Fundamentals · 2026-09-09S&P 500ANNUAL BASIS

Steel Dynamics

STLD stock analysis · Materials · Steel

FY 2025-12-31ANNUAL FILINGS
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These are research estimates based on annual filings. Valuation uses a cash-flow proxy and explicit assumptions; prices are not live. Published valuations use annual periods first filed by the price date, with later restatements retained.
Reference share price · USD
$229.46HISTORICAL SNAPSHOT

As of · fund-implied per-share value

Fund holding value ÷ shares held. Not a live quote; not adjusted for later stock splits.

View SEC fund filing ↗
Estimated issuer market cap
$33B

Price × SEC outstanding shares. Shares measured 2026-06-30. Approximate; share and price dates can differ.

View share-count filing ↗
Valuation

DCF value

$53.04

Equity cash-flow scenario · SEC outstanding shares at 2026-06-30 · -76.9% versus input cap

How this is calculated ↗
Valuation

Reverse DCF

44.5%

Annual basis · read assumptions below

How this is calculated ↗
Valuation

Relative valuation

7.3%

18 sector peers · median 29.8×

How this is calculated ↗
Valuation

Historical multiples

7.0×

5 annual observations · snapshot P/E 27.8× · 295.2% versus history

How this is calculated ↗
Valuation

Free cash flow yield

1.5%

Annual basis · read assumptions below

How this is calculated ↗
Quality

ROIC / quality

9.9%

Normalized tax · financing-capital proxy · short-term borrowing coverage incomplete

How this is calculated ↗
Valuation

Value composite

40/100

Annual basis · read assumptions below

How this is calculated ↗
Momentum

12–1 price momentum

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

How this is calculated ↗
Investment

Asset growth

9.9%

Annual basis · read assumptions below

How this is calculated ↗
Investment

Net payout yield

Requires reported dividends, repurchases and issuance; missing values are not zero.

Requires reported dividends, repurchases and issuance; missing values are not zero.

How this is calculated ↗
Quality

Accrual quality

-1.7%

Annual basis · read assumptions below

How this is calculated ↗
Momentum

Fundamental momentum

-0.6%

Annual basis · read assumptions below

How this is calculated ↗

Follow the cash

ANNUAL · USD

Operating cash flow and reinvestment over time

USD · bar maximum 4.5B2020-12-31: cfo $987,032,000.002020-12-31: capex $1,198,055,000.0020202021-12-31: cfo $2,204,136,000.002021-12-31: capex $1,006,239,000.0020212022-12-31: cfo $4,460,403,000.002022-12-31: capex $908,902,000.0020222023-12-31: cfo $3,519,928,000.002023-12-31: capex $1,657,905,000.0020232024-12-31: cfo $1,844,503,000.002024-12-31: capex $1,868,006,000.0020242025-12-31: cfo $1,449,534,000.002025-12-31: capex $948,025,000.002025
Operating cash flowCapital expenditure

Annual USD. Negative bars use a compressed lower scale. Hover or inspect the financial history table for exact values.

Make the assumptions yours

Personal inputs stay in this browser. Blank fields retain published inputs. Five-year forecast; zero net borrowing. Required return must exceed terminal growth.

How sensitive is the valuation?

DCF per-share sensitivity · includes reviewed preferred and minority-owner claims · rows: required return · columns: growth
Return / Growth3.0%5.0%7.0%
8.0%$66.53$72.59$79.11
10.0%$48.75$53.04$57.65
12.0%$38.46$41.73$45.24

Annual financial history

Open SEC filings ↗
Fiscal year-endRevenueNet incomeOperating cash flowCapital expenditureAssets
2025-12-3118.2B1.2B1.4B948M16.4B
2024-12-3117.5B1.5B1.8B1.9B14.9B
2023-12-3118.8B2.5B3.5B1.7B14.9B
2022-12-3122.3B3.9B4.5B908.9M14.2B
2021-12-3118.4B3.2B2.2B1B12.5B
2020-12-319.6B570.8M987M1.2B9.3B
2019-12-3110.5B677.9M1.4B451.9M8.3B
2018-12-3111.8B1.3B1.4B239.4M7.7B

USD, abbreviated. Restated annual history; not a point-in-time backtest. Missing values appear as dashes.

Trace the inputs

MODEL ANNUAL PERIOD
InputValueSEC tag / sourceFiled
revenue18.2BRevenueFromContractWithCustomerExcludingAssessedTax2026-02-27
netIncome1.2BProfitLoss
Explicit consolidated amount, including the portion attributable to noncontrolling interests.
2026-02-27
Parent/common earnings proxy1.2BNetIncomeLossAvailableToCommonStockholdersBasic2026-02-27
cfo1.4BNetCashProvidedByUsedInOperatingActivities2026-02-27
capex948MPaymentsToAcquirePropertyPlantAndEquipment2026-02-27
operatingIncome1.5BOperatingIncomeLoss2026-02-27
assets16.4BAssets2026-02-27
equity8.8BStockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Explicit consolidated amount, including the portion attributable to noncontrolling interests.
2026-02-27
Parent book equity proxy9BStockholdersEquity2026-02-27
debt4.2BLongTermDebt2026-02-27
shortDebtNot reported under a supported tag
cash769.9MCashAndCashEquivalentsAtCarryingValue2026-02-27
shares148.4MWeightedAverageNumberOfDilutedSharesOutstanding2026-02-27
dividends291.2MPaymentsOfDividendsCommonStock2026-02-27
buybacks900.9MPaymentsForRepurchaseOfCommonStock2026-02-27
issuanceNot reported under a supported tag