A Business at a Glance
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STEEL DYNAMICS INC
STLD
$36.7B
Mkt Cap
$247.11
+2.72%
STEEL DYNAMICS INC (STLD) has a current P/E ratio of 30.9, compared to its historical median P/E of 10.5. The stock is currently considered Expensive based on its historical valuation range.
STEEL DYNAMICS INC (STLD) has a 5-year average return on invested capital (ROIC) of 28.3%. This indicates strong capital allocation and a potential competitive advantage.
STEEL DYNAMICS INC (STLD) has a market capitalization of $35.7B. It is classified as a large-cap stock.
Yes, STEEL DYNAMICS INC (STLD) pays a dividend with a trailing twelve-month yield of 0.82%. The company also returns capital through share buybacks, with a buyback yield of 2.15%.
Based on historical P/E analysis, STEEL DYNAMICS INC (STLD) appears expensive. The current P/E of 30.9 is 193% above its historical median of 10.5. The estimated fair value CAGR (P/E method) is 22.4%.
STEEL DYNAMICS INC (STLD) operates in the Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) industry, within the Materials sector.
STEEL DYNAMICS INC (STLD) reported annual revenue of $18.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Steel Dynamics is a leading North American industrial metals solutions company operating a circular manufacturing model centered on recycled scrap as the primary input, with steelmaking capacity of approximately 16 million tons and one of the most diversified product and end-market portfolios in the domestic steel industry. The company generates revenue primarily from the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joist and deck products, with approximately 70% of steel and steel fabrication sales classified as value-added offerings that command higher margins and support customer supply-chain efficiency. Steel Dynamics operates vertically connected businesses including electric arc furnace (EAF) steel mills, metals recycling operations, steel fabrication platforms, and aluminum flat-rolled operations, with internal steel-consuming businesses purchasing 1.8 million tons of steel from company mills in 2025 (13% of total shipments), creating pull-through volume advantages and earnings stability through-cycle. The company's competitive advantages include technologically advanced, low-cost operations with a highly variable cost structure, proximity of scrap-consuming operations to sustainable scrap sources and customer bases enabling freight savings and short lead times, performance-based incentive compensation spanning 60%+ of production-team compensation and 85%+ of senior leadership compensation, and a circular model where metals recycling operations supply the largest volumes of recycled ferrous scrap to steel mills and recycled aluminum scrap to aluminum operations. Geographic footprint spans the United States and Mexico, with facilities strategically located to optimize scrap sourcing and customer proximity, and the company has recently entered the recycled aluminum flat-rolled products market to serve the beverage can industry, automotive, and industrial sectors with higher-recycled-content, lower-embodied-carbon alternatives to traditional aluminum production.
【Aluminum ramp-up driving earnings inflection】 Management expects significant profitability acceleration from the aluminum operations as the facility ramps toward 90% utilization by year-end 2026, with product mix optimization expected to shift toward higher-margin can sheet and automotive products throughout 2026 and into 2027. Steel fabrication and long-product steel markets are anticipated to remain strong, supported by continued manufacturing onshoring, infrastructure spending, and favorable pricing dynamics, with steel joists and deck backlog extending into the second half of 2026 and order entry described as among the strongest in 18 months. The biocarbon production facility, which began operations in the second half of 2025, is expected to reduce steel mill Scope 1 greenhouse gas emissions by as much as 35%, positioning the company to capture unique value and supply-chain opportunities with OEM customers seeking lower-carbon steel. Capital expenditures are expected to normalize to $500–600 million in 2026 following elevated investment in aluminum, supporting a balanced capital allocation strategy that includes dividend growth aligned with structural cash flow increases.
| Metric | Target | Period |
|---|---|---|
| Aluminum mill through-cycle EBITDA | $650–700 million | Normalized market conditions (through-cycle) |
| Metals recycling platform through-cycle EBITDA | $40–50 million | Normalized market conditions (through-cycle) |
| Aluminum mill utilization rate | 90% | Year-end 2026 |
| Capital expenditures | $500–600 million | Full year 2026 |
Aluminum mill through-cycle EBITDA (Normalized market conditions (through-cycle)): “Through-cycle EBITDA expectation remains clearly at $650 million-$700 million for the mill itself, plus another $40 million-$50 million for the Omni platform.”
Metals recycling platform through-cycle EBITDA (Normalized market conditions (through-cycle)): “Through-cycle EBITDA expectation remains clearly at $650 million-$700 million for the mill itself, plus another $40 million-$50 million for the Omni platform.”
Aluminum mill utilization rate (Year-end 2026): “Mark, I think you said that the mill is expected to reach 90% utilization by the end of 2026. Is that correct?”
Capital expenditures (Full year 2026): “early estimates for capital expenditures for the full year 2026 are in the range of $500-$600 million.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 19.0B | 18.2B | 17.5B | 18.8B | 22.3B | 18.4B |
| Net Income | 1.4B | 1.2B | 1.5B | 2.5B | 3.9B | 3.2B |
| EPS | $9.41 | $7.99 | $9.84 | $14.64 | $20.92 | $15.56 |
| Free Cash Flow | 665M | 502M | -24M | 1.9B | 3.6B | 1.2B |
| ROIC | 10.8% | 9.8% | 14.2% | 25.6% | 45.6% | 46.2% |
| Gross Margin | 14.0% | 13.2% | 16.0% | 21.5% | 27.5% | 29.1% |
| Debt/Equity | 0.46 | 0.49 | 0.37 | 0.36 | 0.39 | 0.51 |
| Dividends/Share | $2.04 | $2.00 | $1.84 | $1.70 | $1.36 | $1.04 |
| Operating Income | 1.7B | 1.5B | 1.9B | 3.2B | 5.1B | 4.3B |
| Operating Margin | 9.1% | 8.1% | 11.1% | 16.8% | 22.9% | 23.4% |
| ROE | 15.0% | 13.3% | 17.3% | 28.8% | 53.5% | 60.4% |
| Shares Outstanding | 144M | 148M | 156M | 167M | 185M | 207M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 8.8B | 7.6B | 7.8B | 9.5B | 11.8B | 10.5B | 9.6B | 18.4B | 22.3B | 18.8B | 17.5B | 18.2B | 19.0B |
| Gross Margin | 11.0% | 9.6% | 17.2% | 16.6% | 19.6% | 14.6% | 14.9% | 29.1% | 27.5% | 21.5% | 16.0% | 13.2% | 14.0% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 386M | 376M | 474M | 515M | 600M | 436M | 477M | 644M | 546M | 589M | 664M | 765M | 759M |
| EBIT | 320M | -73M | 728M | 1.1B | 1.7B | 987M | 847M | 4.3B | 5.1B | 3.2B | 1.9B | 1.5B | 1.7B |
| Op. Margin | 3.7% | -1.0% | 9.4% | 11.2% | 14.6% | 9.4% | 8.8% | 23.4% | 22.9% | 16.8% | 11.1% | 8.1% | 9.1% |
| Net Income | 157M | -130M | 382M | 813M | 1.3B | 671M | 551M | 3.2B | 3.9B | 2.5B | 1.5B | 1.2B | 1.4B |
| Net Margin | 1.8% | -1.7% | 4.9% | 8.5% | 10.6% | 6.4% | 5.7% | 17.5% | 17.4% | 13.0% | 8.8% | 6.5% | 7.2% |
| Non-Recurring | 254M | 419M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 4.0% | -2.3% | 10.3% | 20.1% | 26.7% | 14.5% | 12.1% | 46.2% | 45.6% | 25.6% | 14.2% | 9.8% | 10.8% |
| ROE | 5.8% | -4.7% | 13.6% | 25.9% | 34.5% | 16.8% | 13.1% | 60.4% | 53.5% | 28.8% | 17.3% | 13.3% | 15.0% |
| ROA | 2.4% | -1.9% | 6.1% | 12.2% | 17.3% | 8.4% | 6.3% | 29.5% | 28.9% | 16.9% | 10.3% | 7.6% | 8.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 628M | 1.1B | 853M | 739M | 1.4B | 1.4B | 987M | 2.2B | 4.5B | 3.5B | 1.8B | 1.4B | 1.4B |
| Free Cash Flow | 516M | 939M | 655M | 574M | 1.2B | 944M | -211M | 1.2B | 3.6B | 1.9B | -24M | 502M | 665M |
| Owner Earnings | 341M | 729M | 525M | 404M | 1.1B | 1.0B | 606M | 1.8B | 4.0B | 3.0B | 1.3B | 829M | 799M |
| CapEx | 112M | 115M | 198M | 165M | 239M | 452M | 1.2B | 1.0B | 909M | 1.7B | 1.9B | 948M | 780M |
| Maint. CapEx | 263M | 295M | 296M | 299M | 317M | 321M | 326M | 348M | 384M | 438M | 479M | 551M | 577M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 131M | 872M | 659M | 525M | 1.2B | 1.4B | 397M | 204M |
| D&A | 263M | 295M | 296M | 299M | 317M | 321M | 326M | 348M | 384M | 438M | 479M | 551M | 577M |
| CapEx/OCF | 18.1% | 10.9% | 23.2% | 22.3% | 16.9% | 32.4% | 121.4% | 45.7% | 20.4% | 47.1% | 101.3% | 65.4% | 54.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 105M | 128M | 136M | 146M | 169M | 200M | 209M | 213M | 237M | 271M | 283M | 291M | 294M |
| Dividend Yield | 2.9% | 3.4% | 2.7% | 2.0% | 1.9% | 3.3% | 3.8% | 2.0% | 1.7% | 1.6% | 1.4% | 1.5% | 0.8% |
| Share Buybacks | 0 | 0 | 25M | 252M | 524M | 349M | 107M | 1.1B | 1.8B | 1.5B | 1.2B | 901M | 766M |
| Buyback Yield | N/A | N/A | 0.3% | 2.8% | 8.6% | 5.2% | 1.5% | 8.8% | 10.2% | 7.5% | 6.8% | 3.5% | 2.1% |
| Stock-Based Comp | 24M | 30M | 32M | 36M | 43M | 48M | 56M | 58M | 59M | 62M | 67M | 69M | 69M |
| Debt Repayment | 636M | 626M | 729M | 610M | 455M | 1.3B | 2.2B | 1.5B | 1.5B | 1.4B | 2.3B | 2.6B | 2.6B |
| Balance Sheet | |||||||||||||
| Net Debt | 2.6B | 1.9B | 1.5B | 1.4B | 1.4B | 1.2B | 1.8B | 2.0B | 925M | 1.1B | 2.6B | 3.6B | 3.6B |
| Cash & Equiv. | 361M | 727M | 841M | 1.0B | 828M | 1.4B | 1.4B | 1.2B | 1.6B | 1.4B | 589M | 770M | 557M |
| Long-Term Debt | 2.9B | 2.6B | 2.4B | 2.4B | 2.4B | 2.6B | 3.0B | 3.0B | 3.0B | 2.6B | 2.8B | 4.2B | 4.2B |
| Debt/Equity | 1.02 | 0.97 | 0.81 | 0.71 | 0.62 | 0.69 | 0.73 | 0.51 | 0.39 | 0.36 | 0.37 | 0.49 | 0.46 |
| Interest Coverage | 2.3 | -0.5 | 5.0 | 7.9 | 13.6 | 7.8 | 8.9 | 75.2 | 55.6 | 41.2 | 34.5 | 21.1 | 19.1 |
| Equity | 2.9B | 2.7B | 2.9B | 3.4B | 3.9B | 4.1B | 4.3B | 6.3B | 8.1B | 8.9B | 8.9B | 9.0B | 9.2B |
| Total Assets | 7.2B | 6.2B | 6.4B | 6.9B | 7.7B | 8.3B | 9.3B | 12.5B | 14.2B | 14.9B | 14.9B | 16.4B | 16.7B |
| Total Liabilities | 4.3B | 3.5B | 3.5B | 3.5B | 3.8B | 4.2B | 4.9B | 6.2B | 6.1B | 6.1B | 6.0B | 7.5B | 7.6B |
| Intangibles | 371M | 279M | 284M | 257M | 270M | 328M | 325M | 295M | 268M | 258M | 227M | 331M | 323M |
| Retained Earnings | 2.2B | 2.0B | 2.2B | 2.9B | 4.0B | 4.4B | 4.8B | 7.8B | 11.4B | 13.5B | 14.8B | 15.7B | 16.0B |
| Working Capital | 2.1B | 2.0B | 2.2B | 2.6B | 3.0B | 3.2B | 3.0B | 4.7B | 5.6B | 4.5B | 3.3B | 4.4B | 4.6B |
| Current Assets | 2.9B | 2.5B | 2.9B | 3.5B | 4.0B | 4.3B | 4.3B | 6.9B | 7.6B | 6.8B | 5.4B | 6.5B | 6.8B |
| Current Liabilities | 851M | 535M | 713M | 869M | 1.0B | 1.0B | 1.3B | 2.2B | 2.0B | 2.3B | 2.2B | 2.1B | 2.2B |
| Per Share Data | |||||||||||||
| EPS | 0.67 | -0.54 | 1.56 | 3.36 | 5.35 | 3.04 | 2.59 | 15.56 | 20.92 | 14.64 | 9.84 | 7.99 | 9.41 |
| Owner EPS | 1.45 | 3.02 | 2.14 | 1.67 | 4.49 | 4.65 | 2.85 | 8.71 | 21.76 | 18.04 | 8.32 | 5.59 | 5.53 |
| Book Value | 12.43 | 11.10 | 11.95 | 13.86 | 16.73 | 18.46 | 20.43 | 30.52 | 44.03 | 52.96 | 57.19 | 60.36 | 63.45 |
| Cash Flow/Share | 2.68 | 4.37 | 3.48 | 3.06 | 6.02 | 6.32 | 4.64 | 10.67 | 24.16 | 21.03 | 11.81 | 9.77 | 13.49 |
| Dividends/Share | 0.46 | 0.55 | 0.56 | 0.62 | 0.75 | 0.96 | 1.00 | 1.04 | 1.36 | 1.70 | 1.84 | 2.00 | 2.04 |
| Shares Out. | 234.4M | 241.3M | 244.9M | 241.9M | 235.2M | 220.8M | 212.7M | 206.6M | 184.6M | 167.4M | 156.2M | 148.4M | 144.4M |
| Valuation | |||||||||||||
| P/E Ratio | 22.8 | N/A | 19.4 | 11.0 | 4.8 | 10.0 | 12.7 | 3.7 | 4.6 | 7.9 | 11.6 | 21.9 | 26.3 |
| P/FCF | 6.9 | 3.7 | 11.3 | 15.6 | 5.2 | 7.1 | N/A | 10.1 | 5.0 | 10.4 | N/A | 51.8 | 53.7 |
| EV/EBIT | 18.4 | N/A | 11.1 | 8.7 | 4.3 | 8.0 | 8.8 | 3.0 | 3.6 | 6.6 | 10.6 | 19.9 | 22.6 |
| Price/Book | 1.2 | 1.3 | 2.5 | 2.7 | 1.5 | 1.7 | 1.6 | 1.9 | 2.2 | 2.2 | 2.0 | 2.9 | 3.9 |
| Price/Sales | 0.4 | 0.5 | 0.6 | 0.8 | 0.8 | 0.6 | 0.6 | 0.6 | 0.6 | 0.9 | 1.1 | 1.1 | 1.9 |
| FCF Yield | 14.5% | 26.8% | 8.8% | 6.4% | 19.4% | 14.0% | -3.0% | 9.9% | 20.2% | 9.6% | -0.1% | 1.9% | 1.9% |
| Market Cap | 3.6B | 3.5B | 7.4B | 9.0B | 6.1B | 6.7B | 7.0B | 12.1B | 17.6B | 19.4B | 17.8B | 26.0B | 35.7B |
| Avg. Price | 15.42 | 15.49 | 20.54 | 30.12 | 37.79 | 27.77 | 26.18 | 52.69 | 75.28 | 104.15 | 125.48 | 134.63 | 247.11 |
| Year-End Price | 15.24 | 14.53 | 30.31 | 37.11 | 25.78 | 30.50 | 33.00 | 58.34 | 95.23 | 115.68 | 113.65 | 174.95 | 247.11 |
STEEL DYNAMICS INC passes 7 of 9 quality checks, indicating strong fundamentals.
STEEL DYNAMICS INC trades at 30.9x trailing earnings, compared to its 15-year median P/E of 10.5x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 71.4x vs a median of 10.2x. The company's 5-year average ROIC is 28.3% with a gross margin of 21.5%. Total shareholder yield (dividends + buybacks) is 3.0%. At current prices, the estimated annualized return to fair value is +14.0%.
STEEL DYNAMICS INC (STLD) has a net profit margin of 6.5%. This is a modest margin.
STEEL DYNAMICS INC (STLD) generated $502 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
STEEL DYNAMICS INC (STLD) has a debt-to-equity ratio of 0.49. This indicates a conservatively financed balance sheet.
STEEL DYNAMICS INC (STLD) reported earnings per share (EPS) of $7.99 in its most recent fiscal year.
STEEL DYNAMICS INC (STLD) has a return on equity (ROE) of 13.3%. This indicates moderate shareholder returns.
STEEL DYNAMICS INC (STLD) has a 5-year average gross margin of 21.5%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for STEEL DYNAMICS INC (STLD), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
STEEL DYNAMICS INC (STLD) has a book value per share of $60.36, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects significant profitability acceleration from the aluminum operations as the facility ramps toward 90% utilization by year-end 2026, with product mix optimization expected to shift toward higher-margin can sheet and automotive products throughout 2026 and into 2027. Steel fabrication and long-product steel markets are anticipated to remain strong, supported by continued manufacturing onshoring, infrastructure spending, and favorable pricing dynamics, with steel joists and deck backlog extending into the second half of 2026 and order entry described as among the strongest in 18 months. The biocarbon production facility, which began operations in the second half of 2025, is expected to reduce steel mill Scope 1 greenhouse gas emissions by as much as 35%, positioning the company to capture unique value and supply-chain opportunities with OEM customers seeking lower-carbon steel. Capital expenditures are expected to normalize to $500–600 million in 2026 following elevated investment in aluminum, supporting a balanced capital allocation strategy that includes dividend growth aligned with structural cash flow increases.
Based on recent SEC filings and earnings calls, STEEL DYNAMICS INC (STLD) has provided the following forward guidance: Aluminum mill through-cycle EBITDA: $650–700 million (Normalized market conditions (through-cycle)); Metals recycling platform through-cycle EBITDA: $40–50 million (Normalized market conditions (through-cycle)); Aluminum mill utilization rate: 90% (Year-end 2026); Capital expenditures: $500–600 million (Full year 2026).