NASDAQ: STLD · Steel
Steel Dynamics
Steel Dynamics, based in Fort Wayne, Indiana, is one of North America’s largest domestic steel producers and metals recyclers, with about 16 million tons of steel capacity. 2025 net sales were $18,177M and net income $1,186M, down from a $3,863M peak in 2022. It also runs a recycled aluminum flat rolled mill in Columbus, Mississippi. Third-quarter 2026 operating income nearly doubled to about $1.0B on wider metal spreads.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: November 4, 2026 15:27 (SEC EDGAR) · Source 10-K filed: February 27, 2026
Built on10-K FY2025 · filed 2026-02-2710-Q (quarter ended 2026-09-30) · filed 2026-10-23Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 13.6%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 8.1%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -0.5 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 1.7x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.22x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 17.8x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.10
Higher than 75% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 22% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 27% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 49% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 25% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$241.00close on 2026-11-04
Market cap$34.93B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 17.8x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 3.9x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 18.9x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 1.4%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.8%
At FY2025 year-end: 21.2x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 2.7x
Book value at FY2025 year-end
At FY2025 year-end: 13.8x
EBITDA for FY2025
At FY2025 year-end: 2.0%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$4.83B → $6.51B (vs. a year earlier)↑ +34.8%$4.83B → $6.51B (vs. a year earlier)
- Operating margin10.5% → 15.5% (vs. a year earlier)↑ +4.9 pts10.5% → 15.5% (vs. a year earlier)
- Net income$404M → $756M (vs. a year earlier)↑ +87.3%$404M → $756M (vs. a year earlier)
- Diluted EPS$2.74 → $5.26 (vs. a year earlier)↑ +92.0%$2.74 → $5.26 (vs. a year earlier)
- Cash$568M → $929M (vs. previous quarter-end)↑ +63.6%$568M → $929M (vs. previous quarter-end)
- Long-term debt$4.2B → $4.2B (vs. previous quarter-end)→ +0.0%$4.2B → $4.2B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 20, 2026.
Key changes
Repurchased $276M of stock. Source sentence
§ Share repurchases of $276 million, or one percent, of the company’s common stock
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- STEEL DYNAMICS INC
- Headquarters
- FORT WAYNE, IN
- Incorporated in
- Indiana
- Fiscal year end
- 12/31
- Exchange & ticker
- NASDAQ: STLD
- Industry
- Steel
- CIK
- 1022671
- Website
- https://steeldynamics.com/ ↗
Workforce (as of FY2025 year-end)
Employees
14,400
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 23–27 days after quarter end (Jan 27, 2026; Jan 23, 2025; Jan 24, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 17–27 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 20, 2026 (+20 days) | Oct 23, 2026 10-Q (+23 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 21, 2026 (+21 days) | Jul 28, 2026 10-Q (+28 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 21, 2026 (+21 days) | Apr 27, 2026 10-Q (+27 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 27, 2026 (+27 days) | Feb 27, 2026 10-K (+58 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 21, 2025 (+21 days) | Oct 24, 2025 10-Q (+24 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 22, 2025 (+22 days) | Aug 11, 2025 10-Q (+42 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 23, 2025 (+23 days) | May 12, 2025 10-Q (+42 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 23, 2025 (+23 days) | Feb 28, 2025 10-K (+59 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 17, 2024 (+17 days) | Nov 8, 2024 10-Q (+39 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 18, 2024 (+18 days) | Aug 8, 2024 10-Q (+39 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 24, 2024 (+24 days) | May 10, 2024 10-Q (+40 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 24, 2024 (+24 days) | Feb 29, 2024 10-K (+60 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Steel
Flat roll, long products
EAF steel and coatings.
Metals recycling
Ferrous and aluminum scrap
Largest scrap supplier to its own mills.
Fabrication
Joists and deck
For non-residential construction.
Aluminum
Recycled flat rolled
650,000-metric-ton mill in Columbus, Mississippi.
From the Form 10-K, FY2025.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Steel and metals recycling
North America
U.S. share
—
Not disclosedWorldwide share
—
Not disclosedNorth America
One of the largest
Company-disclosedBased on capacity of about 16M tons and recycling volumes
07
Recent strategic focusSite analysis
Recent developments.
Q3 2026 results
Sales $6,509M (vs $4,828M); net income $756M (vs $404M).
Source: Form 10-Q (quarter ended 2026-09-30)
New Process Steel
Completed the purchase of the remaining 55% in December 2025.
Source: Form 8-K (2025-12-02) — Item 8.01 New Process Steel
Capex ÷ D&A (FY2025)
1.72x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$948M ÷ $551M = 1.72x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$370M
Latest year: $176M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $1.2B in FY2020 to $948M in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$18.18B
As reported in the 10-K
Revenue CAGR (5 years)
+13.6%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($18,177M ÷ $9,601M) ^ (1÷5) − 1 = 13.6%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
8.1%
-0.7pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$1,476M ÷ $18,177M × 100 = 8.1%
ROE (FY2025)
13.3%▲favorable
6-year average: 31.1%
As reported in the 10-K
P/B (FY2025 end)
2.74x
formulafiscal year-end closing price ÷ book value per share
e.g.$169.45 ÷ $61.80 = 2.74x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
13.8x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($24,560M + $4,211M − $770M) ÷ ($1,476M + $551M) = 13.8x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +13.6% a year over 5 years (strong growth)
From $9.6B in FY2020 to $18.18B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Operating margin held roughly flat: 8.8% → 8.1%
How much operating profit is left per $100 of revenue. It moved -0.7 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▲
Equity ratio is 54.6% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ―
Free cash flow was positive in 4 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 31.1% over 6 years (latest: 13.3%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- New Process Steel
07 · what it does
Key activities
- EAF steelmaking and coating
- Metals recycling
- Steel fabrication and aluminum flat rolling
06 · what it draws on
Key resources
- About 14,400 team members
- Scrap from its metals recycling platform
- About 16M tons steel capacity
02 · why customers buy
Value propositions
- High-quality, lower-carbon products from a circular manufacturing model using recycled metal.
04 · how it keeps them
Customer relationships
- Steel fabrication customer orders and backlogs; direct sales to end users and service centers.
03 · how it reaches them
Channels
- Direct sales to steel users, service centers and distributors; its own processors (USS and NPS).
01 · who it serves
Customer segments
- Automotive, construction and industrial steel buyers
- Non-residential construction buyers of joists and deck
- Beverage can and automotive aluminum buyers
09 · where money goes
Cost structure
FY2025, share of revenue ($18.18B)
- Cost of revenue86.8%
- Selling, general & administrative4.2%
- Other operating costs0.8%
Operating profit left: 8.1% of revenue. Depreciation & amortization (inside the costs above): $551M. Capital spending: $948M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Net sales $18,177M (2025)
- Steel operations 72% of sales
- Recycling 11%, fabrication 8%, aluminum 2%
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Recycles scrap, melts it in electric arc furnaces and sells steel, fabricated products and aluminum.
01 what it draws on
Inputs & resources
- About 14,400 team members
- Scrap from its metals recycling platform
- About 16M tons steel capacity
02 what it does
Activities
- EAF steelmaking and coating
- Metals recycling
- Steel fabrication and aluminum flat rolling
03 who it serves
Customers
- Automotive, construction and industrial steel buyers
- Non-residential construction buyers of joists and deck
- Beverage can and automotive aluminum buyers
04 how money comes in
How it earns
- Net sales $18,177M (2025)
- Steel operations 72% of sales
- Recycling 11%, fabrication 8%, aluminum 2%
How the business makes money
- 65% of ferrous scrap sold to its own mills in 2025.
- Steel mill utilization 86% in 2025.
- Quarterly dividend raised to $0.50 in 2025.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Trade policy and environmental rules frame the steel market.
Trade & export rules
Tariffs and quotas
Trade policies or restrictions are named among factors affecting results.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Environmental rules
Environmental regulation
Proposed or actual regulation is named among risks.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Steel operations
13,087 (72%)Metals recycling
2,000 (11%)Steel fabrication
1,454 (8%)Aluminum
364 (2%)Other
1,272 (7%)
Source: Form 10-K (FY2025) Approximate: 10-K percentages of consolidated net sales × $18,177M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
New Process Steel
Bought the remaining 55% in December 2025.
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Automotive, construction and industrial buyers.
Named by the company
Suppliers
Scrap comes from its own recycling and third parties.
Named by the company
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K describes competition by product without naming rivals. Proxy peers include direct steel competitors.
Competitors named in the 10-K
Peer group the company chose
Peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Compensation peer group from the 2026 proxy statement.
- AGCOsite ↗
- Alcoasite ↗
- Cleveland-Cliffssite ↗
- Commercial Metalssite ↗
- Cumminssite ↗
- Freeport-McMoRansite ↗
- Illinois Tool Workssite ↗
- Newmontsite ↗
- Nucorsite ↗
- PACCARsite ↗
- United States Steel (acquired by Nippon Steel)site ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 9,601 | 18,409 | 22,261 | 18,795 | 17,540 | 18,177 |
| Operating income | 847 | 4,301 | 5,092 | 3,151 | 1,943 | 1,476 |
| Pretax income | 705 | 4,209 | 5,021 | 3,219 | 1,983 | 1,493 |
| Net income (attributable) | 571 | 3,214 | 3,863 | 2,451 | 1,537 | 1,186 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 91.7% | 20.9% | -15.6% | -6.7% | 3.6% |
| Operating margincalcoperating income ÷ revenue × 100 | 8.8% | 23.4% | 22.9% | 16.8% | 11.1% | 8.1% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 5.9% | 17.5% | 17.4% | 13.0% | 8.8% | 6.5% |
| Balance sheet ($M) | ||||||
| Total assets | 9,266 | 12,531 | 14,160 | 14,908 | 14,935 | 16,420 |
| Total equity | 4,345 | 6,305 | 8,130 | 8,867 | 8,934 | 8,957 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 3,103 | 3,106 | 3,071 | 3,071 | 3,231 | 4,211 |
| Equity ratio | 46.9% | 50.3% | 57.4% | 59.5% | 59.8% | 54.6% |
| ROE | 13.1% | 60.4% | 53.5% | 28.8% | 17.3% | 13.3% |
| Cash flow ($M) | ||||||
| Operating CF | 987 | 2,204 | 4,460 | 3,520 | 1,845 | 1,450 |
| Investing CF | -993 | -999 | -1,879 | -1,970 | -1,303 | -975 |
| Financing CF | -7 | -1,329 | -2,197 | -1,777 | -1,353 | -294 |
| Free cash flowcalccash flow from operations − capital expenditures | -211 | 1,198 | 3,552 | 1,862 | -24 | 502 |
| Cash and equivalents | 1,369 | 1,244 | 1,628 | 1,401 | 589 | 770 |
| Per share & other | ||||||
| EPS ($) | 2.59 | 15.56 | 20.92 | 14.64 | 9.84 | 7.99 |
| BVPS ($) | 20.60 | 32.33 | 47.01 | 55.41 | 59.12 | 61.80 |
| Dividend per share ($) | 1.00 | 1.04 | 1.36 | 1.70 | 1.84 | 2.00 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 38.6% | 6.7% | 6.5% | 11.6% | 18.7% | 25.0% |
| P/E (x) | 14.2 | 4.0 | 4.7 | 8.1 | 11.6 | 21.2 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 8.1 | 3.0 | 3.3 | 5.7 | 8.2 | 13.8 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.79 | 1.92 | 2.08 | 2.13 | 1.93 | 2.74 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $6.51B+34.8% | $1.01B+98.2% | $756M+87.3% | $5.26 |
| 2026-06-30 | $6.09B+33.4% | $700M+83.0% | $534M+78.8% | $3.69 |
| 2026-03-31 | $5.2B+19.1% | $538M+95.5% | $403M+85.8% | $2.78 |
| 2025-12-31 † | $4.41B+14.0% | $310M+30.6% | $266M+28.3% | — |
| 2025-09-30 | $4.83B | $508M | $404M | $2.74 |
| 2025-06-30 | $4.57B | $383M | $299M | $2.01 |
| 2025-03-31 | $4.37B | $275M | $217M | $1.44 |
| 2024-12-31 † | $3.87B | $238M | $207M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
9.0%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$1,476M × (1 − 22.5%) ÷ $12,667M × 100 = 9.0%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
9.58%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $24.56B ÷ ($24.56B + $4.21B) = 85.4%
e.g.Debt weight: $4.21B ÷ ($24.56B + $4.21B) = 14.6%
e.g.WACC: 11.0% × 85.4% + 1.7% × (1 − 22.5%) × 14.6% = 9.58%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 7.9%–11.6% and ROIC − WACC runs −2.6 to +1.2 points. The sign flips inside this range, so the result depends on the assumptions. This describes the latest year and does not predict future value creation.
WACC 9.58% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.10 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 11.00%
- Cost of debt
- 1.66%
- Tax rate
- 22.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 85% : 15%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 9.58%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.10 (price-derived adjusted beta. Raw β 1.16, R² 0.23, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 1.156 + 0.33 = 1.104
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1.1 × 5.5% = 11.0%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
8.3%
Perpetual FCF growth: g = r − FCF ÷ EV = 9.6% − 1.3%
Past FCF growth (FY2020–FY2025)
—
Not computable (FCF not positive in both years)
Past revenue growth (FY2020–FY2025)
+13.6%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $502M (operating CF − capex); enterprise value $38.37B = market cap $34.93B (latest close, 2026-11-04) + debt $4.21B − cash and short-term investments $770M; r = WACC of 9.6% using this page’s default assumptions (β 1.10, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$38.58B
FCF $502M ÷ (9.6% − 8.3%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 7.6% | 8.6% | 9.6% | 10.6% | 11.6% |
|---|---|---|---|---|---|
| 0% | 0.17x | 0.15x | 0.14x | 0.12x | 0.11x |
| 2% | 0.23x | 0.20x | 0.17x | 0.15x | 0.14x |
| 4% | 0.36x | 0.28x | 0.23x | 0.20x | 0.17x |
| 6% | 0.82x | 0.50x | 0.36x | 0.28x | 0.23x |
| 8% | — | 2.18x | 0.82x | 0.50x | 0.36x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.24x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -1.7%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 99%
Most profit comes from core operations.
- ✓
Days sales outstanding: 37 → 31 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,450M ÷ $1,186M = 1.22x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$1,476M ÷ $1,493M × 100 = 99%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($1,417M + $1,683M) ÷ 2 ÷ $18,177M × 365 = 31 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($3,114M + $3,739M) ÷ 2 ÷ $15,784M × 365 = 79 days
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 83.1%
- Directors & officers (shares)
- 6.6%
- Everyone else (est.)
- 10.3%
- Directors & officers (voting power)
- 6.6%
- Institutional-ownership rank
- 284 of 416
- Beta (adjusted)
- 1.10
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 68% of covered companies have more
above 1 = swings more than the market
- 119.1M shares reported by 1,021 13F filers ÷ 143.3M shares outstanding on 2026-07-23. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-27 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-23)
19
Strengths & weaknessesSite analysis
Strengths
1. Scale
One of the largest North American steel producers and recyclers.
Evidence: Form 10-K (FY2025)
2. Integration
Recycling platform is the largest scrap supplier to its mills.
Evidence: Form 10-K (FY2025)
3. Shrinking share count
Shares fell from 211M (2020) to 145M (2025).
Evidence: Form 10-K (FY2025)
Weaknesses
1. Cyclical profits
Net income fell from $3,863M (2022) to $1,186M (2025).
Evidence: Form 10-K (FY2025)
2. Higher debt
Long-term debt rose to $4,177M from $2,804M.
Evidence: Form 10-K (FY2025)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
21.2x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
1.18%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
25%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
2.0%
(Operating CF − capex) ÷ market cap
1. Circular model
Recycled inputs and EAF mills.
- What has to hold
- Spreads hold.
- The other side
- Cycles.
Evidence: Form 10-K (FY2025)
2. Returns
Shares fell by about a third since 2020.
- What has to hold
- Cash flow stays strong.
- The other side
- Capex needs.
Evidence: Form 10-K (FY2025)
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
22.2x
$770M vs. $35M
Interest coverage (operating income ÷ interest expense)
21.1x
$1.48B vs. $70M
Free cash flow ÷ dividends paid
1.7x
$502M vs. $291M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -15.6% in FY2023 ($22.26B → $18.8B) | Not yet, as of FY2025 |
| Operating income | -38.3% in FY2024 ($3.15B → $1.94B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
2020
Net income $571M in 2020.
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Steel Dynamics says none of its litigation, regulatory or environmental matters is currently expected to have a material impact.
Company statement:
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-11-05. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Steel prices
- Company disclosure (summarized from the 10-K)
- Metal spreads drive earnings.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Raw materials & energy
Scrap cost
- Company disclosure (summarized from the 10-K)
- Scrap and purchased steel are large costs.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Geopolitics & supply chain
Trade policy
- Company disclosure (summarized from the 10-K)
- Changes in tariffs or quotas may affect prices.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4M&A & integration
Aluminum ramp
- Company disclosure (summarized from the 10-K)
- The aluminum flat rolled mill began operations in the second half of 2025.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Law & regulation
Environmental rules
- Company disclosure (summarized from the 10-K)
- Regulation includes environmental rules.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (3)
We may experience difficulties in the launch or production ramp-up of new products which may adversely affect our business.
As we ramp up manufacturing processes for newly introduced products, we may experience difficulties, including manufacturing disruptions, delays, or other complications, which could adversely affect our ability to serve our customers, our reputation, our costs of production and, ultimately, our business, financial condition, results of operations and cash flows.
We have a relatively concentrated group of aluminum customers. Read more
Most of these customers have one or more sizable sales agreements with us. If one or more of these customers experienced a prolonged period of adverse demand, depressed business activity or financial distress, if any of these customers breached or sought relief from its contractual obligations under its sales agreements with us or if any of these customer relationships otherwise ended or materiality deteriorated and such lost business was not successfully replaced, our aluminum operations financial condition, results of operations, and cash flows may be adversely affected.
No longer in the text (2)
Pandemics, epidemics, widespread illness or other health issues may adversely affect our business, results of operations, financial condition, cash flows, liquidity and stock price. Read more
Government actions globally, including United States federal and state governmental actions, related to pandemics, epidemics, widespread illness or other health issues have historically impacted demand for our products, our supply chain, our employees, the economy generally, inflation and interest rates, and any similar future actions may result in similar or additional impacts.
Additionally, our recycled aluminum flat rolled products mill with an anticipated annual production capacity of 650,000 metric tons of finished products located in Columbus, Mississippi is expected to produce commercially viable products by mid-year 2025. Although we anticipate being able to effectively compete in the aluminum industry, along with the other risks described herein, including delays or difficulties with our start-up, we may face unexpected and enhanced competition, which may adversely affect the expected contributions of our aluminum operations and our resulting business, financial condition, results of operations and cash flows.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 27, 2026 ↗ with the 10-K filed Feb 28, 2025 ↗.
25
What to watch going forwardSite analysis
- Metal spreads.
- Aluminum mill ramp-up.
- Fabrication backlog.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: November 4, 2026 15:27 (SEC EDGAR) · Source 10-K filed: February 27, 2026
Built on10-K FY2025 · filed 2026-02-27Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Steel Dynamics’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.