Latest Ratios: P/E Ratio 29.3x · EV/EBITDA 18.4x · ROE 13.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $33.8B | $25.1B | $17.8B | $19.8B | $18.0B | $12.8B | $7.8B | $7.5B | $7.1B | $10.4B | $8.7B |
| Enterprise Value | $37.2B | $28.6B | $20.6B | $21.4B | $19.5B | $14.7B | $9.6B | $8.9B | $8.6B | $11.8B | $10.2B |
| P/E Ratio → | 29.32 | 21.21 | 11.59 | 8.07 | 4.67 | 3.99 | 14.24 | 11.20 | 5.61 | 12.84 | 22.81 |
| P/S Ratio | 1.86 | 1.38 | 1.02 | 1.05 | 0.81 | 0.70 | 0.82 | 0.72 | 0.60 | 1.09 | 1.12 |
| P/B Ratio | 3.89 | 2.82 | 1.99 | 2.24 | 2.23 | 2.03 | 1.80 | 1.85 | 1.82 | 3.15 | 3.02 |
| P/FCF | 67.37 | 50.14 | — | 10.62 | 5.08 | 10.71 | — | 7.96 | 6.01 | 18.15 | 13.33 |
| P/OCF | 23.31 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 18.36 | 14.10 | 8.49 | 5.97 | 3.56 | 3.16 | 8.15 | 6.78 | 4.22 | 8.63 | 10.07 |
| EV / EBIT | 25.22 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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% |
| 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 | 2.7% | 3.6% | 6.8% | 7.3% | 10.0% | 8.3% | 1.4% | 4.6% | 7.4% | 2.4% | 0.3% |
| Total Shareholder Yield | 3.5% | 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 |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying STLD stock.
Steel Dynamics, Inc.'s current P/E ratio is 29.3x. The historical average is 19.7x. This places it at the 93th percentile of its historical range.
Steel Dynamics, Inc.'s current EV/EBITDA is 18.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.5x.
Steel Dynamics, Inc.'s return on equity (ROE) is 13.3%. The historical average is 18.0%.
Based on historical data, Steel Dynamics, Inc. is trading at a P/E of 29.3x. This is at the 93th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Steel Dynamics, Inc.'s current dividend yield is 0.84% with a payout ratio of 24.6%.
Steel Dynamics, Inc. has 13.0% gross margin and 8.1% operating margin.
Steel Dynamics, Inc.'s Debt/EBITDA ratio is 2.1x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Cyclical steel price volatility
Metrics are mathematically derived from official filings.
Margin Recovery Signals Cyclical Upswing
STLD's gross margin rebounded to 15.7% in 2026Q2 from 11.8% in 2025Q4, while net margin expanded to 8.8%, according to reported financials, indicating a strong cyclical recovery.
The sequential improvement in gross margin from 11.8% to 15.7% between 2025Q4 and 2026Q2 suggests that steel spreads have widened, likely due to favorable pricing and cost controls. Operating margin at 12.6% in 2026Q2 is well above the 6.1% trough in 2024Q4, reflecting operating leverage as volumes recover. However, these margins remain below the 20.9% gross margin peak in 2024Q1, implying that the current upswing may still have room to run if pricing persists.
ROIC Recovering from Cyclical Trough
ROIC climbed to 4.5% in 2026Q2 from 1.5% in 2024Q4, as per financial statements, but remains below the 5.2% level of 2024Q1, indicating a partial recovery in capital efficiency.
The doubling of ROIC from 1.5% to 4.5% over six quarters reflects improved margins and asset utilization, but the absolute level is still modest for a capital-intensive steelmaker. ROE at 5.8% in 2026Q2 is also recovering from 2.3% in 2024Q4, yet it lags the 6.5% seen in 2024Q1. This suggests that while the company is compounding returns off a cyclical low, it has not yet regained its prior peak efficiency, and investors should monitor whether capital projects continue to generate adequate returns.
Working Capital Efficiency Improves
Cash conversion cycle shortened to 78 days in 2026Q2 from 90 days in 2024Q4, driven by lower DIO and stable DSO, based on reported figures, indicating better inventory management.
The reduction in DIO from 83 days to 70 days between 2024Q4 and 2026Q2 suggests that STLD has been more effective at aligning inventory with demand, which is critical in a cyclical industry. DSO has remained stable around 32-36 days, indicating consistent receivables collection. The improvement in CCC, despite a slight increase in DPO, reflects a more efficient use of working capital, which supports cash generation during the upswing.
Debt Levels Rise but Coverage Remains Strong
D/E rose to 0.45 in 2026Q2 from 0.33 in 2024Q1, while interest coverage improved to 20.6x, as per balance sheet data, indicating manageable leverage despite increased borrowing.
Total debt increased to $4.2B from $3.0B over the period, lifting D/E, but the interest coverage ratio of 20.6x in 2026Q2 remains robust, suggesting that debt service is comfortable. The D/EBITDA ratio of 4.52x in 2026Q2 is elevated compared to the 3.51x in 2024Q1, but this is partly due to cyclical earnings; as EBITDA normalizes, this ratio may improve. The company's leverage appears to be within manageable bounds, though investors should monitor whether debt continues to grow faster than earnings.
Liquidity Position Strengthens
Current ratio improved to 3.18 in 2026Q2 from 2.35 in 2024Q2, with quick ratio at 1.45, according to financial statements, indicating a solid liquidity buffer.
The current ratio has risen steadily from 2.35 to 3.18 over eight quarters, reflecting a build-up of current assets relative to liabilities. The quick ratio of 1.45 in 2026Q2, though lower than the current ratio due to inventory, still suggests that STLD can cover short-term obligations without relying on inventory sales. This liquidity cushion provides flexibility to navigate steel price volatility and fund capital expenditures or shareholder returns.
P/E Misleads in Cyclical Downturns
STLD's trailing P/E of 33.6x appears expensive, but forward P/E of 16.2x and EV/EBITDA of 20.8x versus 9.4x forward, per reported data, highlight the cyclical distortion.
The wide gap between trailing and forward multiples reflects the market's expectation of earnings normalization after a cyclical trough. Using trailing P/E alone would overstate the company's valuation, as it is based on depressed earnings. Instead, investors should focus on normalized earnings power or EV/EBITDA across a full cycle, as steel prices are highly volatile. The current forward EV/EBITDA of 9.4x suggests the market is pricing in a recovery, but if steel prices falter, earnings could disappoint, making the trailing multiple more relevant.