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Steel Dynamics

STLD Nasdaq Steel Financials FY2016–FY2025

Steel Dynamics' revenue rose 3.6% to $18.2 billion in fiscal 2025. Its operating margin was 8.1%, down from 11.1% a year earlier. Free cash flow was $502 million. It paid out $1.2 billion in dividends and buybacks, 238% of free cash flow. The diluted share count fell 5.0%.

Last close · Oct 23, 2026

$241.53

0.7%
Value it Compare
Revenue Total sales reported in the income statement.
$18.2B
3.6% vs prior year
Operating margin Operating income as a share of revenue.
8.1%
3.0 pts
Net income Profit after all expenses, interest and tax.
$1.2B
22.9%
Free cash flow Cash from operations minus capital spending.
$502M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
10.0%
4.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$34.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
17.8x
On $13.55 EPS (TTM)

What Steel Dynamics does

No business description yet.

Legal name
Steel Dynamics, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001104659-26-021395
0001022671

Revenue and margins

Steel Dynamics had $18.2B of revenue in fiscal 2025, up 3.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 19.9% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $502M in fiscal 2025, 2.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Steel Dynamics returned $1.2B to shareholders in fiscal 2025, 238% of free cash flow. The diluted share count fell 5.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Steel Dynamics yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$3.4B and divides by 148.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 17.8x · peers 20.6x · sector 20.6x.

Balance sheet

Cash, debt and the ratios that show how comfortably Steel Dynamics can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.2B$2.3B$2.1B$737M$770M
Debt incl. finance leases $3.1B$3.1B$3.1B$3.2B$4.2B
Net debt / EBITDA 0.4x0.2x0.3x1.0x1.7x
Debt / equity 0.5x0.4x0.4x0.4x0.5x
Interest coverage 75.2x55.6x41.2x34.5x21.1x
Current ratio 3.1x3.8x2.9x2.5x3.1x
Quick ratio 1.5x2.2x1.7x1.1x1.3x
Total assets $12.5B$14.2B$14.9B$14.9B$16.4B
Total liabilities $6.2B$6.1B$6.1B$6.0B$7.5B
Shareholders' equity $6.3B$8.1B$8.9B$8.9B$9.0B
Net debt (− = net cash) $1.9B$814M$949M$2.5B$3.4B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$8.9M

5 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Jun 5, 2026 James Stanley AndersonSenior Vice President Sold 10,000 $268.70 $2.7M Form 4
May 13, 2026 Christopher A GrahamSenior Vice President Sold 9,000 $236.81 $2.1M Form 4
May 12, 2026 Richard A PoinsatteSenior Vice President Sold 2,300 $234.11 $0.5M Form 4
Apr 23, 2026 Kenneth W. CornewDirector Sold 5,000 $224.87 $1.1M Form 4
Apr 23, 2026 Miguel AlvarezSenior Vice President Sold 4,825 $225.58 $1.1M Form 4
Oct 29, 2025 Miguel AlvarezSenior Vice President Sold 8,251 $162.79 $1.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✕ ✕
Revenue rose relative to assets ✕ ✕ ✓
F-score 5 / 94 / 96 / 9
Accruals ratio −7.4%−2.1%−1.7%
Altman Z'' 7.847.086.69

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Steel Dynamics STLD $34.7B 3.6% 8.1% 2.8% 10.0% 17.8x 6
Cleveland-Cliffs CLF $8.0B −3.0% −8.5% −5.5% −8.9% — 2 Compare →
Reliance RS $21.6B 3.3% 7.1% 3.5% 9.4% 27.1x 6 Compare →
Nucor NUE $59.0B 5.7% — −0.6% 8.6% 20.6x 6 Compare →
Commercial Metals CMC $7.0B 20.5% — 5.1% 12.9% 10.7x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $7.8B $9.5B $11.8B $10.5B $9.6B $18.4B $22.3B $18.8B $17.5B $18.2B
Gross profit $1.3B $1.6B $2.3B $1.5B $1.4B $5.4B $6.1B $4.0B $2.8B $2.4B
Operating income $728M $1.1B $1.7B $987M $847M $4.3B $5.1B $3.2B $1.9B $1.5B
Interest expense $146M $134M $127M $127M $94.9M $57.2M $91.5M $76.5M $56.3M $70.0M
Pretax income $564M $935M $1.6B $875M $706M $4.2B $5.0B $3.2B $2.0B $1.5B
Income tax $204M $129M $364M $197M $135M $962M $1.1B $752M $433M $306M
Net income $360M $806M $1.3B $678M $571M $3.2B $3.9B $2.5B $1.5B $1.2B
Diluted EPS $1.56 $3.36 $5.35 $3.04 $2.59 $15.56 $20.92 $14.64 $9.84 $7.99
Diluted shares 0.25B 0.24B 0.24B 0.22B 0.21B 0.21B 0.18B 0.17B 0.16B 0.15B
Cash flow
Cash from operations $853M $739M $1.4B $1.4B $987M $2.2B $4.5B $3.5B $1.8B $1.4B
Capital expenditure $198M $165M $239M $452M $1.2B $1.0B $909M $1.7B $1.9B $948M
Free cash flow $655M $574M $1.2B $944M −$211M $1.2B $3.6B $1.9B −$23.5M $502M
Depreciation and amortization $296M $299M $317M $321M $326M $348M $384M $438M $479M $551M
Stock-based compensation $31.7M $36.2M $43.3M $47.6M $55.6M $57.7M $59.2M $61.7M $66.6M $69.0M
Acquisitions $123M $6.2M $434M $97.1M $60.0M $0.0M $134M $0.0M $0.0M $176M
Share buybacks $25.0M $252M $524M $349M $107M $1.1B $1.8B $1.5B $1.2B $901M
Dividends paid $136M $146M $169M $200M $209M $213M $237M $271M $283M $291M
Dividends and buybacks $161M $398M $692M $549M $316M $1.3B $2.0B $1.7B $1.5B $1.2B
Balance sheet
Cash and short-term investments $842M $1.0B $1.1B $1.6B $1.4B $1.2B $2.3B $2.1B $737M $770M
Total debt $2.4B $2.4B $2.4B $2.7B $3.1B $3.1B $3.1B $3.1B $3.2B $4.2B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $2.9B $3.5B $4.0B $4.3B $4.3B $6.9B $7.6B $6.8B $5.4B $6.5B
Current liabilities $713M $869M $1.0B $1.0B $1.3B $2.2B $2.0B $2.3B $2.2B $2.1B
Inventory $1.3B $1.5B $1.9B $1.7B $1.8B $3.5B $3.1B $2.9B $3.1B $3.7B
Property and equipment, net $2.8B $2.7B $2.9B $3.1B $4.1B $4.8B $5.4B $6.7B $8.1B $8.6B
Total assets $6.4B $6.9B $7.7B $8.3B $9.3B $12.5B $14.2B $14.9B $14.9B $16.4B
Total liabilities $3.5B $3.5B $3.8B $4.2B $4.9B $6.2B $6.1B $6.1B $6.0B $7.5B
Shareholders' equity $2.9B $3.4B $3.9B $4.1B $4.3B $6.3B $8.1B $8.9B $8.9B $9.0B
Margins
Gross margin 17.2% 16.6% 19.7% 14.6% 14.9% 29.1% 27.5% 21.5% 16.0% 13.2%
Operating margin 9.4% 11.2% 14.6% 9.4% 8.8% 23.4% 22.9% 16.8% 11.1% 8.1%
EBITDA margin 13.2% 14.3% 17.3% 12.5% 12.2% 25.3% 24.6% 19.1% 13.8% 11.2%
Net margin 4.6% 8.5% 10.6% 6.5% 6.0% 17.5% 17.4% 13.0% 8.8% 6.5%
FCF margin 8.4% 6.0% 10.0% 9.0% −2.2% 6.5% 16.0% 9.9% −0.1% 2.8%
Returns
Return on capital 10.7% 20.8% 27.7% 15.1% 12.5% 47.8% 47.1% 26.3% 14.5% 10.0%
Return on capital employed 12.8% 18.2% 27.2% 14.2% 11.1% 47.0% 45.4% 25.5% 15.3% 10.9%
Return on equity 12.8% 25.7% 34.5% 16.9% 13.6% 60.4% 53.5% 28.8% 17.3% 13.3%
Return on assets 5.7% 12.1% 17.3% 8.5% 6.5% 29.5% 28.9% 16.9% 10.3% 7.6%
Growth
Revenue growth 2.4% 22.7% 23.9% −11.5% −8.3% 91.7% 20.9% −15.6% −6.7% 3.6%
Net income growth — 123.8% 55.9% −46.0% −15.8% 463.1% 20.2% −36.6% −37.3% −22.9%
EPS growth — 115.4% 59.2% −43.2% −14.8% 500.8% 34.5% −30.0% −32.8% −18.8%
FCF growth −30.3% −12.2% 104.7% −19.7% −122.4% — 196.5% −47.6% −101.3% —
Share count change 1.4% −1.4% −2.7% −6.1% −3.8% −2.7% −10.6% −9.3% −6.8% −5.0%
Financial health
Net debt / EBITDA 1.5x 1.0x 0.7x 0.8x 1.5x 0.4x 0.2x 0.3x 1.0x 1.7x
Debt / equity 0.8x 0.7x 0.6x 0.7x 0.7x 0.5x 0.4x 0.4x 0.4x 0.5x
Interest coverage 5.0x 7.9x 13.6x 7.8x 8.9x 75.2x 55.6x 41.2x 34.5x 21.1x
Current ratio 4.1x 4.0x 4.0x 4.2x 3.4x 3.1x 3.8x 2.9x 2.5x 3.1x
Quick ratio 2.3x 2.3x 2.1x 2.6x 1.9x 1.5x 2.2x 1.7x 1.1x 1.3x
Capital allocation
Capex / revenue 2.6% 1.7% 2.0% 4.3% 12.5% 5.5% 4.1% 8.8% 10.7% 5.2%
Stock comp / revenue 0.4% 0.4% 0.4% 0.5% 0.6% 0.3% 0.3% 0.3% 0.4% 0.4%
Payouts / FCF 24.6% 69.3% 58.9% 58.1% — 106.3% 57.4% 92.6% — 237.7%
Quality scores
Piotroski F-score 7.0 6.0 8.0 5.0 5.0 7.0 6.0 5.0 4.0 6.0
Altman Z'' 5.0 5.9 6.8 6.1 5.3 7.8 9.0 7.8 7.1 6.7
Accruals ratio −7.8% 1.0% −2.2% −9.0% −4.8% 9.3% −4.5% −7.4% −2.1% −1.7%

Source: SEC EDGAR XBRL filings (CIK 0001022671). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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