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Steel Dynamics (STLD) USD

Steel Dynamics, Inc. is a steel producer and metal recycler that manufactures a range of steel products, including hot rolled, cold rolled, and coated steel, as well as structural shapes and rail products. It also processes and brokers ferrous and nonferrous scrap metal through its metals recycling operations.

At a glance: strengths & risks
✓Revenue growing (+35% y/y, Q3 2026)✓Profit growing (+87% y/y, Q3 2026)✓Margins improving (13%→18%, Q3 2026)✗Pricier than own history (EV/EBITDA 12.0 vs avg 9.2)

Sector: Steel

Geography: United States

COMM_STLD

Price chart

241.53 USDDay 0.68%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
241.53 USD · 0.68%
Market cap
35.7 bn USD

Growth

Δ revenue y/y
34.8%
Δ EBITDA y/y
82.8%

Multiples

P/E (LTM)
18.2x
3y avg: 13.1x
P/B (FY)
4.0x
P/E (ann.)
11.8x
EV/EBITDA (LTM)
12.0x
3y avg: 9.2x
EV/EBITDA (ann.)
8.2x

Cash return

Dividend yield
0.9%
FCF yield (LTM)
2.1%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-48.3%
↓ details

Liquidity

Daily turnover (listing)
199 mln USD

Shares: yahoo_fundamentals_timeseries/STLD

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-09-30Q3 2026 (3M)OK6.5
y/y 34.8%
1.0
y/y 98.2%
0.2
y/y 26.3%
1.2
y/y 82.8%
0.8
y/y 87.3%
0.8-0.117.8
y/y 11.7%
9.8
y/y 9.4%
10.5%3.3Link
2026-06-30Q2 2026 (3M)OK6.1
y/y 33.4%
0.7
y/y 83.0%
0.2
y/y 65.6%
0.9
y/y 78.5%
0.5
y/y 78.8%
0.4-0.117.1
y/y 10.1%
9.4
y/y 6.3%
23.0%3.6Yahoo Finance
2026-03-31Q1 2026 (3M)OK5.2
y/y 19.1%
0.5
y/y 95.5%
0.2
y/y 19.1%
0.7
y/y 70.5%
0.4
y/y 85.8%
0.1-0.116.7
y/y 5.0%
9.2
y/y 3.9%
17.8%3.6Link
2025-12-31Q4 2025 (3M)OK4.4
y/y 14.0%
0.3
y/y 30.6%
0.1
y/y 16.5%
0.5
y/y 25.7%
0.3
y/y 28.3%
0.3-0.216.4
y/y 9.9%
9.0
y/y 0.3%
13.2%3.6Link
2025-09-30Q3 2025 (3M)OK4.8
y/y 11.2%
0.5
y/y 28.4%
0.1
y/y 14.4%
0.6
y/y 25.1%
0.4
y/y 27.0%
0.7-0.216.0
y/y 1.9%
9.0
y/y -1.0%
6.0%3.0Link
2025-06-30Q2 2025 (3M)OK4.6
y/y -1.5%
0.4
y/y -31.5%
0.1
y/y 13.5%
0.5
y/y -23.7%
0.3
y/y -30.2%
0.3-0.315.5
y/y 3.2%
8.9
y/y -2.9%
13.5%3.3Link
2025-03-31Q1 2025 (3M)OK4.4
y/y -6.9%
0.3
y/y -63.4%
0.1
y/y 16.1%
0.4
y/y -52.8%
0.2
y/y -62.8%
0.2-0.315.9
y/y 6.0%
8.8
y/y -2.7%
9.8%3.0Link
2024-12-31Q4 2024 (3M)OK3.9
y/y -8.5%
0.2
y/y -54.2%
0.1
y/y 12.4%
0.4
y/y -42.4%
0.2
y/y -51.1%
0.3-0.514.9
y/y 0.2%
8.9
y/y 0.8%
17.1%2.6Link
2024-09-30Q3 2024 (3M)OK4.3
y/y -5.4%
0.4
y/y -46.1%
0.1
y/y 12.7%
0.5
y/y -38.6%
0.3
y/y -44.9%
0.8-0.615.7
y/y 4.9%
9.1
y/y 2.1%
4.7%2.0Link
2024-06-30Q2 2024 (3M)OK4.6
y/y -8.8%
0.6
y/y -47.4%
0.1
y/y 5.5%
0.7
y/y -42.4%
0.4
y/y -47.3%
0.4-0.415.1
y/y 3.5%
9.1
y/y 4.9%
18.8%1.8Link
2024-03-31Q1 2024 (3M)OK4.7
y/y -4.1%
0.8
y/y -10.1%
0.1
y/y 7.0%
0.9
y/y -8.1%
0.6
y/y -8.4%
0.4-0.415.0
y/y 5.7%
9.1
y/y 8.8%
26.0%1.3Link
2023-12-31Q4 2023 (3M)OK4.2
y/y —
0.5
y/y —
0.1
y/y —
0.6
y/y —
0.4
y/y —
0.9-0.514.9
y/y —
8.9
y/y —
27.6%1.1Link
2023-09-30Q3 2023 (3M)OK4.6
y/y —
0.7
y/y —
0.1
y/y —
0.8
y/y —
0.6
y/y —
1.1-0.614.9
y/y —
8.9
y/y —
8.7%0.8Link
2023-06-30Q2 2023 (3M)OK5.1
y/y —
1.1
y/y —
0.1
y/y —
1.2
y/y —
0.8
y/y —
0.8-0.414.6
y/y —
8.7
y/y —
38.1%1.0Link
2023-03-31Q1 2023 (3M)OK4.9
y/y —
0.8
y/y —
0.1
y/y —
0.9
y/y —
0.6
y/y —
0.7-0.214.2
y/y —
8.3
y/y —
—0.7Link

Net debt structure (leases included, IFRS 16) 2026-09-30

Short-term debt (incl. ST leases)21
Long-term debt (incl. LT leases)4 183
− Cash & equivalents929
Net debt3 275

Net debt / LTM EBITDA: 1.0x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 0004 0006 0008 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

-100%-50%0%50%100%2024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-20002004006008002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

01 0002 0003 0004 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 1.22x of reported net profit; after capex, 0.42x.
year202320242025
cash flow / profit1.44x1.20x1.22x
accruals, % of assets-7.2%-2.1%-1.6%
Last twelve months (to 2026-09-30): 0.86x of profit came back as operating cash flow.
net debt / EBITDA 1.8x · EBIT covers interest 21.1x · capex 3.0x of depreciation · dividends 36% of free cash flow · share count -5.9% a year
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Annual production
13 748 801 tons
2025

Production, tons

12 660 487202413 748 8012025

Production

YearProduction, tons
202513 748 801
+8.6%
202412 660 487

SEC 10-K (CIK 1022671) via DeepSeek; STLD primary-product production & reserves.

Key-commodity price — HRC (China)

Current 3 226spot vs LTM -3%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -48.3% → +0.0 pp 1d

Main driver: HRC (China) -3% vs LTM; revenue ×0.97 vs costs ×1.03; EBITDA 3 256→2 067; at 10.5× EV/EBITDA → -48%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
HRC (China) (rev)+85%3 226.003 336.363 591.92-3%+8%
Iron and Steel Scrap (cost)-50%580.95569.87574.60+2%+1%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue22 220
LTM EBITDA3 256
LTM cash costs (revenue − EBITDA)18 964
2 · Revenue projection
Revenue multiplier — spot×0.972 (-3%)
= Spot revenue21 595
Revenue multiplier — 3y price×1.065 (+7%)
= 3-year-price revenue23 667
3 · Costs projection
Cost multiplier — spot×1.030 (+3%)
= Spot cash costs19 528
Cost multiplier — 3y price×1.024 (+2%)
= 3-year-price cash costs19 422
4 · EBITDA projection (revenue − costs)
= Spot EBITDA2 067
= 3-year-price EBITDA4 245
Conservative EBITDA = min(spot, avg)2 067
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)10.5x
Target EV = EV/EBITDA × conservative EBITDA21 747
Net debt3 275
Target market cap = EV − net debt18 471
Current market cap35 700

Upside = target market cap ÷ current − 1 = -48.3%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2024 Q14 6944 646+1.0%866699+23.9%
2024 Q24 6334 524+2.4%676798-15.2%
2024 Q34 3424 035+7.6%516302+70.8%
2024 Q43 8724 193-7.7%363471-22.9%
2025 Q14 3694 104+6.5%409322+27.0%
2025 Q24 5654 006+14.0%51636—
2025 Q34 8284 307+12.1%646498+29.7%
2025 Q44 4144 346+1.6%457402+13.4%
2026 Q15 2054 488+16.0%697368+89.7%
2026 Q26 0924 825+26.3%921363+153.9%
2026 Q36 5095 073+28.3%1 181403+193.0%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +4% vs -7% the year before — a +10.3 pp move. 3-year CAGR —.
revenue growth by year: 2024 -7% · 2025 +4%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 14.8x · target 75th pct (3y) 14.1x · LTM avg 14.1x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Steel. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Tata SteelIndia22.07.9x3.5x
JSW SteelIndia30.510.5x4.6x
MMKRussia3.32.9x5.8x
Gerdauglobal10.16.9x6.9x
NLMKRussia5.73.7x7.5x
POSCO HoldingsKorea15.77.0x7.6x
SeverstalRussia7.46.2x12.5x
Nucor Corporationglobal58.915.5x15.5x
Cleveland-Cliffsglobal7.920.2x20.2x
RusalRussia4.810.6x21.4x
UsiminasBrazil1.626.1x28.0x
TMK (pipe)Russia0.916.3x33.1x
Group median9.2x10.0x
Group average11.1x13.9x
This companyglobal35.712.0x12.0x

Group median 9.2x as traded, 10.0x adjusted; this company 12.0x — a 19% premium.

Group average 11.1x as traded, 13.9x adjusted; against the average this company is at a 14% discount. The average sits 38% above the median: TMK (pipe) (33.1x) skews the group.

At the adjusted group median the market cap would be -18% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.4x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 17.0x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-25; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-300.53 USDEx-dividend: 0.53 USD per sharePaidYahoo Finance (ex-div)
2026-06-300.53 USDEx-dividend: 0.53 USD per sharePaidYahoo Finance (ex-div)
2026-03-310.53 USDEx-dividend: 0.53 USD per sharePaidYahoo Finance (ex-div)
2025-12-310.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2025-09-300.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2025-06-300.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2025-03-310.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2024-12-310.46 USDEx-dividend: 0.46 USD per sharePaidYahoo Finance (ex-div)
2024-09-300.46 USDEx-dividend: 0.46 USD per sharePaidYahoo Finance (ex-div)
2024-06-280.46 USDEx-dividend: 0.46 USD per sharePaidYahoo Finance (ex-div)
2024-03-270.46 USDEx-dividend: 0.46 USD per sharePaidYahoo Finance (ex-div)
2023-12-280.425 USDEx-dividend: 0.425 USD per sharePaidYahoo Finance (ex-div)
2023-09-280.425 USDEx-dividend: 0.425 USD per sharePaidYahoo Finance (ex-div)
2023-06-290.425 USDEx-dividend: 0.425 USD per sharePaidYahoo Finance (ex-div)
2023-03-300.425 USDEx-dividend: 0.425 USD per sharePaidYahoo Finance (ex-div)
2022-12-290.34 USDEx-dividend: 0.34 USD per sharePaidYahoo Finance (ex-div)
2022-09-290.34 USDEx-dividend: 0.34 USD per sharePaidYahoo Finance (ex-div)
2022-06-290.34 USDEx-dividend: 0.34 USD per sharePaidYahoo Finance (ex-div)
2022-03-300.34 USDEx-dividend: 0.34 USD per sharePaidYahoo Finance (ex-div)
2021-12-300.26 USDEx-dividend: 0.26 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Steel Dynamics (STLD) — from primary filings.

Frequently asked questions

What is Steel Dynamics (STLD)'s P/E ratio?
Steel Dynamics (STLD) trades at a P/E of 18.2x (price to trailing 12-month earnings).
What is Steel Dynamics (STLD)'s EV/EBITDA?
Steel Dynamics (STLD) trades at 12.0x EV/EBITDA.
What is Steel Dynamics (STLD)'s P/B ratio?
Steel Dynamics (STLD) trades at a P/B of 4.0x.
What is Steel Dynamics (STLD)'s dividend yield?
Steel Dynamics (STLD)'s trailing 12-month dividend yield is 0.9%.
What is Steel Dynamics (STLD)'s return on equity (ROE)?
Steel Dynamics (STLD)'s ROE is 10.5%.
What is Steel Dynamics (STLD)'s market capitalization?
Steel Dynamics (STLD)'s market cap is 35.7 bn USD.

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