STLD Financials Steel Dynamics

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 Oct 25, 2026, 10:25 UTC 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

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
2025	$18.2B	$1.2B	13.2%	8.1%	13.2%	7.2%	$502M	$4.2B	$770M
2024	$17.5B	$1.5B	16.0%	11.1%	17.2%	10.3%	-$24M	$3.2B	$589M
2023	$18.8B	$2.5B	21.5%	16.8%	27.6%	16.4%	$1.9B	$3.1B	$1.4B
2022	$22.3B	$3.9B	27.5%	22.9%	47.5%	27.3%	$3.6B	$3.1B	$1.6B
2021	$18.4B	$3.2B	29.1%	23.4%	51.0%	25.6%	$1.2B	$3.1B	$1.2B
2020	$9.6B	—	15.0%	8.8%	0.0%	0.0%	-$211M	$3.1B	$1.4B
2019	$10.5B	—	14.6%	9.4%	0.0%	0.0%	$944M	$2.7B	$1.4B
2018	$11.8B	—	19.7%	14.6%	0.0%	0.0%	$1.2B	$2.4B	$828M
2017	$9.4B	—	16.9%	11.4%	0.0%	0.0%	$574M	$2.4B	$1.0B
2016	$7.6B	—	17.5%	9.6%	0.0%	0.0%	$655M	$2.4B	$841M
2010	—	$141M	—	—	6.8%	2.5%	$36M	$2.4B	$187M
2009	—	-$8M	—	—	-0.4%	-0.2%	$116M	$2.1B	$9M
2008	—	$463M	—	—	28.4%	8.8%	$358M	$2.2B	$16M
2007	—	$395M	—	—	—	—	$23M	—	$28M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
Sep '26	$6.5B	$756M	19.7%	15.5%	7.7%	4.2%	$696M	$4.2B	$929M
Jun '26	$6.1B	$534M	15.7%	11.5%	5.7%	3.1%	$304M	$4.2B	$568M
Mar '26	$5.2B	$403M	14.7%	10.3%	4.4%	2.4%	$10M	$4.2B	$557M
Dec '25	$4.4B	$266M	12.0%	7.0%	3.0%	1.6%	$84M	$4.2B	$770M
Sep '25	$4.8B	$404M	15.7%	10.5%	4.5%	2.5%	$557M	$3.8B	$770M
Jun '25	$4.6B	$299M	13.5%	8.4%	3.4%	1.9%	$13M	$3.8B	$458M
Mar '25	$4.4B	$217M	11.1%	6.3%	2.5%	1.4%	-$153M	$4.2B	$1.2B
Dec '24	$3.9B	$207M	11.4%	6.1%	2.3%	1.4%	-$106M	$3.2B	$589M
Sep '24	$4.3B	$318M	13.9%	9.1%	3.5%	2.0%	$138M	$3.7B	$1.0B
Jun '24	$4.6B	$428M	16.7%	12.1%	4.7%	2.8%	-$37M	$3.1B	$830M
Mar '24	$4.7B	$584M	20.9%	16.0%	6.4%	3.9%	-$19M	$3.1B	$1.0B
Dec '23	$4.2B	$424M	17.3%	12.2%	4.8%	2.8%	$350M	$3.1B	$1.4B
Sep '23	$4.6B	$577M	20.8%	16.0%	6.5%	3.9%	$555M	$3.1B	$1.8B
Jun '23	$5.1B	$812M	25.7%	20.9%	9.3%	5.6%	$450M	$3.1B	$1.5B
Mar '23	$4.9B	$637M	21.6%	17.1%	7.6%	4.5%	$507M	$3.1B	$1.6B
Dec '22	$4.7B	$635M	21.2%	16.3%	7.8%	4.5%	$799M	$3.1B	$1.6B
Sep '22	$5.4B	$914M	26.9%	22.4%	11.5%	6.5%	$1.3B	$3.1B	$1.4B
Jun '22	$6.0B	$1.2B	31.6%	27.1%	15.9%	8.8%	$838M	$3.1B	$1.0B
Mar '22	$5.4B	—	32.9%	27.6%	0.0%	0.0%	$660M	$3.1B	$1.2B
Dec '21	$5.3B	—	33.2%	26.9%	0.0%	0.0%	$519M	$3.1B	$1.2B

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 30.2× (Nov '26).
The price-to-sales ratio has risen from 0.7× (Mar '23) to 2.0× (Nov '26).
The dividend yield has fallen from 1.5% (Mar '23) to 0.8% (Nov '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?

Steel Dynamics's P/E (TTM) is 18.28 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the STLD stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 30.2× as of Nov '26) can differ. 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), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.