Reliance vs Steel Dynamics
Steel Dynamics is the larger business, with $18.18bn of revenue in fiscal 2025 against $14.29bn for Reliance (1.3 times as much). Steel Dynamics grew faster (3.6% against 3.3%). Steel Dynamics kept more of each dollar of sales as profit: a net margin of 6.5% against 5.2%. Reliance carries less debt relative to equity (19.9% against 47.9%).
| Latest fiscal year | RelianceRS, 2025 | Steel DynamicsSTLD, 2025 |
|---|---|---|
| Revenue | $14.29bn | $18.18bn |
| Revenue growth | 3.3% | 3.6% |
| Net income | $739m | $1.19bn |
| Operating margin | 7.1% | 8.1% |
| Net margin | 5.2% | 6.5% |
| Return on equity | 10.3% | 13.3% |
| Free cash flow | $503m | $502m |
| Cash | $217m | $770m |
| Total debt | $1.43bn | $4.29bn |
| Debt to equity | 19.9% | 47.9% |
| Dividend per share | — | $2.00 |
| Dividend yield | — | 0.8% |
| Share buybacks | $594m | $901m |
| Employees | 15,700 | 14,400 |
| Market value | $22.73bn | $35.40bn |
| Price vs our value range | Within our value range | Above our value range |
| Moat score | 68 (Moderate) | 66 (Moderate) |
| Insider trades, 12 months | 0 buys, 17 sales | 0 buys, 13 sales |