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US steel producer operating electric-arc-furnace mini-mills plus steel fabrication and metals recycling operations.
US steel producer operating electric-arc-furnace mini-mills plus steel fabrication and metals recycling operations.
Melts recycled scrap in electric furnaces, so profit rests on the gap between steel prices and scrap and power costs. Its own scrap-collection arm, OmniSource, helps secure the main raw material. It is putting up a rolled-aluminum mill in Mississippi, a market it has not served before.
Moat: narrow (cost advantage, scale, process know-how). Efficient mini-mill/scrap-recycling integration gives cost advantages similar to Nucor, though steel remains commodity/cyclical.
Headquarters: Fort Wayne, Indiana, United States · Founded: 1993 · Employees: 14,400
Size Steel Dynamics (STLD) is a United States Materials company (Steel) with a market value of $31.7B, the 348th largest of 3,117 United States companies the cockpit tracks. Shares closed at $222.90 on 6 Nov 2026.
Performance Over six months the shares fell 5.0%, against -1.1% for the median peer and -1.1% for the United States market (cap-weighted) — 9th lowest of 20 in its peer set.
Growth Revenue grew 26.0% over the last twelve months (peer median +6.1%); the operating margin is 11.5% (peer median 8.9%).
Valuation It trades at 9.7× forward earnings against a peer median of 13.7× (4th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.2 points above its cost of capital (11.4% WACC).
Credit Steel Dynamics has 8 bonds outstanding ($4.25B), rated BBB by the agencies and trading like A- at a weighted spread of 84 bp.
Short interest Short interest is 2.7% of the free float (15 Oct 2026).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $22.2B | $18.2B | $17.5B | $18.8B | $22.3B |
| Revenue growth | — | +4% | -7% | -16% | — |
| Gross profit | $3.50B | $2.32B | $2.61B | $3.73B | $5.61B |
| EBITDA | $3.21B | $2.10B | $2.42B | $3.58B | $5.45B |
| Net income | $1.96B | $1.19B | $1.54B | $2.45B | $3.86B |
| Free cash flow | $1.09B | $502M | -$23.5M | $1.86B | $3.55B |
| Capital expenditure | $600M | $948M | $1.87B | $1.66B | $909M |
| Total debt | $4.20B | $4.38B | $3.35B | $3.20B | $3.18B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Steel Dynamics STLD | $31.7B | -5% | +26% | 12% | 9.7× | 11.7% |
| Nucor NUE | $55.6B | +8% | +22% | 13% | 10.2× | 12.0% |
| Cleveland-Cliffs CLF | $6.54B | +4% | +8% | -1% | 6.6× | n/a |
| Commercial Metals CMC | $6.85B | -12% | +20% | 9% | 9.3× | 6.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | STLD | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.8% | -1.9% | 7th lowest of 20 |
| 6-month return | -5.0% | -1.1% | 9th lowest of 20 |
| Distance from 52-week high | -22.6% | -18.4% | 7th lowest of 20 |
| Revenue growth (TTM) | +26.0% | +6.1% | 3rd highest of 20 |
| Operating margin | 11.5% | 8.9% | 7th highest of 20 |
| Forward P/E | 9.7× | 13.7× | 4th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 11.7% | 6.1% | 4th most demanding of 12 |
| Growth delivered (Del g) | +13.6% | +8.0% | 3rd highest of 12 |
| Hurdle (Req g minus delivered) | -2.0 pp | -2.2 pp | 6th most demanding of 12 |
| ROIC minus cost of capital | +4.2 pp | -2.1 pp | 4th highest of 20 |
| EV / EBITDA | 10.9× | 9.6× | 6th most expensive of 15 |
| Net debt / EBITDA | 1.0× | 1.0× | 8th most indebted of 16 |
| Bond spread | 84 bp | 97 bp | 3rd tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Steel Dynamics STLD | United States | $31.7B | -5% | +26% | 12% | 9.7× | 11.7% | +13.6% |
| Fortescue FMG.AX | Australia | $32.4B | -33% | +4% | 32% | 12.3× | -5.7% | -3.5% |
| Tenaris TEN.MI | Italy | $30.2B | -1% | -5% | 19% | 15.9× | 6.1% | +18.6% |
| JSW Steel JSWSTEEL.NS | India | $35.1B | +6% | +14% | 13% | 18.5× | 21.1% | +18.4% |
| Tata Steel TATASTEEL.NS | India | $24.6B | -14% | +11% | 9% | 14.0× | 8.7% | +8.2% |
| Nippon Steel 5401.T | Japan | $22.3B | +15% | +28% | 4% | 11.2× | n/a | n/a |
| Vale S.A. Sponsored ADR VALE | United States | $45.4B | -30% | +11% | 25% | 7.7× | -14.0% | -0.9% |
| ArcelorMittal MT.AS | Netherlands | $45.7B | 0% | -3% | 4% | 23.7× | n/a | n/a |
| Reliance RS | United States | $21.2B | +13% | +25% | 9% | 14.9× | 9.1% | +10.2% |
| Baoshan Iron & Steel 600019.SS | China | $19.9B | -3% | +6% | 3% | 14.4× | -9.6% | +2.4% |
| Nucor NUE | United States | $55.6B | +8% | +22% | 13% | 10.2× | 12.0% | +10.0% |
| POSCO 005490.KS | South Korea | $14.4B | -42% | +4% | 3% | 11.2× | n/a | n/a |
| Inner Mongolia Baotou Steel Union 600010.SS | China | $13.5B | -26% | -6% | 3% | 66.3× | 14.7% | +2.5% |
| Jindal Steel JINDALSTEL.NS | India | $12.6B | -7% | +26% | 10% | 21.2× | n/a | n/a |
| Lloyds Metals & Energy LLOYDSME.NS | India | $10.6B | +3% | +171% | 33% | 13.4× | n/a | n/a |
| Ternium S.A. Sponsored ADR TX | United States | $9.65B | +5% | -1% | 8% | 6.7× | n/a | n/a |
| Citic Pacific Special Steel 000708.SZ | China | $9.52B | -18% | 0% | 6% | 10.8× | -7.8% | +7.2% |
| China Steel 2002.TW | Taiwan | $8.65B | 0% | -7% | 0% | 41.5× | n/a | n/a |
| Gerdau S.A. Pfd Sponsored ADR Repr 1 Pfd Sh GGB | United States | $8.41B | -10% | +10% | 9% | 7.9× | 2.3% | +8.0% |
| thyssenkrupp TKA.DE | Germany | $8.33B | +10% | -2% | 1% | n/a | n/a | n/a |
Steel Dynamics has 8 bonds outstanding with $4.25B face value. The agencies rate it BBB; its bonds trade like A-. Weighted yield 5.61%, a spread of 84 bp over government bonds.