Steel Dynamics Inc

Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)

STLDStrong10 of 11 basics passed

$238.38

+1.80%

Market cap $34.2B

$238.38

+1.80%

Market cap $34.2B

Steel Dynamics Inc operates as a domestic steel producer and metal recycler in the United States. The company's product portfolio comprises hot rolled sheet, hot rolled plate, painted sheet products, cold rolled sheet, and others.

It is a $34.2B industrial company. Revenue grew 19.8% over the last year, it keeps 8¢ of every dollar of sales as profit, and its net debt equals ~3.6 years of free cash flow. It trades at 21.3× earnings — in the most expensive third of its own history.

Website: steeldynamics.com
Location: Fort Wayne, IN
Employees: 14 400
Sector: Industrials
Founded: 1993

Share price · 3 years

$109.76 → $238.38+117.2%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $20.5B
Profit: keeps 8¢ of every $1 sold; $1.61B
Free cash flow: cash left after running the business; $956M
Net debt: debt minus cash on hand; $3.41B
P/E: years of profit in the price; 21.3
EPS: earnings per share, TTM; $10.83
Dividend: pays out 18% of profit · 31% of FCF; 0.87%
Shares: down 40% since 2016 — buybacks; 148.4M
Volatility: beta vs the market — under 1 swings less; 1.49

Revenue, last 10 years

52-week range

Low $141.23$238.38High $282.76

Today's price is 69% of the way from the year's low to its high.

P/E vs its history5y

21.3×median 8.6×

Higher than 87% of past days — in the most expensive third of its own history.

Valuation vs own history

P/E

21.3×

13%

P/S

1.7×

EV/EBITDA

18.5×

15%

P/B

3.6×

FCF yield

2.8%

31%

Share of the last ~5 years that was pricier than today (unusually expensive vs its own history). Based on the daily valuation record.

Standing in Industrials

Size$34.2Btop 33%
Revenue growth-7%top 91%
Net margin8%top 60%
Return on equity18%top 52%
P/E21.3×top 29%
Dividend yield0.87%top 64%

Ranked against 130 Industrials companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong health; Valuation lags behind.

Valuation42

P/E vs own history87th pct · 0/25
FCF yield2.8% · 5/25
P/S1.7x · 25/25
EV/EBITDA18.1x · 12/25

Growth50

Revenue CAGR-0.3% · 0/25
Net income CAGR-22.1% · 0/25
EPS CAGR ~5Y25.2% · 25/25
Fwd implied growth74.4% · 25/25

Profitability57

ROIC9.6% · 12/25
ROE17.6% · 20/25
Net margin7.8% · 13/25
Operating margin10.0% · 12/25

Health87

Altman Z5.27 · 25/25
Current ratio3.18 · 25/25
Interest coverage22.3x · 25/25
Net cash / debtD/A 21% · 12/25

Quality70

Piotroski F5/9 · 15/25
Beneish M-2.43 · 20/25
FCF conversion59% · 15/25
Margin stabilityσ 5.3% · 20/25

Moat50

ROIC >12% years8/10 yrs · 20/25
Median gross margin16.9% · 0/25
FCF-positive years8/10 yrs · 18/25
Worst-year net marginworst 4.9% · 12/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2022Financial
Best year on record
$3.86B net income
FY2018Financial
Revenue crossed $10B
$11.8B for the year
2018Acquisition
The company acquired the former Kentucky Electric Steel plant in Coalton, Kentucky
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $1B
$7.78B in first reported year
2016Acquisition
The company acquired Vulcan Threaded Products for $126 million
2014Acquisition
The company acquired Severstal Columbus for $1.625 billion
2007Acquisition
The company acquired The Techs, three hot-dip galvanization plants in Pittsburgh that coat flat-rolled steel
1993Founded
Steel Dynamics was founded in 1993 by three former executives of Nucor with $370 million in funding

Achievements

Verifiable track record, straight from the reported numbers.

#43 largest of 130 Industrials companies by market cap

$10 000 invested in 2021 would be worth ~$38 467 today — price return only

$18.2B revenue in FY2025

Revenue up 19.8% year over year

Profitable 10 years in a row

14 400 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Revenue growing 19.8% year over year
Interest covered 22.3× by operating earnings
Altman Z-Score 5.27 — low bankruptcy-risk zone

Watch-outs

Nothing stands out as a concern in the available data.

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

10 of 11 checks passed

Revenue growing — the company sells more than a year ago+19.8% YoY
Profitable — makes more than it spends$1.61B TTM
Profit growing — earnings are higher than last year-27.4% YoY
Generates cash — cash left after running and investing$956M TTM
Debt under control — could handle its obligations~3.6y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$34.2B market cap
Not printing shares — share count not ballooning — you keep your slice-30.1% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distressAltman Z 5.3 — safe
Pays a dividend — returns cash to shareholdersyield 0.87%
Valuation not extreme — price not wildly above earningsP/E 21.3

Peer comparisonSteel Dynamics Inc vs 6 largest industrials peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
STLD this company	$34.2B	21.3	+19.8%	7.8%	Strong
LRCX Lam Research Corp	$399.2B	54.9	+26.0%	31.3%	Strong
CAT Caterpillar Inc.	$368.0B	33.9	+18.4%	14.5%	Solid
RTX RTX Corporation	$251.3B	32.4	+11.8%	8.3%	Strained
DE Deere & Company	$167.7B	34.4	+8.3%	10.2%	Solid
ETN Eaton Corporation, plc	$167.2B	43.6	+15.5%	12.8%	Mixed
UNP Union Pacific Corp.	$166.8B	22.6	+4.2%	28.8%	Strained

Head-to-head: STLD vs LRCX · STLD vs CAT · STLD vs RTX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 4Buy 10Hold 7Sell 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $20.5B · net income $1.61B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$20.5B

YoY 19.8%

Net income (TTM)

$1.61B

Margin 7.8%

Gross margin

14.7%

Operating margin

10.0%

P/E ratio

21.3

Dividend yield

0.87%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	9.6	18.4	22.3	18.8	17.5	18.2
Gross profit	1.4	5.4	6.1	4.0	2.8	2.4
Operating income (EBIT)	0.8	4.3	5.1	3.2	1.9	1.5
Net income	0.6	3.2	3.9	2.5	1.5	1.2
EPS (diluted)	2.59	15.56	20.92	14.64	9.84	7.99

Cash flowFree cash flow $956M · operating cash flow $1.57B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$956M

Margin 4.7%

Operating cash flow (TTM)

$1.57B

FCF margin

4.7%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	1.0	2.2	4.5	3.5	1.8	1.4
Capital expenditure	-1.2	-1.0	-0.9	-1.7	-1.9	-0.9
Free cash flow	-0.2	1.2	3.6	1.9	-0.0	0.5
FCF margin	-2.2%	6.5%	16.0%	9.9%	-0.1%	2.8%

Balance sheetAssets $16.4B · net debt $3.41B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $16.4B of assets is financed

46%

54%

Liabilities $7.49B — borrowed moneyEquity $8.96B — owners' stake

Cash vs debt

Total debt $4.18B − cash $770M = net debt $3.41B

Cash on hand covers 18% of debt.

Altman Z-Score

5.27

Safe zone

Debt repayment

4.0 yrs

Years of free cash flow to clear net debt

Interest coverage

22.3x

EBIT ÷ interest expense

ROE

17.6%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	1.4	1.2	2.3	2.1	0.7	0.8
Total assets	9.3	12.5	14.2	14.9	14.9	16.4
Total liabilities	4.9	6.2	6.1	6.1	6.0	7.5
Total debt	3.0	3.0	3.0	2.6	2.8	4.2
Equity	4.3	6.3	8.1	8.9	8.9	9.0
Net debt	1.6	1.8	0.8	0.5	2.1	3.4

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of STLD on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $238.38 · market cap $34.2B.