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Steel Dynamics, Inc.

STLD Basic Materials Steel

Steel Dynamics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $18.2 billion, up 3.63% from fiscal 2024.

Revenue
+34.8%
EPS
+92.4%
Free cash flow
+25.0%
Total debt
+11.1%

Quarter to September 2026, against a year earlier

252.35 1.55 +0.62%
Market cap
$35.7B
P/E
18.5×
Fwd P/E
14.2×
Dividend yield
0.83%
F-score
5/9
Altman Z
5.03
Beneish M
−2.40
Dividend safety
71/100
Overview Business Profile
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by regions Fiscal 2025

  • U.S.
  • Non-U.S.

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 7.57
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — 2 2 1 — — — — —
Insider Ownership 7.29%

Capital & Financial Ratios $m

Size
Market Cap 35,670.00
Revenue ttm 22,219.88
Net income ttm 1,951.09
Free cash flow ttm 1,094.83
Net debt Q 3,275.34
Valuation
P/E 18.53
Forward P/E 14.20
Price / sales 1.62
Forward P/S Powerpack
Price / FCF 32.96
Price / book 3.74
Financial health
Current ratio Q 3.14 (at or above 1.5: strong)
Debt / equity Q 0.44 (at or below 0.5: strong)
Interest coverage Q 25.59
Growth
Revenue growth Q +34.82% (above 0%: growing)
Operating income growth Q +98.20% (above 0%: growing)
EPS, this year +121.60% (at or above 15%: strong)
EPS, next year A +23.93% (at or above 15%: strong)
Revenue, next year A +32.82% (at or above 10%: strong)
EPS, past 5 yrs +25.27% (at or above 15%: strong)
EPS, next 5 yrs A +33.86% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.8×, against a ten-year median of 1.1×; over the ten years it ranged from 0.6× in 2019 to 2.2× in 2026.
P/E against its own 10 years 80.42%
10-year low 10-year high
P/S against its own 10 years 96.29%
10-year low 10-year high
P/B against its own 10 years 97.80%
10-year low 10-year high
EV/Sales against its own 10 years 95.70%
10-year low 10-year high
EV/FCF against its own 10 years 85.23%
10-year low 10-year high

Dividends raised 2 years running

Yield
0.83%
Annual rate
2.09
Payout ratio
15.4%
Growth, 2016–25
+15.2%/yr
  1. 0.56 ’16
  2. 0.62 ’17 +11%
  3. 0.75 ’18 +21%
  4. 0.96 ’19 +28%
  5. 1.00 ’20 +4%
  6. 1.04 ’21 +4%
  7. 1.70 ’22 +63%
  8. 1.70 ’23 +0%
  9. 1.84 ’24 +8%
  10. 2.00 ’25 +9%
  11. 2.12 ’26e +6%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,122 737 770 929
Receivables 1,608 1,417 1,683 2,446
Inventory 2,895 3,114 3,739 4,249
Other 163 163 293 390
6,788 5,431 6,484 8,014
2023 2024 2025 Q'26
Payables 1,088 980 1,231 1,605
ST’ Debt 460 427 35 21
Other — — — —
2,332 2,151 2,122 2,548

Compound Annual Growth %

10y 5y 3y
Sales 9.12% 13.61% (6.53%)
Cash Flow 3.24% 7.99% (31.25%)
Earnings 0.00% 16.57% (32.54%)
Book Value 13.19% 15.97% 3.56%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 5.42 Actual 5.26

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.72 1.82 Beat by 0.10
Q1 FY26 2.79 2.78 Miss by 0.01
Q2 FY26 3.56 3.69 Beat by 0.13
Q3 FY26 5.42 5.26 Miss by 0.16
Q4 FY26 6.19 — Reports 25 January 2027

EPS $

Mar Jun Sep Dec Year
’26 2.78 3.69 5.26 — —
’25 1.44 2.01 2.74 1.82 7.99
’24 3.67 2.72 2.05 1.36 9.84
’23 3.70 4.81 3.47 2.61 14.64
’22 5.71 6.44 5.03 3.61 20.92
’21 2.03 3.32 4.85 5.49 15.56
’20 0.88 0.36 0.47 0.89 2.59
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 5,205 6,092 6,509 — —
’25 4,369 4,565 4,828 4,414 18,177
’24 4,694 4,633 4,342 3,872 17,540
’23 4,893 5,082 4,587 4,233 18,795
’22 5,570 6,213 5,652 4,826 22,261
’21 3,545 4,465 5,088 5,311 18,409
’20 2,575 2,094 2,331 2,601 9,601
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 148 428 846 — —
’25 153 302 723 273 1,450
’24 355 383 760 347 1,845
’23 734 808 1,114 865 3,520
’22 819 1,002 1,496 1,143 4,460
’21 262 587 631 724 2,204
’20 211 486 152 138 987
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 10 304 696 — —
’25 (153) 13 557 84 502
’24 (19) (37) 138 (106) (24)
’23 507 450 555 350 1,862
’22 660 838 1,255 799 3,552
’21 (48) 310 416 519 1,198
’20 (6) 176 (176) (205) (211)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 7,777 9,539 11,822 10,465 9,601 18,409 22,261 18,795 17,540 18,177 22,220 +9.9% 24,143 24,929 23,848 +9.5%
Gross margin, % 17.16 16.59 19.65 14.63 14.94 29.13 27.48 21.53 15.98 13.16 15.90 (4.0) pt
EBT 564 935 1,620 875 705 4,209 5,021 3,219 1,983 1,493 2,486 +11.4%
EBT margin, % 7.25 9.80 13.70 8.36 7.35 22.86 22.56 17.13 11.30 8.21 11.19 +1.0 pt
Net income 360 806 1,256 678 571 3,247 3,879 2,467 1,550 1,187 1,951 +14.2%
Per share, $
Per share, $ Revenue 31.93 39.72 50.54 47.65 45.47 89.75 121.38 112.85 112.86 122.98 155.39 +16.2%
Earnings 1.57 3.38 5.38 3.06 2.61 15.67 21.06 14.72 9.89 8.02 13.62 +19.9%
Cash flow 3.50 3.08 6.05 6.36 4.67 10.75 24.32 21.13 11.87 9.81 11.85 +12.1%
Capex (0.81) (0.69) (1.02) (2.06) (5.67) (4.91) (4.96) (9.95) (12.02) (6.41) (4.20) +25.8%
Free cash flow 2.69 2.39 5.03 4.30 (1.00) 5.84 19.37 11.18 (0.15) 3.39 7.66 +2.6%
Book value 11.40 13.31 16.14 17.85 19.84 29.78 43.15 52.05 56.45 59.46 67.39 +20.1%
Shares, m 244 240 234 220 211 205 183 167 155 148 145 (5.4%)
Valuation, ×
Valuation, × P/E 23.06 13.23 5.58 11.20 14.13 3.93 4.55 8.11 11.60 21.08 18.53 11.6
P/S 1.13 1.13 0.59 0.71 0.81 0.69 0.78 1.05 1.01 1.38 1.62 0.9
P/B 3.18 3.37 1.86 1.91 1.86 2.08 2.21 2.28 2.02 2.85 3.74 2.4
EV/Sales 1.33 1.27 0.71 0.82 0.99 0.79 0.82 1.10 1.15 1.57 1.77 1.1
EV/FCF 15.79 21.11 7.10 9.07 (45.11) 12.18 5.14 11.15 (860.42) 56.80 35.95 (76.7)
Cash, $m
Cash, $m Operating cash flow 853 739 1,415 1,396 987 2,204 4,460 3,520 1,845 1,450 1,695 +6.1%
Capex (198) (165) (239) (452) (1,198) (1,006) (909) (1,658) (1,868) (948) (600) +19.0%
Free cash flow 655 574 1,176 944 (211) 1,198 3,552 1,862 (24) 502 1,095 (2.9%)
Balance, $m
Balance, $m Working capital 2,217 2,640 3,014 3,246 3,000 4,674 5,606 4,456 3,281 4,362 5,466 +7.8%
Net debt 1,515 1,353 1,320 1,091 1,734 1,862 814 949 2,494 3,441 3,275 +9.5%
Shareholders’ equity 2,777 3,195 3,776 3,921 4,190 6,109 7,914 8,668 8,774 8,789 9,636 +13.7%
Returns, %
Returns, % ROA 6.05 12.24 17.29 8.40 6.28 29.49 28.94 16.86 10.30 7.56 11.59 +1.5 pt
ROIC 10.60 14.66 21.13 12.31 8.94 33.73 36.46 20.48 10.78 7.54 12.37 (3.1) pt
ROE 14.36 27.22 36.10 17.44 13.58 62.42 55.09 29.56 17.63 13.50 21.22 (0.9) pt
People
People Employees 7,695 7,635 8,200 8,385 9,625 10,640 12,060 12,600 13,000 14,400 — +7.2%
Revenue/emp, $m 1.01 1.25 1.44 1.25 1.00 1.73 1.85 1.49 1.35 1.26 — +2.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Steel Dynamics is an industrial metals company founded in 1993, with facilities across the United States and Mexico. Mark D. Millett is its co-founder, Chairman and Chief Executive Officer. The company uses a circular manufacturing model: its recycling business collects and processes scrap metal; its electric-arc-furnace steel mills and aluminum operations use that material; and its fabrication businesses turn steel into finished building components.

Its main activities are making and selling steel, processing and selling ferrous and nonferrous scrap, and manufacturing steel joists, joist girders and steel deck systems. Steel products include flat-rolled sheet—hot rolled, cold rolled, galvanized, painted and other coated products—and long products such as structural beams, rail, reinforcing bar, specialty shapes and engineered bar products. It sells these products to manufacturers, processors, service centers, fabricators and construction-related customers.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by regions, and margins
U.S. 17,022 93.65%
Non-U.S. 1,154 6.35%
Gross margin 13.16%
Operating margin 8.12%
Pre-tax margin 8.21%

Revenue by segment since 2009

Steel Dynamics, Inc. vs peers in Steel (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
NUE Nucor Corporation $62.1B 21.8× 13.8× +22.95% (above 0%: growing) +94.23% (above 0%: growing) +549.46% (above 0%: growing) 19.56% 15.67% Compare
MT ArcelorMittal $45.1B 25.0× 19.6× +5.24% (above 0%: growing) −61.70% (below 0%: shrinking) −126.60% (below 0%: shrinking) 10.95% 6.29% Compare
STLD Steel Dynamics, Inc. $35.7B 22.6× 14.2× +33.44% (above 0%: growing) +84.58% (above 0%: growing) +2,189.86% (above 0%: growing) 15.74% 11.50%
RS Reliance, Inc. $22.3B 25.2× 16.3× +26.51% (above 0%: growing) +42.57% (above 0%: growing) −45.43% (below 0%: shrinking) 28.09% 9.54% Compare
PKX POSCO Holdings Inc. $15.0B 16.1× — +9.70% (above 0%: growing) +352.74% (above 0%: growing) −156.79% (below 0%: shrinking) 8.62% 4.25% Compare
TX Ternium S.A. $10.4B 14.8× 8.3× +9.97% (above 0%: growing) +59.09% (above 0%: growing) −174.72% (below 0%: shrinking) 21.68% 12.17% Compare
CLF Cleveland-Cliffs Inc. $8.1B — (loss-making) 216× +5.92% (above 0%: growing) n/m +208.96% (above 0%: growing) 2.53% (0.94%) Compare
GGB Gerdau S.A. $5.8B 20.3× — +14.33% (above 0%: growing) +87.50% (above 0%: growing) +171.99% (above 0%: growing) 15.83% 13.05% Compare
SIM Grupo Simec, S.A. de C.V. $4.3B 21.4× 28.5× +29.60% (above 0%: growing) +167.74% (above 0%: growing) +51.13% (above 0%: growing) 24.99% 15.91% Compare
Median of peers $12.7B 21.4× 18.0× +12.15% +87.50% +2.85% 17.70% 10.86%

All 19 Steel stocks →

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Barclays Oct 20, 2026 Target raised Outperform 272.00 → 285.00

Pay and ownership Proxy statement filed 27 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 12.06m 24.23m 498.00
2024 11.78m 16.25m 330.00
2023 11.82m 26.49m 337.00
2022 11.23m 34.80m 275.00
2021 11.00m 30.54m 171.00

Ownership

Directors and executive officers, together 6.60%
The Vanguard Group1 13.80%
BlackRock, Inc.2 8.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Steel Dynamics, Inc. (STLD) Latest News

28 Oct

Impact 3 · · Trefis

27 Oct

Impact 3 · · MarketBeat

22 Oct

Impact 4 · · Trefis

21 Oct

Impact 4 · · The Motley Fool
Impact 3 · · Trefis

20 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat
Impact 4 · · Moby
Impact 3 · · Simply Wall St.
Impact 3 · · The Motley Fool
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · InvestorsHub
Impact 3 · · MT Newswires
Impact 3 · · TIKR

19 Oct

Impact 4 · · Zacks
Impact 4 · · PR Newswire earnings
Impact 4 · · PR Newswire
Impact 3 · · Investing.com
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · 24/7 Wall St.

16 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Trefis
Impact 3 · · Simply Wall St.

15 Oct

Impact 4 · · Simply Wall St.

14 Oct

Impact 3 · · Zacks

6 Oct

Impact 3 · · Zacks

30 Sep

Impact 4 · · Barchart

28 Sep

Impact 3 · · Zacks

STLD metrics, ten years each

stockrow.com/STLD · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com