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STLDSteel Dynamics

Materials · Steel · Nasdaq
STLD quote by TradingView
Compare with peers → Embed
FY2025 at a glance

Sales up 3.6%, free cash flow up to $501.5M

XBRL, from each 10-K
RevenueStatements ↓
$18.2B
from $17.5B in FY2024
FY2016FY2025
Net incomeStatements ↓
$1.2B
from $1.5B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$501.5M
from -$23.5M in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$7.99
from $9.84 in FY2024
FY2016FY2025
Operating marginStatements ↓
8.1%
from 11.1% in FY2024
FY2016FY2025
Total debtStatements ↓
$4.2B
from $3.2B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (42, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)13.54Sales (ttm)22.2BNet income (ttm)2.0BSales growth+3.6%EPS growth-18.8%Sales Q/Q+34.8%
Free cash flow1.1BGross margin15.9%Oper. margin11.5%Net margin8.8%FCF margin4.9%ROE19.9%
ROA11.0%R&D / sales-Dividend2.00Debt/Eq0.43Curr. ratio3.14Cash928.6M
Op. cash flow (ttm)1.7BEBITDA2.0BEBITDA margin11.2%Net debt3.3BQuick ratio1.68Interest cover21.07
ROIC8.4%Payout ratio25.0%Tax rate20.5%Stock pay / sales0.4%Shares out.142.2MShares Y/Y-5.0%
Book / share69.21Cash / share6.53Sales / share156.24Asset turnover1.25Inventory turns4.22Days sales out.34
Sales 3Y CAGR-6.5%Sales 5Y CAGR+13.6%EPS 3Y CAGR-27.4%EPS 5Y CAGR+25.3%Employees14,400Sales / employee1.5M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Debt rose 30%$3.2B → $4.2B · Short-term + long-term debt at year end
  • Free cash flow turned positive−$23.5M → $501.5M · Cash from operations − capital expenditure · 10-K ↗
  • Revenue growth sped up to +3.6%-6.7% → +3.6% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
  • Operating margin narrowed to 8.1%11.1% → 8.1% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

STLD against Materials peers

Ten years, side by side → · All 24 →
GrowthProfitBalanceCleanInsiders
STLDPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 24 companies, the better end on the right. Hover a dot for the company.

Sales growth
+3.6%13th of 24 · median +4.4%
Net margin
8.8%12th of 24 · median 8.4%
Return on equity
19.9%6th of 24 · median 13.1%
Free cash flow margin
4.9%15th of 24 · median 6.8%
Debt / equity (less is better)
0.434th of 24 · median 0.76
STLD and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
STLD Steel Dynamics$22.2B +3.6%15.9%8.8%19.9%4.9%0.43
NEM Newmont$26.6B +21.3%-34.7%25.9%37.9%0.14
FCX Freeport-McMoRan$26.4B +1.8%-13.0%16.4%6.5%0.45
SHW Sherwin-Williams$24.9B +2.1%48.6%10.7%67.3%12.4%2.97
IP International Paper$24.2B +49.3%29.8%-14.3%-26.3%0.3%0.74
AMCR Amcor$23.9B +56.6%19.8%4.5%9.3%3.2%1.27
Where each dollar goes

From $18.4B of sales to $3.2B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $5.4BRevenue to Cost of revenue: $13.0BGross profit to Operating profit: $4.3BGross profit to Operating expenses: $1.1BOperating profit to Net profit: $3.2BOperating profit to Tax & other: $1.1B Revenue: $18.4B Revenue$18.4B +92% Y/Y Gross profit: $5.4B · 29% margin Gross profit$5.4B29% margin +274% Y/Y Cost of revenue: $13.0B · 71% of revenue Cost of revenue$13.0B71% of revenue Operating profit: $4.3B · 23% margin Operating profit$4.3B23% margin +408% Y/Y Operating expenses: $1.1B · 6% of revenue Operating expenses$1.1B6% of revenue Net profit: $3.2B · 17% margin Net profit$3.2B17% margin +484% Y/Y Tax & other: $1.1B · 6% of revenue Tax & other$1.1B6% of revenue

Swipe sideways for the whole flow →

From $22.3B of sales to $3.9B of profit

FY2022, from the 10-K income statement and revenue by region
U.S. to Revenue: $20.9BNon-U.S. to Revenue: $1.4BRevenue to Gross profit: $6.1BRevenue to Cost of revenue: $16.1BGross profit to Operating profit: $5.1BGross profit to Operating expenses: $1.0BOperating profit to Net profit: $3.9BOperating profit to Tax & other: $1.2B U.S.: $20.9B · 94% U.S.$20.9B94% Non-U.S.: $1.4B · 6% Non-U.S.$1.4B6% Revenue: $22.3B Revenue$22.3B +21% Y/Y Gross profit: $6.1B · 27% margin Gross profit$6.1B27% margin +14% Y/Y Cost of revenue: $16.1B · 73% of revenue Cost of revenue$16.1B73% of revenue Operating profit: $5.1B · 23% margin Operating profit$5.1B23% margin +18% Y/Y Operating expenses: $1.0B · 5% of revenue Operating expenses$1.0B5% of revenue Net profit: $3.9B · 17% margin Net profit$3.9B17% margin +20% Y/Y Tax & other: $1.2B · 6% of revenue Tax & other$1.2B6% of revenue

Swipe sideways for the whole flow →

From $18.8B of sales to $2.5B of profit

FY2023, from the 10-K income statement and revenue by region
U.S. to Revenue: $17.0BNon-U.S. to Revenue: $1.8BRevenue to Gross profit: $4.0BRevenue to Cost of revenue: $14.7BGross profit to Operating profit: $3.2BGross profit to Operating expenses: $894.7MOperating profit to Net profit: $2.5BOperating profit to Tax & other: $700.3M U.S.: $17.0B · 90% U.S.$17.0B90% Non-U.S.: $1.8B · 10% Non-U.S.$1.8B10% Revenue: $18.8B Revenue$18.8B −16% Y/Y Gross profit: $4.0B · 22% margin Gross profit$4.0B22% margin −34% Y/Y Cost of revenue: $14.7B · 78% of revenue Cost of revenue$14.7B78% of revenue Operating profit: $3.2B · 17% margin Operating profit$3.2B17% margin −38% Y/Y Operating expenses: $894.7M · 5% of revenue Operating expenses$894.7M5% of revenue Net profit: $2.5B · 13% margin Net profit$2.5B13% margin −37% Y/Y Tax & other: $700.3M · 4% of revenue Tax & other$700.3M4% of revenue

Swipe sideways for the whole flow →

From $17.5B of sales to $1.5B of profit

FY2024, from the 10-K income statement and revenue by region
U.S. to Revenue: $16.1BNon-U.S. to Revenue: $1.5BRevenue to Gross profit: $2.8BRevenue to Cost of revenue: $14.7BGross profit to Operating profit: $1.9BGross profit to Operating expenses: $859.5MOperating profit to Net profit: $1.5BOperating profit to Tax & other: $405.9M U.S.: $16.1B · 92% U.S.$16.1B92% Non-U.S.: $1.5B · 8% Non-U.S.$1.5B8% Revenue: $17.5B Revenue$17.5B −7% Y/Y Gross profit: $2.8B · 16% margin Gross profit$2.8B16% margin −31% Y/Y Cost of revenue: $14.7B · 84% of revenue Cost of revenue$14.7B84% of revenue Operating profit: $1.9B · 11% margin Operating profit$1.9B11% margin −38% Y/Y Operating expenses: $859.5M · 5% of revenue Operating expenses$859.5M5% of revenue Net profit: $1.5B · 9% margin Net profit$1.5B9% margin −37% Y/Y Tax & other: $405.9M · 2% of revenue Tax & other$405.9M2% of revenue

Swipe sideways for the whole flow →

From $18.2B of sales to $1.2B of profit

FY2025, from the 10-K income statement and revenue by region
U.S. to Revenue: $17.0BNon-U.S. to Revenue: $1.2BRevenue 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 U.S.: $17.0B · 94% U.S.$17.0B94% Non-U.S.: $1.2B · 6% Non-U.S.$1.2B6% Revenue: $18.2B Revenue$18.2B +4% Y/Y Gross profit: $2.4B · 13% margin Gross profit$2.4B13% margin −15% Y/Y Cost of revenue: $15.8B · 87% of revenue Cost of revenue$15.8B87% of revenue Operating profit: $1.5B · 8% margin Operating profit$1.5B8% margin −24% Y/Y Operating expenses: $916.2M · 5% of revenue Operating expenses$916.2M5% of revenue Net profit: $1.2B · 7% margin Net profit$1.2B7% margin −23% Y/Y Tax & other: $290.4M · 2% of revenue Tax & other$290.4M2% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax, less other income
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 4
  • ✓
    Net margin above the peer median8.8% vs 8.4%
  • !
    Gross margin down over 5 years14.9% → 13.2%
  • ✓
    Return on equity above 15%19.9%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 4.9% → 6.5%

Balance sheet

4 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 21.1× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.43 on the latest balance sheet (peer median 0.76)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 3.14
  • ✓
    Net debt under 3 years of free cash flow$3.3B net debt, 3.0 years
Debt / equity at each year end, FY2016 to FY2025: 0.81 → 0.47
What the debt is made of ↓

Cash and shareholders

3 of 4
  • !
    Free cash flow positive in 8 of 10 years$501.5M last year
  • ✓
    Share count down over 5 years−30.1%
  • ✓
    Dividend per share up over 5 years$1.00 → $2.00
  • ✓
    Cash from operations above net income$1.4B vs $1.2B
Free cash flow, FY2016 to FY2025: 654.6M → 501.5M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$4.3B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 18.2B Net income 1.2B
FY2016 revenue 7.8B · Revenues, 0001144204-19-010579 FY2016 net income 382.1M · NetIncomeLossAvailableToCommonStockholdersBasic, 0001144204-19-010579 7.8B FY2016 FY2017 revenue 9.5B · Revenues, 0001558370-20-001641 FY2017 net income 812.7M · NetIncomeLossAvailableToCommonStockholdersBasic, 0001558370-20-001641 9.5B FY2017 FY2018 revenue 11.8B · Revenues, 0001558370-21-002129 FY2018 net income 1.3B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001558370-21-002129 11.8B FY2018 FY2019 revenue 10.5B · Revenues, 0001558370-22-002377 FY2019 net income 671.1M · NetIncomeLossAvailableToCommonStockholdersBasic, 0001558370-22-002377 10.5B FY2019 FY2020 revenue 9.6B · Revenues, 0001558370-23-002303 FY2020 net income 550.8M · NetIncomeLossAvailableToCommonStockholdersBasic, 0001558370-23-002303 9.6B FY2020 FY2021 revenue 18.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001558370-24-002152 FY2021 net income 3.2B · NetIncomeLoss, 0001558370-24-002152 18.4B FY2021 FY2022 revenue 22.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001558370-25-001886 FY2022 net income 3.9B · NetIncomeLoss, 0001558370-25-001886 22.3B FY2022 FY2023 revenue 18.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001104659-26-021395 FY2023 net income 2.5B · NetIncomeLoss, 0001104659-26-021395 18.8B FY2023 FY2024 revenue 17.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001104659-26-021395 FY2024 net income 1.5B · NetIncomeLoss, 0001104659-26-021395 17.5B FY2024 FY2025 revenue 18.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001104659-26-021395 FY2025 net income 1.2B · NetIncomeLoss, 0001104659-26-021395 18.2B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

STLD's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue18.2B
FY2016: 7.8BFY2017: 9.5BFY2018: 11.8BFY2019: 10.5BFY2020: 9.6BFY2021: 18.4BFY2022: 22.3BFY2023: 18.8BFY2024: 17.5BFY2025: 18.2B FY2017FY2019FY2021FY2023FY2025
Net income1.2B
FY2016: 382.1MFY2017: 812.7MFY2018: 1.3BFY2019: 671.1MFY2020: 550.8MFY2021: 3.2BFY2022: 3.9BFY2023: 2.5BFY2024: 1.5BFY2025: 1.2B FY2017FY2019FY2021FY2023FY2025
Free cash flow501.5M
FY2016: 654.6MFY2017: 574.5MFY2018: 1.2BFY2019: 944.3MFY2020: -211.0MFY2021: 1.2BFY2022: 3.6BFY2023: 1.9BFY2024: -23.5MFY2025: 501.5M FY2017FY2019FY2021FY2023FY2025
EPS (diluted)7.99
FY2016: 1.56FY2017: 3.36FY2018: 5.35FY2019: 3.04FY2020: 2.59FY2021: 15.56FY2022: 20.92FY2023: 14.64FY2024: 9.84FY2025: 7.99 FY2017FY2019FY2021FY2023FY2025
Dividend per share2.00
FY2016: 0.56FY2017: 0.62FY2018: 0.75FY2019: 0.96FY2020: 1.00FY2021: 1.04FY2022: 1.36FY2023: 1.70FY2024: 1.84FY2025: 2.00 FY2017FY2019FY2021FY2023FY2025
Diluted shares148.4M
FY2016: 245.3MFY2017: 241.8MFY2018: 235.2MFY2019: 220.7MFY2020: 212.3MFY2021: 206.6MFY2022: 184.6MFY2023: 167.4MFY2024: 156.1MFY2025: 148.4M FY2017FY2019FY2021FY2023FY2025

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
U.S. 17.0B93.6% +5.9%
Non-U.S. 1.2B6.4% -21.2%

10-K 0001104659-26-021395, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue7.8B9.5B11.8B10.5B9.6B18.4B22.3B18.8B17.5B18.2B
Cost of revenue6.4B8.0B9.5B8.9B8.2B13.0B16.1B14.7B14.7B15.8B
Gross profit1.3B1.6B2.3B1.5B1.4B5.4B6.1B4.0B2.8B2.4B
SG&A474.1M515.1M600.4M--644.0M545.6M588.6M664.1M765.3M
Operating income728.0M1.1B1.7B986.9M847.1M4.3B5.1B3.2B1.9B1.5B
Interest expense146.0M134.4M126.6M127.1M94.9M57.2M91.5M76.5M56.3M70.0M
Pretax income564.1M935.2M1.6B875.3M705.5M4.2B5.0B3.2B2.0B1.5B
Income tax204.1M129.4M364.0M197.4M134.7M962.3M1.1B751.6M432.9M305.7M
Net income382.1M812.7M1.3B671.1M550.8M3.2B3.9B2.5B1.5B1.2B
EPS (diluted)1.563.365.353.042.5915.5620.9214.649.847.99
Diluted shares245.3M241.8M235.2M220.7M212.3M206.6M184.6M167.4M156.1M148.4M
Depreciation & amortization296.1M299.0M317.2M321.1M325.8M347.7M384.2M437.8M478.9M551.4M
EBITDA1.0B1.4B2.0B1.3B1.2B4.6B5.5B3.6B2.4B2.0B
Gross margin17.2%16.6%19.6%14.6%14.9%29.1%27.5%21.5%16.0%13.2%
Operating margin9.4%11.2%14.6%9.4%8.8%23.4%22.9%16.8%11.1%8.1%
Net margin4.9%8.5%10.6%6.4%5.7%17.5%17.4%13.0%8.8%6.5%
Revenue growth-+22.7%+23.9%-11.5%-8.3%+91.7%+20.9%-15.6%-6.7%+3.6%
EPS growth-+115%+59.2%-43.2%-14.8%+501%+34.4%-30.0%-32.8%-18.8%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash841.5M1.0B828.2M1.4B1.4B1.2B1.6B1.4B589.5M769.9M
Short-term investments--228.8M262.2M0-628.2M721.2M147.8M0
Receivables703.6M846.4M1.0B841.4M968.0M1.9B2.0B1.6B1.4B1.7B
Inventory1.3B1.5B1.9B1.7B1.8B3.5B3.1B2.9B3.1B3.7B
Current assets2.9B3.5B4.0B4.3B4.3B6.9B7.6B6.8B5.4B6.5B
Property & equipment2.8B2.7B2.9B3.1B4.1B4.8B5.4B6.7B8.1B8.6B
Goodwill393.4M386.9M429.6M452.9M457.2M453.8M502.1M477.5M477.5M477.5M
Total assets6.4B6.9B7.7B8.3B9.3B12.5B14.2B14.9B14.9B16.4B
Accounts payable382.1M473.8M536.7M509.7M760.5M1.3B1.0B---
Current liabilities712.8M868.5M1.0B1.0B1.3B2.2B2.0B2.3B2.2B2.1B
Total debt2.4B2.4B2.4B2.7B3.1B3.1B3.1B3.1B3.2B4.2B
Total liabilities3.5B3.5B3.8B4.2B4.9B6.2B6.1B6.1B6.0B7.5B
Shareholders' equity2.9B3.4B3.9B4.1B4.3B6.3B8.1B8.9B8.9B9.0B
Retained earnings2.2B2.9B4.0B4.4B4.8B7.8B11.4B13.5B14.8B15.7B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow852.8M739.4M1.4B1.4B987.0M2.2B4.5B3.5B1.8B1.4B
Capital spending198.2M164.9M239.4M451.9M1.2B1.0B908.9M1.7B1.9B948.0M
Free cash flow654.6M574.5M1.2B944.3M-211.0M1.2B3.6B1.9B-23.5M501.5M
Stock-based pay (added back)31.7M36.2M43.3M47.6M55.6M57.7M59.2M61.7M66.6M69.0M
Dividends paid135.8M145.6M168.9M200.3M209.2M213.0M237.2M271.3M282.6M291.2M
Buybacks25.0M252.2M523.6M348.6M106.5M1.1B1.8B1.5B1.2B900.9M
Acquisitions123.4M6.2M434.0M97.1M60.0M-134.1M--175.8M
Debt raised473.9M620.0M445.6M1.6B2.5B1.5B1.5B1.4B2.5B3.6B
Debt repaid729.0M609.9M455.5M1.3B2.2B1.5B1.5B1.4B2.3B2.6B
Investing cash flow-312.9M-139.1M-895.3M-576.7M-993.3M-999.4M-1.9B-2.0B-1.3B-975.0M
Financing cash flow-425.4M-413.3M-720.9M-266.6M-7.0M-1.3B-2.2B-1.8B-1.4B-294.3M
Dividend per share0.560.620.750.961.001.041.361.701.842.00

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)31.7M36.2M43.3M47.6M55.6M57.7M59.2M61.7M66.6M69.0M
Stock-based pay / revenue0.4%0.4%0.4%0.5%0.6%0.3%0.3%0.3%0.4%0.4%
Operating lease cost---20.1M21.3M22.5M23.7M27.9M27.4M27.9M
Operating lease cash paid---17.5M18.6M19.0M20.1M22.8M23.2M23.2M
Right-of-use assets---75.2M90.3M100.1M110.6M127.5M113.5M170.2M
Operating lease liabilities---75.4M90.3M100.1M110.6M128.2M114.3M171.7M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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