S 
Steel Dynamics STLD · USD
Materials · Metals & Mining · US listing · 🇺🇸 United States
S&P 500
227.56
+2.09%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$18.18bn
FY2016FY2025
Net income
$1.19bn
FY2016FY2025
Free cash flow
$501.5m
FY2016FY2025
Shareholders' equity
$8.96bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.18bn | $17.54bn | $18.80bn | $22.26bn | $18.41bn | $9.60bn | $10.46bn | $11.82bn | $9.54bn | $7.78bn |
| Gross profit | $2.36bn | $2.80bn | $4.05bn | $6.12bn | $5.36bn | $1.43bn | $1.53bn | $2.32bn | $1.58bn | $1.33bn |
| Operating income | $1.55bn | $2.00bn | $3.15bn | $5.09bn | $4.30bn | $847.1m | $986.9m | $1.72bn | $1.07bn | $728.0m |
| Net income | $1.19bn | $1.54bn | $2.45bn | $3.86bn | $3.21bn | $550.8m | $671.1m | $1.26bn | $812.7m | $382.1m |
| Diluted earnings per share | 8.11 | 10.06 | 15.10 | 21.96 | 16.17 | 2.60 | 3.10 | 5.46 | 3.41 | 1.56 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $16.41bn | $14.94bn | $14.91bn | $14.16bn | $12.53bn | $9.27bn | $8.28bn | $7.70bn | $6.86bn | $6.42bn |
| Cash and short-term investments | $769.9m | $737.3m | $2.12bn | $2.26bn | $1.24bn | $1.37bn | $1.64bn | $1.06bn | $1.03bn | $841.5m |
| Total liabilities | $7.48bn | $5.99bn | $6.07bn | $6.06bn | $6.21bn | $4.92bn | $4.21bn | $3.82bn | $3.55bn | $3.54bn |
| Debt | $4.21bn | $3.23bn | $3.07bn | $3.07bn | $3.11bn | $3.10bn | $2.73bn | $2.38bn | $2.38bn | $2.36bn |
| Shareholders' equity | $8.96bn | $8.93bn | $8.87bn | $8.13bn | $6.30bn | $4.35bn | $4.08bn | $3.94bn | $3.35bn | $2.93bn |
| Shares outstanding | 146m | 153m | 162m | 176m | 199m | 212m | 216m | 230m | 239m | 246m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $1.45bn | $1.84bn | $3.52bn | $4.46bn | $2.20bn | $987.0m | $1.40bn | $1.42bn | $739.6m | $852.8m |
| Capital spending | −$948.0m | −$1.87bn | −$1.66bn | −$908.9m | −$1.01bn | −$1.20bn | −$451.9m | −$239.4m | −$164.9m | −$198.2m |
| Free cash flow | $501.5m | −$23.5m | $1.86bn | $3.55bn | $1.20bn | −$211.0m | $944.3m | $1.18bn | $574.7m | $654.6m |
| Dividends paid | −$291.2m | −$282.6m | −$271.3m | −$237.2m | −$213.0m | −$209.2m | −$200.3m | −$168.9m | −$145.6m | −$135.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.09bn | $5.20bn | $4.41bn | $4.83bn | $4.57bn | $4.37bn | $3.87bn | $4.34bn |
| Gross profit | $959.0m | $763.2m | $522.1m | $757.9m | $618.5m | $486.5m | $441.7m | $605.2m |
| Operating income | $765.5m | $621.2m | $337.2m | $521.3m | $400.2m | $287.3m | $252.1m | $412.5m |
| Net income | $534.1m | $403.4m | $266.0m | $403.7m | $298.7m | $217.2m | $207.3m | $317.8m |
| Diluted earnings per share | 3.70 | 2.79 | 1.82 | 2.76 | 2.04 | 1.48 | 1.36 | 2.08 |
| Cash from operations | $427.0m | $148.0m | $272.0m | $722.0m | $301.0m | $152.0m | $346.0m | $759.0m |
| Capital spending | −$123.0m | −$137.0m | −$188.0m | −$165.0m | −$288.0m | −$305.0m | −$453.0m | −$621.0m |
| Free cash flow | $304.0m | $11.0m | $84.0m | $557.0m | $13.0m | −$153.0m | −$107.0m | $138.0m |
| Total assets | $17.11bn | $16.72bn | $16.41bn | $15.97bn | $15.55bn | $15.93bn | $14.94bn | $15.66bn |
| Cash and short-term investments | $567.7m | $556.5m | $769.9m | $770.4m | $497.6m | $1.21bn | $737.3m | $1.66bn |
| Debt | $1.3m | $4.20bn | $4.21bn | $3.78bn | $3.78bn | $4.20bn | $3.23bn | $3.68bn |
| Shareholders' equity | $9.42bn | $9.16bn | $8.96bn | $9.00bn | $8.86bn | $8.82bn | $8.93bn | $9.08bn |
Financial ratios
Data as of 23 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 13.0% | 16.0% | 21.5% | 27.5% | 29.1% | 14.9% |
| Operating margin | 8.5% | 11.4% | 16.8% | 22.9% | 23.4% | 8.8% |
| Net margin | 6.5% | 8.8% | 13.0% | 17.4% | 17.5% | 5.7% |
| Return on equity | 13.2% | 17.2% | 27.6% | 47.5% | 51.0% | 12.7% |
| Return on assets | 7.2% | 10.3% | 16.4% | 27.3% | 25.6% | 5.9% |
| Free cash flow yield | 7.0% | 10.4% | 13.6% | 13.0% | 6.9% | 4.4% |
| Revenue growth | 3.6% | -6.7% | -15.6% | 20.9% | 91.7% | -8.3% |
| Earnings growth | -22.9% | -37.3% | -36.5% | 20.2% | 483.5% | -17.9% |
| Current ratio | 3.06x | 2.53x | 2.91x | 3.76x | 3.10x | 3.38x |
| Debt to equity | 0.47x | 0.36x | 0.35x | 0.38x | 0.49x | 0.71x |
| Equity ratio | 54.6% | 59.8% | 59.5% | 57.4% | 50.3% | 46.9% |
| Interest coverage | 22.07x | 35.48x | 41.20x | 55.63x | 75.18x | 8.93x |
| Buybacks as a share of market value | 4.3% | 5.8% | 7.7% | 11.5% | 6.3% | 2.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -6.5% | 13.6% | 9.1% |
| Operating income | -32.8% | 12.8% | — |
| Net income | -32.5% | 16.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 14.5% | 20.0% | 21.1% | 19.5% |
| Operating margin | 9.9% | 15.4% | 16.2% | 14.1% |
| Net margin | 7.6% | 11.8% | 12.2% | 10.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 20.9 | 11.3 | 7.8 | 4.5 | 3.8 | 14.2 | 11.0 | 5.5 | 12.7 | 22.9 |
| Price to sales | 1.4 | 1.0 | 1.0 | 0.8 | 0.7 | 0.8 | 0.7 | 0.6 | 1.1 | 1.1 |
Market value over time
31 Oct 2016 to 22 Sept 2026, in USD
$6.75bn$33.79bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 50% | -5% | 21% | 71% | 61% | 6% | 16% | -31% | 15% | 112% |
Dividends and splits
Per share, in the currency the company pays
Paid for 22 years. Last went ex-dividend on 30 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.59 | 2.00 | 1.84 | 1.70 | 1.36 | 1.04 | 1.00 | 0.96 |
- 2-for-1 split · 31 Mar 2008
- 2-for-1 split · 21 Nov 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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