14 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 13.6% per year over the past 5 years.
Net income has grown slower than revenue (-22.1% vs 13.6% per year).
Operating margin has been roughly flat, at 8.1% in the latest year.
Financial health
Total debt ($4.2B) exceeds cash ($770M); net debt is $3.4B.
Total debt has grown slower than revenue (6.2% vs 13.6% per year).
Operating income covered interest expense 21× in the latest year.
Total debt is 2.1× EBITDA.
Shareholder returns
Dividends have been paid for 14 consecutive years, consuming 24.6% of earnings and 58.1% of free cash flow.
The dividend has grown 6.8% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$18.2B
$1.2B
13.2%
8.1%
$502M
$4.2B
$770M
2024
$17.5B
$1.5B
16.0%
11.1%
-$24M
$3.2B
$589M
2023
$18.8B
$2.5B
21.5%
16.8%
$1.9B
$3.1B
$1.4B
2022
$22.3B
$3.9B
27.5%
22.9%
$3.6B
$3.1B
$1.6B
2021
$18.4B
$3.2B
29.1%
23.4%
$1.2B
$3.1B
$1.2B
2020
$9.6B
—
15.0%
8.8%
-$211M
$3.1B
$1.4B
2019
$10.5B
—
14.6%
9.4%
$944M
$2.7B
$1.4B
2018
$11.8B
—
19.7%
14.6%
$1.2B
$2.4B
$828M
2017
$9.4B
—
16.9%
11.4%
$574M
$2.4B
$1.0B
2016
$7.6B
—
17.5%
9.6%
$655M
$2.4B
$841M
2010
—
$141M
—
—
$36M
$2.4B
$187M
2009
—
-$8M
—
—
$116M
$2.1B
$9M
2008
—
$463M
—
—
$358M
$2.2B
$16M
2007
—
$395M
—
—
$23M
—
$28M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$5.2B
$403M
14.7%
10.3%
$10M
$4.2B
$557M
Dec '25
$4.4B
$266M
12.0%
7.0%
$84M
$4.2B
$770M
Sep '25
$4.8B
$404M
15.7%
10.5%
$557M
$3.8B
$770M
Jun '25
$4.6B
$299M
13.5%
8.4%
$13M
$3.8B
$458M
Mar '25
$4.4B
$217M
11.1%
6.3%
-$153M
$4.2B
$1.2B
Dec '24
$3.9B
$207M
11.4%
6.1%
-$106M
$3.2B
$589M
Sep '24
$4.3B
$318M
13.9%
9.1%
$138M
$3.7B
$1.0B
Jun '24
$4.6B
$428M
16.7%
12.1%
-$37M
$3.1B
$830M
Mar '24
$4.7B
$584M
20.9%
16.0%
-$19M
$3.1B
$1.0B
Dec '23
$4.2B
$424M
17.3%
12.2%
$350M
$3.1B
$1.4B
Sep '23
$4.6B
$577M
20.8%
16.0%
$555M
$3.1B
$1.8B
Jun '23
$5.1B
$812M
25.7%
20.9%
$450M
$3.1B
$1.5B
Mar '23
$4.9B
$637M
21.6%
17.1%
$507M
$3.1B
$1.6B
Dec '22
$4.7B
$635M
21.2%
16.3%
$799M
$3.1B
$1.6B
Sep '22
$5.4B
$914M
26.9%
22.4%
$1.3B
$3.1B
$1.4B
Jun '22
$6.0B
$1.2B
31.6%
27.1%
$838M
$3.1B
$1.0B
Mar '22
$5.4B
—
32.9%
27.6%
$660M
$3.1B
$1.2B
Dec '21
$5.3B
—
33.2%
26.9%
$519M
$3.1B
$1.2B
Sep '21
$5.1B
—
31.5%
26.0%
$416M
$3.1B
$1.1B
Jun '21
$4.5B
—
26.9%
21.5%
$310M
$3.1B
$1.1B
Valuation over time
How the market has priced STLD against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has risen from 4.2× (Mar '23) to 30.5× (Jun '26).
The price-to-sales ratio has risen from 0.7× (Mar '23) to 2.0× (Jun '26).
The dividend yield has fallen from 1.5% (Mar '23) to 0.8% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is STLD growing its revenue and profit?
Over the past 5 years, Steel Dynamics's revenue has grown 13.6% per year, and net income declined 22.1% per year. These are computed facts, not advice.
How much debt does STLD have?
As of FY2025, Steel Dynamics reported $4.2B of total debt against $770M of cash; operating income covered interest expense 21×.
What is STLD's profit margin?
In FY2025, gross margin was 13.2%, operating margin 8.1%, and net margin 6.5%.
What is STLD's P/E ratio?
As of Jun '26, Steel Dynamics traded at a price-to-earnings ratio of about 30.5× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.