NASDAQ : STLD

Steel Dynamics, Inc. — Financial statements

Materials · Steel · United States

Last price 253.53 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 36.06B

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Financial statements

Steel Dynamics, Inc. (STLD) reported revenue of 22.22B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.

Income statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Revenue22.22B18.18B17.54B18.80B22.26B18.41B
Cost of Revenue18.69B15.78B14.74B14.75B16.14B13.05B
Gross Profit3.53B2.39B2.80B4.05B6.12B5.36B
Selling, General & Admin948.25M888.29M829.02M860.65M998.17M1.03B
Amortization of Goodwill & Intangibles30.45M27.90M30.53M34.05M27.84M29.23M
Operating Expenses978.70M916.20M859.55M894.70M1.03B1.06B
Operating Income2.56B1.48B1.94B3.15B5.09B4.30B
Interest Expense-138.65M-70.04M-56.35M-76.48M-91.54M-57.21M
Interest & Investment Income36.80M36.80M90.10M111.90M29.30M
Other Non Operating Income (Expenses)26.14M43.73M6.09M32.35M-8.52M-34.83M
EBT Excluding Unusual Items2.48B1.49B1.98B3.22B5.02B4.21B
Gain (Loss) on Sale of Investments6.50M6.50M
Pretax Income2.49B1.49B1.98B3.22B5.02B4.21B
Income Tax Expense534.77M305.66M432.93M751.61M1.14B962.26M
Earnings From Continuing Operations1.95B1.19B1.55B2.47B3.88B3.25B
Minority Interest in Earnings8.46M-1.72M-12.82M-16.45M-16.82M-32.75M
Net Income1.96B1.19B1.54B2.45B3.86B3.21B
Net Income to Common1.96B1.19B1.54B2.45B3.86B3.21B
Shares Outstanding (Basic)144.35M147.81M155.42M166.55M183.39M205.12M
Shares Outstanding (Diluted)144.95M148.40M156.14M167.43M184.62M206.62M
EPS (Basic)13.578.029.8914.7221.0615.67
EPS (Diluted)13.527.999.8414.6420.9215.56
Free Cash Flow1.09B501.51M-23.50M1.86B3.55B1.20B
Free Cash Flow Per Share7.553.38-0.1511.1219.245.80
Dividend Per Share2.092.001.841.701.361.04
Gross Margin15.90%13.16%15.98%21.53%27.48%29.13%
Operating Margin11.50%8.12%11.08%16.77%22.87%23.36%
Profit Margin8.82%6.52%8.76%13.04%17.35%17.46%
Free Cash Flow Margin4.93%2.76%-0.13%9.91%15.95%6.51%
EBITDA3.21B2.03B2.42B3.59B5.48B4.65B
EBITDA Margin14.44%11.15%13.81%19.10%24.60%25.25%
D&A For EBITDA654.33M551.39M478.91M437.80M384.20M347.65M
EBIT2.56B1.48B1.94B3.15B5.09B4.30B
EBIT Margin11.50%8.12%11.08%16.77%22.87%23.36%
Effective Tax Rate21.51%20.47%21.83%23.35%22.74%22.86%
Revenue as Reported22.22B18.18B17.54B18.80B22.26B18.41B

Balance sheet

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Cash & Equivalents928.56M769.88M589.46M1.40B1.63B1.24B
Short-Term Investments147.81M721.21M628.22M
Cash & Short-Term Investments928.56M769.88M737.27M2.12B2.26B1.24B
Receivables2.45B1.68B1.42B1.61B2.06B1.92B
Inventory4.25B3.74B3.11B2.89B3.13B3.53B
Other Current Assets390.11M293.12M163.13M162.79M195.37M209.59M
Total Current Assets8.01B6.48B5.43B6.79B7.64B6.90B
Property, Plant & Equipment8.49B8.74B8.23B6.86B5.48B4.85B
Goodwill477.47M477.47M477.47M477.47M502.07M453.83M
Other Intangible Assets303.81M331.29M227.23M257.76M267.51M295.35M
Other Long-Term Assets549.30M387.20M567.70M523.65M268.09M29.48M
Total Assets17.84B16.42B14.94B14.91B14.16B12.53B
Accounts Payable1.61B1.23B979.91M1.09B1.02B1.28B
Accrued Expenses857.97M764.77M719.98M757.45M932.35M818.07M
Current Portion of Long-Term Debt20.85M34.66M426.99M459.99M57.33M97.17M
Current Portion of Leases24.16M19.91M21.00M18.85M17.82M
Current Income Taxes Payable64.23M67.31M3.78M5.52M6.52M13.75M
Total Current Liabilities2.55B2.12B2.15B2.33B2.03B2.23B
Long-Term Debt4.18B4.18B2.80B2.61B3.01B3.01B
Long-Term Leases208.93M147.50M94.42M107.15M91.79M82.25M
Long-Term Deferred Tax Liabilities1.12B1.00B902.19M944.77M889.10M854.90M
Other Long-Term Liabilities38.74M38.78M73.61M37.75M37.84M
Total Liabilities8.06B7.49B5.99B6.07B6.06B6.21B
Common Stock653.00K653.00K652.00K651.00K650.00K649.00K
Additional Paid-In Capital1.24B1.25B1.23B1.22B1.21B1.22B
Retained Earnings17.15B15.69B14.80B13.55B11.38B7.76B
Treasury Stock-8.56B-7.98B-7.09B-5.90B-4.46B-2.67B
Comprehensive Income & Other7.88M-598.00K421.00K889.00K-2.09M
Total Common Equity9.84B8.96B8.93B8.87B8.13B6.30B
Minority Interest-62.92M-26.77M10.96M-27.14M-34.55M15.53M
Shareholders' Equity9.78B8.93B8.95B8.84B8.10B6.32B
Total Liabilities & Equity17.84B16.42B14.94B14.91B14.16B12.53B
Total Debt4.41B4.38B3.35B3.20B3.18B3.21B
Net Cash (Debt)-3.48B-3.61B-2.61B-1.08B-924.59M-1.96B
Net Cash Per Share-24.04-24.35-16.70-6.43-5.01-9.50
Filing Date Shares Outstanding142.22M144.88M150.16M158.15M171.58M191.30M
Total Common Shares Outstanding142.45M144.94M151.12M160.02M172.94M195.00M
Working Capital5.47B4.36B3.28B4.46B5.61B4.67B
Book Value Per Share69.0961.8059.1255.4147.0132.33
Tangible Book Value9.06B8.15B8.23B8.13B7.36B5.56B
Tangible Book Value Per Share63.6156.2254.4650.8242.5628.49
Land849.39M801.21M693.17M521.88M350.90M
Buildings1.91B1.49B1.26B1.24B873.13M
Machinery9.19B7.67B6.89B6.68B5.19B
Construction In Progress1.67B2.77B2.10B780.74M1.84B

Cash flow statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Net Income1.96B1.19B1.54B2.45B3.86B3.21B
Depreciation & Amortization654.33M551.39M478.91M437.80M384.20M347.65M
Stock-Based Compensation69.69M68.98M66.59M61.74M59.24M57.72M
Other Operating Activities3.08M85.91M-35.27M52.40M52.21M351.51M
Change in Accounts Receivable-576.48M-157.46M191.11M446.76M-110.56M-944.52M
Change in Inventory-855.72M-423.44M-221.04M232.28M413.26M-1.69B
Change in Accounts Payable339.56M206.84M-67.36M-30.15M-289.04M557.74M
Change in Income Taxes157.01M52.18M10.18M56.76M31.62M-105.92M
Change in Other Net Operating Assets-56.27M-120.47M-115.75M-188.56M56.80M411.72M
Operating Cash Flow1.69B1.45B1.84B3.52B4.46B2.20B
Capital Expenditures-599.92M-948.02M-1.87B-1.66B-908.90M-1.01B
Cash Acquisitions-175.77M-175.77M-134.09M
Investment in Securities147.43M572.95M-90.75M-852.11M
Other Investing Activities-2.98M1.42M-8.31M-221.59M15.84M6.82M
Investing Cash Flow-778.68M-974.96M-1.30B-1.97B-1.88B-999.42M
Long-Term Debt Issued3.55B2.48B1.37B1.47B1.52B
Long-Term Debt Repaid-2.57B-2.32B-1.37B-1.51B-1.52B
Net Debt Issued (Repaid)416.11M985.82M158.86M-1.89M-42.22M-5.45M
Repurchase of Common Stock-831.23M-900.87M-1.21B-1.45B-1.80B-1.06B
Common Dividends Paid-298.22M-291.18M-282.62M-271.32M-237.16M-212.97M
Other Financing Activities-44.60M-88.09M-16.68M-51.73M-116.30M-50.42M
Financing Cash Flow-757.94M-294.31M-1.35B-1.78B-2.20B-1.33B
Net Cash Flow158.14M180.26M-811.45M-227.46M384.55M-124.75M
Free Cash Flow1.09B501.51M-23.50M1.86B3.55B1.20B
Free Cash Flow Margin4.93%2.76%-0.13%9.91%15.95%6.51%
Free Cash Flow Per Share7.553.38-0.1511.1219.245.80
Levered Free Cash Flow429.93M-109.41M-319.29M1.37B2.79B264.90M
Unlevered Free Cash Flow516.58M-65.63M-284.07M1.42B2.85B300.66M
Cash Interest Paid186.85M156.75M100.98M103.17M100.99M103.37M
Cash Income Tax Paid380.00M152.00M463.76M642.67M1.06B737.16M
Change in Working Capital-991.90M-442.34M-202.86M517.10M102.08M-1.77B

Ratios

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Market Capitalization35.67B24.75B17.37B19.11B17.15B12.32B
Enterprise Value39.15B27.73B19.39B19.90B18.15B14.31B
Last Close Price250.80168.14111.57113.8492.7457.92
PE Ratio18.5520.8711.307.804.443.83
Forward PE11.1414.0213.6210.057.833.62
PS Ratio1.611.360.991.020.770.67
PB Ratio3.632.771.942.162.121.95
P/TBV Ratio3.943.042.112.352.332.22
P/FCF Ratio32.5849.3410.264.8310.28
P/OCF Ratio21.0517.079.415.433.855.59
PEG Ratio0.541.012.730.150.150.14
EV/Sales Ratio1.761.531.101.060.810.78
EV/EBITDA Ratio12.2013.688.015.553.313.08
EV/EBIT Ratio15.3218.799.986.323.563.33
EV/FCF Ratio35.7655.3010.695.1111.95
Debt / Equity Ratio0.450.490.370.360.390.51
Debt / EBITDA Ratio1.372.161.340.870.570.68
Debt / FCF Ratio4.038.741.720.902.68
Net Debt / Equity Ratio0.360.410.290.120.110.31
Net Debt / EBITDA Ratio1.091.781.080.300.170.42
Net Debt / FCF Ratio3.187.20-110.970.580.261.64
Asset Turnover1.311.161.181.291.671.69
Inventory Turnover5.024.614.914.904.854.86
Quick Ratio1.321.161.001.602.121.42
Current Ratio3.153.062.532.913.763.10
Return on Equity (ROE)20.81%13.28%17.43%29.14%53.82%60.87%
Return on Assets (ROA)9.45%5.88%8.14%13.55%23.85%24.67%
Return on Invested Capital (ROIC)15.16%9.74%14.15%25.51%45.47%45.91%
Return on Capital Employed (ROCE)16.70%10.30%15.20%25.10%42.00%41.70%
Earnings Yield5.39%4.79%8.85%12.83%22.52%26.09%
FCF Yield3.07%2.03%-0.14%9.74%20.70%9.72%
Dividend Yield0.85%1.17%1.60%1.42%1.37%1.65%
Payout Ratio15.68%24.56%18.39%11.07%6.14%6.63%
Buyback Yield / Dilution3.40%4.95%6.75%9.31%10.64%2.70%
Total Shareholder Return4.24%6.12%8.35%10.73%12.02%4.34%