Steel Dynamics has executed a sharp cyclical recovery, with revenue reaching $6.5B in 2026Q3 (up 34.8% year-over-year) and gross margin expanding to 19.6% from an 11.1% trough in 2025Q1, now ahead of domestic peers Nucor (11.9%) and Commercial Metals (15.6%).
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue hit $6.5B in 2026Q3, a 34.8% year-over-year increase marking a fourth consecutive quarter of acceleration, with gross margin expanding to 19.6% and operating margin to 15.5% as SG&A grew only about 47.5% while operating income rose roughly 3.6-fold from the 2025Q1 trough.
STLD's trailing and forward P/E ratios of 18.51 and 14.29 respectively indicate solid valuation and growth potential.
Gregg Jahnke's bullish thesis on Substack highlights positive sentiment and investment potential for STLD.
Steel's wide variety of applications and improved mechanical properties drive consistent demand for STLD's products.
Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Oct 19, 2026 | $5.26-4.0% vs $5.48 | $6.5B+1.2% vs $6.4B |
Q3 2026 Jul 20, 2026 | $3.69+1.7% vs $3.63 | $6.1B+9.6% vs $5.6B |
Q2 2026 Apr 22, 2026 | $2.78-2.1% vs $2.84 | $5.2B+2.1% vs $5.1B |
Q1 2026 Jan 26, 2026 | $1.82+7.1% vs $1.70 | $4.4B-3.0% vs $4.6B |
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U.S. steelmakers are rallying while the fund built to track the global industry slips, and Cleveland-Cliffs (NYSE:CLF | CLF Price Prediction) stock is out front by a wide margin. Cleveland-Cliffs stock is at $14.
Wall Street set a high bar for Steel Dynamics' NASDAQ: STLD latest earnings report, but the company's strong growth and improving profitability could still propel its stock to fresh highs.
A multitude of often-conflicting factors make the domestic steel industry a complex environment, with some steel companies navigating it more successfully than others. Following their Q3 earnings reports, two industry leaders—Steel Dynamics Inc. NASDAQ: STLD and Cleveland-Cliffs Inc. NYSE: CLF—are showing how higher domestic prices are competing against elevated financing costs, inflation, and uneven demand.
Benchmark STLD against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for Steel Dynamics, Inc. (STLD)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $222.90 | $32.15B | 16.34 | 3.63% | 8.82% | 21.07% | 0.88% | |
| $244.97 | $55.79B | 15.44 | 5.73% | 9.26% | 15.63% | 0.91% | |
| $417.00 | $21.29B | 19.33 | 3.32% | 6.38% | 15.05% | 1.16% | |
| $62.28 | $6.89B | 10.59 | 20.46% | 6.98% | 14.62% | 1.21% | |
| $11.46 | $6.54B | -14.16 | -3% | -2.36% | -7.84% | — | |
| $60.50 | $3B | 18.19 | 19.75% | 11.5% | 16.19% | 1.24% |
Steel Dynamics, Inc. (STLD) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
Steel Dynamics, Inc. (STLD) SEC filings — annual & quarterly reports (10-K, 10-Q)
Oct 20, 2026·SEC
Oct 19, 2026·SEC
Jul 21, 2026·SEC
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Steel Dynamics, Inc. (STLD) stock FAQ — growth, dividends, profitability & financials explained
Steel Dynamics, Inc. (STLD) reported $22.22B in revenue over the trailing twelve months. Revenue was $18.18B in fiscal year 2025. That is 7096% more than the $252.6M of fiscal year 1996.
Steel Dynamics, Inc. (STLD) grew revenue by 26.0% over the trailing twelve months, compared with the twelve months before.
Yes. Steel Dynamics, Inc. (STLD) earned $1.96B in net income over the trailing twelve months (a 8.8% net margin).
Yes. Steel Dynamics, Inc. (STLD) pays a dividend that yields 0.88% at the current price, a small yield.
Steel Dynamics, Inc. (STLD) had a return on equity (ROE) of 21.1% over the trailing twelve months. That is well above the market's typical 10-15%.
Steel Dynamics, Inc. (STLD) generated $1.09B in free cash flow over the trailing twelve months.
