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Steel Dynamics, Inc. (STLD) 10-Year Financial Performance & Capital Metrics

STLD • • Industrial / General
Basic MaterialsSteelIntegrated Steel ProducersRegional Integrated Producers
AboutSteel Dynamics, Inc., together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars. The company also engages in turning, polishing, straightening, chamfering, threading, precision saw-cutting, and heat treating of bar products; and cutting to length, straightening, hole punching, shot blasting, welding, galvanizing, and coating of specialty products. Its products are used in construction, automotive, manufacturing, transportation, heavy and agriculture equipment, and pipe and tube markets. This segment sells directly to end-users, steel fabricators, and service centers. The Metals Recycling Operations segment purchases, processes, and resells ferrous and nonferrous scrap metals into reusable forms and grades. 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. This segment also provides transportation logistics, marketing, brokerage, and scrap management services. The Steel Fabrication Operations segment produces non-residential steel building components, such as steel joists, girders, trusses, and steel deck products. The company also exports its products. Steel Dynamics, Inc. was incorporated in 1993 and is headquartered in Fort Wayne, Indiana.Show more
  • Revenue $17.54B -6.7%
  • EBITDA $2.42B -32.5%
  • Net Income $1.54B -37.3%
  • EPS (Diluted) 9.84 -32.8%
  • Gross Margin 15.98% -25.8%
  • EBITDA Margin 13.81% -27.7%
  • Operating Margin 11.08% -33.9%
  • Net Margin 8.76% -32.8%
  • ROE 17.29% -40.3%
  • ROIC 13.12% -44.3%
  • Debt/Equity 0.37 +7.6%
  • Interest Coverage 34.48 -16.3%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 33.3%
  • ✓Strong 5Y profit CAGR of 18.0%
  • ✓14 consecutive years of dividend growth
  • ✓Strong 5Y sales CAGR of 10.9%
  • ✓Share count reduced 6.7% through buybacks
  • ✓Healthy 5Y average net margin of 12.5%

✗Weaknesses

  • ✗Negative free cash flow

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.19%
5Y10.88%
3Y-1.6%
TTM-1.49%

Profit (Net Income) CAGR

10Y25.62%
5Y18.03%
3Y-21.8%
TTM-35.76%

EPS CAGR

10Y30.83%
5Y26.48%
3Y-14.17%
TTM-31.76%

ROCE

10Y Avg21.55%
5Y Avg28.86%
3Y Avg28.74%
Latest15.32%

Peer Comparison

Regional Integrated Producers
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
CMCCommercial Metals Company8.41B75.80102.43-1.61%5.46%10.15%3.71%0.32
STLDSteel Dynamics, Inc.25.57B175.1117.80-6.68%6.39%12.56%0.37
SIDCompanhia Siderúrgica Nacional2.52B1.90-1.64-3.85%-3.42%-47.72%100%3.69
ASTLAlgoma Steel Group Inc.480.6M4.58-2.23-12.2%-13.42%-23.83%0.45
TXTernium S.A.8.23B41.90-155.190.22%3.72%3.58%0.5%0.11

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+7.59B7.78B9.54B11.82B10.46B9.6B18.41B22.26B18.8B17.54B
Revenue Growth %-0.13%0.02%0.23%0.24%-0.11%-0.08%0.92%0.21%-0.16%-0.07%
Cost of Goods Sold+6.86B6.44B7.96B9.5B8.93B8.17B13.05B16.14B14.75B14.74B
COGS % of Revenue0.9%0.83%0.83%0.8%0.85%0.85%0.71%0.73%0.78%0.84%
Gross Profit+731.72M1.33B1.58B2.32B1.53B1.43B5.36B6.12B4.05B2.8B
Gross Margin %0.1%0.17%0.17%0.2%0.15%0.15%0.29%0.27%0.22%0.16%
Gross Profit Growth %-0.24%0.82%0.19%0.47%-0.34%-0.06%2.74%0.14%-0.34%-0.31%
Operating Expenses+804.5M606.9M515.13M600.4M544.1M587.59M1.06B1.03B894.7M859.55M
OpEx % of Revenue0.11%0.08%0.05%0.05%0.05%0.06%0.06%0.05%0.05%0.05%
Selling, General & Admin328.76M374.01M394.63M416.64M436.5M477.45M643.98M545.62M588.62M664.12M
SG&A % of Revenue0.04%0.05%0.04%0.04%0.04%0.05%0.03%0.02%0.03%0.04%
Research & Development0000000000
R&D % of Revenue----------
Other Operating Expenses475.74M232.89M120.5M183.76M107.61M110.14M417.34M480.39M306.08M195.43M
Operating Income+-72.78M727.97M1.07B1.72B986.88M847.14M4.3B5.09B3.15B1.94B
Operating Margin %-0.01%0.09%0.11%0.15%0.09%0.09%0.23%0.23%0.17%0.11%
Operating Income Growth %-1.23%11%0.47%0.61%-0.43%-0.14%4.08%0.18%-0.38%-0.38%
EBITDA+221.81M1.02B1.37B2.04B1.31B1.17B4.65B5.48B3.59B2.42B
EBITDA Margin %0.03%0.13%0.14%0.17%0.12%0.12%0.25%0.25%0.19%0.14%
EBITDA Growth %-0.62%3.59%0.34%0.49%-0.36%-0.1%2.96%0.18%-0.34%-0.33%
D&A (Non-Cash Add-back)294.6M289.37M299M317.2M321.08M325.79M347.65M384.2M437.8M478.91M
EBIT-88.17M710.17M1.07B1.75B1B800.36M4.27B5.11B3.3B2.04B
Net Interest Income+-153.95M-146.04M-134.4M-126.62M-127.1M-94.88M-57.21M-91.54M-76.48M-56.35M
Interest Income0000000000
Interest Expense153.95M146.04M134.4M126.62M127.1M94.88M57.21M91.54M76.48M56.35M
Other Income/Expense-169.33M-163.83M-131.65M-102.64M-111.54M-141.66M-92.03M-70.75M67.76M39.84M
Pretax Income+-242.12M564.13M935.24M1.62B875.34M705.48M4.21B5.02B3.22B1.98B
Pretax Margin %-0.03%0.07%0.1%0.14%0.08%0.07%0.23%0.23%0.17%0.11%
Income Tax+-96.95M204.13M129.44M363.97M197.44M134.65M962.26M1.14B751.61M432.93M
Effective Tax Rate %0.54%0.68%0.87%0.78%0.77%0.78%0.76%0.77%0.76%0.78%
Net Income+-130.31M382.12M812.74M1.26B671.1M550.82M3.21B3.86B2.45B1.54B
Net Margin %-0.02%0.05%0.09%0.11%0.06%0.06%0.17%0.17%0.13%0.09%
Net Income Growth %-1.83%3.93%1.13%0.55%-0.47%-0.18%4.84%0.2%-0.37%-0.37%
Net Income (Continuing)-145.17M360.01M805.8M1.26B677.9M570.83M3.25B3.88B2.47B1.55B
Discontinued Operations0000000000
Minority Interest-8.28M-38.32M-45.27M-47.84M-10.98M3.06M15.53M-34.55M-27.14M10.96M
EPS (Diluted)+-0.541.563.365.353.042.5915.5620.9214.649.84
EPS Growth %-1.81%3.89%1.15%0.59%-0.43%-0.15%5.01%0.34%-0.3%-0.33%
EPS (Basic)-0.541.573.385.383.062.6115.6721.0614.729.89
Diluted Shares Outstanding242.02M245.3M241.78M235.19M220.75M212.34M206.62M184.62M167.43M156.14M
Basic Shares Outstanding241.32M243.58M240.13M233.92M219.64M211.14M205.12M183.39M166.55M155.42M
Dividend Payout Ratio-0.36%0.18%0.13%0.3%0.38%0.07%0.06%0.11%0.18%

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+2.54B2.93B3.51B4.03B4.25B4.26B6.9B7.64B6.79B5.43B
Cash & Short-Term Investments727.03M841.48M1.03B1.06B1.64B1.37B1.24B2.26B2.12B737.27M
Cash Only727.03M841.48M1.03B828.22M1.38B1.37B1.24B1.63B1.4B589.46M
Short-Term Investments000228.78M262.17M00628.22M721.21M147.81M
Accounts Receivable613.61M729.78M868.84M1.04B844.34M971.92M1.92B2.06B1.61B1.42B
Days Sales Outstanding29.4934.2533.2532.2329.4536.953833.7131.2329.49
Inventory1.15B1.28B1.52B1.86B1.69B1.84B3.53B3.13B2.89B3.11B
Days Inventory Outstanding61.1372.2569.771.4469.0182.3998.7970.7771.6377.12
Other Current Assets47.91M83.2M91.51M72.73M76.01M74.36M209.59M195.37M162.79M163.13M
Total Non-Current Assets+3.66B3.49B3.35B3.67B4.02B5.01B5.63B6.52B8.12B9.5B
Property, Plant & Equipment2.95B2.79B2.68B2.95B3.14B4.11B4.75B5.37B6.73B8.12B
Fixed Asset Turnover2.57x2.79x3.56x4.01x3.34x2.34x3.87x4.14x2.79x2.16x
Goodwill397.47M393.35M386.89M429.64M452.92M457.23M453.83M502.07M477.47M477.47M
Intangible Assets278.96M283.98M256.91M270.33M327.9M324.58M295.35M267.51M257.76M227.23M
Long-Term Investments0000000000
Other Non-Current Assets36.5M29.51M27.68M25.17M106.04M119.74M129.6M378.73M651.15M681.2M
Total Assets+6.2B6.42B6.86B7.7B8.28B9.27B12.53B14.16B14.91B14.94B
Asset Turnover1.22x1.21x1.39x1.53x1.26x1.04x1.47x1.57x1.26x1.17x
Asset Growth %-0.15%0.04%0.07%0.12%0.07%0.12%0.35%0.13%0.05%0%
Total Current Liabilities+535.29M712.82M868.52M1.02B1.01B1.26B2.23B2.03B2.33B2.15B
Accounts Payable283.36M395.2M489.45M550.75M513.34M769.46M1.28B1.02B1.09B979.91M
Days Payables Outstanding15.0722.3922.4521.1620.9734.3935.832326.9324.27
Short-Term Debt16.68M3.63M28.8M24.23M89.36M86.89M97.17M57.33M459.99M426.99M
Deferred Revenue (Current)0000000000
Other Current Liabilities000000000-19.91M
Current Ratio4.74x4.11x4.04x3.96x4.22x3.38x3.10x3.76x2.91x2.53x
Quick Ratio2.59x2.32x2.29x2.13x2.55x1.92x1.51x2.22x1.67x1.08x
Cash Conversion Cycle75.5584.1180.4982.577.4884.95100.9681.4875.9382.34
Total Non-Current Liabilities+3B2.82B2.68B2.8B3.2B3.66B3.98B4.03B3.74B3.84B
Long-Term Debt2.58B2.35B2.35B2.35B2.64B3.02B3.01B3.01B2.61B2.8B
Capital Lease Obligations00000000094.42M
Deferred Tax Liabilities400.77M448.38M305.95M435.84M484.17M536.29M854.9M889.1M944.77M902.19M
Other Non-Current Liabilities16.59M20.65M21.81M8.87M75.06M106.48M120.09M129.54M180.76M38.78M
Total Liabilities3.53B3.54B3.55B3.82B4.21B4.92B6.21B6.06B6.07B5.99B
Total Debt+2.59B2.36B2.38B2.38B2.73B3.1B3.11B3.07B3.07B3.35B
Net Debt1.87B1.52B1.35B1.55B1.35B1.73B1.86B1.44B1.67B2.76B
Debt / Equity0.97x0.82x0.72x0.61x0.67x0.71x0.49x0.38x0.35x0.37x
Debt / EBITDA11.70x2.32x1.74x1.17x2.09x2.65x0.67x0.56x0.86x1.38x
Net Debt / EBITDA8.42x1.49x0.99x0.76x1.03x1.48x0.40x0.26x0.47x1.14x
Interest Coverage-0.47x4.98x7.94x13.60x7.76x8.93x75.18x55.63x41.20x34.48x
Total Equity+2.67B2.89B3.31B3.89B4.06B4.35B6.32B8.1B8.84B8.95B
Equity Growth %-0.09%0.08%0.14%0.18%0.05%0.07%0.45%0.28%0.09%0.01%
Book Value per Share11.0411.7813.6716.5318.4120.4830.5943.8552.8057.29
Total Shareholders' Equity2.68B2.93B3.35B3.94B4.08B4.35B6.3B8.13B8.87B8.93B
Common Stock638K641K644K645K646K648K649K650K651K652K
Retained Earnings1.97B2.21B2.87B3.96B4.42B4.76B7.76B11.38B13.55B14.8B
Treasury Stock-396.45M-416.83M-665.3M-1.18B-1.53B-1.62B-2.67B-4.46B-5.9B-7.09B
Accumulated OCI000301K-7K1.9M-2.09M889K421K0
Minority Interest-8.28M-38.32M-45.27M-47.84M-10.98M3.06M15.53M-34.55M-27.14M10.96M

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+1.04B852.77M739.61M1.42B1.4B987.03M2.2B4.46B3.52B1.84B
Operating CF Margin %0.14%0.11%0.08%0.12%0.13%0.1%0.12%0.2%0.19%0.11%
Operating CF Growth %0.68%-0.18%-0.13%0.91%-0.01%-0.29%1.23%1.02%-0.21%-0.48%
Net Income-145.17M360.01M805.8M1.26B677.9M570.83M3.25B3.88B2.45B1.55B
Depreciation & Amortization294.6M296.11M299M317.2M321.08M325.79M347.65M384.2M437.8M478.91M
Stock-Based Compensation22.6M31.66M36.2M43.32M47.63M55.6M57.72M59.24M61.74M66.59M
Deferred Taxes-99.32M53.85M-135.9M61.83M51.72M47.81M322.01M37.19M55.66M-42.58M
Other Non-Cash Items428.5M153.51M14.07M-1.25M1.41M50.38M-3.24M-1.79M-3.27M-5.51M
Working Capital Changes537.28M-42.36M-279.56M-261.43M296.54M-63.37M-1.77B102.08M517.1M-202.86M
Change in Receivables311.3M-106.62M-139.05M-145.87M237.81M-111.92M-944.52M-110.56M446.76M191.11M
Change in Inventory488M-115.58M-242.88M-246.21M217.87M-150.6M-1.69B413.26M232.28M-221.04M
Change in Payables-227.09M106.52M96.06M37.9M-86.44M182.51M557.74M-289.04M-30.15M-67.36M
Cash from Investing+-149.63M-312.89M-139.1M-895.26M-576.69M-993.26M-999.42M-1.88B-1.97B-1.3B
Capital Expenditures-114.5M-198.16M-164.94M-239.39M-451.94M-1.2B-1.01B-908.9M-1.66B-1.87B
CapEx % of Revenue0.02%0.03%0.02%0.02%0.04%0.12%0.05%0.04%0.09%0.11%
Acquisitions----------
Investments----------
Other Investing9.87M8.62M32.02M6.91M5.76M2.63M6.82M15.84M-221.59M-8.31M
Cash from Financing+-523.19M-425.43M-413.33M-720.87M-266.63M-7.05M-1.33B-2.2B-1.78B-1.35B
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-127.57M-135.77M-145.56M-168.91M-200.27M-209.25M-212.97M-237.16M-271.32M-282.62M
Share Repurchases----------
Other Financing22.38M-9.53M-25.66M-18.5M-27.56M-37.1M-50.42M-116.3M-51.73M-16.68M
Net Change in Cash----------
Free Cash Flow+923.98M654.61M574.67M1.18B944.35M-211.02M1.2B3.55B1.86B-23.5M
FCF Margin %0.12%0.08%0.06%0.1%0.09%-0.02%0.07%0.16%0.1%-0%
FCF Growth %0.83%-0.29%-0.12%1.05%-0.2%-1.22%6.68%1.96%-0.48%-1.01%
FCF per Share3.822.672.385.004.28-0.995.8019.2411.12-0.15
FCF Conversion (FCF/Net Income)-7.97x2.23x0.91x1.12x2.08x1.79x0.69x1.15x1.44x1.20x
Interest Paid0150.68M135.38M124.03M134.55M111.59M103.37M100.99M103.17M100.98M
Taxes Paid0159.95M296.49M288.43M155.53M50.42M737.16M1.06B642.67M463.76M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)-4.66%13.74%26.24%34.99%16.88%13.09%60.25%53.59%28.94%17.29%
Return on Invested Capital (ROIC)-1.08%12.21%17.66%25.59%13.64%11.05%45.23%43.1%23.58%13.12%
Gross Margin9.63%17.16%16.59%19.65%14.63%14.94%29.13%27.48%21.53%15.98%
Net Margin-1.72%4.91%8.52%10.64%6.41%5.74%17.46%17.35%13.04%8.76%
Debt / Equity0.97x0.82x0.72x0.61x0.67x0.71x0.49x0.38x0.35x0.37x
Interest Coverage-0.47x4.98x7.94x13.60x7.76x8.93x75.18x55.63x41.20x34.48x
FCF Conversion-7.97x2.23x0.91x1.12x2.08x1.79x0.69x1.15x1.44x1.20x
Revenue Growth-13.27%2.41%22.65%23.93%-11.48%-8.25%91.73%20.92%-15.57%-6.68%

Revenue by Segment

2015201620172018201920202021202220232024
Steel Operations5.42B5.87B7.18B9.26B8.23B7.46B12.62B13.8B11.6B12.53B
Steel Operations Growth-8.27%22.22%29.10%-11.11%-9.46%69.25%9.37%-15.93%7.96%
Metals Recycling and Ferrous Resources Operations2.34B2.17B2.81B3.2B2.49B2.4B1.66B1.55B1.4B4.14B
Metals Recycling and Ferrous Resources Operations Growth--7.09%29.52%13.84%-22.12%-3.64%-30.97%-6.84%-9.32%195.21%
Steel Fabrication Operations673.4M703.52M824.42M921.95M963.26M906.36M1.76B4.25B2.8B1.77B
Steel Fabrication Operations Growth-4.47%17.19%11.83%4.48%-5.91%94.30%141.09%-34.09%-36.68%
All Others------1.25B1.26B1.16B-
All Others Growth-------0.57%-7.48%-

Revenue by Geography

2015201620172018201920202021202220232024
U [S]7.14B7.38B9.01B11.12B9.93B9.09B17.29B20.85B16.97B16.08B
U [S] Growth-3.36%22.16%23.35%-10.72%-8.45%90.24%20.59%-18.63%-5.26%
Non Us454.51M397.37M523.82M701.83M537.12M512.29M1.12B1.41B1.83B1.46B
Non Us Growth--12.57%31.82%33.98%-23.47%-4.62%118.22%26.04%29.71%-19.85%

Frequently Asked Questions

Valuation & Price

Steel Dynamics, Inc. (STLD) has a price-to-earnings (P/E) ratio of 17.8x. This is roughly in line with market averages.

Growth & Financials

Steel Dynamics, Inc. (STLD) reported $17.63B in revenue for fiscal year 2024. This represents a 121% increase from $8.00B in 2011.

Steel Dynamics, Inc. (STLD) saw revenue decline by 6.7% over the past year.

Yes, Steel Dynamics, Inc. (STLD) is profitable, generating $1.13B in net income for fiscal year 2024 (8.8% net margin).

Dividend & Returns

Yes, Steel Dynamics, Inc. (STLD) pays a dividend with a yield of 1.03%. This makes it attractive for income-focused investors.

Steel Dynamics, Inc. (STLD) has a return on equity (ROE) of 17.3%. This is reasonable for most industries.

Steel Dynamics, Inc. (STLD) generated $311.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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