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STLD

Steel Dynamics, Inc.

STLD

Steel Dynamics, Inc. • NASDAQ
$167.83 ▲ 0.73% (+1.21)
Market Cap $24.51 B
52w High $168.36
52w Low $103.17
Dividend Yield 1.96%
P/E 22.23
Volume 641.47K
Outstanding Shares 146.04M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.828B ▲ $243.233M ▲ $403.685M ▲ 8.361% ▲ $2.75 ▲ $665.906M ▲
Q2-2025 $4.565B ▲ $235.613M ▲ $298.726M ▲ 6.544% ▲ $2 ▲ $538.112M ▲
Q1-2025 $4.369B ▲ $211.4M ▲ $217.151M ▲ 4.97% ▼ $1.45 ▲ $426.541M ▲
Q4-2024 $3.872B ▼ $204.232M ▼ $207.293M ▼ 5.353% ▼ $1.36 ▼ $384.092M ▼
Q3-2024 $4.342B $209.78M $317.802M 7.32% $2.06 $546.148M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $770.356M ▲ $15.965B ▲ $6.995B ▲ $8.995B ▲
Q2-2025 $497.625M ▼ $15.549B ▼ $6.705B ▼ $8.864B ▲
Q1-2025 $1.207B ▲ $15.93B ▲ $7.097B ▲ $8.825B ▼
Q4-2024 $737.275M ▼ $14.935B ▼ $5.99B ▼ $8.934B ▼
Q3-2024 $1.661B $15.66B $6.581B $9.082B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $403.685M ▲ $722.608M ▲ $-120.528M ▲ $-289.664M ▲ $312.308M ▲ $556.916M ▲
Q2-2025 $301.191M ▲ $301.611M ▲ $-305.696M ▼ $-724.783M ▼ $-728.868M ▼ $13.28M ▲
Q1-2025 $217.679M ▲ $152.603M ▼ $-178.759M ▼ $623.295M ▲ $597.139M ▲ $-152.903M ▼
Q4-2024 $207.293M ▼ $346.872M ▼ $51.155M ▲ $-823.773M ▼ $-425.746M ▼ $-106.303M ▼
Q3-2024 $320.894M $759.853M $-851.995M $277.372M $185.23M $138.498M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Metals Recycling and Ferrous Resources Operations
Metals Recycling and Ferrous Resources Operations
 $390.00M ▲$3.35Bn ▲$1.07Bn ▼$1.16Bn ▲
Steel Fabrication Operations
Steel Fabrication Operations
 $450.00M ▲$880.00M ▲$350.00M ▼$340.00M ▼
Steel Operations
Steel Operations
 $2.75Bn ▲$6.65Bn ▲$3.15Bn ▼$3.38Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue and profit have clearly come off the unusually strong peak of 2022, but they remain well above pre‑pandemic levels. Margins have narrowed as steel prices and spreads normalized, yet the business is still generating solid earnings for a cyclical industry. The pattern here looks more like a return to “normal” profitability after an exceptional upcycle, rather than a collapse. Investors should assume ongoing earnings will be sensitive to steel pricing and industrial demand, not to one‑time boom conditions.

Balance Sheet

Balance Sheet The balance sheet looks robust, with total assets and shareholder equity steadily building over the last five years. Debt has stayed fairly constant, so leverage has effectively come down as the company has grown, which adds resilience in down cycles. Cash levels move around but do not signal stress; instead they reflect timing of large investments. Overall, the company appears to be funding growth from a position of financial strength rather than stretching its balance sheet.

Cash Flow

Cash Flow Operating cash flow has been strong for several years, but recent free cash flow has been squeezed by heavy spending on new plants and equipment. This suggests management is reinvesting aggressively in future capacity and product capabilities, especially in flat‑rolled steel and new platforms. Historically, when investment needs were lower, free cash flow was very healthy, so there is a track record of cash generation through the cycle. The main question is whether today’s elevated capital spending will translate into durable earnings power once these projects ramp up.

Competitive Edge

Competitive Edge Steel Dynamics competes as a low‑cost, largely electric‑arc‑furnace producer with strong vertical integration into scrap collection and processing. This structure gives it flexibility on costs and supply that many traditional blast‑furnace peers lack, and its portfolio spans a wide range of flat and long products plus downstream fabrication. Investments in value‑added finishing, customer co‑location, and tailored supply‑chain solutions deepen relationships and can soften the impact of commodity price swings. Key competitive risks remain the inherent cyclicality of steel, aggressive peers (including other EAF leaders), and pressure from imports and trade policy shifts.

Innovation and R&D

Innovation and R&D The company is leaning into innovation, particularly around sustainable, lower‑carbon metals and advanced flat‑rolled capabilities. Its branded low‑carbon steels, digital printing technology, and specialty engineered products help differentiate it beyond basic commodity tonnage. The planned expansion into low‑carbon aluminum and ongoing upgrades like the Sinton mill show a willingness to bet on long‑term demand shifts in automotive, construction, and packaging. Execution risk is meaningful—these are capital‑intensive bets—but successful ramp‑up would further separate Steel Dynamics from less innovative steel producers.

Summary

Overall, Steel Dynamics looks like a cyclical business that has moved from an exceptional profit peak back toward more normal, but still solid, conditions while maintaining a strong financial base. The balance sheet and historic cash generation provide room to invest heavily in new capacity, low‑carbon products, and value‑added offerings. Its electric‑arc, vertically integrated model and sustainability focus give it a distinct competitive angle in an industry often driven purely by price. The main issues to monitor are steel and aluminum demand, pricing cycles, the payoff from current capital projects, and the evolving regulatory and trade backdrop that shapes global steel competitiveness.

NEWS

November 21, 2025 · 1:30 PM UTC

Steel Dynamics Announces Completion of Notes Offering and Redemption Call for its 5.000% Notes Due 2026

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November 11, 2025 · 9:30 AM UTC

Steel Dynamics Announces Leadership Appointment

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November 7, 2025 · 11:30 AM UTC

Steel Dynamics Announces Fourth Quarter 2025 Cash Dividend

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October 27, 2025 · 7:00 AM UTC

Steel Dynamics Launches Lower-Embodied-Carbon Steel Products BIOEDGE™ and EDGE™

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October 20, 2025 · 4:30 PM UTC

Steel Dynamics Reports Third Quarter 2025 Results

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