Steel Dynamics (STLD) Financials

$229.34 -5.34 (-2.28%)

Closing price 05/15/2026 04:00 PM Eastern

Extended Trading

$231.92 +2.58 (+1.12%)

As of 05/15/2026 07:15 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	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

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 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	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	577	424	584	428	318	207	217	299	404	266	403
Consolidated Net Income / (Loss)	580	427	588	432	321	210	218	301	404	265	400
Net Income / (Loss) Continuing Operations	580	427	588	432	321	210	218	301	404	265	400
Total Pre-Tax Income	755	542	766	565	408	244	281	388	514	311	513
Total Operating Income	734	519	751	559	395	238	275	383	508	310	538
Total Gross Profit	952	731	981	775	605	442	487	618	758	529	763
Total Revenue	4,587	4,233	4,694	4,633	4,342	3,872	4,369	4,565	4,828	4,414	5,205
Operating Revenue	4,587	4,233	4,694	4,633	4,342	3,872	4,369	4,565	4,828	4,414	5,205
Total Cost of Revenue	3,635	3,503	3,713	3,858	3,736	3,430	3,883	3,947	4,070	3,885	4,442
Operating Cost of Revenue	3,635	3,503	3,713	3,858	3,736	3,430	3,883	3,947	4,070	3,885	4,442
Total Operating Expenses	218	212	230	216	210	204	211	236	250	219	225
Selling, General & Admin Expense	146	157	160	160	168	177	182	198	201	185	175
Amortization Expense	8.16	8.09	7.66	7.65	7.64	7.57	6.90	6.90	6.89	7.22	7.80
Other Operating Expenses / (Income)	64	47	63	48	34	20	23	31	42	27	42
Total Other Income / (Expense), net	21	24	15	5.99	13	6.46	5.51	5.01	6.09	0.38	-25
Interest Expense	18	15	12	13	17	15	12	17	14	27	33
Other Income / (Expense), net	39	38	27	19	30	21	18	22	20	27	8.45
Income Tax Expense	175	115	178	133	87	34	63	87	110	46	113
Net Income / (Loss) Attributable to Noncontrolling Interest	2.59	2.77	3.46	3.69	3.09	2.58	0.53	2.47	0.24	-1.52	-3.33
Basic Earnings per Share	$3.49	$2.69	$3.68	$2.73	$2.06	$1.42	$1.45	$2.01	$2.75	$1.81	$2.79
Weighted Average Basic Shares Outstanding	165.17M	166.55M	158.67M	156.86M	154.06M	155.42M	150.26M	148.39M	146.95M	147.81M	144.80M
Diluted Earnings per Share	$3.47	$2.66	$3.67	$2.72	$2.05	$1.40	$1.44	$2.01	$2.74	$1.80	$2.78
Weighted Average Diluted Shares Outstanding	166.11M	167.43M	159.35M	157.58M	154.81M	156.14M	150.81M	148.96M	147.60M	148.40M	145.32M
Weighted Average Basic & Diluted Shares Outstanding	161.82M	158.15M	157.13M	154.30M	152.24M	150.16M	148.45M	147.20M	146.03M	144.88M	144.21M
Cash Dividends to Common per Share	$0.43	$0.42	$0.46	$0.46	$0.46	$0.46	$0.50	$0.50	$0.50	$0.50	$0.53

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

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 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	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	290	-365	-362	-209	185	-426	597	-729	312	-0.43	-214
Net Cash From Operating Activities	1,114	865	355	383	760	347	153	302	723	273	148
Net Cash From Continuing Operating Activities	1,114	865	355	383	760	347	153	302	723	273	148
Net Income / (Loss) Continuing Operations	580	427	588	432	321	210	218	301	404	265	400
Consolidated Net Income / (Loss)	580	427	588	432	321	210	218	301	404	265	400
Depreciation Expense	107	112	115	117	121	126	134	133	138	146	159
Non-Cash Adjustments To Reconcile Net Income	12	22	16	13	13	25	17	14	14	24	17
Changes in Operating Assets and Liabilities, net	414	304	-363	-179	305	-14	-216	-147	166	-162	-429
Net Cash From Investing Activities	-453	-735	-293	-210	-852	51	-179	-306	-121	-370	-139
Net Cash From Continuing Investing Activities	-453	-735	-293	-210	-852	51	-179	-306	-121	-370	-139
Purchase of Property, Plant & Equipment	-558	-515	-374	-419	-621	-453	-306	-288	-166	-188	-138
Purchase of Investments	-171	-453	-206	-63	-431	-39	-10	-30	-	-	0.00
Sale and/or Maturity of Investments	283	233	273	298	205	536	138	9.61	40	-	0.00
Other Investing Activities, net	-5.89	-0.14	14	-26	-4.36	7.35	-1.06	2.59	5.59	-5.70	-1.09
Net Cash From Financing Activities	-371	-494	-424	-382	277	-824	623	-725	-290	97	-223
Net Cash From Continuing Financing Activities	-371	-494	-424	-382	277	-824	623	-725	-290	97	-223
Repayment of Debt	-315	-337	-437	-581	-527	-796	-463	-934	-413	-845	-635
Repurchase of Common Equity	-331	-387	-298	-309	-310	-295	-250	-200	-210	-240	-115
Payment of Dividends	-71	-69	-68	-73	-72	-70	-70	-75	-74	-73	-72
Issuance of Debt	346	299	379	581	1,186	337	1,406	484	408	1,255	599
Cash Interest Paid	9.85	42	9.33	41	9.10	42	28	35	26	68	26
Cash Income Taxes Paid	160	170	28	273	82	80	3.72	125	22	-	4.49

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

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	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
Total Assets	14,551	14,929	14,908	15,027	15,061	15,660	14,935	15,930	15,549	15,965	16,720
Total Current Assets	7,396	7,229	6,788	6,597	6,239	6,444	5,431	6,217	5,691	6,079	6,795
Cash & Equivalents	1,475	1,765	1,401	1,039	830	1,015	589	1,187	458	770	557
Accounts Receivable	2,143	1,882	1,608	1,739	1,775	1,565	1,417	1,721	1,701	1,762	2,056
Inventories, net	3,044	2,942	2,895	3,027	3,074	3,045	3,114	3,099	3,261	3,196	3,908
Other Current Assets	122	139	163	139	142	173	163	190	231	351	274
Plant, Property, & Equipment, net	5,784	6,313	6,734	7,064	7,434	7,826	8,118	8,323	8,465	8,494	8,550
Total Noncurrent Assets	1,372	1,387	1,386	1,365	1,389	1,390	1,386	1,391	1,393	1,392	1,375
Goodwill	477	477	477	477	477	477	477	477	477	477	477
Intangible Assets	274	266	258	250	242	235	227	220	213	207	323
Other Noncurrent Operating Assets	620	644	651	638	669	678	681	693	702	708	574
Total Liabilities & Shareholders' Equity	14,551	14,929	14,908	15,027	15,061	15,660	14,935	15,930	15,549	15,965	16,720
Total Liabilities	5,886	6,071	6,069	5,979	5,941	6,581	5,990	7,097	6,705	6,995	7,587
Total Current Liabilities	1,759	1,918	2,332	2,299	2,656	2,692	2,151	2,266	1,819	1,957	2,171
Short-Term Debt	57	86	460	426	816	882	427	419	1.46	1.43	22
Accounts Payable	1,049	1,060	1,088	1,184	1,213	1,080	980	1,258	1,227	1,215	1,379
Accrued Expenses	293	336	309	329	344	389	367	373	355	435	408
Current Deferred & Payable Income Tax Liabilities	39	30	5.52	150	6.07	6.25	3.78	43	2.07	3.09	135
Current Employee Benefit Liabilities	321	406	469	210	277	335	373	173	233	302	226
Total Noncurrent Liabilities	4,127	4,152	3,737	3,680	3,285	3,888	3,839	4,830	4,886	5,038	5,416
Long-Term Debt	3,011	3,009	2,611	2,612	2,213	2,802	2,804	3,777	3,780	3,781	4,179
Noncurrent Deferred & Payable Income Tax Liabilities	941	961	945	924	928	943	902	918	958	1,105	1,043
Other Noncurrent Operating Liabilities	175	182	181	144	144	143	133	135	148	152	194
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	171	141	141	141
Total Equity & Noncontrolling Interests	8,494	8,687	8,668	8,877	8,949	8,908	8,774	8,663	8,703	8,829	8,992
Total Preferred & Common Equity	8,708	8,894	8,867	9,072	9,131	9,082	8,934	8,825	8,864	8,995	9,165
Total Common Equity	8,708	8,894	8,867	9,072	9,131	9,082	8,934	8,825	8,864	8,995	9,165
Common Stock	1,205	1,216	1,218	1,198	1,208	1,221	1,230	1,219	1,230	1,244	1,239
Retained Earnings	12,682	13,189	13,546	14,057	14,413	14,660	14,798	14,940	15,165	15,496	16,016
Treasury Stock	-5,180	-5,511	-5,898	-6,182	-6,489	-6,799	-7,094	-7,335	-7,533	-7,743	-8,089
Accumulated Other Comprehensive Income / (Loss)	1.03	-0.49	0.42	-0.01	-1.43	-0.45	0.00	-	1.18	-1.33	-0.86
Noncontrolling Interest	-214	-206	-198	-196	-182	-173	-160	-162	-161	-166	-173

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%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 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	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	144,882,401.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	144,882,401.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.78
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-18.84%	-12.28%	-4.07%	-8.84%	-5.35%	-8.53%	-6.92%	-1.46%	11.21%	14.00%	19.13%
EBITDA Growth	-33.93%	-24.40%	-8.69%	-42.38%	-37.97%	-42.57%	-52.24%	-22.56%	21.93%	25.97%	65.46%
EBIT Growth	-37.35%	-28.80%	-10.63%	-47.23%	-45.01%	-53.59%	-62.36%	-29.87%	24.07%	30.56%	86.64%
NOPAT Growth	-39.21%	-36.14%	-9.25%	-47.15%	-44.82%	-49.97%	-62.96%	-30.39%	28.34%	29.31%	96.54%
Net Income Growth	-36.88%	-33.17%	-8.82%	-47.11%	-44.65%	-50.85%	-62.95%	-30.23%	25.88%	26.04%	83.81%
EPS Growth	-31.01%	-28.88%	-0.81%	-43.45%	-40.92%	-47.37%	-60.76%	-26.10%	33.66%	28.57%	93.06%
Operating Cash Flow Growth	-25.56%	-24.38%	-51.59%	-52.64%	-31.77%	-59.88%	-57.04%	-21.16%	-4.90%	-21.38%	-2.81%
Free Cash Flow Firm Growth	75.21%	-434.18%	-257.64%	-297.46%	-890.74%	-207.46%	-58.18%	-12.35%	56.49%	53.77%	56.05%
Invested Capital Growth	7.49%	9.86%	14.87%	13.01%	14.61%	16.86%	13.76%	11.26%	7.92%	8.15%	8.07%
Revenue Q/Q Growth	-9.73%	-7.71%	10.88%	-1.31%	-6.28%	-10.81%	12.84%	4.48%	5.76%	-8.58%	17.92%
EBITDA Q/Q Growth	-27.00%	-24.04%	33.53%	-22.19%	-21.40%	-29.67%	11.05%	26.16%	23.75%	-27.34%	45.86%
EBIT Q/Q Growth	-29.41%	-27.94%	39.63%	-25.71%	-26.43%	-39.18%	13.24%	38.41%	30.15%	-36.00%	61.88%
NOPAT Q/Q Growth	-30.26%	-27.54%	41.08%	-25.87%	-27.19%	-34.30%	4.45%	39.31%	34.25%	-33.81%	58.76%
Net Income Q/Q Growth	-28.96%	-26.34%	37.57%	-26.52%	-25.67%	-34.60%	3.72%	38.36%	34.11%	-34.51%	51.26%
EPS Q/Q Growth	-27.86%	-23.34%	37.97%	-25.89%	-24.63%	-31.71%	2.86%	39.58%	36.32%	-34.31%	54.44%
Operating Cash Flow Q/Q Growth	37.87%	-22.36%	-58.92%	7.70%	98.62%	-54.35%	-56.01%	97.64%	139.58%	-62.26%	-45.61%
Free Cash Flow Firm Q/Q Growth	-126.60%	-321.89%	-63.57%	-7.57%	-33.47%	-30.92%	15.85%	23.60%	48.31%	-39.09%	20.00%
Invested Capital Q/Q Growth	0.43%	1.05%	6.18%	4.88%	1.86%	3.03%	3.36%	2.57%	-1.20%	3.25%	3.28%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	20.75%	17.26%	20.89%	16.73%	13.94%	11.41%	11.14%	13.55%	15.70%	11.99%	14.66%
EBITDA Margin	19.19%	15.80%	19.02%	15.00%	12.58%	9.92%	9.76%	11.79%	13.79%	10.96%	13.56%
Operating Margin	15.99%	12.25%	16.00%	12.07%	9.11%	6.13%	6.30%	8.39%	10.52%	7.03%	10.34%
EBIT Margin	16.85%	13.16%	16.57%	12.47%	9.79%	6.68%	6.70%	8.88%	10.92%	7.65%	10.50%
Profit (Net Income) Margin	12.64%	10.09%	12.52%	9.32%	7.39%	5.42%	4.98%	6.60%	8.37%	5.99%	7.69%
Tax Burden Percent	76.83%	78.75%	76.72%	76.39%	78.65%	86.03%	77.56%	77.65%	78.61%	85.16%	77.96%
Interest Burden Percent	97.62%	97.34%	98.46%	97.80%	95.98%	94.36%	95.86%	95.71%	97.43%	92.01%	93.92%
Effective Tax Rate	23.17%	21.25%	23.28%	23.61%	21.35%	13.97%	22.44%	22.35%	21.39%	14.84%	22.04%
Return on Invested Capital (ROIC)	25.48%	19.39%	23.48%	16.29%	12.34%	8.72%	7.57%	9.70%	12.63%	9.14%	12.46%
ROIC Less NNEP Spread (ROIC-NNEP)	27.18%	21.51%	24.57%	16.62%	13.03%	9.04%	7.77%	9.85%	12.82%	9.15%	11.87%
Return on Net Nonoperating Assets (RNNOA)	3.08%	2.24%	2.95%	2.58%	2.07%	1.75%	1.88%	2.78%	3.58%	3.04%	4.38%
Return on Equity (ROE)	28.56%	21.63%	26.44%	18.87%	14.41%	10.47%	9.45%	12.48%	16.21%	12.18%	16.84%
Cash Return on Invested Capital (CROIC)	21.07%	16.44%	10.40%	7.02%	2.96%	-1.24%	-2.47%	-1.75%	2.03%	2.03%	3.46%
Operating Return on Assets (OROA)	22.55%	17.02%	21.07%	15.29%	11.46%	7.85%	7.45%	9.95%	12.18%	8.87%	12.23%
Return on Assets (ROA)	16.91%	13.04%	15.92%	11.42%	8.65%	6.37%	5.54%	7.39%	9.33%	6.95%	8.95%
Return on Common Equity (ROCE)	28.68%	21.71%	26.52%	18.92%	14.44%	10.48%	9.46%	12.50%	16.23%	12.19%	16.86%
Return on Equity Simple (ROE_SIMPLE)	30.13%	0.00%	26.57%	22.19%	19.46%	0.00%	13.37%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	564	408	576	427	311	204	213	297	399	264	419
NOPAT Margin	12.29%	9.65%	12.27%	9.22%	7.16%	5.28%	4.88%	6.51%	8.27%	5.99%	8.06%
Net Nonoperating Expense Percent (NNEP)	-1.70%	-2.12%	-1.09%	-0.33%	-0.69%	-0.32%	-0.20%	-0.15%	-0.19%	-0.01%	0.58%
Return On Investment Capital (ROIC_SIMPLE)	-	3.48%	-	-	-	1.70%	1.66%	2.38%	3.16%	2.03%	3.18%
Cost of Revenue to Revenue	79.25%	82.74%	79.11%	83.27%	86.06%	88.59%	88.86%	86.45%	84.30%	88.01%	85.34%
SG&A Expenses to Revenue	3.18%	3.71%	3.40%	3.45%	3.86%	4.57%	4.16%	4.34%	4.16%	4.18%	3.37%
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	4.76%	5.02%	4.90%	4.66%	4.83%	5.27%	4.84%	5.16%	5.18%	4.96%	4.33%
Earnings before Interest and Taxes (EBIT)	773	557	778	578	425	259	293	405	527	338	546
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	880	669	893	695	546	384	427	538	666	484	706
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.97	2.12	2.57	2.23	2.14	1.94	2.13	2.14	2.28	2.76	2.85
Price to Tangible Book Value (P/TBV)	2.15	2.32	2.80	2.42	2.32	2.11	2.31	2.33	2.47	3.04	3.12
Price to Revenue (P/Rev)	0.90	1.00	1.26	1.12	1.09	0.99	1.09	1.11	1.16	1.36	1.37
Price to Earnings (P/E)	6.58	7.68	9.74	10.11	11.09	11.30	16.05	18.26	18.21	20.87	19.01
Dividend Yield	1.53%	1.46%	1.17%	1.37%	1.43%	1.61%	1.50%	1.50%	1.41%	1.18%	1.13%
Earnings Yield	15.20%	13.01%	10.27%	9.90%	9.02%	8.85%	6.23%	5.48%	5.49%	4.79%	5.26%
Enterprise Value to Invested Capital (EV/IC)	1.89	2.02	2.37	2.03	1.93	1.74	1.84	1.84	1.96	2.28	2.32
Enterprise Value to Revenue (EV/Rev)	0.94	1.05	1.33	1.22	1.20	1.13	1.27	1.30	1.33	1.55	1.56
Enterprise Value to EBITDA (EV/EBITDA)	4.64	5.29	6.76	7.05	7.66	7.89	10.62	11.75	11.67	13.32	12.40
Enterprise Value to EBIT (EV/EBIT)	5.20	5.99	7.70	8.24	9.19	9.74	14.01	16.12	15.84	18.02	16.34
Enterprise Value to NOPAT (EV/NOPAT)	6.92	8.18	10.47	11.20	12.46	13.08	18.84	21.70	21.10	23.99	21.51
Enterprise Value to Operating Cash Flow (EV/OCF)	4.82	5.61	7.86	8.14	9.09	10.77	13.27	14.27	15.43	19.43	20.54
Enterprise Value to Free Cash Flow (EV/FCFF)	9.29	12.86	24.41	30.69	69.88	0.00	0.00	0.00	100.24	116.81	69.69
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.35	0.35	0.34	0.33	0.41	0.36	0.48	0.43	0.42	0.47	0.46
Long-Term Debt to Equity	0.34	0.30	0.29	0.24	0.31	0.31	0.43	0.43	0.42	0.47	0.46
Financial Leverage	0.11	0.10	0.12	0.16	0.16	0.19	0.24	0.28	0.28	0.33	0.37
Leverage Ratio	1.73	1.72	1.69	1.67	1.71	1.68	1.73	1.70	1.75	1.75	1.82
Compound Leverage Factor	1.68	1.67	1.66	1.63	1.64	1.58	1.66	1.63	1.71	1.61	1.71
Debt to Total Capital	25.89%	25.78%	25.14%	24.93%	28.86%	26.54%	32.20%	29.95%	29.66%	32.04%	31.50%
Short-Term Debt to Total Capital	0.72%	3.86%	3.52%	6.71%	6.91%	3.51%	3.22%	0.01%	0.01%	0.26%	0.17%
Long-Term Debt to Total Capital	25.17%	21.92%	21.61%	18.21%	21.95%	23.03%	28.99%	29.94%	29.65%	31.78%	31.34%
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	-0.29%	-0.23%	-0.20%	-0.09%	-0.02%	0.09%	0.07%	-0.16%	-0.19%	-0.20%	-0.24%
Common Equity to Total Capital	74.40%	74.44%	75.07%	75.16%	71.15%	73.37%	67.73%	70.21%	70.53%	68.16%	68.73%
Debt to EBITDA	0.78	0.82	0.83	0.97	1.31	1.28	2.05	2.00	1.88	1.99	1.76
Net Debt to EBITDA	0.21	0.25	0.37	0.57	0.72	0.99	1.46	1.73	1.50	1.63	1.52
Long-Term Debt to EBITDA	0.76	0.70	0.72	0.71	1.00	1.11	1.84	1.99	1.88	1.98	1.75
Debt to NOPAT	1.17	1.27	1.29	1.53	2.14	2.13	3.63	3.68	3.39	3.59	3.04
Net Debt to NOPAT	0.31	0.39	0.57	0.90	1.17	1.64	2.59	3.20	2.70	2.93	2.64
Long-Term Debt to NOPAT	1.14	1.08	1.11	1.12	1.63	1.85	3.27	3.68	3.39	3.56	3.03
Altman Z-Score	4.86	4.88	5.41	5.01	4.60	4.62	4.34	4.55	4.64	4.81	4.98
Noncontrolling Interest Sharing Ratio	-0.42%	-0.36%	-0.32%	-0.30%	-0.21%	-0.09%	-0.09%	-0.17%	-0.15%	-0.09%	-0.12%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.77	2.91	2.87	2.35	2.39	2.53	2.74	3.13	3.11	3.06	3.13
Quick Ratio	2.16	1.60	1.49	1.14	1.20	1.00	1.29	1.21	1.29	1.16	1.20
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-111	-470	-769	-828	-1,105	-1,446	-1,217	-930	-481	-669	-535
Operating Cash Flow to CapEx	199.46%	167.91%	94.90%	91.27%	122.29%	76.54%	49.95%	104.61%	436.12%	144.68%	107.49%
Free Cash Flow to Firm to Interest Expense	-6.05	-31.79	-64.23	-65.07	-64.71	-99.20	-100.32	-53.50	-35.41	-24.80	-16.09
Operating Cash Flow to Interest Expense	60.48	58.44	29.66	30.08	44.51	23.79	12.58	17.35	53.24	10.12	4.46
Operating Cash Flow Less CapEx to Interest Expense	30.16	23.64	-1.59	-2.88	8.11	-7.29	-12.60	0.76	41.03	3.12	0.31
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.34	1.29	1.27	1.23	1.17	1.18	1.11	1.12	1.12	1.16	1.16
Accounts Receivable Turnover	9.20	10.26	9.62	9.26	10.39	11.60	9.95	9.87	10.60	11.73	10.07
Inventory Turnover	4.78	4.90	4.86	4.81	4.95	4.91	4.87	4.73	4.91	4.61	4.66
Fixed Asset Turnover	3.38	3.10	2.96	2.75	2.53	2.36	2.24	2.16	2.16	2.18	2.25
Accounts Payable Turnover	13.63	14.01	12.59	13.01	13.84	14.25	12.21	12.29	13.36	14.28	12.39
Days Sales Outstanding (DSO)	39.69	35.58	37.94	39.41	35.14	31.48	36.68	37.00	34.43	31.12	36.26
Days Inventory Outstanding (DIO)	76.43	74.54	75.07	75.91	73.77	74.40	75.00	77.09	74.29	79.23	78.25
Days Payable Outstanding (DPO)	26.78	26.05	28.98	28.07	26.37	25.61	29.89	29.70	27.32	25.57	29.45
Cash Conversion Cycle (CCC)	89.34	84.07	84.03	87.25	82.54	80.27	81.79	84.39	81.41	84.78	85.06
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,687	9,788	10,393	10,900	11,103	11,439	11,823	12,127	11,982	12,372	12,778
Invested Capital Turnover	2.07	2.01	1.91	1.77	1.72	1.65	1.55	1.49	1.53	1.53	1.55
Increase / (Decrease) in Invested Capital	675	879	1,346	1,255	1,416	1,650	1,430	1,227	880	933	954
Enterprise Value (EV)	18,306	19,756	24,678	22,118	21,476	19,871	21,781	22,267	23,512	28,160	29,692
Market Capitalization	17,513	18,834	23,357	20,349	19,454	17,367	18,783	19,004	20,525	24,746	26,079
Book Value per Share	$53.69	$54.79	$57.36	$58.11	$58.86	$58.68	$58.77	$59.71	$61.11	$61.34	$63.26
Tangible Book Value per Share	$49.20	$50.25	$52.76	$53.53	$54.24	$54.05	$54.12	$55.06	$56.46	$55.80	$57.73
Total Capital	11,953	11,911	12,086	12,149	12,763	12,176	13,030	12,625	12,753	13,142	13,334
Total Debt	3,095	3,071	3,038	3,028	3,684	3,231	4,196	3,781	3,782	4,211	4,201
Total Long-Term Debt	3,009	2,611	2,612	2,213	2,802	2,804	3,777	3,780	3,781	4,177	4,179
Net Debt	829	949	1,345	1,780	2,023	2,494	2,990	3,283	3,012	3,441	3,644
Capital Expenditures (CapEx)	558	515	374	419	621	453	306	288	166	188	138
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3,130	2,793	3,032	3,150	2,973	2,970	3,163	3,375	3,354	3,627	4,090
Debt-free Net Working Capital (DFNWC)	5,396	4,916	4,724	4,399	4,633	3,708	4,369	3,873	4,124	4,397	4,647
Net Working Capital (NWC)	5,310	4,456	4,299	3,583	3,751	3,281	3,950	3,872	4,123	4,362	4,624
Net Nonoperating Expense (NNE)	-16	-19	-11	-4.58	-9.90	-5.56	-4.27	-3.89	-4.79	-0.32	19
Net Nonoperating Obligations (NNO)	829	949	1,345	1,780	2,023	2,494	2,990	3,283	3,012	3,441	3,644
Total Depreciation and Amortization (D&A)	107	112	115	117	121	126	134	133	138	146	159
Debt-free, Cash-free Net Working Capital to Revenue	16.14%	14.86%	16.30%	17.36%	16.61%	16.94%	18.37%	19.68%	19.02%	19.95%	21.51%
Debt-free Net Working Capital to Revenue	27.83%	26.15%	25.41%	24.24%	25.88%	21.14%	25.38%	22.59%	23.39%	24.19%	24.44%
Net Working Capital to Revenue	27.39%	23.71%	23.12%	19.74%	20.95%	18.70%	22.95%	22.58%	23.38%	24.00%	24.32%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.49	$2.69	$3.68	$2.73	$2.06	$1.42	$1.45	$2.01	$2.75	$1.81	$2.79
Adjusted Weighted Average Basic Shares Outstanding	165.17M	166.55M	158.67M	156.86M	154.06M	155.42M	150.26M	148.39M	146.95M	147.81M	144.80M
Adjusted Diluted Earnings per Share	$3.47	$2.66	$3.67	$2.72	$2.05	$1.40	$1.44	$2.01	$2.74	$1.80	$2.78
Adjusted Weighted Average Diluted Shares Outstanding	166.11M	167.43M	159.35M	157.58M	154.81M	156.14M	150.81M	148.96M	147.60M	148.40M	145.32M
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	161.82M	158.15M	157.13M	154.30M	152.24M	150.16M	148.45M	147.20M	146.03M	144.88M	144.21M
Normalized Net Operating Profit after Tax (NOPAT)	564	408	576	427	311	204	213	297	399	264	419
Normalized NOPAT Margin	12.29%	9.65%	12.27%	9.22%	7.16%	5.28%	4.88%	6.51%	8.27%	5.99%	8.06%
Pre Tax Income Margin	16.45%	12.81%	16.31%	12.20%	9.40%	6.30%	6.42%	8.50%	10.64%	7.04%	9.86%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	41.98	37.65	64.93	45.43	24.90	17.73	24.14	23.32	38.86	12.52	16.44
NOPAT to Interest Expense	30.61	27.60	48.10	33.58	18.22	14.01	17.59	17.10	29.41	9.80	12.62
EBIT Less CapEx to Interest Expense	11.66	2.84	33.68	12.47	-11.50	-13.35	-1.05	6.73	26.65	5.53	12.29
NOPAT Less CapEx to Interest Expense	0.29	-7.20	16.85	0.63	-18.18	-17.07	-7.59	0.52	17.20	2.81	8.47
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	9.77%	11.00%	11.64%	13.86%	15.94%	18.23%	24.08%	27.27%	25.47%	24.52%	21.47%
Augmented Payout Ratio	64.96%	69.85%	69.56%	79.27%	89.72%	96.44%	122.73%	127.80%	109.85%	100.40%	77.38%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, data-driven look at Steel Dynamics (STLD) using quarterly statements from the last four years. The bullets focus on trends that may affect the stock, with positives shown first, then neutral, then negatives.

Revenue momentum in 2025: quarterly operating revenue rose overall through the year, peaking near 4.83B in Q3 2025 before a lighter Q4. This suggests improving demand and volume trends into late 2025.
Net income to common remained positive each quarter in 2025, with notable quarterly figures such as about 403.7M in Q3 2025 and about 266.0M in Q4 2025, signaling earnings power across the year.
Operating cash flow was robust in several quarters, notably 722.6M in Q3 2025 and 346.9M in Q4 2024, indicating strong cash generation from core operations.
Dividend per share stayed at 0.50 for 2025, providing a steady, predictable cash return to shareholders.
Debt profile appears stable, with long-term debt around 3.78B in 2025 and no obvious near-term maturities highlighted in the period data.
Capex has remained sizable but showed some moderation in 2025 relative to 2024, with quarterly purchases around 165–305M, contributing to cash preservation while supporting capacity needs.
Balance sheet size remained strong in 2025, with total assets near 15.9–16.0B and total equity around 8.8–9.0B, signaling solid scale and solvency.
Cash balance and cash flow variability: Q4 2025 showed a small net decrease in cash (-0.425M) amid working-capital swings, indicating near-term liquidity sensitivity.
Financing activity volatility: several quarters show meaningful outflows for debt repayments and share repurchases, reducing near-term cash and potentially affecting leverage headroom.
Gross margin volatility: quarterly gross margins ranged roughly from 12% to 16% across the period, implying margin cycles tied to steel pricing and mix can impact profitability.

05/16/26 07:55 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. See where experts think Steel Dynamics is headed by visiting Steel Dynamics' forecast page.

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 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Steel Dynamics (STLD) Financials

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Steel Dynamics (STLD) Financials

Annual Income Statements for Steel Dynamics

Quarterly Income Statements for Steel Dynamics

Annual Cash Flow Statements for Steel Dynamics

Quarterly Cash Flow Statements for Steel Dynamics

Annual Balance Sheets for Steel Dynamics

Quarterly Balance Sheets for Steel Dynamics

Annual Metrics And Ratios for Steel Dynamics

Quarterly Metrics And Ratios for Steel Dynamics

Financials Breakdown Chart

Key Financial Trends

Steel Dynamics Financials - Frequently Asked Questions

When does Steel Dynamics' financial year end?

How has Steel Dynamics' net income changed over the last 10 years?

What is Steel Dynamics' operating income?

How has Steel Dynamics' revenue changed over the last 10 years?

How much debt does Steel Dynamics have?

How much cash does Steel Dynamics have?

How has Steel Dynamics' book value per share changed over the last 10 years?

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