STEEL DYNAMICS INC STLD

Basic materials SIC 3312 - Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) NAICS Manufacturing › Primary Metal Manufacturing › Iron and Steel Mills and Ferroalloy Manufacturing derived Nasdaq

Steel Dynamics, Inc. is a leading industrial metals solutions company, with facilities located throughout the United States and Mexico. The company operates a circular manufacturing model, producing high-quality, lower-carbon-emission products with recycled scrap as the primary input. Steel Dynamics is one of the largest domestic steel producers and metals recyclers in North America based on estimated steelmaking and steel coating capacity of approximately 16 million tons and actual metals recycling volumes as of December 31, 2025, with one of the most diversified product and end market portfolios in the domestic steel industry, combined with a meaningful downstream steel fabrication platform. The company also has aluminum operations, further diversifying its product offerings to supply aluminum flat rolled products with higher recycled content to the countercyclical, sustainable beverage can industry, as well as the automotive and industrial sectors. The company's primary sources of revenue are currently derived from the manufacture and sale of steel products, the processing and sale of recycled ferrous and nonferrous metals, and the fabrication and sale of steel joist and deck products.

Last close 241.53 2026-10-23
Market cap $34.62B 2026-06-30 share count
52-week range 150.03 - 288.74

Valuation FY2025 figures against the last close

P/S1.9x
P/E30.2x
P/FCF69.0x
EV/EBITDA18.8x
Dividend yield0.8%
Diluted EPS7.99

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • U.S.
  • Non-U.S.
Revenue by geography, 2 categories over 3 years. The same figures are in the table below. FY2025 U.S., FY2025: 17B (93.6%) 94% U.S. Non-U.S., FY2025: 1.2B (6.4%) 6% Non-U.S. FY2024 U.S., FY2024: 16.1B (91.6%) 92% Non-U.S., FY2024: 1.5B (8.4%) 8% FY2023 U.S., FY2023: 17B (90.3%) 90% Non-U.S., FY2023: 1.8B (9.7%) 10%
Region FY2025FY2024FY2023
U.S. $17.02B $16.08B $16.97B
Non-U.S. $1.15B $1.46B $1.83B

As the company reported it, from the “Segment Information - Results (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $18.18B$17.54B$18.80B$22.26B$18.41B$9.59B$10.45B$11.80B$9.36B$7.61B
Cost of revenue $15.78B$14.74B$14.75B$16.14B$13.05B$8.17B$8.93B$9.50B$7.96B$6.44B
Gross profit $2.39B$2.80B$4.05B$6.12B$5.36B$1.43B$1.53B$2.32B$1.58B$1.33B
SG&A $765.3M$664.1M$588.6M$545.6M$644.0M——$600.4M$515.1M$474.1M
Operating income $1.48B$1.94B$3.15B$5.09B$4.30B$847.1M$986.9M$1.72B$1.07B$728.0M
Interest expense $70.0M$56.3M$76.5M$91.5M$57.2M$94.9M$127.1M$126.6M$134.4M$146.0M
Pre-tax income $1.49B$1.98B$3.22B$5.02B$4.21B$705.5M$875.3M$1.62B$935.2M$564.1M
Income tax $305.7M$432.9M$751.6M$1.14B$962.3M$134.7M$197.4M$364.0M$129.4M$204.1M
Net income $1.19B$1.54B$2.45B$3.86B$3.21B$570.8M$677.9M$1.26B$805.8M$360.0M
EPS, basic 8.029.8914.7221.0615.672.613.065.383.381.57
EPS, diluted 7.999.8414.6420.9215.562.593.045.353.361.56
Shares, diluted (wtd. avg.) 148.4M156.1M167.4M184.6M206.6M212.3M220.7M235.2M241.8M245.3M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $769.9M$589.5M$1.41B$1.63B$1.25B$1.37B$1.39B$834.4M$1.04B$848.1M
Short-term investments $0$147.8M$721.2M$628.2M—$0$262.2M$228.8M——
Receivables $1.68B$1.42B$1.61B$2.06B$1.91B$968.0M$841.4M$1.04B$846.4M$703.6M
Inventory $3.74B$3.11B$2.89B$3.13B$3.53B$1.84B$1.69B$1.86B$1.52B$1.28B
Total current assets $6.48B$5.43B$6.79B$7.64B$6.90B$4.26B$4.25B$4.03B$3.51B$2.93B
Property, plant and equipment $8.57B$8.12B$6.73B$5.37B$4.75B$4.11B$3.14B$2.95B$2.68B$2.79B
Goodwill $477.5M$477.5M$477.5M$502.1M$453.8M$457.2M$452.9M$429.6M$386.9M$393.4M
Other intangibles $331.3M$227.2M$257.8M$267.5M$295.3M$324.6M$327.9M$270.3M$256.9M$284.0M
Total assets $16.42B$14.94B$14.91B$14.16B$12.53B$9.27B$8.28B$7.70B$6.86B$6.42B
Accounts payable ———$1.01B$1.27B$760.5M$509.7M$536.7M$473.8M$382.1M
Short-term debt $34.7M$427.0M$460.0M$57.3M$97.2M$86.9M$89.4M$24.2M$28.8M$3.6M
Total current liabilities $2.12B$2.15B$2.33B$2.03B$2.23B$1.26B$1.01B$1.02B$868.5M$712.8M
Long-term debt $4.18B$2.80B$2.61B$3.01B$3.01B$3.02B$2.64B$2.35B$2.35B$2.35B
Total liabilities $7.49B$5.99B$6.07B$6.06B$6.21B$4.92B$4.21B$3.82B$3.55B$3.54B
Retained earnings $15.69B$14.80B$13.55B$11.38B$7.76B$4.76B$4.42B$3.96B$2.87B$2.21B
Total equity $8.96B$8.93B$8.67B$7.91B$6.11B$4.19B$3.92B$3.78B$3.20B$2.78B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $1.45B$1.84B$3.52B$4.46B$2.20B$987.0M$1.40B$1.42B$739.4M$852.8M
Depreciation and amortisation $551.4M$478.9M$437.8M$384.2M$347.7M$325.8M$321.1M$317.2M$299.0M$296.1M
Stock-based compensation $69.0M$66.6M$61.7M$59.2M$57.7M$55.6M$47.6M$43.3M$36.2M$31.7M
Capital expenditure $948.0M$1.87B$1.66B$908.9M$1.01B$1.20B$451.9M$239.4M$164.9M$198.2M
Investing cash flow -$975.0M-$1.30B-$1.97B-$1.88B-$999.4M-$993.3M-$576.7M-$895.3M-$139.1M-$312.9M
Financing cash flow -$294.3M-$1.35B-$1.78B-$2.20B-$1.33B-$7.0M-$266.6M-$720.9M-$413.3M-$425.4M
Dividends paid $291.2M$282.6M$271.3M$237.2M$213.0M$209.2M$200.3M$168.9M$145.6M$135.8M
Buybacks $900.9M$1.21B$1.45B$1.80B$1.06B$106.5M$348.6M$523.6M$252.2M$25.0M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-021395.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 10B 20B 30B Revenue, FY2016: 7.6B Gross profit, FY2016: 1.3B Net income, FY2016: 360M Revenue, FY2017: 9.4B Gross profit, FY2017: 1.6B Net income, FY2017: 805.8M Revenue, FY2018: 11.8B Gross profit, FY2018: 2.3B Net income, FY2018: 1.3B Revenue, FY2019: 10.5B Gross profit, FY2019: 1.5B Net income, FY2019: 677.9M Revenue, FY2020: 9.6B Gross profit, FY2020: 1.4B Net income, FY2020: 570.8M Revenue, FY2021: 18.4B Gross profit, FY2021: 5.4B Net income, FY2021: 3.2B Revenue, FY2022: 22.3B Gross profit, FY2022: 6.1B Net income, FY2022: 3.9B Revenue, FY2023: 18.8B Gross profit, FY2023: 4B Net income, FY2023: 2.5B Revenue, FY2024: 17.5B Gross profit, FY2024: 2.8B Net income, FY2024: 1.5B Revenue, FY2025: 18.2B Gross profit, FY2025: 2.4B Net income, FY2025: 1.2B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $7.61B $9.36B $11.80B $10.45B $9.59B $18.41B $22.26B $18.80B $17.54B $18.18B
Gross profit $1.33B $1.58B $2.32B $1.53B $1.43B $5.36B $6.12B $4.05B $2.80B $2.39B
Net income $360.0M $805.8M $1.26B $677.9M $570.8M $3.21B $3.86B $2.45B $1.54B $1.19B

Recent filings and events

  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Officer or director change Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event Item 8.01
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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