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
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
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.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 22.22B | 18.18B | 17.54B | 18.80B | 22.26B | 18.41B |
| Cost of Revenue | 18.69B | 15.78B | 14.74B | 14.75B | 16.14B | 13.05B |
| Gross Profit | 3.53B | 2.39B | 2.80B | 4.05B | 6.12B | 5.36B |
| Selling, General & Admin | 948.25M | 888.29M | 829.02M | 860.65M | 998.17M | 1.03B |
| Amortization of Goodwill & Intangibles | 30.45M | 27.90M | 30.53M | 34.05M | 27.84M | 29.23M |
| Operating Expenses | 978.70M | 916.20M | 859.55M | 894.70M | 1.03B | 1.06B |
| Operating Income | 2.56B | 1.48B | 1.94B | 3.15B | 5.09B | 4.30B |
| Interest Expense | -138.65M | -70.04M | -56.35M | -76.48M | -91.54M | -57.21M |
| Interest & Investment Income | 36.80M | 36.80M | 90.10M | 111.90M | 29.30M | |
| Other Non Operating Income (Expenses) | 26.14M | 43.73M | 6.09M | 32.35M | -8.52M | -34.83M |
| EBT Excluding Unusual Items | 2.48B | 1.49B | 1.98B | 3.22B | 5.02B | 4.21B |
| Gain (Loss) on Sale of Investments | 6.50M | 6.50M | ||||
| Pretax Income | 2.49B | 1.49B | 1.98B | 3.22B | 5.02B | 4.21B |
| Income Tax Expense | 534.77M | 305.66M | 432.93M | 751.61M | 1.14B | 962.26M |
| Earnings From Continuing Operations | 1.95B | 1.19B | 1.55B | 2.47B | 3.88B | 3.25B |
| Minority Interest in Earnings | 8.46M | -1.72M | -12.82M | -16.45M | -16.82M | -32.75M |
| Net Income | 1.96B | 1.19B | 1.54B | 2.45B | 3.86B | 3.21B |
| Net Income to Common | 1.96B | 1.19B | 1.54B | 2.45B | 3.86B | 3.21B |
| Shares Outstanding (Basic) | 144.35M | 147.81M | 155.42M | 166.55M | 183.39M | 205.12M |
| Shares Outstanding (Diluted) | 144.95M | 148.40M | 156.14M | 167.43M | 184.62M | 206.62M |
| EPS (Basic) | 13.57 | 8.02 | 9.89 | 14.72 | 21.06 | 15.67 |
| EPS (Diluted) | 13.52 | 7.99 | 9.84 | 14.64 | 20.92 | 15.56 |
| Free Cash Flow | 1.09B | 501.51M | -23.50M | 1.86B | 3.55B | 1.20B |
| Free Cash Flow Per Share | 7.55 | 3.38 | -0.15 | 11.12 | 19.24 | 5.80 |
| Dividend Per Share | 2.09 | 2.00 | 1.84 | 1.70 | 1.36 | 1.04 |
| Gross Margin | 15.90% | 13.16% | 15.98% | 21.53% | 27.48% | 29.13% |
| Operating Margin | 11.50% | 8.12% | 11.08% | 16.77% | 22.87% | 23.36% |
| Profit Margin | 8.82% | 6.52% | 8.76% | 13.04% | 17.35% | 17.46% |
| Free Cash Flow Margin | 4.93% | 2.76% | -0.13% | 9.91% | 15.95% | 6.51% |
| EBITDA | 3.21B | 2.03B | 2.42B | 3.59B | 5.48B | 4.65B |
| EBITDA Margin | 14.44% | 11.15% | 13.81% | 19.10% | 24.60% | 25.25% |
| D&A For EBITDA | 654.33M | 551.39M | 478.91M | 437.80M | 384.20M | 347.65M |
| EBIT | 2.56B | 1.48B | 1.94B | 3.15B | 5.09B | 4.30B |
| EBIT Margin | 11.50% | 8.12% | 11.08% | 16.77% | 22.87% | 23.36% |
| Effective Tax Rate | 21.51% | 20.47% | 21.83% | 23.35% | 22.74% | 22.86% |
| Revenue as Reported | 22.22B | 18.18B | 17.54B | 18.80B | 22.26B | 18.41B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 928.56M | 769.88M | 589.46M | 1.40B | 1.63B | 1.24B |
| Short-Term Investments | 147.81M | 721.21M | 628.22M | |||
| Cash & Short-Term Investments | 928.56M | 769.88M | 737.27M | 2.12B | 2.26B | 1.24B |
| Receivables | 2.45B | 1.68B | 1.42B | 1.61B | 2.06B | 1.92B |
| Inventory | 4.25B | 3.74B | 3.11B | 2.89B | 3.13B | 3.53B |
| Other Current Assets | 390.11M | 293.12M | 163.13M | 162.79M | 195.37M | 209.59M |
| Total Current Assets | 8.01B | 6.48B | 5.43B | 6.79B | 7.64B | 6.90B |
| Property, Plant & Equipment | 8.49B | 8.74B | 8.23B | 6.86B | 5.48B | 4.85B |
| Goodwill | 477.47M | 477.47M | 477.47M | 477.47M | 502.07M | 453.83M |
| Other Intangible Assets | 303.81M | 331.29M | 227.23M | 257.76M | 267.51M | 295.35M |
| Other Long-Term Assets | 549.30M | 387.20M | 567.70M | 523.65M | 268.09M | 29.48M |
| Total Assets | 17.84B | 16.42B | 14.94B | 14.91B | 14.16B | 12.53B |
| Accounts Payable | 1.61B | 1.23B | 979.91M | 1.09B | 1.02B | 1.28B |
| Accrued Expenses | 857.97M | 764.77M | 719.98M | 757.45M | 932.35M | 818.07M |
| Current Portion of Long-Term Debt | 20.85M | 34.66M | 426.99M | 459.99M | 57.33M | 97.17M |
| Current Portion of Leases | 24.16M | 19.91M | 21.00M | 18.85M | 17.82M | |
| Current Income Taxes Payable | 64.23M | 67.31M | 3.78M | 5.52M | 6.52M | 13.75M |
| Total Current Liabilities | 2.55B | 2.12B | 2.15B | 2.33B | 2.03B | 2.23B |
| Long-Term Debt | 4.18B | 4.18B | 2.80B | 2.61B | 3.01B | 3.01B |
| Long-Term Leases | 208.93M | 147.50M | 94.42M | 107.15M | 91.79M | 82.25M |
| Long-Term Deferred Tax Liabilities | 1.12B | 1.00B | 902.19M | 944.77M | 889.10M | 854.90M |
| Other Long-Term Liabilities | 38.74M | 38.78M | 73.61M | 37.75M | 37.84M | |
| Total Liabilities | 8.06B | 7.49B | 5.99B | 6.07B | 6.06B | 6.21B |
| Common Stock | 653.00K | 653.00K | 652.00K | 651.00K | 650.00K | 649.00K |
| Additional Paid-In Capital | 1.24B | 1.25B | 1.23B | 1.22B | 1.21B | 1.22B |
| Retained Earnings | 17.15B | 15.69B | 14.80B | 13.55B | 11.38B | 7.76B |
| Treasury Stock | -8.56B | -7.98B | -7.09B | -5.90B | -4.46B | -2.67B |
| Comprehensive Income & Other | 7.88M | -598.00K | 421.00K | 889.00K | -2.09M | |
| Total Common Equity | 9.84B | 8.96B | 8.93B | 8.87B | 8.13B | 6.30B |
| Minority Interest | -62.92M | -26.77M | 10.96M | -27.14M | -34.55M | 15.53M |
| Shareholders' Equity | 9.78B | 8.93B | 8.95B | 8.84B | 8.10B | 6.32B |
| Total Liabilities & Equity | 17.84B | 16.42B | 14.94B | 14.91B | 14.16B | 12.53B |
| Total Debt | 4.41B | 4.38B | 3.35B | 3.20B | 3.18B | 3.21B |
| 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 Outstanding | 142.22M | 144.88M | 150.16M | 158.15M | 171.58M | 191.30M |
| Total Common Shares Outstanding | 142.45M | 144.94M | 151.12M | 160.02M | 172.94M | 195.00M |
| Working Capital | 5.47B | 4.36B | 3.28B | 4.46B | 5.61B | 4.67B |
| Book Value Per Share | 69.09 | 61.80 | 59.12 | 55.41 | 47.01 | 32.33 |
| Tangible Book Value | 9.06B | 8.15B | 8.23B | 8.13B | 7.36B | 5.56B |
| Tangible Book Value Per Share | 63.61 | 56.22 | 54.46 | 50.82 | 42.56 | 28.49 |
| Land | 849.39M | 801.21M | 693.17M | 521.88M | 350.90M | |
| Buildings | 1.91B | 1.49B | 1.26B | 1.24B | 873.13M | |
| Machinery | 9.19B | 7.67B | 6.89B | 6.68B | 5.19B | |
| Construction In Progress | 1.67B | 2.77B | 2.10B | 780.74M | 1.84B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.96B | 1.19B | 1.54B | 2.45B | 3.86B | 3.21B |
| Depreciation & Amortization | 654.33M | 551.39M | 478.91M | 437.80M | 384.20M | 347.65M |
| Stock-Based Compensation | 69.69M | 68.98M | 66.59M | 61.74M | 59.24M | 57.72M |
| Other Operating Activities | 3.08M | 85.91M | -35.27M | 52.40M | 52.21M | 351.51M |
| Change in Accounts Receivable | -576.48M | -157.46M | 191.11M | 446.76M | -110.56M | -944.52M |
| Change in Inventory | -855.72M | -423.44M | -221.04M | 232.28M | 413.26M | -1.69B |
| Change in Accounts Payable | 339.56M | 206.84M | -67.36M | -30.15M | -289.04M | 557.74M |
| Change in Income Taxes | 157.01M | 52.18M | 10.18M | 56.76M | 31.62M | -105.92M |
| Change in Other Net Operating Assets | -56.27M | -120.47M | -115.75M | -188.56M | 56.80M | 411.72M |
| Operating Cash Flow | 1.69B | 1.45B | 1.84B | 3.52B | 4.46B | 2.20B |
| Capital Expenditures | -599.92M | -948.02M | -1.87B | -1.66B | -908.90M | -1.01B |
| Cash Acquisitions | -175.77M | -175.77M | -134.09M | |||
| Investment in Securities | 147.43M | 572.95M | -90.75M | -852.11M | ||
| Other Investing Activities | -2.98M | 1.42M | -8.31M | -221.59M | 15.84M | 6.82M |
| Investing Cash Flow | -778.68M | -974.96M | -1.30B | -1.97B | -1.88B | -999.42M |
| Long-Term Debt Issued | 3.55B | 2.48B | 1.37B | 1.47B | 1.52B | |
| Long-Term Debt Repaid | -2.57B | -2.32B | -1.37B | -1.51B | -1.52B | |
| Net Debt Issued (Repaid) | 416.11M | 985.82M | 158.86M | -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 Flow | 158.14M | 180.26M | -811.45M | -227.46M | 384.55M | -124.75M |
| Free Cash Flow | 1.09B | 501.51M | -23.50M | 1.86B | 3.55B | 1.20B |
| Free Cash Flow Margin | 4.93% | 2.76% | -0.13% | 9.91% | 15.95% | 6.51% |
| Free Cash Flow Per Share | 7.55 | 3.38 | -0.15 | 11.12 | 19.24 | 5.80 |
| Levered Free Cash Flow | 429.93M | -109.41M | -319.29M | 1.37B | 2.79B | 264.90M |
| Unlevered Free Cash Flow | 516.58M | -65.63M | -284.07M | 1.42B | 2.85B | 300.66M |
| Cash Interest Paid | 186.85M | 156.75M | 100.98M | 103.17M | 100.99M | 103.37M |
| Cash Income Tax Paid | 380.00M | 152.00M | 463.76M | 642.67M | 1.06B | 737.16M |
| Change in Working Capital | -991.90M | -442.34M | -202.86M | 517.10M | 102.08M | -1.77B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 35.67B | 24.75B | 17.37B | 19.11B | 17.15B | 12.32B |
| Enterprise Value | 39.15B | 27.73B | 19.39B | 19.90B | 18.15B | 14.31B |
| Last Close Price | 250.80 | 168.14 | 111.57 | 113.84 | 92.74 | 57.92 |
| PE Ratio | 18.55 | 20.87 | 11.30 | 7.80 | 4.44 | 3.83 |
| Forward PE | 11.14 | 14.02 | 13.62 | 10.05 | 7.83 | 3.62 |
| PS Ratio | 1.61 | 1.36 | 0.99 | 1.02 | 0.77 | 0.67 |
| PB Ratio | 3.63 | 2.77 | 1.94 | 2.16 | 2.12 | 1.95 |
| P/TBV Ratio | 3.94 | 3.04 | 2.11 | 2.35 | 2.33 | 2.22 |
| P/FCF Ratio | 32.58 | 49.34 | 10.26 | 4.83 | 10.28 | |
| P/OCF Ratio | 21.05 | 17.07 | 9.41 | 5.43 | 3.85 | 5.59 |
| PEG Ratio | 0.54 | 1.01 | 2.73 | 0.15 | 0.15 | 0.14 |
| EV/Sales Ratio | 1.76 | 1.53 | 1.10 | 1.06 | 0.81 | 0.78 |
| EV/EBITDA Ratio | 12.20 | 13.68 | 8.01 | 5.55 | 3.31 | 3.08 |
| EV/EBIT Ratio | 15.32 | 18.79 | 9.98 | 6.32 | 3.56 | 3.33 |
| EV/FCF Ratio | 35.76 | 55.30 | 10.69 | 5.11 | 11.95 | |
| Debt / Equity Ratio | 0.45 | 0.49 | 0.37 | 0.36 | 0.39 | 0.51 |
| Debt / EBITDA Ratio | 1.37 | 2.16 | 1.34 | 0.87 | 0.57 | 0.68 |
| Debt / FCF Ratio | 4.03 | 8.74 | 1.72 | 0.90 | 2.68 | |
| Net Debt / Equity Ratio | 0.36 | 0.41 | 0.29 | 0.12 | 0.11 | 0.31 |
| Net Debt / EBITDA Ratio | 1.09 | 1.78 | 1.08 | 0.30 | 0.17 | 0.42 |
| Net Debt / FCF Ratio | 3.18 | 7.20 | -110.97 | 0.58 | 0.26 | 1.64 |
| Asset Turnover | 1.31 | 1.16 | 1.18 | 1.29 | 1.67 | 1.69 |
| Inventory Turnover | 5.02 | 4.61 | 4.91 | 4.90 | 4.85 | 4.86 |
| Quick Ratio | 1.32 | 1.16 | 1.00 | 1.60 | 2.12 | 1.42 |
| Current Ratio | 3.15 | 3.06 | 2.53 | 2.91 | 3.76 | 3.10 |
| 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 Yield | 5.39% | 4.79% | 8.85% | 12.83% | 22.52% | 26.09% |
| FCF Yield | 3.07% | 2.03% | -0.14% | 9.74% | 20.70% | 9.72% |
| Dividend Yield | 0.85% | 1.17% | 1.60% | 1.42% | 1.37% | 1.65% |
| Payout Ratio | 15.68% | 24.56% | 18.39% | 11.07% | 6.14% | 6.63% |
| Buyback Yield / Dilution | 3.40% | 4.95% | 6.75% | 9.31% | 10.64% | 2.70% |
| Total Shareholder Return | 4.24% | 6.12% | 8.35% | 10.73% | 12.02% | 4.34% |