Steel Dynamics (STLD) FY2023 results: revenue $18.8 billion, down 15.6% on the year
Steel Dynamics Inc. (STLD) reported revenue of $18.8 billion for fiscal 2023, the year ended 31 December 2023, down 15.6% on the year before. Net income was $2.5 billion, down 36.5%, and diluted earnings per share $14.64. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.
Revenue
$18.8 billion
-15.6% on the year
FY2016FY2023
Operating margin
16.8%
22.9% a year earlier
FY2016FY2023
Net income
$2.5 billion
-36.5% on the year
FY2016FY2023
Diluted EPS
$14.64
-30.0% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree 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.
Cash flow
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
3,520
4,460
2,204
-21.1%
Capital expenditure
1,658
909
1,006
+82.4%
Free cash flow
1,862
3,552
1,198
-47.6%
Free cash flow margin
9.9%
16.0%
6.5%
Cash from investing
-1,970
-1,879
-999
Cash from financing
-1,777
-2,197
-1,329
Depreciation and amortisation
438
384
348
+14.0%
Share-based compensation
61.7
59.2
57.7
+4.2%
Buybacks
1,452
1,801
1,061
-19.4%
Dividends paid
271
237
213
+14.4%
Dividend per share
$1.70
$1.36
$1.04
+25.0%
Diluted shares, weighted
167m
185m
207m
-9.3%
Shares outstanding at period end
160m
173m
195m
-7.5%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
8,867
8,130
6,305
+9.1%
Non-controlling interest
-198
-216
-196
Redeemable equity
171
182
211
-5.7%
Debt
3,071
3,071
3,106
+0.0%
Operating lease liabilities
107
91.8
82.3
+16.7%
Other liabilities
2,891
2,902
3,023
-0.4%
Total liabilities and equity
14,908
14,160
12,531
+5.3%
Fixed assets
6,734
5,374
4,751
+25.3%
Goodwill
477
502
454
-4.9%
Intangible assets
258
268
295
-3.6%
Investments
721
628
n/a
+14.8%
Cash and equivalents
1,401
1,628
1,244
-14.0%
Receivables
1,608
1,976
1,911
-18.6%
Inventory
2,895
3,130
3,531
-7.5%
Other assets
814
654
344
+24.5%
Total assets
14,908
14,160
12,531
+5.3%
10-K for the year ended 31 December 2023, filed 29 February 2024: the filing.