Worthington Enterprises is a U.S. manufacturer of metal products organized into two segments: Consumer Products and Building Products. Consumer Products sells branded tools, outdoor living equipment, and celebration supplies — including propane cylinders and torches (Bernzomatic), helium balloon kits (Balloon Time), drywall tools (Level5), and outdoor cooking equipment (Halo) — primarily through home centers like Home Depot and Lowe's, and mass merchandisers like Walmart. Building Products sells pressurized cylinders and tanks, including refrigerant cylinders, LPG cylinders, and water tanks, to gas producers, distributors, and construction customers. Building Products also benefits from equity income from two unconsolidated joint ventures: WAVE (50%-owned, ceiling suspension systems) and ClarkDietrich (25%-owned, light gauge steel framing), which contribute meaningfully to profits with no incremental SG&A. Worthington's profitability is driven by volume, product mix, and raw material costs — steel is the primary input. The JVs generate strong cash returns, with dividends of roughly $35-40M per quarter. Worthington targets niche markets where it holds leading positions, and pursues M&A focused on adjacent building and consumer products businesses, with recent deals including Ragasco (composite propane cylinders in Europe) and Elgen Manufacturing (HVAC components). The company maintains a conservative balance sheet with significant liquidity.