Steel Dynamics (STLD)
Market Price (3/10/2026): $182.42 | Market Cap: $26.6 BilSector: Materials | Industry: Steel
Steel Dynamics (STLD)
Market Price (3/10/2026): $182.42Market Cap: $26.6 BilSector: MaterialsIndustry: Steel
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.6% | Weak multi-year price returns3Y Excs Rtn is -27% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.2% |
| Low stock price volatilityVol 12M is 37% | Key risksSTLD key risks include [1] profitability exposure to volatile scrap metal prices for its electric arc furnaces and [2] additional market risks and competition from its strategic diversification into aluminum operations. | |
| Megatrend and thematic driversMegatrends include Circular Economy & Recycling, Sustainable Infrastructure, and Sustainable Resource Management. Themes include Advanced Recycling Technologies, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.6% |
| Low stock price volatilityVol 12M is 37% |
| Megatrend and thematic driversMegatrends include Circular Economy & Recycling, Sustainable Infrastructure, and Sustainable Resource Management. Themes include Advanced Recycling Technologies, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -27% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.2% |
| Key risksSTLD key risks include [1] profitability exposure to volatile scrap metal prices for its electric arc furnaces and [2] additional market risks and competition from its strategic diversification into aluminum operations. |
Qualitative Assessment
AI Analysis | Feedback
Steel Dynamics (STLD) stock has gained about 10% since 11/30/2025 because of the following key factors:
1. Stronger-than-anticipated Q4 2025 Earnings Per Share and Upward Revisions for 2026 Forecasts.
Steel Dynamics reported fourth-quarter 2025 earnings of $1.82 per diluted share, surpassing the Zacks Consensus Estimate of $1.72 per share, and net sales increased by approximately 14% year over year to $4.414 billion. Despite a sequential decline in net income from Q3 2025, the earnings beat, coupled with record steel shipments of 13.7 million tons in 2025, contributed to investor confidence. This performance and the company's expectation of improving profitability led to several upward revisions to fiscal 2026 earnings estimates by analysts, despite near-term industry challenges.
2. Robust Shareholder Returns and Strategic Growth Initiatives.
The company demonstrated a commitment to returning capital to shareholders, repurchasing $901 million of its common stock in 2025, representing over four percent of its outstanding shares. Furthermore, Steel Dynamics announced a 6% increase in its first-quarter 2026 cash dividend. Strategic investments also played a role, with the completion of the acquisition of the remaining 55% ownership interest in New Process Steel in December 2025, and management raising the expected utilization of its aluminum mill to "approaching 90% capacity" by the end of 2026 due to earlier-than-anticipated product certifications.
Show more
1. Stronger-than-anticipated Q4 2025 Earnings Per Share and Upward Revisions for 2026 Forecasts.
Steel Dynamics reported fourth-quarter 2025 earnings of $1.82 per diluted share, surpassing the Zacks Consensus Estimate of $1.72 per share, and net sales increased by approximately 14% year over year to $4.414 billion. Despite a sequential decline in net income from Q3 2025, the earnings beat, coupled with record steel shipments of 13.7 million tons in 2025, contributed to investor confidence. This performance and the company's expectation of improving profitability led to several upward revisions to fiscal 2026 earnings estimates by analysts, despite near-term industry challenges.
2. Robust Shareholder Returns and Strategic Growth Initiatives.
The company demonstrated a commitment to returning capital to shareholders, repurchasing $901 million of its common stock in 2025, representing over four percent of its outstanding shares. Furthermore, Steel Dynamics announced a 6% increase in its first-quarter 2026 cash dividend. Strategic investments also played a role, with the completion of the acquisition of the remaining 55% ownership interest in New Process Steel in December 2025, and management raising the expected utilization of its aluminum mill to "approaching 90% capacity" by the end of 2026 due to earlier-than-anticipated product certifications.
Show more
Stock Movement Drivers
Fundamental Drivers
The 9.0% change in STLD stock from 11/30/2025 to 3/9/2026 was primarily driven by a 3.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 11302025 | 3092026 | Change |
|---|---|---|---|
| Stock Price ($) | 167.34 | 182.36 | 9.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17,635 | 18,177 | 3.1% |
| Net Income Margin (%) | 6.4% | 6.5% | 2.1% |
| P/E Multiple | 21.8 | 22.4 | 2.6% |
| Shares Outstanding (Mil) | 147 | 146 | 0.9% |
| Cumulative Contribution | 9.0% |
Market Drivers
11/30/2025 to 3/9/2026| Return | Correlation | |
|---|---|---|
| STLD | 9.0% | |
| Market (SPY) | -0.7% | 30.3% |
| Sector (XLB) | 11.8% | 57.0% |
Fundamental Drivers
The 40.2% change in STLD stock from 8/31/2025 to 3/9/2026 was primarily driven by a 20.8% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 3092026 | Change |
|---|---|---|---|
| Stock Price ($) | 130.07 | 182.36 | 40.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17,148 | 18,177 | 6.0% |
| Net Income Margin (%) | 6.1% | 6.5% | 7.4% |
| P/E Multiple | 18.5 | 22.4 | 20.8% |
| Shares Outstanding (Mil) | 148 | 146 | 1.9% |
| Cumulative Contribution | 40.2% |
Market Drivers
8/31/2025 to 3/9/2026| Return | Correlation | |
|---|---|---|
| STLD | 40.2% | |
| Market (SPY) | 5.4% | 43.2% |
| Sector (XLB) | 8.9% | 52.3% |
Fundamental Drivers
The 37.0% change in STLD stock from 2/28/2025 to 3/9/2026 was primarily driven by a 70.0% change in the company's P/E Multiple.| (LTM values as of) | 2282025 | 3092026 | Change |
|---|---|---|---|
| Stock Price ($) | 133.14 | 182.36 | 37.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17,540 | 18,177 | 3.6% |
| Net Income Margin (%) | 8.8% | 6.5% | -25.6% |
| P/E Multiple | 13.2 | 22.4 | 70.0% |
| Shares Outstanding (Mil) | 152 | 146 | 4.4% |
| Cumulative Contribution | 37.0% |
Market Drivers
2/28/2025 to 3/9/2026| Return | Correlation | |
|---|---|---|
| STLD | 37.0% | |
| Market (SPY) | 15.2% | 62.2% |
| Sector (XLB) | 14.3% | 65.5% |
Fundamental Drivers
The 51.2% change in STLD stock from 2/28/2023 to 3/9/2026 was primarily driven by a 310.5% change in the company's P/E Multiple.| (LTM values as of) | 2282023 | 3092026 | Change |
|---|---|---|---|
| Stock Price ($) | 120.64 | 182.36 | 51.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 22,261 | 18,177 | -18.3% |
| Net Income Margin (%) | 17.4% | 6.5% | -62.4% |
| P/E Multiple | 5.5 | 22.4 | 310.5% |
| Shares Outstanding (Mil) | 175 | 146 | 20.0% |
| Cumulative Contribution | 51.2% |
Market Drivers
2/28/2023 to 3/9/2026| Return | Correlation | |
|---|---|---|
| STLD | 51.2% | |
| Market (SPY) | 77.5% | 51.7% |
| Sector (XLB) | 28.9% | 62.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| STLD Return | 71% | 60% | 23% | -2% | 51% | 7% | 433% |
| Peers Return | 71% | 13% | 26% | -14% | 29% | -3% | 163% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -2% | 79% |
Monthly Win Rates [3] | |||||||
| STLD Win Rate | 67% | 58% | 50% | 67% | 75% | 67% | |
| Peers Win Rate | 60% | 46% | 62% | 53% | 65% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| STLD Max Drawdown | -7% | -15% | -6% | -8% | -4% | -1% | |
| Peers Max Drawdown | -6% | -20% | -6% | -21% | -20% | -6% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -2% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NUE, CLF, CMC, RS, WS. See STLD Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/9/2026 (YTD)
How Low Can It Go
| Event | STLD | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -32.5% | -25.4% |
| % Gain to Breakeven | 48.1% | 34.1% |
| Time to Breakeven | 289 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -54.5% | -33.9% |
| % Gain to Breakeven | 119.6% | 51.3% |
| Time to Breakeven | 240 days | 148 days |
| 2018 Correction | ||
| % Loss | -51.1% | -19.8% |
| % Gain to Breakeven | 104.3% | 24.7% |
| Time to Breakeven | 675 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -87.1% | -56.8% |
| % Gain to Breakeven | 677.6% | 131.3% |
| Time to Breakeven | 3,305 days | 1,480 days |
Compare to NUE, CLF, CMC, RS, WS
In The Past
Steel Dynamics's stock fell -32.5% during the 2022 Inflation Shock from a high on 3/3/2023. A -32.5% loss requires a 48.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Steel Dynamics (STLD)
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. The Steel Operations segment offers hot roll, cold roll, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars. The company also engages in turning, polishing, straightening, chamfering, threading, precision saw-cutting, and heat treating of bar products; and cutting to length, straightening, hole punching, shot blasting, welding, galvanizing, and coating of specialty products. Its products are used in construction, automotive, manufacturing, transportation, heavy and agriculture equipment, and pipe and tube markets. This segment sells directly to end-users, steel fabricators, and service centers. The Metals Recycling Operations segment purchases, processes, and resells ferrous and nonferrous scrap metals into reusable forms and grades. Its ferrous products include heavy melting steel, busheling, bundled scrap, shredded scrap, steel turnings, and cast-iron products; and nonferrous products comprise aluminum, brass, copper, stainless steel, and other nonferrous metals. This segment also provides transportation logistics, marketing, brokerage, and scrap management services. The Steel Fabrication Operations segment produces non-residential steel building components, such as steel joists, girders, trusses, and steel deck products. The company also exports its products. Steel Dynamics, Inc. was incorporated in 1993 and is headquartered in Fort Wayne, Indiana.
AI Analysis | Feedback
```html- The Dow Chemical of steel: Steel Dynamics is a foundational industrial giant providing essential raw steel materials for countless industries, similar to how Dow Chemical provides essential chemical building blocks.
- A major industrial supplier of essential steel, much like International Paper supplies essential paper and packaging: Steel Dynamics provides critical steel for everything from cars to construction, playing a vital role in manufacturing and infrastructure.
- A modern steel company known for efficient production using recycled materials, similar to how Republic Services leads in modern waste management and recycling: Steel Dynamics leverages advanced mini-mills and recycled scrap metal for more sustainable and efficient steelmaking.
AI Analysis | Feedback
- Flat Roll Steel Products: These include hot roll, cold roll, and coated steel coils, widely used in automotive, construction, appliance, and manufacturing industries.
- Structural Steel Products: This category comprises beams, channels, angles, and other structural shapes essential for construction and infrastructure projects.
- Special Bar Quality (SBQ) Steel: High-quality steel bars designed for demanding applications such as automotive parts, industrial equipment, and machinery components.
- Recycled Metals: Through their OmniSource division, Steel Dynamics processes and sells ferrous and nonferrous scrap metal, serving as a key input for steelmaking and other industries.
AI Analysis | Feedback
Steel Dynamics (symbol: STLD) primarily sells its products to other companies, making it a business-to-business (B2B) operation. The company does not publicly disclose the names of its specific major customer companies. According to its annual reports (e.g., 2022 10-K), no single customer accounted for more than 10% of its consolidated net sales, indicating a diversified customer base across various industries.
Instead of specific company names, Steel Dynamics identifies the following key categories of customer companies (industries) that collectively represent its major customer base:
- Steel Service Centers and Distributors: These companies purchase a wide range of steel products from Steel Dynamics and then process, store, and distribute them to a diverse array of end-users, including smaller manufacturers and construction firms.
- Construction Industry: This segment includes a broad range of companies such as structural steel fabricators, general contractors, and manufacturers of pre-engineered metal buildings and infrastructure components.
- Automotive Industry: Customers in this sector include original equipment manufacturers (OEMs) and their Tier 1 suppliers, utilizing steel for vehicle bodies, chassis, and other components.
- Industrial Manufacturing: This category encompasses manufacturers of heavy equipment (e.g., construction machinery, mining equipment), agricultural machinery, and appliances, all of which require significant steel input.
- Energy Sector: Companies involved in both traditional oil and gas (e.g., pipelines, drilling) and renewable energy (e.g., wind towers, solar structures) represent another significant customer segment.
AI Analysis | Feedback
nullAI Analysis | Feedback
Mark D. Millett, Chairman and Chief Executive Officer
Mr. Millett co-founded Steel Dynamics in 1993 and has been instrumental in building the company from its inception. He has served as Chief Executive Officer since January 2012 and was named Chairman of the Board in May 2021. Prior to co-founding Steel Dynamics, Mr. Millett was employed by Nucor Corporation for 12 years, where he held key positions and led the design, construction, and operation of the melting and casting facility at the world's first thin-slab mini mill in Crawfordsville, Indiana.
Theresa E. Wagler, Executive Vice President and Chief Financial Officer
Ms. Wagler has served as Executive Vice President, Chief Financial Officer, and Corporate Secretary of Steel Dynamics since May 2007. She joined Steel Dynamics in 1998 and has held various finance and accounting positions, including Chief Accounting Officer and Vice President and Corporate Controller. Before joining Steel Dynamics, Ms. Wagler was an Assistant Corporate Controller for Fort Wayne National Bank and a Certified Public Accountant with Ernst & Young LLP. She also serves as an independent director and chair of the audit committee of CF Industries Holdings, Inc., a public company.
Barry T. Schneider, President and Chief Operating Officer
Mr. Schneider was appointed President and Chief Operating Officer in March 2023. He has been with Steel Dynamics since 1995 and has held various operational and leadership roles within the company's steel operations, including Senior Vice President, Flat Roll Steel Group. Mr. Schneider was part of the team that constructed the company's first steel mill in Butler, Indiana, in 1994.
Christopher A. Graham, Senior Vice President, Flat Roll Steel Group
Mr. Graham was appointed Senior Vice President, Flat Roll Steel Group in October 2023. He has been with Steel Dynamics since 1994, holding various operational and leadership roles within both steel fabrication and steel operations, and was involved in the construction of the Butler Flat Roll and Structural and Rail steel mills. His previous roles include Senior Vice President, Long Products Steel Group, and Senior Vice President, Downstream Manufacturing and President of New Millennium Building Systems.
James S. Anderson, Senior Vice President, Long Products Steel Group
Mr. Anderson was appointed Senior Vice President, Long Products Steel Group in May 2024. He joined Steel Dynamics in 2007 when the company acquired The Techs, where he was serving as Managing Partner. He successfully led the company's Steel Fabrication business as President of New Millennium Building Systems since 2019 and as its Chief Operating Officer from 2015 to 2019.
AI Analysis | Feedback
The key risks to Steel Dynamics' (STLD) business are primarily rooted in the cyclical nature of the steel industry, raw material price volatility, and intense market competition influenced by trade policies.
- Market Volatility and Economic Uncertainty: The steel industry is inherently cyclical and highly sensitive to broader economic conditions and market fluctuations. Steel Dynamics' performance can be significantly affected by downturns in key sectors it serves, such as construction and automotive. Global economic uncertainties, including trade tensions or pandemics, can disrupt supply chains and reduce demand for steel products, posing threats to the company's growth and profitability.
- Volatility in Raw Material and Energy Costs: Steel Dynamics' profitability is closely linked to the fluctuating prices and availability of essential raw materials, particularly scrap metal, which is a vital feedstock for its electric arc furnaces. Similarly, the costs and availability of energy resources like electricity, natural gas, and oil are subject to volatile market conditions. While the company may attempt to pass on higher costs, sharp increases can erode profit margins and impact financial stability.
- Intense Competition and Trade Policies: Steel Dynamics operates in a highly competitive market with both domestic and international producers. To maintain its market position, the company must continuously innovate and manage its cost structure effectively. Furthermore, changes in trade policies, such as the imposition or removal of tariffs, can significantly alter the competitive landscape, potentially impacting pricing dynamics and the benefits STLD derives from current protections. The company's strategic diversification into aluminum operations also exposes it to additional market risks and competition within that sector.
AI Analysis | Feedback
nullAI Analysis | Feedback
nullAI Analysis | Feedback
Expected Drivers of Future Revenue Growth for Steel Dynamics (STLD) over the Next 2-3 Years:
- Aluminum Flat-Rolled Mill Project: Steel Dynamics is making a significant investment in a new aluminum flat-rolled mill project located in Mississippi, which is anticipated to commence operations in 2025. This initiative is set to unlock new revenue streams by addressing the growing demand in the lightweight automotive and packaging sectors. The company is actively producing and qualifying industrial, beverage can, and automotive-grade flat-rolled aluminum products, and is in the process of negotiating long-term contracts in these areas. This project is expected to contribute to higher-margin product diversification.
- Increased Value-Added Steel Product Mix: The company is expanding its product offerings through the commissioning and ramp-up of four new value-added flat-rolled steel coating lines. These new lines are projected to increase Steel Dynamics' capacity in value-added flat-roll products by an additional 1 million to 1.1 million tons, reaching a total capacity of 7 million tons, thereby diversifying its higher-margin product portfolio.
- Strong Demand in Key End Markets: Continued robust demand in essential end markets is expected to drive revenue growth. These markets include automotive, non-residential construction, energy, industrial, commercial, data centers, and healthcare. Furthermore, ongoing infrastructure programs, the trend of manufacturing onshoring, and the Inflation Reduction Act are anticipated to bolster domestic fixed asset investment and, consequently, related steel consumption.
- Operational Improvements and Increased Shipments at Sinton Mill: The Sinton Texas Flat Roll Steel Mill has demonstrated substantial operational enhancements, including gaining full access to its melting capacity, which has led to record shipments. The consistent operational execution at Sinton, coupled with the maturing quality of downstream coating and prepaint products, is expanding the mill's value-added product portfolio.
- Biocarbon Facility and Decarbonization Efforts: Steel Dynamics' investment in a biocarbon facility and its successful shipment of initial biocarbon products mark progress in its decarbonization strategy. These investments in low-carbon steelmaking and integrated recycling are expected to enhance cost controls and pricing power, as there is a growing demand from domestic customers for sustainable materials. This strategic positioning can indirectly contribute to revenue growth by strengthening the company's competitive advantage.
AI Analysis | Feedback
Share Repurchases
- Steel Dynamics authorized an additional $1.5 billion share repurchase program in November 2023, with $278 million remaining from a prior program as of September 30, 2023.
- In February 2025, the board approved another $1.5 billion share repurchase program, adding to the $194 million remaining from the November 2023 authorization as of December 31, 2024.
- The company repurchased $1.2 billion of its common stock in 2024, representing 6% of its outstanding shares. In the first nine months of 2025, $661 million of common stock was repurchased.
Outbound Investments
- In August 2020, Steel Dynamics completed the acquisition of Zimmer, S.A. de C.V., a Mexican metals recycling company, to enhance raw material procurement for its new Texas flat roll steel mill.
- In August 2025, Steel Dynamics entered a definitive agreement to acquire the remaining 55% equity interest in New Process Steel, L.P., which was its largest flat roll steel customer. This acquisition is aimed at expanding value-added manufacturing capabilities and strengthening supply chain management.
Capital Expenditures
- Capital expenditures were $1.7 billion in 2023 and $1.9 billion in 2024.
- Expected capital expenditures for 2025 are between $800 million and $1 billion. The company invested $760 million in capital investments in the third quarter of 2025 alone.
- Primary focus of capital expenditures includes the Sinton, Texas flat-rolled steel mill, four new flat-rolled coating lines (two at Sinton and two in Indiana), and a new $2.2 billion low-carbon aluminum flat rolled mill in Mississippi, with commercial production planned to begin mid-2025.
Latest Trefis Analyses
Trade Ideas
Select ideas related to STLD.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 01312026 | IP | International Paper | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 9.1% | 9.1% | 0.0% |
| 01302026 | B | Barrick Mining | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 11.7% | 11.7% | -4.0% |
| 12312025 | AMR | Alpha Metallurgical Resources | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | -18.6% | -18.6% | -18.6% |
| 12262025 | EMN | Eastman Chemical | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 18.9% | 18.9% | 0.0% |
| 12122025 | AMCR | Amcor | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 19.2% | 19.2% | -0.5% |
| 03312023 | STLD | Steel Dynamics | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | -4.4% | 33.0% | -18.7% |
| 08312022 | STLD | Steel Dynamics | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 61.3% | 34.2% | -13.7% |
| 09302021 | STLD | Steel Dynamics | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 43.8% | 23.5% | -9.9% |
| 01312020 | STLD | Steel Dynamics | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -6.2% | 19.1% | -48.1% |
| 11302018 | STLD | Steel Dynamics | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -27.6% | -1.3% | -27.6% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 117.66 |
| Mkt Cap | 11.5 |
| Rev LTM | 16,235 |
| Op Inc LTM | 803 |
| FCF LTM | 184 |
| FCF 3Y Avg | 634 |
| CFO LTM | 769 |
| CFO 3Y Avg | 1,121 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.8% |
| Rev Chg 3Y Avg | -6.2% |
| Rev Chg Q | 11.5% |
| QoQ Delta Rev Chg LTM | 2.7% |
| Op Mgn LTM | 7.3% |
| Op Mgn 3Y Avg | 9.0% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 7.1% |
| CFO/Rev 3Y Avg | 10.3% |
| FCF/Rev LTM | 2.5% |
| FCF/Rev 3Y Avg | 4.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 11.5 |
| P/S | 1.0 |
| P/EBIT | 13.2 |
| P/E | 19.0 |
| P/CFO | 11.2 |
| Total Yield | 6.1% |
| Dividend Yield | 1.2% |
| FCF Yield 3Y Avg | 5.3% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -17.3% |
| 3M Rtn | 5.6% |
| 6M Rtn | 13.5% |
| 12M Rtn | 36.4% |
| 3Y Rtn | 35.0% |
| 1M Excs Rtn | -14.7% |
| 3M Excs Rtn | 4.1% |
| 6M Excs Rtn | 7.3% |
| 12M Excs Rtn | 17.5% |
| 3Y Excs Rtn | -44.3% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Steel Operations | 13,068 | 15,101 | 14,023 | 7,456 | 8,234 |
| Metals Recycling Operations | 4,159 | 4,396 | 4,590 | 2,403 | 2,494 |
| Steel Fabrication Operations | 2,807 | 4,257 | 1,765 | 906 | 963 |
| Other | 1,172 | 1,288 | 1,267 | 501 | 401 |
| Aluminum Operations | 286 | 0 | |||
| Eliminations | -2,695 | -2,781 | -3,236 | -1,665 | -1,627 |
| Total | 18,795 | 22,261 | 18,409 | 9,601 | 10,465 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Steel Operations | 1,882 | 3,093 | 4,360 | 889 | 1,031 |
| Steel Fabrication Operations | 1,593 | 2,425 | 365 | 121 | 119 |
| Metals Recycling Operations | 48 | 116 | 182 | 33 | 16 |
| Aluminum Operations | 17 | -2 | |||
| Eliminations | 6 | 54 | -55 | -7 | 7 |
| Other | -395 | -594 | -552 | -189 | -186 |
| Total | 3,151 | 5,092 | 4,301 | 847 | 987 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Steel Operations | 8,650 | 8,616 | 8,686 | 6,288 | 5,171 |
| Other | 3,249 | 2,813 | 1,524 | 1,571 | 1,849 |
| Aluminum Operations | 1,444 | 186 | |||
| Metals Recycling Operations | 1,340 | 1,321 | 1,267 | 1,116 | 940 |
| Steel Fabrication Operations | 790 | 1,349 | 1,195 | 377 | 386 |
| Eliminations | -566 | -125 | -141 | -87 | -71 |
| Total | 14,908 | 14,160 | 12,531 | 9,266 | 8,276 |
Price Behavior
Price Behavior
| Market Price | $182.36 | |
| Market Cap ($ Bil) | 26.8 | |
| First Trading Date | 11/22/1996 | |
| Distance from 52W High | -11.4% | |
| 50 Days | 200 Days | |
| DMA Price | $184.03 | $151.54 |
| DMA Trend | up | up |
| Distance from DMA | -0.9% | 20.3% |
| 3M | 1YR | |
| Volatility | 35.7% | 37.3% |
| Downside Capture | 50.55 | 99.74 |
| Upside Capture | 111.73 | 122.21 |
| Correlation (SPY) | 30.9% | 61.6% |
STLD Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.05 | 0.87 | 0.81 | 1.22 | 1.21 | 1.20 |
| Up Beta | 3.30 | 2.20 | 2.40 | 1.87 | 1.25 | 1.29 |
| Down Beta | 2.44 | 1.16 | 0.68 | 1.62 | 1.31 | 1.20 |
| Up Capture | 75% | 85% | 89% | 148% | 134% | 132% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 14 | 24 | 35 | 71 | 133 | 387 |
| Down Capture | -85% | -19% | -3% | 42% | 98% | 104% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 7 | 17 | 26 | 53 | 118 | 364 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with STLD | |
|---|---|---|---|---|
| STLD | 47.9% | 37.5% | 1.12 | - |
| Sector ETF (XLB) | 15.9% | 20.7% | 0.61 | 65.1% |
| Equity (SPY) | 19.6% | 19.1% | 0.81 | 61.5% |
| Gold (GLD) | 77.6% | 26.1% | 2.18 | 7.6% |
| Commodities (DBC) | 20.2% | 17.2% | 0.92 | 29.1% |
| Real Estate (VNQ) | 6.1% | 16.4% | 0.19 | 41.6% |
| Bitcoin (BTCUSD) | -24.3% | 45.7% | -0.47 | 27.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with STLD | |
|---|---|---|---|---|
| STLD | 35.2% | 38.2% | 0.89 | - |
| Sector ETF (XLB) | 7.7% | 18.9% | 0.30 | 65.3% |
| Equity (SPY) | 13.4% | 17.0% | 0.62 | 51.0% |
| Gold (GLD) | 24.0% | 17.2% | 1.14 | 6.8% |
| Commodities (DBC) | 11.8% | 19.0% | 0.50 | 25.0% |
| Real Estate (VNQ) | 5.3% | 18.8% | 0.18 | 34.9% |
| Bitcoin (BTCUSD) | 7.1% | 56.8% | 0.35 | 19.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with STLD | |
|---|---|---|---|---|
| STLD | 28.5% | 39.2% | 0.77 | - |
| Sector ETF (XLB) | 11.3% | 20.6% | 0.49 | 67.1% |
| Equity (SPY) | 15.2% | 17.9% | 0.73 | 56.4% |
| Gold (GLD) | 14.9% | 15.6% | 0.79 | 3.1% |
| Commodities (DBC) | 8.9% | 17.6% | 0.42 | 31.3% |
| Real Estate (VNQ) | 6.2% | 20.7% | 0.26 | 40.7% |
| Bitcoin (BTCUSD) | 65.7% | 66.8% | 1.05 | 16.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/27/2026 | -0.7% | 9.8% | 9.6% |
| 10/21/2025 | 5.2% | 8.0% | 5.7% |
| 7/22/2025 | -1.7% | -3.2% | -4.7% |
| 4/23/2025 | 4.0% | 5.9% | 6.0% |
| 1/23/2025 | -0.4% | 5.1% | 6.4% |
| 10/17/2024 | 4.0% | -0.9% | 6.1% |
| 7/18/2024 | -0.7% | -5.2% | -9.2% |
| 4/24/2024 | 2.4% | -0.2% | 2.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 15 | 19 |
| # Negative | 12 | 9 | 5 |
| Median Positive | 3.9% | 6.9% | 9.0% |
| Median Negative | -0.6% | -2.0% | -9.2% |
| Max Positive | 10.0% | 13.8% | 29.9% |
| Max Negative | -3.1% | -6.4% | -12.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 10/24/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Alvarez, Miguel | Senior Vice President | Direct | Sell | 10302025 | 162.79 | 8,251 | 1,343,180 | 19,057,500 | Form |
| 2 | Graham, Christopher A | Senior Vice President | Direct | Sell | 7312025 | 126.71 | 12,000 | 1,520,460 | 8,456,040 | Form |
| 3 | Shaheen, Gabriel | Direct | Sell | 6092025 | 134.11 | 1,254 | 168,174 | 10,971,807 | Form | |
| 4 | Alvarez, Miguel | Senior Vice President | Direct | Sell | 5202025 | 135.26 | 7,495 | 1,013,774 | 16,950,648 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.