# Steel Dynamics, Inc. (STLD)

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

**Price:** USD 239.9 (-3.25% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 247.97 · day 232.47–244.82 · 52w 148.13–288.74 · market cap $34.4B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $20.5B, net income $1.61B (7.8% margin), free cash flow $956M (SEC filings).
- Valuation: P/E 21.4x (avg 13.6x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $7.6M; 5 not under a Rule 10b5-1 plan ($7.6M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.29 on a 1–5 scale) (14 analysts), mean target USD 272.68 (range 205.45–310).
- Total return with dividends: 1Y +60.9% vs S&P 500 +14.9%; 5Y +306.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-19, EPS estimate USD 5.9, revenue estimate $6.21B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $18.4B | $22.3B | $18.8B | $17.5B | $18.2B | $20.5B |
| Gross profit | $5.36B | $6.12B | $4.05B | $2.80B | $2.39B | — |
| Operating income | $4.30B | $5.09B | $3.15B | $1.94B | $1.48B | $2.06B |
| Net income | $3.21B | $3.86B | $2.45B | $1.54B | $1.19B | $1.61B |
| EPS (diluted) | $15.56 | $20.92 | $14.64 | $9.84 | $7.99 | — |
| Free cash flow | $1.20B | $3.55B | $1.86B | -$23.5M | $502M | $956M |
| Gross margin | 29.1% | 27.5% | 21.5% | 16.0% | 13.2% | — |
| Operating margin | 23.4% | 22.9% | 16.8% | 11.1% | 8.1% | 10.0% |
| Net margin | 17.5% | 17.4% | 13.0% | 8.8% | 6.5% | 7.8% |
| Revenue growth | +91.7% | +20.9% | -15.6% | -6.7% | +3.6% | — |
| Cash + short-term investments | — | $2.26B | $2.12B | $737M | $770M | — |
| Total debt | $3.11B | $3.07B | $3.07B | $3.23B | $4.21B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 21.4x · P/S 1.7x · P/FCF 36.0x · P/B 3.6x · FCF yield 2.78% · Earnings yield 4.67% · Dividend yield (paid, TTM) 0.86% · Buyback yield (TTM) 2.23%
P/E at fiscal year-ends: Dec 2025 21.2x, Dec 2024 11.6x, Dec 2023 8.1x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 5 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 |
|---|---|---|---|---|---|---|---|
| 2026-06-05 | Anderson James Stanley | Senior Vice President | 10,000 | $2.7M | 8.9% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-13 | Graham Christopher A | Senior Vice President | 9,000 | $2.1M | 11.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-12 | Poinsatte Richard A | Senior Vice President | 2,300 | $538K | 7.4% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-04-23 | Alvarez Miguel | Senior Vice President | 4,825 | $1.1M | 3.8% | No | Too little history (no open-market trades in 2023) |
| 2026-04-23 | Cornew Kenneth W. | Director | 5,000 | $1.1M | 13.8% | No | Too little history (no open-market trades in 2023–2025) |
% 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 2.29 on a 1–5 scale), 14 analysts; mean target USD 272.68 (low 205.45, high 310).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Wells Fargo | Target raised | Overweight | $257 → $271 |
| 2026-10-19 | Barclays | Target raised | Overweight | $272 → $285 |
| 2026-10-09 | JP Morgan | Target lowered | Neutral | $272 → $260 |
| 2026-09-18 | JP Morgan | Target lowered | Neutral | $273 → $272 |
| 2026-09-18 | Wells Fargo | Target raised | Overweight | $255 → $257 |
| 2026-09-09 | JP Morgan | Target raised | Neutral | $260 → $273 |
| 2026-08-24 | Wells Fargo | Target lowered | Overweight | $275 → $255 |
| 2026-08-10 | UBS | Target raised | Neutral | $165 → $276 |
| 2026-07-22 | Wells Fargo | Target lowered | Overweight | $291 → $275 |
| 2026-07-22 | Morgan Stanley | Target lowered | Equal-Weight | $270 → $260 |
| 2026-07-22 | JP Morgan | Target raised | Neutral | $256 → $260 |
| 2026-07-22 | Barclays | Target raised | Overweight | $270 → $272 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +60.9% | +306.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +61.1% | +32.3% |
| Volatility (annualized) | 35.8% | 39.2% |
| Max drawdown | -22.4% (Jun 2026→Aug 2026) | -29.4% (Feb 2023→May 2023) |

## Peers (Steel)
MT (Arcelor Mittal NY Registry Shar) USD 60.18 -5.18% · RS (Reliance, Inc.) USD 417.92 -0.75% · NUE (Nucor Corporation) USD 258.06 -2.45% · PKX (POSCO Holdings Inc.) USD 52.35 -6.27% · GGB (Gerdau S.A.) USD 5.07 -3.24% · CLF (Cleveland-Cliffs Inc.) USD 13.05 -6.99%

## More
Full page: https://nexqual.com/STLD · 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)


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

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| 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." |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $5.62B | 92.2% | +30.9% |
| Non Us | $472.7M | 7.8% | +73.3% |
| Total revenue | $6.09B | 100% | — |

## Company outlook (8-K filed 2026-10-20)

- "Outlook “Looking ahead to 2027 and beyond, we remain optimistic regarding the domestic steel and aluminum industries,” stated Millett. “We expect steel and aluminum consumption to benefit from continued investment in infrastructure, manufacturing, energy, and data centers, along with improving broader economic activity."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $5.90 | $4.93 | +19.7% | $6.21B | 11 |
| Next quarter (ends 2027-03-31) | $5.59 | $4.88 | +14.6% | $6.29B | 7 |
| Current fiscal year (ends 2026-12-31) | $17.29 | $16.61 | +4.1% | $24.14B | 9 |
| Next fiscal year (ends 2027-12-31) | $21.41 | $18.86 | +13.5% | $24.93B | 14 |

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

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 39.6% | ±8.9% |
| 2026-12-18 | 56 | 37.4% | ±11.8% |
| 2027-01-15 | 84 | 37.4% | ±14.4% |
| 2027-02-19 | 119 | 37.5% | ±17.1% |
| 2027-03-19 | 147 | 37.9% | ±19.2% |
| 2027-05-21 | 210 | 38.5% | ±23.2% |
| 2027-06-17 | 237 | 38.3% | ±24.6% |
| 2027-09-17 | 329 | 38.5% | ±28.9% |