Steel Dynamics Inc. (STLD) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$3.67	$3.69	+0.5%	—	—	—
Q4 26	$2.79	$2.78	-0.4%	—	—	—
Q3 26	$1.61	$1.87	+16.1%	—	—	—
Q2 26	$2.63	$2.74	+4.2%	—	—	—
Q1 26	$2.08	$2.01	-3.4%	—	—	—
Q4 25	$1.38	$1.44	+4.3%	—	—	—
Q3 25	$1.29	$1.36	+5.4%	—	—	—
Q2 25	$1.98	$2.05	+3.5%	—	—	—
Q1 25	$2.67	$2.72	+1.9%	—	—	—
Q4 24	$3.45	$3.67	+6.4%	—	—	—
Q3 24	$2.62	$2.61	-0.4%	—	—	—
Q2 24	$3.43	$3.47	+1.2%	—	—	—
Q1 24	$4.79	$4.81	+0.4%	—	—	—
Q4 23	$3.52	$4.01	+13.9%	—	—	—
Q3 23	$3.79	$4.37	+15.3%	—	—	—
Q2 23	$5.09	$5.46	+7.3%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$8.02	—	—	$18.2B	—
FY24	—	$9.89	—	—	$17.5B	—
FY23	—	$14.7	—	—	$18.8B	—
FY22	—	$21.1	—	—	$22.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$7.8B	$9.5B	$11.8B	$10.5B	$9.6B	$18.4B	$22.3B	$18.8B	$17.5B	$18.2B
YoY change	+2.41%	+22.7%	+23.9%	-11.5%	-8.25%	+91.7%	+20.9%	-15.6%	-6.68%	+3.63%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	7.8B	9.5B	11.8B	10.5B	9.6B	18.4B	22.3B	18.8B	17.5B	18.2B
Cost of revenue	6.4B	8B	9.5B	8.9B	8.2B	13B	16.1B	14.7B	14.7B	15.8B
Gross profit	1.3B	1.6B	2.3B	1.5B	1.4B	5.4B	6.1B	4B	2.8B	2.4B
Gross margin	17.2%	16.6%	19.6%	14.6%	14.9%	29.1%	27.5%	21.5%	16%	13.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	374M	394.6M	416.6M	436.5M	477.4M	644M	545.6M	588.6M	664.1M	765.3M
Operating expenses	374M	394.6M	416.6M	436.5M	477.4M	644M	545.6M	588.6M	664.1M	765.3M
Operating income	932.1M	1.2B	1.9B	1.1B	928.3M	4.7B	5.5B	3.4B	2.1B	1.6B
Operating margin	12%	12.1%	15.9%	10.2%	9.67%	25.5%	24.9%	18.2%	12%	8.8%
Non-operating income, net	-221.9M	-88.6M	-132M	-62.5M	-127.9M	-422.9M	-431.8M	-127.8M	-68.7M	-36M
Pretax income	564.1M	935.2M	1.6B	875.3M	705.5M	4.2B	5B	3.2B	2B	1.5B
Income tax	204.1M	129.4M	364M	197.4M	134.7M	962.3M	1.1B	751.6M	432.9M	305.7M
Net income	360M	805.8M	1.3B	677.9M	570.8M	3.2B	3.9B	2.5B	1.5B	1.2B
Net margin	4.63%	8.45%	10.6%	6.48%	5.95%	17.6%	17.4%	13.1%	8.84%	6.53%
EBITDA	1.1B	1.4B	2.1B	1.3B	1.1B	4.6B	5.5B	3.7B	2.5B	2.1B
EPS	1.57	3.38	5.38	3.06	2.61	15.7	21.1	14.7	9.89	8.02
Diluted EPS	1.56	3.36	5.35	3.04	2.59	15.6	20.9	14.6	9.84	7.99

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	4.8B	4.4B	5.2B	6.1B
Cost of revenue	—	—	—	—	—	—	—	—	4.1B	3.9B	4.4B	5.1B
Gross profit	—	—	—	—	—	—	—	—	757.9M	529.3M	763.2M	959M
Gross margin	—	—	—	—	—	—	—	—	15.7%	12%	14.7%	15.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	200.8M	184.6M	175.2M	193.5M
Operating expenses	—	—	—	—	—	—	—	—	200.8M	184.6M	175.2M	193.5M
Operating income	798M	565.6M	813.6M	607.2M	429.9M	257.3M	297.8M	413.6M	550.1M	337.4M	580.2M	757.8M
Operating margin	—	—	—	—	—	—	—	—	11.4%	7.64%	11.1%	12.4%
Non-operating income, net	—	—	—	—	—	—	—	—	-22.7M	137K	-33.7M	-35.2M
Pretax income	—	—	—	—	—	—	—	—	513.8M	310.6M	513.2M	683.5M
Income tax	—	—	—	—	—	—	—	—	109.9M	46.1M	113.1M	152.7M
Net income	—	—	—	—	—	—	—	—	403.9M	264.5M	400.1M	530.8M
Net margin	—	—	—	—	—	—	—	—	8.37%	5.99%	7.69%	8.71%
EBITDA	—	—	—	—	—	—	—	—	665.9M	483.8M	705.7M	896.5M
EPS	3.49	2.63	3.68	2.73	2.06	1.36	1.45	2.01	2.75	1.83	2.79	3.71
Diluted EPS	3.47	2.61	3.67	2.72	2.05	1.36	1.44	2.01	2.74	1.82	2.78	3.69

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	8.7B	10.4B	7B	7.5B	7.8B	12.7B	—	19.7B	17.7B	25B	33B
Enterprise value	10.2B	11.7B	8.3B	8.6B	9.5B	14.6B	—	20.6B	20.2B	28.5B	37.3B
Shares outstanding	243.6M	240.1M	233.9M	219.6M	211.1M	205.1M	183.4M	166.6M	155.4M	147.8M	147.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	24.1	12.9	5.6	11	13.6	3.92	—	7.97	11.4	21.1	21.1
P/S	1.11	1.09	0.59	0.71	0.81	0.69	—	1.05	1.01	1.38	1.62
P/B	3	3.13	1.81	1.84	1.79	2.01	—	2.23	1.98	2.8	3.54
EV/EBITDA	8.94	8.56	4.04	6.47	8.31	3.16	—	5.52	8.03	13.5	13.9
EV/Sales	1.31	1.23	0.71	0.82	0.99	0.79	—	1.1	1.15	1.57	1.81
Earnings yield	4.15%	7.78%	17.9%	9.07%	7.33%	25.5%	—	12.5%	8.74%	4.74%	4.75%
FCF yield	7.55%	5.55%	16.7%	12.6%	-2.71%	9.41%	—	9.47%	-0.13%	2%	0.71%
PEG	—	—	—	—	—	—	—	—	—	—	0.25

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	17.2%	16.6%	19.6%	14.6%	14.9%	29.1%	27.5%	21.5%	16%	13.2%	15.7%
Operating margin	12%	12.1%	15.9%	10.2%	9.67%	25.5%	24.9%	18.2%	12%	8.8%	11.5%
Net margin	4.63%	8.45%	10.6%	6.48%	5.95%	17.6%	17.4%	13.1%	8.84%	6.53%	7.83%
ROE	12.5%	24.4%	32.3%	16.7%	13.1%	51.4%	47.9%	27.9%	17.3%	13.3%	17.6%
ROA	5.6%	11.8%	16.3%	8.19%	6.16%	25.9%	27.4%	16.5%	10.4%	7.23%	7.87%
ROIC	13.5%	21.4%	28%	16%	12.3%	44.2%	48.1%	26.8%	14.4%	10.3%	13.6%
Return on tangible assets	7.1%	14.5%	19.9%	10.1%	7.41%	29.4%	30.7%	18.4%	11.5%	8.02%	10.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	4.11	4.04	3.96	4.22	3.38	3.1	3.76	2.91	2.53	3.06	3.18
Quick ratio	2.32	2.29	2.13	2.55	1.92	1.51	2.22	1.67	1.08	1.29	1.45
Debt / equity	0.82	0.72	0.61	0.67	0.71	0.49	0.38	0.35	0.36	0.47	0.47
Debt / assets	0.37	0.35	0.31	0.33	0.33	0.25	0.22	0.21	0.22	0.26	0.24
Net debt / EBITDA	1.33	0.99	0.64	0.82	1.51	0.4	0.15	0.25	0.99	1.63	1.31
Interest coverage	4.86	7.96	13.8	7.89	8.44	74.6	55.9	43.1	36.2	22.3	18.9
Effective tax rate	36.2%	13.8%	22.5%	22.6%	19.1%	22.9%	22.7%	23.3%	21.8%	20.5%	20.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	31.9	39.7	50.5	47.6	45.5	89.7	121.4	112.8	112.9	123	141.3
EPS (basic)	1.57	3.38	5.38	3.06	2.61	15.7	21.1	14.7	9.89	8.02	8.02
EPS (diluted)	1.56	3.36	5.35	3.04	2.59	15.6	20.9	14.6	9.84	7.99	11
Book value per share	11.9	13.8	16.6	18.5	20.6	30.8	44.1	53.1	57.6	60.4	65.6
FCF per share	2.69	2.39	5.03	4.3	-1	5.84	19.4	11.2	-0.15	3.39	6.61
Cash per share	3.45	4.28	4.52	7.48	6.48	6.06	12.3	12.7	4.74	5.21	3.96
Capex per share	0.81	0.69	1.02	2.06	5.67	4.91	4.96	9.95	12	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.55%	1.73%	2.02%	4.32%	12.5%	5.47%	4.08%	8.82%	10.6%	—	—
Capex / operating cash flow	30.7%	23.4%	17.8%	30.7%	122%	56.2%	20.7%	45%	96%	—	—
Payout ratio	37.7%	18.1%	13.5%	29.5%	36.7%	6.56%	6.11%	11%	18.2%	24.5%	18.7%
Dividend yield	1.57%	1.41%	2.4%	2.68%	2.69%	1.67%	—	1.38%	1.59%	1.16%	0.92%

Yield

0.92%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.53

ex-dividend Sep 30, 2026

Payout ratio

19%

of earnings

Dividend growth

13 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 30, 2026upcoming	$0.53
Jun 30, 2026	$0.53
Mar 31, 2026	$0.53
Dec 31, 2025	$0.50

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	$4.8B	$4.4B	$5.2B	$6.1B
YoY change	—	—	—	—	—	—	—	—	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	841.5M	1B	1.1B	1.6B	1.4B	1.2B	2.3B	2.1B	737.3M	769.9M
Receivables	729.8M	868.8M	1B	844.3M	971.9M	1.9B	2.1B	1.6B	1.4B	1.7B
Inventory	1.3B	1.5B	1.9B	1.7B	1.8B	3.5B	3.1B	2.9B	3.1B	3.7B
Total current assets	2.9B	3.5B	4B	4.3B	4.3B	6.9B	7.6B	6.8B	5.4B	6.5B
Property, plant & equipment	2.1B	2B	2.2B	2.3B	3.2B	3.9B	4.1B	5.5B	6.6B	6.7B
Goodwill & intangibles	1.4B	1.3B	1.4B	1.6B	1.6B	1.5B	1.5B	1.5B	1.4B	1.6B
Total assets	6.4B	6.9B	7.7B	8.3B	9.3B	12.5B	14.2B	14.9B	14.9B	16.4B
Accounts payable	395.2M	489.4M	550.8M	513.3M	769.5M	1.3B	1B	1.1B	979.9M	1.2B
Short-term debt	3.6M	28.8M	24.2M	89.4M	86.9M	97.2M	57.3M	460M	427M	34.7M
Total current liabilities	712.8M	868.5M	1B	1B	1.3B	2.2B	2B	2.3B	2.2B	2.1B
Long-term debt	2.4B	2.4B	2.4B	2.6B	3B	3B	3B	2.6B	2.8B	4.2B
Total liabilities	3.5B	3.5B	3.8B	4.2B	4.9B	6.2B	6.1B	6.1B	6B	7.5B
Shareholders' equity	2.9B	3.3B	3.9B	4.1B	4.3B	6.3B	8.1B	8.8B	8.9B	8.9B
Total debt	2.4B	2.4B	2.4B	2.7B	3.1B	3.1B	3.1B	3.1B	3.2B	4.2B
Net debt	1.5B	1.4B	1.5B	1.4B	1.7B	1.9B	1.4B	1.7B	2.6B	3.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	2.3B	2.1B	1.7B	1.2B	1.7B	737.3M	1.2B	497.6M	770.4M	769.9M	556.5M	567.7M
Receivables	1.9B	1.6B	1.7B	1.8B	1.6B	1.4B	1.7B	1.7B	1.8B	1.7B	2.1B	2.4B
Inventory	2.9B	2.9B	3B	3.1B	3B	3.1B	3.1B	3.3B	3.2B	3.7B	3.9B	4B
Total current assets	7.2B	6.8B	6.6B	6.2B	6.4B	5.4B	6.2B	5.7B	6.1B	6.5B	6.8B	7.3B
Property, plant & equipment	—	5.5B	—	—	—	6.6B	—	—	—	6.7B	—	—
Goodwill & intangibles	1.5B	1.5B	1.5B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.6B	1.6B	1.6B
Total assets	14.9B	14.9B	15B	15.1B	15.7B	14.9B	15.9B	15.5B	16B	16.4B	16.7B	17.1B
Accounts payable	1.1B	1.1B	1.2B	1.2B	1.1B	979.9M	1.3B	1.2B	1.2B	1.2B	1.4B	1.5B
Short-term debt	86.1M	460M	425.7M	815.6M	882M	427M	418.9M	1.5M	1.4M	34.7M	22.1M	1.3M
Total current liabilities	1.9B	2.3B	2.3B	2.7B	2.7B	2.2B	2.3B	1.8B	2B	2.1B	2.2B	2.3B
Long-term debt	3B	2.6B	2.6B	2.2B	2.8B	2.8B	3.8B	3.8B	3.8B	4.2B	4.2B	4.2B
Total liabilities	6.1B	6.1B	6B	5.9B	6.6B	6B	7.1B	6.7B	7B	7.5B	7.6B	7.8B
Shareholders' equity	8.9B	8.8B	9B	9.1B	9.1B	8.9B	8.8B	8.8B	9B	8.9B	9.1B	9.4B
Total debt	3.1B	3.1B	3B	3B	3.7B	3.2B	4.2B	3.8B	3.8B	4.2B	4.2B	4.2B
Net debt	1.3B	1.7B	2B	2.2B	2.7B	2.6B	3B	3.3B	3B	3.4B	3.6B	3.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	360M	805.8M	1.3B	677.9M	570.8M	3.2B	3.9B	2.5B	1.5B	1.2B
Depreciation & amortization	296.1M	299M	317.2M	321.1M	325.8M	347.7M	384.2M	437.8M	478.9M	551.4M
Stock-based compensation	31.7M	36.2M	43.3M	47.6M	55.6M	57.7M	59.2M	61.7M	66.6M	69M
Change in working capital	-117.5M	-315.8M	-331.2M	370.9M	-49M	-2.2B	38.4M	681.9M	-100.8M	-399.1M
Operating cash flow	644.7M	703.4M	1.3B	1.5B	982M	1.8B	4.4B	3.7B	1.9B	1.4B
Capital expenditure	-198.2M	-164.9M	-239.4M	-451.9M	-1.2B	-1B	-908.9M	-1.7B	-1.9B	—
Investing cash flow	-312.9M	-139.1M	-895.3M	-576.7M	-993.3M	-999.4M	-1.9B	-2B	-1.3B	-26.9M
Dividends paid	-135.8M	-145.6M	-168.9M	-200.3M	-209.2M	-213M	-237.2M	-271.3M	-282.6M	-291.2M
Share repurchases	-25M	-252.2M	-523.6M	-348.6M	-106.5M	-1.1B	-1.8B	-1.5B	-1.2B	-900.9M
Financing cash flow	-680.5M	-403.2M	-730.8M	43.2M	338.8M	-2.9B	-3.7B	-3.1B	-3.7B	-2.9B
Net change in cash	-348.7M	161.1M	-280.3M	937.1M	327.5M	-2.1B	-1.2B	-1.4B	-3B	-1.4B
Free cash flow	654.6M	574.5M	1.2B	944.3M	-211M	1.2B	3.6B	1.9B	-23.5M	501.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	579.8M	427M	587.5M	431.7M	320.9M	209.9M	217.7M	301.2M	403.9M	264.5M	400.1M	530.8M
Depreciation & amortization	107.4M	111.7M	115.3M	117.1M	121.1M	125.5M	133.8M	132.9M	138.5M	146.3M	159.3M	173.9M
Stock-based compensation	12M	21.9M	15.6M	13M	12.8M	25.1M	17M	14.1M	14.2M	23.6M	17.5M	14.2M
Change in working capital	285.2M	288.6M	-80.8M	-253.9M	199.9M	34M	-30.5M	-223.8M	-100.9M	-44M	-295.9M	-461.4M
Operating cash flow	991.9M	833.9M	635.3M	306M	659M	346.3M	350M	262.6M	722.6M	272.7M	148.3M	427.9M
Capital expenditure	-558.4M	-514.9M	-374.3M	-419.2M	-621.4M	-453.2M	-305.5M	-288.3M	—	—	—	—
Investing cash flow	-452.5M	-734.8M	-292.9M	-209.6M	-852M	51.2M	-178.8M	-305.7M	45.2M	-5.7M	-1.1M	5.8M
Dividends paid	-70.7M	-69.5M	-68M	-72.6M	-71.6M	-70.4M	-69.5M	-74.7M	-73.9M	-73.1M	-72.5M	-76.6M
Share repurchases	-331.3M	-386.7M	-298.1M	-309.1M	-309.9M	-295.1M	-250.1M	-200M	-210.4M	-240.3M	-115.1M	-200.3M
Financing cash flow	-371M	-1.9B	-837.8M	-972.4M	277.4M	-3.1B	190.8M	-1.6B	-698M	-727.6M	-835.1M	-1B
Net change in cash	168.4M	-1.8B	-495.5M	-876M	84.4M	-2.8B	362M	-1.7B	69.8M	-460.6M	-687.9M	-581.2M
Free cash flow	555.3M	349.7M	-19.1M	-36.6M	138.5M	-106.3M	-152.9M	13.3M	556.9M	84.2M	10.3M	304.1M

Date	Ratio
Mar 31, 2008	2:1
Nov 21, 2006	2:1

Steel Dynamics Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history