Materials · Steel · US stock · price as of 22 Oct 2026
Key indicators
Price
$239.90
52-week range
$148.13 – $288.74
Market cap
$34.7B
P/E (trailing)
21.9×
EV / EBITDA
14.3×
Free-cash-flow yield
2.8%
Dividend yield
0.9%
Revenue (last 12 months)
$20.5B
Revenue growth (3y a year)
−6.5%
Operating margin
10.0%
Return on invested capital
12.5%
Net debt / EBITDA
1.4×
Fair value
Fair value (average of valid models)$221.17 middle half of models $188 – $246
Versus priceFair−8% to fair value
P/E multiple
$218.85
P/B multiple
$183.04
P/S multiple
$223.35
EV/EBITDA multiple
$223.13
EV/EBIT multiple
$183.15
EV/revenue multiple
$233.37
10-year DCF, EBITDA exit
$249.95
5-year DCF, EBITDA exit
$243.41
10-year DCF, revenue exit
$247.23
5-year DCF, revenue exit
$246.27
10-year DCF, growth exit
$200.75
5-year DCF, growth exit
$184.19
Dividend discount, multi-stage
$153.17
Earnings power value
$306.50
Model uncertainty
Medium
X-Ray Score
46/ 100 · High confidence · ahead of 30% of sector peers
Valuation48
Growth23
Profitability45
Financial health64
Dividends53
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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 figures are a snapshot of reported results rather than a forecast.
StocksXray gives Steel Dynamics Inc an X-Ray Score of 46 out of 100 (high confidence), ahead of 30% of the S&P 500 stocks in its sector. Its strongest lens is financial health (64) and its weakest is growth (23).
Our fair value (the average of the valid models) is $221.17 (range $188.33 to $245.56). At $239.90 the stock trades 8% above that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Steel Dynamics Inc (STLD)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$57.91
$92.75
$113.85
$111.57
$168.14
$239.90
Market cap
$12.0B
$17.1B
$19.1B
$17.4B
$25.0B
$34.7B
P/E
3.7×
4.4×
7.8×
11.3×
21.0×
21.9×
EV / revenue
0.7×
0.8×
1.1×
1.1×
1.6×
1.9×
EV / EBITDA
2.9×
3.2×
5.5×
8.2×
13.9×
14.2×
Price / free cash flow
10.0×
4.8×
10.2×
–
49.8×
36.3×
Free-cash-flow yield
10.0%
20.7%
9.8%
−0.1%
2.0%
2.8%
Price / book
1.9×
2.1×
2.1×
1.9×
2.8×
3.7×
Dividend yield
1.80%
1.47%
1.49%
1.65%
1.19%
0.87%
Fundamentals checklist ● 3 Good · ● 7 Average · ● 6 Bad · each check graded against the sector
Cash quality
Earnings backed by cash0.2%Bad
Free-cash-flow yield2.8%Average
Risk models
Altman Z score7.1×Good
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)−27.4%Bad
Free-cash-flow growth (3y)−47.9%Bad
Revenue growth (3y)−6.5%Bad
Growth consistency40%Bad
Balance sheet
Current ratio3.2×Good
Net debt / EBITDA1.4×Good
Interest cover18.2×Average
Valuation
Fair value vs price0.9×Average
EBIT / EV yield5.4%Average
Profitability
Return on invested capital12.5%Average
Operating margin10.0%Average
Gross profitability17.6%Average
XStocksXray
Steel Dynamics Inc (STLD)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
18,409
22,261
18,795
17,540
18,177
20,539
Gross profit
5,362
6,118
4,046
2,803
2,392
3,009
Operating income
4,301
5,092
3,151
1,943
1,476
2,056
Net income
3,214
3,863
2,451
1,537
1,186
1,607
Diluted EPS ($)
15.56
20.92
14.64
9.84
7.99
10.97
Free cash flow
1,198
3,552
1,862
-24
502
956
Gross margin
29.1%
27.5%
21.5%
16.0%
13.2%
14.7%
Operating margin
23.4%
22.9%
16.8%
11.1%
8.1%
10.0%
Net margin
17.5%
17.4%
13.0%
8.8%
6.5%
7.8%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
12,531
14,160
14,908
14,935
16,420
17,113
Cash
1,244
1,628
1,401
589
770
568
Total debt
3,106
3,071
3,071
3,231
4,211
4,182
Equity
6,305
8,130
8,867
8,934
8,957
9,420
Dividend per share ($)
1.04
1.36
1.70
1.84
2.00
2.06
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
