STLD

MKT CAP:$33B

Steel Dynamics, Inc.

Market Cap

$33B

Basic Materials·Steel·🇺🇸 United States·NASDAQ

Materials·Steel·🇺🇸·NASDAQ

Stock Price

$227.23+$51.17 (+29.07%)

Apr 24, 2026

Company Details

Steel Dynamics, Inc., together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations....

CEO

Mark D. Millett

IPO Date

Nov 22, 1996

Website

www.steeldynamics.com

Key Metrics TTM

Revenue

$19.0B

+10.4% YoY

Net Income

$1.4B

EPS (Diluted)

$9.34

Free Cash Flow

$665M

Revenue / Share

$131.30

Gross Margin

14.0%

Operating Margin

9.4%

Net Margin

7.2%

FCF Margin

3.5%

P/S

1.7x

P/E

24.0x

Earnings Reports

Q1 2026

Apr 21, 2026

NEW

$5.2B+19.1%EPS $2.78

FY 2025

Feb 27, 2026

$18.2B+3.6%EPS $7.99

Q4 2025

Feb 27, 2026

$4.4B+14.0%EPS $1.82

Q3 2025

Oct 24, 2025

$4.8B+11.2%EPS $2.74

Q2 2025

Aug 11, 2025

$4.6B-1.5%EPS $2.00

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$5.6B	$1.8B	$1.5B
Q2 22	$6.2B	$1.9B	$1.6B
Q3 22	$5.7B	$1.5B	$1.2B
Q4 22	$4.8B	$988M	$759M
Q2 23	$5.1B	$1.3B	$1.1B
Q3 23	$4.6B	$952M	$734M
Q4 23	$4.2B	$731M	$519M
Q1 24	$4.7B	$981M	$751M
Q2 24	$4.6B	$775M	$559M
Q3 24	$4.3B	$605M	$395M
Q4 24	$3.9B	$442M	$238M
Q1 25	$4.4B	$487M	$275M
Q2 25	$4.6B	$618M	$383M
Q3 25	$4.8B	$758M	$508M
Q4 25	$4.4B	$522M	$310M
Q1 26	$5.2B	$763M	$588M

Valuation

Quarter	P/S	P/E
Q1 22	0.9x	4.9x
Q2 22	0.6x	2.9x
Q3 22	0.6x	3.1x
Q4 22	0.8x	4.5x
Q2 23	0.8x	5.1x
Q3 23	0.9x	5.8x
Q4 23	1.0x	7.6x
Q1 24	1.3x	9.8x
Q2 24	1.1x	9.9x
Q3 24	1.1x	10.9x
Q4 24	1.0x	11.3x
Q1 25	1.1x	16.0x
Q2 25	1.1x	18.1x
Q3 25	1.2x	18.1x
Q4 25	1.4x	21.2x
Q1 26	1.3x	18.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$819M	$660M
Q2 22	$1.0B	$838M
Q3 22	$1.5B	$1.3B
Q4 22	$1.1B	$799M
Q2 23	$808M	$450M
Q3 23	$1.1B	$555M
Q4 23	$865M	$350M
Q1 24	$355M	-$19M
Q2 24	$383M	-$37M
Q3 24	$760M	$138M
Q4 24	$347M	-$106M
Q1 25	$153M	-$153M
Q2 25	$302M	$13M
Q3 25	$723M	$557M
Q4 25	$273M	$84M
Q1 26	$148M	$10M

Capital Expenditures

Quarter	CapEx
Q1 22	$159M
Q2 22	$164M
Q3 22	$241M
Q4 22	$344M
Q2 23	$358M
Q3 23	$558M
Q4 23	$515M
Q1 24	$374M
Q2 24	$419M
Q3 24	$621M
Q4 24	$453M
Q1 25	$306M
Q2 25	$288M
Q3 25	$166M
Q4 25	$188M
Q1 26	$138M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+91.8%	+60.5%
Q2 22	+120.5%	+81.9%
Q3 22	+11.1%	+17.7%
Q4 22	-9.1%	+4.8%
Q2 23	-8.8%	-1.4%
Q3 23	-26.2%	-16.1%
Q4 23	-25.1%	-16.2%
Q1 24	-2.7%	-3.1%
Q2 24	-8.8%	+1.4%
Q3 24	-5.4%	+2.4%
Q4 24	-8.5%	-2.2%
Q1 25	-6.9%	+3.8%
Q2 25	-1.5%	+2.7%
Q3 25	+11.2%	+9.5%
Q4 25	+14.0%	+12.9%
Q1 26	+19.1%	+12.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$17M	0.3%
Q2 22	$11M	0.2%
Q3 22	$12M	0.2%
Q4 22	$20M	0.4%
Q2 23	$12M	0.2%
Q3 23	$12M	0.3%
Q4 23	$22M	0.5%
Q1 24	$16M	0.3%
Q2 24	$13M	0.3%
Q3 24	$13M	0.3%
Q4 24	$25M	0.6%
Q1 25	$17M	0.4%
Q2 25	$14M	0.3%
Q3 25	$0	0.0%
Q4 25	$0	0.0%
Q1 26	$17M	0.3%

OpEx Breakdown

Quarter	G&A	SG&A
Q1 22	$152M	—
Q2 22	$118M	—
Q3 22	$133M	—
Q4 22	$143M	—
Q2 23	$141M	—
Q3 23	$146M	—
Q4 23	—	$157M
Q1 24	—	$160M
Q2 24	$160M	—
Q3 24	$168M	—
Q4 24	—	$177M
Q1 25	—	$182M
Q2 25	$198M	—
Q3 25	$201M	—
Q4 25	—	$212M
Q1 26	—	$175M

Revenue Segments

Quarter	Metals Recycling and Ferrous Resources Operations	Steel Fabrication Operations	Steel Operations
Q1 25	$1.1B	$352M	$3.2B

Revenue by Geography

Quarter	Non Us	U [S]
Q1 22	$322M	$5.2B
Q2 22	$391M	$5.8B
Q3 22	$357M	$5.3B
Q4 22	$340M	$4.5B
Q2 23	$550M	$4.5B
Q3 23	$471M	$4.1B
Q4 23	$364M	$3.9B
Q1 24	$416M	$4.3B
Q2 24	$390M	$4.2B
Q3 24	$353M	$4.0B
Q4 24	$307M	$3.6B
Q1 25	$327M	$4.0B

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$1.0B	$351M	$1.4B
Q3 22	$1.4B	$583M	$2.0B
Q4 22	$1.6B	$628M	$2.3B
Q1 23	$1.6B	$715M	$2.3B
Q2 23	$1.5B	$612M	$2.1B
Q3 23	$1.8B	$501M	$2.3B
Q4 23	$1.4B	$721M	$2.1B
Q1 24	$1.0B	$653M	$1.7B
Q2 24	$830M	$418M	$1.2B
Q3 24	$1.0B	$645M	$1.7B
Q4 24	$589M	$148M	$737M
Q1 25	$1.2B	$20M	$1.2B
Q2 25	$458M	$40M	$498M
Q3 25	$770M	$0	$770M
Q4 25	$770M	$0	$770M
Q1 26	$557M	$0	$557M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	193M	-2.8%	-16.1%
Q2 22	188M	-2.8%	-16.5%
Q3 22	182M	-3.3%	-11.0%
Q4 22	176M	-3.2%	-11.5%
Q2 23	169M	-4.0%	-12.6%
Q3 23	166M	-1.6%	-11.5%
Q4 23	162M	-2.3%	-10.6%
Q1 24	159M	-1.8%	-9.4%
Q2 24	158M	-1.1%	-6.7%
Q3 24	157M	-0.7%	-5.8%
Q4 24	153M	-2.4%	-5.8%
Q1 25	150M	-1.7%	-5.7%
Q2 25	149M	-0.6%	-5.2%
Q3 25	148M	-1.2%	-5.7%
Q4 25	146M	-0.9%	-4.3%
Q1 26	145M	-1.0%	-3.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$523.5K	11K
Q2 22	$583.9K	11K
Q3 22	$531.2K	11K
Q4 22	$400.2K	12K
Q2 23	$421.4K	12K
Q3 23	$380.4K	12K
Q4 23	$336.0K	13K
Q1 24	$372.5K	13K
Q2 24	$367.7K	13K
Q3 24	$344.6K	13K
Q4 24	$307.3K	13K
Q1 25	$346.8K	13K
Q2 25	$362.3K	13K
Q3 25	$383.2K	13K
Q4 25	$350.3K	13K
Q1 26	$413.1K	13K

Revenue / Employee