Steel Dynamics, Inc. (STLD) Stock Analysis
Basic Materials · Steel · NasdaqGS
Steel Dynamics, Inc. (STLD) posted $18.18B in revenue for fiscal 2025 (up 3.6% year over year), at a 6.5% net margin, and has compounded revenue about 13.6%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Steel Dynamics, Inc.
Steel Dynamics, Inc. has grown revenue from $7.78B to $18.18B over the last 10 fiscal years, compounding about 13.6% a year. The most recent year was up 3.6%, so growth has cooled from its longer-run pace.
Net margin sits at 6.5%, down 2.3 points year over year on a 13.2% gross margin. It carries about $4.20B of total debt.
At today's valuation the market is pricing in roughly 25.2% annual free-cash-flow growth. The one thing worth a second look in the filings is receivables growing faster than sales.
Synthesised from Steel Dynamics, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Steel Dynamics, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.78B | $9.54B | $11.82B | $10.46B | $9.60B | $18.41B | $22.26B | $18.80B | $17.54B | $18.18B |
| Gross profit | $1.33B | $1.58B | $2.32B | $1.53B | $1.43B | $5.36B | $6.12B | $4.05B | $2.80B | $2.39B |
| Net income | $360.01M | $805.80M | $1.26B | $677.90M | $570.83M | $3.21B | $3.86B | $2.45B | $1.54B | $1.19B |
| Net margin | 4.6% | 8.4% | 10.6% | 6.5% | 5.9% | 17.5% | 17.4% | 13.0% | 8.8% | 6.5% |
Source: Steel Dynamics, Inc. SEC filings (10-K). 19 years of history available in the interactive view.
Steel Dynamics, Inc.: 2 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Receivables growing faster than salesAccounts receivable rose 18.7% while revenue rose 3.6% in the latest year — a gap that can signal looser credit terms or pulled-forward sales. Worth checking days-sales-outstanding.
- Net margin shrinkingNet margin fell from 17.4% to 6.5% over ~3 years — profitability is compressing.
What growth is priced into STLD stock?
At today's market cap of $36.01B, Steel Dynamics, Inc. is priced for free-cash-flow growth of about 25.2% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $501.51M from the FY ending 2025-12-31). For comparison, revenue 13.6%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 19 years of Steel Dynamics, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Steel Dynamics, Inc. financial history by metric
Compare Steel Dynamics, Inc. with peers
About Steel Dynamics, Inc.
Steel Dynamics, Inc., together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through four segments: Steel Operations, Metals Recycling Operations, Steel Fabrication Operations, and Aluminum Operations. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, large unequal leg angles, and reinforcing steel bars, standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products. This segment also engages in turning, polishing, straightening, chamfering, precision saw-cutting, and heat treating of bar products. Its products are used in construction, automotive, manufacturing, transportation, heavy and agricultural equipment, energy, and pipe and tube markets. The Metals Recycling Operations segment is involved in the ferrous and nonferrous scrap metal processing, transportation, marketing, brokerage, and scrap management services. Its ferrous products include heavy melting steel, busheling, bundled scrap, shredded scrap, steel turnings, and cast-iron products; and nonferrous products comprise aluminum, brass, copper, stainless steel, and other nonferrous metals. The Steel Fabrication Operations segment produces steel non-residential building components, such as steel joists, joist girders, and steel deck products for non-residential steel fabricators, metal building companies, general construction contractors, developers, property owners, brokers, and governmental entities. The Aluminum Operations segment offers recycled aluminum flat rolled products. The company also exports its products. Steel Dynamics, Inc. was incorporated in 1993 and is headquartered in Fort Wayne, Indiana.
Steel Dynamics, Inc. — frequently asked questions
What is Steel Dynamics, Inc.'s revenue?
Steel Dynamics, Inc. (STLD) reported revenue of $18.18B for fiscal year 2025, up 3.6% from the prior year, according to its SEC filings.
Is Steel Dynamics, Inc. profitable?
Yes. STLD earned net income of $1.19B in fiscal 2025, a net margin of 6.5%.
What is STLD's P/E ratio?
Steel Dynamics, Inc. trades at a price-to-earnings ratio of about 22.8 based on the latest data in our nightly-refreshed cache.
How fast is Steel Dynamics, Inc. growing?
STLD's revenue grew at roughly 13.6% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Steel Dynamics, Inc. have?
As of fiscal year 2025, STLD carried roughly $4.20B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Steel Dynamics, Inc.'s gross margin?
STLD's gross margin was 13.2% in fiscal 2025 — gross profit of $2.39B on revenue of $18.18B.
What is Steel Dynamics, Inc.'s market cap?
Steel Dynamics, Inc. (STLD) has a market capitalization of about $36.01B, based on the latest data in our nightly-refreshed cache.
When does Steel Dynamics, Inc.'s fiscal year end?
STLD's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into STLD stock?
At today's market cap of $36.01B, Steel Dynamics, Inc. is priced for free-cash-flow growth of about 25.2% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $501.51M from the FY ending 2025-12-31). For comparison, revenue 13.6%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Steel Dynamics, Inc.'s official SEC filings (10-K and 10-Q), covering 19 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.