At a glance
Steel Dynamics Inc is worth $35.83B, about 32 times its fiscal 2025 earnings. Revenue grew 3.6% to $18.18B in fiscal 2025, with 6.5% kept as profit; over 3 years it has grown 6.5% a year. It pays a 0.83% dividend yield, raised every year for at least 9 years, and returned $7.72B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +62.4% over the past year with dividends reinvested and +34.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 30.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months after the low.
The business in plain English
Steel Dynamics makes steel from recycled scrap metal. It has facilities across the United States and Mexico, with steelmaking and steel coating capacity of about 16 million tons as of December 31, 2025. Its steel mills use electric arc furnaces (EAFs), which melt scrap with electricity instead of making iron from ore in a traditional blast furnace. A new recycled aluminum flat rolled mill supplies sheet for beverage cans, cars and industrial uses.
Revenue comes mainly from making and selling steel, processing and selling recycled ferrous (iron-based) and nonferrous metals, and fabricating steel joists and deck, the beams and panels that support building roofs and floors. Customers come from construction, automotive, energy, equipment, food packaging and pipe and tube markets. About 70% of steel and steel fabrication sales are value-added products, which get extra processing and usually earn more than basic commodity steel.
The parts feed each other. The recycling arm is the largest scrap supplier to the company's mills, and in-house fabrication and processing units bought 1.8 million tons of its steel in 2025, or 13% of total steel shipments. Profits rise and fall with the gap between steel prices and the cost of scrap and energy. Revenue was $18.2 billion in fiscal 2025; the 10-K gives no clean split by segment or region.
Price history
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STLD +62.4% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $6.51B, up 34.8% from a year earlier, and net income was $756.0M (+87.3%).
- For fiscal 2025, revenue was $18.18B (+3.6% year over year; -6.5% a year from FY2022 to FY2025) with a 6.5% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | -6.5% weak |
|---|---|
| Operating margin | 8.1% watch |
| Free cash flow margin | 2.8% watch |
| Return on equity (FY2025) | 13.2% watch |
| Return on assets (FY2025) | 7.2% watch |
| Net cash (cash minus debt) | $-3.27B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $9.59B | $550.8M | $-211.0M |
| FY2021 | $18.41B | $3.21B | $1.20B |
| FY2022 | $22.26B | $3.86B | $3.55B |
| FY2023 | $18.80B | $2.45B | $1.86B |
| FY2024 | $17.54B | $1.54B | $-23.5M |
| FY2025 | $18.18B | $1.19B | $501.5M |
Valuation snapshot
| Market value | $35.83B |
|---|---|
| P/E ratio | 31.5 |
| Dividend yield | 0.83% |
Rank among 1514 US companies
Market value at each year end
Steel Dynamics’s market value went from $7.76B at the end of 2020 to $35.83B on Nov 2, 2026, about 4.6 times as much; since the end of 2025 it is up 45%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $35.83B | +44.8% |
| 2025 | $24.75B | +42.5% |
| 2024 | $17.37B | -9.1% |
| 2023 | $19.11B | +11.4% |
| 2022 | $17.15B | +39.3% |
| 2021 | $12.32B | +58.8% |
| 2020 | $7.76B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| STLD price data to Nov 2, 2026 | +49.8% | +62.4% | +33.1% | +34.2% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +49.8% |
| 2025 | +50.7% |
| 2024 | -1.7% |
| 2023 | +22.8% |
| 2022 | +60.7% |
| 2021 | +71.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 29.7% over that stretch · deepest drop along the way 30.6%, back to its old high 3.5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 8 sales ($5.4M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 5, 2026 | James Stanley Anderson Senior Vice President | sell | $1.2M |
| Jun 5, 2026 | James Stanley Anderson Senior Vice President | sell | $1.1M |
| May 13, 2026 | Christopher A Graham Senior Vice President | sell | $711K |
| May 13, 2026 | Christopher A Graham Senior Vice President | sell | $711K |
| May 13, 2026 | Christopher A Graham Senior Vice President | sell | $709K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 7.8% | Dec 31, 2024 |
| Vanguard Capital Management | 7.14% | Mar 31, 2026 |
| FMR LLC | 5.4% | Jun 30, 2026 |
| STATE STREET CORPORATION | 5.2% | Mar 31, 2026 |
ETFs with the most weight in STLD
| SLX VanEck Steel ETF | 5.28% |
| FXZ First Trust Materials AlphaDEX Fund | 5.03% |
| XME SPDR S&P Metals & Mining ETF | 4.88% |
| PWER Macquarie Energy Transition ETF | 4.26% |
| RSPM Invesco S&P 500 Equal Weight Materials ETF | 3.98% |
| ZIG Acquirers Fund | 3.5% |
| IYM iShares U.S. Basic Materials ETF | 2.93% |
| TGLR LAFFER TENGLER Equity Income ETF | 2.71% |
What could go wrong
- Aluminum mill relies on few big customers. The aluminum operations depend on a core group of significant customers. Losing one, or trouble ramping up output of new products, could hurt sales and profits.
- Scrap costs can squeeze thin margins. Scrap metal is the key raw material, and its price and supply swing widely. Higher costs can't always be passed on. Gross margin, the share of sales left after direct costs, was 13.2% in 2025.
- Cheap imports can drag down steel prices. Global steelmaking capacity exceeds demand, so foreign producers sometimes export steel to the US at or below cost. A strong dollar makes imports cheaper, and new US capacity adds to the glut.
- Profits swing hard with the economic cycle. Demand depends on construction, autos, energy and equipment, all cyclical industries. Net income fell from $3.86 billion in 2022 to $1.19 billion in 2025, showing how fast profits can shrink.
- Volatile power and natural gas costs. Electric arc furnaces use large amounts of electricity, and operations also use natural gas. Energy prices and availability are volatile and can raise costs or disrupt production.
- $4.2 billion of debt with restrictive terms. Total debt was $4.2 billion against $929 million in cash and investments as of September 30, 2026. Debt agreements carry covenants, rules that can limit the company's financial flexibility.
Recent events
- Quarterly results released
- Other company announcement
- Investor presentation or announcement
- Other company announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Shareholder vote results; Other company announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
For income and retirement investors
STLD pays a small but steadily rising dividend. Regular dividends per share rose for at least 9 straight years through 2025 and doubled from $1.00 in 2020 to $2.00. In 2025 the dividend took 24.6% of earnings and 58.1% of free cash flow (cash left after capital spending); free cash flow dipped below zero in 2024. The yield was 0.84% as of October 28, 2026. Stock repurchases are the bigger payout: $6.43 billion from 2021 to 2025, versus $1.30 billion in dividends, and the share count fell 28.3% from October 2021 to October 2026.
In the 2022 bear market, the stock gained 29.7% while the broad market fell from January to October, though it dropped 30.6% along the way, from April 21 to July 6. It regained that peak by October 21, about 3.5 months after the low. Comparable figures for the 2008 and 2020 crashes are not available. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Steel Dynamics make money?
Its main revenue sources are steel products, recycled metals and fabricated steel joists and deck. The steel is made from recycled scrap melted in electric arc furnaces. The recycling arm processes and sells ferrous (iron-based) and nonferrous metals, and the joists and deck support building roofs and floors. A new recycled aluminum mill sells flat rolled aluminum to beverage can, automotive and industrial customers. Fiscal 2025 revenue was $18.2 billion, with net income of $1.19 billion.
Does Steel Dynamics raise its dividend every year?
Yes, for at least 9 straight years through fiscal 2025, and the streak may run longer. The regular dividend reached $2.00 per share in 2025, double the $1.00 paid in 2020, or about 14.9% growth a year. That used 24.6% of 2025 earnings and 58.1% of free cash flow, the cash left after capital spending. Free cash flow dipped below zero in 2024, and past increases do not guarantee future ones.
What is STLD's dividend yield?
The dividend yield was 0.84% as of October 28, 2026, low for investors who rely on income. A rising share price has held the yield down: the stock rose 56.9% over the year to that date. The company returns more cash through share repurchases, spending $6.43 billion from fiscal 2021 to 2025, versus $1.30 billion in dividends. The share count fell 28.3% between October 2021 and October 2026.
Is Steel Dynamics stock expensive?
On fiscal 2025 earnings it looks expensive, but those earnings had shrunk. The price-to-earnings (P/E) ratio, share price divided by yearly profit per share, was 31.3 as of October 28, 2026, based on diluted 2025 earnings of $7.99 per share, after net income fell 22.9%. Net income for the quarter ended September 30, 2026 then rose 87.3% from a year earlier. Steel profits swing widely, so one year's P/E can mislead in either direction.
Which ETFs hold Steel Dynamics stock?
About 234 ETFs hold STLD. Its largest weights are in sector funds: VanEck Steel ETF (SLX) at 5.28%, First Trust Materials AlphaDEX Fund (FXZ) at 5.03% and SPDR S&P Metals & Mining ETF (XME) at 4.88%. Broader materials funds such as Invesco S&P 500 Equal Weight Materials ETF (RSPM) and iShares U.S. Basic Materials ETF (IYM) also hold it. These funds spread risk across more companies but stay concentrated in cyclical materials stocks. Weights change over time.