Steel Dynamics (STLD) Financials

$129.71 +0.43 (+0.33%)

As of 04:00 PM Eastern

Annual Income Statements for Steel Dynamics

This table shows Steel Dynamics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	-130	382	813	1,258	671	551	3,214	3,863	2,451	1,537
Consolidated Net Income / (Loss)	-145	360	806	1,256	678	571	3,247	3,879	2,467	1,550
Net Income / (Loss) Continuing Operations	-145	360	806	1,256	678	571	3,247	3,879	2,467	1,550
Total Pre-Tax Income	-242	564	935	1,620	875	705	4,209	5,021	3,219	1,983
Total Operating Income	-73	728	1,067	1,722	987	847	4,301	5,092	3,151	1,943
Total Gross Profit	732	1,335	1,582	2,323	1,531	1,435	5,362	6,118	4,046	2,803
Total Revenue	7,594	7,777	9,539	11,822	10,465	9,601	18,409	22,261	18,795	17,540
Operating Revenue	7,594	7,777	9,539	11,822	10,465	9,601	18,409	22,261	18,795	17,540
Total Cost of Revenue	6,863	6,442	7,957	9,499	8,934	8,167	13,046	16,143	14,749	14,738
Operating Cost of Revenue	6,863	6,442	7,957	9,499	8,934	8,167	13,046	16,143	14,749	14,738
Total Operating Expenses	805	607	515	600	544	588	1,061	1,026	895	860
Selling, General & Admin Expense	329	374	395	417	436	477	644	546	589	664
Amortization Expense	24	29	29	28	30	29	29	28	34	31
Other Operating Expenses / (Income)	23	71	91	156	78	62	388	453	272	165
Total Other Income / (Expense), net	-169	-164	-132	-103	-112	-142	-92	-71	68	40
Interest Expense	154	146	134	127	127	95	57	92	76	56
Other Income / (Expense), net	-15	-18	2.75	24	16	-47	-35	21	144	96
Income Tax Expense	-97	204	129	364	197	135	962	1,142	752	433
Net Income / (Loss) Attributable to Noncontrolling Interest	-15	-22	-6.95	-2.57	6.80	20	33	17	16	13
Basic Earnings per Share	($0.54)	$1.57	$3.38	$5.38	$3.06	$2.61	$15.67	$21.06	$14.72	$9.89
Weighted Average Basic Shares Outstanding	242.02M	243.58M	240.13M	233.92M	219.64M	211.14M	205.12M	183.39M	166.55M	155.42M
Diluted Earnings per Share	($0.54)	$1.56	$3.36	$5.35	$3.04	$2.59	$15.56	$20.92	$14.64	$9.84
Weighted Average Diluted Shares Outstanding	242.02M	245.30M	241.78M	235.19M	220.75M	212.35M	206.62M	184.62M	167.43M	156.14M
Weighted Average Basic & Diluted Shares Outstanding	241.30M	243.40M	240.50M	233.90M	213.55M	211.01M	191.30M	171.58M	158.15M	150.16M
Cash Dividends to Common per Share	$0.55	$0.56	$0.62	$0.75	$0.96	$1.00	$1.04	$1.36	$1.70	$1.84

This table shows Steel Dynamics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	914	635	637	812	577	424	584	428	318	207
Consolidated Net Income / (Loss)	918	639	644	816	580	427	588	432	321	210
Net Income / (Loss) Continuing Operations	918	639	644	816	580	427	588	432	321	210
Total Pre-Tax Income	1,208	758	848	1,074	755	542	766	565	408	244
Total Operating Income	1,220	759	835	1,064	734	519	751	559	395	238
Total Gross Profit	1,464	988	1,056	1,307	952	731	981	775	605	442
Total Revenue	5,652	4,826	4,893	5,082	4,587	4,233	4,694	4,633	4,342	3,872
Operating Revenue	5,652	4,826	4,893	5,082	4,587	4,233	4,694	4,633	4,342	3,872
Total Cost of Revenue	4,187	3,839	3,837	3,775	3,635	3,503	3,713	3,858	3,736	3,430
Operating Cost of Revenue	4,187	3,839	3,837	3,775	3,635	3,503	3,713	3,858	3,736	3,430
Total Operating Expenses	245	228	221	243	218	212	230	216	210	204
Selling, General & Admin Expense	133	143	144	141	146	157	160	160	168	177
Amortization Expense	6.84	6.68	6.88	11	8.16	8.09	7.66	7.65	7.64	7.57
Other Operating Expenses / (Income)	105	79	70	91	64	47	63	48	34	20
Total Other Income / (Expense), net	-11	-0.60	12	11	21	24	15	5.99	13	6.46
Interest Expense	25	24	23	21	18	15	12	13	17	15
Other Income / (Expense), net	14	23	35	31	39	38	27	19	30	21
Income Tax Expense	290	119	203	258	175	115	178	133	87	34
Net Income / (Loss) Attributable to Noncontrolling Interest	4.15	4.15	7.02	4.07	2.59	2.77	3.46	3.69	3.09	2.58
Basic Earnings per Share	$5.07	$3.76	$3.71	$4.83	$3.49	$2.69	$3.68	$2.73	$2.06	$1.42
Weighted Average Basic Shares Outstanding	180.26M	183.39M	171.60M	168.01M	165.17M	166.55M	158.67M	156.86M	154.06M	155.42M
Diluted Earnings per Share	$5.03	$3.74	$3.70	$4.81	$3.47	$2.66	$3.67	$2.72	$2.05	$1.40
Weighted Average Diluted Shares Outstanding	181.61M	184.62M	172.48M	168.87M	166.11M	167.43M	159.35M	157.58M	154.81M	156.14M
Weighted Average Basic & Diluted Shares Outstanding	175.57M	171.58M	169.03M	165.64M	161.82M	158.15M	157.13M	154.30M	152.24M	150.16M
Cash Dividends to Common per Share	$0.34	$0.34	$0.43	$0.43	$0.43	$0.42	$0.46	$0.46	$0.46	$0.46

This table details how cash moves in and out of Steel Dynamics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	366	114	187	-201	553	-13	-125	385	-227	-811
Net Cash From Operating Activities	1,054	853	739	1,415	1,396	987	2,204	4,460	3,520	1,845
Net Cash From Continuing Operating Activities	1,054	853	739	1,415	1,396	987	2,204	4,460	3,520	1,845
Net Income / (Loss) Continuing Operations	-145	360	806	1,256	678	571	3,247	3,879	2,467	1,550
Consolidated Net Income / (Loss)	-145	360	806	1,256	678	571	3,247	3,879	2,467	1,550
Depreciation Expense	295	296	299	317	321	326	348	384	438	479
Non-Cash Adjustments To Reconcile Net Income	459	164	36	43	48	75	58	59	62	67
Changes in Operating Assets and Liabilities, net	446	32	-402	-201	350	15	-1,448	137	553	-251
Net Cash From Investing Activities	-143	-313	-139	-895	-577	-993	-999	-1,879	-1,970	-1,303
Net Cash From Continuing Investing Activities	-143	-313	-139	-895	-577	-993	-999	-1,879	-1,970	-1,303
Purchase of Property, Plant & Equipment	-115	-198	-165	-239	-452	-1,198	-1,006	-909	-1,658	-1,868
Acquisitions	-45	-123	-6.19	-434	-97	-60	0.00	-357	0.00	0.00
Purchase of Investments	-	-	-	-269	-396	-149	0.00	-928	-1,145	-739
Sale and/or Maturity of Investments	-	-	-	40	363	412	0.00	298	1,055	1,312
Other Investing Activities, net	17	8.62	32	6.91	5.76	2.63	6.82	16	-222	-8.31
Net Cash From Financing Activities	-545	-425	-413	-721	-267	-7.05	-1,329	-2,197	-1,777	-1,353
Net Cash From Continuing Financing Activities	-545	-425	-413	-721	-267	-7.05	-1,329	-2,197	-1,777	-1,353
Repayment of Debt	-636	-739	-636	-474	-1,292	-2,215	-1,572	-1,624	-1,419	-2,341
Repurchase of Common Equity	-	-25	-252	-524	-349	-107	-1,061	-1,801	-1,452	-1,212
Payment of Dividends	-128	-136	-146	-169	-200	-209	-213	-237	-271	-283
Issuance of Debt	208	474	620	446	1,574	2,523	1,517	1,465	1,366	2,483
Cash Interest Paid	160	151	135	124	135	112	103	101	103	101
Cash Income Taxes Paid	-9.90	160	296	288	156	50	737	1,064	643	464

This table details how cash moves in and out of Steel Dynamics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	413	208	-23	-130	290	-365	-362	-209	185	-426
Net Cash From Operating Activities	1,496	1,143	734	808	1,114	865	355	383	760	347
Net Cash From Continuing Operating Activities	1,496	1,143	734	808	1,114	865	355	383	760	347
Net Income / (Loss) Continuing Operations	918	639	644	816	580	427	588	432	321	210
Consolidated Net Income / (Loss)	918	639	644	816	580	427	588	432	321	210
Depreciation Expense	99	102	108	111	107	112	115	117	121	126
Non-Cash Adjustments To Reconcile Net Income	12	20	16	12	12	22	16	13	13	25
Changes in Operating Assets and Liabilities, net	467	383	-34	-131	414	304	-363	-179	305	-14
Net Cash From Investing Activities	-518	-469	-310	-473	-453	-735	-293	-210	-852	51
Net Cash From Continuing Investing Activities	-518	-469	-310	-473	-453	-735	-293	-210	-852	51
Purchase of Property, Plant & Equipment	-241	-344	-226	-358	-558	-515	-374	-419	-621	-453
Purchase of Investments	-283	-293	-357	-165	-171	-453	-206	-63	-431	-39
Sale and/or Maturity of Investments	50	248	271	268	283	233	273	298	205	536
Other Investing Activities, net	4.11	6.50	2.34	-218	-5.89	-0.14	14	-26	-4.36	7.35
Net Cash From Financing Activities	-565	-467	-448	-464	-371	-494	-424	-382	277	-824
Net Cash From Continuing Financing Activities	-565	-467	-448	-464	-371	-494	-424	-382	277	-824
Repayment of Debt	-369	-408	-429	-339	-315	-337	-437	-581	-527	-796
Repurchase of Common Equity	-482	-413	-354	-380	-331	-387	-298	-309	-310	-295
Payment of Dividends	-62	-60	-59	-72	-71	-69	-68	-73	-72	-70
Issuance of Debt	348	414	394	327	346	299	379	581	1,186	337
Cash Interest Paid	9.21	41	9.60	42	9.85	42	9.33	41	9.10	42
Cash Income Taxes Paid	277	196	4.70	308	160	170	28	273	82	80

This table presents Steel Dynamics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	6,202	6,424	6,856	7,704	8,276	9,266	12,531	14,160	14,908	14,935
Total Current Assets	2,538	2,930	3,508	4,033	4,253	4,258	6,901	7,638	6,788	5,431
Cash & Equivalents	727	841	1,029	828	1,381	1,369	1,244	1,628	1,401	589
Short-Term Investments	-	-	-	229	262	-	0.00	628	721	148
Accounts Receivable	614	730	869	1,044	844	972	1,916	2,056	1,608	1,417
Inventories, net	1,149	1,275	1,519	1,859	1,689	1,844	3,531	3,130	2,895	3,114
Other Current Assets	48	83	92	73	76	74	210	195	163	163
Plant, Property, & Equipment, net	2,951	2,787	2,676	2,946	3,136	4,106	4,751	5,374	6,734	8,118
Total Noncurrent Assets	713	707	671	725	887	902	879	1,148	1,386	1,386
Goodwill	397	393	387	430	453	457	454	502	477	477
Intangible Assets	279	284	257	270	328	325	295	268	258	227
Other Noncurrent Operating Assets	17	11	28	25	106	120	130	379	651	681
Total Liabilities & Shareholders' Equity	6,202	6,424	6,856	7,704	8,276	9,266	12,531	14,160	14,908	14,935
Total Liabilities	3,531	3,535	3,549	3,816	4,211	4,917	6,211	6,064	6,069	5,990
Total Current Liabilities	535	713	869	1,019	1,007	1,259	2,227	2,032	2,332	2,151
Short-Term Debt	17	3.63	29	24	89	87	97	57	460	427
Accounts Payable	283	395	489	551	513	769	1,281	1,017	1,088	980
Accrued Expenses	100	114	125	147	175	179	296	341	309	367
Current Deferred & Payable Income Tax Liabilities	2.02	5.59	3.70	7.47	2.01	2.39	14	6.52	5.52	3.78
Current Employee Benefit Liabilities	95	165	196	265	208	202	540	611	469	373
Total Noncurrent Liabilities	2,995	2,822	2,681	2,797	3,204	3,659	3,984	4,032	3,737	3,839
Long-Term Debt	2,578	2,353	2,353	2,352	2,645	3,016	3,009	3,013	2,611	2,804
Noncurrent Deferred & Payable Income Tax Liabilities	401	448	306	436	484	536	855	889	945	902
Other Noncurrent Operating Liabilities	17	21	22	8.87	75	106	120	130	181	133
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	126	111	111	111	144	159	211	182	171	171
Total Equity & Noncontrolling Interests	2,545	2,777	3,195	3,776	3,921	4,190	6,109	7,914	8,668	8,774
Total Preferred & Common Equity	2,680	2,927	3,352	3,935	4,076	4,345	6,305	8,130	8,867	8,934
Total Common Equity	2,680	2,927	3,352	3,935	4,076	4,345	6,305	8,130	8,867	8,934
Common Stock	1,111	1,133	1,142	1,161	1,182	1,208	1,220	1,213	1,218	1,230
Retained Earnings	1,965	2,210	2,875	3,958	4,419	4,759	7,761	11,376	13,546	14,798
Treasury Stock	-396	-417	-665	-1,184	-1,525	-1,624	-2,674	-4,460	-5,898	-7,094
Accumulated Other Comprehensive Income / (Loss)	-	-	-	0.30	-0.01	1.90	-2.09	0.89	0.42	0.00
Noncontrolling Interest	-135	-150	-157	-159	-155	-156	-196	-216	-198	-160

This table presents Steel Dynamics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	14,048	14,160	14,220	14,551	14,929	14,908	15,027	15,061	15,660	14,935
Total Current Assets	7,813	7,638	7,563	7,396	7,229	6,788	6,597	6,239	6,444	5,431
Cash & Equivalents	1,420	1,628	1,605	1,475	1,765	1,401	1,039	830	1,015	589
Short-Term Investments	583	628	715	612	501	721	653	418	645	148
Accounts Receivable	2,334	2,056	2,127	2,143	1,882	1,608	1,739	1,775	1,565	1,417
Inventories, net	3,377	3,130	2,989	3,044	2,942	2,895	3,027	3,074	3,045	3,114
Other Current Assets	99	195	127	122	139	163	139	142	173	163
Plant, Property, & Equipment, net	5,147	5,374	5,491	5,784	6,313	6,734	7,064	7,434	7,826	8,118
Total Noncurrent Assets	1,088	1,148	1,166	1,372	1,387	1,386	1,365	1,389	1,390	1,386
Goodwill	452	502	502	477	477	477	477	477	477	477
Intangible Assets	277	268	261	274	266	258	250	242	235	227
Other Noncurrent Operating Assets	359	379	403	620	644	651	638	669	678	681
Total Liabilities & Shareholders' Equity	14,048	14,160	14,220	14,551	14,929	14,908	15,027	15,061	15,660	14,935
Total Liabilities	6,112	6,064	5,913	5,886	6,071	6,069	5,979	5,941	6,581	5,990
Total Current Liabilities	2,131	2,032	1,821	1,759	1,918	2,332	2,299	2,656	2,692	2,151
Short-Term Debt	23	57	46	57	86	460	426	816	882	427
Accounts Payable	1,153	1,017	1,139	1,049	1,060	1,088	1,184	1,213	1,080	980
Accrued Expenses	323	341	297	293	336	309	329	344	389	367
Current Deferred & Payable Income Tax Liabilities	41	6.52	129	39	30	5.52	150	6.07	6.25	3.78
Current Employee Benefit Liabilities	545	611	210	321	406	469	210	277	335	373
Total Noncurrent Liabilities	3,981	4,032	4,093	4,127	4,152	3,737	3,680	3,285	3,888	3,839
Long-Term Debt	3,012	3,013	3,014	3,011	3,009	2,611	2,612	2,213	2,802	2,804
Noncurrent Deferred & Payable Income Tax Liabilities	857	889	898	941	961	945	924	928	943	902
Other Noncurrent Operating Liabilities	112	130	180	175	182	181	144	144	143	133
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	172	182	186	171	171	171	171	171	171	171
Total Equity & Noncontrolling Interests	7,763	7,914	8,120	8,494	8,687	8,668	8,877	8,949	8,908	8,774
Total Preferred & Common Equity	7,971	8,130	8,337	8,708	8,894	8,867	9,072	9,131	9,082	8,934
Total Common Equity	7,971	8,130	8,337	8,708	8,894	8,867	9,072	9,131	9,082	8,934
Common Stock	1,221	1,213	1,195	1,205	1,216	1,218	1,198	1,208	1,221	1,230
Retained Earnings	10,800	11,376	11,941	12,682	13,189	13,546	14,057	14,413	14,660	14,798
Treasury Stock	-4,047	-4,460	-4,801	-5,180	-5,511	-5,898	-6,182	-6,489	-6,799	-7,094
Accumulated Other Comprehensive Income / (Loss)	-2.75	0.89	1.80	1.03	-0.49	0.42	-0.01	-1.43	-0.45	0.00
Noncontrolling Interest	-208	-216	-216	-214	-206	-198	-196	-182	-173	-160

This table displays calculated financial ratios and metrics derived from Steel Dynamics' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-13.27%	2.41%	22.65%	23.93%	-11.48%	-8.25%	91.73%	20.92%	-15.57%	-6.68%
EBITDA Growth	-63.49%	387.47%	36.01%	50.78%	-35.86%	-14.91%	309.71%	19.14%	-32.08%	-32.55%
EBIT Growth	-129.19%	905.48%	50.62%	63.27%	-42.60%	-20.16%	433.05%	19.84%	-35.54%	-38.12%
NOPAT Growth	-128.60%	1,011.81%	97.87%	45.27%	-42.77%	-10.31%	384.03%	18.58%	-38.60%	-37.12%
Net Income Growth	-258.40%	347.99%	123.83%	55.85%	-46.02%	-15.79%	468.79%	19.49%	-36.40%	-37.18%
EPS Growth	-180.60%	388.89%	115.38%	59.23%	-43.18%	-14.80%	500.77%	34.45%	-30.02%	-32.79%
Operating Cash Flow Growth	67.71%	-19.06%	-13.29%	91.43%	-1.36%	-29.31%	123.31%	102.37%	-21.09%	-47.60%
Free Cash Flow Firm Growth	190.73%	-37.14%	7.27%	21.17%	4.42%	-129.48%	610.07%	159.10%	-52.08%	-108.57%
Invested Capital Growth	-18.22%	-3.11%	6.09%	11.68%	-1.12%	17.94%	34.09%	8.89%	9.86%	16.86%
Revenue Q/Q Growth	-10.87%	4.28%	4.67%	5.04%	-5.03%	2.68%	17.26%	-2.13%	-3.06%	-2.02%
EBITDA Q/Q Growth	-60.00%	71.68%	12.92%	9.84%	-12.59%	5.94%	34.42%	-10.18%	-5.46%	-10.16%
EBIT Q/Q Growth	-141.31%	144.98%	16.92%	11.43%	-15.97%	7.91%	38.24%	-11.11%	-6.40%	-12.77%
NOPAT Q/Q Growth	-176.24%	129.39%	52.08%	-3.95%	-15.49%	13.50%	36.35%	-10.70%	-8.69%	-11.85%
Net Income Q/Q Growth	-1,061.39%	260.52%	59.10%	-2.58%	-17.73%	14.72%	38.28%	-10.53%	-7.91%	-12.29%
EPS Q/Q Growth	-268.75%	262.79%	54.84%	-1.83%	-16.48%	13.60%	40.43%	-7.19%	-6.87%	-11.35%
Operating Cash Flow Q/Q Growth	1.45%	-13.92%	-2.02%	26.77%	-5.55%	-21.55%	36.21%	10.38%	-7.34%	-21.92%
Free Cash Flow Firm Q/Q Growth	13.16%	-28.23%	9.40%	53.23%	-17.02%	-200.92%	160.00%	5.88%	-22.01%	-142.85%
Invested Capital Q/Q Growth	-11.63%	-2.20%	3.53%	-3.13%	-2.64%	7.47%	7.17%	-1.13%	1.05%	3.03%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	9.64%	17.16%	16.59%	19.65%	14.63%	14.94%	29.13%	27.48%	21.53%	15.98%
EBITDA Margin	2.72%	12.94%	14.35%	17.46%	12.65%	11.73%	25.06%	24.69%	19.86%	14.36%
Operating Margin	-0.96%	9.36%	11.18%	14.57%	9.43%	8.82%	23.36%	22.87%	16.77%	11.08%
EBIT Margin	-1.16%	9.13%	11.21%	14.77%	9.58%	8.34%	23.18%	22.97%	17.53%	11.63%
Profit (Net Income) Margin	-1.91%	4.63%	8.45%	10.62%	6.48%	5.95%	17.64%	17.43%	13.13%	8.84%
Tax Burden Percent	59.96%	63.82%	86.16%	77.53%	77.44%	80.91%	77.14%	77.26%	76.65%	78.17%
Interest Burden Percent	274.61%	79.44%	87.44%	92.75%	87.32%	88.15%	98.66%	98.21%	97.68%	97.24%
Effective Tax Rate	0.00%	36.18%	13.84%	22.47%	22.56%	19.09%	22.86%	22.74%	23.35%	21.83%
Return on Invested Capital (ROIC)	-1.01%	10.35%	20.20%	26.93%	14.69%	12.16%	46.45%	46.04%	25.84%	14.31%
ROIC Less NNEP Spread (ROIC-NNEP)	-5.16%	4.23%	12.39%	21.09%	7.65%	4.15%	42.53%	41.95%	31.73%	16.12%
Return on Net Nonoperating Assets (RNNOA)	-4.19%	2.60%	5.81%	7.99%	2.36%	1.41%	14.41%	7.79%	3.30%	3.12%
Return on Equity (ROE)	-5.19%	12.95%	26.01%	34.91%	17.05%	13.57%	60.87%	53.82%	29.14%	17.43%
Cash Return on Invested Capital (CROIC)	19.04%	13.51%	14.29%	15.89%	15.82%	-4.30%	17.33%	37.52%	16.44%	-1.24%
Operating Return on Assets (OROA)	-1.31%	11.25%	16.11%	23.99%	12.55%	9.13%	39.15%	38.31%	22.67%	13.67%
Return on Assets (ROA)	-2.16%	5.70%	12.14%	17.25%	8.48%	6.51%	29.79%	29.07%	16.98%	10.39%
Return on Common Equity (ROCE)	-5.19%	13.06%	26.37%	35.37%	17.18%	13.58%	60.76%	53.89%	29.24%	17.45%
Return on Equity Simple (ROE_SIMPLE)	-5.42%	12.30%	24.04%	31.91%	16.63%	13.14%	51.50%	47.72%	27.83%	17.35%
Net Operating Profit after Tax (NOPAT)	-51	465	919	1,335	764	685	3,318	3,934	2,415	1,519
NOPAT Margin	-0.67%	5.97%	9.64%	11.30%	7.30%	7.14%	18.02%	17.67%	12.85%	8.66%
Net Nonoperating Expense Percent (NNEP)	4.15%	6.12%	7.81%	5.84%	7.04%	8.01%	3.93%	4.09%	-5.89%	-1.81%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	35.81%	20.58%	12.65%
Cost of Revenue to Revenue	90.37%	82.84%	83.42%	80.35%	85.37%	85.06%	70.87%	72.52%	78.47%	84.02%
SG&A Expenses to Revenue	4.33%	4.81%	4.14%	3.52%	4.17%	4.97%	3.50%	2.45%	3.13%	3.79%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	10.59%	7.80%	5.40%	5.08%	5.20%	6.12%	5.77%	4.61%	4.76%	4.90%
Earnings before Interest and Taxes (EBIT)	-88	710	1,070	1,746	1,002	800	4,266	5,113	3,295	2,039
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	206	1,006	1,369	2,064	1,324	1,126	4,614	5,497	3,733	2,518
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.34	2.52	2.64	1.55	1.64	1.69	1.88	2.05	2.12	1.94
Price to Tangible Book Value (P/TBV)	1.80	3.28	3.27	1.88	2.02	2.06	2.13	2.26	2.32	2.11
Price to Revenue (P/Rev)	0.47	0.95	0.93	0.51	0.64	0.76	0.64	0.75	1.00	0.99
Price to Earnings (P/E)	0.00	19.32	10.89	4.84	9.94	13.29	3.68	4.31	7.68	11.30
Dividend Yield	3.70%	1.85%	1.66%	2.83%	3.10%	2.87%	1.74%	1.43%	1.46%	1.61%
Earnings Yield	0.00%	5.18%	9.18%	20.68%	10.06%	7.52%	27.14%	23.20%	13.01%	8.85%
Enterprise Value to Invested Capital (EV/IC)	1.20	2.01	2.17	1.41	1.50	1.48	1.68	1.96	2.02	1.74
Enterprise Value to Revenue (EV/Rev)	0.72	1.14	1.06	0.62	0.74	0.94	0.75	0.78	1.05	1.13
Enterprise Value to EBITDA (EV/EBITDA)	26.46	8.80	7.42	3.56	5.85	8.05	2.97	3.17	5.29	7.89
Enterprise Value to EBIT (EV/EBIT)	0.00	12.48	9.50	4.21	7.73	11.32	3.22	3.41	5.99	9.74
Enterprise Value to NOPAT (EV/NOPAT)	0.00	19.07	11.05	5.51	10.14	13.22	4.14	4.43	8.18	13.08
Enterprise Value to Operating Cash Flow (EV/OCF)	5.18	10.39	13.74	5.20	5.55	9.18	6.22	3.91	5.61	10.77
Enterprise Value to Free Cash Flow (EV/FCFF)	5.66	14.61	15.62	9.34	9.42	0.00	11.09	5.43	12.86	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.97	0.82	0.72	0.61	0.67	0.71	0.49	0.38	0.35	0.36
Long-Term Debt to Equity	0.97	0.81	0.71	0.61	0.65	0.69	0.48	0.37	0.30	0.31
Financial Leverage	0.81	0.61	0.47	0.38	0.31	0.34	0.34	0.19	0.10	0.19
Leverage Ratio	2.40	2.27	2.14	2.02	2.01	2.09	2.04	1.85	1.72	1.68
Compound Leverage Factor	6.60	1.80	1.87	1.88	1.75	1.84	2.02	1.82	1.68	1.63
Debt to Total Capital	49.27%	44.93%	41.87%	37.94%	40.22%	41.64%	32.95%	27.50%	25.78%	26.54%
Short-Term Debt to Total Capital	0.32%	0.07%	0.51%	0.39%	1.31%	1.17%	1.03%	0.51%	3.86%	3.51%
Long-Term Debt to Total Capital	48.95%	44.86%	41.37%	37.56%	38.90%	40.48%	31.92%	26.98%	21.92%	23.03%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-0.16%	-0.73%	-0.80%	-0.76%	-0.16%	0.04%	0.16%	-0.31%	-0.23%	0.09%
Common Equity to Total Capital	50.89%	55.80%	58.92%	62.82%	59.95%	58.32%	66.89%	72.81%	74.44%	73.37%
Debt to EBITDA	12.57	2.34	1.74	1.15	2.07	2.76	0.67	0.56	0.82	1.28
Net Debt to EBITDA	9.05	1.51	0.99	0.64	0.82	1.54	0.40	0.15	0.25	0.99
Long-Term Debt to EBITDA	12.49	2.34	1.72	1.14	2.00	2.68	0.65	0.55	0.70	1.11
Debt to NOPAT	-50.93	5.07	2.59	1.78	3.58	4.53	0.94	0.78	1.27	2.13
Net Debt to NOPAT	-36.66	3.26	1.47	0.99	1.43	2.53	0.56	0.21	0.39	1.64
Long-Term Debt to NOPAT	-50.60	5.07	2.56	1.76	3.46	4.40	0.91	0.77	1.08	1.85
Altman Z-Score	2.62	3.72	4.45	4.43	3.83	3.32	5.05	6.01	5.48	5.02
Noncontrolling Interest Sharing Ratio	0.01%	-0.84%	-1.35%	-1.29%	-0.74%	-0.09%	0.17%	-0.13%	-0.36%	-0.09%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.74	4.11	4.04	3.96	4.22	3.38	3.10	3.76	2.91	2.53
Quick Ratio	2.50	2.20	2.18	2.06	2.47	1.86	1.42	2.12	1.60	1.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	964	606	650	788	823	-243	1,238	3,207	1,537	-132
Operating Cash Flow to CapEx	920.19%	430.34%	448.31%	591.28%	308.95%	82.39%	219.05%	490.75%	212.31%	98.74%
Free Cash Flow to Firm to Interest Expense	6.26	4.15	4.84	6.22	6.47	-2.56	21.63	35.03	20.09	-2.34
Operating Cash Flow to Interest Expense	6.84	5.84	5.50	11.18	10.99	10.40	38.53	48.73	46.02	32.73
Operating Cash Flow Less CapEx to Interest Expense	6.10	4.48	4.27	9.29	7.43	-2.22	20.94	38.80	24.35	-0.42
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.13	1.23	1.44	1.62	1.31	1.09	1.69	1.67	1.29	1.18
Accounts Receivable Turnover	10.02	11.58	11.93	12.36	11.09	10.57	12.75	11.21	10.26	11.60
Inventory Turnover	4.96	5.31	5.69	5.62	5.04	4.62	4.85	4.85	4.90	4.91
Fixed Asset Turnover	2.50	2.71	3.49	4.21	3.44	2.65	4.16	4.40	3.10	2.36
Accounts Payable Turnover	17.28	18.99	17.99	18.26	16.79	12.73	12.73	14.05	14.01	14.25
Days Sales Outstanding (DSO)	36.44	31.52	30.59	29.53	32.93	34.52	28.63	32.57	35.58	31.48
Days Inventory Outstanding (DIO)	73.60	68.69	64.10	64.91	72.48	78.94	75.18	75.31	74.54	74.40
Days Payable Outstanding (DPO)	21.13	19.22	20.29	19.98	21.74	28.67	28.68	25.98	26.05	25.61
Cash Conversion Cycle (CCC)	88.92	80.99	74.39	74.45	83.67	84.80	75.14	81.90	84.07	80.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,558	4,416	4,685	5,232	5,174	6,102	8,182	8,910	9,788	11,439
Invested Capital Turnover	1.50	1.73	2.10	2.38	2.01	1.70	2.58	2.60	2.01	1.65
Increase / (Decrease) in Invested Capital	-1,015	-142	269	547	-59	928	2,080	728	879	1,650
Enterprise Value (EV)	5,463	8,859	10,157	7,356	7,749	9,060	13,719	17,427	19,756	19,871
Market Capitalization	3,603	7,382	8,849	6,084	6,669	7,323	11,842	16,647	18,834	17,367
Book Value per Share	$11.07	$12.01	$14.14	$17.14	$18.92	$20.66	$31.77	$46.31	$54.79	$58.68
Tangible Book Value per Share	$8.27	$9.23	$11.43	$14.09	$15.29	$16.94	$27.99	$41.92	$50.25	$54.05
Total Capital	5,266	5,246	5,688	6,264	6,799	7,451	9,426	11,166	11,911	12,176
Total Debt	2,595	2,357	2,382	2,377	2,734	3,103	3,106	3,071	3,071	3,231
Total Long-Term Debt	2,578	2,353	2,353	2,352	2,645	3,016	3,009	3,013	2,611	2,804
Net Debt	1,868	1,515	1,353	1,320	1,091	1,734	1,862	814	949	2,494
Capital Expenditures (CapEx)	115	198	165	239	452	1,198	1,006	909	1,658	1,868
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,292	1,379	1,640	1,981	1,692	1,718	3,527	3,406	2,793	2,970
Debt-free Net Working Capital (DFNWC)	2,019	2,220	2,669	3,038	3,336	3,087	4,771	5,663	4,916	3,708
Net Working Capital (NWC)	2,003	2,217	2,640	3,014	3,246	3,000	4,674	5,606	4,456	3,281
Net Nonoperating Expense (NNE)	94	105	113	80	86	115	71	55	-52	-31
Net Nonoperating Obligations (NNO)	1,887	1,528	1,379	1,345	1,109	1,754	1,862	814	949	2,494
Total Depreciation and Amortization (D&A)	295	296	299	317	321	326	348	384	438	479
Debt-free, Cash-free Net Working Capital to Revenue	17.02%	17.73%	17.19%	16.76%	16.17%	17.89%	19.16%	15.30%	14.86%	16.94%
Debt-free Net Working Capital to Revenue	26.59%	28.55%	27.98%	25.70%	31.87%	32.15%	25.92%	25.44%	26.15%	21.14%
Net Working Capital to Revenue	26.37%	28.50%	27.67%	25.49%	31.02%	31.24%	25.39%	25.18%	23.71%	18.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.54)	$1.57	$3.38	$5.38	$3.06	$2.61	$15.67	$21.06	$14.72	$9.89
Adjusted Weighted Average Basic Shares Outstanding	242.02M	243.58M	240.13M	233.92M	219.64M	211.14M	205.12M	183.39M	166.55M	155.42M
Adjusted Diluted Earnings per Share	($0.54)	$1.56	$3.36	$5.35	$3.04	$2.59	$15.56	$20.92	$14.64	$9.84
Adjusted Weighted Average Diluted Shares Outstanding	242.02M	245.30M	241.78M	235.19M	220.75M	212.35M	206.62M	184.62M	167.43M	156.14M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	243.19M	242.35M	236.07M	224.11M	213.55M	211.01M	191.30M	171.58M	158.15M	150.16M
Normalized Net Operating Profit after Tax (NOPAT)	249	549	919	1,335	764	701	3,318	3,934	2,415	1,519
Normalized NOPAT Margin	3.28%	7.06%	9.64%	11.30%	7.30%	7.30%	18.02%	17.67%	12.85%	8.66%
Pre Tax Income Margin	-3.19%	7.25%	9.80%	13.70%	8.36%	7.35%	22.86%	22.56%	17.13%	11.30%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.57	4.86	7.96	13.79	7.89	8.44	74.57	55.85	43.09	36.19
NOPAT to Interest Expense	-0.33	3.18	6.84	10.55	6.01	7.22	57.99	42.98	31.58	26.95
EBIT Less CapEx to Interest Expense	-1.32	3.51	6.73	11.90	4.33	-4.19	56.98	45.92	21.41	3.04
NOPAT Less CapEx to Interest Expense	-1.07	1.82	5.61	8.66	2.46	-5.40	40.41	33.05	9.90	-6.20
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-87.88%	37.71%	18.06%	13.45%	29.54%	36.66%	6.56%	6.11%	11.00%	18.23%
Augmented Payout Ratio	-87.88%	44.67%	49.37%	55.14%	80.97%	55.32%	39.23%	52.53%	69.85%	96.44%

This table displays calculated financial ratios and metrics derived from Steel Dynamics' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.07%	-9.12%	-12.15%	-18.21%	-18.84%	-12.28%	-4.07%	-8.84%	-5.35%	-8.53%
EBITDA Growth	-5.00%	-41.32%	-37.39%	-29.79%	-33.93%	-24.40%	-8.69%	-42.38%	-37.97%	-42.57%
EBIT Growth	-6.19%	-44.95%	-40.97%	-32.49%	-37.35%	-28.80%	-10.63%	-47.23%	-45.01%	-53.59%
NOPAT Growth	-8.67%	-42.46%	-44.09%	-34.36%	-39.21%	-36.14%	-9.25%	-47.15%	-44.82%	-49.97%
Net Income Growth	-8.17%	-41.68%	-41.81%	-32.81%	-36.88%	-33.17%	-8.82%	-47.11%	-44.65%	-50.85%
EPS Growth	3.71%	-30.22%	-35.20%	-25.31%	-31.01%	-28.88%	-0.81%	-43.45%	-40.92%	-47.37%
Operating Cash Flow Growth	137.18%	57.95%	-10.40%	-19.37%	-25.56%	-24.38%	-51.59%	-52.64%	-31.77%	-59.88%
Free Cash Flow Firm Growth	52.26%	90.91%	142.67%	142.71%	75.21%	-434.18%	-257.64%	-297.46%	-890.74%	-207.46%
Invested Capital Growth	18.03%	8.89%	1.65%	4.20%	7.49%	9.86%	14.87%	13.01%	14.61%	16.86%
Revenue Q/Q Growth	-9.03%	-14.60%	1.39%	3.85%	-9.73%	-7.71%	10.88%	-1.31%	-6.28%	-10.81%
EBITDA Q/Q Growth	-22.43%	-33.62%	10.56%	23.32%	-27.00%	-24.04%	33.53%	-22.19%	-21.40%	-29.67%
EBIT Q/Q Growth	-23.94%	-36.59%	11.25%	25.83%	-29.41%	-27.94%	39.63%	-25.71%	-26.43%	-39.18%
NOPAT Q/Q Growth	-24.69%	-31.02%	-0.72%	27.29%	-30.26%	-27.54%	41.08%	-25.87%	-27.19%	-34.30%
Net Income Q/Q Growth	-24.38%	-30.43%	0.83%	26.67%	-28.96%	-26.34%	37.57%	-26.52%	-25.67%	-34.60%
EPS Q/Q Growth	-21.89%	-25.65%	-1.07%	30.00%	-27.86%	-23.34%	37.97%	-25.89%	-24.63%	-31.71%
Operating Cash Flow Q/Q Growth	49.34%	-23.58%	-35.83%	10.09%	37.87%	-22.36%	-58.92%	7.70%	98.62%	-54.35%
Free Cash Flow Firm Q/Q Growth	54.16%	80.43%	654.26%	-14.13%	-126.60%	-321.89%	-63.57%	-7.57%	-33.47%	-30.92%
Invested Capital Q/Q Growth	-2.64%	-1.13%	1.55%	6.61%	0.43%	1.05%	6.18%	4.88%	1.86%	3.03%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	25.91%	20.46%	21.58%	25.72%	20.75%	17.26%	20.89%	16.73%	13.94%	11.41%
EBITDA Margin	23.58%	18.33%	19.99%	23.73%	19.19%	15.80%	19.02%	15.00%	12.58%	9.92%
Operating Margin	21.58%	15.73%	17.07%	20.93%	15.99%	12.25%	16.00%	12.07%	9.11%	6.13%
EBIT Margin	21.83%	16.21%	17.79%	21.55%	16.85%	13.16%	16.57%	12.47%	9.79%	6.68%
Profit (Net Income) Margin	16.25%	13.24%	13.17%	16.06%	12.64%	10.09%	12.52%	9.32%	7.39%	5.42%
Tax Burden Percent	76.00%	84.25%	76.00%	75.97%	76.83%	78.75%	76.72%	76.39%	78.65%	86.03%
Interest Burden Percent	97.95%	96.95%	97.41%	98.10%	97.62%	97.34%	98.46%	97.80%	95.98%	94.36%
Effective Tax Rate	24.00%	15.75%	24.00%	24.03%	23.17%	21.25%	23.28%	23.61%	21.35%	13.97%
Return on Invested Capital (ROIC)	44.83%	34.52%	31.21%	34.42%	25.48%	19.39%	23.48%	16.29%	12.34%	8.72%
ROIC Less NNEP Spread (ROIC-NNEP)	44.27%	34.48%	31.92%	35.01%	27.18%	21.51%	24.57%	16.62%	13.03%	9.04%
Return on Net Nonoperating Assets (RNNOA)	10.09%	6.40%	5.56%	5.81%	3.08%	2.24%	2.95%	2.58%	2.07%	1.75%
Return on Equity (ROE)	54.91%	40.92%	36.77%	40.22%	28.56%	21.63%	26.44%	18.87%	14.41%	10.47%
Cash Return on Invested Capital (CROIC)	36.38%	37.52%	36.62%	27.73%	21.07%	16.44%	10.40%	7.02%	2.96%	-1.24%
Operating Return on Assets (OROA)	38.82%	27.04%	28.15%	31.19%	22.55%	17.02%	21.07%	15.29%	11.46%	7.85%
Return on Assets (ROA)	28.90%	22.09%	20.84%	23.25%	16.91%	13.04%	15.92%	11.42%	8.65%	6.37%
Return on Common Equity (ROCE)	55.00%	40.97%	36.81%	40.43%	28.68%	21.71%	26.52%	18.92%	14.44%	10.48%
Return on Equity Simple (ROE_SIMPLE)	54.40%	0.00%	40.98%	34.66%	30.13%	0.00%	26.57%	22.19%	19.46%	0.00%
Net Operating Profit after Tax (NOPAT)	927	640	635	808	564	408	576	427	311	204
NOPAT Margin	16.40%	13.25%	12.97%	15.90%	12.29%	9.65%	12.27%	9.22%	7.16%	5.28%
Net Nonoperating Expense Percent (NNEP)	0.56%	0.04%	-0.71%	-0.60%	-1.70%	-2.12%	-1.09%	-0.33%	-0.69%	-0.32%
Return On Investment Capital (ROIC_SIMPLE)	-	5.82%	-	-	-	3.48%	-	-	-	1.70%
Cost of Revenue to Revenue	74.09%	79.54%	78.42%	74.28%	79.25%	82.74%	79.11%	83.27%	86.06%	88.59%
SG&A Expenses to Revenue	2.35%	2.95%	2.95%	2.78%	3.18%	3.71%	3.40%	3.45%	3.86%	4.57%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	4.33%	4.73%	4.51%	4.78%	4.76%	5.02%	4.90%	4.66%	4.83%	5.27%
Earnings before Interest and Taxes (EBIT)	1,234	782	870	1,095	773	557	778	578	425	259
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,333	885	978	1,206	880	669	893	695	546	384
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.58	2.05	2.28	2.08	1.97	2.12	2.57	2.23	2.14	1.94
Price to Tangible Book Value (P/TBV)	1.74	2.26	2.51	2.28	2.15	2.32	2.80	2.42	2.32	2.11
Price to Revenue (P/Rev)	0.56	0.75	0.88	0.89	0.90	1.00	1.26	1.12	1.09	0.99
Price to Earnings (P/E)	2.92	4.31	5.61	6.05	6.58	7.68	9.74	10.11	11.09	11.30
Dividend Yield	1.85%	1.43%	1.30%	1.42%	1.53%	1.46%	1.17%	1.37%	1.43%	1.61%
Earnings Yield	34.20%	23.20%	17.83%	16.52%	15.20%	13.01%	10.27%	9.90%	9.02%	8.85%
Enterprise Value to Invested Capital (EV/IC)	1.51	1.96	2.18	1.98	1.89	2.02	2.37	2.03	1.93	1.74
Enterprise Value to Revenue (EV/Rev)	0.60	0.78	0.92	0.93	0.94	1.05	1.33	1.22	1.20	1.13
Enterprise Value to EBITDA (EV/EBITDA)	2.23	3.17	4.02	4.34	4.64	5.29	6.76	7.05	7.66	7.89
Enterprise Value to EBIT (EV/EBIT)	2.37	3.41	4.38	4.79	5.20	5.99	7.70	8.24	9.19	9.74
Enterprise Value to NOPAT (EV/NOPAT)	3.09	4.43	5.76	6.34	6.92	8.18	10.47	11.20	12.46	13.08
Enterprise Value to Operating Cash Flow (EV/OCF)	3.37	3.91	4.52	4.57	4.82	5.61	7.86	8.14	9.09	10.77
Enterprise Value to Free Cash Flow (EV/FCFF)	4.50	5.43	6.01	7.28	9.29	12.86	24.41	30.69	69.88	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.38	0.38	0.37	0.35	0.35	0.35	0.34	0.33	0.41	0.36
Long-Term Debt to Equity	0.38	0.37	0.36	0.35	0.34	0.30	0.29	0.24	0.31	0.31
Financial Leverage	0.23	0.19	0.17	0.17	0.11	0.10	0.12	0.16	0.16	0.19
Leverage Ratio	1.89	1.85	1.78	1.74	1.73	1.72	1.69	1.67	1.71	1.68
Compound Leverage Factor	1.85	1.80	1.74	1.71	1.68	1.67	1.66	1.63	1.64	1.58
Debt to Total Capital	27.67%	27.50%	26.93%	26.15%	25.89%	25.78%	25.14%	24.93%	28.86%	26.54%
Short-Term Debt to Total Capital	0.21%	0.51%	0.41%	0.48%	0.72%	3.86%	3.52%	6.71%	6.91%	3.51%
Long-Term Debt to Total Capital	27.46%	26.98%	26.52%	25.66%	25.17%	21.92%	21.61%	18.21%	21.95%	23.03%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-0.33%	-0.31%	-0.27%	-0.37%	-0.29%	-0.23%	-0.20%	-0.09%	-0.02%	0.09%
Common Equity to Total Capital	72.66%	72.81%	73.34%	74.22%	74.40%	74.44%	75.07%	75.16%	71.15%	73.37%
Debt to EBITDA	0.50	0.56	0.62	0.70	0.78	0.82	0.83	0.97	1.31	1.28
Net Debt to EBITDA	0.17	0.15	0.15	0.22	0.21	0.25	0.37	0.57	0.72	0.99
Long-Term Debt to EBITDA	0.49	0.55	0.61	0.68	0.76	0.70	0.72	0.71	1.00	1.11
Debt to NOPAT	0.69	0.78	0.89	1.02	1.17	1.27	1.29	1.53	2.14	2.13
Net Debt to NOPAT	0.23	0.21	0.22	0.33	0.31	0.39	0.57	0.90	1.17	1.64
Long-Term Debt to NOPAT	0.68	0.77	0.88	1.00	1.14	1.08	1.11	1.12	1.63	1.85
Altman Z-Score	4.71	5.00	5.31	5.19	4.86	4.88	5.41	5.01	4.60	4.62
Noncontrolling Interest Sharing Ratio	-0.15%	-0.13%	-0.11%	-0.51%	-0.42%	-0.36%	-0.32%	-0.30%	-0.21%	-0.09%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.67	3.76	4.15	4.20	3.77	2.91	2.87	2.35	2.39	2.53
Quick Ratio	2.04	2.12	2.44	2.40	2.16	1.60	1.49	1.14	1.20	1.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-450	-88	488	419	-111	-470	-769	-828	-1,105	-1,446
Operating Cash Flow to CapEx	620.22%	332.20%	324.23%	225.47%	199.46%	167.91%	94.90%	91.27%	122.29%	76.54%
Free Cash Flow to Firm to Interest Expense	-17.75	-3.69	21.68	20.18	-6.05	-31.79	-64.23	-65.07	-64.71	-99.20
Operating Cash Flow to Interest Expense	59.03	47.93	32.60	38.90	60.48	58.44	29.66	30.08	44.51	23.79
Operating Cash Flow Less CapEx to Interest Expense	49.51	33.50	22.55	21.65	30.16	23.64	-1.59	-2.88	8.11	-7.29
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.78	1.67	1.58	1.45	1.34	1.29	1.27	1.23	1.17	1.18
Accounts Receivable Turnover	10.76	11.21	9.61	8.52	9.20	10.26	9.62	9.26	10.39	11.60
Inventory Turnover	5.06	4.85	4.98	4.67	4.78	4.90	4.86	4.81	4.95	4.91
Fixed Asset Turnover	4.64	4.40	4.18	3.83	3.38	3.10	2.96	2.75	2.53	2.36
Accounts Payable Turnover	13.36	14.05	13.77	12.87	13.63	14.01	12.59	13.01	13.84	14.25
Days Sales Outstanding (DSO)	33.91	32.57	37.97	42.86	39.69	35.58	37.94	39.41	35.14	31.48
Days Inventory Outstanding (DIO)	72.20	75.31	73.32	78.09	76.43	74.54	75.07	75.91	73.77	74.40
Days Payable Outstanding (DPO)	27.33	25.98	26.51	28.35	26.78	26.05	28.98	28.07	26.37	25.61
Cash Conversion Cycle (CCC)	78.79	81.90	84.78	92.60	89.34	84.07	84.03	87.25	82.54	80.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,012	8,910	9,048	9,646	9,687	9,788	10,393	10,900	11,103	11,439
Invested Capital Turnover	2.73	2.60	2.41	2.16	2.07	2.01	1.91	1.77	1.72	1.65
Increase / (Decrease) in Invested Capital	1,377	728	147	389	675	879	1,346	1,255	1,416	1,650
Enterprise Value (EV)	13,624	17,427	19,756	19,087	18,306	19,756	24,678	22,118	21,476	19,871
Market Capitalization	12,628	16,647	19,045	18,150	17,513	18,834	23,357	20,349	19,454	17,367
Book Value per Share	$43.65	$46.31	$48.59	$51.52	$53.69	$54.79	$57.36	$58.11	$58.86	$58.68
Tangible Book Value per Share	$39.66	$41.92	$44.14	$47.07	$49.20	$50.25	$52.76	$53.53	$54.24	$54.05
Total Capital	10,970	11,166	11,367	11,733	11,953	11,911	12,086	12,149	12,763	12,176
Total Debt	3,035	3,071	3,061	3,068	3,095	3,071	3,038	3,028	3,684	3,231
Total Long-Term Debt	3,012	3,013	3,014	3,011	3,009	2,611	2,612	2,213	2,802	2,804
Net Debt	1,031	814	741	981	829	949	1,345	1,780	2,023	2,494
Capital Expenditures (CapEx)	241	344	226	358	558	515	374	419	621	453
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3,701	3,406	3,469	3,607	3,130	2,793	3,032	3,150	2,973	2,970
Debt-free Net Working Capital (DFNWC)	5,705	5,663	5,788	5,694	5,396	4,916	4,724	4,399	4,633	3,708
Net Working Capital (NWC)	5,682	5,606	5,742	5,637	5,310	4,456	4,299	3,583	3,751	3,281
Net Nonoperating Expense (NNE)	8.64	0.50	-9.45	-8.04	-16	-19	-11	-4.58	-9.90	-5.56
Net Nonoperating Obligations (NNO)	1,077	814	741	981	829	949	1,345	1,780	2,023	2,494
Total Depreciation and Amortization (D&A)	99	102	108	111	107	112	115	117	121	126
Debt-free, Cash-free Net Working Capital to Revenue	16.27%	15.30%	16.07%	17.63%	16.14%	14.86%	16.30%	17.36%	16.61%	16.94%
Debt-free Net Working Capital to Revenue	25.08%	25.44%	26.82%	27.84%	27.83%	26.15%	25.41%	24.24%	25.88%	21.14%
Net Working Capital to Revenue	24.98%	25.18%	26.60%	27.56%	27.39%	23.71%	23.12%	19.74%	20.95%	18.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.07	$3.76	$3.71	$4.83	$3.49	$2.69	$3.68	$2.73	$2.06	$1.42
Adjusted Weighted Average Basic Shares Outstanding	180.26M	183.39M	171.60M	168.01M	165.17M	166.55M	158.67M	156.86M	154.06M	155.42M
Adjusted Diluted Earnings per Share	$5.03	$3.74	$3.70	$4.81	$3.47	$2.66	$3.67	$2.72	$2.05	$1.40
Adjusted Weighted Average Diluted Shares Outstanding	181.61M	184.62M	172.48M	168.87M	166.11M	167.43M	159.35M	157.58M	154.81M	156.14M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	175.57M	171.58M	169.03M	165.64M	161.82M	158.15M	157.13M	154.30M	152.24M	150.16M
Normalized Net Operating Profit after Tax (NOPAT)	927	640	635	808	564	408	576	427	311	204
Normalized NOPAT Margin	16.40%	13.25%	12.97%	15.90%	12.29%	9.65%	12.27%	9.22%	7.16%	5.28%
Pre Tax Income Margin	21.38%	15.72%	17.33%	21.14%	16.45%	12.81%	16.31%	12.20%	9.40%	6.30%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	48.68	32.79	38.67	52.73	41.98	37.65	64.93	45.43	24.90	17.73
NOPAT to Interest Expense	36.58	26.81	28.21	38.91	30.61	27.60	48.10	33.58	18.22	14.01
EBIT Less CapEx to Interest Expense	39.16	18.37	28.61	35.48	11.66	2.84	33.68	12.47	-11.50	-13.35
NOPAT Less CapEx to Interest Expense	27.06	12.38	18.15	21.66	0.29	-7.20	16.85	0.63	-18.18	-17.07
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	5.28%	6.11%	7.18%	8.39%	9.77%	11.00%	11.64%	13.86%	15.94%	18.23%
Augmented Payout Ratio	44.90%	52.53%	58.86%	62.36%	64.96%	69.85%	69.56%	79.27%	89.72%	96.44%

Frequently Asked Questions About Steel Dynamics' Financials

When does Steel Dynamics's fiscal year end?

According to the most recent income statement we have on file, Steel Dynamics' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Steel Dynamics' net income changed over the last 9 years?

Steel Dynamics' net income appears to be on an upward trend, with a most recent value of $1.55 billion in 2024, falling from -$145.17 million in 2015. The previous period was $2.47 billion in 2023.

What is Steel Dynamics's operating income?

Steel Dynamics's total operating income in 2024 was $1.94 billion, based on the following breakdown:

Total Gross Profit: $2.80 billion
Total Operating Expenses: $859.55 million

How has Steel Dynamics revenue changed over the last 9 years?

Over the last 9 years, Steel Dynamics' total revenue changed from $7.59 billion in 2015 to $17.54 billion in 2024, a change of 131.0%.

How much debt does Steel Dynamics have?

Steel Dynamics' total liabilities were at $5.99 billion at the end of 2024, a 1.3% decrease from 2023, and a 69.7% increase since 2015.

How much cash does Steel Dynamics have?

In the past 9 years, Steel Dynamics' cash and equivalents has ranged from $589.46 million in 2024 to $1.63 billion in 2022, and is currently $589.46 million as of their latest financial filing in 2024.

How has Steel Dynamics' book value per share changed over the last 9 years?

Over the last 9 years, Steel Dynamics' book value per share changed from 11.07 in 2015 to 58.68 in 2024, a change of 430.2%.

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This page (NASDAQ:STLD) was last updated on 4/30/2025 by MarketBeat.com Staff

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Steel Dynamics (STLD) Financials

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Steel Dynamics (STLD) Financials

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