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Steel Dynamics (STLD) Financials

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$265.96 +0.86 (+0.32%)
Closing price 04:00 PM Eastern
Extended Trading
$265.27 -0.69 (-0.26%)
As of 04:31 PM Eastern
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Annual Income Statements for Steel Dynamics

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 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -130 382 813 1,258 671 551 3,214 3,863 2,451 1,537 1,186
Consolidated Net Income / (Loss)		 -145 360 806 1,256 678 571 3,247 3,879 2,467 1,550 1,187
Net Income / (Loss) Continuing Operations		 -145 360 806 1,256 678 571 3,247 3,879 2,467 1,550 1,187
Total Pre-Tax Income 		-242 564 935 1,620 875 705 4,209 5,021 3,219 1,983 1,493
Total Operating Income		 -73 728 1,067 1,722 987 847 4,301 5,092 3,151 1,943 1,476
Total Gross Profit		 732 1,335 1,582 2,323 1,531 1,435 5,362 6,118 4,046 2,803 2,392
Total Revenue		 7,594 7,777 9,539 11,822 10,465 9,601 18,409 22,261 18,795 17,540 18,177
Operating Revenue		 7,594 7,777 9,539 11,822 10,465 9,601 18,409 22,261 18,795 17,540 18,177
Total Cost of Revenue		 6,863 6,442 7,957 9,499 8,934 8,167 13,046 16,143 14,749 14,738 15,784
Operating Cost of Revenue		 6,863 6,442 7,957 9,499 8,934 8,167 13,046 16,143 14,749 14,738 15,784
Total Operating Expenses		 805 607 515 600 544 588 1,061 1,026 895 860 916
Selling, General & Admin Expense		 329 374 395 417 436 477 644 546 589 664 765
Amortization Expense		 24 29 29 28 30 29 29 28 34 31 28
Other Operating Expenses / (Income)		 23 71 91 156 78 62 388 453 272 165 123
Total Other Income / (Expense), net		 -169 -164 -132 -103 -112 -142 -92 -71 68 40 17
Interest Expense		 154 146 134 127 127 95 57 92 76 56 70
Other Income / (Expense), net		 -15 -18 2.75 24 16 -47 -35 21 144 96 87
Income Tax Expense		 -97 204 129 364 197 135 962 1,142 752 433 306
Net Income / (Loss) Attributable to Noncontrolling Interest		 -15 -22 -6.95 -2.57 6.80 20 33 17 16 13 1.72
Basic Earnings per Share		 ($0.54) $1.57 $3.38 $5.38 $3.06 $2.61 $15.67 $21.06 $14.72 $9.89 $8.02
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 147.81M
Diluted Earnings per Share		 ($0.54) $1.56 $3.36 $5.35 $3.04 $2.59 $15.56 $20.92 $14.64 $9.84 $7.99
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 148.40M
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 144.88M
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 $2.00

Quarterly Income Statements for Steel Dynamics

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 424 584 428 318 207 217 299 404 266 403 534
Consolidated Net Income / (Loss)		 427 588 432 321 210 218 301 404 265 400 531
Net Income / (Loss) Continuing Operations		 427 588 432 321 210 218 301 404 265 400 531
Total Pre-Tax Income 		542 766 565 408 244 281 388 514 311 513 683
Total Operating Income		 519 751 559 395 238 275 383 508 310 538 700
Total Gross Profit		 731 981 775 605 442 487 618 758 529 763 959
Total Revenue		 4,233 4,694 4,633 4,342 3,872 4,369 4,565 4,828 4,414 5,205 6,092
Operating Revenue		 4,233 4,694 4,633 4,342 3,872 4,369 4,565 4,828 4,414 5,205 6,092
Total Cost of Revenue		 3,503 3,713 3,858 3,736 3,430 3,883 3,947 4,070 3,885 4,442 5,133
Operating Cost of Revenue		 3,503 3,713 3,858 3,736 3,430 3,883 3,947 4,070 3,885 4,442 5,133
Total Operating Expenses		 212 230 216 210 204 211 236 250 219 225 258
Selling, General & Admin Expense		 157 160 160 168 177 182 198 201 185 175 193
Amortization Expense		 8.09 7.66 7.65 7.64 7.57 6.90 6.90 6.89 7.22 7.80 7.73
Other Operating Expenses / (Income)		 47 63 48 34 20 23 31 42 27 42 57
Total Other Income / (Expense), net		 24 15 5.99 13 6.46 5.51 5.01 6.09 0.38 -25 -17
Interest Expense		 15 12 13 17 15 12 17 14 27 33 39
Other Income / (Expense), net		 38 27 19 30 21 18 22 20 27 8.45 22
Income Tax Expense		 115 178 133 87 34 63 87 110 46 113 153
Net Income / (Loss) Attributable to Noncontrolling Interest		 2.77 3.46 3.69 3.09 2.58 0.53 2.47 0.24 -1.52 -3.33 -3.30
Basic Earnings per Share		 $2.69 $3.68 $2.73 $2.06 $1.42 $1.45 $2.01 $2.75 $1.81 $2.79 $3.71
Weighted Average Basic Shares Outstanding		 166.55M 158.67M 156.86M 154.06M 155.42M 150.26M 148.39M 146.95M 147.81M 144.80M 144.00M
Diluted Earnings per Share		 $2.66 $3.67 $2.72 $2.05 $1.40 $1.44 $2.01 $2.74 $1.80 $2.78 $3.69
Weighted Average Diluted Shares Outstanding		 167.43M 159.35M 157.58M 154.81M 156.14M 150.81M 148.96M 147.60M 148.40M 145.32M 144.59M
Weighted Average Basic & Diluted Shares Outstanding		 158.15M 157.13M 154.30M 152.24M 150.16M 148.45M 147.20M 146.03M 144.88M 144.21M 143.33M
Cash Dividends to Common per Share		 $0.42 $0.46 $0.46 $0.46 $0.46 $0.50 $0.50 $0.50 $0.50 $0.53 $0.53

Annual Cash Flow Statements for Steel Dynamics

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 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 366 114 187 -201 553 -13 -125 385 -227 -811 180
Net Cash From Operating Activities		 1,054 853 739 1,415 1,396 987 2,204 4,460 3,520 1,845 1,450
Net Cash From Continuing Operating Activities		 1,054 853 739 1,415 1,396 987 2,204 4,460 3,520 1,845 1,450
Net Income / (Loss) Continuing Operations		 -145 360 806 1,256 678 571 3,247 3,879 2,467 1,550 1,187
Consolidated Net Income / (Loss)		 -145 360 806 1,256 678 571 3,247 3,879 2,467 1,550 1,187
Depreciation Expense		 295 296 299 317 321 326 348 384 438 479 551
Non-Cash Adjustments To Reconcile Net Income		 459 164 36 43 48 75 58 59 62 67 69
Changes in Operating Assets and Liabilities, net		 446 32 -402 -201 350 15 -1,448 137 553 -251 -358
Net Cash From Investing Activities		 -143 -313 -139 -895 -577 -993 -999 -1,879 -1,970 -1,303 -975
Net Cash From Continuing Investing Activities		 -143 -313 -139 -895 -577 -993 -999 -1,879 -1,970 -1,303 -975
Purchase of Property, Plant & Equipment		 -115 -198 -165 -239 -452 -1,198 -1,006 -909 -1,658 -1,868 -948
Acquisitions		 -45 -123 -6.19 -434 -97 -60 0.00 -357 0.00 0.00 -176
Purchase of Investments		 - - - -269 -396 -149 0.00 -928 -1,145 -739 -40
Sale and/or Maturity of Investments		 - - - 40 363 412 0.00 298 1,055 1,312 187
Other Investing Activities, net		 17 8.62 32 6.91 5.76 2.63 6.82 16 -222 -8.31 1.42
Net Cash From Financing Activities		 -545 -425 -413 -721 -267 -7.05 -1,329 -2,197 -1,777 -1,353 -294
Net Cash From Continuing Financing Activities		 -545 -425 -413 -721 -267 -7.05 -1,329 -2,197 -1,777 -1,353 -294
Repayment of Debt		 -636 -739 -636 -474 -1,292 -2,215 -1,572 -1,624 -1,419 -2,341 -2,656
Repurchase of Common Equity		 - -25 -252 -524 -349 -107 -1,061 -1,801 -1,452 -1,212 -901
Payment of Dividends		 -128 -136 -146 -169 -200 -209 -213 -237 -271 -283 -291
Issuance of Debt		 208 474 620 446 1,574 2,523 1,517 1,465 1,366 2,483 3,554
Cash Interest Paid		 160 151 135 124 135 112 103 101 103 101 157

Quarterly Cash Flow Statements for Steel Dynamics

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -365 -362 -209 185 -426 597 -729 312 -0.43 -214 11
Net Cash From Operating Activities		 865 355 383 760 347 153 302 723 273 148 428
Net Cash From Continuing Operating Activities		 865 355 383 760 347 153 302 723 273 148 428
Net Income / (Loss) Continuing Operations		 427 588 432 321 210 218 301 404 265 400 531
Consolidated Net Income / (Loss)		 427 588 432 321 210 218 301 404 265 400 531
Depreciation Expense		 112 115 117 121 126 134 133 138 146 159 174
Non-Cash Adjustments To Reconcile Net Income		 22 16 13 13 25 17 14 14 24 17 14
Changes in Operating Assets and Liabilities, net		 304 -363 -179 305 -14 -216 -147 166 -162 -429 -291
Net Cash From Investing Activities		 -735 -293 -210 -852 51 -179 -306 -121 -370 -139 -118
Net Cash From Continuing Investing Activities		 -735 -293 -210 -852 51 -179 -306 -121 -370 -139 -118
Purchase of Property, Plant & Equipment		 -515 -374 -419 -621 -453 -306 -288 -166 -188 -138 -124
Other Investing Activities, net		 -0.14 14 -26 -4.36 7.35 -1.06 2.59 5.59 -5.70 -1.09 5.81
Net Cash From Financing Activities		 -494 -424 -382 277 -824 623 -725 -290 97 -223 -299
Net Cash From Continuing Financing Activities		 -494 -424 -382 277 -824 623 -725 -290 97 -223 -299
Repayment of Debt		 -337 -437 -581 -527 -796 -463 -934 -413 -845 -635 -717
Repurchase of Common Equity		 -387 -298 -309 -310 -295 -250 -200 -210 -240 -115 -200
Payment of Dividends		 -69 -68 -73 -72 -70 -70 -75 -74 -73 -72 -77
Issuance of Debt		 299 379 581 1,186 337 1,406 484 408 1,255 599 695
Cash Interest Paid		 42 9.33 41 9.10 42 28 35 26 68 26 67
Cash Income Taxes Paid		 170 28 273 82 80 3.72 125 22 - 4.49 231

Annual Balance Sheets for Steel Dynamics

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 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 6,202 6,424 6,856 7,704 8,276 9,266 12,531 14,160 14,908 14,935 16,420
Total Current Assets		 2,538 2,930 3,508 4,033 4,253 4,258 6,901 7,638 6,788 5,431 6,484
Cash & Equivalents		 727 841 1,029 828 1,381 1,369 1,244 1,628 1,401 589 770
Accounts Receivable		 614 730 869 1,044 844 972 1,916 2,056 1,608 1,417 1,683
Inventories, net		 1,149 1,275 1,519 1,859 1,689 1,844 3,531 3,130 2,895 3,114 3,739
Other Current Assets		 48 83 92 73 76 74 210 195 163 163 293
Plant, Property, & Equipment, net		 2,951 2,787 2,676 2,946 3,136 4,106 4,751 5,374 6,734 8,118 8,569
Total Noncurrent Assets		 713 707 671 725 887 902 879 1,148 1,386 1,386 1,366
Goodwill		 397 393 387 430 453 457 454 502 477 477 477
Intangible Assets		 279 284 257 270 328 325 295 268 258 227 331
Other Noncurrent Operating Assets		 17 11 28 25 106 120 130 379 651 681 557
Total Liabilities & Shareholders' Equity		 6,202 6,424 6,856 7,704 8,276 9,266 12,531 14,160 14,908 14,935 16,420
Total Liabilities		 3,531 3,535 3,549 3,816 4,211 4,917 6,211 6,064 6,069 5,990 7,489
Total Current Liabilities		 535 713 869 1,019 1,007 1,259 2,227 2,032 2,332 2,151 2,122
Short-Term Debt		 17 3.63 29 24 89 87 97 57 460 427 35
Accounts Payable		 283 395 489 551 513 769 1,281 1,017 1,088 980 1,231
Accrued Expenses		 100 114 125 147 175 179 296 341 309 367 427
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 67
Current Employee Benefit Liabilities		 95 165 196 265 208 202 540 611 469 373 361
Total Noncurrent Liabilities		 2,995 2,822 2,681 2,797 3,204 3,659 3,984 4,032 3,737 3,839 5,367
Long-Term Debt		 2,578 2,353 2,353 2,352 2,645 3,016 3,009 3,013 2,611 2,804 4,177
Noncurrent Deferred & Payable Income Tax Liabilities		 401 448 306 436 484 536 855 889 945 902 1,004
Other Noncurrent Operating Liabilities		 17 21 22 8.87 75 106 120 130 181 133 186
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 126 111 111 111 144 159 211 182 171 171 141
Total Equity & Noncontrolling Interests		 2,545 2,777 3,195 3,776 3,921 4,190 6,109 7,914 8,668 8,774 8,789
Total Preferred & Common Equity		 2,680 2,927 3,352 3,935 4,076 4,345 6,305 8,130 8,867 8,934 8,957
Total Common Equity		 2,680 2,927 3,352 3,935 4,076 4,345 6,305 8,130 8,867 8,934 8,957
Common Stock		 1,111 1,133 1,142 1,161 1,182 1,208 1,220 1,213 1,218 1,230 1,249
Retained Earnings		 1,965 2,210 2,875 3,958 4,419 4,759 7,761 11,376 13,546 14,798 15,689
Treasury Stock		 -396 -417 -665 -1,184 -1,525 -1,624 -2,674 -4,460 -5,898 -7,094 -7,981
Accumulated Other Comprehensive Income / (Loss)		 - - - 0.30 -0.01 1.90 -2.09 0.89 0.42 0.00 -0.60
Noncontrolling Interest		 -135 -150 -157 -159 -155 -156 -196 -216 -198 -160 -168

Quarterly Balance Sheets for Steel Dynamics

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 14,929 14,908 15,027 15,061 15,660 14,935 15,930 15,549 15,965 16,720 17,113
Total Current Assets		 7,229 6,788 6,597 6,239 6,444 5,431 6,217 5,691 6,079 6,795 7,281
Cash & Equivalents		 1,765 1,401 1,039 830 1,015 589 1,187 458 770 557 568
Accounts Receivable		 1,882 1,608 1,739 1,775 1,565 1,417 1,721 1,701 1,762 2,056 2,443
Inventories, net		 2,942 2,895 3,027 3,074 3,045 3,114 3,099 3,261 3,196 3,908 3,956
Other Current Assets		 139 163 139 142 173 163 190 231 351 274 315
Plant, Property, & Equipment, net		 6,313 6,734 7,064 7,434 7,826 8,118 8,323 8,465 8,494 8,550 8,492
Total Noncurrent Assets		 1,387 1,386 1,365 1,389 1,390 1,386 1,391 1,393 1,392 1,375 1,341
Goodwill		 477 477 477 477 477 477 477 477 477 477 477
Intangible Assets		 266 258 250 242 235 227 220 213 207 323 316
Other Noncurrent Operating Assets		 644 651 638 669 678 681 693 702 708 574 547
Total Liabilities & Shareholders' Equity		 14,929 14,908 15,027 15,061 15,660 14,935 15,930 15,549 15,965 16,720 17,113
Total Liabilities		 6,071 6,069 5,979 5,941 6,581 5,990 7,097 6,705 6,995 7,587 7,750
Total Current Liabilities		 1,918 2,332 2,299 2,656 2,692 2,151 2,266 1,819 1,957 2,171 2,287
Short-Term Debt		 86 460 426 816 882 427 419 1.46 1.43 22 1.33
Accounts Payable		 1,060 1,088 1,184 1,213 1,080 980 1,258 1,227 1,215 1,379 1,484
Accrued Expenses		 336 309 329 344 389 367 373 355 435 408 457
Current Deferred & Payable Income Tax Liabilities		 30 5.52 150 6.07 6.25 3.78 43 2.07 3.09 135 32
Current Employee Benefit Liabilities		 406 469 210 277 335 373 173 233 302 226 313
Total Noncurrent Liabilities		 4,152 3,737 3,680 3,285 3,888 3,839 4,830 4,886 5,038 5,416 5,463
Long-Term Debt		 3,009 2,611 2,612 2,213 2,802 2,804 3,777 3,780 3,781 4,179 4,181
Noncurrent Deferred & Payable Income Tax Liabilities		 961 945 924 928 943 902 918 958 1,105 1,043 1,071
Other Noncurrent Operating Liabilities		 182 181 144 144 143 133 135 148 152 194 211
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 171 171 171 171 171 171 171 141 141 141 143
Total Equity & Noncontrolling Interests		 8,687 8,668 8,877 8,949 8,908 8,774 8,663 8,703 8,829 8,992 9,220
Total Preferred & Common Equity		 8,894 8,867 9,072 9,131 9,082 8,934 8,825 8,864 8,995 9,165 9,420
Total Common Equity		 8,894 8,867 9,072 9,131 9,082 8,934 8,825 8,864 8,995 9,165 9,420
Common Stock		 1,216 1,218 1,198 1,208 1,221 1,230 1,219 1,230 1,244 1,239 1,230
Retained Earnings		 13,189 13,546 14,057 14,413 14,660 14,798 14,940 15,165 15,496 16,016 16,474
Treasury Stock		 -5,511 -5,898 -6,182 -6,489 -6,799 -7,094 -7,335 -7,533 -7,743 -8,089 -8,288
Accumulated Other Comprehensive Income / (Loss)		 -0.49 0.42 -0.01 -1.43 -0.45 0.00 - 1.18 -1.33 -0.86 3.21
Noncontrolling Interest		 -206 -198 -196 -182 -173 -160 -162 -161 -166 -173 -200

Annual Metrics And Ratios for Steel Dynamics

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 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -13.27% 2.41% 22.65% 23.93% -11.48% -8.25% 91.73% 20.92% -15.57% -6.68% 3.63%
EBITDA Growth		 -63.49% 387.47% 36.01% 50.78% -35.86% -14.91% 309.71% 19.14% -32.08% -32.55% -16.03%
EBIT Growth		 -129.19% 905.48% 50.62% 63.27% -42.60% -20.16% 433.05% 19.84% -35.54% -38.12% -23.35%
NOPAT Growth		 -128.60% 1,011.81% 97.87% 45.27% -42.77% -10.31% 384.03% 18.58% -38.60% -37.12% -22.72%
Net Income Growth		 -258.40% 347.99% 123.83% 55.85% -46.02% -15.79% 468.79% 19.49% -36.40% -37.18% -23.40%
EPS Growth		 -180.60% 388.89% 115.38% 59.23% -43.18% -14.80% 500.77% 34.45% -30.02% -32.79% -18.80%
Operating Cash Flow Growth		 67.71% -19.06% -13.29% 91.43% -1.36% -29.31% 123.31% 102.37% -21.09% -47.60% -21.41%
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% 283.08%
Invested Capital Growth		 -18.22% -3.11% 6.09% 11.68% -1.12% 17.94% 34.09% 8.89% 9.86% 16.86% 8.15%
Revenue Q/Q Growth		 -10.87% 4.28% 4.67% 5.04% -5.03% 2.68% 17.26% -2.13% -3.06% -2.02% 3.07%
EBITDA Q/Q Growth		 -60.00% 71.68% 12.92% 9.84% -12.59% 5.94% 34.42% -10.18% -5.46% -10.16% 4.95%
EBIT Q/Q Growth		 -141.31% 144.98% 16.92% 11.43% -15.97% 7.91% 38.24% -11.11% -6.40% -12.77% 5.32%
NOPAT Q/Q Growth		 -176.24% 129.39% 52.08% -3.95% -15.49% 13.50% 36.35% -10.70% -8.69% -11.85% 5.34%
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% 4.82%
EPS Q/Q Growth		 -268.75% 262.79% 54.84% -1.83% -16.48% 13.60% 40.43% -7.19% -6.87% -11.35% 5.27%
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% -4.87%
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% 2.78%
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% 3.25%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 9.64% 17.16% 16.59% 19.65% 14.63% 14.94% 29.13% 27.48% 21.53% 15.98% 13.16%
EBITDA Margin		 2.72% 12.94% 14.35% 17.46% 12.65% 11.73% 25.06% 24.69% 19.86% 14.36% 11.63%
Operating Margin		 -0.96% 9.36% 11.18% 14.57% 9.43% 8.82% 23.36% 22.87% 16.77% 11.08% 8.12%
EBIT Margin		 -1.16% 9.13% 11.21% 14.77% 9.58% 8.34% 23.18% 22.97% 17.53% 11.63% 8.60%
Profit (Net Income) Margin		 -1.91% 4.63% 8.45% 10.62% 6.48% 5.95% 17.64% 17.43% 13.13% 8.84% 6.53%
Tax Burden Percent		 59.96% 63.82% 86.16% 77.53% 77.44% 80.91% 77.14% 77.26% 76.65% 78.17% 79.53%
Interest Burden Percent		 274.61% 79.44% 87.44% 92.75% 87.32% 88.15% 98.66% 98.21% 97.68% 97.24% 95.52%
Effective Tax Rate		 0.00% 36.18% 13.84% 22.47% 22.56% 19.09% 22.86% 22.74% 23.35% 21.83% 20.47%
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% 9.86%
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% 10.31%
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% 3.42%
Return on Equity (ROE)		 -5.19% 12.95% 26.01% 34.91% 17.05% 13.57% 60.87% 53.82% 29.14% 17.43% 13.28%
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% 2.03%
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% 9.97%
Return on Assets (ROA)		 -2.16% 5.70% 12.14% 17.25% 8.48% 6.51% 29.79% 29.07% 16.98% 10.39% 7.57%
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% 13.30%
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% 0.00%
Net Operating Profit after Tax (NOPAT)		 -51 465 919 1,335 764 685 3,318 3,934 2,415 1,519 1,174
NOPAT Margin		 -0.67% 5.97% 9.64% 11.30% 7.30% 7.14% 18.02% 17.67% 12.85% 8.66% 6.46%
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% -0.46%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 35.81% 20.58% 12.65% 9.03%
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% 86.84%
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% 4.21%
R&D to Revenue		 0.00% 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% 5.04%
Earnings before Interest and Taxes (EBIT)		 -88 710 1,070 1,746 1,002 800 4,266 5,113 3,295 2,039 1,563
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 2,114
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 2.76
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 3.04
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 1.36
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 20.87
Dividend Yield		 3.70% 1.85% 1.66% 2.83% 3.10% 2.87% 1.74% 1.43% 1.46% 1.61% 1.18%
Earnings Yield		 0.00% 5.18% 9.18% 20.68% 10.06% 7.52% 27.14% 23.20% 13.01% 8.85% 4.79%
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 2.28
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 1.55
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 13.32
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 18.02
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 23.99
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 19.43
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 0.00 116.81
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 0.47
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 0.47
Financial Leverage		 0.81 0.61 0.47 0.38 0.31 0.34 0.34 0.19 0.10 0.19 0.33
Leverage Ratio		 2.40 2.27 2.14 2.02 2.01 2.09 2.04 1.85 1.72 1.68 1.75
Compound Leverage Factor		 6.60 1.80 1.87 1.88 1.75 1.84 2.02 1.82 1.68 1.63 1.68
Debt to Total Capital		 49.27% 44.93% 41.87% 37.94% 40.22% 41.64% 32.95% 27.50% 25.78% 26.54% 32.04%
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% 0.26%
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% 31.78%
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% 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% -0.20%
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% 68.16%
Debt to EBITDA		 12.57 2.34 1.74 1.15 2.07 2.76 0.67 0.56 0.82 1.28 1.99
Net Debt to EBITDA		 9.05 1.51 0.99 0.64 0.82 1.54 0.40 0.15 0.25 0.99 1.63
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 1.98
Debt to NOPAT		 -50.93 5.07 2.59 1.78 3.58 4.53 0.94 0.78 1.27 2.13 3.59
Net Debt to NOPAT		 -36.66 3.26 1.47 0.99 1.43 2.53 0.56 0.21 0.39 1.64 2.93
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 3.56
Altman Z-Score		 2.62 3.72 4.45 4.43 3.83 3.32 5.05 6.01 5.48 5.02 5.06
Noncontrolling Interest Sharing Ratio		 0.01% -0.84% -1.35% -1.29% -0.74% -0.09% 0.17% -0.13% -0.36% -0.09% -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 3.06
Quick Ratio		 2.50 2.20 2.18 2.06 2.47 1.86 1.42 2.12 1.60 1.00 1.16
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 964 606 650 788 823 -243 1,238 3,207 1,537 -132 241
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% 152.90%
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 3.44
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 20.69
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 7.16
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.13 1.23 1.44 1.62 1.31 1.09 1.69 1.67 1.29 1.18 1.16
Accounts Receivable Turnover		 10.02 11.58 11.93 12.36 11.09 10.57 12.75 11.21 10.26 11.60 11.73
Inventory Turnover		 4.96 5.31 5.69 5.62 5.04 4.62 4.85 4.85 4.90 4.91 4.61
Fixed Asset Turnover		 2.50 2.71 3.49 4.21 3.44 2.65 4.16 4.40 3.10 2.36 2.18
Accounts Payable Turnover		 17.28 18.99 17.99 18.26 16.79 12.73 12.73 14.05 14.01 14.25 14.28
Days Sales Outstanding (DSO)		 36.44 31.52 30.59 29.53 32.93 34.52 28.63 32.57 35.58 31.48 31.12
Days Inventory Outstanding (DIO)		 73.60 68.69 64.10 64.91 72.48 78.94 75.18 75.31 74.54 74.40 79.23
Days Payable Outstanding (DPO)		 21.13 19.22 20.29 19.98 21.74 28.67 28.68 25.98 26.05 25.61 25.57
Cash Conversion Cycle (CCC)		 88.92 80.99 74.39 74.45 83.67 84.80 75.14 81.90 84.07 80.27 84.78
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 12,372
Invested Capital Turnover		 1.50 1.73 2.10 2.38 2.01 1.70 2.58 2.60 2.01 1.65 1.53
Increase / (Decrease) in Invested Capital		 -1,015 -142 269 547 -59 928 2,080 728 879 1,650 933
Enterprise Value (EV)		 5,463 8,859 10,157 7,356 7,749 9,060 13,719 17,427 19,756 19,871 28,160
Market Capitalization		 3,603 7,382 8,849 6,084 6,669 7,323 11,842 16,647 18,834 17,367 24,746
Book Value per Share		 $11.07 $12.01 $14.14 $17.14 $18.92 $20.66 $31.77 $46.31 $54.79 $58.68 $61.34
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 $55.80
Total Capital		 5,266 5,246 5,688 6,264 6,799 7,451 9,426 11,166 11,911 12,176 13,142
Total Debt		 2,595 2,357 2,382 2,377 2,734 3,103 3,106 3,071 3,071 3,231 4,211
Total Long-Term Debt		 2,578 2,353 2,353 2,352 2,645 3,016 3,009 3,013 2,611 2,804 4,177
Net Debt		 1,868 1,515 1,353 1,320 1,091 1,734 1,862 814 949 2,494 3,441
Capital Expenditures (CapEx)		 115 198 165 239 452 1,198 1,006 909 1,658 1,868 948
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 3,627
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 4,397
Net Working Capital (NWC)		 2,003 2,217 2,640 3,014 3,246 3,000 4,674 5,606 4,456 3,281 4,362
Net Nonoperating Expense (NNE)		 94 105 113 80 86 115 71 55 -52 -31 -14
Net Nonoperating Obligations (NNO)		 1,887 1,528 1,379 1,345 1,109 1,754 1,862 814 949 2,494 3,441
Total Depreciation and Amortization (D&A)		 295 296 299 317 321 326 348 384 438 479 551
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% 19.95%
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% 24.19%
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% 24.00%
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 $8.02
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 147.81M
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 $7.99
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 148.40M
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 $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 144.88M
Normalized Net Operating Profit after Tax (NOPAT)		 249 549 919 1,335 764 701 3,318 3,934 2,415 1,519 1,174
Normalized NOPAT Margin		 3.28% 7.06% 9.64% 11.30% 7.30% 7.30% 18.02% 17.67% 12.85% 8.66% 6.46%
Pre Tax Income Margin		 -3.19% 7.25% 9.80% 13.70% 8.36% 7.35% 22.86% 22.56% 17.13% 11.30% 8.21%
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 22.32
NOPAT to Interest Expense		 -0.33 3.18 6.84 10.55 6.01 7.22 57.99 42.98 31.58 26.95 16.76
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 8.78
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 3.22
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% 24.52%
Augmented Payout Ratio		 -87.88% 44.67% 49.37% 55.14% 80.97% 55.32% 39.23% 52.53% 69.85% 96.44% 100.40%

Quarterly Metrics And Ratios for Steel Dynamics

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 144,882,401.00 144,212,781.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 144,882,401.00 144,212,781.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 2.78 3.70
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -12.28% -4.07% -8.84% -5.35% -8.53% -6.92% -1.46% 11.21% 14.00% 19.13% 33.44%
EBITDA Growth		 -24.40% -8.69% -42.38% -37.97% -42.57% -52.24% -22.56% 21.93% 25.97% 65.46% 66.60%
EBIT Growth		 -28.80% -10.63% -47.23% -45.01% -53.59% -62.36% -29.87% 24.07% 30.56% 86.64% 78.31%
NOPAT Growth		 -36.14% -9.25% -47.15% -44.82% -49.97% -62.96% -30.39% 28.34% 29.31% 96.54% 82.98%
Net Income Growth		 -33.17% -8.82% -47.11% -44.65% -50.85% -62.95% -30.23% 25.88% 26.04% 83.81% 76.23%
EPS Growth		 -28.88% -0.81% -43.45% -40.92% -47.37% -60.76% -26.10% 33.66% 28.57% 93.06% 83.58%
Operating Cash Flow Growth		 -24.38% -51.59% -52.64% -31.77% -59.88% -57.04% -21.16% -4.90% -21.38% -2.81% 41.88%
Free Cash Flow Firm Growth		 -434.18% -257.64% -297.46% -890.74% -207.46% -58.18% -12.35% 56.49% 53.77% 56.05% 67.08%
Invested Capital Growth		 9.86% 14.87% 13.01% 14.61% 16.86% 13.76% 11.26% 7.92% 8.15% 8.07% 7.01%
Revenue Q/Q Growth		 -7.71% 10.88% -1.31% -6.28% -10.81% 12.84% 4.48% 5.76% -8.58% 17.92% 17.04%
EBITDA Q/Q Growth		 -24.04% 33.53% -22.19% -21.40% -29.67% 11.05% 26.16% 23.75% -27.34% 45.86% 27.03%
EBIT Q/Q Growth		 -27.94% 39.63% -25.71% -26.43% -39.18% 13.24% 38.41% 30.15% -36.00% 61.88% 32.23%
NOPAT Q/Q Growth		 -27.54% 41.08% -25.87% -27.19% -34.30% 4.45% 39.31% 34.25% -33.81% 58.76% 29.70%
Net Income Q/Q Growth		 -26.34% 37.57% -26.52% -25.67% -34.60% 3.72% 38.36% 34.11% -34.51% 51.26% 32.66%
EPS Q/Q Growth		 -23.34% 37.97% -25.89% -24.63% -31.71% 2.86% 39.58% 36.32% -34.31% 54.44% 32.73%
Operating Cash Flow Q/Q Growth		 -22.36% -58.92% 7.70% 98.62% -54.35% -56.01% 97.64% 139.58% -62.26% -45.61% 188.53%
Free Cash Flow Firm Q/Q Growth		 -321.89% -63.57% -7.57% -33.47% -30.92% 15.85% 23.60% 48.31% -39.09% 20.00% 42.77%
Invested Capital Q/Q Growth		 1.05% 6.18% 4.88% 1.86% 3.03% 3.36% 2.57% -1.20% 3.25% 3.28% 1.56%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 17.26% 20.89% 16.73% 13.94% 11.41% 11.14% 13.55% 15.70% 11.99% 14.66% 15.74%
EBITDA Margin		 15.80% 19.02% 15.00% 12.58% 9.92% 9.76% 11.79% 13.79% 10.96% 13.56% 14.72%
Operating Margin		 12.25% 16.00% 12.07% 9.11% 6.13% 6.30% 8.39% 10.52% 7.03% 10.34% 11.50%
EBIT Margin		 13.16% 16.57% 12.47% 9.79% 6.68% 6.70% 8.88% 10.92% 7.65% 10.50% 11.86%
Profit (Net Income) Margin		 10.09% 12.52% 9.32% 7.39% 5.42% 4.98% 6.60% 8.37% 5.99% 7.69% 8.71%
Tax Burden Percent		 78.75% 76.72% 76.39% 78.65% 86.03% 77.56% 77.65% 78.61% 85.16% 77.96% 77.66%
Interest Burden Percent		 97.34% 98.46% 97.80% 95.98% 94.36% 95.86% 95.71% 97.43% 92.01% 93.92% 94.59%
Effective Tax Rate		 21.25% 23.28% 23.61% 21.35% 13.97% 22.44% 22.35% 21.39% 14.84% 22.04% 22.34%
Return on Invested Capital (ROIC)		 19.39% 23.48% 16.29% 12.34% 8.72% 7.57% 9.70% 12.63% 9.14% 12.46% 14.61%
ROIC Less NNEP Spread (ROIC-NNEP)		 21.51% 24.57% 16.62% 13.03% 9.04% 7.77% 9.85% 12.82% 9.15% 11.87% 14.23%
Return on Net Nonoperating Assets (RNNOA)		 2.24% 2.95% 2.58% 2.07% 1.75% 1.88% 2.78% 3.58% 3.04% 4.38% 5.39%
Return on Equity (ROE)		 21.63% 26.44% 18.87% 14.41% 10.47% 9.45% 12.48% 16.21% 12.18% 16.84% 20.00%
Cash Return on Invested Capital (CROIC)		 16.44% 10.40% 7.02% 2.96% -1.24% -2.47% -1.75% 2.03% 2.03% 3.46% 6.19%
Operating Return on Assets (OROA)		 17.02% 21.07% 15.29% 11.46% 7.85% 7.45% 9.95% 12.18% 8.87% 12.23% 14.92%
Return on Assets (ROA)		 13.04% 15.92% 11.42% 8.65% 6.37% 5.54% 7.39% 9.33% 6.95% 8.95% 10.96%
Return on Common Equity (ROCE)		 21.71% 26.52% 18.92% 14.44% 10.48% 9.46% 12.50% 16.23% 12.19% 16.86% 20.09%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 26.57% 22.19% 19.46% 0.00% 13.37% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 408 576 427 311 204 213 297 399 264 419 544
NOPAT Margin		 9.65% 12.27% 9.22% 7.16% 5.28% 4.88% 6.51% 8.27% 5.99% 8.06% 8.93%
Net Nonoperating Expense Percent (NNEP)		 -2.12% -1.09% -0.33% -0.69% -0.32% -0.20% -0.15% -0.19% -0.01% 0.58% 0.38%
Return On Investment Capital (ROIC_SIMPLE)		 3.48% - - - 1.70% 1.66% 2.38% 3.16% 2.03% 3.18% 4.06%
Cost of Revenue to Revenue		 82.74% 79.11% 83.27% 86.06% 88.59% 88.86% 86.45% 84.30% 88.01% 85.34% 84.26%
SG&A Expenses to Revenue		 3.71% 3.40% 3.45% 3.86% 4.57% 4.16% 4.34% 4.16% 4.18% 3.37% 3.18%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 5.02% 4.90% 4.66% 4.83% 5.27% 4.84% 5.16% 5.18% 4.96% 4.33% 4.24%
Earnings before Interest and Taxes (EBIT)		 557 778 578 425 259 293 405 527 338 546 723
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 669 893 695 546 384 427 538 666 484 706 897
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.12 2.57 2.23 2.14 1.94 2.13 2.14 2.28 2.76 2.85 3.51
Price to Tangible Book Value (P/TBV)		 2.32 2.80 2.42 2.32 2.11 2.31 2.33 2.47 3.04 3.12 3.84
Price to Revenue (P/Rev)		 1.00 1.26 1.12 1.09 0.99 1.09 1.11 1.16 1.36 1.37 1.61
Price to Earnings (P/E)		 7.68 9.74 10.11 11.09 11.30 16.05 18.26 18.21 20.87 19.01 20.59
Dividend Yield		 1.46% 1.17% 1.37% 1.43% 1.61% 1.50% 1.50% 1.41% 1.18% 1.13% 0.90%
Earnings Yield		 13.01% 10.27% 9.90% 9.02% 8.85% 6.23% 5.48% 5.49% 4.79% 5.26% 4.86%
Enterprise Value to Invested Capital (EV/IC)		 2.02 2.37 2.03 1.93 1.74 1.84 1.84 1.96 2.28 2.32 2.82
Enterprise Value to Revenue (EV/Rev)		 1.05 1.33 1.22 1.20 1.13 1.27 1.30 1.33 1.55 1.56 1.78
Enterprise Value to EBITDA (EV/EBITDA)		 5.29 6.76 7.05 7.66 7.89 10.62 11.75 11.67 13.32 12.40 13.32
Enterprise Value to EBIT (EV/EBIT)		 5.99 7.70 8.24 9.19 9.74 14.01 16.12 15.84 18.02 16.34 17.17
Enterprise Value to NOPAT (EV/NOPAT)		 8.18 10.47 11.20 12.46 13.08 18.84 21.70 21.10 23.99 21.51 22.52
Enterprise Value to Operating Cash Flow (EV/OCF)		 5.61 7.86 8.14 9.09 10.77 13.27 14.27 15.43 19.43 20.54 23.32
Enterprise Value to Free Cash Flow (EV/FCFF)		 12.86 24.41 30.69 69.88 0.00 0.00 0.00 100.24 116.81 69.69 47.15
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.35 0.34 0.33 0.41 0.36 0.48 0.43 0.42 0.47 0.46 0.45
Long-Term Debt to Equity		 0.30 0.29 0.24 0.31 0.31 0.43 0.43 0.42 0.47 0.46 0.45
Financial Leverage		 0.10 0.12 0.16 0.16 0.19 0.24 0.28 0.28 0.33 0.37 0.38
Leverage Ratio		 1.72 1.69 1.67 1.71 1.68 1.73 1.70 1.75 1.75 1.82 1.79
Compound Leverage Factor		 1.67 1.66 1.63 1.64 1.58 1.66 1.63 1.71 1.61 1.71 1.70
Debt to Total Capital		 25.78% 25.14% 24.93% 28.86% 26.54% 32.20% 29.95% 29.66% 32.04% 31.50% 30.88%
Short-Term Debt to Total Capital		 3.86% 3.52% 6.71% 6.91% 3.51% 3.22% 0.01% 0.01% 0.26% 0.17% 0.01%
Long-Term Debt to Total Capital		 21.92% 21.61% 18.21% 21.95% 23.03% 28.99% 29.94% 29.65% 31.78% 31.34% 30.87%
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% 0.00%
Noncontrolling Interests to Total Capital		 -0.23% -0.20% -0.09% -0.02% 0.09% 0.07% -0.16% -0.19% -0.20% -0.24% -0.42%
Common Equity to Total Capital		 74.44% 75.07% 75.16% 71.15% 73.37% 67.73% 70.21% 70.53% 68.16% 68.73% 69.54%
Debt to EBITDA		 0.82 0.83 0.97 1.31 1.28 2.05 2.00 1.88 1.99 1.76 1.52
Net Debt to EBITDA		 0.25 0.37 0.57 0.72 0.99 1.46 1.73 1.50 1.63 1.52 1.31
Long-Term Debt to EBITDA		 0.70 0.72 0.71 1.00 1.11 1.84 1.99 1.88 1.98 1.75 1.52
Debt to NOPAT		 1.27 1.29 1.53 2.14 2.13 3.63 3.68 3.39 3.59 3.04 2.57
Net Debt to NOPAT		 0.39 0.57 0.90 1.17 1.64 2.59 3.20 2.70 2.93 2.64 2.22
Long-Term Debt to NOPAT		 1.08 1.11 1.12 1.63 1.85 3.27 3.68 3.39 3.56 3.03 2.57
Altman Z-Score		 4.88 5.41 5.01 4.60 4.62 4.34 4.55 4.64 4.81 4.98 5.60
Noncontrolling Interest Sharing Ratio		 -0.36% -0.32% -0.30% -0.21% -0.09% -0.09% -0.17% -0.15% -0.09% -0.12% -0.42%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.91 2.87 2.35 2.39 2.53 2.74 3.13 3.11 3.06 3.13 3.18
Quick Ratio		 1.60 1.49 1.14 1.20 1.00 1.29 1.21 1.29 1.16 1.20 1.32
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -470 -769 -828 -1,105 -1,446 -1,217 -930 -481 -669 -535 -306
Operating Cash Flow to CapEx		 167.91% 94.90% 91.27% 122.29% 76.54% 49.95% 104.61% 436.12% 144.68% 107.49% 345.55%
Free Cash Flow to Firm to Interest Expense		 -31.79 -64.23 -65.07 -64.71 -99.20 -100.32 -53.50 -35.41 -24.80 -16.09 -7.82
Operating Cash Flow to Interest Expense		 58.44 29.66 30.08 44.51 23.79 12.58 17.35 53.24 10.12 4.46 10.94
Operating Cash Flow Less CapEx to Interest Expense		 23.64 -1.59 -2.88 8.11 -7.29 -12.60 0.76 41.03 3.12 0.31 7.77
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.29 1.27 1.23 1.17 1.18 1.11 1.12 1.12 1.16 1.16 1.26
Accounts Receivable Turnover		 10.26 9.62 9.26 10.39 11.60 9.95 9.87 10.60 11.73 10.07 9.91
Inventory Turnover		 4.90 4.86 4.81 4.95 4.91 4.87 4.73 4.91 4.61 4.66 4.86
Fixed Asset Turnover		 3.10 2.96 2.75 2.53 2.36 2.24 2.16 2.16 2.18 2.25 2.42
Accounts Payable Turnover		 14.01 12.59 13.01 13.84 14.25 12.21 12.29 13.36 14.28 12.39 12.93
Days Sales Outstanding (DSO)		 35.58 37.94 39.41 35.14 31.48 36.68 37.00 34.43 31.12 36.26 36.82
Days Inventory Outstanding (DIO)		 74.54 75.07 75.91 73.77 74.40 75.00 77.09 74.29 79.23 78.25 75.13
Days Payable Outstanding (DPO)		 26.05 28.98 28.07 26.37 25.61 29.89 29.70 27.32 25.57 29.45 28.22
Cash Conversion Cycle (CCC)		 84.07 84.03 87.25 82.54 80.27 81.79 84.39 81.41 84.78 85.06 83.73
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 9,788 10,393 10,900 11,103 11,439 11,823 12,127 11,982 12,372 12,778 12,978
Invested Capital Turnover		 2.01 1.91 1.77 1.72 1.65 1.55 1.49 1.53 1.53 1.55 1.64
Increase / (Decrease) in Invested Capital		 879 1,346 1,255 1,416 1,650 1,430 1,227 880 933 954 850
Enterprise Value (EV)		 19,756 24,678 22,118 21,476 19,871 21,781 22,267 23,512 28,160 29,692 36,649
Market Capitalization		 18,834 23,357 20,349 19,454 17,367 18,783 19,004 20,525 24,746 26,079 33,091
Book Value per Share		 $54.79 $57.36 $58.11 $58.86 $58.68 $58.77 $59.71 $61.11 $61.34 $63.26 $65.32
Tangible Book Value per Share		 $50.25 $52.76 $53.53 $54.24 $54.05 $54.12 $55.06 $56.46 $55.80 $57.73 $59.82
Total Capital		 11,911 12,086 12,149 12,763 12,176 13,030 12,625 12,753 13,142 13,334 13,545
Total Debt		 3,071 3,038 3,028 3,684 3,231 4,196 3,781 3,782 4,211 4,201 4,182
Total Long-Term Debt		 2,611 2,612 2,213 2,802 2,804 3,777 3,780 3,781 4,177 4,179 4,181
Net Debt		 949 1,345 1,780 2,023 2,494 2,990 3,283 3,012 3,441 3,644 3,614
Capital Expenditures (CapEx)		 515 374 419 621 453 306 288 166 188 138 124
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 2,793 3,032 3,150 2,973 2,970 3,163 3,375 3,354 3,627 4,090 4,427
Debt-free Net Working Capital (DFNWC)		 4,916 4,724 4,399 4,633 3,708 4,369 3,873 4,124 4,397 4,647 4,995
Net Working Capital (NWC)		 4,456 4,299 3,583 3,751 3,281 3,950 3,872 4,123 4,362 4,624 4,994
Net Nonoperating Expense (NNE)		 -19 -11 -4.58 -9.90 -5.56 -4.27 -3.89 -4.79 -0.32 19 13
Net Nonoperating Obligations (NNO)		 949 1,345 1,780 2,023 2,494 2,990 3,283 3,012 3,441 3,644 3,614
Total Depreciation and Amortization (D&A)		 112 115 117 121 126 134 133 138 146 159 174
Debt-free, Cash-free Net Working Capital to Revenue		 14.86% 16.30% 17.36% 16.61% 16.94% 18.37% 19.68% 19.02% 19.95% 21.51% 21.56%
Debt-free Net Working Capital to Revenue		 26.15% 25.41% 24.24% 25.88% 21.14% 25.38% 22.59% 23.39% 24.19% 24.44% 24.32%
Net Working Capital to Revenue		 23.71% 23.12% 19.74% 20.95% 18.70% 22.95% 22.58% 23.38% 24.00% 24.32% 24.31%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.69 $3.68 $2.73 $2.06 $1.42 $1.45 $2.01 $2.75 $1.81 $2.79 $3.71
Adjusted Weighted Average Basic Shares Outstanding		 166.55M 158.67M 156.86M 154.06M 155.42M 150.26M 148.39M 146.95M 147.81M 144.80M 144.00M
Adjusted Diluted Earnings per Share		 $2.66 $3.67 $2.72 $2.05 $1.40 $1.44 $2.01 $2.74 $1.80 $2.78 $3.69
Adjusted Weighted Average Diluted Shares Outstanding		 167.43M 159.35M 157.58M 154.81M 156.14M 150.81M 148.96M 147.60M 148.40M 145.32M 144.59M
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 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 158.15M 157.13M 154.30M 152.24M 150.16M 148.45M 147.20M 146.03M 144.88M 144.21M 143.33M
Normalized Net Operating Profit after Tax (NOPAT)		 408 576 427 311 204 213 297 399 264 419 544
Normalized NOPAT Margin		 9.65% 12.27% 9.22% 7.16% 5.28% 4.88% 6.51% 8.27% 5.99% 8.06% 8.93%
Pre Tax Income Margin		 12.81% 16.31% 12.20% 9.40% 6.30% 6.42% 8.50% 10.64% 7.04% 9.86% 11.22%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 37.65 64.93 45.43 24.90 17.73 24.14 23.32 38.86 12.52 16.44 18.47
NOPAT to Interest Expense		 27.60 48.10 33.58 18.22 14.01 17.59 17.10 29.41 9.80 12.62 13.91
EBIT Less CapEx to Interest Expense		 2.84 33.68 12.47 -11.50 -13.35 -1.05 6.73 26.65 5.53 12.29 15.31
NOPAT Less CapEx to Interest Expense		 -7.20 16.85 0.63 -18.18 -17.07 -7.59 0.52 17.20 2.81 8.47 10.74
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 11.00% 11.64% 13.86% 15.94% 18.23% 24.08% 27.27% 25.47% 24.52% 21.47% 18.51%
Augmented Payout Ratio		 69.85% 69.56% 79.27% 89.72% 96.44% 122.73% 127.80% 109.85% 100.40% 77.38% 66.41%

Financials Breakdown Chart

Key Financial Trends

Steel Dynamics (NASDAQ: STLD) posted a solid start to 2026, but the bigger picture shows a cyclical steel business that has cooled from the much stronger profit levels seen in 2022-2024. In Q1 2026, revenue increased sequentially from Q4 2025, and earnings improved meaningfully quarter over quarter. However, cash flow was weaker, inventory grew, and the balance sheet shows more debt than a year ago. For retail investors, that points to a company that is still profitable and financially healthy, but operating in a softer margin environment than its recent peak.

  • Revenue rebounded sequentially in Q1 2026, rising to $5.20 billion from $4.41 billion in Q4 2025.
  • Net income improved sharply quarter over quarter to $400.1 million, up from $264.5 million in Q4 2025.
  • Operating income also strengthened to $538.0 million versus $310.2 million in the prior quarter, showing better core profitability.
  • Margins improved from Q4 2025, with gross profit of $763.2 million and a better operating cost structure on higher sales.
  • STLD remains consistently profitable and continues to generate positive earnings and operating cash flow, even in a more normalized steel market.
  • Book equity remained strong at $9.16 billion, supported by retained earnings of $16.0 billion.
  • Quarterly operating cash flow fell to $148.3 million from $272.7 million in Q4 2025, indicating weaker near-term cash conversion.
  • Capital spending continued with $138.0 million of PP&E purchases in Q1 2026, suggesting ongoing investment in the asset base.
  • Dividend coverage appears manageable, but the company still returned cash through dividends, buybacks, and debt reduction, which keeps cash needs ongoing.
  • Working capital absorbed cash in Q1 2026, as changes in operating assets and liabilities reduced operating cash flow.
  • Long-term debt increased materially versus early 2025, reaching $4.18 billion in Q1 2026 compared with $3.78 billion in Q1 2025.
  • Cash and equivalents declined to $556.5 million from $770.4 million in Q3 2025 and well below the $1.19 billion level in Q1 2025.
  • Inventory rose again to $3.91 billion, which can be a concern if end-market demand slows or pricing weakens.
  • Debt plus inventory suggest a more capital-intensive position than a year ago, which could pressure flexibility if steel markets soften further.

Looking at the last several years, Steel Dynamics has clearly come down from its 2022-2023 peak. In 2022, quarterly revenue and earnings were much higher, with several quarters showing operating income above $700 million and quarterly net income near or above $600 million. In 2025 and early 2026, profitability is still healthy, but not at those peak levels, which is typical for a commodity-linked steel name.

The balance sheet remains a strength overall. Total equity at the end of Q1 2026 was $9.16 billion, while total liabilities were $7.59 billion. That is a reasonable capital structure for a cyclical manufacturer. Still, the company has leaned on debt more in the last year, and that makes future earnings stability more important.

Bottom line: STLD looks financially sound and operationally resilient, with a rebound in Q1 2026 versus Q4 2025. But investors should keep in mind that earnings and cash flow have moved down from prior-cycle highs, and the company is now carrying more debt and inventory than it did a year ago.

08/05/26 03:53 PM ETAI Generated. May Contain Errors.

Steel Dynamics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Steel Dynamics' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Steel Dynamics' net income appears to be on an upward trend, with a most recent value of $1.19 billion in 2025, falling from -$145.17 million in 2015. The previous period was $1.55 billion in 2024. Check out Steel Dynamics' forecast to explore projected trends and price targets.

Steel Dynamics' total operating income in 2025 was $1.48 billion, based on the following breakdown:
  • Total Gross Profit: $2.39 billion
  • Total Operating Expenses: $916.20 million

Over the last 10 years, Steel Dynamics' total revenue changed from $7.59 billion in 2015 to $18.18 billion in 2025, a change of 139.3%.

Steel Dynamics' total liabilities were at $7.49 billion at the end of 2025, a 25.0% increase from 2024, and a 112.1% increase since 2015.

In the past 10 years, Steel Dynamics' cash and equivalents has ranged from $589.46 million in 2024 to $1.63 billion in 2022, and is currently $769.88 million as of their latest financial filing in 2025.

Over the last 10 years, Steel Dynamics' book value per share changed from 11.07 in 2015 to 61.34 in 2025, a change of 454.2%.


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Financial statements for NASDAQ:STLD last updated on 7/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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