NASDAQ: STLD
Steel Dynamics
Materials · Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)
52-week range
$150.03$288.74
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$31.5B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $8.62B |
| FY2017, ended Dec 31, 2017 | $10.2B |
| FY2018, ended Dec 31, 2018 | $6.73B |
| FY2019, ended Dec 31, 2019 | $7.27B |
| FY2020, ended Dec 31, 2020 | $7.78B |
| FY2021, ended Dec 31, 2021 | $11.9B |
| FY2022, ended Dec 31, 2022 | $16.8B |
| FY2023, ended Dec 31, 2023 | $18.7B |
| FY2024, ended Dec 31, 2024 | $17.1B |
| FY2025, ended Dec 31, 2025 | $24.6B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $31.5B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$22.2B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $7.78B |
| FY2017, ended Dec 31, 2017 | $9.54B |
| FY2018, ended Dec 31, 2018 | $11.8B |
| FY2019, ended Dec 31, 2019 | $10.5B |
| FY2020, ended Dec 31, 2020 | $9.60B |
| FY2021, ended Dec 31, 2021 | $18.4B |
| FY2022, ended Dec 31, 2022 | $22.3B |
| FY2023, ended Dec 31, 2023 | $18.8B |
| FY2024, ended Dec 31, 2024 | $17.5B |
| FY2025, ended Dec 31, 2025 | $18.2B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $22.2B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $382M | $655M |
| FY2017, ended Dec 31, 2017 | $813M | $574M |
| FY2018, ended Dec 31, 2018 | $1.26B | $1.18B |
| FY2019, ended Dec 31, 2019 | $671M | $944M |
| FY2020, ended Dec 31, 2020 | $551M | −$211M |
| FY2021, ended Dec 31, 2021 | $3.21B | $1.20B |
| FY2022, ended Dec 31, 2022 | $3.86B | $3.55B |
| FY2023, ended Dec 31, 2023 | $2.45B | $1.86B |
| FY2024, ended Dec 31, 2024 | $1.54B | −$23.5M |
| FY2025, ended Dec 31, 2025 | $1.19B | $502M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.96B | $1.09B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$929M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $841M |
| FY2017, ended Dec 31, 2017 | $1.03B |
| FY2018, ended Dec 31, 2018 | $828M |
| FY2019, ended Dec 31, 2019 | $1.38B |
| FY2020, ended Dec 31, 2020 | $1.37B |
| FY2021, ended Dec 31, 2021 | $1.24B |
| FY2022, ended Dec 31, 2022 | $1.63B |
| FY2023, ended Dec 31, 2023 | $1.40B |
| FY2024, ended Dec 31, 2024 | $589M |
| FY2025, ended Dec 31, 2025 | $770M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $929M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$4.20B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.36B |
| FY2017, ended Dec 31, 2017 | $2.38B |
| FY2018, ended Dec 31, 2018 | $2.38B |
| FY2019, ended Dec 31, 2019 | $2.73B |
| FY2020, ended Dec 31, 2020 | $3.10B |
| FY2021, ended Dec 31, 2021 | $3.11B |
| FY2022, ended Dec 31, 2022 | $3.07B |
| FY2023, ended Dec 31, 2023 | $3.07B |
| FY2024, ended Dec 31, 2024 | $3.23B |
| FY2025, ended Dec 31, 2025 | $4.20B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $4.20B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 41.3% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.142M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 242M |
| FY2017, ended Dec 31, 2017 | 236M |
| FY2018, ended Dec 31, 2018 | 224M |
| FY2019, ended Dec 31, 2019 | 214M |
| FY2020, ended Dec 31, 2020 | 211M |
| FY2021, ended Dec 31, 2021 | 191M |
| FY2022, ended Dec 31, 2022 | 172M |
| FY2023, ended Dec 31, 2023 | 158M |
| FY2024, ended Dec 31, 2024 | 150M |
| FY2025, ended Dec 31, 2025 | 145M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 142M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $762M more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $25.0M | $31.7M |
| FY2017, ended Dec 31, 2017 | $252M | $36.2M |
| FY2018, ended Dec 31, 2018 | $524M | $43.3M |
| FY2019, ended Dec 31, 2019 | $349M | $47.6M |
| FY2020, ended Dec 31, 2020 | $107M | $55.6M |
| FY2021, ended Dec 31, 2021 | $1.06B | $57.7M |
| FY2022, ended Dec 31, 2022 | $1.80B | $59.2M |
| FY2023, ended Dec 31, 2023 | $1.45B | $61.7M |
| FY2024, ended Dec 31, 2024 | $1.21B | $66.6M |
| FY2025, ended Dec 31, 2025 | $901M | $69.0M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $831M | $69.7M |
Revenue (TTM)
$22.2B
+26.0% YoY
Net income (TTM)
$1.96B
+73.9% YoY
Cash
$929M
+20.5% YoY
Total debt
$4.20B
+10.5% YoY
Valuation
At current price- Market Cap
- $35.7B
- P/E
- 18.2×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.6×
- Price / Book
- 3.6×
- EV / EBITDA
- 12.1×
Growth
Trailing 12 months- Revenue (TTM)
- $22.2B
- Revenue Growth YoY
- 26.0%
- Revenue CAGR 3Y
- −6.5%
- Revenue CAGR 5Y
- 13.6%
- EPS Growth YoY
- 79.3%
- Net Income Growth YoY
- 73.9%
Profitability
Trailing 12 months- Gross Margin
- 15.9%
- Operating Margin
- 11.5%
- Net Margin
- 8.8%
- FCF Margin
- 4.9%
- Return on Equity
- 20.8%
Earnings
Trailing 12 months- Net Income
- $1.96B
- EPS (diluted)
- $13.54
- EBITDA
- $3.21B
- Operating Income
- $2.56B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $929M
- Total Debt
- $4.20B
- Net Debt
- $3.27B
- Total Assets
- $17.8B
- Total Liabilities
- $8.06B
- Shareholders' Equity
- $9.84B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.69B
- Capital Expenditure
- $600M
- Free Cash Flow
- $1.09B
Dividends and risk
Last 12 months- Dividend Yield
- 0.8%
- Dividend / Share
- $2.09
- Beta (5Y)
- 1.47
Every ratio is calculated from the company’s reported figures.
Strength
Revenue grew 26.0% over the last year, to $22.2B.
Strength
Operating margin widened 3.5 pts in a year, to 11.5%.
Note
Net debt of $3.27B is 1.0× EBITDA, a manageable load.
Note
Free cash flow of $1.09B, 4.9% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 23, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K58Nothing notable
58Nothing notable
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 27, 2026 · Read the filing on EDGAR
- Sales rose 4% to $18.2 billion on record steel shipments, but operating income fell 24% and net income fell 23% to $1.2 billion.
- The joist and deck business took the biggest hit again: profit fell 39% as prices dropped 13% and volumes fell 8%.
- The aluminum mill began shipping in late 2025, but its loss grew to $173 million because of start-up costs.
- Debt rose $980 million to $4.2 billion after new bond issues. Buybacks totalled $901 million and liquidity held at $2.2 billion.
Business momentum
Mixed
“Consolidated operating income for 2025 decreased $467.1 million, or 24%, to $1.5 billion, compared to $1.9 billion in 2024.”
Outlook
Positive
“Order activity remained strong during 2025, with our order backlog maintaining solid levels and extending through the first half of 2026, supported by stable and historically strong pricing.”
Financial stress
Low
“Our liquidity of $2.2 billion and anticipated future operating cash flow generation is sufficient to provide for our planned 2026 capital requirements.”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Record steel shipments
“During 2025 we achieved record steel shipments of 13.7 million tons.”
Aluminum mill started shipping
“our aluminum operations segment achieved successful production and qualifications of industrial, beverage can, and automotive quality flat rolled aluminum products, with shipments commencing in the late second half of 2025.”
Metals recycling profit up
“metals recycling operations operating income in 2025 of $97.2 million increased 27% from 2024.”
Concerns
Joist and deck profits fell sharply
“Metal spread compression coupled with decreased volume resulted in operating income decreasing 39% to $407.4 million in 2025, compared to $667.0 million in 2024.”
Aluminum start-up losses grew
“Aluminum Operations (172,970)”
Lower operating cash flow and higher inventories
“We generated cash flow from operations of $1.4 billion in 2025 compared to $1.8 billion in 2024.”
New risks since the previous report
Aluminum business relies on a few big customers
“We have a relatively concentrated group of aluminum customers.”
Higher debt and borrowing costs
“Our total outstanding debt of $4.2 billion increased $980.2 million compared to December 31, 2024”
Losses on metal hedging contracts
“At December 31, 2025, we had a cumulative unrealized loss associated with these financial contracts of $56.0 million, substantially all of which have settlement dates in 2026.”
Trade policy uncertainty weighing on steel prices
“Despite these favorable market demand conditions, in the face of trade policy uncertainty, average selling prices were modestly lower during 2025 compared to 2024.”
Biggest risks named
- Steel prices falling faster than scrap costs
- Steel imports, global overcapacity and trade policy
- Aluminum mill ramp-up and reliance on a few customers
- Weaker construction and joist demand and pricing
- Rising debt and economic slowdown
Artificial intelligence in this business: Not mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −3 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 58 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 23, 2026 | Pro | |||
| 10-K | Feb 27, 2026 | 58 | Mixed | None | |
| 10-K | Feb 28, 2025 | 47 | Sharp deterioration | None | |
| 10-K | Feb 29, 2024 | 45 | Sharp deterioration | None | |
| 10-K | Feb 28, 2023 | 56 | Mixed | None | |
| 10-K | Feb 28, 2022 | 72 | Strong improvement | None | |
| 10-K | Mar 1, 2021 | 51 | Weakening | 1 minor | |
| 10-K | Feb 27, 2020 | 45 | Sharp deterioration | None | |
| 10-K | Feb 27, 2019 | 73 | Strong improvement | None | |
| 10-K | Feb 27, 2018 | 73 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 23, 2026. View filings on SEC EDGAR