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Steel Dynamics

STLD
59
Steel · Basic Materials
Price
$240.54
-0.22 (-0.09%)
Market Cap
$34.48B
Exchange
NASDAQ
Winston Score
59
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
15/30
Growth
Good
12/20
Cash Flow
Good
6/10
Stability
Exceptional
9/10
Valuation
Strong
7/10
Ownership
Good
8/15
Dividends
Mixed
2/5

59 of 100 counted points = Winston Score 59.

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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.

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Growth Profile

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

→ Flat

Insider ownership roughly steady over the past year

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)
21.7x
Growth-priced — P/E 21.7

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

Cheaper or dearer next year
P/E vs Forward
+9.9
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (21.7 → 11.8)

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Dividends

Dividend
Dividend Yield
0.90%
Small dividend — 0.90% 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)
Payout Ratio
18%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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