Steel Dynamics

Materials Steel Fort Wayne, Indiana Last filing Feb 27, 2026 · FY2025

                    Revenue
                    FY2025
                
$18.2B
                    3y CAGR -6.5%
                    
                    P31
                    
                    +3.6%
                    
                    Net income
                    FY2025
                
$1.2B
                    Net margin +6.5%
                    
                    P54
                    
                    -22.9%
                    
                    Total assets
                    FY2025
                
$16.4B
                    ROA +7.2%
                    
                    P77
                    
                    +9.9%
                    
                    Operating cash flow
                    FY2025
                
$1.4B
                    FCF margin +2.8%
                    
                    P36
                    
                    -21.4%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

26 accounts · 3 years

Total assets $16.4B

Total liabilities $7.5B

Shareholders equity $9.0B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	4.2%	3.4%	7.5%
Accounts Receivable	0.0%	8.1%	8.6%
Inventory	20.6%	17.8%	15.4%
Prepaid Expenses	1.6%	0.9%	0.9%
Other Current Assets	1.6%	0.9%	0.9%
Total Current Assets	35.7%	31.0%	36.1%
Property,Plant and Equipment	47.1%	46.3%	35.8%
Goodwill	2.6%	2.7%	2.5%
Intangible Assets	1.8%	1.3%	1.4%
Other Noncurrent Assets	3.1%	3.9%	3.5%
Total Assets	90.3%	85.1%	79.3%
Liabilities
Accrued Liabilities	2.4%	2.1%	1.6%
Current Portion of Long Term Debt	0.2%	2.4%	2.4%
Total Current Liabilities	11.7%	12.3%	12.4%
Long Term Debt	23.0%	16.0%	13.9%
Deferred Tax Liabilities	5.5%	5.8%	5.4%
Other Noncurrent Liabilities	1.0%	0.8%	1.0%
Total Liabilities	41.2%	34.1%	32.3%
Equity
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	6.9%	7.0%	6.5%
Retained Earnings	86.3%	84.4%	72.1%
Treasury Stock	43.9%	40.4%	31.4%
Accumulated Other Comprehensive Income	-0.0%	—	0.0%
Noncontrolling Interest	-0.9%	-0.9%	-1.1%
Total Stockholders Equity	49.3%	50.9%	47.2%
Total Liabilitiesand Equity	90.3%	85.1%	79.3%

Income Statement

Revenue, expense, and profitability

17 accounts · 3 years

Revenue $18.2B

Operating income $1.5B

Net income $1.2B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Cost of Revenue	86.8%	84.0%	78.5%
Expenses Selling,General and Administrative	4.2%	3.8%	3.1%
Expenses Depreciation and Amortization	3.0%	2.7%	2.3%
Expenses Share Based Compensation	0.4%	0.4%	0.3%
Other Income Expense Gross Profit	13.2%	16.0%	21.5%
Other Income Expense Operating Income	8.1%	11.1%	16.8%
Other Income Expense Interest Income	0.2%	0.5%	0.6%
Other Income Expense Other Income/expense	0.5%	0.5%	0.8%
Other Income Expense Income Before Tax	8.2%	11.3%	17.1%
Income Tax Income Tax Expense	1.7%	2.5%	4.0%
net Income net Income	6.5%	8.8%	13.0%
net Income Comprehensive Income	6.5%	8.8%	13.0%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	0.8%	0.9%	0.9%
Earnings Per Share Weighted Average Shares Diluted	0.8%	0.9%	0.9%

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 3 years

Operating cash flow $1.4B

Investing cash flow $-975.0M

Financing cash flow $-294.3M

Account	2025	2024	2023
CashFlow
Operating Activities net Income	6.5%	8.8%	13.0%
Operating Activities Depreciation and Amortization	2.8%	2.5%	2.1%
Operating Activities Stock Based Compensation	0.4%	0.4%	0.3%
Operating Activities Deferred Income Taxes	0.5%	-0.2%	0.3%
Operating Activities Changes In Operating Assets and Liabilities	4.1%	-0.8%	-4.6%
Operating Activities Other Non Cash Items	-0.1%	-0.0%	-0.1%
Operating Activities net Cash From Operating Activities	8.0%	10.5%	18.7%
Investing Activities Capital Expenditures	5.2%	10.6%	8.8%
Investing Activities Business Acquisitions	1.0%	—	—
Investing Activities Other Investing Activities	-0.0%	0.0%	1.2%
Investing Activities net Cash From Investing Activities	-5.4%	-7.4%	-10.5%
Financing Activities Proceeds From Debt	19.6%	14.2%	7.3%
Financing Activities Repayment of Debt	14.1%	13.2%	7.3%
Financing Activities Repurchase of Common Stock	5.0%	6.9%	7.7%
Financing Activities Dividends Paid	1.6%	1.6%	1.4%
Financing Activities Other Financing Activities	-0.5%	-0.1%	-0.3%
Financing Activities net Cash From Financing Activities	-1.6%	-7.7%	-9.5%
Cash Reconciliation Effect of Exchange Rate On Cash	4.3%	3.4%	7.5%
Cash Reconciliation net Change In Cash	1.0%	-4.6%	-1.2%
Cash Reconciliation Cash At Beginning of Period	4.3%	3.4%	7.5%
Cash Reconciliation Cash At End of Period	4.3%	3.4%	7.5%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+13.2%	+16.0%	+21.5%
Operating margin	+8.1%	+11.1%	+16.8%
Net margin	+6.5%	+8.8%	+13.0%
FCF margin	+2.8%	-0.1%	+9.9%
Growth
Revenue CAGR (3y)	-6.5%	-1.6%	+25.2%
Returns
ROE	+13.2%	+17.2%	+27.6%
ROA	+7.2%	+10.3%	+16.4%
ROIC	+9.5%	+13.1%	+22.9%
Liquidity
Current ratio	3.06x	2.53x	2.91x
Quick ratio	0.36x	0.93x	1.29x
Leverage
D/E	0.84x	0.67x	0.68x
Interest coverage	—	—	41.20x
Efficiency
Asset turnover	1.11x	1.17x	1.26x
Cash conversion cycle	—	—	—

Valuation

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FY2025 fundamentals · no price

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Steel Dynamics

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