Loading...

You're on the old version of Simply Wall St. We will no longer be supporting this site, so we recommend you switch to our brand new platform.

Steelcase

NYSE:SCS
Snowflake Description

Solid track record with adequate balance sheet and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SCS
NYSE
$1B
Market Cap
  1. Home
  2. US
  3. Commercial Services
Company description

Steelcase Inc. manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. The last earnings update was 15 days ago. More info.


Add to Portfolio Compare Print
  • Steelcase has significant price volatility in the past 3 months.
SCS Share Price and Events
7 Day Returns
11.4%
NYSE:SCS
-0.6%
US Commercial Services
2.4%
US Market
1 Year Returns
-37.3%
NYSE:SCS
-17%
US Commercial Services
-10%
US Market
SCS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Steelcase (SCS) 11.4% -31% -49.7% -37.3% -40.2% -47.8%
US Commercial Services -0.6% -22.9% -25.8% -17% 7.1% 23.3%
US Market 2.4% -11% -19.4% -10% 9.6% 21.1%
1 Year Return vs Industry and Market
  • SCS underperformed the Commercial Services industry which returned -17% over the past year.
  • SCS underperformed the Market in United States of America which returned -10% over the past year.
Price Volatility
SCS
Industry
5yr Volatility vs Market

SCS Value

 Is Steelcase undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Steelcase to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Steelcase.

NYSE:SCS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Dividend Discount Model
Dividend Per Share Company Filings (2020-02-28) in USD $ 0.28
Payout Ratio Company Filings (2020-02-28) 5126.5%
Discount Rate (Cost of Equity) See below 6.8%
Perpetual Growth Rate 10-Year US Government Bond Rate 1.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:SCS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 1.7%
Equity Risk Premium S&P Global 5.4%
Commercial Services Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.726 (1 + (1- 21%) (64.55%))
0.936
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.94
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.74% + (0.936 * 5.44%)
6.83%

Discounted Cash Flow Calculation for NYSE:SCS using Dividend Discount Model Model

The calculations below outline how an intrinsic value for Steelcase is arrived at by discounting future dividends to their present value. This approach is used for finance firms where free cash flow is difficult to estimate (e.g. Banks/ Insurance firms).

If the firm does not pay the majority of its earnings out as a dividend this method will often arrive at a value significantly lower than the share price.

See our documentation to learn about this calculation.

NYSE:SCS Gordon Growth Model
Calculation Result
Value per share = Expected dividends per share / (Discount Rate - Perpetual growth rate)
= $0.28 / (6.83% - 1.74%)
$5.5
NYSE:SCS Discount to Share Price
Calculation Result
Value per share (USD) From above. $5.50
Current discount Discount to share price of $9.80
= -1 x ($9.80 - $5.50) / $5.50
-78.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Steelcase is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Steelcase's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Steelcase's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:SCS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2020-02-28) in USD $1.67
NYSE:SCS Share Price ** NYSE (2020-04-08) in USD $9.8
United States of America Commercial Services Industry PE Ratio Median Figure of 52 Publicly-Listed Commercial Services Companies 20.65x
United States of America Market PE Ratio Median Figure of 2,948 Publicly-Listed Companies 12.95x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Steelcase.

NYSE:SCS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:SCS Share Price ÷ EPS (both in USD)

= 9.8 ÷ 1.67

5.87x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Steelcase is good value based on earnings compared to the US Commercial Services industry average.
  • Steelcase is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Steelcase's expected growth come at a high price?
Raw Data
NYSE:SCS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 5.87x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
-81.2%per year
United States of America Commercial Services Industry PEG Ratio Median Figure of 35 Publicly-Listed Commercial Services Companies 1.25x
United States of America Market PEG Ratio Median Figure of 2,010 Publicly-Listed Companies 0.92x

*Line of best fit is calculated by linear regression .

NYSE:SCS PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 5.87x ÷ -81.2%

-0.07x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Steelcase earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Steelcase's assets?
Raw Data
NYSE:SCS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2020-02-28) in USD $8.11
NYSE:SCS Share Price * NYSE (2020-04-08) in USD $9.8
United States of America Commercial Services Industry PB Ratio Median Figure of 86 Publicly-Listed Commercial Services Companies 1.16x
United States of America Market PB Ratio Median Figure of 5,162 Publicly-Listed Companies 1.26x
NYSE:SCS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:SCS Share Price ÷ Book Value per Share (both in USD)

= 9.8 ÷ 8.11

1.21x

* Primary Listing of Steelcase.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Steelcase is overvalued based on assets compared to the US Commercial Services industry average.
X
Value checks
We assess Steelcase's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Commercial Services industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Commercial Services industry average (and greater than 0)? (1 check)
  5. Steelcase has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

SCS Future Performance

 How is Steelcase expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-81.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Steelcase expected to grow at an attractive rate?
  • Steelcase's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.7%.
Growth vs Market Checks
  • Steelcase's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Steelcase's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:SCS Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:SCS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts -81.2%
NYSE:SCS Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts -10.4%
United States of America Commercial Services Industry Earnings Growth Rate Market Cap Weighted Average 12.9%
United States of America Commercial Services Industry Revenue Growth Rate Market Cap Weighted Average 3.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.3%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:SCS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:SCS Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-02-28 3,089 107 49 1
2021-02-28 3,194 52 -30 2
2020-04-08
2020-02-29 3,692 273 170 2
NYSE:SCS Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2020-02-28 3,724 361 200
2019-11-22 3,690 304 153
2019-08-23 3,636 212 136
2019-05-24 3,514 178 124
2019-02-22 3,443 131 124
2018-11-23 3,304 178 101
2018-08-24 3,175 166 90
2018-05-25 3,074 160 78
2018-02-23 3,056 227 79
2017-11-24 3,052 162 104
2017-08-25 3,066 173 120
2017-05-26 3,049 186 121

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Steelcase's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Steelcase's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:SCS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Steelcase Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:SCS Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-02-28 0.41 0.41 0.41 1.00
2021-02-28 -0.25 -0.25 -0.25 1.00
2020-04-08
2020-02-29 1.41 1.41 1.41 1.00
NYSE:SCS Past Financials Data
Date (Data in USD Millions) EPS *
2020-02-28 1.67
2019-11-22 1.30
2019-08-23 1.16
2019-05-24 1.06
2019-02-22 1.06
2018-11-23 0.87
2018-08-24 0.77
2018-05-25 0.67
2018-02-23 0.68
2017-11-24 0.89
2017-08-25 1.02
2017-05-26 1.03

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Steelcase is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Steelcase's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Steelcase has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

SCS Past Performance

  How has Steelcase performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Steelcase's growth in the last year to its industry (Commercial Services).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Steelcase's year on year earnings growth rate has been positive over the past 5 years.
  • Steelcase's 1-year earnings growth exceeds its 5-year average (61.6% vs 4%)
  • Steelcase's earnings growth has exceeded the US Commercial Services industry average in the past year (61.6% vs 2.5%).
Earnings and Revenue History
Steelcase's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Steelcase Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:SCS Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2020-02-28 3,723.70 199.70 979.20
2019-11-22 3,689.90 152.80 908.30 53.70
2019-08-23 3,635.70 135.50 899.60 53.70
2019-05-24 3,513.50 124.30 882.10 53.70
2019-02-22 3,443.20 123.50 861.90 53.70
2018-11-23 3,303.50 101.40 859.00 44.00
2018-08-24 3,174.60 90.00 838.10 44.00
2018-05-25 3,074.40 78.10 818.00 44.00
2018-02-23 3,055.50 79.20 819.50 44.00
2017-11-24 3,051.90 104.40 811.90 35.80
2017-08-25 3,066.30 119.70 808.30 35.80
2017-05-26 3,048.70 121.00 802.10 35.80
2017-02-24 3,032.40 122.20 780.20 35.80
2016-11-25 3,011.20 172.90 779.70 33.00
2016-08-26 3,012.30 167.40 770.00 33.00
2016-05-27 3,073.30 166.30 768.80 33.00
2016-02-26 3,060.00 166.90 757.80 33.00
2015-11-27 3,062.00 113.30 772.40
2015-08-28 3,074.40 89.90 769.50
2015-05-29 3,042.10 83.50 761.20
2015-02-27 3,059.70 84.50 738.40 35.40
2014-11-28 3,089.20 85.60 767.70
2014-08-29 3,074.00 96.70 762.60
2014-05-30 3,044.90 93.80 760.10
2014-02-28 2,988.90 86.30 757.00
2013-11-22 2,930.90 35.60 748.30
2013-08-23 2,873.30 36.30 743.30
2013-05-24 2,860.60 38.30 735.40

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Steelcase has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Steelcase used its assets more efficiently than the US Commercial Services industry average last year based on Return on Assets.
  • Steelcase's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Steelcase's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Commercial Services industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Steelcase has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

SCS Health

 How is Steelcase's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Steelcase's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Steelcase is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Steelcase's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Steelcase's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Steelcase Company Filings, last reported 1 month ago.

NYSE:SCS Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2020-02-28 970.40 484.30 541.00
2019-11-22 931.70 484.10 367.70
2019-08-23 889.20 485.00 229.10
2019-05-24 852.00 486.60 152.70
2019-02-22 849.80 487.00 261.30
2018-11-23 854.50 321.40 51.00
2018-08-24 838.80 303.90 45.70
2018-05-25 809.10 294.30 134.90
2018-02-23 813.30 294.80 283.10
2017-11-24 813.30 295.60 244.10
2017-08-25 794.90 296.10 204.10
2017-05-26 789.40 296.80 181.20
2017-02-24 766.50 297.40 270.50
2016-11-25 743.90 297.30 235.80
2016-08-26 748.40 298.50 198.10
2016-05-27 734.50 299.20 151.80
2016-02-26 736.90 299.10 266.00
2015-11-27 706.50 300.10 265.70
2015-08-28 689.00 281.30 207.30
2015-05-29 663.90 281.80 156.00
2015-02-27 663.80 282.10 244.80
2014-11-28 667.20 285.00 216.20
2014-08-29 676.30 285.80 229.80
2014-05-30 687.70 286.40 243.10
2014-02-28 677.10 287.00 321.30
2013-11-22 673.80 287.10 297.00
2013-08-23 660.40 287.70 171.20
2013-05-24 644.40 288.40 146.80
  • Steelcase's level of debt (49.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (42.5% vs 49.9% today).
  • Debt is well covered by operating cash flow (74.5%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 10.8x coverage).
X
Financial health checks
We assess Steelcase's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Steelcase has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

SCS Dividends

 What is Steelcase's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.86%
Current annual income from Steelcase dividends. Estimated to be 2.86% next year.
If you bought $2,000 of Steelcase shares you are expected to receive $57 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Steelcase's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.93%).
  • Steelcase's dividend is below the markets top 25% of dividend payers in United States of America (5.46%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:SCS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United States of America Commercial Services Industry Average Dividend Yield Market Cap Weighted Average of 40 Stocks 2.1%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1935 Stocks 2.9%
United States of America Minimum Threshold Dividend Yield 10th Percentile 1.1%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.9%
United States of America Top 25% Dividend Yield 75th Percentile 5.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:SCS Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-02-28 0.28 1.00
2021-02-28 0.28 1.00
2020-04-08
2020-02-29 0.58 1.00
NYSE:SCS Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2020-03-24 0.280 2.892
2019-12-19 0.580 3.527
2019-12-17 0.580 2.773
2019-09-20 0.580 3.194
2019-09-19 0.580 3.309
2019-06-21 0.580 3.551
2019-06-19 0.580 3.564
2019-04-12 0.580 3.420
2019-03-19 0.580 3.781
2018-12-20 0.540 3.263
2018-12-18 0.540 3.738
2018-06-20 0.540 3.534
2017-12-19 0.510 3.531
2017-09-20 0.510 3.480
2017-09-18 0.510 3.525
2017-06-23 0.510 3.765
2017-06-21 0.510 3.494
2017-04-17 0.510 3.026
2017-03-21 0.510 3.091
2016-12-21 0.480 2.891
2016-12-20 0.480 2.784
2016-09-22 0.480 3.298
2016-09-21 0.480 3.520
2016-03-22 0.480 3.262
2015-12-23 0.450 3.409
2015-12-21 0.450 2.866
2015-09-29 0.450 2.333
2015-09-23 0.450 2.477
2015-03-24 0.450 2.480
2014-12-23 0.420 2.335
2014-12-22 0.420 2.334
2014-09-25 0.420 2.469
2014-09-23 0.420 2.582
2014-06-27 0.420 2.696
2014-06-26 0.420 2.685
2014-04-17 0.420 2.542
2014-03-25 0.420 2.578
2013-12-18 0.400 2.682
2013-09-24 0.400 2.511
2013-09-18 0.400 2.499
2013-03-28 0.400 2.816
2012-12-07 0.360 2.667
2012-09-19 0.360 3.464
2012-06-20 0.360 3.951
2012-03-23 0.360 4.130
2011-12-21 0.240 2.799
2011-09-21 0.240 3.360
2011-06-22 0.240 2.761
2011-03-23 0.240 2.222
2010-12-16 0.160 1.568
2010-09-29 0.160 1.778
2010-06-24 0.160 2.290
2010-03-30 0.160 2.102
2010-03-23 0.160 2.442
2009-09-30 0.160 2.536
2009-06-25 0.160 2.442

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Steelcase's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.5x coverage).
X
Income/ dividend checks
We assess Steelcase's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Steelcase afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Steelcase has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

SCS Management

 What is the CEO of Steelcase's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jim Keane
COMPENSATION $6,439,373
AGE 60
TENURE AS CEO 6.1 years
CEO Bio

Mr. James P. Keane, also known as Jim, has been the Chief Executive Officer of Steelcase Inc. since March 2014. Mr. Keane served as the President of Steelcase Inc. from April 22, 2013 to March 2014. He served as Chief Operating Officer of Steelcase Inc. from November 1, 2012 to March 2014. Mr. Keane served as the President of Steelcase Group at Steelcase Inc. from October 2006 to November 1, 2012. Mr. Keane served as an Executive Officer of LexisNexis CourtLink, Inc. Mr. Keane joined Steelcase Inc. in 1997. He served as Senior Vice President and Chief Financial Officer of Steelcase Inc. since April 2001 until October 2006 and served as its Principal Accounting Officer. He served as Senior Vice President, Finance and Corporate Strategy from February to April 2001, Senior Vice President, Corporate Strategy, Research and Development of Steelcase Inc. from 1999 to 2001. Mr. Keane served as a Vice President, Corporate Strategy, Research and Development of Steelcase Inc. from 1997 to 1999. He has been an Independent Director of Rockwell Automation Inc. since 2011. He has been a Director of Steelcase, Inc. since April 22, 2013. He holds Master’s degree in Management from Kellogg Graduate School of Management at Northwestern University. He holds Bachelor of Science in Accounting from University of Illinois in Peoria.

CEO Compensation
  • Jim's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Jim's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Steelcase management team in years:

6.1
Average Tenure
57
Average Age
  • The average tenure for the Steelcase management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Jim Keane

TITLE
President
COMPENSATION
$6M
AGE
60
TENURE
6.1 yrs

Dave Sylvester

TITLE
CFO & Senior VP
COMPENSATION
$2M
AGE
54
TENURE
9 yrs

Sara Armbruster

TITLE
Vice President of Strategy of Research & Digital Transformation
COMPENSATION
$1M
AGE
48
TENURE
6.3 yrs

Lizbeth O'Shaughnessy

TITLE
Chief Administrative Officer
COMPENSATION
$2M
AGE
57
TENURE
5.8 yrs

Allan Smith

TITLE
Vice President of Global Marketing
COMPENSATION
$1M
AGE
51
TENURE
6.6 yrs

Bob Krestakos

TITLE
Vice President of Global Operations
COMPENSATION
$1M
AGE
57
TENURE
5.2 yrs

Mark Mossing

TITLE
Corporate Controller & Chief Accounting Officer
AGE
61
TENURE
12 yrs

Mike O'Meara

TITLE
Director of Investor Relations & Financial Planning and Analysis

Gale Moutrey

TITLE
Vice President of Communications
AGE
60
TENURE
6.1 yrs

Guillaume Alvarez

TITLE
Senior Vice President of EMEA
AGE
59
TENURE
6.1 yrs
Board of Directors Tenure

Average tenure and age of the Steelcase board of directors in years:

8.8
Average Tenure
61
Average Age
  • The tenure for the Steelcase board of directors is about average.
Board of Directors

Rob Pew

TITLE
Chair of the Board
COMPENSATION
$300K
AGE
68
TENURE
16.8 yrs

Jim Keane

TITLE
President
COMPENSATION
$6M
AGE
60
TENURE
7 yrs

Cathy Ross

TITLE
Independent Director
COMPENSATION
$220K
AGE
61
TENURE
14.1 yrs

Connie Duckworth

TITLE
Independent Director
COMPENSATION
$210K
AGE
64
TENURE
10.1 yrs

Larry Blanford

TITLE
Independent Director
COMPENSATION
$220K
AGE
65
TENURE
7.6 yrs

Peter Wege

TITLE
Independent Director
COMPENSATION
$200K
AGE
70
TENURE
41.3 yrs

Kate Wolters

TITLE
Independent Director
COMPENSATION
$200K
AGE
61
TENURE
19.3 yrs

Jenny Niemann

TITLE
Director
COMPENSATION
$200K
AGE
50
TENURE
2.8 yrs

Tim Brown

TITLE
Independent Director
COMPENSATION
$210K
AGE
56
TENURE
3.3 yrs

Todd Kelsey

TITLE
Independent Director
COMPENSATION
$205K
AGE
54
TENURE
3.1 yrs
Who owns this company?
Recent Insider Trading
  • Steelcase individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
21. Jan 20 Sell Robert Pew Individual 16. Jan 20 16. Jan 20 -43,305 $19.58 $-847,912
13. Jan 20 Sell Robert Pew Individual 10. Jan 20 10. Jan 20 -50,000 $19.19 $-959,500
10. Jan 20 Sell Robert Pew Individual 08. Jan 20 09. Jan 20 -78,671 $20.11 $-1,572,612
08. Jan 20 Sell Robert Pew Individual 07. Jan 20 07. Jan 20 -50,000 $20.00 $-1,000,000
27. Dec 19 Sell James Keane Individual 23. Dec 19 23. Dec 19 -21,667 $21.40 $-463,674
20. Dec 19 Sell Sara Armbruster Individual 20. Dec 19 20. Dec 19 -4,514 $21.91 $-98,902
22. Oct 19 Sell David Sylvester Individual 22. Oct 19 22. Oct 19 -7,500 $18.23 $-136,754
02. Oct 19 Sell Peter Wege Individual 01. Oct 19 01. Oct 19 -1,769 $18.47 $-32,674
01. Oct 19 Sell Peter Wege Individual 27. Sep 19 30. Sep 19 -5,200 $18.36 $-95,249
27. Sep 19 Sell Peter Wege Individual 25. Sep 19 26. Sep 19 -5,200 $18.64 $-96,167
25. Sep 19 Sell Eddy Schmitt Individual 24. Sep 19 24. Sep 19 -25,000 $18.95 $-473,753
25. Sep 19 Sell James Ludwig Individual 24. Sep 19 24. Sep 19 -560 $19.11 $-10,702
25. Sep 19 Sell Sara Armbruster Individual 24. Sep 19 24. Sep 19 -5,000 $19.30 $-96,501
15. Jul 19 Sell David Sylvester Individual 12. Jul 19 12. Jul 19 -21,017 $17.43 $-366,419
15. Jul 19 Sell James Keane Individual 12. Jul 19 12. Jul 19 -100,000 $17.45 $-1,744,500
11. Jul 19 Sell Sara Armbruster Individual 10. Jul 19 10. Jul 19 -5,000 $17.30 $-86,501
10. Jul 19 Sell Lizbeth O'Shaughnessy Individual 09. Jul 19 09. Jul 19 -20,000 $17.11 $-342,166
03. Jul 19 Sell Jennifer Niemann Individual 01. Jul 19 01. Jul 19 -1,020 $17.15 $-17,489
03. May 19 Sell James Ludwig Individual 02. May 19 02. May 19 -8,000 $17.25 $-138,000
01. May 19 Sell Allan Smith Individual 01. May 19 01. May 19 -12,233 $17.15 $-209,845
X
Management checks
We assess Steelcase's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Steelcase has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

SCS News

Simply Wall St News

Is Steelcase Inc. (NYSE:SCS) Potentially Undervalued?

Great news for investors – Steelcase is still trading at a fairly cheap price. … Buying a great company with a robust outlook at a cheap price is always a good investment, so let’s also take a look at the company's future expectations. … With an optimistic outlook on the horizon, it seems like this growth has not yet been fully factored into the share price.

Simply Wall St -

An Intrinsic Calculation For Steelcase Inc. (NYSE:SCS) Suggests It's 47% Undervalued

We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. … Generally we assume that a dollar today is more valuable than a dollar in the future, and so the sum of these future cash flows is then discounted to today's value: 10-year free cash flow (FCF) estimate 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Levered FCF ($, Millions) $92.4m $159.5m $159.0m $179.3m $198.0m $213.3m $226.6m $238.4m $249.0m $258.8m Growth Rate Estimate Source Analyst x3 Analyst x3 Analyst x1 Analyst x1 Analyst x1 Est @ 7.74% Est @ 6.24% Est @ 5.19% Est @ 4.45% Est @ 3.93% Present Value ($, Millions) Discounted @ 8.11% $85.5 $136.4 $125.8 $131.2 $134.0 $133.6 $131.3 $127.7 $123.4 $118.6 ("Est" = FCF growth rate estimated by Simply Wall St) Present Value of 10-year Cash Flow (PVCF)= $1.2b The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. … NYSE:SCS Intrinsic value, August 20th 2019 Important assumptions We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows.

Simply Wall St -

Have Insiders Been Selling Steelcase Inc. (NYSE:SCS) Shares?

So shareholders might well want to know whether insiders have been buying or selling shares in Steelcase Inc. … For example, a Harvard University study found that 'insider purchases earn abnormal returns of more than 6% per year.' View our latest analysis for Steelcase The Last 12 Months Of Insider Transactions At Steelcase In the last twelve months, the biggest single sale by an insider was when the President, James Keane, sold US$1.7m worth of shares at a price of US$17.45 per share. … NYSE:SCS Recent Insider Trading, August 12th 2019 Steelcase Insiders Are Selling The Stock Over the last three months, we've seen significant insider selling at Steelcase.

Simply Wall St -

One Thing To Remember About The Steelcase Inc. (NYSE:SCS) Share Price

Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market. … If this beta value holds true in the future, Steelcase shares are likely to rise more than the market when the market is going up, but fall faster when the market is going down.

Simply Wall St -

Would Steelcase Inc. (NYSE:SCS) Be Valuable To Income Investors?

Dividend Growth Potential Given that the dividend has been cut in the past, we need to check if earnings are growing and if that might lead to stronger dividends in the future. … Conclusion To summarise, shareholders should always check that Steelcase's dividends are affordable, that its dividend payments are relatively stable, and that it has decent prospects for growing its earnings and dividend. … Second, earnings per share have been essentially flat, and its history of dividend payments is chequered - having cut its dividend at least once in the past.

Simply Wall St -

Evaluating Steelcase Inc.’s (NYSE:SCS) Investments In Its Business

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Steelcase: 0.11 = US$188m ÷ (US$2.3b - US$551m) (Based on the trailing twelve months to May 2019.) So, Steelcase has an ROCE of 11%. … Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE.

Simply Wall St -

Steelcase (NYSE:SCS) Has A Pretty Healthy Balance Sheet

The first thing to do when considering how much debt a business uses is to look at its cash and debt together. … NYSE:SCS Historical Debt, July 10th 2019 A Look At Steelcase's Liabilities According to the last reported balance sheet, Steelcase had liabilities of US$551.0m due within 12 months, and liabilities of US$852.7m due beyond 12 months. … Because it carries more debt than cash, we think it's worth watching Steelcase's balance sheet over time.

Simply Wall St -

Did Steelcase Inc. (NYSE:SCS) Use Debt To Deliver Its ROE Of 15%?

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Steelcase: 15% = US$126m ÷ US$850m (Based on the trailing twelve months to February 2019.) Most readers would understand what net profit is, but it’s worth explaining the concept of shareholders’ equity. … One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. … Combining Steelcase's Debt And Its 15% Return On Equity While Steelcase does have some debt, with debt to equity of just 0.57, we wouldn't say debt is excessive.

Simply Wall St -

Read This Before You Buy Steelcase Inc. (NYSE:SCS) Because Of Its P/E Ratio

The formula for price to earnings is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for Steelcase: P/E of 15.93 = $16.85 ÷ $1.06 (Based on the trailing twelve months to February 2019.) Is A High Price-to-Earnings Ratio Good? … A higher P/E ratio means that buyers have to pay a higher price for each $1 the company has earned over the last year. … Because analysts are predicting more growth in the future, one might have expected to see a higher P/E ratio.

Simply Wall St -

Will Steelcase Inc.'s (NYSE:SCS) Earnings Grow Over The Next Year?

Based on Steelcase Inc.'s (NYSE:SCS) earnings update in February 2019, analyst consensus outlook appear cautiously optimistic, as a 24% increase in profits is expected in the upcoming year, relative to the past 5-year average growth rate of 2.2%. … To understand the overall trajectory of SCS's earnings growth over these next fews years, I've fitted a line through these analyst earnings forecast to determine an annual growth rate from the slope. … NYSE:SCS Past and Future Earnings, May 31st 2019 This results in an annual growth rate of 13% based on the most recent earnings level of US$126m to the final forecast of US$207m by 2022.

Simply Wall St -

SCS Company Info

Description

Steelcase Inc. manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company’s furniture portfolio includes panel, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including worktools. Its seating products comprise ergonomic task chairs; seating for collaborative or casual settings; and specialty seating for specific vertical markets, such as healthcare and education. The company’s interior architectural products include full and partial height walls and architectural pods. It also provides textiles, wall coverings, and surface imaging solutions for architects and designers; and ceramic steel surfaces for use in various applications, including static whiteboards and chalkboards through third party fabricators and distributors, as well as workplace strategy consulting, data-driven space measurement, lease origination, furniture and asset management, and hosted event services. The company markets and sells its products to corporate, government, healthcare, education, and retail customers under the Steelcase, Coalesse, Turnstone, Smith System, AMQ, Orangebox, Designtex, and PolyVision brands. It distributes its products and services through a network of independent and company-owned dealers, as well as directly to end-use customers. The company was founded in 1912 and is headquartered in Grand Rapids, Michigan.

Details
Name: Steelcase Inc.
SCS
Exchange: NYSE
Founded: 1912
$1,148,579,600
117,202,000
Website: http://www.steelcase.com
Address: Steelcase Inc.
901 44th Street SE,
Grand Rapids,
Michigan, 49508,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE SCS Class A Common Stock New York Stock Exchange US USD 18. Feb 1998
DB GJB Class A Common Stock Deutsche Boerse AG DE EUR 18. Feb 1998
Number of employees
Current staff
Staff numbers
12,700
Steelcase employees.
Industry
Office Services and Supplies
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/08 23:45
End of day share price update: 2020/04/08 00:00
Last estimates confirmation: 2020/03/26
Last earnings filing: 2020/03/24
Last earnings reported: 2020/02/28
Last annual earnings reported: 2020/02/28


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.