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

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	$769.9M 30.6%	$589.5M -57.9%	$1.4B
Accounts Receivable	$0 -100.0%	$1.4B -11.9%	$1.6B
Inventory	$3.7B 20.1%	$3.1B 7.6%	$2.9B
Prepaid Expenses	$293.1M 79.7%	$163.1M 0.2%	$162.8M
Other Current Assets	$293.1M 79.7%	$163.1M 0.2%	$162.8M
Total Current Assets	$6.5B 19.4%	$5.4B -20.0%	$6.8B
Property,Plant and Equipment	$8.6B 5.6%	$8.1B 20.5%	$6.7B
Goodwill	$477.5M 0.0%	$477.5M 0.0%	$477.5M
Intangible Assets	$331.3M 45.8%	$227.2M -11.8%	$257.8M
Other Noncurrent Assets	$557.4M -18.2%	$681.2M 4.6%	$651.1M
Total Assets	$16.4B 9.9%	$14.9B 0.2%	$14.9B
Liabilities
Accrued Liabilities	$427.4M 16.6%	$366.7M 18.5%	$309.3M
Current Portion of Long Term Debt	$34.7M -91.9%	$427.0M -7.2%	$460.0M
Total Current Liabilities	$2.1B -1.3%	$2.2B -7.8%	$2.3B
Long Term Debt	$4.2B 48.9%	$2.8B 7.4%	$2.6B
Deferred Tax Liabilities	$1.0B -1.4%	$1.0B 0.0%	$1.0B
Other Noncurrent Liabilities	$186.2M 39.8%	$133.2M -26.3%	$180.8M
Total Liabilities	$7.5B 25.0%	$6.0B -1.3%	$6.1B
Equity
Common Stock	$653.0K 0.2%	$652.0K 0.2%	$651.0K
Additional Paid In Capital	$1.2B 1.5%	$1.2B 1.0%	$1.2B
Retained Earnings	$15.7B 6.0%	$14.8B 9.2%	$13.5B
Treasury Stock	$8.0B 12.5%	$7.1B 20.3%	$5.9B
Accumulated Other Comprehensive Income	$-598.0K	—	$421.0K
Noncontrolling Interest	$-168.0M -4.8%	$-160.3M 19.2%	$-198.4M
Total Stockholders Equity	$9.0B 0.3%	$8.9B 0.8%	$8.9B
Total Liabilitiesand Equity	$16.4B 9.9%	$14.9B 0.2%	$14.9B

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	$18.2B 3.6%	$17.5B -6.7%	$18.8B
Expenses Cost of Revenue	$15.8B 7.1%	$14.7B -0.1%	$14.7B
Expenses Selling,General and Administrative	$765.3M 15.2%	$664.1M 12.8%	$588.6M
Expenses Depreciation and Amortization	$551.4M 15.1%	$478.9M 9.4%	$437.8M
Expenses Share Based Compensation	$69.0M 3.6%	$66.6M 7.8%	$61.7M
Other Income Expense Gross Profit	$2.4B -14.6%	$2.8B -30.7%	$4.0B
Other Income Expense Operating Income	$1.5B -24.0%	$1.9B -38.3%	$3.2B
Other Income Expense Interest Income	$36.8M -59.2%	$90.1M -19.5%	$111.9M
Other Income Expense Other Income/expense	$87.0M -9.5%	$96.2M -33.3%	$144.2M
Other Income Expense Income Before Tax	$1.5B -24.7%	$2.0B -38.4%	$3.2B
Income Tax Income Tax Expense	$305.7M -29.4%	$432.9M -42.4%	$751.6M
net Income net Income	$1.2B -22.9%	$1.5B -37.3%	$2.5B
net Income Comprehensive Income	$1.2B -22.9%	$1.5B -37.3%	$2.5B
Earnings Per Share Basic Eps	$8 -18.9%	$10 -32.8%	$15
Earnings Per Share Diluted Eps	$8 -18.8%	$10 -32.8%	$15
Earnings Per Share Weighted Average Shares Basic	$147.8M -4.9%	$155.4M -6.7%	$166.6M
Earnings Per Share Weighted Average Shares Diluted	$148.4M -5.0%	$156.1M -6.7%	$167.4M

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	$1.2B -22.9%	$1.5B -37.3%	$2.5B
Operating Activities Depreciation and Amortization	$515.0M 16.7%	$441.2M 11.1%	$397.0M
Operating Activities Stock Based Compensation	$69.0M 3.6%	$66.6M 7.8%	$61.7M
Operating Activities Deferred Income Taxes	$95.3M 323.7%	$-42.6M -176.5%	$55.7M
Operating Activities Changes In Operating Assets and Liabilities	$744.5M 633.8%	$-139.5M 84.0%	$-874.0M
Operating Activities Other Non Cash Items	$-10.2M -85.4%	$-5.5M 72.1%	$-19.7M
Operating Activities net Cash From Operating Activities	$1.4B -21.4%	$1.8B -47.6%	$3.5B
Investing Activities Capital Expenditures	$948.0M -49.2%	$1.9B 12.7%	$1.7B
Investing Activities Business Acquisitions	$175.8M	—	—
Investing Activities Other Investing Activities	$-1.4M -117.1%	$8.3M -96.3%	$221.6M
Investing Activities net Cash From Investing Activities	$-975.0M 25.2%	$-1.3B 33.8%	$-2.0B
Financing Activities Proceeds From Debt	$3.6B 43.1%	$2.5B 81.8%	$1.4B
Financing Activities Repayment of Debt	$2.6B 10.5%	$2.3B 69.9%	$1.4B
Financing Activities Repurchase of Common Stock	$900.9M -25.7%	$1.2B -16.5%	$1.5B
Financing Activities Dividends Paid	$291.2M 3.0%	$282.6M 4.2%	$271.3M
Financing Activities Other Financing Activities	$-88.1M -428.2%	$-16.7M 67.8%	$-51.7M
Financing Activities net Cash From Financing Activities	$-294.3M 78.2%	$-1.4B 23.9%	$-1.8B
Cash Reconciliation Effect of Exchange Rate On Cash	$775.3M 30.3%	$595.0M -57.7%	$1.4B
Cash Reconciliation net Change In Cash	$180.3M 122.2%	$-811.5M -256.8%	$-227.5M
Cash Reconciliation Cash At Beginning of Period	$775.3M 30.3%	$595.0M -57.7%	$1.4B
Cash Reconciliation Cash At End of Period	$775.3M 30.3%	$595.0M -57.7%	$1.4B

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	—	—	—

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Steel Dynamics

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