Steel Dynamics, Inc. (STLD) Financial Ratios
30 years of historical data (1996–2025) · Basic Materials · Steel
EV/EBITDA
↑
18.67
↑+165% vs avg
5yr avg: 7.06
30Y Low3.2·High27.9
P/FCF
↑
68.60
↑+258% vs avg
5yr avg: 19.14
30Y Low4.7·High177.6
P/B Ratio
↑
3.95
↑+75% vs avg
5yr avg: 2.26
30Y Low1.1·High3.8
ROE
↓
13.3%
↑-62% vs avg
5yr avg: 34.7%
30Y Low-6%·High60%
Debt/EBITDA
↑
2.08
↑+87% vs avg
5yr avg: 1.11
30Y Low0.6·High11.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
STLD Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Steel Dynamics, Inc. trades at 29.7x earnings, 200% above its 5-year average of 9.9x, sitting at the 96th percentile of its historical range. Compared to the Basic Materials sector median P/E of 22.3x, the stock trades at a premium of 34%. On a free-cash-flow basis, the stock trades at 68.6x P/FCF, 258% above the 5-year average of 19.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $34.4B | $25.1B | $17.8B | $19.8B | $18.0B | $12.8B | $7.8B | $7.5B | $7.1B | $10.4B | $8.7B |
| Enterprise Value | $37.8B | $28.6B | $20.6B | $21.4B | $19.5B | $14.7B | $9.6B | $8.9B | $8.6B | $11.8B | $10.2B |
| P/E Ratio → | 29.72 | 21.21 | 11.59 | 8.07 | 4.67 | 3.99 | 14.24 | 11.20 | 5.61 | 12.84 | 22.81 |
| P/S Ratio | 1.89 | 1.38 | 1.02 | 1.05 | 0.81 | 0.70 | 0.82 | 0.72 | 0.60 | 1.09 | 1.12 |
| P/B Ratio | 3.95 | 2.82 | 1.99 | 2.24 | 2.23 | 2.03 | 1.80 | 1.85 | 1.82 | 3.15 | 3.02 |
| P/FCF | 68.60 | 50.14 | — | 10.62 | 5.08 | 10.71 | — | 7.96 | 6.01 | 18.15 | 13.33 |
| P/OCF | 23.73 | 17.35 | 9.66 | 5.62 | 4.04 | 5.82 | 7.93 | 5.38 | 4.99 | 14.10 | 10.23 |
P/E links to full P/E history page with 30-year chart
STLD EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Steel Dynamics, Inc.'s enterprise value stands at 18.7x EBITDA, 165% above its 5-year average of 7.1x. The Basic Materials sector median is 11.0x, placing the stock at a 70% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.57 | 1.17 | 1.14 | 0.88 | 0.80 | 1.00 | 0.85 | 0.73 | 1.24 | 1.32 |
| EV / EBITDA | 18.67 | 14.10 | 8.49 | 5.97 | 3.56 | 3.16 | 8.15 | 6.78 | 4.22 | 8.63 | 10.07 |
| EV / EBIT | 25.64 | 18.29 | 10.09 | 6.51 | 3.81 | 3.44 | 11.95 | 8.85 | 4.93 | 11.01 | 14.42 |
| EV / FCF | — | 57.00 | — | 11.52 | 5.48 | 12.26 | — | 9.39 | 7.32 | 20.50 | 15.65 |
STLD Profitability
Margins and return-on-capital ratios measuring operating efficiency
Steel Dynamics, Inc. earns an operating margin of 8.1%, roughly in line with the Basic Materials sector average. Operating margins have compressed from 16.8% to 8.1% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 13.3% is modest. ROIC of 9.2% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 13.0% | 13.0% | 16.0% | 21.5% | 27.5% | 29.1% | 14.9% | 14.6% | 19.6% | 16.6% | 17.2% |
| Operating Margin | 8.1% | 8.1% | 11.1% | 16.8% | 22.9% | 23.4% | 8.8% | 9.4% | 14.6% | 11.2% | 9.4% |
| Net Profit Margin | 6.5% | 6.5% | 8.8% | 13.0% | 17.4% | 17.5% | 5.7% | 6.4% | 10.6% | 8.5% | 4.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.3% | 13.3% | 17.3% | 28.9% | 53.6% | 60.3% | 13.1% | 16.9% | 35.0% | 26.2% | 13.7% |
| ROA | 7.6% | 7.6% | 10.3% | 16.9% | 28.9% | 29.5% | 6.3% | 8.4% | 17.3% | 12.2% | 6.1% |
| ROIC | 9.2% | 9.2% | 13.1% | 23.6% | 43.1% | 45.2% | 11.0% | 13.6% | 25.6% | 17.7% | 12.2% |
| ROCE | 10.9% | 10.9% | 15.3% | 25.5% | 45.4% | 47.0% | 11.1% | 14.1% | 27.2% | 18.2% | 12.8% |
STLD Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Steel Dynamics, Inc. carries a Debt/EBITDA ratio of 2.1x, which is manageable (17% below the sector average of 2.5x). Net debt stands at $3.4B ($4.2B total debt minus $770M cash). Interest coverage of 22.3x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.47 | 0.47 | 0.37 | 0.35 | 0.38 | 0.49 | 0.71 | 0.67 | 0.61 | 0.72 | 0.82 |
| Debt / EBITDA | 2.08 | 2.08 | 1.38 | 0.86 | 0.56 | 0.67 | 2.65 | 2.09 | 1.17 | 1.74 | 2.32 |
| Net Debt / Equity | — | 0.39 | 0.31 | 0.19 | 0.18 | 0.29 | 0.40 | 0.33 | 0.40 | 0.41 | 0.52 |
| Net Debt / EBITDA | 1.70 | 1.70 | 1.14 | 0.47 | 0.26 | 0.40 | 1.48 | 1.03 | 0.76 | 0.99 | 1.49 |
| Debt / FCF | — | 6.86 | — | 0.90 | 0.41 | 1.55 | — | 1.43 | 1.32 | 2.35 | 2.31 |
| Interest Coverage | 22.32 | 22.32 | 36.19 | 43.09 | 55.85 | 74.57 | 8.44 | 7.89 | 13.79 | 7.96 | 4.86 |
STLD Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Steel Dynamics, Inc.'s current ratio of 3.06x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 1.29x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 2.91x to 3.06x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.06 | 3.06 | 2.53 | 2.91 | 3.76 | 3.10 | 3.38 | 4.22 | 3.96 | 4.04 | 4.11 |
| Quick Ratio | 1.29 | 1.29 | 1.08 | 1.67 | 2.22 | 1.51 | 1.92 | 2.55 | 2.13 | 2.29 | 2.32 |
| Cash Ratio | 0.36 | 0.36 | 0.34 | 0.91 | 1.11 | 0.56 | 1.09 | 1.63 | 1.04 | 1.18 | 1.18 |
| Asset Turnover | — | 1.11 | 1.17 | 1.26 | 1.57 | 1.47 | 1.04 | 1.26 | 1.53 | 1.39 | 1.21 |
| Inventory Turnover | 4.23 | 4.23 | 4.73 | 5.10 | 5.16 | 3.69 | 4.43 | 5.29 | 5.11 | 5.24 | 5.05 |
| Days Sales Outstanding | — | 33.79 | 29.49 | 31.23 | 33.71 | 38.00 | 36.95 | 29.45 | 32.23 | 33.25 | 34.25 |
STLD Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Steel Dynamics, Inc. returns 3.4% to shareholders annually — split between a 0.8% dividend yield and 2.6% buyback yield. The payout ratio of 24.6% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 3.4% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.8% | 1.2% | 1.6% | 1.4% | 1.3% | 1.7% | 2.7% | 2.7% | 2.4% | 1.4% | 1.6% |
| Payout Ratio | 24.6% | 24.6% | 18.4% | 11.1% | 6.1% | 6.6% | 38.0% | 29.8% | 13.4% | 17.9% | 35.5% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.4% | 4.7% | 8.6% | 12.4% | 21.4% | 25.1% | 7.0% | 8.9% | 17.8% | 7.8% | 4.4% |
| FCF Yield | 1.5% | 2.0% | — | 9.4% | 19.7% | 9.3% | — | 12.6% | 16.6% | 5.5% | 7.5% |
| Buyback Yield | 2.6% | 3.6% | 6.8% | 7.3% | 10.0% | 8.3% | 1.4% | 4.6% | 7.4% | 2.4% | 0.3% |
| Total Shareholder Yield | 3.4% | 4.7% | 8.4% | 8.7% | 11.3% | 9.9% | 4.0% | 7.3% | 9.8% | 3.8% | 1.8% |
| Shares Outstanding | — | $148M | $156M | $167M | $185M | $207M | $212M | $221M | $235M | $242M | $245M |
Peer Comparison
Compare STLD with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 STLDYou | $34B | 29.7 | 18.7 | 68.6 | 13.0% | 8.1% | 13.3% | 9.2% | 2.1 |
 NUE | $53B | 30.9 | 13.9 | — | 11.9% | 8.2% | 8.0% | 7.7% | 1.7 |
 RS | $19B | 26.6 | 16.0 | 37.8 | 26.8% | 7.2% | 10.3% | 8.9% | 1.5 |
 CMC | $8B | 94.3 | 10.0 | 24.8 | 15.6% | 6.7% | 2.0% | 8.5% | 1.7 |
 CLF | $6B | -3.5 | — | — | -4.6% | -7.5% | -22.4% | -7.5% | — |
 WOR | $3B | 28.5 | 28.2 | 16.9 | 27.6% | 4.3% | 10.5% | 3.8% | 3.3 |
 ZEUS | $533M | 24.3 | 10.6 | 127.1 | 23.2% | 2.5% | 4.1% | 4.3% | 4.0 |
 MTUS | $805M | -674.1 | 11.5 | — | 8.2% | 0.1% | -0.2% | 0.2% | 0.3 |
 SXC | $602M | -13.7 | 5.5 | 14.2 | 7.1% | 3.5% | -6.6% | 4.3% | 3.1 |
 CAT | $421B | 48.0 | 33.7 | 41.0 | 32.3% | 16.6% | 43.5% | 15.9% | 3.2 |
 DE | $156B | 31.1 | 19.9 | 48.3 | 36.5% | 18.8% | 19.3% | 7.7% | 6.0 |
| Basic Materials Median | — | 22.3 | 11.0 | 25.6 | 31.3% | 9.2% | 0.0% | 4.5% | 2.5 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Full STLD Stock Analysis
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Start ComparisonSTLD — Frequently Asked Questions
Quick answers to the most common questions about buying STLD stock.
What is Steel Dynamics, Inc.'s P/E ratio?
Steel Dynamics, Inc.'s current P/E ratio is 29.7x. The historical average is 19.7x. This places it at the 96th percentile of its historical range.
What is Steel Dynamics, Inc.'s EV/EBITDA?
Steel Dynamics, Inc.'s current EV/EBITDA is 18.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.5x.
What is Steel Dynamics, Inc.'s ROE?
Steel Dynamics, Inc.'s return on equity (ROE) is 13.3%. The historical average is 18.0%.
Is STLD stock overvalued?
Based on historical data, Steel Dynamics, Inc. is trading at a P/E of 29.7x. This is at the 96th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Steel Dynamics, Inc.'s dividend yield?
Steel Dynamics, Inc.'s current dividend yield is 0.83% with a payout ratio of 24.6%.
What are Steel Dynamics, Inc.'s profit margins?
Steel Dynamics, Inc. has 13.0% gross margin and 8.1% operating margin.
How much debt does Steel Dynamics, Inc. have?
Steel Dynamics, Inc.'s Debt/EBITDA ratio is 2.1x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.