FirmAtlas
Company handbook · STLD · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
STLD · CIK 1022671 · LATEST FILING: 10-Q JUN '26 · FILED JUL 28, 2026
Steel Dynamics, Inc.
$240.54
−0.22 (−0.09%)
Close, Oct 16, 2026 · 52-week $141–289
Steel Dynamics makes steel, mostly from scrap in electric arc furnaces, and steel products such as joists and deck. It also recycles scrap metal and makes flat-rolled aluminum at a new mill in Mississippi.
Business
- RegionsUS 94% · Outside US 6% (FY25)
- CustomersMakers of cars, buildings, appliances and equipment, steel service centers and fabricators, and aluminum can and car makers, mostly in the U.S. and Mexico; sold by its own sales force
- Cash useFY24–FY25: capex $2.8B · buybacks $2.1B · dividends $574M · acquisitions $176M
Reinvested 91% of operating cash flow · returned 562% of free cash flow
Last fiscal year
Steel Dynamics, Inc. reported revenue of $18.2B for the year ended Dec 31, 2025 (FY25), up 3.6% from FY24. Net income was $1.2B, operating cash flow $1.4B and free cash flow $502M. Source: 10-K filed Feb 27, 2026.
Market cap
$34.9B
P/E
21.7
EV/EBITDA
18.9x
P/B
3.7
Div yield
0.87%
ROIC
9.7%
Revenue 1Y
3.6%/yr
EPS 1Y
−18.8%/yr
Shares 1Y
−4%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOMark D. Millett
HQFort Wayne, IN
AuditorErnst & Young LLP
Employees14,400
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
26.1%
31.2%
31.9%
68.6%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$5.7B deployed
Capex
$2.8B
49.6%
Acquisitions
$176M
3.1%
Dividends
$574M
10.1%
Buybacks
$2.1B
37.2%
Operating cash flow over the period: $3.3B. Total debt changed by +$588M.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
17,540
18,177+3.6%
20,539
YoY
+3.6%
Gross profit
2,803
2,392−14.6%
3,009
Gross margin
16.0%
13.2%−2.8 pp
—
Operating income
1,943
1,476−24.0%
2,056
Operating margin
11.1%
8.1%−3.0 pp
—
EBITDA
2,422
2,027−16.3%
—
EBITDA margin
13.8%
11.2%−2.7 pp
—
Interest expense
56
70+24.3%
—
Interest coverage
42.98x
28.94x−14.04x
—
Net income
1,537
1,186−22.9%
1,607
YoY
−22.9%
Net margin
8.8%
6.5%−2.2 pp
—
EPS (diluted, $)
9.84
7.99−18.8%
11.05
YoY
−18.8%
Balance sheet
Total assets
14,935
16,420+9.9%
17,113
Cash & short-term investments
743
775+4.4%
—
Accounts receivable
1,417
1,683+18.7%
—
Inventory
3,114
3,739+20.1%
—
Net PP&E
8,118
8,569+5.6%
—
Other assets
1,543
1,654+7.1%
—
Total liabilities
6,001
7,463+24.4%
7,694
Total debt
3,658
4,246+16.1%
4,201
Other liabilities
2,343
3,217+37.3%
—
Shareholders’ equity
8,934
8,957+0.3%
9,420
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,845
1,450−21.4%
1,572
Net income
1,550
1,187−23.4%
—
Depreciation & amortization
479
551+15.1%
—
Stock-based compensation
67
69+3.6%
—
Working capital & other
(251)
(358)n/m
—
Cash from investing
(1,303)
(975)n/m
—
Capex
(1,868)
(948)n/m
—
Acquisitions
—
(176)
—
Investments bought
(739)
(40)n/m
—
Other investing
1,304
188−85.6%
—
Cash from financing
(1,353)
(294)n/m
—
Debt raised
2,483
3,554+43.1%
—
Debt repaid
(2,324)
(2,568)n/m
—
Dividends
(283)
(291)n/m
—
Buybacks
(1,212)
(901)n/m
—
Other financing
(17)
(88)n/m
—
Net change in cash
(811)
180n/m
—
Free cash flow (OCF − capex)
(24)
502n/m
956
Where the cash went
Operating cash flow
1,845
1,450−21.4%
1,572
Reinvested in the business
1,868
1,124−39.8%
—
% of operating cash flow
101.3%
77.5%
Capex
1,868
948−49.2%
616
Acquisitions
—
176
—
Free cash flow
(24)
502n/m
956
YoY
n/m
Returned to shareholders
1,495
1,192−20.3%
—
% of free cash flow
—
237.7%
Dividends
283
291+3.0%
—
Buybacks
1,212
901−25.7%
—
Change in total debt
—
588
—
Cash left over
—
(278)
—
FCF conversion (FCF ÷ net income)
−1.5%
42.3%+43.8 pp
—
Owner earnings
—
(101)
—
Owner earnings margin
—
−0.6%
—
Buyback yield
7.0%
3.7%−3.4 pp
—
Returns & ratios
ROIC (all capital)
12.8%
9.7%−3.1 pp
—
ROIC (operating)
12.0%
8.8%−3.2 pp
—
Net debt / EBITDA
1.20x
1.71x+0.51x
—
Debt / equity
0.41x
0.47x+0.06x
—
ROE
17.2%
13.2%−4.0 pp
—
ROA
10.3%
7.2%−3.1 pp
—
ROCE
15.2%
10.3%−4.9 pp
—
NOPAT
1,519
1,174−22.7%
—
Invested capital (operating)
12,649
13,991+10.6%
—
Invested capital (all)
11,849
12,428+4.9%
—
Reinvestment rate
—
114.3%
—
Debtor days
29
34+4 d
—
Inventory days
77
86+9 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
4,828
4,414
5,205
6,092
vs year-ago quarter
Gross profit
758
529
763
959
Gross margin
15.7%
12.0%
14.7%
15.7%
Operating income
508
310
538
700
Net income
404
266
403
534
vs year-ago quarter
Net margin
8.4%
6.0%
7.8%
8.8%
EPS (diluted, $)
2.74
1.84
2.78
3.69
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
15,965
16,420
16,720
17,113
Cash & equivalents
776
775
562
573
Total debt
3,801
4,246
4,222
4,201
Shareholders’ equity
8,995
8,957
9,165
9,420
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
723
273
148
428
Capex
166
188
138
124
Free cash flow
557
84
10
304
vs year-ago quarter