Steel Dynamics

STLD

Steel · Basic Materials

Price

$228.68

+9.68 (+4.42%)

Market Cap

$32.78B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Good

Stability

Exceptional

Valuation

Strong

Dividends

Mixed

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Share count falling — buybacks

−28.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 206.6M (2021) → 148.4M (2025)

Winston Score History

The full picture

Steel Dynamics is one of the largest steel producers in the United States. It makes flat-rolled steel, structural steel, and steel bars used by construction companies, auto manufacturers, and industrial businesses. The company also runs a metals recycling business, which means it melts down scrap metal to make new steel — a process that is cheaper and more energy-efficient than traditional steelmaking.

Steel Dynamics earns money by selling steel products and processed metals to thousands of customers across North America. It operates steel mills, fabrication plants, and recycling facilities mainly in the US, with revenues typically in the range of $17–19 billion annually. Its electric arc furnace technology gives it a cost advantage over older blast-furnace competitors, and its vertical integration into scrap recycling helps protect margins. The key risk is that steel prices are highly cyclical, meaning profits can fall sharply during economic slowdowns when demand from construction and manufacturing drops.

Politician Trades

4 trades / 12mo

3 Congressional buys and 1 sell on STLD in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+33.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+85.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

6.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$568M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Steel Dynamics grew revenue 33% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

15.7%

Thin — 15.7% gross margin

Profit after running costs

Operating Margin

12.6%

Healthy — 12.6% operating margin

Return on the money invested

ROCE

16.0%

Strong — 16.0% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+19.8%

Fast-growing sales (+19.8% YoY)

Profit growth

EPS YoY

+61.1%

Earnings growing fast (+61.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

98%

Turns 98% of profit into real cash

Spare cash per sale

FCF Margin

4.7%

Thin free cash flow (4.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.44

Conservative — low debt load (0.44)

Covers its interest

Interest Cover

19.24x

Comfortably covers interest (19.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

20.7x

Growth-priced — P/E 20.7

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+9.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (20.7 → 11.4)

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Dividends

Dividend

Dividend Yield

0.96%

Small dividend — 0.96% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+6.6%

Dividend growing modestly (6.6% YoY)

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