Returning more cash than it generates. Paid out $4.4B vs $2.3B of free cash flow over the 3 fiscal years to 2025.
Steel Dynamics returned $4.4B to shareholders over three years, 188% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.
Sales growing faster than profits. Since 2022: revenue −18%, operating profit −71%.
Since 2022, Steel Dynamics's revenue changed −18% while operating profit fell 71%: costs rose faster than sales.
Share count shrinking. Shares outstanding down 17% from December 2022 to July 2026.
Steel Dynamics had 17% fewer shares at July 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.
Fast revenue growth. Revenue grew 20% in the 12 months to June 2026 vs the 12 months before, faster than 82% of peers.
Revenue grew 20% in the 12 months to June 2026 vs the 12 months before, faster than 82% of its peers.
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Steel Dynamics
Is Steel Dynamics getting weaker?
Its latest SEC filing (Jul 28, 2026) showed no major changes. Its overall score is unchanged at 60/100 since Oct 28, 2026.
How is Steel Dynamics valued vs its peers?
Priced about in line with its peers. Valuation scores 47/100 against 1,371 basic materials peers.
Is Steel Dynamics growing?
Yes, faster than most of its peers. Growth scores 75/100 against 1,371 basic materials peers.Revenue growth 19.8% vs a peer median of 3.4% (stronger than 82% of peers).Revenue growth 19.8% vs peers 3.4% (stronger than 82% of peers).
How profitable is Steel Dynamics?
More profitable than most of its peers. Profitability scores 77/100 against 1,371 basic materials peers.Return on assets 9.4% vs a peer median of 2.5% (stronger than 88% of peers).Return on assets 9.4% vs peers 2.5% (stronger than 88% of peers).
How risky is Steel Dynamics?
Moderate risk relative to 1,371 basic materials peers, judged on debt, liquidity and share-price swings.Current ratio 3.18× vs a peer median of 1.76× (stronger than 79% of peers).Current ratio 3.18× vs peers 1.76× (stronger than 79% of peers).Beta 1.51 vs a peer median of 0.69 (weaker than 91% of peers).Beta 1.51 vs peers 0.69 (weaker than 91% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Jul 28, 2026 · compared with the quarter ended Mar 31, 2026
No major changes
Previous quarter
Latest quarter
Change
Revenue (12 months)
19.0B USD
20.5B USD
+8.0%
Net income (12 months)
1.4B USD
1.6B USD
+17.2%
Operating margin
9.1%
10.0%
+0.9 pts
Free cash flow (12 months)
664.7M USD
955.6M USD
+43.7%
Debt
4.2B USD
4.2B USD
−0.0%
Cash
556.5M USD
567.7M USD
+2.0%
Shares outstanding
144.2M
143.3M
−0.6%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Basic Materials · 121 companies
Valuations in Basic Materials are near the top of their range since 2016.
84% of months since 2016 were valued lower than now.
43% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +23% and earnings +13% (medians): prices and earnings moved broadly together.
Median price-to-sales is −9% vs the whole market, against a usual −27%.
2016Shaded: most expensive fifth of its range2026
Shown for Basic Materials: too few Steel companies have a long enough history of their own.
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Gross margin
29.1%
27.5%
21.5%
16.0%
13.2%
▼ 2.8 pts
Operating margin
23.4%
22.9%
16.8%
11.1%
8.1%
▼ 3.0 pts
Net margin
17.5%
17.4%
13.0%
8.8%
6.5%
▼ 2.2 pts
Return on assets (ROA)
25.6%
27.3%
16.4%
10.3%
7.2%
▼ 3.1 pts
Return on equity (ROE)
51.0%
47.5%
27.6%
17.2%
13.2%
▼ 4.0 pts
Free cash flow margin
6.5%
16.0%
9.9%
-0.1%
2.8%
▲ 2.9 pts
Current ratio
3.10×
3.76×
2.91×
2.53×
3.06×
▲ 21%
Quick ratio
1.51×
2.22×
1.67×
1.08×
1.29×
▲ 20%
Debt to equity
0.49×
0.38×
0.35×
0.36×
0.47×
▲ 30%
Interest coverage
75.18×
55.63×
41.20×
34.48×
21.07×
▼ 39%
STLD price history
Price history is added with the daily price update and will appear after the next one.