STEEL DYNAMICS INC STLD
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 8.02 | 9.89 | 14.72 | 21.06 | 15.67 | 2.61 | 3.06 | 5.38 | 3.38 | 1.57 |
| EPS, diluted | 7.99 | 9.84 | 14.64 | 20.92 | 15.56 | 2.59 | 3.04 | 5.35 | 3.36 | 1.56 |
| Shares, diluted (wtd. avg.) | $148.4M | $156.1M | $167.4M | $184.6M | $206.6M | $212.3M | $220.7M | $235.2M | $241.8M | $245.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 3312
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| NUE | NUCOR CORP | $59.23B | 34.7x | 5.7% |
| CRS | CARPENTER TECHNOLOGY CORP | $23.56B | 45.2x | 8.6% |
| CMC | COMMERCIAL METALS Co | $7.77B | 95.0x | -1.6% |
| SXC | SunCoke Energy, Inc. | $876.8M | — | -5.1% |
| MTUS | Metallus Inc. | $826.1M | — | 6.9% |
| TWI | TITAN INTERNATIONAL INC | $537.6M | — | -0.9% |
| ASTL | Algoma Steel Group Inc. | — | — | — |
| SIM | GRUPO SIMEC, S.A.B. de C.V. | — | — | — |