# Nucor Corporation (NUE)

> Source: Nexqual · https://nexqual.com/NUE · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Nucor Corporation (NUE), nexqual.com/NUE" · informational, not investment advice.

**Price:** USD 258.06 (-2.45% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 264.54 · day 250.74–262.02 · 52w 135.59–280.11 · market cap $58.5B · NYQ

## Key facts
- Last four reported quarters (through Jul 4, 2026): revenue $36.1B, net income $2.88B (8.0% margin), free cash flow $1.58B (SEC filings).
- Valuation: P/E 20.3x (avg 15.0x at the last 3 fiscal year-ends), net debt $3.83B.
- 3 of 80 tracked superinvestors hold NUE (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 0 new, 0 added, 2 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 14 Form 4 filings, $45.4M; 14 not under a Rule 10b5-1 plan ($45.4M); 8 by opportunistic insiders (8 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.12 on a 1–5 scale) (17 analysts), mean target USD 285 (range 226–310).
- Total return with dividends: 1Y +88.6% vs S&P 500 +14.9%; 5Y +171.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-26, EPS estimate USD 5.83, revenue estimate $10.8B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $36.5B | $41.5B | $34.7B | $30.7B | $32.5B | $36.1B |
| Gross profit | $11.0B | $12.5B | $7.82B | $4.10B | $3.88B | — |
| Net income | $6.83B | $7.61B | $4.53B | $2.03B | $1.74B | $2.88B |
| EPS (diluted) | $23.16 | $28.79 | $18.00 | $8.46 | $7.52 | — |
| Free cash flow | $4.61B | $8.12B | $4.90B | $806M | -$188M | $1.58B |
| Gross margin | 30.2% | 30.1% | 22.5% | 13.3% | 11.9% | — |
| Net margin | 18.7% | 18.3% | 13.0% | 6.6% | 5.4% | 8.0% |
| Revenue growth | +81.2% | +13.8% | -16.4% | -11.5% | +5.7% | — |
| Cash + short-term investments | $2.62B | $4.86B | $7.13B | $4.14B | $2.70B | — |
| Total debt | $5.56B | $6.62B | $6.71B | $6.71B | $6.97B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 4, 2026)
P/E 20.3x · P/S 1.6x · EV/Sales 1.7x · P/FCF 37.0x · P/B 2.6x · FCF yield 2.70% · Earnings yield 4.93% · Dividend yield (paid, TTM) 0.87% · Buyback yield (TTM) 1.15% · Net debt $3.83B · EV $62.4B
P/E at fiscal year-ends: Dec 2025 21.6x, Dec 2024 13.7x, Dec 2023 9.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold NUE (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Warren Buffett | Berkshire Hathaway | 0.14% | $414M | Reduced -52.5% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 0.02% | $248K | Reduced -22.3% | Q3 2026 |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $1.4M | Unchanged | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 14 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-14 | Topalian Leon J | Chair and CEO | 26,000 | $7.0M | 15.9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-14 | Behr Allen C | Executive Vice President | 7,739 | $2.1M | 11.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-03 | Batterbee Thomas J. | Executive Vice President | 4,000 | $1.0M | 19.9% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-30 | Laxton Stephen D | President and COO | 3,968 | $1.0M | 4.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-03 | Hollatz John J | Executive Vice President | 10,560 | $2.7M | 9.7% | No | Too little history (no open-market trades in 2024) |
| 2026-06-01 | Query Kenneth Rex | Executive Vice President | 13,529 | $3.4M | 17.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-18 | Spicer Randy J | Executive Vice President | 2,500 | $563K | 10.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-15 | Topalian Leon J | Chair and CEO | 52,000 | $11.8M | 26.4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-05 | Ford Bradley | Executive Vice President | 2,240 | $520K | 4.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-04 | Behr Allen C | Executive Vice President | 10,096 | $2.3M | 13.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-04 | Keller Michael D | Vice Pres. and Corp. Contro | 4,554 | $1.0M | 21.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-01 | Needham Daniel R. | Executive Vice President | 12,888 | $2.9M | 12.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-01 | Hanners Noah C | Executive Vice President | 6,472 | $1.5M | 11.4% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-04-30 | Sumoski David A | Executive Vice President | 33,068 | $7.5M | 12% | No | Too little history (no open-market trades in 2024 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.12 on a 1–5 scale), 17 analysts; mean target USD 285 (low 226, high 310).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Barclays | Target raised | Overweight | $295 → $306 |
| 2026-10-09 | JP Morgan | Target lowered | Overweight | $308 → $296 |
| 2026-10-05 | Keybanc | Target lowered | Overweight | $288 → $286 |
| 2026-09-18 | Freedom Broker | Downgrade | Buy → Hold | $305 → $285 |
| 2026-09-18 | Wells Fargo | Target lowered | Overweight | $285 → $280 |
| 2026-09-09 | JP Morgan | Target raised | Overweight | $294 → $308 |
| 2026-08-24 | Wells Fargo | Target lowered | Overweight | $297 → $285 |
| 2026-07-29 | Wells Fargo | Target raised | Overweight | $283 → $297 |
| 2026-07-29 | BMO Capital | Target raised | Outperform | $285 → $295 |
| 2026-07-29 | Barclays | Target raised | Overweight | $272 → $295 |
| 2026-07-28 | UBS | Target raised | Neutral | $224 → $256 |
| 2026-07-16 | Barclays | Target raised | Overweight | $270 → $272 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +88.6% | +171.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +89.0% | +22.0% |
| Volatility (annualized) | 31.6% | 38.3% |
| Max drawdown | -18.4% (Feb 2026→Mar 2026) | -47.8% (Apr 2024→Mar 2025) |

## Peers (Steel)
MT (Arcelor Mittal NY Registry Shar) USD 60.18 -5.18% · STLD (Steel Dynamics, Inc.) USD 239.9 -3.25% · RS (Reliance, Inc.) USD 417.92 -0.75% · PKX (POSCO Holdings Inc.) USD 52.35 -6.27% · TX (Ternium S.A. Ternium S.A.) USD 55.36 -6.04% · GGB (Gerdau S.A.) USD 5.07 -3.24%

## More
Full page: https://nexqual.com/NUE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in NUE's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/nue-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Rytec | "We believe the combination of Rytec and CHI will create an overhead door platform designed to deliver superior product breadth and solutions to Nucor's commercial customers." |
| Customer | Overhead Doors | "We believe the combination of Rytec and CHI will create an overhead door platform designed to deliver superior product breadth and solutions to Nucor's commercial customers." |
| Partner | ExxonMobil (XOM) | "In 2023, we signed an agreement with ExxonMobil Corporation ("ExxonMobil") to capture, transport, and inject carbon from our DRI plant in Convent, Louisiana." |

Other companies that name NUE in their own reports (relationship from NUE's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | TENARIS SA (TS) | 20-F 2026-03-31 | "For our welded pipe operations in the United States, a significant part of our requirements for steel coils is supplied by Nucor Steel, which is our principal supplier in the United States." |
| competitor | GERDAU S.A. (GGB) | 20-F 2026-03-13 | "The Company's principal competitors include Commercial Metals Company (CMC), Nucor Corporation, and Steel Dynamics Inc." |
| customer | NWPX Infrastructure, Inc. (NWPX) | 10-K 2026-02-26 | "Our suppliers include Steel Dynamics, Inc., Nucor Corporation, SSAB, North Star BlueScope Steel, United States Steel Corporation, and JSW Steel USA." |
| competitor | Metallus Inc. (MTUS) | 10-K 2026-02-20 | "For bar products up to 9-inch in diameter, domestic producers Steel Dynamics, Inc. and Nucor Corporation (in some cases up to 10-inch) are our principal competitors." |
| customer | Atkore Inc. (ATKR) | 10-K 2025-11-26 | "Our primary suppliers of steel are Cleveland-Cliffs, Steel Dynamics and Nucor; our primary suppliers of copper are AmRod, SDI LaFarga and Nexans; and our primary suppliers of PVC resin are Westlake, F…" |
| competitor | INSTEEL INDUSTRIES INC (IIIN) | 10-K 2025-10-23 | "Some of our competitors, such as Wire Mesh Corporation, Nucor Corporation and Oklahoma Steel and Wire, are vertically integrated companies that produce both wire rod and concrete reinforcing products …" |

## Revenue by business segment (quarter ended 2026-07-04)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Steel Mills | $6.48B | 62.3% | +23.4% |
| Steel Products | $3.10B | 29.9% | +16.9% |
| Raw Materials | $811.0M | 7.8% | +48.5% |
| Total revenue | $10.40B | 100% | — |

## Revenue by product line (quarter ended 2026-07-04)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Sheet | $2.92B | 28.0% | +17.8% |
| Bar | $1.86B | 17.9% | +33.3% |
| Other Steel Products | $1.10B | 10.6% | +24.0% |
| Plate | $856.0M | 8.2% | +24.8% |
| Structural | $847.0M | 8.1% | +22.0% |
| Raw Materials | $811.0M | 7.8% | +48.5% |
| Tubular Products | $599.0M | 5.8% | +57.6% |
| Rebar Fabrication | $569.0M | 5.5% | +16.8% |
| Joist & Deck | $483.0M | 4.6% | -14.4% |
| Building Systems | $352.0M | 3.4% | +4.5% |
| Total revenue | $10.40B | 100% | — |

## Company outlook (8-K filed 2026-07-27)

- "Compared to the Second Quarter of 2026 We expect higher consolidated reported earnings in the third quarter of 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $5.83 | $5.14 | +13.4% | $10.79B | 9 |
| Next quarter (ends 2026-12-31) | $5.62 | $4.27 | +31.6% | $9.87B | 6 |
| Current fiscal year (ends 2026-12-31) | $19.49 | $17.00 | +14.7% | $40.52B | 9 |
| Next fiscal year (ends 2027-12-31) | $20.95 | $17.41 | +20.4% | $41.59B | 11 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-26): ±9.6%; last 8 reports averaged ±5.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 42.4% | ±9.6% |
| 2026-12-18 | 56 | 39.3% | ±12.4% |
| 2027-01-15 | 84 | 38.3% | ±14.7% |
| 2027-03-19 | 147 | 37.8% | ±19.2% |
| 2027-04-16 | 175 | 37.7% | ±20.8% |
| 2027-06-17 | 237 | 38.5% | ±24.6% |
| 2027-09-17 | 329 | 38.7% | ±29.1% |