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Steel Dynamics (STLD) stock

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NASDAQ: STLD Nasdaq Steel Next results ~January 26, 2027

B+ Fundamentals grade

Steel Dynamics is a US-listed company in the steel industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$110

Cash-flow model

Base case. Range ~$74–$150 across our lower- and higher-growth cases (5.7%–15.7% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 58% below it.

Price used: $251.91, November 2, 2026

Steel Dynamics valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Steel Dynamics files

10-Q filed October 23: Steel Dynamics

Model value +35.3%

Revenue for the twelve months to September 2026 reached $22.2bn, up 26.0% on a year earlier and faster than the 19.8% posted a quarter earlier. That pace ranks 128 of 934 among the companies we cover. Free-cash-flow margin improved to 4.9% from 1.8%, while operating margin widened to 11.5% from 8.0%. A 3.4% reduction in the diluted share count lifts the value of each remaining share. On stronger fundamentals, the grade rises from C+ to B, and our model value climbs from $77.90 to $105. Against a share price of $242, the rating stays Sell. At that level, the market is pricing in about 23.2% a year of cash-flow growth for five years, well ahead of the 3.8% a year revenue growth delivered.

Source: 10-Q filed October 23, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Steel Dynamics stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $20.5bn, up 19.8% on a year earlier, faster than 10.4% a quarter earlier. That growth ranks 180 of 931 among all the companies we cover. Free-cash-flow margin rose to 4.7% from -0.6% a year earlier. Operating margin widened to 10.0% from 7.5%. The diluted share count is down 3.9% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 5 of our 7 financial-health checks. Our cash-flow model value is $63.91 a share, against a share price of $241.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 26, 2027 (estimated)

Steel Dynamics's trailing-twelve-month revenue grew 26.0% year on year, with a free-cash-flow margin of 4.9%. Where it stands out: net margin of 8.8% ranks 2 of 15 steel companies we cover.

Our discounted-cash-flow model values the business at ~$110 per share in the base case (~$74–$150 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 252.0% while net income grew 73.9%: a 178pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 26.0% over the last 12 months, against a median of 14.2% for steel companies we cover.
  • Growth speeding up. The growth rate is 6.2 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 3.5 points on a year ago.
  • Shrinking share count. Diluted shares fell 3.4% in a year, so each share owns more of the business.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 13.5% over 90 days.

Things to watch

  • Priced above our value. The share price of $251.91 is 58% above our value per share of $110.
  • Weak cash conversion. Free cash flow was 56% of net income over the last 12 months.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q3

Filed October 23, 2026
Earnings per share
$5.26 against an average estimate of $5.41: missed by 2.7%
Revenue
$6.51bn, up 34.8% on a year earlier
Share reaction
+1.1% in the first session after the results on October 20, 2026, against +0.9% for the S&P 500
Next report
October 19, 2026; average EPS estimate $5.90

Steel Dynamics' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.4%
  • 1 week+6.0%
  • 1 month+8.6%
  • This year+49.8%
  • 1 year+62.4%
  • 5 years+326.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$22.2B
Operating margin
11.5%
Net margin
8.8%
EPS (TTM, diluted)
$13.52

Growth

Revenue growth
+26.0%
Change in growth rate
+6.2 pts
Share count change
−3.4%

Cash

Free cash flow (TTM)
$1.1B
FCF margin
4.9%
Stock pay % of revenue
0.3%

Earnings

Last results
October 20, 2026
Next results (est.)
January 26, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Results
  4. Announcement
  5. Announcement
  6. Guidance
  7. Dividend
  8. Announcement
  9. Leadership
  10. Results
  11. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Steel Dynamics valuation models and calculator

What the price is pricing in

The share price implies about 23.6% a year of cash-flow growth for five years.That is faster than the 3.8% a year revenue growth Steel Dynamics has delivered.

  • Priced in23.6%
  • Last 12 months26.0%
  • 3 years a year4.6%
  • 5 years a year3.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($249.45, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$110
Price used
$249.45close November 3, 2026
Implied change
▼ 57%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Steel Dynamics's free cash flow after stock-based pay with after-tax interest added back ($706M, FY2026 Q3 TTM), growing 11.1% and 8.1% in the next two years (forecasts, guidance and its record), then back to 10.7% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$74–~$150 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Steel Dynamics's free cash flow after stock-based pay ( $706M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Steel Dynamics as an operating company, with every model that fits that kind of business. Cost of equity 9.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.07 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$110 ~$74–$150 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$120 ~$88–$150 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$260 ~$210–$350 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$480 ~$340–$670 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$270 ~$240–$320 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$220 ~$110–$480 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Steel Dynamics with Steel in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −20%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $49$74$108$153$211$286
8.5% $32$50$75$107$148$202
10% $22$36$55$79$111$151

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$14.44$29.39$36.24$25.73$30.04$33.79$57.92$92.74$113.84$111.57$168.14$251.91
Market value$3.5bn$7.2bn$8.8bn$6.1bn$6.6bn$7.2bn$12.0bn$17.1bn$19.1bn$17.4bn$25.0bn$36.5bn
+ Net debt (− = net cash)$1.9bn$1.5bn$1.4bn$1.6bn$1.4bn$1.8bn$1.9bn$1.5bn$1.7bn$2.7bn$3.5bn$3.3bn
Enterprise value$5.4bn$8.8bn$10.1bn$7.6bn$8.0bn$9.0bn$13.9bn$18.6bn$20.8bn$20.1bn$28.5bn$39.8bn
Multiples
Price / sales 0.5x0.9x0.9x0.5x0.6x0.7x0.7x0.8x1.0x1.0x1.4x1.6x
Price / earnings —18.9x10.8x4.8x9.9x13.0x3.7x4.4x7.8x11.3x21.0x18.6x
Price / free cash flow 3.7x11.0x15.3x5.1x7.0x—10.0x4.8x10.2x—49.8x33.4x
EV / EBITDA 24.3x8.5x7.4x3.7x6.1x7.6x3.0x3.4x5.8x8.3x14.0x12.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

66 /100

Moderate moat

How hard Steel Dynamics's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 16 / 20

    Cash operating profit has been a median 12.2% of total assets over 6 years.

  • Pricing power 5 / 20

    Gross margin has been a median 17.3%, moving by 5.2 percentage points (standard deviation) across 10 years.

  • Durability 12 / 20

    Operating margin has been a median 12.0%; its worst year was 8.0%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 10 of 10 years, at a median 5.5% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 31.0% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $17.29 +117% $24.1bn +33%
Next $21.41 +24% $24.9bn +3%

Next year's EPS estimate has moved +13.5% in 90 days, across 14 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +4.1% on 90 days ago. In the last 30 days, 4 analysts raised Steel Dynamics's forecast and 2 cut it.

Consensus EPS forecast Steel Dynamics, last 90 days
$16.00 $18.00 $20.00 $22.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $16.61 Current fiscal year, 60 days ago: $16.76 Current fiscal year, 30 days ago: $17.75 Current fiscal year, 7 days ago: $17.11 Current fiscal year, Now: $17.29 $17.29 Next fiscal year, 90 days ago: $18.86 Next fiscal year, 60 days ago: $19.02 Next fiscal year, 30 days ago: $19.37 Next fiscal year, 7 days ago: $21.24 Next fiscal year, Now: $21.41 $21.41

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $16.61$18.86
60 days ago $16.76$19.02
30 days ago $17.75$19.37
7 days ago $17.11$21.24
Now $17.29$21.41

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $5.41 $5.26 −2.7%
Jun 2026 $3.67 $3.69 +0.6%
Mar 2026 $2.79 $2.78 −0.2%
Dec 2025 $1.69 $1.82 +7.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 20, 2026

No numeric guidance in Steel Dynamics's latest earnings release (filed October 20, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Steel Dynamics's revenue by +11.1% next year and +8.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+11.3%, weight 67%) and the company's own record (+10.7%, weight 33%) . How the weights are set.

Analyst recommendations

14 analysts, Oct 2026
Buy964%
Hold429%
Sell17%

Monthly trend

  1. Oct 2026274114
  2. Sep 2026274114
  3. Aug 2026274114
  4. Jul 2026273113

Counts of recommendations published by analysts covering Steel Dynamics, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.4%
of tradable shares
Days to cover
4.14
at average volume
Short interest, 1 month
+3%
to October 15, 2026
Held by institutions
87%
of shares
Held by insiders
6.6%
of shares
Employees
14,400
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +62.4%

$155.14 on October 31, 2025 to $251.91

ThenNowEffect
Revenue (last 12 months) $17.1bn $20.5bn +19.8%
Net margin 6.1% 7.8% +28.9%
P/E multiple 22.6x 22.9x +1.1%
Share count 152m 146m +4.0%

Biggest factor: net margin.

Last 3 years +134.4%

$107.46 on November 3, 2023 to $251.91

ThenNowEffect
Revenue (last 12 months) $20.5bn $20.5bn +0.4%
Net margin 14.7% 7.8% −46.6%
P/E multiple 6.3x 22.9x +265.3%
Share count 175m 146m +19.7%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
STLD+71%+60%+23%−2%+51%+50%
Industry peers (median)+68%+17%+30%−15%+28%+22%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
STLD67%58%50%67%75%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
STLD−21%−31%−32%−27%−21%−22%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 69% from May 17, 2018 to March 18, 2020. Getting back needed a 217% gain, reached on March 8, 2021, 355 days after the low.

Price behaviour

52-week range
$150.01 – $281.45
From 52-week high
−10.5%
vs 50-day average
+5.8%
vs 200-day average
+12.8%
Volatility (1 year)
36%
Beta vs S&P 500
1.02

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±2.9%
After a week
9 up, 3 down
typical move ±6.2%
After a month
8 up, 3 down
typical move ±7.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 20, 2026 +1.1% +0.9% +0.7% —
July 21, 2026 +3.5% +0.7% +12.7% +0.2%
April 21, 2026 +8.7% +0.4% +8.4% +9.1%
January 27, 2026 +0.6% +0.4% +11.3% +11.1%
October 21, 2025 +1.6% −0.5% +10.1% +6.3%
July 22, 2025 −2.8% +0.9% −5.2% −6.7%
April 23, 2025 +8.5% +3.7% +10.5% +10.6%
January 23, 2025 −0.4% +0.3% +6.4% +8.3%
October 17, 2024 +5.2% +0.4% +0.4% +7.4%
July 18, 2024 −1.3% −1.4% −1.9% −10.3%
April 24, 2024 −0.8% −0.4% −3.4% −0.4%
January 24, 2024 −0.2% +0.7% +3.9% +9.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Steel Dynamics’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.19× the last 60 days’ realised volatility , richer than 55% of the 229 stocks we screen today.
  • Calls are priced 2 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

STLD Steel Dynamics Grade B+ $251.15

Own 100 shares, sell the $270 call expiring December 18, 2026 (46 days) for $7.50 a share — $750 per contract.

Previous session · Bid $7.50, ask $9.80, quoted Mon 2 Nov, 17:36 New York time with STLD at $251.15. Option prices move with the shares: check the live chain at your broker before trading.

  • If STLD ends below $270: you keep your shares and the $750 — 3.0% extra on the position, 23.7% a year at that pace.
  • If it ends above $270: your shares are sold at $270, a total return of 10.5% including the premium — at or above our value of ~$110.
$2.6k $0 −$4.9k Break-even $243.65 Price $251.15 ← Our value ~$110
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$750
Annualised
23.7%
Break-even
$243.65
Max gain
$2,635.5
Chance of selling
~37%

Collar

Own the shares, buy the $240 put and sell the $270 call, both expiring December 18, 2026 (46 days).

  • Net cost of $2.80 a share ($280 per contract of 100 shares).
  • Worst case at expiry: -5.6%, if the shares fall below $240 (-4.4% from today).
  • Best case at expiry: +6.4%, if the shares rise above $270 (+7.5%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $110: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Steel Dynamics in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Steel Dynamics
$16B $18B $20B $22B $24B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $18.8B Revenue (TTM), FY24 Q1: $18.6B Revenue (TTM), FY24 Q2: $18.1B Revenue (TTM), FY24 Q3: $17.9B Revenue (TTM), FY24 Q4: $17.5B Revenue (TTM), FY25 Q1: $17.2B Revenue (TTM), FY25 Q2: $17.1B Revenue (TTM), FY25 Q3: $17.6B Revenue (TTM), FY25 Q4: $18.2B Revenue (TTM), FY26 Q1: $19B Revenue (TTM), FY26 Q2: $20.5B Revenue (TTM), FY26 Q3: $22.2B $22.2B

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $18.8B
FY24 Q1 $18.6B
FY24 Q2 $18.1B
FY24 Q3 $17.9B
FY24 Q4 $17.5B
FY25 Q1 $17.2B
FY25 Q2 $17.1B
FY25 Q3 $17.6B
FY25 Q4 $18.2B
FY26 Q1 $19B
FY26 Q2 $20.5B
FY26 Q3 $22.2B
Revenue growth, TTM YoY Steel Dynamics
-20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -15.6% Revenue growth, TTM YoY, FY24 Q1: -13.8% Revenue growth, TTM YoY, FY24 Q2: -11.3% Revenue growth, TTM YoY, FY24 Q3: -7.7% Revenue growth, TTM YoY, FY24 Q4: -6.7% Revenue growth, TTM YoY, FY25 Q1: -7.4% Revenue growth, TTM YoY, FY25 Q2: -5.5% Revenue growth, TTM YoY, FY25 Q3: -1.5% Revenue growth, TTM YoY, FY25 Q4: 3.6% Revenue growth, TTM YoY, FY26 Q1: 10.4% Revenue growth, TTM YoY, FY26 Q2: 19.8% Revenue growth, TTM YoY, FY26 Q3: 26.0% 26.0%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -15.6%
FY24 Q1 -13.8%
FY24 Q2 -11.3%
FY24 Q3 -7.7%
FY24 Q4 -6.7%
FY25 Q1 -7.4%
FY25 Q2 -5.5%
FY25 Q3 -1.5%
FY25 Q4 3.6%
FY26 Q1 10.4%
FY26 Q2 19.8%
FY26 Q3 26.0%
Operating margin (TTM) Steel Dynamics
5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 16.8% Operating margin (TTM), FY24 Q1: 16.5% Operating margin (TTM), FY24 Q2: 14.1% Operating margin (TTM), FY24 Q3: 12.4% Operating margin (TTM), FY24 Q4: 11.1% Operating margin (TTM), FY25 Q1: 8.5% Operating margin (TTM), FY25 Q2: 7.5% Operating margin (TTM), FY25 Q3: 8.0% Operating margin (TTM), FY25 Q4: 8.1% Operating margin (TTM), FY26 Q1: 9.1% Operating margin (TTM), FY26 Q2: 10.0% Operating margin (TTM), FY26 Q3: 11.5% 11.5%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 16.8%
FY24 Q1 16.5%
FY24 Q2 14.1%
FY24 Q3 12.4%
FY24 Q4 11.1%
FY25 Q1 8.5%
FY25 Q2 7.5%
FY25 Q3 8.0%
FY25 Q4 8.1%
FY26 Q1 9.1%
FY26 Q2 10.0%
FY26 Q3 11.5%
FCF margin (TTM) Steel Dynamics
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 9.9% FCF margin (TTM), FY24 Q1: 7.2% FCF margin (TTM), FY24 Q2: 4.7% FCF margin (TTM), FY24 Q3: 2.4% FCF margin (TTM), FY24 Q4: -0.1% FCF margin (TTM), FY25 Q1: -0.9% FCF margin (TTM), FY25 Q2: -0.6% FCF margin (TTM), FY25 Q3: 1.8% FCF margin (TTM), FY25 Q4: 2.8% FCF margin (TTM), FY26 Q1: 3.5% FCF margin (TTM), FY26 Q2: 4.7% FCF margin (TTM), FY26 Q3: 4.9% 4.9%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 9.9%
FY24 Q1 7.2%
FY24 Q2 4.7%
FY24 Q3 2.4%
FY24 Q4 -0.1%
FY25 Q1 -0.9%
FY25 Q2 -0.6%
FY25 Q3 1.8%
FY25 Q4 2.8%
FY26 Q1 3.5%
FY26 Q2 4.7%
FY26 Q3 4.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Steel Dynamics took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $18.2B
  2. Cost of revenue $15.8B · 86.8%
  3. Gross profit $2.4B · 13.2%
  4. Selling, general and admin $765M · 4.2%
  5. Other operating costs $151M · 0.8%
  6. Operating income $1.5B · 8.1%
  7. Income tax $306M · 1.7%
  8. Net income $1.2B · 6.5%

Shares of revenue. Source: Steel Dynamics's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 4.0 6.3 8.0 7.3 7.4 8.8 7.6 7.8 9.5 11.8 10.5 9.6 18.4 22.3 18.8 17.5 18.2 22.2
Gross profit 0.4 0.7 0.9 0.7 0.7 1.0 0.7 1.3 1.6 2.3 1.5 1.4 5.4 6.1 4.0 2.8 2.4 3.5
EBITDA 0.3 0.6 0.8 0.6 0.6 0.6 0.2 1.0 1.4 2.0 1.3 1.2 4.6 5.5 3.6 2.4 2.0 3.2
Operating income 0.1 0.4 0.6 0.4 0.4 0.3 −0.1 0.7 1.1 1.7 1.0 0.8 4.3 5.1 3.2 1.9 1.5 2.6
Net income −0.0 0.1 0.3 0.2 0.2 0.2 −0.1 0.4 0.8 1.3 0.7 0.6 3.2 3.9 2.5 1.5 1.2 2.0
Diluted EPS −$0.04 $0.64 $1.22 $0.73 $0.83 $0.67 −$0.54 $1.56 $3.36 $5.35 $3.04 $2.59 $15.56 $20.92 $14.64 $9.84 $7.99 $13.52
Growth (year on year)
Revenue −51.0% +59.2% +26.9% −8.8% +1.1% +18.8% −13.3% +2.4% +22.7% +23.9% −11.5% −8.3% +91.7% +20.9% −15.6% −6.7% +3.6% +26.0%
EBITDA −67.7% +72.9% +37.0% −23.7% +0.2% −5.5% −62.0% +361.7% +33.4% +49.3% −35.9% −10.3% +296.3% +17.8% −34.5% −32.5% −16.3% +66.0%
Operating income −85.9% +205.2% +60.3% −33.1% −1.2% −17.1% −122.7% — +46.6% +61.4% −42.7% −14.2% +407.7% +18.4% −38.1% −38.3% −24.0% +82.1%
Net income −101.8% — +97.7% −41.2% +15.8% −17.1% — — +112.7% +54.8% −46.7% −17.9% +483.5% +20.2% −36.5% −37.3% −22.9% +73.9%
Diluted EPS −101.7% — +90.6% −40.2% +13.7% −19.3% — — +115.4% +59.2% −43.2% −14.8% +500.8% +34.4% −30.0% −32.8% −18.8% +80.0%
Margins
Gross margin 10.1% 10.7% 11.6% 9.9% 9.8% 11.0% 9.6% 17.2% 16.6% 19.6% 14.6% 14.9% 29.1% 27.5% 21.5% 16.0% 13.2% 15.9%
EBITDA margin 8.6% 9.4% 10.1% 8.5% 8.4% 6.7% 2.9% 13.2% 14.3% 17.3% 12.5% 12.2% 25.3% 24.6% 19.1% 13.8% 11.2% 14.4%
Operating margin 3.0% 5.8% 7.3% 5.4% 5.2% 3.7% −1.0% 9.4% 11.2% 14.6% 9.4% 8.8% 23.4% 22.9% 16.8% 11.1% 8.1% 11.5%
Net margin −0.2% 2.2% 3.5% 2.2% 2.6% 1.8% −1.7% 4.9% 8.5% 10.6% 6.4% 5.7% 17.5% 17.4% 13.0% 8.8% 6.5% 8.8%
Free-cash-flow margin 2.9% 0.6% 4.0% 3.0% 1.7% 5.9% 12.4% 8.4% 6.0% 9.9% 9.0% −2.2% 6.5% 16.0% 9.9% −0.1% 2.8% 4.9%
Cash flow
Cash from operations 0.4 0.2 0.5 0.4 0.3 0.6 1.1 0.9 0.7 1.4 1.4 1.0 2.2 4.5 3.5 1.8 1.4 1.7
Capital spending 0.3 0.1 0.2 0.2 0.2 0.1 0.1 0.2 0.2 0.2 0.5 1.2 1.0 0.9 1.7 1.9 0.9 0.6
Free cash flow 0.1 0.0 0.3 0.2 0.1 0.5 0.9 0.7 0.6 1.2 0.9 −0.2 1.2 3.6 1.9 −0.0 0.5 1.1
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 0.1 0.0 0.3 0.2 0.1 0.5 0.9 0.6 0.5 1.1 0.9 −0.3 1.1 3.5 1.8 −0.1 0.4 1.0
Balance sheet
Cash 0.0 0.2 0.4 0.4 0.4 0.4 0.7 0.8 1.0 0.8 1.4 1.4 1.2 1.6 1.4 0.6 0.8 0.9
Total debt 2.2 2.4 2.4 2.2 2.1 3.0 2.6 2.4 2.4 2.4 2.8 3.2 3.2 3.1 3.1 3.3 4.3 4.2
Net debt (negative = net cash) 2.2 2.2 2.0 1.8 1.7 2.7 1.9 1.5 1.4 1.6 1.4 1.8 1.9 1.5 1.7 2.7 3.5 3.3
Diluted shares 201m 235m 236m 237m 239m 242m 242m 245m 242m 235m 221m 212m 207m 185m 167m 156m 148m 145m
Returned to shareholders
Dividends 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3
Buybacks — — — — — — — 0.0 0.3 0.5 0.3 0.1 1.1 1.8 1.5 1.2 0.9 0.8
Total returned 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.4 0.7 0.5 0.3 1.3 2.0 1.7 1.5 1.2 1.1

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · September 30, 2026
What it owns · $17.8bn
Short-term assets $8.0bnLonger-term assets $9.8bn
What it owes, and who funded it · $17.9bn
Short-term liabilities $2.5bnLonger-term liabilities $5.5bnShareholders' equity $9.8bn
  • Short-term assets cover short-term liabilities $8.0bn of assets due within a year against $2.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $8.0bn short-term assets against $5.5bn of longer-dated liabilities.
  • More cash than debt $929m of cash against $4.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 43% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 43% to 43% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.7bn of operating cash flow against $4.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $2.6bn against $139m of interest.

From Steel Dynamics's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$831M
Dividends (TTM)
$298M
Returned to shareholders
103%
of free cash flow
Buybacks, last 3 fiscal years
$3.6B
Diluted share count
−3.4%
year over year
Total shareholder yield
3.1%
dividends 0.8% + buybacks 2.3% of market value
Dividend payout ratio
15%
of net income paid out
Sales & admin spending
3.3%
of revenue

Competitors: side by side with peers

Closest by revenue in steel
Last 12 months unless stated STLD CLF RS NUE CMC MT Median
Revenue, last 12 months $22.2bn $20.1bn $17.4bn $36.1bn $9.4bn $61.4bn $5.3bn
Revenue growth, last 12 months 26.0% 7.8% 24.7% 17.2% 20.5% −1.7% 14.2%
Revenue growth, 3-year average 4.6% −2.9% 4.8% −1.2% 2.2% — 2.2%
Revenue growth, latest quarter 34.8% 18.5% 42.8% 23.0% 25.7% — 23.0%
Gross margin 15.9% 1.5% 31.5% 15.5% 18.6% 7.1% 11.2%
Operating margin 11.5% −1.4% 8.8% — — 5.9% 0.5%
Operating margin, 3-year average 10.6% −4.2% 8.5% — — 12.0% 3.6%
Net margin 8.8% −2.4% 6.4% 8.0% 7.0% 5.1% 1.7%
Cash from operations / revenue 7.6% 0.6% 4.6% 12.3% 11.3% 7.8% 4.6%
Free-cash-flow margin 4.9% −2.4% 2.8% 4.4% 5.1% 3.0% 2.8%
Free-cash-flow margin, 3-year average 3.0% −2.6% 5.0% 4.4% 5.5% 5.1% 4.4%
Stock pay / revenue 0.3% 0.7% 0.4% 0.4% 0.5% — 0.4%
Change in share count −3.4% 14.8% −3.1% −1.7% −1.9% −3.2% −0.8%

Median of all 15 companies we cover in steel. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

15 steel companies
Measure Company Peer median Rank
Revenue growth Growth 26.0% 14.2% 3 of 15
Change in growth rate Growth +6.2pp +4.9pp 6 of 15
Gross margin Profitability 15.9% 10.8% 5 of 13
Operating margin Profitability 11.5% 0.1% 2 of 11
Net margin Profitability 8.8% 1.7% 2 of 15
Free-cash-flow margin Cash generation 4.9% 2.8% 4 of 15
Stock pay as % of revenue Cash generation 0.3% 0.4% 5 of 11
Long-term debt as % of assets Balance sheet 23.5% 18.5% 8 of 12
Change in share count Balance sheet -3.4% -0.8% 2 of 15

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $17B 93.6% ▲ 5.9%
Outside the US $1.2B 6.4% ▼ 21.2%

From Steel Dynamics's 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$27.3B
Institutions reporting
1,017
Shares held vs prior quarter
▲ 1.1%
Positions opened / closed
138 / 64

Top buyers and sellers, Q2 2026: 484 institutions bought and 433 sold ; the biggest buyer was FMR LLC (+3.3M shares) and the biggest seller Holocene Advisors, LP (−640K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.8B 12.4M 10.4% 0.0%
Vanguard Capital Management LLC $2B 8.9M 7.5% ▼ 0.8%
FMR LLC $1.8B 7.7M 6.5% ▲ 75.0%
State Street Corp $1.7B 7.4M 6.2% ▼ 1.8%
Vanguard Portfolio Management LLC $1.6B 6.8M 5.7% ▼ 0.8%
Geode Capital Management, LLC $864M 3.8M 3.2% ▼ 1.5%
Capital Research Global Investors $835M 3.6M 3.1% ▲ 0.2%
Morgan Stanley $768M 3.3M 2.8% ▲ 6.2%
Norges Bank $568M 2.5M 2.1% —
Life Cycle Investment Partners Ltd $528M 2.3M 1.9% ▼ 14.7%
Nordea Investment Management AB $520M 2.2M 1.9% ▲ 1.5%
Price T Rowe Associates Inc $489M 2.1M 1.8% ▲ 0.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Steel Dynamics's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $7.6M 13 trades by 5 insiders · 0% under pre-set plans
Net ▼ $7.6M net selling
Insider Date Trade Shares Price Value
Anderson James Stanley Senior Vice President June 5, 2026 Sell 322 $269.93 $86,917
Anderson James Stanley Senior Vice President June 5, 2026 Sell 4,401 $269.22 $1.2M
Anderson James Stanley Senior Vice President June 5, 2026 Sell 4,177 $268.42 $1.1M
Anderson James Stanley Senior Vice President June 5, 2026 Sell 1,100 $267.35 $294,085
Graham Christopher A Senior Vice President May 13, 2026 Sell 3,001 $236.90 $710,937
Graham Christopher A Senior Vice President May 13, 2026 Sell 3,000 $237.01 $711,030
Graham Christopher A Senior Vice President May 13, 2026 Sell 2,999 $236.52 $709,323
Poinsatte Richard A Senior Vice President May 12, 2026 Sell 2,300 $234.11 $538,453
Cornew Kenneth W. Director April 23, 2026 Sell 200 $225.39 $45,078
Cornew Kenneth W. Director April 23, 2026 Sell 4,800 $224.85 $1.1M
Alvarez Miguel Senior Vice President April 23, 2026 Sell 700 $227.82 $159,474
Alvarez Miguel Senior Vice President April 23, 2026 Sell 300 $226.36 $67,908

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of Steel Dynamics shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded January 9, 2026, filed February 13, 2026
  • Virginia Foxx(R-NC 5):Sale (full), $15,001 - $50,000, traded December 10, 2018, filed January 7, 2019
  • Virginia Foxx(R-NC 5):Purchase, $50,001 - $100,000 and correct to the, traded March 14, 2018, filed April 11, 2018

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 26, 2027 estimated from the company's past filing pattern, not announced

  • October 20, 2026
  • July 21, 2026
  • April 21, 2026
  • January 27, 2026
  • October 21, 2025
  • July 22, 2025

Recent SEC filings

Data status

When each part of this page on Steel Dynamics was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Steel Dynamics in brief

What does Steel Dynamics do?
Steel Dynamics is a US-listed company in the steel industry. Its financial year ends in December.
What is Steel Dynamics's stock ticker?
Steel Dynamics trades under the ticker STLD on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Steel Dynamics's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Steel Dynamics reported revenue of $22.2B, 26.0% higher than a year earlier, according to its SEC filings.
What is Steel Dynamics's free cash flow?
Steel Dynamics's free-cash-flow margin is 4.9% of revenue over the trailing twelve months, ranking 4 of the 15 steel companies we cover.
What is Steel Dynamics's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Steel Dynamics's free cash flow after stock-based pay gives ~$110 per share in the base case, and ~$74–$150 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Steel Dynamics's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and FMR LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Steel Dynamics buying back stock, and does it pay a dividend?
Steel Dynamics spent $831M on share repurchases over the trailing twelve months, and its diluted share count fell 3.4% over the year.
What is Steel Dynamics's market cap?
On November 2, 2026, Steel Dynamics's market capitalisation was about $36.5B, with a price-to-earnings ratio of 18.6 and net debt of $3.3B. Market figures come from third-party market data and may be delayed.
Does Steel Dynamics pay a dividend?
Yes: Steel Dynamics paid $298M in dividends over the trailing twelve months, a dividend yield of 0.83% and a payout ratio of 15.2%.
How much debt does Steel Dynamics have?
Steel Dynamics's debt-to-equity ratio is 42.7%, from its latest balance sheet (43.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Steel Dynamics's competitors?
In our Steel peer group, the companies closest to Steel Dynamics are Cleveland-cliffs Inc., Reliance, Inc., Nucor, Commercial Metals Co and Arcelormittal. The side-by-side comparison below sets their revenue, margins and growth against Steel Dynamics's.
Are insiders buying or selling Steel Dynamics stock?
Over the last 12 months, Steel Dynamics's directors and officers reported 0 open-market purchases and 13 sales on Form 4. The insider trading page charts every trade.
When is Steel Dynamics's next earnings date?
Around January 26, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Steel Dynamics announces its own schedule.