Steel Dynamics (STLD)
Materials · $33.1B market cap · SEC CIK 0001022671
fundamentals score out of 100
Next reports on Oct 19, 2026, after the close, with analysts expecting $5.56 in earnings per share.
The case for STLD
- Revenue growing 19.8% year over year.
- Earnings per share up 60.8%.
- A PEG of 0.34: a P/E of 20.6× is low for EPS growing 61%.
- Has compounded revenue at 13.6% a year over five years.
- Return on equity of 18%.
- Current assets cover the near-term bills 3.2 times over.
The case against
- Only 42% of FY2025's $1.2B profit arrived as free cash.
- Long-term debt of $4.2B against $770M of cash.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Materials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 61 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 84 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 50 |
| Momentumhow the price has behaved lately | 62 |
| Stabilityhow violently it moves, what it owes and what it pays you | 29 |
- Each factor except momentum is half fixed thresholds, half rank among the 26 Materials companies.
Key numbers
| Price / earnings | 20.6× |
|---|---|
| Price / book | 3.51× |
| Price / sales | 1.6× |
| Revenue growth (YoY) | +19.8% |
| EPS growth (YoY) | +60.8% |
| Gross margin | 15% |
| Operating margin | 10% |
| Net margin | 8% |
| Return on equity | 18% |
| Debt / equity | 0.44× |
| Current ratio | 3.18 |
| Dividend yield | 1.52% |
| Beta | 1.50 |
| 52-week range | $134.87 – $288.74 |
| Position in that range | 64% of the way up |
| 3-month return | -8.0% |
| 1-year return | +65.1% |
Five years of financials, as filed
Pulled from Steel Dynamics's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $18.2B | $17.5B | $18.8B | $22.3B | $18.4B |
| Gross profit | $2.4B | $2.8B | $4.0B | $6.1B | $5.4B |
| Operating income | $1.5B | $1.9B | $3.2B | $5.1B | $4.3B |
| Net income | $1.2B | $1.5B | $2.5B | $3.9B | $3.2B |
| Operating cash flow | $1.4B | $1.8B | $3.5B | $4.5B | $2.2B |
| Capital expenditure | $948M | $1.9B | $1.7B | $909M | $1.0B |
| Total assets | $16.4B | $14.9B | $14.9B | $14.2B | $12.5B |
| Total liabilities | $7.5B | $6.0B | $6.1B | $6.1B | $6.2B |
| Shareholder equity | $9.0B | $8.9B | $8.9B | $8.1B | $6.3B |
| Cash | $770M | $589M | $1.4B | $1.6B | $1.2B |
| Long-term debt | $4.2B | $2.8B | $2.6B | $3.0B | $3.0B |
| Free cash flow | $502M | -$23.5M | $1.9B | $3.6B | $1.2B |
| Gross margin | 13.2% | 16.0% | 21.5% | 27.5% | 29.1% |
| Operating margin | 8.1% | 11.1% | 16.8% | 22.9% | 23.4% |
| Net margin | 6.5% | 8.8% | 13.0% | 17.4% | 17.5% |
| Diluted shares | 148M | 156M | 167M | 185M | 207M |
Share count is down 28.2% over 4 years. Buybacks have been shrinking the pie.
What Steel Dynamics says it does
for further information on Steel Operations segment operations. Steel Operations Segment Shipments (tons): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ ​ 2025 ​ % Change ​ 2024 ​ ​ Total shipments 13,748,801 ​ 9% ​ 12,660,487 ​ ​ Intra-segment shipments (1,429,299) ​ ​ ​ (1,306,364) ​ ​ Steel Operations Segment shipments 12,319,502 ​ 9% ​ 11,354,123 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External shipments 11,960,582 ​ 9% ​ 10,929,453 ​ ​ ​ 40 Table of Contents Steel Operations Segment Results 2025 vs. 2024 During 2025, our steel operations achieved record annual shipments of 13.7 million tons (12.3 million excluding intra-segment),…
Risk factors STLD lists in its 10-K
- Management’s Discussion and Analysis of Financial Condition and Results of Operations
- Metals Recycling Operations Segment
- Steel Fabrication Operations Segment
- Aluminum Operations Segment Results 2025 vs. 2024
- Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
- Executive Vice President and Chief Financial Officer
- Opinion on Internal Control Over Financial Reporting
- Definition and Limitations of Internal Control Over Financial Reporting
- Opinion on the Financial Statements
- Redeemable noncontrolling interests
- Net income attributable to Steel Dynamics, Inc
- Basic earnings per share attributable to Steel Dynamics,
- Diluted earnings per share attributable to Steel Dynamics, Inc
- stockholders, including the effect of assumed conversions