Steel Dynamics
STLD · NasdaqSteel Works, Blast Furnaces & Rolling Mills (Coke Ovens) · Fiscal year ends Dec 31
Steel Dynamics reported revenue of $18.2B in the fiscal year ended Dec 2025, up 3.6% from the year before. Operating income was $1.5B, an operating margin of 8.1%, and net income was $1.2B. Operating cash flow of $1.4B less capital expenditure of $948M left free cash flow of $502M. Net debt was $3.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $18.4B | $22.3B | $18.8B | $17.5B | $18.2B |
| Cost of revenue | $13B | $16.1B | $14.7B | $14.7B | $15.8B |
| Gross profit | $5.4B | $6.1B | $4B | $2.8B | $2.4B |
| Selling, general & admin | $644M | $546M | $589M | $664M | $765M |
| Operating income | $4.3B | $5.1B | $3.2B | $1.9B | $1.5B |
| Interest expense | $57M | $92M | $76M | $56M | $70M |
| Pre-tax income | $4.2B | $5B | $3.2B | $2B | $1.5B |
| Income tax | $962M | $1.1B | $752M | $433M | $306M |
| Net income | $3.2B | $3.9B | $2.5B | $1.5B | $1.2B |
| Diluted EPS | 15.56 | 20.92 | 14.64 | 9.84 | 7.99 |
| Diluted shares | 207M | 185M | 167M | 156M | 148M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.2B | $1.6B | $1.4B | $589M | $770M |
| Receivables | $1.9B | $2B | $1.6B | $1.4B | $1.7B |
| Inventory | $3.5B | $3.1B | $2.9B | $3.1B | $3.7B |
| Current assets | $6.9B | $7.6B | $6.8B | $5.4B | $6.5B |
| Net PP&E | $4.8B | $5.4B | $6.7B | $8.1B | $8.6B |
| Goodwill | $454M | $502M | $477M | $477M | $477M |
| Total assets | $12.5B | $14.2B | $14.9B | $14.9B | $16.4B |
| Payables | $1.3B | $1B | – | – | – |
| Current liabilities | $2.2B | $2B | $2.3B | $2.2B | $2.1B |
| Short-term debt | $97M | $57M | $460M | $427M | $35M |
| Long-term debt | $3B | $3B | $2.6B | $2.8B | $4.2B |
| Total liabilities | $6.2B | $6.1B | $6.1B | $6B | $7.5B |
| Shareholders' equity | $6.3B | $8.1B | $8.9B | $8.9B | $9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.2B | $4.5B | $3.5B | $1.8B | $1.4B |
| Capital expenditure | $1B | $909M | $1.7B | $1.9B | $948M |
| Free cash flow | $1.2B | $3.6B | $1.9B | −$24M | $502M |
| Depreciation & amortisation | $348M | $384M | $438M | $479M | $551M |
| Stock-based compensation | $58M | $59M | $62M | $67M | $69M |
| Share buybacks | $1.1B | $1.8B | $1.5B | $1.2B | $901M |
| Dividends paid | $213M | $237M | $271M | $283M | $291M |
| Dividend per share | 1.04 | 1.36 | 1.70 | 1.84 | 2.00 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 20.9% | −15.6% | −6.7% | 3.6% |
| Operating income growth (YoY) | – | 18.4% | −38.1% | −38.3% | −24.0% |
| EPS growth (YoY) | – | 34.4% | −30.0% | −32.8% | −18.8% |
| Gross margin | 29.1% | 27.5% | 21.5% | 16.0% | 13.2% |
| Operating margin | 23.4% | 22.9% | 16.8% | 11.1% | 8.1% |
| Net margin | 17.5% | 17.4% | 13.0% | 8.8% | 6.5% |
| Return on equityBlank when equity is negative | 51.0% | 47.5% | 27.6% | 17.2% | 13.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 41.7% | 42.0% | 25.1% | 15.2% | 10.3% |
| Free cash flow margin | 6.5% | 16.0% | 9.9% | −0.1% | 2.8% |
| Cash conversion (CFO ÷ net income) | 0.69x | 1.15x | 1.44x | 1.20x | 1.22x |
| Receivable days | 38 | 32 | 31 | 29 | 34 |
| Inventory days | 99 | 71 | 72 | 77 | 86 |
| Payable days | 35 | 23 | – | – | – |
| Interest cover | 75.2x | 55.6x | 41.2x | 34.5x | 21.1x |
| Debt ÷ equity | 0.49x | 0.38x | 0.35x | 0.36x | 0.47x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.9B | $1.4B | $1.7B | $2.6B | $3.4B |
| Current ratio | 3.10x | 3.76x | 2.91x | 2.53x | 3.06x |
Recent filings
More in Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.