Reliance Worldwide's (ASX:RWC) earnings results for the fiscal first-half were largely uninspiring and missed expectations, according to a Tuesday report by Jefferies.

On Tuesday, the company reported adjusted earnings of $0.067 per share and net sales of $645.4 million for the six months ended Dec. 31, 2025.

The company managed its costs well in tough economic conditions, Jefferies said.

However, the investment firm believes that the company is facing a "losing battle" with negative earnings per share revisions, trade risks, and high input costs.

The company's earnings before interest and taxes outlook has "barely changed" from fiscal 2019, Jefferies noted, adding that though it expects an improvement from next year, the magnitude of the recovery remains uncertain.

Jefferies expects this uncertainty to weigh on the company's earnings multiple.

Jefferies reaffirmed a buy rating on RWC and lowered its price target to AU$4.05 from AU$4.65.

Shares of Reliance Worldwide fell past 7% in recent Wednesday trade and earlier hit an over three-year low.