STLDNasdaqSteel Works, Blast Furnaces & Rolling Mills (Coke Ovens)Fiscal year ends December 31
STEEL DYNAMICS INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 28, 2026
$245.17+4.63 (+1.92%)
Close on Oct 19, 2026
- Market cap
- $35.45B
- P/E (TTM)
- 22.2
- Dividend yield
- 0.82%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
13.2%−1.8 pts over 5 years
Operating margin
8.1%−0.7 pts over 5 years
Net margin
6.5%
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +3.6% | -6.5% | +13.6% | +9.1% | |
| Gross profit | -14.6% | -26.9% | +10.8% | +12.6% | |
| Operating income | -24.0% | -33.8% | +11.7% | – | |
| Net income | -22.9% | -32.5% | – | – | |
| EPS, diluted | -18.8% | -27.4% | +25.3% | – | |
| Free cash flow | – | -47.9% | – | -6.1% | |
| Dividend per share | +8.7% | +13.7% | +14.9% | +13.8% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 13.3% | |
| Return on assets | – | – | 7.6% | |
| Current ratio | 4.11 | 3.38 | 3.06 | |
| Debt to equity | 0.81 | 0.71 | 0.47 | |
| Net debt to EBITDA | 1.47× | 1.47× | 1.70× | |
| Interest coverage | 5.0× | 8.9× | 21.1× | |
| Inventory turnover | 5.3× | 4.6× | 4.6× | |
| Capex to revenue | 2.5% | 12.5% | 5.2% | |
| Diluted shares | 245M | 212M | 148M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Steel Dynamics generated $13.48B from operations and spent $14.11B on capital expenditure, dividends and share buybacks. 45% of that went back into the business.
Generated
$13.48B
Used
$14.11B
Capital expenditure$6.39B45%Dividends$1.30B9%Share buybacks$6.43B46%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin6.5%
×Asset turnover1.16×
×Equity multiplier1.75×
=Return on equity, FY202513.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 6.5% | 1.16× | 1.75× | 13.3% |
| FY2024 | 8.8% | 1.18× | 1.68× | 17.3% |
| FY2023 | 13.0% | 1.29× | 1.71× | 28.8% |
| FY2022 | 17.4% | 1.67× | 1.85× | 53.5% |
| FY2021 | 17.5% | 1.69× | 2.05× | 60.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$1.19B
- Cash generatingOperating cash flow above zero$1.45B
- Return on assets improvedROA up on the prior year10.3% → 7.9%
- Earnings backed by cashOperating cash flow above net income$1.45B vs $1.19B
- Less leverageLong-term debt to assets fell18.8% → 25.4%
- Better liquidityCurrent ratio rose2.53 → 3.06
- No dilutionShare count did not rise156M → 148M
- Gross margin improvedGross margin up on the prior year15.98% → 13.16%
- More efficientAsset turnover rose1.18 → 1.22