Revenue growth remains volatile, fluctuating between a 14.4% decline in 2024Q4 and a 4.4% increase in 2025Q3, while operating margins have steadily eroded to 1.5% over the last ten quarters.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 | Dec'95 |
|---|
| Sales/Revenue | 1.9B | 1.94B | 2.16B | 2.56B | 2.31B | 1.23B | 1.58B | 1.72B | 1.33B | 1.06B | 1.18B | 1.44B | 1.26B | 1.38B | 1.26B | 805.04M | 523.39M | 1.23B | 1.03B | 981M | 939.21M | 894.16M | 472.55M | 459.38M | 416.29M | 520.36M | 524.8M | 576.2M | 608.1M | 560.1M | 554.5M |
| Revenue Growth % | -5.64% | -10.03% | -15.7% | 10.71% | 87.36% | -21.84% | -7.93% | 28.89% | 26.12% | -10.24% | -18.15% | 13.69% | -8.7% | 9.65% | 56.75% | 53.81% | -57.35% | 19.27% | 4.89% | 4.45% | 5.04% | 89.22% | 2.87% | 10.35% | -20% | -0.85% | -8.92% | -5.25% | 8.57% | 1.01% | 45.2% |
| Cost of Goods Sold | 327.27M | 1.49B | 1.68B | 2.07B | 1.8B | 979.1M | 1.28B | 1.37B | 1.06B | 820.04M | 942.21M | 1.16B | 999.21M | 1.11B | 1.01B | 701.88M | 542M | 930.61M | 827.29M | 780.3M | 772.74M | 651.79M | 372.69M | 355.23M | 316.23M | 411.62M | 401M | 455.5M | 483.1M | 436.6M | 446.5M |
| COGS % of Revenue | - | 76.76% | 78.06% | 81.01% | 77.93% | 79.33% | 81.07% | 80.05% | 79.3% | 77.72% | 80.15% | 80.79% | 79.09% | 80.5% | 79.92% | 87.18% | 103.55% | 75.83% | 80.4% | 79.54% | 82.28% | 72.89% | 78.87% | 77.33% | 75.96% | 79.1% | 76.41% | 79.05% | 79.44% | 77.95% | 80.52% |
| Gross Profit | 1.57B | 451.18M | 473.5M | 486.06M | 510.2M | 255.04M | 298.93M | 342.13M | 275.48M | 235.08M | 233.33M | 275.96M | 264.12M | 269.85M | 253.41M | 103.17M | -18.6M | 296.64M | 201.68M | 200.7M | 166.47M | 242.37M | 99.86M | 104.15M | 100.06M | 108.73M | 123.8M | 120.7M | 125M | 123.5M | 108M |
| Gross Margin % | 82.76% | 23.24% | 21.94% | 18.99% | 22.07% | 20.67% | 18.93% | 19.95% | 20.7% | 22.28% | 19.85% | 19.21% | 20.91% | 19.5% | 20.08% | 12.82% | -3.55% | 24.17% | 19.6% | 20.46% | 17.72% | 27.11% | 21.13% | 22.67% | 24.04% | 20.9% | 23.59% | 20.95% | 20.56% | 22.05% | 19.48% |
| Gross Profit Growth % | - | -4.71% | -2.58% | -4.73% | 100.04% | -14.68% | -12.63% | 24.19% | 17.19% | 0.75% | -15.45% | 4.48% | -2.12% | 6.49% | 145.63% | 654.6% | -106.27% | 47.09% | 0.49% | 20.56% | -31.32% | 142.72% | -4.13% | 4.09% | -7.98% | -12.17% | 2.57% | -3.44% | 1.21% | 14.35% | 39.9% |
| Operating Expenses | 1.54B | 403.32M | 395.83M | 352.31M | 337.74M | 254.47M | 282.32M | 285.07M | 251.5M | 229.33M | 261.11M | 285.17M | 244.47M | 251.4M | 208.94M | 97.06M | 78.72M | 187.39M | 158.35M | 146.48M | 114.43M | 139.08M | 99.69M | 98.31M | 97.17M | 107.57M | 110.2M | 125.9M | 102.9M | 93.1M | 85.9M |
| OpEx % of Revenue | - | 20.77% | 18.34% | 13.76% | 14.61% | 20.62% | 17.88% | 16.62% | 18.9% | 21.73% | 22.21% | 19.85% | 19.35% | 18.17% | 16.56% | 12.06% | 15.04% | 15.27% | 15.39% | 14.93% | 12.18% | 15.55% | 21.1% | 21.4% | 23.34% | 20.67% | 21% | 21.85% | 16.92% | 16.62% | 15.49% |
| Selling, General & Admin | 186.7M | 244.42M | 369.39M | 332.57M | 317.42M | 234.98M | 263.29M | 267.47M | 234.02M | 210.84M | 217.12M | 240.55M | 222.23M | 223.96M | 192.9M | 83.76M | 67.05M | 177.66M | 149.4M | 138.12M | 114.43M | 130.87M | 91.37M | 88.22M | 154.18M | 99.85M | 102.3M | 99.2M | 96.9M | 88.8M | 82.6M |
| SG&A % of Revenue | - | 12.59% | 17.12% | 12.99% | 13.73% | 19.04% | 16.67% | 15.6% | 17.59% | 19.98% | 18.47% | 16.75% | 17.59% | 16.19% | 15.29% | 10.4% | 12.81% | 14.48% | 14.52% | 14.08% | 12.18% | 14.64% | 19.34% | 19.2% | 37.04% | 19.19% | 19.49% | 17.22% | 15.93% | 15.85% | 14.9% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 158.9M | 26.44M | 19.74M | 20.32M | 19.49M | 19.03M | 17.61M | 17.48M | 18.48M | 43.99M | 44.62M | 22.24M | 27.44M | 16.05M | 13.3M | 11.68M | 9.73M | 8.95M | 8.36M | 0 | 8.21M | 8.32M | 10.1M | -57.01M | 7.72M | 7.9M | 26.7M | 6M | 4.3M | 3.3M |
| Operating Income | 35.43M | 47.86M | 77.67M | 133.75M | 172.47M | 573K | 16.61M | 57.05M | 23.99M | 5.75M | -27.78M | -9.21M | 19.66M | 18.45M | 44.47M | 6.1M | -97.33M | 109.25M | 43.32M | 54.22M | 44.02M | 102.81M | 166K | 5.84M | 1.63M | -1.51M | 13.6M | -4.6M | 22.1M | 30.4M | 22.1M |
| Operating Margin % | 1.87% | 2.46% | 3.6% | 5.22% | 7.46% | 0.05% | 1.05% | 3.33% | 1.8% | 0.54% | -2.36% | -0.64% | 1.56% | 1.33% | 3.52% | 0.76% | -18.6% | 8.9% | 4.21% | 5.53% | 4.69% | 11.5% | 0.04% | 1.27% | 0.39% | -0.29% | 2.59% | -0.8% | 3.63% | 5.43% | 3.99% |
| Operating Income Growth % | - | -38.38% | -41.93% | -22.45% | 29998.78% | -96.55% | -70.89% | 137.86% | 317.29% | 120.69% | -201.68% | -146.85% | 6.54% | -58.51% | 628.74% | 106.27% | -189.09% | 152.16% | -20.1% | 23.17% | -57.18% | 61831.93% | -97.16% | 257.5% | 208% | -111.12% | 395.65% | -120.81% | -27.3% | 37.56% | 20.77% |
| EBITDA | 44.55M | 78.77M | 104.85M | 153.95M | 193.42M | 20.58M | 36.16M | 75.09M | 42.57M | 25.15M | -7.91M | 12.63M | 43.24M | 40.6M | 61.2M | 19.97M | -85.1M | 118.98M | 52.27M | 62.58M | 53M | 112.56M | 9.23M | 19.69M | 11.72M | 7.71M | 21.5M | 2.4M | 28.1M | 34.7M | 25.4M |
| EBITDA Margin % | 2.35% | 4.06% | 4.86% | 6.01% | 8.37% | 1.67% | 2.29% | 4.38% | 3.2% | 2.38% | -0.67% | 0.88% | 3.42% | 2.93% | 4.85% | 2.48% | -16.26% | 9.69% | 5.08% | 6.38% | 5.64% | 12.59% | 1.95% | 4.29% | 2.81% | 1.48% | 4.1% | 0.42% | 4.62% | 6.2% | 4.58% |
| EBITDA Growth % | -45.88% | -24.87% | -31.9% | -20.4% | 839.8% | -43.08% | -51.85% | 76.37% | 69.28% | 418.11% | -162.59% | -70.78% | 6.48% | -33.65% | 206.39% | 123.47% | -171.53% | 127.61% | -16.46% | 18.07% | -52.91% | 1120.03% | -53.14% | 68.05% | 51.97% | -64.14% | 795.83% | -91.46% | -19.02% | 36.61% | 26.37% |
| D&A (Non-Cash Add-back) | 9.12M | 30.91M | 27.18M | 20.21M | 20.95M | 20.01M | 19.55M | 18.04M | 18.59M | 19.4M | 19.87M | 21.84M | 23.58M | 22.16M | 16.73M | 13.87M | 12.23M | 9.73M | 8.95M | 8.36M | 8.98M | 9.75M | 9.06M | 13.85M | 10.08M | 9.22M | 7.9M | 7M | 6M | 4.3M | 3.3M |
| EBIT | 35.34M | 47.77M | 77.59M | 133.7M | 172.43M | 500K | 16.58M | 56.74M | 23.87M | 5.69M | -27.9M | -9.33M | 19.63M | 18.5M | 43.44M | 6.1M | -97.33M | 109.25M | 43.32M | 54.22M | 47.52M | 103.29M | 166K | 5.84M | 4.13M | 4.2M | 13.5M | 14.5M | 22.1M | 30.4M | 22.1M |
| Net Interest Income | -16.46M | -16.46M | -16.01M | -10.08M | -7.63M | -7.41M | -11.29M | -10.68M | -7.52M | -5.27M | -5.69M | -6.78M | -6.7M | -8.36M | -5.95M | -2.31M | -2.22M | -1.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 16.46M | 16.46M | 16.01M | 10.08M | 7.63M | 7.41M | 11.29M | 10.68M | 7.52M | 5.27M | 5.69M | 6.78M | 6.7M | 8.36M | 5.95M | 2.31M | 2.22M | 1.15M | 0 | 0 | 0 | 0 | 0 | 0 | 10.08M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -16.55M | -16.55M | -16.08M | -10.13M | -7.67M | -7.48M | -11.32M | -10.99M | -7.64M | -5.33M | -5.82M | -6.91M | -6.73M | -14.89M | -6.98M | -2.31M | -2.22M | -1.15M | -2.82M | -4.81M | -7.83M | -4.4M | -5.17M | -7.46M | -7.89M | -10.77M | -8.3M | -7.9M | -8M | -7.7M | -10.9M |
| Pretax Income | 18.88M | 31.3M | 61.59M | 123.62M | 164.8M | -6.91M | 5.29M | 46.06M | 16.35M | 420K | -33.59M | -16.11M | 12.92M | 10.14M | 37.48M | 3.8M | -99.54M | 108.1M | 40.51M | 49.41M | 36.19M | 98.89M | -5M | -1.63M | -5.93M | -12.92M | 5.2M | -12.5M | 14.1M | 22.7M | 11.2M |
| Pretax Margin % | 0.99% | 1.61% | 2.85% | 4.83% | 7.13% | -0.56% | 0.34% | 2.69% | 1.23% | 0.04% | -2.86% | -1.12% | 1.02% | 0.73% | 2.97% | 0.47% | -19.02% | 8.81% | 3.94% | 5.04% | 3.85% | 11.06% | -1.06% | -0.35% | -1.42% | -2.48% | 0.99% | -2.17% | 2.32% | 4.05% | 2.02% |
| Income Tax | 5.09M | 8.32M | 17.06M | 32.69M | 43.75M | -1.32M | 1.43M | 12.3M | -2.61M | 1.5M | -6.82M | 2.95M | 5.28M | 7.86M | 12.52M | 1.67M | -38.32M | 40.4M | 15.23M | 18.36M | 14.1M | 38.81M | -1.74M | -626K | -2.28M | -4.2M | 2M | -4.1M | 5.3M | 8.6M | 4.5M |
| Effective Tax Rate % | 26.98% | 26.59% | 27.7% | 26.44% | 26.55% | 19.04% | 27.09% | 26.71% | -15.98% | 356.67% | 20.29% | -18.31% | 40.83% | 77.54% | 33.39% | 43.85% | 38.49% | 37.37% | 37.61% | 37.16% | 38.96% | 39.25% | 34.81% | 38.48% | 38.49% | 32.49% | 38.46% | 32.8% | 37.59% | 37.89% | 40.18% |
| Net Income | 13.79M | 22.98M | 44.53M | 90.93M | 121.05M | -5.59M | 3.86M | 33.76M | 18.96M | -1.08M | -26.78M | -19.06M | 7.65M | 2.28M | 24.97M | 2.13M | -61.23M | 67.7M | 25.27M | 31.05M | 22.09M | 60.08M | -3.26M | -5.76M | -3.65M | -8.72M | 3.2M | -8.4M | 8.8M | 14.1M | 6.7M |
| Net Margin % | 0.73% | 1.18% | 2.06% | 3.55% | 5.24% | -0.45% | 0.24% | 1.97% | 1.43% | -0.1% | -2.28% | -1.33% | 0.61% | 0.16% | 1.98% | 0.26% | -11.7% | 5.52% | 2.46% | 3.16% | 2.35% | 6.72% | -0.69% | -1.25% | -0.88% | -1.68% | 0.61% | -1.46% | 1.45% | 2.52% | 1.21% |
| Net Income Growth % | -47.96% | -48.39% | -51.03% | -24.88% | 2263.56% | -245.1% | -88.58% | 78.03% | 1859.09% | 95.97% | -40.46% | -349.3% | 235.84% | -90.88% | 1071.2% | 103.48% | -190.44% | 167.91% | -18.61% | 40.54% | -63.23% | 1942.88% | 43.39% | -57.87% | 58.17% | -372.53% | 138.1% | -195.45% | -37.59% | 110.45% | 644.44% |
| Net Income (Continuing) | 13.79M | 22.98M | 44.53M | 90.93M | 121.05M | -5.59M | 3.86M | 33.76M | 18.96M | -1.08M | -26.78M | -19.06M | 7.65M | 2.28M | 24.97M | 2.13M | -61.23M | 67.7M | 25.27M | 31.05M | 22.09M | 60.08M | -3.26M | -1M | -3.09M | -7.75M | 3.2M | -8.4M | 8.8M | 14.1M | 6.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.17 | 1.97 | 3.85 | 7.87 | 10.52 | -0.49 | 0.34 | 2.95 | 1.67 | -0.10 | -2.39 | -1.71 | 0.69 | 0.21 | 2.28 | 0.20 | -5.62 | 6.21 | 2.35 | 2.92 | 2.11 | 5.88 | -0.34 | -0.60 | -0.38 | -0.90 | 0.30 | -0.78 | 0.83 | 1.50 | 0.78 |
| EPS Growth % | -48.68% | -48.83% | -51.08% | -25.19% | 2246.94% | -244.12% | -88.47% | 76.65% | 1835.97% | 95.97% | -39.77% | -347.83% | 228.57% | -90.79% | 1040% | 103.56% | -190.5% | 164.26% | -19.52% | 38.39% | -64.12% | 1829.41% | 43.33% | -57.89% | 57.78% | -400% | 138.46% | -193.98% | -44.67% | 92.31% | 550% |
| EPS (Basic) | - | 1.97 | 3.85 | 7.87 | 10.53 | -0.49 | 0.34 | 2.95 | 1.67 | -0.10 | -2.39 | -1.71 | 0.69 | 0.21 | 2.28 | 0.20 | -5.62 | 6.24 | 2.38 | 2.99 | 2.18 | 6.12 | -0.34 | -0.60 | -0.38 | -0.90 | 0.30 | -0.79 | 0.83 | 1.50 | 0.78 |
| Diluted Shares Outstanding | 11.76M | 11.68M | 11.58M | 11.56M | 11.5M | 11.45M | 11.51M | 11.44M | 11.38M | 11.21M | 11.19M | 11.12M | 11.07M | 10.99M | 10.95M | 10.92M | 10.89M | 10.89M | 10.76M | 10.63M | 10.46M | 10.22M | 9.65M | 9.64M | 9.59M | 9.68M | 10.5M | 10.81M | 10.69M | 9.43M | 8.59M |
| Basic Shares Outstanding | 11.74M | 11.68M | 11.57M | 11.55M | 11.49M | 11.45M | 11.51M | 11.43M | 11.38M | 10.78M | 11.19M | 11.12M | 11.06M | 10.99M | 10.94M | 10.9M | 10.89M | 10.85M | 10.63M | 10.38M | 10.13M | 9.82M | 9.65M | 9.64M | 9.59M | 9.68M | 10.45M | 10.69M | 10.69M | 9.43M | 8.59M |
| Dividend Payout Ratio | - | 29.07% | 12.5% | 4.41% | 0.73% | - | 22.8% | 2.61% | 4.63% | - | - | - | 11.46% | 38.34% | 3.49% | 40.81% | - | 18.93% | 5.91% | 4.03% | - | - | - | - | - | - | - | - | - | - | - |
Cyclical Margin Compression
As reported in recent financial filings, Olympic Steel's revenue growth has exhibited significant volatility, fluctuating between a 14.4% decline in 2024Q4 and a 4.4% increase in 2025Q3, reflecting the company's high sensitivity to domestic industrial production cycles and shifting demand across its core steel segments.
The inconsistent top-line performance suggests that the company remains highly susceptible to the cyclical nature of the US industrial sector. Investors should monitor whether the recent return to growth in 2025Q3 represents a sustainable recovery or merely a temporary fluctuation driven by pricing adjustments rather than volume expansion.
Based on the provided income statement data, Olympic Steel's operating margins have compressed from 4.5% in 2023Q2 to 1.5% in 2025Q3, indicating that the company struggles to maintain profitability when faced with the negative spread between falling spot metal prices and higher-cost inventory.
The thin operating margin profile highlights the company's limited ability to absorb cost fluctuations without impacting the bottom line. This suggests that the firm's value-added processing strategy has yet to provide a sufficient buffer against the inherent volatility of the steel distribution business model.
According to historical quarterly data, Olympic Steel's operating income has failed to scale effectively with gross profit, as evidenced by the persistent SG&A burden that frequently consumes the majority of the company's gross margin, leaving little room for bottom-line expansion during periods of revenue contraction.
The inability to achieve meaningful operating leverage suggests that the company's fixed cost base, including specialized labor and facility maintenance, remains a significant drag on profitability. Management's expense discipline appears insufficient to offset the impact of declining volumes, warranting further investigation into the efficiency of their hub-and-spoke distribution model.
As indicated by the financial statements, the company's reliance on the LIFO inventory accounting method may mask underlying cash flow realities, creating a risk where reported earnings appear more stable than the actual cash-generating capacity of the business during periods of rapid commodity price deflation.
Short-sellers might focus on the potential for future inventory write-downs if the current softening in industrial demand persists. The company's thin net margins, which have dipped as low as 0.4% in recent quarters, suggest that any further deterioration in pricing power could quickly lead to net losses.
Quick answers to the most common questions about buying ZEUS stock.
For fiscal year 2024, Olympic Steel, Inc. (ZEUS) reported total revenue of $1.94B. This represents a 250.2% increase compared to $554.5M in 1995.
Olympic Steel, Inc. (ZEUS) is profitable, generating $23.0M in net income for the fiscal year ending 2024 with a net profit margin of 1.2%.
Olympic Steel, Inc. (ZEUS) reported an operating income of $47.9M, resulting in an operating profit margin of 2.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Olympic Steel, Inc. (ZEUS) generated $451.2M in gross profit for the year, representing a gross profit margin of 23.2%. This demonstrates the company's core pricing power and production efficiency.