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Stocks / United States / STLD · Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) · Nasdaq

Steel Dynamics Inc. (STLD)

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Steel Dynamics Inc. (STLD) reported revenue of $6.1 billion for Q2 FY2026, the quarter ended 30 June 2026, up 33.4% on the same quarter a year earlier. Net income was $534 million, up 78.8% on the year, and diluted earnings per share $3.69. The figures are the company's own, from the 10-Q it filed with the SEC on 28 July 2026.

Revenue$6.1 billionup 33.4%
Net income$534 millionup 78.8%
Diluted EPS$3.69
QuarterQ2 FY2026ended 30 June 2026

Ratios

From the filings

ROE17.1%
ROCE15.1%
Operating margin10.0%
Net margin7.8%
FCF margin4.7%
Interest cover18.22
Debt to equity0.45
Cash conversion0.98
Share count, 1 year-2.8%
Sales CAGR, 3 years-6.5%
Profit CAGR, 3 years-32.5%
EPS, TTM$11.01

At the close of 21 September 2026

Price$229.99
Market cap$33.0 billion
Stock P/E20.89
Price to book3.51
EV / EBITDA13.71
Dividend yield0.9%
Market cap / sales1.61
52-week high$282.76
52-week low$136.09
Price, 1 year65.1%
Price CAGR, 3 years31.5%
Price CAGR, 5 years31.6%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Debt to equity here stands on long-term debt as Steel Dynamics Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.

Price, 17 September 2021 to 21 September 2026

Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on STLD

Filings31 in twelve months: 22 current reports (8-K), about 8 regulation fd disclosure; 7 other events; 4 officer or director change; 4 results of operations; 2 material agreement
Planned insider sales8 Form 144 notices in twelve months, $9.5 million; latest 5 June 2026
Options tapeput/call 0.61 by open interest on 23 September 2026; the straddle prices a 8.2% move to 16 October 2026
Holders9 of the followed funds hold it; largest FMR LLC; 4 Schedule 13D or 13G filings in twelve months
Insider trading13 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest3.8 million shares short, 2.77 days to cover at 31 August 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue4,5874,2334,6944,6334,3423,8724,3694,5654,8284,4145,2056,092
Cost of revenue3,6353,5033,7133,8583,7363,4303,8833,9474,0703,8854,4425,133
Gross profit952731981775605442487618758529763959
Gross margin21%17%21%17%14%11%11%14%16%12%15%16%
SG&A146157160160168177182198201185175193
Operating income734519751559395238275383508310538700
Operating margin16%12%16%12%9%6%6%8%11%7%10%11%
Interest expense18.414.812.012.717.114.612.117.413.627.033.239.1
Pre-tax income755542766565408244281388514311513683
Tax rate23%21%23%24%21%14%22%22%21%15%22%22%
Net income577424584428318207217299404266403534
Net margin13%10%12%9%7%5%5%7%8%6%8%9%
Diluted EPS$3.47$2.66$3.67$2.72$2.05$1.40$1.44$2.01$2.74$1.80$2.78$3.69
Operating cash flow1,114865355383760347153302723273148428
Capital expenditure558515374419621453306288166188138124
Free cash flow555350-19.1-36.6138-106-15313.355784.210.3304
Buybacks331387298309310295250200210240115200
Dividends paid70.769.568.072.671.670.469.574.773.973.172.576.6
Shares outstanding163m160m158m156m153m151m149m148m146m145m144m144m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Profit and loss, 12 fiscal years and the trailing twelve months

FY2014 FY2015 FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue8,7567,5947,7779,53911,82210,4659,60118,40922,26118,79517,54018,17720,539
Cost of revenue7,7906,8636,4427,9579,4998,9348,16713,04616,14314,74914,73815,78417,529
Gross profit9667321,3351,5822,3231,5311,4355,3626,1184,0462,8032,3923,009
Gross margin11.0%9.6%17.2%16.6%19.6%14.6%14.9%29.1%27.5%21.5%16.0%13.2%14.7%
Selling, general and administrative386376474515600n/an/a644546589664765754
Operating income320-72.87281,0671,7229878474,3015,0923,1511,9431,4762,056
Operating margin3.7%-1.0%9.4%11.2%14.6%9.4%8.8%23.4%22.9%16.8%11.1%8.1%10.0%
Interest expense13715414613412712794.957.291.576.556.370.0113
Pre-tax income165-2425649351,6208757054,2095,0213,2191,9831,4932,021
Income tax73.2-96.92041293641971359621,142752433306422
Effective tax rate44.4%n/a36.2%13.8%22.5%22.6%19.1%22.9%22.7%23.3%21.8%20.5%20.9%
Net income157-1303828131,2586715513,2143,8632,4511,5371,1861,607
Net margin1.8%-1.7%4.9%8.5%10.6%6.4%5.7%17.5%17.4%13.0%8.8%6.5%7.8%
Diluted EPS$0.67-$0.54$1.56$3.36$5.35$3.04$2.59$15.56$20.92$14.64$9.84$7.99$11.01
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

FY2014 FY2015 FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flown/an/a8537391,4151,3969872,2044,4603,5201,8451,4501,572
Capital expenditure1121151981652394521,1981,0069091,6581,868948616
Free cash flown/an/a6555741,176944-2111,1983,5521,862-23.5502956
Free cash flow marginn/an/a8.4%6.0%9.9%9.0%-2.2%6.5%16.0%9.9%-0.1%2.8%4.7%
Depreciation and amortisation263295296299317321326348384438479551618
Share-based compensation24.030.231.736.243.347.655.657.759.261.766.669.069.5
Buybacksn/an/a25.02525243491071,0611,8011,4521,212901766
Dividends paid105128136146169200209213237271283291296
Dividend per share$0.46$0.55$0.56$0.62$0.75$0.96$1.00$1.04$1.36$1.70$1.84$2.00n/a
Diluted shares, weighted242m242m245m242m235m221m212m207m185m167m156m148m145m
Shares outstanding at period end241m243m244m237m225m215m211m195m173m160m151m145m144m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014 FY2015 FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Total assets7,2336,2026,4246,8567,7048,2769,26612,53114,16014,90814,93516,42017,113
Cash and equivalents3617278411,0298281,3811,3691,2441,6281,401589770568
Receivables8605797048461,0408419681,9111,9761,6081,4171,6832,443
Inventory1,6181,1491,2751,5191,8591,6891,8443,5313,1302,8953,1143,7393,956
Goodwill745397393387430453457454502477477477477
Long-term debt2,9822,5952,3572,3822,3772,7343,1033,1063,0713,0713,2314,2114,200
Borrowings, as the company tags them2,7002,6282,3872,4092,4012,7643,1593,1553,1143,1123,2794,287n/a
Operating lease liabilitiesn/an/an/an/an/a57.972.682.391.810794.4147n/a
Shareholders' equity2,9132,6802,9273,3523,9354,0764,3456,3058,1308,8678,9348,9579,420
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded9.1%13.6%-6.5%19.8%
Profit growth, compoundedn/a16.6%-32.5%54.4%
Return on equity, average25.5%31.3%19.4%13.2%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Nucor Corp. NUE$55.0 billion19.3613.0%n/a17.2%0.290.9%
Steel Dynamics Inc. STLD$33.0 billion20.8917.1%10.0%19.8%0.450.9%

The names on this site in the same industry (the SEC's SIC description), by market capitalisation. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close.

Filings

FilingPeriodFiledWhere
10-Q30 June 202628 July 2026EDGAR
10-Q31 March 202627 April 2026EDGAR
10-K31 December 202527 February 2026EDGAR
10-Q30 September 202524 October 2025EDGAR
10-Q30 June 202511 August 2025EDGAR
10-Q31 March 202512 May 2025EDGAR
10-K31 December 202428 February 2025EDGAR
10-Q30 September 20248 November 2024EDGAR
10-Q30 June 20248 August 2024EDGAR
10-Q31 March 202410 May 2024EDGAR

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