Steel Dynamics, Inc.

STLD · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995
Valuation
Market cap	$24,746	$17,367	$19,111	$17,153	$12,318	$7,317	$6,755	$5,961	$8,559	$7,061	$3,546	$4,590	$4,317	$3,009	$2,873	$3,967	$3,556	$2,115	$5,551	$3,049	$1,585	$1,867	$1,100	$568	$530	$515	$763	$570	$774	$661	$598
Enterprise value	$28,019	$19,814	$19,861	$17,751	$13,984	$8,895	$7,691	$7,122	$9,756	$8,427	$5,279	$7,093	$5,978	$4,776	$4,761	$6,151	$5,785	$4,757	$7,563	$3,460	$1,961	$2,302	$1,643	$1,103	$1,056	$1,041	$1,254	$1,049	$985	$811	$814
P/E (TTM) at period end	20.87×	11.30×	7.80×	4.44×	3.83×	13.28×	10.07×	4.74×	10.53×	18.48×	–	29.23×	22.80×	18.40×	10.33×	28.19×	–	4.56×	14.07×	7.69×	7.15×	6.32×	23.33×	7.29×	168.45×	9.57×	19.36×	17.98×	17.58×	–	–
P/S (TTM) at period end	1.36×	0.99×	1.02×	0.77×	0.67×	0.76×	0.65×	0.50×	0.90×	0.91×	0.47×	0.52×	0.59×	0.41×	0.36×	0.63×	0.90×	0.26×	1.27×	0.94×	0.73×	0.87×	1.11×	0.66×	0.87×	0.74×	1.23×	1.11×	1.84×	2.62×	5982.84×
P/B at period end	2.76×	1.94×	2.16×	2.11×	1.95×	1.68×	1.66×	1.51×	2.55×	2.41×	1.32×	1.58×	1.73×	1.27×	1.25×	1.91×	1.78×	1.30×	3.63×	2.48×	1.80×	2.20×	1.87×	1.09×	1.27×	1.23×	1.95×	1.62×	2.29×	2.50×	9.50×
EV / EBITDA (TTM)	13.82×	8.18×	5.53×	3.24×	3.01×	7.58×	5.88×	3.49×	7.14×	8.23×	23.80×	12.15×	9.68×	7.75×	5.90×	10.44×	16.97×	4.51×	9.12×	4.47×	4.04×	3.89×	9.91×	4.94×	14.52×	6.90×	9.79×	10.93×	11.02×	21.57×	–
EV / Sales (TTM)	1.54×	1.13×	1.06×	0.80×	0.76×	0.93×	0.73×	0.60×	1.02×	1.08×	0.70×	0.81×	0.81×	0.66×	0.60×	0.98×	1.46×	0.59×	1.72×	1.07×	0.90×	1.07×	1.66×	1.28×	1.74×	1.50×	2.03×	2.04×	2.34×	3.21×	8144.84×
Returns
Return on equity	13.2%	17.2%	27.6%	47.5%	51.0%	12.7%	16.5%	32.0%	24.2%	13.1%	(4.9%)	5.4%	7.6%	6.9%	12.1%	6.8%	(0.4%)	28.4%	25.8%	32.2%	25.2%	34.9%	8.0%	14.9%	0.8%	12.8%	10.1%	9.0%	13.0%	(3.7%)	(31.6%)
Return on invested capital	9.6%	13.2%	23.4%	42.0%	41.6%	11.6%	14.5%	25.1%	20.2%	10.8%	(1.0%)	3.3%	5.7%	6.5%	8.5%	5.2%	1.7%	12.3%	12.2%	25.2%	19.3%	24.6%	5.3%	9.7%	1.7%	7.1%	6.1%	4.7%	10.3%	–	(6.0%)
Dividend yield	1.2%	1.6%	1.4%	1.4%	1.7%	2.9%	3.0%	2.8%	1.7%	1.9%	3.6%	2.3%	2.2%	2.9%	2.9%	1.6%	1.9%	3.4%	1.0%	1.2%	1.2%	0.4%	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	3.06×	2.53×	2.91×	3.76×	3.10×	3.38×	4.22×	3.96×	4.04×	4.11×	4.74×	3.45×	2.54×	3.77×	2.23×	3.56×	2.45×	1.76×	1.88×	2.59×	3.50×	2.91×	2.66×	2.74×	2.64×	3.16×	3.20×	3.67×	1.77×	2.56×	0.60×
Debt / equity	0.47×	0.36×	0.35×	0.38×	0.49×	0.71×	0.67×	0.60×	0.71×	0.81×	0.97×	1.02×	0.84×	0.93×	1.03×	1.15×	1.11×	1.62×	1.33×	0.36×	0.50×	0.53×	1.03×	1.06×	1.43×	1.27×	1.29×	1.38×	0.65×	0.78×	3.54×
Effective tax rate	20.5%	21.8%	23.3%	22.7%	22.9%	19.1%	22.6%	22.5%	13.8%	36.2%	40.0%	44.4%	37.8%	30.3%	37.4%	39.3%	39.6%	38.2%	37.4%	37.2%	38.5%	37.8%	37.5%	37.4%	38.5%	36.3%	39.6%	39.7%	13.1%	139.8%	(16.6%)
Share count
Diluted shares outstanding	148	156	167	185	207	212	221	235	242	245	242	242	239	237	236	235	201	195	197	212	207	226	220	190	183	188	193	195	196	138	128

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995
Revenue and gross profit
Revenue	$22,220	$18,177	$17,540	$18,795	$22,261	$18,409	$9,601	$10,465	$11,822	$9,539	$7,777	$7,594	$8,756	$7,373	$7,290	$7,998	$6,301	$3,959	$8,081	$4,385	$3,239	$2,185	$2,145	$987	$864	$607	$693	$619	$515	$420	$253	$0
Cost of revenue	($18,694)	($15,784)	($14,738)	($14,749)	($16,143)	($13,046)	($8,167)	($8,934)	($9,499)	($7,957)	($6,442)	($6,863)	($7,790)	($6,654)	($6,570)	($7,066)	($5,625)	($3,560)	($6,849)	($3,469)	($2,409)	($1,700)	($1,541)	($827)	($639)	($523)	($534)	($448)	($398)	($306)	($201)	($2)
Gross profit	$3,526	$2,392	$2,803	$4,046	$6,118	$5,362	$1,435	$1,531	$2,323	$1,582	$1,335	$732	$966	$719	$720	$932	$676	$399	$1,231	$916	$830	$485	$603	$160	$226	$84	$159	$171	$116	$114	$51	($2)
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($822)	($765)	($664)	($589)	($546)	($644)	($477)	($436)	($600)	($515)	($474)	($376)	($386)	($333)	($329)	($264)	($227)	($226)	($277)	($225)	($171)	($92)	($97)	($63)	($67)	($58)	($53)	($42)	($21)	($24)	($14)	($14)
Total operating expenses	($971)	($916)	($860)	($895)	($1,026)	($1,061)	($588)	($544)	($600)	($515)	($607)	($805)	($646)	($333)	($329)	($347)	($311)	($280)	($385)	($225)	($171)	($92)	($97)	($63)	($62)	($58)	($53)	($82)	($51)	($48)	($33)	($14)
Total costs and expenses	($19,665)	($16,701)	($15,597)	($15,644)	($17,169)	($14,108)	($8,754)	($9,478)	($10,099)	($8,472)	($7,049)	($7,667)	($8,436)	($6,986)	($6,899)	($7,413)	($5,936)	($3,839)	($7,234)	($3,694)	($2,580)	($1,792)	($1,638)	($891)	($701)	($581)	($587)	($530)	($450)	($355)	($234)	($17)
Operating income	$2,555	$1,476	$1,943	$3,151	$5,092	$4,301	$847	$987	$1,722	$1,067	$728	($73)	$320	$387	$391	$585	$365	$120	$846	$691	$659	$393	$507	$97	$164	$26	$105	$89	$65	$65	$18	($17)
Earnings
EBITDA	$3,209	$2,027	$2,422	$3,589	$5,476	$4,649	$1,173	$1,308	$2,040	$1,366	$1,024	$222	$584	$617	$616	$807	$589	$341	$1,055	$829	$774	$485	$592	$166	$223	$73	$151	$128	$96	$89	$38	($16)
Interest income	–	$37	$90	$112	$29	–	–	–	–	–	–	–	–	$5	$5	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($139)	($70)	($56)	($76)	($92)	($57)	($95)	($127)	($127)	($134)	($146)	($154)	($137)	($128)	($159)	($177)	($170)	($141)	($145)	($55)	($32)	($34)	($39)	–	–	–	–	–	–	–	–	–
Pre-tax income	$2,486	$1,493	$1,983	$3,219	$5,021	$4,209	$705	$875	$1,620	$935	$564	($242)	$165	$263	$204	$424	$213	($18)	$735	$630	$632	$361	$475	$75	$130	$5	$84	$65	$53	$59	$20	($19)
Income tax expense	($535)	($306)	($433)	($752)	($1,142)	($962)	($135)	($197)	($364)	($129)	($204)	$97	($73)	($99)	($62)	($159)	($84)	$7	($280)	($236)	($235)	($139)	($180)	($28)	($49)	($2)	($31)	($26)	($21)	($8)	($28)	($3)
Net income	$1,960	$1,186	$1,537	$2,451	$3,863	$3,214	$551	$671	$1,258	$813	$382	($130)	$157	$189	$164	$278	$141	($8)	$463	$395	$397	$222	$295	$47	$78	$3	$54	$39	$32	$44	($10)	($20)
Per share
Diluted EPS (GAAP)	$13.55	$7.99	$9.84	$14.64	$20.92	$15.56	$2.59	$3.04	$5.35	$3.36	$1.56	($0.54)	$0.67	$0.83	$0.73	$1.22	$0.64	($0.04)	$2.38	$2.01	$1.89	$1.09	$1.32	$0.23	$0.41	$0.0175	$0.29	$0.21	$0.16	$0.23	($0.0716)	($0.15)
Basic EPS (GAAP)	$13.62	$8.02	$9.89	$14.72	$21.06	$15.67	$2.61	$3.06	$5.38	$3.38	$1.57	($0.54)	$0.68	$0.86	$0.75	$1.27	$0.65	($0.04)	$2.45	$2.12	$2.11	$1.25	$1.50	$0.25	$0.41	$0.0175	$0.29	$0.21	$0.16	$0.23	($0.0716)	($0.15)
Basic shares outstanding	144	148	155	167	183	205	211	220	234	240	244	242	233	221	219	218	217	201	189	186	188	178	197	191	189	183	187	192	194	193	138	128
Margins
Gross margin	15.9%	13.2%	16.0%	21.5%	27.5%	29.1%	14.9%	14.6%	19.6%	16.6%	17.2%	9.6%	11.0%	9.8%	9.9%	11.6%	10.7%	10.1%	15.2%	20.9%	25.6%	22.2%	28.1%	16.2%	26.1%	13.8%	22.9%	27.6%	22.6%	27.1%	20.3%	(2200.0%)
Operating margin	11.5%	8.1%	11.1%	16.8%	22.9%	23.4%	8.8%	9.4%	14.6%	11.2%	9.4%	(1.0%)	3.7%	5.2%	5.4%	7.3%	5.8%	3.0%	10.5%	15.8%	20.4%	18.0%	23.6%	9.8%	19.0%	4.3%	15.2%	14.3%	12.7%	15.5%	7.2%	(16700.0%)
Net margin	8.8%	6.5%	8.8%	13.0%	17.4%	17.5%	5.7%	6.4%	10.6%	8.5%	4.9%	(1.7%)	1.8%	2.6%	2.2%	3.5%	2.2%	(0.2%)	5.7%	9.0%	12.2%	10.2%	13.8%	4.8%	9.0%	0.5%	7.8%	6.4%	6.2%	10.5%	(3.9%)	(19900.0%)

Analyst consensus

Buy27 analysts

Bearish · 1 · Hold · 12 · Bullish · 14

Earnings history

	EPS	Estimate
Q4 2024	$1.36	$1.69	Miss
Q1 2025	$1.44	$1.38	Beat
Q2 2025	$2.01	$2.24	Miss
Q3 2025	$2.74	$2.63	Beat
Q4 2025	$1.82	$1.70	Beat
Q1 2026	$2.78	$2.84	Miss
Q2 2026	$3.69	$3.63	Beat
Q3 2026	$5.26	$5.48	Miss

Peers

Company overview

IPO dateNov 22, 1996

CEOMark D. Millett

Employees14,400

SectorBasic Materials

IndustrySteel

CountryUS

ExchangeNASDAQ Global Select

Websitewww.steeldynamics.com

Steel Dynamics, Inc. is a prominent American steel manufacturer and metal recycling enterprise, conducting its operations through three distinct business divisions. The Steel Operations segment is responsible for producing a broad range of steel products, including hot, cold, and coated rolled steel, various structural shapes like beams, channels, and angles, flat and reinforcing bars, and a diverse selection of rail and engineered steel bar products. This segment also provides specialized processing services for both bar products (such as turning, polishing, and heat treating) and specialty items (including cutting, welding, and galvanizing). Its offerings cater to numerous industries, such as construction, automotive, manufacturing, transportation, heavy and agricultural equipment, and pipe and tube production. Sales are channeled directly to end-users, steel fabricators, and service centers. The Metals Recycling Operations division focuses on acquiring, processing, and reselling ferrous (e.g., heavy melting steel, shredded scrap, cast iron) and nonferrous (e.g., aluminum, copper, stainless steel) scrap metals, transforming them into reusable materials. This division further offers supplementary services including transportation logistics, marketing, brokerage, and scrap management. The Steel Fabrication Operations segment manufactures crucial components for commercial building construction, such as steel joists, girders, trusses, and steel deck products. Established in 1993 and headquartered in Fort Wayne, Indiana, the company also engages in exporting its products internationally.

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