Steel Dynamics Inc (STLD)
Materials · Steel · US stock · S&P 500 component
$239.90
▼ -8.07 (3.25%)
Fair valueFair
$221 −7.8% to fair value
$111fair band $188–$268$332
Day's range
$232.47 – $244.82
52-week range
$148.13 – $288.74
About Steel Dynamics Inc
Steel Dynamics makes steel using electric arc furnaces that melt scrap metal, and it sells flat rolled steel, structural steel, rebar and other products to construction, automotive and manufacturing customers. It also operates metals recycling and steel fabrication businesses and has been building an aluminium operation. Earnings depend on steel prices, scrap costs and demand from the construction and industrial sectors.
Revenue over the last twelve months came to $20.5 billion, and sales fell by 6.5% a year on average across the past three years. Operating margin is 10.0% and return on invested capital is 12%. Net debt to EBITDA is 1.4 times. It pays a dividend with a yield of 0.9%. The X-Ray Score is 46 out of 100. The figures are a snapshot of reported results rather than a forecast.
Price chart
52-wk range $148.13 – $288.74Volume 1,389,426Daily, split-adjusted
Vitals
Market cap$34.7B
52-week range$148.13 – $288.74
Volume (last day)1,389,426
P/E (TTM)21.9
EBIT / EV yield5.4%
Free-cash-flow yield2.8%
Dividend yield0.9%
Revenue (TTM)$20.5B
Net income (TTM)$1.6B
Operating margin10.0%
Return on capital12.5%
Debt incl. leases$4.2B
Cash & securities$568M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$221middle half of models $188 – $246
Fair
−7.8% to fair value
Average of the 14 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $240
Undervalued < $188Fair $188 – $268Overvalued > $268
P/E multiple
$219
P/B multiple
$183
P/S multiple
$223
EV/EBITDA multiple
$223
EV/EBIT multiple
$183
EV/revenue multiple
$233
10-year DCF, EBITDA exit
$250
5-year DCF, EBITDA exit
$243
10-year DCF, revenue exit
$247
5-year DCF, revenue exit
$246
10-year DCF, growth exit
$201
5-year DCF, growth exit
$184
Dividend discount, stable · not used
$77
Dividend discount, multi-stage
$153
Earnings power value
$307
Growth the price implies
11.0%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Materials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
48/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield5.4%
Free-cash-flow yield2.8%
Fair value vs price0.9×
Growth
Weak
23/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)-6.5%
EPS growth (3y)-27.4%
Growth consistency40%
Profitability
Weak
45/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital12.5%
Operating margin10.0%
Gross profitability17.6%
Financial health
Fair
64/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score5 / 9
Net debt / EBITDA1.4×
Interest cover18.2×
Dividends
Fair
54/100
Dividend is typical for its sector.
See the numbers →
Dividend yield0.9%
Dividends vs free cash flow32%
Dividend growth7.1%
Quarterly results: last 6 quarters
-6.9%
Mar '25
-1.5%
Jun '25
+11.2%
Sep '25
+14.0%
Dec '25
+19.1%
Mar '26
+33.4%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $6.1B, diluted EPS $3.69.
SWOT analysis: Steel Dynamics Inc
Strengthsinside the company
- Operating profit covers interest 18x, so debt costs are a small drag.
Weaknessesinside the company
- Revenue has fallen 6.5% a year over three years while sector peers grew 0.6%.
- Earnings per share have declined 27.4% a year over three years.
Opportunitiesvaluation and setting
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Earnings in Steel follow the industry cycle, so margins and profits can swing from year to year.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare STLD with peers and sector
Medians of 22 Materials peers and of 22 Materials stocks in our universe.
Largest peers (X-Ray Score): LIN 43, NEM 81, FCX 55, SHW 54, ECL 50, APD 25.
| Metric | STLD | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 46 | 53 | 53 |
| Valuation | 48 | 43 | 43 |
| Growth | 23 | 57 | 57 |
| Profitability | 45 | 55 | 55 |
| Financial health | 64 | 48 | 48 |
| Dividends | 53 | 56 | 56 |
Sector leaders: highest X-Ray Score in Materials
STLD ranks #16 of 23 in Materials by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for STLD
Each factor is rated by where STLD stands among the 23 Materials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 3 Good · 11 Average · 9 Bad of 23
Growth: 0 · 1 · 2
Profitability: 0 · 4 · 1
Financial strength: 2 · 1 · 1
Valuation: 0 · 5 · 0
Cash flow: 0 · 0 · 4
Efficiency: 1 · 0 · 1
| Factor | STLD | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | −6.5% | Bad beats 24% | +0.6% | – | – |
| Revenue growth, last year | +3.6% | Average beats 46% | +5.3% | +3.6% | ≈ In line |
| EPS growth, 3 years a year | −27.4% | Bad beats 22% | +0.5% | – | – |
| Profitability | |||||
| Gross margin | 14.7% | Bad beats 13% | 27.9% | 21.5% | ▼ Worse |
| Operating margin | 10.0% | Average beats 37% | 11.8% | 16.8% | ▼ Worse |
| Net margin | 7.8% | Average beats 50% | 7.8% | 13.0% | ▼ Worse |
| Return on invested capital | 12.5% | Average beats 63% | 10.0% | – | – |
| Return on equity | 17.1% | Average beats 63% | 14.8% | 27.6% | ▼ Worse |
| Financial strength | |||||
| Net debt / EBITDA | 1.4x | Good beats 72% | 2.4x | 0.4x | ▼ Worse |
| Interest cover | 18.2x | Average beats 66% | 7.8x | 41.2x | ▼ Worse |
| Current ratio | 3.18 | Good beats 93% | 1.61 | 3.06 | ≈ In line |
| Piotroski F-score | 5 / 9 | Bad beats 24% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 21.6x | Average beats 50% | 21.6x | 8.1x | ▼ Worse |
| Price / book | 3.7x | Average beats 37% | 3.1x | 2.2x | ▼ Worse |
| Price / sales | 1.7x | Average beats 54% | 2.1x | 1.0x | ▼ Worse |
| EV / EBITDA | 14.2x | Average beats 50% | 14.2x | 5.8x | ▼ Worse |
| Free cash flow yield | 2.8% | Average beats 36% | 3.4% | 9.3% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 4.7% | Bad beats 25% | 7.7% | 6.5% | ▼ Worse |
| Cash from operations / net income | 0.98 | Bad beats 8% | 1.50 | 1.20 | ▼ Worse |
| Free cash flow growth, 3 years a year | −47.9% | Bad beats 3% | +11.3% | – | – |
| Accruals (lower is better) | +0.2% | Bad beats 7% | −4.2% | – | – |
| Efficiency | |||||
| Inventory turnover | 4.4x | Bad beats 31% | 5.3x | 4.7x | ≈ In line |
| Days sales outstanding | 43 days | Good beats 68% | 54 days | 32 days | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 3 Good · ● 7 Average · ● 6 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldAverage
Risk models
Altman Z''Good
Piotroski F-ScoreBad
Growth
EPS growth (3y)Bad
Free-cash-flow growth (3y)Bad
Revenue growth (3y)Bad
Growth consistencyBad
Balance sheet
Current ratioGood
Net debt / EBITDAGood
Interest coverAverage
Valuation
Fair value vs priceAverage
EBIT / EV yieldAverage
Profitability
Return on invested capitalAverage
Operating marginAverage
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 45/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $18.4B | $22.3B | $18.8B | $17.5B | $18.2B |
| Operating income | $4.3B | $5.1B | $3.2B | $1.9B | $1.5B |
| Net income | $3.2B | $3.9B | $2.5B | $1.5B | $1.2B |
| Operating cash flow | $2.2B | $4.5B | $3.5B | $1.8B | $1.4B |
| Operating margin | 23.4% | 22.9% | 16.8% | 11.1% | 8.1% |
| Free cash flow | $1.2B | $3.6B | $1.9B | −$24M | $502M |
| Diluted EPS | $15.56 | $20.92 | $14.64 | $9.84 | $7.99 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
9 bullish · 4 neutral · 3 bearish
Weekly
Strongly bullish
9 bullish · 1 neutral · 2 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 242.0 | Bearish |
| EMA 10 | 241.5 | Bearish |
| SMA 20 | 236.6 | Bullish |
| EMA 20 | 239.4 | Bullish |
| SMA 50 | 237.4 | Bullish |
| EMA 50 | 238.8 | Bullish |
| SMA 100 | 243.7 | Bearish |
| EMA 100 | 235.5 | Bullish |
| SMA 200 | 220.6 | Bullish |
| EMA 200 | 219.7 | Bullish |
Oscillators (daily)
| RSI (14) | 51.19 | Neutral |
| MACD (12, 26) | 2.06 | Bullish |
| Momentum (12) | 0.73 | Bullish |
| Stochastic %K (14) | 48.84 | Neutral |
| Williams %R (14) | -51.16 | Neutral |
| CCI (20) | 32.39 | Neutral |
Pivot points (classic, last session)
S3 221.0 | S2 226.7 | S1 233.3 | Pivot 239.1 | R1 245.7 | R2 251.4 | R3 258.0 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
2.09 USD
Yield on today's price
0.87%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.5300 | |
| 0.5300 | |
| 0.5300 | |
| 0.5000 | |
| 0.5000 | |
| 0.5000 | |
| 0.5000 | |
| 0.4600 | |
| 0.4600 | |
| 0.4600 | |
| 0.4600 | |
| 0.4250 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold STLD
| ETF | Share of the fund |
|---|---|
| XLB Materials Select Sector SPDR | 3.73% |
| XME SPDR S&P Metals and Mining | 3.60% |
| PICK iShares MSCI Global Metals & Mining Pr... | 2.08% |
| PAVE Global X U.S. Infrastructure Developme... | 2.06% |
| IFRA iShares U.S. Infrastructure | 1.09% |
| NULV Nuveen ESG Large-Cap Value | 1.06% |
| GNR SPDR S&P Global Natural Resources | 0.82% |
| SCHM Schwab U.S. Mid-Cap | 0.66% |
The eight funds with the largest weight in STLD among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
STLD stock splits
STLD has split its stock 2 times since 2006. The latest was a 2-for-1 split on 31 Mar 2008.
Full STLD stock split history →STLD SEC filings
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Regulation FD disclosure
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.