Steel Dynamics IncSteel Dynamics Inc
Steel Dynamics Inc

Steel Dynamics Inc

STLD
Materials·Metals & Mining

Steel Dynamics, Inc. engages in the production of steel and recycling of metals. It operates through the following segments: Steel Operations, Metals Recycling Operations, Steel Fabrication Operations, and Aluminum Operations. The Steel Operations segment is composed of electric arc furnace (EAF) steel mills, production of steel from ferrous scrap and scrap substitutes, utilization of continuous casting, automation of rolling mills and steel coatings, processing lines, and warehouse operations. The Metals Recycling Operations segment is involved in ferrous and nonferrous scrap metal processing, transportation, marketing, brokerage, and provision of scrap management services. The Steel Fabrication Operations segment includes New Millennium Building Systems plants that serve non-residential construction industry throughout the United States. The Aluminum Operations segment consists of recycled aluminum flat rolled products mill being constructed in Columbus, Mississippi, and satellite recycled aluminum slab centers in Arizona and Mexico. The company was founded by Keith E. Busse, Mark D. Millett, Richard P. Teets, and John C. Bates in 1993 and is headquartered in Fort Wayne, IN.

Indiana; U.S.A
Market cap
No dataNo data
Revenue
$18.2B+3.6% YoY
Net income
$1.2B−22.9% YoY
Free cash flow
$501.5M+2233.8% YoY

Market

Listed stock
Tokenized stocks
STLDPriceNasdaq
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Financial performance

Revenue
$18.2B+3.6% YoY
Operating income
$1.5B−24.0% YoY
Net income
$1.2B−22.9% YoY
Free cash flow
$501.5M+2233.8% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $18.4B, 2022 $22.3B, 2023 $18.8B, 2024 $17.5B, 2025 $18.2B. Operating income: 2021 $4.3B, 2022 $5.1B, 2023 $3.2B, 2024 $1.9B, 2025 $1.5B. Net income: 2021 $3.2B, 2022 $3.9B, 2023 $2.5B, 2024 $1.5B, 2025 $1.2B. Free cash flow: 2021 $1.2B, 2022 $3.6B, 2023 $1.9B, 2024 $-23.5M, 2025 $501.5M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
3.6%+1030 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $4.3B, 2022-12-31 $5.1B, 2023-12-31 $3.2B, 2024-12-31 $1.9B, 2025-12-31 $1.5B. Net income: 2021-12-31 $3.2B, 2022-12-31 $3.9B, 2023-12-31 $2.5B, 2024-12-31 $1.5B, 2025-12-31 $1.2B. Free cash flow: 2021-12-31 $1.2B, 2022-12-31 $3.6B, 2023-12-31 $1.9B, 2024-12-31 $-23.5M, 2025-12-31 $501.5M

Growth heatmap

2022202320242025CAGR
Revenue
+20.9%
-15.6%
-6.7%
+3.6%
-0.3%
Gross profit
+14.1%
-33.9%
-30.7%
-14.6%
-18.3%
Operating income
+18.4%
-38.1%
-38.3%
-24.0%
-23.5%
Free cash flow
+196.5%
-47.6%
-101.3%
+2233.8%
-19.6%

Earnings quality

Operating cash flow
$1.4B−21.4% YoY
Net income
$1.2B−22.9% YoY
Free cash flow
$501.5M+2233.8% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 122%, 2024-12-31 120%, 2023-12-31 144%, 2022-12-31 115%, 2021-12-31 68%. Free cash flow: 2025-12-31 42%, 2024-12-31 -2%, 2023-12-31 76%, 2022-12-31 92%, 2021-12-31 37%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
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FCF / share
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Diluted shares
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
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Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
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EV / EBITDA
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Free cash flow yield
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