Steel Dynamics, Inc.STLD
NasdaqGS•Basic Materials•Steel
Steel Dynamics, Inc., together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through four segments: Steel Operations, Metals Recycling Operations, Steel Fabrication Operations, and Aluminum Operations. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, large unequal leg angles, and reinforcing steel bars, standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products. This segment also engages in turning, polishing, straightening, chamfering, precision saw-cutting, and heat treating of bar products. Its products are used in construction, automotive, manufacturing, transportation, heavy and agricultural equipment, energy, and pipe and tube markets. The Metals Recycling Operations segment is involved in the ferrous and nonferrous scrap metal processing, transportation, marketing, brokerage, and scrap management services. Its ferrous products include heavy melting steel, busheling, bundled scrap, shredded scrap, steel turnings, and cast-iron products; and nonferrous products comprise aluminum, brass, copper, stainless steel, and other nonferrous metals. The Steel Fabrication Operations segment produces steel non-residential building components, such as steel joists, joist girders, and steel deck products for non-residential steel fabricators, metal building companies, general construction contractors, developers, property owners, brokers, and governmental entities. The Aluminum Operations segment offers recycled aluminum flat rolled products. The company also exports its products. Steel Dynamics, Inc. was incorporated in 1993 and is headquartered in Fort Wayne, Indiana.
Steel Dynamics, Inc. (STLD) reported trailing twelve months revenue of $18.18B as of December 2025, a 3.6% increase year-over-year. Quarterly revenue reached $4.41B, reflecting continued top-line momentum.
Steel Dynamics, Inc. generated $1.19B in TTM net income, with quarterly EBITDA of $483.85M. The operating margin expanded from 6.1% to 7.0%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (7.0%) and net margin (6.0%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 5.4% a year ago, signaling stronger bottom-line efficiency.
STLD trades at a P/E of 21.1x (in line with broad market averages) and a P/S of 1.4x. The price-to-book ratio of 2.8x reflects a moderate premium to book value.
The company generated $84.22M in free cash flow over the trailing twelve months, a 179.2% increase year-over-year, indicating cash generation ability. The balance sheet shows $16.41B in total assets with no in long-term debt against $8.96B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~9.4% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE averages 17.0% but has fluctuated — the competitive advantage may be cyclical or emerging.
Only 4 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 25.6% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.
Debt-to-equity has risen 36.2% recently — increasing financial risk even if the current ratio is manageable.
Revenue has softened, declining in 5 quarters. Monitor for further erosion.
4 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Shares decreased 8.2% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation