Reading the tape
NASDAQ: STLD
Steel Dynamics, Inc.
Basic Materials · Steel
Market Cap
$33.90B
52w High
$243.73
52w Low
$119.89
P/E
24.81
Volume
843.22K
Outstanding Shares
144.21M
Price vs Fundamentals
Why The Stock Is Moving
Optimism is getting priced inHigh confidence
1Y Price: 81.36%Revenue (TTM): 10.44%FCF (TTM): 522.56%P/FCF: 97th pct
What changed
The stock rose 81.36% over the last year. Revenue grew 10.44% over the trailing twelve months. Operating margin moved from 8.52% to 9.41%. Free cash flow grew 522.56% over the trailing twelve months.
What the market seems to be pricing
The stock is trading toward the richer end of its historical P/FCF range (97th percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.
What would invalidate this read
Operating margin is at 9.41% — continued expansion would be needed to justify the premium. Revenue growth of 10.44% is encouraging, but any deceleration puts the stretched multiple at risk. This read changes if revenue, margins, and cash flow continue to improve faster than expected — in that case the richer multiple could still prove conservative.
Company profile
Steel Dynamics, Inc., together with its subsidiaries, operates as a steel producer and metal recycler in the United States.
CEOMark D. Millett
SectorBasic Materials
IndustrySteel
Employees13,000
IPO dateNov 22, 1996
Valuation
Forward P/E—
EV/EBITDA13.47
Enterprise value$28.49B
Stock splits
Mar 31, 2008↑ Forward
Every 1 shares became 2
Nov 21, 2006↑ Forward
Every 1 shares became 2
Profitability & growth
Revenue growth19.13%
Gross margin14%▼18.59%vs FY2024
Operating margin9.41%▼26.70%vs FY2024
ROE13.24%▼23.07%vs FY2024
Analyst consensus
RatingBuy
Target price$194.25▼17.38%
15
Buy
11
Hold
1
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
Jul 20, 2026
Q3 FY26 · EPS est $4.00 · Revenue est $5.59B
View
Dividends
$2.03/shareQuarterlyDividend Achiever · 16yrSafeSTLD pays a dividend with a 0.86% dividend yield, 16 consecutive years of growth, growing at 14.98% annually, covered 1.7× by free cash flow.
Dividend Yield
0.86%
Annual Div / Share
$2.03
5yr CAGR
+14.98%
Doubles every ~5.0yr
Payout Ratio
21.44%
Safe
Dividend Growth Rate
3yr CAGR
+12%
5yr CAGR
+14.98%
10yr CAGR
+13.9%
Dividend Safety
9/10Safe
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2025$2.03+8.0%
2024$1.88+8.4%
2023$1.74+20.1%
2022$1.45+29.0%
2021$1.12+10.9%
2020$1.01+4.1%
2019$0.97+20.9%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$9/yr
$1/mo
In 5 yrs
$15/yr+76%
$1/mo
In 10 yrs
$27/yr+211%
$2/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$9/yr $1/mo | $15/yr+76% $1/mo | $27/yr+211% $2/mo |
Long-range projections use a capped 12% annual growth assumption.
Yield-on-cost grows from 0.86% → 2.68% over 10yr
Analysis
Dividend Strengths
Dividend Achiever
STLD has raised its dividend for 16 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.
Well-covered by free cash flow
The dividend is covered 1.7× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.
Strong dividend growth rate
The 5-year CAGR of 14.98% meaningfully outpaces inflation, compounding real income growth for long-term holders.
Risks to Watch
No strong risk signal stands out from the latest period pair.