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Side-by-side financial comparison of WARRIOR MET COAL, INC. (HCC) and OLYMPIC STEEL INC (ZEUS). Click either name above to swap in a different company.
OLYMPIC STEEL INC is the larger business by last-quarter revenue ($490.7M vs $458.6M, roughly 1.1× WARRIOR MET COAL, INC.). WARRIOR MET COAL, INC. runs the higher net margin — 15.8% vs 0.4%, a 15.3% gap on every dollar of revenue. On growth, WARRIOR MET COAL, INC. posted the faster year-over-year revenue change (52.1% vs 4.4%). Over the past eight quarters, WARRIOR MET COAL, INC.'s revenue compounded faster (7.5% CAGR vs 0.1%).
Warrior Met Coal, Inc. (ticker HCC) is a U.S.-headquartered mining enterprise that produces and distributes high-grade metallurgical coal, a key raw material for steel production. It serves steel manufacturers and industrial clients across core markets including North America, Europe, and Asia.
Olympic Steel, Inc. is a metals service center based in Cleveland, Ohio. The company processes and distributes carbon, coated and stainless flat-rolled sheet, coil and plate steel, aluminium alloy, tin plate, and metal-intensive branded products primarily in the United States. Metals processing and value added services include tempering, stretch leveling, cutting-to-length, slitting, edging, shearing, blanking, burning, forming, shot blasting, laser punching, plate rolling, fabricating, machi...
HCC vs ZEUS — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $458.6M | $490.7M |
| Net Profit | $72.3M | $2.2M |
| Gross Margin | 36.7% | — |
| Operating Margin | 17.3% | 1.5% |
| Net Margin | 15.8% | 0.4% |
| Revenue YoY | 52.1% | 4.4% |
| Net Profit YoY | — | -21.2% |
| EPS (diluted) | $1.37 | $0.18 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $458.6M | — | ||
| Q4 25 | $384.0M | — | ||
| Q3 25 | $328.6M | $490.7M | ||
| Q2 25 | $297.5M | $496.5M | ||
| Q1 25 | $299.9M | $492.9M | ||
| Q4 24 | $297.5M | $418.8M | ||
| Q3 24 | $327.7M | $470.0M | ||
| Q2 24 | $396.5M | $526.3M |
| Q1 26 | $72.3M | — | ||
| Q4 25 | $23.0M | — | ||
| Q3 25 | $36.6M | $2.2M | ||
| Q2 25 | $5.6M | $5.2M | ||
| Q1 25 | $-8.2M | $2.5M | ||
| Q4 24 | $1.1M | $3.9M | ||
| Q3 24 | $41.8M | $2.7M | ||
| Q2 24 | $70.7M | $7.7M |
| Q1 26 | 36.7% | — | ||
| Q4 25 | 29.5% | — | ||
| Q3 25 | 27.1% | — | ||
| Q2 25 | 23.9% | — | ||
| Q1 25 | 18.1% | — | ||
| Q4 24 | 23.1% | — | ||
| Q3 24 | 29.3% | — | ||
| Q2 24 | 34.1% | — |
| Q1 26 | 17.3% | — | ||
| Q4 25 | 9.0% | — | ||
| Q3 25 | 6.3% | 1.5% | ||
| Q2 25 | 2.6% | 2.3% | ||
| Q1 25 | -5.8% | 1.6% | ||
| Q4 24 | -1.4% | 2.1% | ||
| Q3 24 | 11.9% | 1.7% | ||
| Q2 24 | 17.9% | 2.9% |
| Q1 26 | 15.8% | — | ||
| Q4 25 | 6.0% | — | ||
| Q3 25 | 11.1% | 0.4% | ||
| Q2 25 | 1.9% | 1.1% | ||
| Q1 25 | -2.7% | 0.5% | ||
| Q4 24 | 0.4% | 0.9% | ||
| Q3 24 | 12.7% | 0.6% | ||
| Q2 24 | 17.8% | 1.5% |
| Q1 26 | $1.37 | — | ||
| Q4 25 | $0.43 | — | ||
| Q3 25 | $0.70 | $0.18 | ||
| Q2 25 | $0.11 | $0.45 | ||
| Q1 25 | $-0.16 | $0.21 | ||
| Q4 24 | $0.02 | $0.33 | ||
| Q3 24 | $0.80 | $0.23 | ||
| Q2 24 | $1.35 | $0.66 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $233.2M | $7.5M |
| Total DebtLower is stronger | $154.4M | $240.9M |
| Stockholders' EquityBook value | — | $579.1M |
| Total Assets | $2.8B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $233.2M | — | ||
| Q4 25 | $300.0M | — | ||
| Q3 25 | $336.3M | $7.5M | ||
| Q2 25 | $383.3M | $14.8M | ||
| Q1 25 | $454.9M | $13.3M | ||
| Q4 24 | $491.5M | $11.9M | ||
| Q3 24 | $583.2M | $11.1M | ||
| Q2 24 | $709.0M | $9.4M |
| Q1 26 | $154.4M | — | ||
| Q4 25 | $154.3M | — | ||
| Q3 25 | $154.1M | $240.9M | ||
| Q2 25 | $153.9M | $233.2M | ||
| Q1 25 | $153.8M | $235.4M | ||
| Q4 24 | $153.6M | $272.5M | ||
| Q3 24 | $153.5M | $197.3M | ||
| Q2 24 | $153.3M | $209.2M |
| Q1 26 | — | — | ||
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | $579.1M | ||
| Q2 25 | $2.1B | $578.2M | ||
| Q1 25 | $2.1B | $574.2M | ||
| Q4 24 | $2.1B | $573.9M | ||
| Q3 24 | $2.1B | $570.6M | ||
| Q2 24 | $2.0B | $569.5M |
| Q1 26 | $2.8B | — | ||
| Q4 25 | $2.8B | — | ||
| Q3 25 | $2.7B | $1.1B | ||
| Q2 25 | $2.6B | $1.1B | ||
| Q1 25 | $2.6B | $1.1B | ||
| Q4 24 | $2.6B | $1.0B | ||
| Q3 24 | $2.6B | $1.0B | ||
| Q2 24 | $2.6B | $1.0B |
| Q1 26 | — | — | ||
| Q4 25 | 0.07× | — | ||
| Q3 25 | 0.07× | 0.42× | ||
| Q2 25 | 0.07× | 0.40× | ||
| Q1 25 | 0.07× | 0.41× | ||
| Q4 24 | 0.07× | 0.47× | ||
| Q3 24 | 0.07× | 0.35× | ||
| Q2 24 | 0.07× | 0.37× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $-5.4M |
| Free Cash FlowOCF − Capex | — | $-12.9M |
| FCF MarginFCF / Revenue | — | -2.6% |
| Capex IntensityCapex / Revenue | — | 1.5% |
| Cash ConversionOCF / Net Profit | — | -2.50× |
| TTM Free Cash FlowTrailing 4 quarters | — | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $76.1M | — | ||
| Q3 25 | $104.7M | $-5.4M | ||
| Q2 25 | $37.5M | $15.5M | ||
| Q1 25 | $10.9M | $49.4M | ||
| Q4 24 | $54.2M | $14.6M | ||
| Q3 24 | $62.2M | $24.6M | ||
| Q2 24 | $147.0M | $-2.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $-12.9M | ||
| Q2 25 | — | $6.8M | ||
| Q1 25 | — | $40.6M | ||
| Q4 24 | — | $7.4M | ||
| Q3 24 | — | $15.6M | ||
| Q2 24 | — | $-11.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | -2.6% | ||
| Q2 25 | — | 1.4% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | 1.8% | ||
| Q3 24 | — | 3.3% | ||
| Q2 24 | — | -2.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | 1.7% | ||
| Q1 25 | — | 1.8% | ||
| Q4 24 | — | 1.7% | ||
| Q3 24 | — | 1.9% | ||
| Q2 24 | — | 1.6% |
| Q1 26 | — | — | ||
| Q4 25 | 3.31× | — | ||
| Q3 25 | 2.86× | -2.50× | ||
| Q2 25 | 6.70× | 2.96× | ||
| Q1 25 | — | 19.70× | ||
| Q4 24 | 47.68× | 3.75× | ||
| Q3 24 | 1.49× | 9.01× | ||
| Q2 24 | 2.08× | -0.38× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HCC
| Sales | $448.5M | 98% |
| Other revenues | $10.1M | 2% |
ZEUS
| Carbon Flat Products | $268.2M | 55% |
| Specialty Metals Flat Products | $140.9M | 29% |
| Tubular And Pipe Products | $81.6M | 17% |
