, 2026. A substantial portion carries floating rates, so rising short-term rates would raise interest costs.
Recent events
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
For income and retirement investors
Reliance's dividend per share has risen for at least nine straight years through 2025, and the streak may be longer. It grew from $2.50 in 2020 to $4.80 in 2025, about 13.9% a year, well below 2025 earnings of $13.98 a share. The yield was 1.13% as of October 28, 2026, so income is modest. Reliance also bought back $3.12 billion of stock from 2021 through 2025, and the share count fell 18.7% between October 2021 and October 2026. In 2025, though, buybacks of $594 million exceeded free cash flow (cash left after running and investing in the business) of $502.5 million.
The shares can fall hard in downturns. They dropped 83.8% in 2008 and took about 58 months to recover. In the 2020 COVID crash they fell 38.6% and recovered in about eight months. In 2022 they slipped 22.3% at worst but gained 14% over the market's slide. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Reliance, Inc. make money?
Reliance makes money by buying metal in bulk from mills and reselling it, often cut or shaped to order, at a higher price. It also earns fees from toll processing, which means processing metal that customers already own; that brought in 4.5% of 2025 revenue. Carbon steel was its biggest product, at 55.3% of 2025 revenue, followed by aluminum at 17.3%. Because it mostly buys and sells at spot (current market) prices, metal prices largely drive its profits.
Does Reliance raise its dividend every year?
Yes, for at least nine straight years. Dividends per share have risen every year in SEC filings covering 2016 through 2025, so the real streak may be longer. The payout grew from $2.50 a share in 2020 to $4.80 in 2025, about 13.9% a year. The yield was a modest 1.13% as of October 28, 2026. Past increases do not guarantee future ones.
Does Reliance buy back its own shares?
Yes. Reliance spent $3.12 billion on buybacks from 2021 through 2025, including $1.09 billion in 2024 and $594 million in 2025. Its share count fell 18.7%, from about 62.7 million in October 2021 to about 50.9 million in October 2026, so each remaining share claims a bigger slice of profits. In 2025, though, buybacks exceeded free cash flow (cash left after running and investing in the business) of $502.5 million. Spending beyond free cash flow means drawing on cash or borrowing.
How did Reliance stock hold up in past market crashes?
It fell sharply, most of all in 2008. From July 1 to November 20, 2008, the shares lost 83.8% and did not regain their peak until September 2013, about 58 months later. In the 2020 COVID crash they fell 38.6% and recovered by November 2020. In the 2022 bear market they fell 22.3% at worst, between May and June, but were up 14% over the market's full slide. Deep drops remain possible for a business tied to metal prices and the economy.
What is Reliance's P/E ratio?
Reliance's price-to-earnings (P/E) ratio was 31.3 as of October 28, 2026, based on 2025 earnings. That means investors paid about $31 for each dollar of yearly profit. Earnings were $13.98 a share in 2025, a year when net income fell 15.5%. Profit has picked up since: net income for the quarter ended September 30, 2026, was $402.9 million, up 112.6% from a year earlier. A P/E based on one past year can mislead when profits are changing fast.