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Screener / SEC EDGAR /CIK 0001022671 /10-K filed Feb 27, 2026, compared with Feb 28, 2025 /Numbers from the XBRL of the 10-Ks
Materials peers:
IPNEMFCXAMCRSTLDSHW
Nasdaq Materials · Steel

Steel Dynamics STLD

STLD quote by TradingView

Steel Dynamics, Inc. is a leading industrial metals solutions company, with facilities located throughout the United States and Mexico. 10-K, Item 1

Employees
14,400
Headquarters
Fort Wayne, IN
CEO
Mark D. Millett
Next results
around Jan 26, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $18.2B through the costs to a net profit of $1.2B · income statement of the 10-K

8% operating margin
Revenue to Gross profit: $2.4BRevenue to Cost of revenue: $15.8BGross profit to Operating profit: $1.5BGross profit to Operating expenses: $916.2MOperating profit to Net profit: $1.2BOperating profit to Tax & other: $290.4M Revenue: $18.2B REVENUE $18.2B +4% Y/Y Gross profit: $2.4B · 13% margin GROSS PROFIT $2.4B 13% margin · −15% Y/Y Cost of revenue: $15.8B · 87% of revenue COST OF REVENUE $15.8B 87% of revenue Operating profit: $1.5B · 8% margin OPERATING PROFIT $1.5B 8% margin · −24% Y/Y Operating expenses: $916.2M · 5% of revenue OPERATING EXPENSES $916.2M 5% of revenue Net profit: $1.2B · 7% margin NET PROFIT $1.2B 7% margin · −23% Y/Y Tax & other: $290.4M · 2% of revenue TAX & OTHER $290.4M 2% of revenue
Gross profit $2.4B 13% margin · −15% Y/Y
Operating profit $1.5B 8% margin · −24% Y/Y
Net profit $1.2B 7% margin · −23% Y/Y
The full income statement, year by year

STLD among Materials peers

Six ratios from the latest 10-K. Each corner is the share of 23 peers the company is above, not a score.

Compare
Revenue growth: 3.6%, above 48% of 23 peers (their median 5.3%) REVENUE GROWTH 3.6% · above 48% Gross margin: 15.9%, above 16% of 19 peers (their median 27.5%) GROSS MARGIN 15.9% · above 16% Operating margin: 11.5%, above 53% of 15 peers (their median 11.2%) OPERATING MARGIN 11.5% · above 53% Net margin: 8.8%, above 48% of 23 peers (their median 9.2%) NET MARGIN 8.8% · above 48% FCF margin: 4.9%, above 35% of 23 peers (their median 7.0%) FCF MARGIN 4.9% · above 35% Return on capital: 8.4%, above 36% of 11 peers (their median 9.5%) RETURN ON CAPITAL 8.4% · above 36%
STLD Peer median Below the median

What changed

3 new risk paragraphs and 3 accounting facts worth reading about. 10-K filed Feb 27, 2026 against Feb 28, 2025.

Risk factors
3 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Receivables growing faster than revenue
Receivables +18.7% vs revenue +3.6% (+15.1 pts)
10-K · XBRL
Inventory growing faster than revenue
Inventory +20.1% vs revenue +3.6% (+16.4 pts)
10-K · XBRL
Critical audit matters changed
New this year: Valuation of Acquired Customer Relationships Intangible Asset (“Description of As described in Note 2 to the consolidated financial statements, on December 1, 2025, the Company completed the acquisition of the remaining 55% interest in New Process Steel, L.P. for a purchase price of $229 million. The Company measured the assets and liabilities assumed at fair va”). Same as last year: Valuation of Goodwill; Addressed the; Matter in Our; Audit; Addressed the; Matter in Our; Audit
10-K · XBRL
Accounting checks
8 other checks clear, 3 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
4 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

3facts worth reading about the other 8 checks found nothing to note

  • Receivables growing faster than revenue
    Receivables +18.7% vs revenue +3.6% (+15.1 pts)
  • Inventory growing faster than revenue
    Inventory +20.1% vs revenue +3.6% (+16.4 pts)
  • Critical audit matters changed
    New this year: Valuation of Acquired Customer Relationships Intangible Asset (“Description of As described in Note 2 to the consolidated financial statements, on December 1, 2025, the Company completed the acquisition of the remaining 55% interest in New Process Steel, L.P. for a purchase price of $229 million. The Company measured the assets and liabilities assumed at fair va”). Same as last year: Valuation of Goodwill; Addressed the; Matter in Our; Audit; Addressed the; Matter in Our; Audit
  • Cash from operations $1.4B vs net income $1.2B (FY ending Dec 31, 2025)
7 more checks with nothing to note
  • Same auditor in both 10-Ks: Ernst & Young LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

3 paragraphs in Risk Factors that were not in the 10-K filed Feb 28, 2025. Quoted as filed.

All 3 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 28, 2025 10-K, ITEM 1A
    We may experience difficulties in the launch or production ramp-up of new products which may adversely affect our business. As we ramp up manufacturing processes for newly introduced products, we may experience difficulties, including manufacturing disruptions, delays, or other complications, which could adversely affect our ability to…

New risk paragraphs, against peers

Latest 10-K of each, Materials companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$22.3B$18.8B$17.5B$18.2B
Net income$3.9B$2.5B$1.5B$1.2B
Operating cash flow$4.5B$3.5B$1.8B$1.4B
Free cash flow$3.6B$1.9B−$23.5M$501.5M

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$18.2B ▲ 3.6% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

4 filings in the last 30 days · SEC EDGAR

All filings

About the company

Steel Dynamics, Fort Wayne, IN · from the 10-K filed Feb 27, 2026

Steel Dynamics, Inc. is a leading industrial metals solutions company, with facilities located throughout the United States and Mexico. The company operates a circular manufacturing model, producing high-quality, lower-carbon-emission products with recycled scrap as the primary input.

Headquarters
Fort Wayne, IN
Country
United States
Reports in
USD
Listed on
Nasdaq
Fiscal year ends
December 31
Last results
Oct 20, 2026
Incorporated in
IN

Employees, at the top of the page: "The Steel Dynamics team consisted of approximately 14,400 full-time team members at December 31, 2025" (10-K). Address and exchange: SEC's company file.

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Sources

The 10-K filed Feb 27, 2026 (open at SEC), compared with the 10-K filed Feb 28, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/STLD/export.csv") into a cell.