Key Takeaways Nucor is expanding with new projects and acquisitions, while returning significant cash to shareholders. STLD is expanding steel and aluminum operations as stronger pricing and order activity support growth. Both steelmakers are benefiting from higher steel prices but still face weak residential construction demand. Nucor Corporation (NUE - Free Report) and Steel Dynamics, Inc. (STLD - Free Report) are two of the leading steel producers in the United States, often regarded as bellwethers for the domestic steel industry. Both have strong domestic footprints and play crucial roles in supplying steel for construction, automotive and industrial markets. With their similar business models and exposure to U.S. steel demand, they are natural candidates for a head-to-head comparison.
U.S. steel prices recovered in the fourth quarter of 2025, following the lows seen in the third quarter, and the momentum continued in the first half of 2026. Overall demand weakness and abundant steel mill output dragged benchmark hot-rolled coil (“HRC”) prices below $800 per short ton in late August and continuing through early September.
HRC prices have rebounded on major steel mills' price increases, extending lead times and tightening supply, partly due to plant outages and reduced imports driven by tariffs. The recovery has led to HRC prices surging to near $1,200 per short ton. With end-market demand improving, steel prices will likely continue to climb, benefiting U.S. steelmakers.
Let’s dive deep and closely compare the fundamentals of these two major U.S. steel producers to determine which one is a better investment option now amid the current steel pricing and demand environment.
The Case for NucorThe biggest steel producer in North America, Nucor, remains committed to boosting production capacity, which should drive profitable growth and strengthen its position as a low-cost producer. It is executing a series of growth projects to tap significant end-market demand. Nucor is seeing strong demand from non-residential construction & infrastructure, military & defense, and energy end markets and has a healthy order backlog. The company has already commissioned some of its growth projects with Gallatin and Brandenburg mills, showing strong production and shipment performance.
The construction of the 3 million tons per annum (tpa) sheet mill with a low-cost profile in West Virginia is in the final phases, and commissioning of operations is expected through 2026, with production expected in 2027. The new 500,000 tpa galvanizing line at the Berkeley County sheet mill in South Carolina is on track. Its greenfield project in Utah is also on course for production commencement by mid-2027.
The company has been focusing on growth through strategic acquisitions over the past several years. The recent acquisition of Southwest Data Products expanded its growing portfolio of solutions for data center customers. The buyout of Rytec Corporation will also allow Nucor to further expand beyond its core steelmaking businesses into related downstream businesses. Adding high-performance doors is expected to create cross-selling opportunities with other Nucor businesses and significantly expand its product portfolio for the commercial space.
Nucor is maximizing returns to its shareholders by leveraging its strong balance sheet and cash flows. It ended first-quarter 2026 with strong liquidity of roughly $3.2 billion, including cash and cash equivalents of around $2.2 billion. It also generated cash from operations of $886 million in first-quarter 2026.
The company returned around $1.2 billion to its shareholders in 2025 through dividends and share repurchases, representing nearly 70% of net earnings. Returns to its shareholders were $254 million in the first quarter. It remains committed to its policy of returning at least 40% of earnings to its shareholders. Nucor has returned roughly $630 million through share buybacks and dividends year to date through June 17, 2026.
NUE offers a dividend yield of 1% at the current stock price. Its payout ratio is 22% (a ratio below 60% is a good indicator that the dividend will be sustainable), with a five-year annualized dividend growth rate of 4.2%.
Nucor is exposed to demand weakness in certain markets such as heavy equipment, rail cars, truck and trailer and agriculture. Heavy equipment, transportation and logistics and other accounted for around 24% of its total external shipments for 2025. The company is seeing softness in heavy equipment, where it serves with plate steel products. High interest rates are adversely impacting demand for earth-moving machinery, tractors and rail cars.
Residential construction, a key end market for Nucor, remains another area of weakness. The construction sector has experienced a slowdown in the United States due to high interest rates, dampening steel demand in this market. Elevated borrowing costs and inflation have taken a bite out of the residential construction industry. The company has not seen any notable improvement in this market, and softness is expected to continue over the near term.
The Case for Steel DynamicsSteel Dynamics' customer-focused approach, along with market diversification and low-cost operating platforms, positions it for future growth opportunities. The company should also gain from its investments in beefing up capacity and upgrading facilities. Strong demand for steel across non-residential construction, agricultural and energy end markets also bodes well.
STLD is seeing strong customer order activity for flat-rolled steel. It is currently executing several projects that should add to its capacity and boost profitability. STLD is ramping up operations at its new state-of-the-art electric arc furnace flat-rolled steel mill in Sinton, TX. With a production capacity of roughly three million tons per year and the capability to make the latest generation of advanced high-strength steel products, it is expected to contribute significantly to revenues and profitability.
The company remains optimistic that domestic steel and aluminum consumption will stay strong through the remainder of 2026 and into 2027, supported by improving customer sentiment, stronger order activity, better pricing, domestic trade actions, manufacturing reshoring and infrastructure investments. Steel backlogs and lead times have extended, while customer inventory levels remain below historical norms.
Steel Dynamics also continues to advance the commissioning of its aluminum flat-rolled products mill. The third cold mill was undergoing commissioning, with commercial operations expected to begin in August 2026. Management expects aluminum volumes and profitability to improve sharply in the second half of 2026 as utilization and yields rise and startup costs subside. The aluminum flat roll mill produced 84,000 metric tons in the second quarter, representing roughly 50% capacity, and STLD expects to exit 2026 at a monthly production rate of at least 90% capacity.
The company is poised to benefit from strong cash flow generation, allowing it to invest in organic growth and maximize shareholder value. It generated solid cash flow from operations of $1.4 billion in 2025. It generated cash flow from operations of $427.9 million in the second quarter of 2026, up around 41.9% year over year. It ended the second quarter with strong liquidity of around $2 billion. It has ample liquidity to meet its debt obligations.
STLD, earlier this year, raised its quarterly dividend by 6% to 53 cents per share. It paid dividends of $149 million and repurchased shares worth $315 million in the first half of 2026. STLD offers a dividend yield of 0.9% at the current stock price. It has a payout ratio of 23%, with a five-year annualized dividend growth rate of about 14.6%.
Automotive is a significant market for Steel Dynamics. A slowdown in global automotive production curtailed steel consumption in this key end market in 2025. High interest rates, along with concerns over economic slowdown and tariffs, put pressure on the automotive market. Elevated interest rates and concerns over economic slowdown and tariffs are likely to put pressure on the automotive market in 2026. Automotive production this year in North America is expected to be similar to 2025. STLD also faces headwinds from the softness in residential construction. This may impact the company’s shipment volumes.
NUE & STLD: Price Performance, Valuation & Other ComparisonsThe NUE stock is up 66.8% over the past year, while STLD has gained 88.2% compared with the Zacks Steel Producers industry’s rise of 61.4%.
Image Source: Zacks Investment Research
NUE is currently trading at a forward 12-month earnings multiple of 12.97. This represents a roughly 13% premium when stacked up with the industry average of 11.48X.
Image Source: Zacks Investment Research
STLD is currently trading at a forward 12-month earnings multiple of 13.12, above NUE and the industry.
Image Source: Zacks Investment Research
STLD’s return on equity of 18.1% is higher than NUE’s 10.7%. This reflects Steel Dynamics’ efficient use of shareholder funds in generating profits.
Image Source: Zacks Investment Research
How the Zacks Consensus Estimate Compares for NUE & STLDThe Zacks Consensus Estimate for Nucor’s 2026 sales implies a year-over-year rise of 18%. The same for EPS suggests a 127.4% year-over-year increase. EPS estimates for 2026 have been trending higher over the past 60 days.
Image Source: Zacks Investment Research
The consensus estimate for Steel Dynamics’ 2026 sales and EPS implies a year-over-year rise of 19.5% and 108.9%, respectively. EPS estimates for 2026 have been trending northward over the past 60 days.
Image Source: Zacks Investment Research
NUE or STLD: Which Stock Holds the Edge?Both NUE and STLD currently have a Zacks Rank #3 (Hold), so picking one stock is not easy. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Nucor and Steel Dynamics are ramping up growth plans, with both eyeing profitability through expansion. Both have solid financial health and remain committed to driving shareholder returns. Both are exposed to demand weakness in certain markets. STLD's higher dividend growth rate and superior return on equity suggest that it may offer better investment prospects in the current market environment. Considering these, STLD looks like the smarter bet right now.
Andra AP fonden raised its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) by 1,714.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 42,323 shares of the basic materials company’s stock after buying an additional 39,991 shares during the quarter. Andra AP fonden’s holdings in Steel Dynamics were worth $7,618,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. NewEdge Advisors LLC increased its holdings in Steel Dynamics by 307.5% during the 1st quarter. NewEdge Advisors LLC now owns 819 shares of the basic materials company’s stock worth $102,000 after acquiring an additional 618 shares during the period. Acadian Asset Management LLC grew its position in shares of Steel Dynamics by 82.7% during the 1st quarter. Acadian Asset Management LLC now owns 3,485 shares of the basic materials company’s stock valued at $435,000 after purchasing an additional 1,578 shares in the last quarter. Jump Financial LLC bought a new position in shares of Steel Dynamics in the second quarter worth $1,019,000. Qube Research & Technologies Ltd purchased a new stake in shares of Steel Dynamics in the second quarter worth $48,746,000. Finally, Sei Investments Co. boosted its stake in Steel Dynamics by 7.9% during the second quarter. Sei Investments Co. now owns 105,051 shares of the basic materials company’s stock valued at $13,447,000 after buying an additional 7,712 shares during the period. 82.41% of the stock is currently owned by institutional investors.
More Steel Dynamics News Here are the key news stories impacting Steel Dynamics this week:
Positive Sentiment: Steel Dynamics reported Q2 results that beat expectations, with EPS topping estimates and revenue rising sharply year over year on record steel shipments, reinforcing momentum in its core steel business. Steel Dynamics’ Q2 Earnings Top Estimates, Revenues Increase Y/Y Positive Sentiment: Management highlighted record steel shipments and strong operating performance in the Q2 earnings call, which supports the view that demand and execution remain solid heading into the second half of 2026. Steel Dynamics Inc (STLD) Q2 2026 Earnings Call Highlights: Record Steel Shipments and Strong … Neutral Sentiment: JPMorgan raised its price target on Steel Dynamics to $260 from $256 but kept a neutral rating, suggesting upside is still seen, but not enough to turn outright bullish. Benzinga report on JPMorgan price target increase Neutral Sentiment: Bank of America also maintained a Hold/neutral view, noting the earnings beat was solid but valuation looks stretched after the rally. Steel Dynamics: Solid Near-Term Beat but Stretched Valuation Keeps Neutral Rating and $260 Price Target Unchanged Neutral Sentiment: New articles comparing STLD with Ternium and discussing its aluminum story keep investor attention on valuation and business mix, but do not appear to add a major new catalyst by themselves. TX or STLD: Which Is the Better Value Stock Right Now? Negative Sentiment: Some commentary says the stock’s valuation is now a concern after the post-earnings move, which may limit further near-term gains even after the strong results. Steel Dynamics (STLD) Earnings Put Its Aluminum Story And Valuation Back In Focus Insider Buying and Selling In related news, SVP James Stanley Anderson sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the completion of the transaction, the senior vice president owned 102,837 shares in the company, valued at $27,632,301.90. This represents a 8.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Richard A. Poinsatte sold 2,300 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $234.11, for a total transaction of $538,453.00. Following the transaction, the senior vice president directly owned 28,618 shares in the company, valued at approximately $6,699,759.98. The trade was a 7.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 6.60% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth STLD has been the topic of a number of research analyst reports. Barclays upped their target price on Steel Dynamics from $270.00 to $272.00 and gave the stock an “overweight” rating in a research note on Wednesday. BMO Capital Markets upped their price objective on shares of Steel Dynamics from $195.00 to $240.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 22nd. Wall Street Zen upgraded shares of Steel Dynamics from a “hold” rating to a “buy” rating in a research report on Saturday, April 18th. Wells Fargo & Company cut their price target on shares of Steel Dynamics from $291.00 to $275.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Weiss Ratings raised shares of Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, June 18th. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Steel Dynamics has a consensus rating of “Moderate Buy” and an average target price of $237.36.
Check Out Our Latest Report on STLD
Steel Dynamics Price Performance STLD stock opened at $238.64 on Thursday. The firm has a market cap of $34.54 billion, a P/E ratio of 21.64, a P/E/G ratio of 0.53 and a beta of 1.53. The firm’s fifty day moving average is $245.89 and its 200 day moving average is $210.41. Steel Dynamics, Inc. has a 52 week low of $119.89 and a 52 week high of $288.74. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.33 and a current ratio of 3.18.
Steel Dynamics (NASDAQ:STLD – Get Free Report) last announced its quarterly earnings data on Monday, July 20th. The basic materials company reported $3.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.63 by $0.06. The firm had revenue of $6.09 billion for the quarter, compared to analysts’ expectations of $5.56 billion. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The company’s revenue for the quarter was up 33.4% compared to the same quarter last year. During the same period last year, the firm earned $2.01 earnings per share. Research analysts predict that Steel Dynamics, Inc. will post 14.28 earnings per share for the current year.
Steel Dynamics Announces Dividend The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th were issued a $0.53 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $2.12 annualized dividend and a yield of 0.9%. Steel Dynamics’s dividend payout ratio (DPR) is 19.22%.
About Steel Dynamics (Free Report)
Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.
The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.
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Steel Dynamics, Inc. (STLD) Q2 2026 Earnings Call July 21, 2026 11:00 AM EDT
Company Participants
David Lipschitz - Investor Relations Director
Mark Millett - Co-Founder, Chairman & CEO
Theresa Wagler - Executive VP, CFO & Company Secretary
Barry Schneider - President & COO
Conference Call Participants
Sathish Kasinathan - BofA Securities, Research Division
Nicklaus Cash - Goldman Sachs Group, Inc., Research Division
Carlos de Alba - Morgan Stanley, Research Division
Martin Englert - Seaport Research Partners
Timna Tanners - Wells Fargo Securities, LLC, Research Division
Katja Jancic - BMO Capital Markets Equity Research
Tristan Gresser - BNP Paribas, Research Division
Samuel McKinney - KeyBanc Capital Markets Inc., Research Division
Richard Garchitorena - Barclays Bank PLC, Research Division
William Peterson - JPMorgan Chase & Co, Research Division
John Tumazos - John Tumazos Very Independent Research, LLC
Albert Realini - Jefferies LLC, Research Division
Presentation
Operator
Good day and welcome to the Steel Dynamics Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please be advised this call is being recorded today, July 21, 2026, and your participation implies consent to our recording of this call. If you do not agree to these terms, please disconnect. At this time, I'd like to turn the conference over to David Lipschitz, Director, Investor Relations. Please go ahead.
David Lipschitz
Investor Relations Director
Thank you, Matthew. Good morning and welcome to Steel Dynamics Second Quarter 2026 Earnings Conference Call. As a reminder, today's call is being recorded and will be available on our website for replay later today. Leading today's call are Mark Millett, Chairman and Chief Executive Officer of Steel Dynamics; Theresa Wagler, Executive Vice President and Chief Financial Officer; and Barry Schneider, President and Chief Operating Officer. The other members of our senior leadership team are joining us on the call individually.
Some of today's statements, which speak only as of this date, may be forward-looking and
These 3 Cash-Flow Stocks Give Investors More Than Just Growth PotentialSteel Dynamics NASDAQ: STLD reported a stronger sequential second quarter for 2026, with record steel shipments, higher realized steel prices and continued progress on its aluminum platform, executives said on the company’s earnings call Tuesday.
Chairman and Chief Executive Officer Mark Millett said the company achieved “a strong second quarter financial and operational performance,” highlighted by record quarterly steel shipments of 3.7 million tons and adjusted EBITDA of $921 million. He also noted operational milestones at the company’s Sinton steel platform and its aluminum investments.
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Tariffs Rose: 1 Steelmaker Thrived, 1 Still StrugglesMillett opened his remarks by addressing the death of Elijah Jones, a New Process Steel employee who was fatally injured in an April equipment-related accident. He said the company remains committed to achieving a zero-incident safety environment.
Revenue and Earnings Improve Sequentially Executive Vice President and Chief Financial Officer Theresa Wagler said Steel Dynamics generated second-quarter net income of $534 million, or $3.69 per diluted share. Revenue totaled $6.1 billion, while operating income was $700 million.
Steel Dynamics Reinforces Outlook: Higher Highs ComingWagler said the sequential improvement from the first quarter was driven by higher realized steel pricing and record steel shipments. Steel operations generated operating income of $721 million, up 30% from the prior quarter, as average selling prices rose $105 per ton.
She added that value-added spreads to hot band improved by $70 per ton from the lows seen in the fourth quarter of 2025. Because roughly 80% or more of Steel Dynamics’ flat-rolled steel business is tied to lagging price contracts, Wagler said recent flat-rolled price increases and improved value-added spreads should benefit third-quarter results.
Second-quarter operating income from the metals recycling platform was $48 million, roughly in line with the first quarter, as higher shipments offset lower ferrous metal spreads. Steel fabrication operating income was $85 million, compared with $90 million in the first quarter, as higher volume and steady pricing were offset by increased steel raw material costs.
Steel Dynamics generated $428 million in operating cash flow during the quarter. Working capital reduced cash by $225 million, primarily due to higher customer account values as pricing improved and aluminum sheet sales increased. Wagler said working capital should be neutral to a funding source in the second half of the year.
Steel Demand Remains Strong Across Multiple Markets President and Chief Operating Officer Barry Schneider said Steel Dynamics’ steel mills operated at 90% utilization in the second quarter, compared with an estimated 81% utilization rate for the domestic steel industry. He attributed the company’s higher utilization to value-added product diversification, customer supply chain solutions and internal manufacturing demand.
Schneider described flat-rolled steel market conditions as strong, citing solid demand, lean inventories, elevated lead times and customer optimism. He said value-added pricing spreads within flat-rolled steel have returned to more normalized levels, aided by trade cases resolved last year.
Long product steel markets also remain strong, driven by non-residential construction demand, particularly structural steel and railroad products. Schneider said special bar quality markets are improving across industrial, manufacturing and energy-related sectors. He also said oil and gas demand remains strong, pipe manufacturers are already evaluating 2027 projects, solar demand remains robust and agricultural demand is improving, though residential construction remains relatively subdued.
In automotive, Schneider said North American production forecasts for 2026 remain in line with the prior year, but Steel Dynamics continues to see opportunities with its customer base, including U.S.-based European and Asian automakers.
Fabrication Backlog Rises Sharply The company’s steel fabrication business saw a significant increase in demand. Wagler said the order backlog is 45% higher than at the same point last year, while Schneider said order activity is stronger than it has been in several years.
Schneider pointed to the Dodge Momentum Index, which he said generally leads construction spending by 12 to 18 months and recently reached its highest level in several years, up more than 30% year over year. He said the increase was driven by commercial planning and accelerating institutional activity led by healthcare.
In response to an analyst question, Wagler clarified that the 45% backlog increase is volume-specific, not driven by pricing. She said pricing entering the backlog has improved, but much of that work will not be realized until the fourth quarter or 2027. She said realized pricing should remain relatively stable in the near term, while volume is expected to be strong in the second half of 2026 and into next year.
Aluminum Ramp Continues, With Higher Volumes Expected Executives emphasized progress at Steel Dynamics’ aluminum flat-rolled products platform, while acknowledging ongoing startup costs and operational ramp challenges. Wagler said second-quarter operating losses tied to startup and commissioning of aluminum operations were $33 million, a 48% improvement from the first quarter. The company also recorded a $16 million non-cash impairment charge related to relocating its second planned recycled slab center.
Aluminum flat-rolled sheet shipments rose to 53,000 metric tons from 22,500 metric tons in the first quarter. Millett said the increase was primarily in can sheet, with additional automotive hot band and industrial shipments.
Millett said the aluminum mill produced 84,000 metric tons in the second quarter, about 50% of capability, and the company expects to exit 2026 at a monthly production rate of at least 90% capacity. Wagler said the company expects the aluminum platform to be earnings positive in the second half of the year.
The hot side of the aluminum mill is fully operational and able to run at rated capacity, according to Millett. Two of the three cold mills are increasing production, and the third cold mill started in July. He said this will support the full 650,000 metric ton annual capability. The first of two automotive Continuous Annealing and Solution Heat treating lines is fully operational, and the second is expected to begin commissioning in the fourth quarter.
Millett said Steel Dynamics has achieved finished product qualification status at multiple automotive manufacturers for 5182 and 5754 products and is in trials for 6000 series alloys. He said the company continues to expect normalized through-cycle EBITDA of $650 million to $700 million from the aluminum platform, plus $40 million to $50 million from the metals recycling platform.
Capital Allocation and Policy Priorities Wagler said Steel Dynamics ended the quarter with $2 billion in liquidity, including $800 million in cash and investments and a fully available $1.2 billion unsecured revolver. The company invested $124 million in capital projects during the quarter and $262 million year to date. Second-half 2026 capital investments are expected to be between $300 million and $350 million.
During the first half of 2026, Steel Dynamics increased its cash dividend and repurchased $350 million of common stock. As of the end of June, $489 million remained authorized for repurchases. Wagler said the company’s capital allocation strategy prioritizes high-return growth opportunities, shareholder returns and preservation of its investment-grade credit profile.
On trade policy, Schneider said the company supports the current 50% Section 232 tariff on imported steel and is engaged with the U.S. Trade Representative on the USMCA review. He said Steel Dynamics is advocating for Section 301 remedies to be additive to existing steel tariffs and is working with Congress on Buy American steel requirements tied to shipbuilding and highway legislation.
Millett closed by saying the company remains focused on optimizing recently built steel and aluminum assets and expects recent growth projects to contribute more than $1.4 billion in through-cycle annual EBITDA capability.
About Steel Dynamics (NASDAQ:STLD)Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.
The company's product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Key Takeaways Steel Dynamics earned $3.80 per share, topping estimates, as Q2 revenue rose 33.4%.STLD shipped a record 3.74 million tons of steel, with average selling prices rising to $1,298 per ton. STLD expects aluminum volumes and profitability to improve in H2'26 as commercial operations begin in August. Steel Dynamics, Inc. (STLD - Free Report) reported second-quarter 2026 adjusted earnings of $3.80 per share, up from $2.01 in the year-ago quarter. The bottom line surpassed the Zacks Consensus Estimate of $3.67.
The company reported second-quarter earnings of $3.69 per share, which included a $16 million non-cash asset impairment charge tied to relocating its second planned aluminum recycled slab center from Arizona to Columbus, MS.
Net sales in the second quarter rose around 33.4% year over year to $6,092 million. The metric surpassed the Zacks Consensus Estimate of $5,438 million.
Steel Dynamics, Inc. Price, Consensus and EPS SurpriseSteel Dynamics’ Segment HighlightsNet sales from steel operations were $4,006 million in the reported quarter, up around 22.3% year over year. STLD registered record steel shipments of roughly 3.74 million tons, up about 11.7% from the prior-year quarter. Shipments also topped the consensus estimate of 3.65 million tons.
STLD’s steel operations reported an average external product selling price of $1,298 per ton, up from $1,134 per ton in the year-ago quarter. The figure beat the consensus estimate of $1,270.53 per ton.
Net sales from metals recycling operations were $654 million in the quarter, up around 25.1% year over year. STLD registered ferrous shipments of approximately 1.67 million gross tons, up roughly 4.8% from the prior-year quarter. The figure outpaced the consensus estimate of 1.60 million gross tons.
The company’s steel fabrication operations reported sales of around $394 million, up approximately 15.6% year over year. Steel Dynamics recorded fabrication shipments of 161,010 tons in the quarter, up around 19% from the year-ago period. The figure beat the consensus estimate of 152,000 tons.
STLD’s Financial PositionSteel Dynamics ended the quarter with cash and cash equivalents of $567.7 million, up around 23.9% year over year. Long-term debt was approximately $4.18 billion, up roughly 10.6% from the prior-year period.
The company generated cash flow from operations of $427.9 million in the reported quarter, up around 41.9% year over year.
Steel Dynamics’ OutlookThe company remains optimistic that domestic steel and aluminum consumption will stay strong through the remainder of 2026 and into 2027, supported by improving customer sentiment, stronger order activity, better pricing, domestic trade actions, manufacturing reshoring and infrastructure investments. Steel backlogs and lead times have extended, while customer inventory levels remain below historical norms.
Steel Dynamics also continues to advance the commissioning of its aluminum flat-rolled products mill. The third cold mill was undergoing commissioning, with commercial operations expected to begin in August 2026. Management expects aluminum volumes and profitability to improve sharply in the second half of 2026 as utilization and yields rise and startup costs subside.
STLD’s Price PerformanceShares of Steel Dynamics have gained 74.3% over the past year compared with a 59.4% rise in its industry.
Image Source: Zacks Investment Research
Steel Dynamics’ Zacks Rank & Key PicksSTLD currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are CSW Industrials, Inc. (CSW - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and Ternium S.A. (TX - Free Report) .
CSW Industrials is expected to report second-quarter results on July 30. The Zacks Consensus Estimate for CSW’s second-quarter earnings is pegged at $3.66 per share. It carries a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
CRS is slated to report second-quarter results on July 30. The Zacks Consensus Estimate for earnings is pegged at $3.03 per share. CRS has a Zacks Rank #1 at present.
Ternium is scheduled to report second-quarter results on August 4. The Zacks Consensus Estimate for TX’s second-quarter earnings is pegged at $1.06 per share. It currently carries a Zacks Rank #1.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD), one of the largest domestic steel producers and metals recyclers in North America, today announced it intends to release second quarter 2026 financial results after market close on Monday, July 20, 2026. The teleconference is scheduled to begin at 11:00 a.m. Eastern Daylight Time on Tuesday, July 21, 2026 and will be hosted by Mark D. Millett, Chairman and Chief Executive Officer, Theresa E. Wagler, Executive Vice President and Chief Financial Officer, and Barry Schneider, President and Chief Operating Officer.
To participate, please dial +1.973.528.0011 at least ten minutes before the start time and reference the Steel Dynamics Second Quarter 2026 Earnings Call. The teleconference can also be accessed (in listen-only mode) by visiting the company's website at www.steeldynamics.com. Webcast participants are encouraged to log in prior to 11:00 a.m. Eastern Daylight Time to ensure a connection before the beginning of the call. An audio replay version of the teleconference can be accessed by dialing +1.919.882.2331 and entering conference ID number 54219. The audio replay link will be available on the company's website until 11:59 p.m. Eastern Daylight Time on July 28, 2026. An MP3 file of the event will be available on the company's website that can be accessed for online replay or download.
Steel Dynamics (STLD - Free Report) reported $6.09 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 33.4%. EPS of $3.69 for the same period compares to $2.01 a year ago.
The reported revenue represents a surprise of +17.05% over the Zacks Consensus Estimate of $5.2 billion. With the consensus EPS estimate being $3.56, the EPS surprise was +3.65%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Steel Dynamics performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Steel - Average external sales price (Per ton): 1,298.00 $/ton versus 1,270.53 $/ton estimated by three analysts on average.Steel Fabrication - Average sales price (Per ton): 2,442.00 $/ton versus the three-analyst average estimate of 2,480.34 $/ton.Steel - External Shipments (Tons): 3,085.37 KTon compared to the 3,027.87 KTon average estimate based on three analysts.Steel Fabrication - Shipments (Tons): 161.01 KTon versus 151.98 KTon estimated by three analysts on average.Steel - Average ferrous cost (Per ton melted): 412.00 $/ton versus the three-analyst average estimate of 418.38 $/ton.Steel - Flat Roll shipments - Butler, Columbus and Sinton: 2,026.08 KTon compared to the 2,026.50 KTon average estimate based on two analysts.Metals Recycling - Ferrous shipments (Gross tons): 1,672.89 KTon compared to the 1,598.29 KTon average estimate based on two analysts.External Net Sales- Steel Fabrication: $393.81 million versus $376.41 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +15.6% change.External Net Sales- Metals Recycling: $653.77 million versus $558.8 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +25.1% change.External Net Sales- Steel: $4.01 billion compared to the $3.85 billion average estimate based on three analysts. The reported number represents a change of +22.3% year over year.External Net Sales- Other: $540.61 million compared to the $377.14 million average estimate based on two analysts. The reported number represents a change of +49.9% year over year.External Net Sales- Aluminum: $497.87 million compared to the $364.36 million average estimate based on two analysts.View all Key Company Metrics for Steel Dynamics here>>>
Shares of Steel Dynamics have returned -5.8% over the past month versus the Zacks S&P 500 composite's +0.6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Steel Dynamics, Inc. has surged 80% over the past year, driven by U.S. steel tariffs and robust pricing momentum. STLD's aluminum plant ramp-up should drive a free cash flow inflection, with profitability expected next year as production scales. Strong cost control and a stellar balance sheet underpin a secure dividend and active share buybacks, with leverage at 1.2x.
Steel Dynamics (STLD - Free Report) came out with quarterly earnings of $3.69 per share, beating the Zacks Consensus Estimate of $3.56 per share. This compares to earnings of $2.01 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +3.65%. A quarter ago, it was expected that this steel producer and metals recycler would post earnings of $2.79 per share when it actually produced earnings of $2.78, delivering a surprise of -0.36%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Steel Dynamics, which belongs to the Zacks Steel - Producers industry, posted revenues of $6.09 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 17.05%. This compares to year-ago revenues of $4.57 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Steel Dynamics shares have added about 39% since the beginning of the year versus the S&P 500's gain of 8.9%.
What's Next for Steel Dynamics?While Steel Dynamics has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Steel Dynamics was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $5.24 on $5.87 billion in revenues for the coming quarter and $16.91 on $22.3 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Steel - Producers is currently in the top 18% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Algoma Steel Group Inc. (ASTL - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 29.
This company is expected to post quarterly loss of $0.51 per share in its upcoming report, which represents a year-over-year change of +31.1%. The consensus EPS estimate for the quarter has been revised 41.2% lower over the last 30 days to the current level.
Algoma Steel Group Inc.'s revenues are expected to be $210.15 million, down 50.7% from the year-ago quarter.
Record steel shipments of 3.7 million tons Continued commissioning and increased production from aluminum flat rolled sheet operations Net sales of $6.1 billion, operating income of $700 million, and net income of $534 million Adjusted EBITDA of $921 million and cash flow from operations of $428 million Share repurchases of $200 million of the company's common stock Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced second quarter 2026 financial results. The company reported second quarter 2026 net sales of $6.1 billion and net income of $534 million, or $3.69 per diluted share which was reduced by a $16 million non-cash asset impairment charge related to the decision to relocate the company's planned second satellite aluminum recycled slab center from Arizona to Columbus, Mississippi. Comparatively, the company's sequential first quarter 2026 net income was $403 million, or $2.78 per diluted share and prior year second quarter net income was $299 million, or $2.01 per diluted share.
"During the second quarter 2026 steel pricing continued to improve resulting in strong performance across our steel platform, driving a sequential quarterly increase in consolidated operating income of $162 million, or 30 percent," said Mark D. Millett, Chairman and Chief Executive Officer. "Our metals recycling, steel fabrication, and aluminum teams also had a solid performance. Our three-year after-tax return-on-invested capital of 13 percent is a testament to our ongoing high-return capital allocation execution. We are growing, returning capital to shareholders, and maintaining strong returns with best-in-class performance compared to domestic manufacturers.
"Steel fundamentals continued to strengthen during the second quarter, as pricing improved, demand remained solid, and customer inventory levels declined, remaining lower than historical norms," said Millett. "Steel backlogs and lead times have also extended. Additionally, value-added flat-rolled steel spreads expanded in the quarter. We continue to see an improved steel market environment, supported by domestic trade actions, manufacturing reshoring, infrastructure program funding, and the increasing regionalization of supply chains within the United States. Long-product steel demand remains extremely strong, particularly for structural steel and railroad rail. We believe sustained demand across our platforms, combined with favorable market conditions, positions us well moving forward.
"The aluminum team continues to make strong progress on the commissioning and startup of our aluminum flat-rolled sheet products mill located in Columbus, Mississippi," continued Millett. "The team is already providing high-quality products for the industrial, beverage, and automotive markets, with continued customer qualifications currently underway. We recently received qualifications to supply products for automotive applications, with expectations for automotive sales to commence before the end of 2026. Simultaneously, the team has finished construction and commenced commissioning of the third and final cold mill in July, which will allow for the full 650,000-metric-ton capacity. Together with our broader investment initiatives across the company, aluminum represents an exciting avenue for continued growth and value creation."
Second Quarter 2026 Comments
Second quarter 2026 operating income for the company's steel operations was $721 million, or 30 percent higher than sequential first quarter results, due to record shipments and metal spread expansion across the platform, as steel pricing increased more than ferrous scrap costs. The second quarter 2026 average external product selling price for the company's steel operations increased $105 sequentially to $1,298 per ton. The average ferrous scrap cost per ton melted at the company's steel mills increased $16 sequentially to $412 per ton. The energy, non-residential construction, automotive, industrial, and agricultural sectors led steel demand in the quarter.
Compared to sequential first quarter results, second quarter 2026 operating income from the company's metals recycling operations remained steady at $48 million, supported by higher volumes as pricing decreased in the quarter. Scrap flows seasonally improved in the second quarter, resulting in ample supply as domestic steel mills increased utilization.
The company's steel fabrication operations generated operating income of $85 million in the second quarter 2026, in line with first quarter results of $90 million, as increased shipments and steady pricing were offset by higher steel raw material input costs. Customer order activity has continued to strengthen since the end of 2025, with the order backlog now nearly 45 percent higher than a year ago and extending into the first quarter 2027. Demand improved across several key end markets, including commercial construction, data centers, manufacturing, warehousing, and healthcare. In addition, accelerating announcements of significant domestic manufacturing investments and increased reshoring activity, coupled with funding from the U.S. infrastructure program, are expected to provide meaningful support for demand across our product portfolio, including steel joists and deck products, as well as flat-rolled and long-product steel.
Second quarter 2026 operating losses associated with the continued startup of the company's aluminum operations were $33 million, or a 48 percent improvement compared to sequential first quarter results. There was also an additional non-cash impairment charge of $16 million in the second quarter, related to the relocation of the planned second satellite aluminum recycled slab center. Aluminum flat rolled sheet product shipments increased to 53,000 metric tons in the second quarter 2026, while hot band production increased to 84,000 metric tons. The company expects volumes and profitability from its aluminum operations to increase sharply in the second half 2026 and for full year 2027, as startup costs subside, utilization and yields improve, and scrap content increases. Demand for aluminum flat-rolled sheet products across the company's consumer sectors remains strong, with the supply deficit growing.
The company generated cash flow from operations of $428 million during the second quarter 2026. Working capital, excluding income taxes increased $225 million in the second quarter, as product pricing and demand improved across the business and the aluminum operations continued to ramp. The company also invested $124 million in capital investments, paid cash dividends of $77 million, and repurchased $200 million of its outstanding common stock, while maintaining strong liquidity of $2.0 billion as of June 30, 2026.
Year-to-Date June 30, 2026 Comparison
For the six months ended June 30, 2026, net income was $938 million, or $6.47 per diluted share, with net sales of $11.3 billion, as compared to net income of $516 million, or $3.44 per diluted share, with net sales of $8.9 billion for the same period in 2025.
First half 2026 operating income increased 88 percent to $1.2 billion, when compared to the same period in 2025. Increased earnings were primarily the result of higher realized pricing and shipments in the company's steel operations. First half 2026 operating income from the company's steel operations was $1.3 billion, compared to $612 million for the same prior year period. The average first half 2026 external selling price for the company's steel operations increased $183 to $1,247 per ton compared to the same prior year period, and the average ferrous scrap cost per ton melted at the company's steel mills increased $7 to $404 per ton. First half 2026 operating income from the company's steel fabrication operations was $174 million, compared to $210 million in the same prior year period, due to a decrease in average pricing of $100 per ton combined with higher steel raw material input costs of $95 per ton. First half 2026 operating income from the company's metals recycling operations was $95 million, compared to $47 million in the same prior year period, due to improved metal spreads and increased shipments.
Based on the company's differentiated business model and highly variable cost structure, the company achieved cash flow from operations of $576 million in the first half 2026. The company also invested $262 million in capital investments, paid cash dividends of $149 million, and repurchased $315 million of its outstanding common stock, representing one percent of its outstanding shares, while maintaining liquidity of $2.0 billion.
Outlook
"We remain confident that market conditions are in place to support strong domestic steel and aluminum consumption through the remainder of 2026 and into 2027," said Millett. "Customer sentiment, order entry activity, and pricing have continued to improve across our businesses. In addition, discussions with our customers further underscore the growing importance of lower-carbon, domestically produced steel and aluminum products, positioning our operations with a sustainable long-term competitive advantage.
As the impact of unfair trade practices continues to diminish, policy clarity improves, and U.S. manufacturing investment expands, we believe the foundation is in place for a favorable market environment and sustained demand growth.
"The aluminum team continues to make progress commissioning our aluminum flat rolled products mill, as well as our San Luis Potosi, Mexico satellite recycled aluminum slab center. Two of the three cold mills are now operational, and the third cold mill is currently being commissioned, with expectations to begin transitioning to commercial operations in August. Additionally, the first of two Continuous Annealing and Solution Heat (CASH) lines, which support the production of finished automotive products, is operating and shipping material for customer qualification. The second CASH line is also expected to begin material qualifications in the fourth quarter 2026.
"We have intentionally aligned our growth strategy with our customers' evolving needs, with a focus on product excellence, supply chain efficiency, and sustainability. Building on our strong positions in steel, we are expanding into high-recycled-content aluminum sheet products to serve deficit adjacent markets where customer demand continues to accelerate. This opportunity spans the resilient beverage can and packaging market and extends to automotive, industrial, and construction applications. Supported by our performance-driven culture and proven ability to develop and operate low-cost, high-margin manufacturing assets, we believe we are well positioned to create attractive long-term value through this expansion. As demand for domestically produced, lower-carbon materials continue to grow, our strategic investments in aluminum will complement our existing steel platforms and strengthen our ability to serve customers across a broader range of end markets.
"Our commitment is to the health and safety of our teams, families, and communities, while meeting the current and future needs of our customers. Our culture and business model continues to positively differentiate our performance from the rest of the industry. We continue to focus on delivering superior value to our team members, customers, and shareholders," concluded Millett.
Conference Call and Webcast
Steel Dynamics, Inc. will hold a conference call to discuss second quarter 2026 operating and financial results on Tuesday, July 21, 2026, at 11:00 a.m. Eastern Daylight Time. You may access the call and find dial-in information on the Investors section of the company's website at www.steeldynamics.com. A replay of the call will be available on our website until 11:59 p.m. Eastern Daylight Time on July 30, 2026.
About Steel Dynamics, Inc.
Steel Dynamics is a leading industrial metals solutions company, with facilities located throughout the United States, and in Mexico. The company operates using a circular manufacturing model, producing lower-carbon-emission, quality products with recycled scrap as the primary input. Steel Dynamics is one of the largest domestic steel producers and metal recyclers in North America, combined with a meaningful downstream steel fabrication platform. The company has also recently added aluminum operations, further diversifying its product offerings to supply aluminum flat rolled products with higher recycled content to the countercyclical sustainable beverage can industry, in addition to the automotive and industrial sectors. Steel Dynamics is committed to operating with the highest integrity and to being the safest, most efficient producer of high-quality, broadly diversified, value-added metal products.
Note Regarding Financial Metrics
The company believes that after-tax return-on-invested capital (After-tax ROIC) provides an indication of the effectiveness of the company's invested capital and is calculated as follows:
After-tax ROIC =
Net Income Attributable to Steel Dynamics, Inc.
(Quarterly Average Current Maturities of Long-term Debt + Long-term Debt + Total Equity)
Note Regarding Non-GAAP Financial Measures
The company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that the non-GAAP financial measures EBITDA and Adjusted EBITDA provide additional meaningful information regarding the company's performance and financial strength. Non-GAAP financial measures should be viewed in addition to and not as an alternative for the company's reported results prepared in accordance with GAAP. In addition, not all companies use identical calculations for EBITDA or Adjusted EBITDA; therefore, EBITDA and Adjusted EBITDA included in this release may not be comparable to similarly titled measures of other companies.
Forward-Looking Statements
This press release contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel, aluminum, and recycled metals marketplaces, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These statements, which we generally precede or accompany by such typical conditional words as "anticipate", "intend", "believe", "estimate", "plan", "seek", "project", or "expect", or by the words "may", "will", or "should", are intended to be made as "forward-looking", subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) domestic and global economic factors; (2) global steelmaking overcapacity and imports of steel, together with increased scrap prices; (3) the cyclical nature of the metals industries and the industries we serve; (4) volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes and supplies, and our potential inability to pass higher costs on to our customers; (5) cost and availability of electricity, natural gas, oil, and other energy resources are subject to volatile market conditions; (6) increased environmental, greenhouse gas emissions and sustainability considerations from our customers and investors or related regulations; (7) compliance with and changes in environmental and remediation requirements; (8) significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials; (9) availability of an adequate source of supply of scrap for our metals recycling operations; (10) cybersecurity threats and risks to the security of our sensitive data and information technology; (11) the implementation of our growth strategy; (12) our ability to retain, develop and attract key personnel; (13) litigation and legal compliance; (14) unexpected equipment downtime or shutdowns; (15) difficulties in the launch or production ramp-up of new products; (16) our aluminum operations depend on a core group of significant customers; (17) governmental agencies may refuse to grant or renew some of our licenses and permits; (18) our existing debt agreements contain, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and (19) the impacts of impairment charges.
More specifically, we refer you to our more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10-K under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our Quarterly Reports on Form 10-Q, or in other reports which we file with the Securities and Exchange Commission. These reports are available publicly on the Securities and Exchange Commission website, www.sec.gov, and on our website, www.steeldynamics.com under "Investors – SEC Filings."
Steel Dynamics, Inc.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per share data)
Three Months Ended
Six Months Ended
Three Months
June 30,
June 30,
Ended
2026
2025
2026
2025
March 31, 2026
Net sales
$
6,091,557
$
4,565,123
$
11,296,415
$
8,934,318
$
5,204,858
Costs of goods sold
5,132,583
3,946,655
9,574,218
7,829,306
4,441,635
Gross profit
958,974
618,468
1,722,197
1,105,012
763,223
Selling, general and administrative expenses
193,451
198,010
368,671
379,818
175,220
Profit sharing
57,314
30,706
99,512
53,401
42,198
Amortization of intangible assets
7,730
6,897
15,531
13,794
7,801
Operating income
700,479
382,855
1,238,483
657,999
538,004
Interest expense, net of capitalized interest
39,120
17,381
72,361
29,512
33,241
Other income, net
(22,105)
(22,392)
(30,555)
(40,033)
(8,450)
Income before income taxes
683,464
387,866
1,196,677
668,520
513,213
Income tax expense
152,679
86,675
265,787
149,650
113,108
Net income
530,785
301,191
930,890
518,870
400,105
Net loss (income) attributable to noncontrolling interests
3,302
(2,465)
6,633
(2,993)
3,331
Net income attributable to Steel Dynamics, Inc.
$
534,087
$
298,726
$
937,523
$
515,877
$
403,436
Basic earnings per share attributable to
Steel Dynamics, Inc. stockholders
$
3.71
$
2.01
$
6.49
$
3.45
$
2.79
Weighted average common shares outstanding
143,997
148,387
144,397
149,325
144,797
Diluted earnings per share attributable to
Steel Dynamics, Inc. stockholders, including the
effect of assumed conversions when dilutive
$
3.69
$
2.01
$
6.47
$
3.44
$
2.78
Weighted average common shares
and share equivalents outstanding
144,591
148,960
144,956
149,885
145,321
Dividends declared per share
$
0.53
$
0.50
$
1.06
$
1.00
$
0.53
Steel Dynamics, Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30,
December 31,
Assets
2026
2025
(unaudited)
Current assets
Cash and equivalents
$
567,708
$
769,878
Accounts receivable, net
2,442,938
1,682,660
Inventories
3,955,621
3,738,516
Other current assets
314,768
293,117
Total current assets
7,281,035
6,484,171
Property, plant and equipment, net
8,491,771
8,569,466
Intangible assets, net
315,759
331,290
Goodwill
477,471
477,471
Other assets
547,363
557,382
Total assets
$
17,113,399
$
16,419,780
Liabilities and Equity
Current liabilities
Accounts payable
$
1,483,566
$
1,231,358
Income taxes payable
32,345
67,315
Accrued expenses
770,063
788,926
Current maturities of long-term debt
1,332
34,655
Total current liabilities
2,287,306
2,122,254
Long-term debt
4,180,810
4,176,508
Deferred income taxes
1,070,817
1,004,375
Other liabilities
211,395
186,232
Total liabilities
7,750,328
7,489,369
Commitments and contingencies
Redeemable noncontrolling interests
143,259
141,226
Equity
Common stock
653
653
Treasury stock, at cost
(8,287,758)
(7,980,549)
Additional paid-in capital
1,229,734
1,248,634
Retained earnings
16,473,691
15,689,042
Accumulated other comprehensive income (loss)
3,212
(598)
Total Steel Dynamics, Inc. equity
9,419,532
8,957,182
Noncontrolling interests
(199,720)
(167,997)
Total equity
9,219,812
8,789,185
Total liabilities and equity
$
17,113,399
$
16,419,780
Steel Dynamics, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Operating activities:
Net income
$
530,785
$
301,191
$
930,890
$
518,870
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization
173,922
132,865
333,202
266,621
Equity-based compensation
14,162
14,063
31,613
31,103
Deferred income taxes
29,978
39,129
62,647
55,378
Other adjustments
14,431
(890)
12,138
(5,085)
Changes in certain assets and liabilities:
Accounts receivable
(386,504)
19,825
(760,278)
(283,777)
Inventories
(48,843)
(163,417)
(223,270)
(149,607)
Other assets
(23,468)
7,789
(2,467)
(24,326)
Accounts payable
107,310
(5,267)
264,215
243,333
Income taxes receivable/payable
(109,889)
(82,710)
(35,457)
(39,895)
Accrued expenses
126,052
39,033
(36,981)
(158,401)
Net cash provided by operating activities
427,936
301,611
576,252
454,214
Investing activities:
Purchases of property, plant and equipment
(123,842)
(288,331)
(261,821)
(593,837)
Purchases of short-term investments
-
(29,571)
-
(39,571)
Proceeds from maturities of short-term investments
-
9,614
-
147,425
Other investing activities
5,805
2,592
4,718
1,528
Net cash used in investing activities
(118,037)
(305,696)
(257,103)
(484,455)
Financing activities:
Issuance of current and long-term debt
695,091
484,278
1,294,560
1,890,221
Repayment of current and long-term debt
(716,223)
(902,605)
(1,328,582)
(1,335,132)
Dividends paid
(76,555)
(74,690)
(149,025)
(144,204)
Purchase of treasury stock
(200,288)
(200,048)
(315,375)
(450,186)
Other financing activities
(697)
(31,718)
(23,009)
(62,187)
Net cash used in financing activities
(298,672)
(724,783)
(521,431)
(101,488)
Increase (decrease) in cash, cash equivalents, and restricted cash
11,227
(728,868)
(202,282)
(131,729)
Cash, cash equivalents, and restricted cash at beginning of period
561,763
1,192,149
775,272
595,010
Cash, cash equivalents, and restricted cash at end of period
$
572,990
$
463,281
$
572,990
$
463,281
Supplemental disclosure information:
Cash paid for interest
$
67,149
$
34,737
$
93,149
$
63,214
Cash paid for income taxes, net
$
231,062
$
124,753
$
235,553
$
128,470
Steel Dynamics, Inc.
SUPPLEMENTAL INFORMATION (UNAUDITED)
(dollars in thousands)
Second Quarter
YTD
2026
2025
2026
2025
1Q 2026
External Net Sales
Steel
$
4,005,510
$
3,275,551
$
7,544,253
$
6,342,567
$
3,538,743
Steel Fabrication
393,805
340,648
749,238
692,955
355,433
Metals Recycling
653,765
522,721
1,246,948
1,057,616
593,183
Aluminum
497,867
65,632
725,260
132,208
227,393
Other
540,610
360,571
1,030,716
708,972
490,106
Consolidated Net Sales
$
6,091,557
$
4,565,123
$
11,296,415
$
8,934,318
$
5,204,858
Operating Income (Loss)
Steel
$
720,918
$
382,196
$
1,277,482
$
612,159
$
556,564
Steel Fabrication
84,593
93,115
174,107
209,860
89,514
Metals Recycling
47,816
21,290
95,283
47,000
47,467
Aluminum
(33,380)
(40,627)
(97,972)
(69,362)
(64,592)
819,947
455,974
1,448,900
799,657
628,953
Non-cash amortization of intangible assets
(7,730)
(6,897)
(15,531)
(13,794)
(7,801)
Profit sharing expense
(57,314)
(30,706)
(99,512)
(53,401)
(42,198)
Non-segment operations
(37,946)
(35,516)
(78,896)
(74,463)
(40,950)
Non-cash asset impairment charges
(16,478)
-
(16,478)
-
-
Consolidated Operating Income
$
700,479
$
382,855
$
1,238,483
$
657,999
$
538,004
Adjusted EBITDA
Net income
$
530,785
$
301,191
$
930,890
$
518,870
$
400,105
Income taxes
152,679
86,675
265,787
149,650
113,108
Net interest expense
33,179
7,025
59,232
9,341
26,053
Depreciation
163,901
124,003
313,095
249,125
149,194
Amortization of intangible assets
7,730
6,897
15,531
13,794
7,801
EBITDA
888,274
525,791
1,584,535
940,780
696,261
Non-cash adjustments
Unrealized (gains) losses on derivatives
and currency remeasurement
1,559
(6,197)
(10,035)
12,956
(11,594)
Equity-based compensation
14,208
13,819
29,438
28,000
15,230
Asset impairment charges
16,478
-
16,478
-
-
Adjusted EBITDA
$
920,519
$
533,413
$
1,620,416
$
981,736
$
699,897
Other Operating Information
Steel
Average external sales price (Per ton)
$
1,298
$
1,134
$
1,247
$
1,064
$
1,193
Average ferrous cost (Per ton Melted)
$
412
$
408
$
404
$
397
$
396
Flat Roll shipments
Butler, Columbus, and Sinton
2,026,079
1,952,228
4,037,522
4,071,415
2,011,443
Steel Processing divisions *
717,837
479,102
1,404,277
971,729
686,440
Long Product shipments
Structural and Rail Division
510,322
468,827
1,001,293
906,225
490,971
Engineered Bar Products Division
213,220
190,612
407,242
382,270
194,022
Roanoke Bar Division
175,792
151,828
343,629
296,014
167,837
Steel of West Virginia
98,090
107,201
186,245
203,684
88,155
Total Shipments (Tons)
3,741,340
3,349,798
7,380,208
6,831,337
3,638,868
External Shipments (Tons)
3,085,372
2,888,916
6,051,496
5,960,651
2,966,124
Steel Mill Production (Tons)
2,974,075
2,949,936
6,013,442
5,971,529
3,039,367
Metals Recycling
Nonferrous shipments (000's of pounds)
211,050
245,577
408,435
478,657
197,385
Ferrous shipments (Gross tons)
1,672,886
1,596,583
3,146,343
3,049,015
1,473,457
External ferrous shipments (Gross tons)
588,906
545,022
1,142,273
1,102,640
553,367
Steel Fabrication
Average sales price (Per ton)
$
2,442
$
2,517
$
2,458
$
2,558
$
2,478
Shipments (Tons)
161,010
135,347
304,432
270,928
143,422
* Includes Heartland, The Techs, United Steel Supply, and New Process Steel (beginning December 1, 2025) operations
Boston Common Asset Management LLC lessened its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) by 7.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 52,682 shares of the basic materials company’s stock after selling 4,029 shares during the period. Boston Common Asset Management LLC’s holdings in Steel Dynamics were worth $9,483,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Strs Ohio boosted its stake in Steel Dynamics by 7.3% during the fourth quarter. Strs Ohio now owns 153,878 shares of the basic materials company’s stock worth $26,075,000 after buying an additional 10,519 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its stake in shares of Steel Dynamics by 3.7% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,008,199 shares of the basic materials company’s stock worth $340,289,000 after acquiring an additional 72,122 shares during the last quarter. Econ Financial Services Corp acquired a new stake in shares of Steel Dynamics in the 4th quarter worth $1,171,000. AIA Group Ltd purchased a new position in shares of Steel Dynamics during the 3rd quarter worth $543,000. Finally, Canada Post Corp Registered Pension Plan raised its holdings in shares of Steel Dynamics by 70.5% during the 4th quarter. Canada Post Corp Registered Pension Plan now owns 11,692 shares of the basic materials company’s stock worth $1,981,000 after acquiring an additional 4,835 shares during the period. Institutional investors and hedge funds own 82.41% of the company’s stock.
Insider Activity at Steel Dynamics In other Steel Dynamics news, SVP Richard A. Poinsatte sold 2,300 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $234.11, for a total value of $538,453.00. Following the sale, the senior vice president owned 28,618 shares of the company’s stock, valued at $6,699,759.98. The trade was a 7.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kenneth W. Cornew sold 5,000 shares of the company’s stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $224.87, for a total value of $1,124,350.00. Following the transaction, the director owned 31,299 shares in the company, valued at $7,038,206.13. This trade represents a 13.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 22,125 shares of company stock worth $5,438,226. Company insiders own 6.60% of the company’s stock.
Steel Dynamics Price Performance Shares of NASDAQ:STLD opened at $235.51 on Monday. The company has a market capitalization of $34.08 billion, a price-to-earnings ratio of 25.19, a PEG ratio of 0.45 and a beta of 1.53. Steel Dynamics, Inc. has a 12-month low of $119.89 and a 12-month high of $288.74. The business has a 50-day moving average price of $245.95 and a 200 day moving average price of $209.05. The company has a current ratio of 3.13, a quick ratio of 1.33 and a debt-to-equity ratio of 0.46.
Steel Dynamics (NASDAQ:STLD – Get Free Report) last posted its earnings results on Tuesday, April 21st. The basic materials company reported $2.78 EPS for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). The company had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.39 billion. Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The company’s quarterly revenue was up 19.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.44 EPS. Sell-side analysts expect that Steel Dynamics, Inc. will post 16.92 EPS for the current year.
Steel Dynamics Dividend Announcement The business also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Tuesday, June 30th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Tuesday, June 30th. Steel Dynamics’s dividend payout ratio is currently 22.67%.
Analyst Upgrades and Downgrades A number of equities research analysts recently issued reports on the stock. KeyCorp upped their price objective on shares of Steel Dynamics from $241.00 to $262.00 and gave the company an “overweight” rating in a report on Wednesday, June 24th. Wall Street Zen raised shares of Steel Dynamics from a “hold” rating to a “buy” rating in a research note on Saturday, April 18th. JPMorgan Chase & Co. decreased their target price on shares of Steel Dynamics from $262.00 to $256.00 and set a “neutral” rating on the stock in a report on Wednesday, July 15th. Bank of America dropped their price target on shares of Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating for the company in a research note on Thursday, July 9th. Finally, Weiss Ratings upgraded shares of Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, June 18th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $239.18.
Read Our Latest Research Report on STLD
Steel Dynamics Profile (Free Report)
Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.
The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.
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Steel Dynamics, Inc. (NASDAQ:STLD) will release its second quarter earnings report after the closing bell on Monday, July 20.
Analysts expect the Fort Wayne, Indiana-based company to report quarterly earnings of $3.68 per share, up from $2.01 per share in the year-ago period. The consensus estimate for Steel Dynamics’ quarterly revenue is $5.54 billion. It reported $4.57 billion last year, according to Benzinga Pro.
On June 17, Steel Dynamics said it expects second-quarter earnings range of $3.51 to $3.55 per share.
Steel Dynamics shares rose 1% to close at $235.56 on Wednesday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.
Considering buying STLD stock? Here’s what analysts think:
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In its upcoming report, Steel Dynamics (STLD - Free Report) is predicted by Wall Street analysts to post quarterly earnings of $3.62 per share, reflecting an increase of 80.1% compared to the same period last year. Revenues are forecasted to be $5.46 billion, representing a year-over-year increase of 19.5%.
The current level reflects an upward revision of 7.3% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.
Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock.
While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights.
Bearing this in mind, let's now explore the average estimates of specific Steel Dynamics metrics that are commonly monitored and projected by Wall Street analysts.
Analysts' assessment points toward 'External Net Sales- Steel Fabrication' reaching $376.41 million. The estimate points to a change of +10.5% from the year-ago quarter.
Analysts forecast 'External Net Sales- Metals Recycling' to reach $560.25 million. The estimate indicates a change of +7.2% from the prior-year quarter.
According to the collective judgment of analysts, 'External Net Sales- Steel' should come in at $3.87 billion. The estimate points to a change of +18% from the year-ago quarter.
It is projected by analysts that the 'External Net Sales- Other' will reach $377.14 million. The estimate points to a change of +4.6% from the year-ago quarter.
Based on the collective assessment of analysts, 'Steel - Average external sales price (Per ton)' should arrive at 1270 dollars per tonne. Compared to the present estimate, the company reported 1134 dollars per tonne in the same quarter last year.
Analysts predict that the 'Steel Fabrication - Average sales price (Per ton)' will reach 2480 dollars per tonne. The estimate compares to the year-ago value of 2517 dollars per tonne.
Analysts expect 'Steel - External Shipments (Tons)' to come in at 3043 thousands of tons. The estimate is in contrast to the year-ago figure of 2889 thousands of tons.
The collective assessment of analysts points to an estimated 'Steel Fabrication - Shipments (Tons)' of 152 thousands of tons. Compared to the current estimate, the company reported 135 thousands of tons in the same quarter of the previous year.
The consensus among analysts is that 'Steel - Average ferrous cost (Per ton melted)' will reach 421 dollars per tonne. The estimate is in contrast to the year-ago figure of 408 dollars per tonne.
The combined assessment of analysts suggests that 'Steel - Flat Roll shipments - Butler, Columbus and Sinton' will likely reach 2052 thousands of tons. Compared to the current estimate, the company reported 1952 thousands of tons in the same quarter of the previous year.
The consensus estimate for 'Metals Recycling - Ferrous shipments (Gross tons)' stands at 1598 thousands of tons. Compared to the present estimate, the company reported 1597 thousands of tons in the same quarter last year.
The average prediction of analysts places 'Steel - Flat Roll shipments - Steel Processing Divisions' at 675 thousands of tons. Compared to the current estimate, the company reported 479 thousands of tons in the same quarter of the previous year.
View all Key Company Metrics for Steel Dynamics here>>>
Shares of Steel Dynamics have demonstrated returns of -14.9% over the past month compared to the Zacks S&P 500 composite's +1.6% change. With a Zacks Rank #3 (Hold), STLD is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
The market expects Steel Dynamics (STLD - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on July 20, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis steel producer and metals recycler is expected to post quarterly earnings of $3.66 per share in its upcoming report, which represents a year-over-year change of +82.1%.
Revenues are expected to be $5.46 billion, up 19.5% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 7.3% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Steel Dynamics?For Steel Dynamics, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -1.00%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Steel Dynamics will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Steel Dynamics would post earnings of $2.79 per share when it actually produced earnings of $2.78, delivering a surprise of -0.36%.
Over the last four quarters, the company has beaten consensus EPS estimates two times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Steel Dynamics doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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The Style Scores are broken down into four categories:
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How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
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To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.
The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.
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Stock to Watch: Steel Dynamics (STLD - Free Report) Based in Fort Wayne, IN, Steel Dynamics, Inc. is among the leading steel producers and metal recyclers in the United States. It is one of the most diversified steel companies in United States with a vast range of specialty products. The company makes and markets steel products, processes and sells recycled ferrous and nonferrous metals, and fabricates and sells steel joist and decking products in the United States and internationally.
STLD is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 13.28; value investors should take notice.
Three analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $1.57 to $16.73 per share. STLD boasts an average earnings surprise of +1.6%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, STLD should be on investors' short list.
In the latest trading session, Steel Dynamics (STLD - Free Report) closed at $222.06, marking a -2.93% move from the previous day. This move lagged the S&P 500's daily gain of 0.81%. Elsewhere, the Dow gained 0.27%, while the tech-heavy Nasdaq added 1.3%.
Prior to today's trading, shares of the steel producer and metals recycler had lost 14.75% lagged the Basic Materials sector's loss of 4.72% and the S&P 500's gain of 1.13%.
Investors will be eagerly watching for the performance of Steel Dynamics in its upcoming earnings disclosure. The company is expected to report EPS of $3.66, up 82.09% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $5.46 billion, up 19.53% from the prior-year quarter.
For the full year, the Zacks Consensus Estimates project earnings of $16.73 per share and a revenue of $22.32 billion, demonstrating changes of +109.39% and +22.82%, respectively, from the preceding year.
It is also important to note the recent changes to analyst estimates for Steel Dynamics. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 10.37% upward. Currently, Steel Dynamics is carrying a Zacks Rank of #3 (Hold).
From a valuation perspective, Steel Dynamics is currently exchanging hands at a Forward P/E ratio of 13.68. This expresses a premium compared to the average Forward P/E of 13.1 of its industry.
It is also worth noting that STLD currently has a PEG ratio of 0.45. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Steel - Producers industry currently had an average PEG ratio of 0.4 as of yesterday's close.
The Steel - Producers industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 83, finds itself in the top 34% echelons of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow STLD in the coming trading sessions, be sure to utilize Zacks.com.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD), one of the largest domestic steel producers and metals recyclers in North America, today announced it intends to release second quarter 2026 financial results after market close on Monday, July 20, 2026. The teleconference is scheduled to begin at 11:00 a.m. Eastern Daylight Time on Tuesday, July 21, 2026 and will be hosted by Mark D. Millett, Chairman and Chief Executive Officer, Theresa E. Wagler, Executive Vice President and Chief Financial Officer, and Barry Schneider, President and Chief Operating Officer.
To participate, please dial +1.973.528.0011 at least ten minutes before the start time and reference the Steel Dynamics Second Quarter 2026 Earnings Call. The teleconference can also be accessed (in listen-only mode) by visiting the company's website at www.steeldynamics.com. Webcast participants are encouraged to log in prior to 11:00 a.m. Eastern Daylight Time to ensure a connection before the beginning of the call. An audio replay version of the teleconference can be accessed by dialing +1.919.882.2331 and entering conference ID number 54219. The audio replay link will be available on the company's website until 11:59 p.m. Eastern Daylight Time on July 28, 2026. An MP3 file of the event will be available on the company's website that can be accessed for online replay or download.
On June 29, 2026, Steel Dynamics Inc STLD shares fell 4.5% today, bringing the current price to $234.22. The stock has traded in a 52-week range between $119.89 and $288.74, reflecting significant volatility over the last year.
GF Value™ verdict: Current price at $234.22 is 49.7% above the GF Value™ of $156.50, indicating the stock is overvalued.GF Score™: 88/100, which signifies a strong overall performance.Most notable signal: Insiders sold $7.6M in shares over the last three months, with no buying activity noted. Is STLD Overvalued or Undervalued? Steel Dynamics Inc is currently trading significantly above its GF Value™ of $156.50, indicating that the stock could be considered overvalued with a margin of safety of approximately 49.7%. The GF Valuation label identifies the stock as "Significantly Overvalued," which suggests potential risks for shareholders. A high valuation can lead to increased volatility and potential corrections if future earnings do not meet market expectations. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.
Given the current price of $234.22, investors may need to exercise caution, as the high valuation could expose them to significant risks if the company's performance falters or if market conditions change. The stock's price drop today further emphasizes the potential for volatility in the near term, as market sentiment shifts in response to overvaluation concerns.
How Does STLD's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 25.1x 8.9x Forward P/E 14.7x N/A The current P/E ratio of 25.1x is notably 182% above its 5-year median of 8.9x. This analysis suggests that STLD is trading above its historical valuation, which aligns with the GF Value™ verdict indicating that the stock is overvalued. Investors may need to consider historical valuation trends in conjunction with current pricing to assess the sustainability of the stock's price level.
What Does STLD's GF Score™ Tell Us? Metric Rating GF Score™ 88/100 Financial Strength 7/10 Profitability 9/10 Growth 9/10 Valuation 3/10 Momentum 9/10 The GF Score™ of 88/100 indicates that Steel Dynamics Inc has a strong overall performance, particularly in areas of profitability and growth, both rated at 9/10. However, the valuation rank of 3/10 highlights a significant concern regarding its current market price relative to its intrinsic value. The financial strength score of 7/10 suggests a solid foundation, but the discrepancy in valuation indicates caution may still be warranted for potential investors.
What Are Insiders Doing with STLD Stock? In recent months, the insider activity for Steel Dynamics has shown a notable trend, with insiders selling a total of $7.6 million worth of shares, while there have been no reported purchases. This pattern of selling could suggest that insiders may have concerns about the stock's current valuation or future performance, potentially reflecting their views on the company’s outlook. Generally, insider selling can be a red flag for investors, indicating that those who are closest to the company might lack confidence in its future prospects.
What This Means for Investors Based on the GF Value™ assessment, Steel Dynamics Inc is currently overvalued. While the company's strong GF Score™ indicates robust profitability and growth, the significant discrepancy between its current price and intrinsic value suggests that potential investors should proceed with caution.
For the complete analysis, visit the Steel Dynamics Inc STLD stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is STLD's GF Score™?
STLD has a GF Score™ of 88/100, indicating a strong overall performance with a focus on growth and profitability.
Is STLD overvalued or undervalued?
According to the GF Value™ verdict, STLD is currently overvalued, trading 49.7% above its intrinsic value of $156.50.
What is STLD's P/E ratio?
STLD's P/E ratio (TTM) is 25.1x, significantly higher than its 5-year median of 8.9x, indicating that the stock is trading at a premium compared to its historical valuation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Disclosures I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.
Investors looking for stocks in the Steel - Producers sector might want to consider either Usinas Siderurgicas de Minas Gerais SA (USNZY - Free Report) or Steel Dynamics (STLD - Free Report) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.
Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.
Usinas Siderurgicas de Minas Gerais SA and Steel Dynamics are both sporting a Zacks Rank of #2 (Buy) right now. The Zacks Rank favors stocks that have recently seen positive revisions to their earnings estimates, so investors should rest assured that both of these companies have improving earnings outlooks. But this is just one piece of the puzzle for value investors.
Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.
Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.
USNZY currently has a forward P/E ratio of 5.93, while STLD has a forward P/E of 14.63. We also note that USNZY has a PEG ratio of 0.14. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. STLD currently has a PEG ratio of 0.48.
Another notable valuation metric for USNZY is its P/B ratio of 0.2. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, STLD has a P/B of 3.94.
These are just a few of the metrics contributing to USNZY's Value grade of A and STLD's Value grade of C.
Both USNZY and STLD are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that USNZY is the superior value option right now.
Steel Dynamics (STLD - Free Report) closed at $245.49 in the latest trading session, marking a -2.2% move from the prior day. This move lagged the S&P 500's daily loss of 0.05%. At the same time, the Dow lost 0.09%, and the tech-heavy Nasdaq lost 0.24%.
The steel producer and metals recycler's shares have seen a decrease of 3.74% over the last month, not keeping up with the Basic Materials sector's loss of 2.52% and the S&P 500's loss of 1.42%.
Market participants will be closely following the financial results of Steel Dynamics in its upcoming release. The company is expected to report EPS of $3.66, up 82.09% from the prior-year quarter. At the same time, our most recent consensus estimate is projecting a revenue of $5.46 billion, reflecting a 19.53% rise from the equivalent quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $16.78 per share and a revenue of $22.32 billion, signifying shifts of +110.01% and +22.82%, respectively, from the last year.
It is also important to note the recent changes to analyst estimates for Steel Dynamics. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 10.75% increase. Steel Dynamics presently features a Zacks Rank of #2 (Buy).
From a valuation perspective, Steel Dynamics is currently exchanging hands at a Forward P/E ratio of 14.95. This valuation marks a premium compared to its industry average Forward P/E of 13.59.
It's also important to note that STLD currently trades at a PEG ratio of 0.49. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The average PEG ratio for the Steel - Producers industry stood at 0.46 at the close of the market yesterday.
The Steel - Producers industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 29, which puts it in the top 12% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?
Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Steel Dynamics (STLD - Free Report) .
Steel Dynamics currently has an average brokerage recommendation (ABR) of 1.67, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 12 brokerage firms. An ABR of 1.67 approximates between Strong Buy and Buy.
Of the 12 recommendations that derive the current ABR, eight are Strong Buy, representing 66.7% of all recommendations.
Brokerage Recommendation Trends for STLD
Check price target & stock forecast for Steel Dynamics here>>>
The ABR suggests buying Steel Dynamics, but making an investment decision solely on the basis of this information might not be a good idea. According to several studies, brokerage recommendations have little to no success guiding investors to choose stocks with the most potential for price appreciation.
Are you wondering why? The vested interest of brokerage firms in a stock they cover often results in a strong positive bias of their analysts in rating it. Our research shows that for every "Strong Sell" recommendation, brokerage firms assign five "Strong Buy" recommendations.
This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements.
With an impressive externally audited track record, our proprietary stock rating tool, the Zacks Rank, which classifies stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), is a reliable indicator of a stock's near-term price performance. So, validating the Zacks Rank with ABR could go a long way in making a profitable investment decision.
ABR Should Not Be Confused With Zacks RankIn spite of the fact that Zacks Rank and ABR both appear on a scale from 1 to 5, they are two completely different measures.
The ABR is calculated solely based on brokerage recommendations and is typically displayed with decimals (example: 1.28). In contrast, the Zacks Rank is a quantitative model allowing investors to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.
Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.
In contrast, the Zacks Rank is driven by earnings estimate revisions. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research.
In addition, the different Zacks Rank grades are applied proportionately to all stocks for which brokerage analysts provide current-year earnings estimates. In other words, this tool always maintains a balance among its five ranks.
There is also a key difference between the ABR and Zacks Rank when it comes to freshness. When you look at the ABR, it may not be up-to-date. Nonetheless, since brokerage analysts constantly revise their earnings estimates to reflect changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in predicting future stock prices.
Is STLD a Good Investment?Looking at the earnings estimate revisions for Steel Dynamics, the Zacks Consensus Estimate for the current year has increased 10.7% over the past month to $16.78.
Analysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason for the stock to soar in the near term.
The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #2 (Buy) for Steel Dynamics. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Therefore, the Buy-equivalent ABR for Steel Dynamics may serve as a useful guide for investors.
, /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) today provided second quarter 2026 earnings guidance in the range of $3.51 to $3.55 per diluted share. Comparatively, the company's sequential first quarter 2026 earnings were $2.78 per diluted share, and prior year second quarter earnings were $2.01 per diluted share.
Estimated second quarter earnings have been reduced by $16 million, as a result of asset write-downs related to the decision to relocate the company's planned second satellite aluminum recycled slab center from Arizona to Columbus, Mississippi, as differences with Arizona state officials risked the construction and operations of the facility.
Second quarter 2026 profitability from the company's steel operations is expected to be meaningfully higher than first quarter results, driven by strong demand and metal margin expansion across the platform, as average realized selling values increased more than scrap raw material costs. Order activity remains strong, supported by underlying demand and persistently low steel inventories, which continue to support favorable pricing conditions. Demand across key end markets remains solid, with non-residential construction, energy, automotive, and industrial sectors leading performance.
Second quarter 2026 earnings from the company's metals recycling operations are expected to be similar to sequential first quarter results, as increased ferrous and non-ferrous shipments are expected to be offset by expected nonferrous unrealized hedging losses.
Second quarter 2026 earnings from the company's steel fabrication operations are expected to be incrementally below sequential first quarter results, as the benefit from stronger shipments combined with steady pricing is offset by higher steel raw material input costs. Customer order activity has remained strong, continuing the momentum beginning at the end of 2025. The order backlog is now nearly 40% higher than a year ago and extends through the end of the year and into 2027. Current demand is being supported by commercial construction, data center and warehouse buildouts, manufacturing, and healthcare end markets. The company expects further volume improvement throughout the year and into 2027, supported by domestic manufacturing investment, U.S. infrastructure investment, other stimulus programs, and ongoing onshoring activity.
Second quarter 2026 earnings from the company's aluminum operations are expected to improve significantly compared to first quarter sequential results, based on increased shipments and higher realized pricing. The aluminum team continues to make strong progress on the commissioning and startup of the company's aluminum flat rolled products mill in Columbus, Mississippi. Two of the three cold mills are now operational, and the third cold mill is expected to begin qualifying material in July. Additionally, the first of two Continuous Annealing and Solution Heat (CASH) lines, which support the production of finished automotive products, is operating and shipping material for customer qualification. The second CASH line is also expected to begin material qualifications in the fourth quarter 2026.
The company has repurchased $170 million, or one half of one percent, of its common stock so far during the second quarter 2026.
The company currently plans to release its second quarter 2026 earnings after the market closes on July 20, 2026, and will hold a conference call the next day at 11:00 a.m. Eastern Daylight Time to discuss the company's performance.
About Steel Dynamics, Inc.
Steel Dynamics is a leading industrial metals solutions company, with facilities located throughout the United States, and in Mexico. The company operates using a circular manufacturing model, producing lower-carbon-emission, quality products with recycled scrap as the primary input. Steel Dynamics is one of the largest domestic steel producers and metal recyclers in North America, combined with a meaningful downstream steel fabrication platform. The company also has aluminum operations, further diversifying its product offerings to supply aluminum flat rolled products with higher recycled content to the countercyclical sustainable beverage can industry, in addition to the automotive and industrial sectors. Steel Dynamics is committed to operating with the highest integrity and to being the safest, most efficient producer of high-quality, broadly diversified, value-added metal products.
Forward-Looking Statements
This press release contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel, aluminum, and recycled metals marketplaces, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These statements, which we generally precede or accompany by such typical conditional words as "anticipate", "intend", "believe", "estimate", "plan", "seek", "project", or "expect", or by the words "may", "will", or "should", are intended to be made as "forward-looking", subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) domestic and global economic factors; (2) global steelmaking overcapacity and imports of steel, together with increased scrap prices; (3) the cyclical nature of the metals industries and the industries we serve; (4) volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes and supplies, and our potential inability to pass higher costs on to our customers; (5) cost and availability of electricity, natural gas, oil, and other energy resources are subject to volatile market conditions; (6) increased environmental, greenhouse gas emissions and sustainability considerations from our customers and investors or related regulations; (7) compliance with and changes in environmental and remediation requirements; (8) significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials; (9) availability of an adequate source of supply of scrap for our metals recycling operations; (10) cybersecurity threats and risks to the security of our sensitive data and information technology; (11) the implementation of our growth strategy; (12) our ability to retain, develop and attract key personnel; (13) litigation and legal compliance; (14) unexpected equipment downtime or shutdowns; (15) difficulties in the launch or production ramp-up of new products; (16) our aluminum operations depend on a core group of significant customers; (17) governmental agencies may refuse to grant or renew some of our licenses and permits; (18) our existing debt agreements contain, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and (19) the impacts of impairment charges.
More specifically, we refer you to our more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10-K under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our Quarterly Reports on Form 10-Q, or in other reports which we file with the Securities and Exchange Commission. These reports are available publicly on the Securities and Exchange Commission website, www.sec.gov, and on our website, www.steeldynamics.com under "Investors – SEC Filings."
In the latest trading session, Steel Dynamics (STLD - Free Report) closed at $249.91, marking a -7.49% move from the previous day. This change lagged the S&P 500's daily gain of 1.09%. Elsewhere, the Dow gained 0.14%, while the tech-heavy Nasdaq added 1.91%.
Coming into today, shares of the steel producer and metals recycler had gained 18.32% in the past month. In that same time, the Basic Materials sector gained 1.77%, while the S&P 500 gained 0.29%.
The investment community will be paying close attention to the earnings performance of Steel Dynamics in its upcoming release. In that report, analysts expect Steel Dynamics to post earnings of $4.18 per share. This would mark year-over-year growth of 107.96%. At the same time, our most recent consensus estimate is projecting a revenue of $5.58 billion, reflecting a 22.18% rise from the equivalent quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $15.85 per share and a revenue of $21.84 billion, signifying shifts of +98.37% and +20.17%, respectively, from the last year.
It is also important to note the recent changes to analyst estimates for Steel Dynamics. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 7.28% higher. As of now, Steel Dynamics holds a Zacks Rank of #3 (Hold).
In terms of valuation, Steel Dynamics is currently trading at a Forward P/E ratio of 17.04. Its industry sports an average Forward P/E of 13.87, so one might conclude that Steel Dynamics is trading at a premium comparatively.
It's also important to note that STLD currently trades at a PEG ratio of 0.54. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As the market closed yesterday, the Steel - Producers industry was having an average PEG ratio of 0.48.
The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 43, putting it in the top 18% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow STLD in the coming trading sessions, be sure to utilize Zacks.com.
Key Takeaways STLD expects Q2 EPS of $3.51-$3.55, up from Q1 and year-ago levels on stronger steel profits. Steel Dynamics sees robust demand and rising metal margins lifting steel operations' earnings. STLD's aluminum segment earnings are projected to improve on higher shipments and prices. Steel Dynamics, Inc. (STLD - Free Report) expects second-quarter 2026 earnings of $3.51 to $3.55 per share. This reflects an increase from $2.78 in the first quarter and $2.01 a year earlier, driven by significantly stronger anticipated profitability in its steel operations amid robust demand and expanding metal margins.
Second-quarter results include an estimated $16 million asset write-down tied to the relocation of the company's planned second satellite aluminum recycled slab center from Arizona to Columbus, MI, after issues with Arizona state officials created risks for the project's construction and operations.
Steel operations are expected to post higher earnings meaningfully as rising selling prices outpaced scrap raw material costs. Demand remains strong across non-residential construction, energy, automotive and industrial markets, supported by low steel inventories and favorable pricing conditions.
Earnings from metals recycling operations are projected to be in line with the first quarter, as higher ferrous and non-ferrous shipments are expected to be offset by unrealized hedging losses. Steel fabrication earnings are expected to be lower sequentially due to higher steel input costs despite stronger shipments and steady pricing. The fabrication backlog has risen nearly 40% from a year ago and extends into 2027.
The aluminum segment is expected to deliver significantly improved earnings on higher shipments and stronger pricing. Steel Dynamics continues to advance the startup of its aluminum flat-rolled mill in Columbus, with two of three cold mills now operational. The first of two Continuous Annealing and Solution Heat (CASH) lines is already shipping material for customer qualification.
During the second quarter, the company repurchased $170 million of its common stock. Steel Dynamics plans to report second-quarter 2026 results after market close on July 20.
Shares of STLD are up 98.5% in the past year compared with the industry’s 93.4% rise.
Image Source: Zacks Investment Research
STLD’s Zacks Rank & Key PicksSTLD carries a Zacks Rank of #3 (Hold).
Some better-ranked stocks in the Basic Materials space are Nucor Corporation (NUE - Free Report) , L.B. Foster Company (FSTR - Free Report) and Albemarle Corporation (ALB - Free Report) . NUE, FSTR and ALB carry a Zacks Rank of #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for NUE’s current-year earnings stands at $15.71 per share, implying a 103.8% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed twice, with the average surprise being 8.1%.
The Zacks Consensus Estimate for FSTR’s current-year earnings is pegged at $1.74 per share, implying a 152.2% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in one of the trailing four quarters and missed thrice, with the average surprise being 3.62%.
The Zacks Consensus Estimate for ALB’s current-year earnings is pegged at $12.39 per share, indicating a 1,668.4% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, with the average surprise being 74.5%.
Steel Dynamics (STLD - Free Report) ended the recent trading session at $282.76, demonstrating a +1.15% change from the preceding day's closing price. The stock outpaced the S&P 500's daily gain of 0.5%. Elsewhere, the Dow saw an upswing of 0.7%, while the tech-heavy Nasdaq appreciated by 0.31%.
The steel producer and metals recycler's shares have seen an increase of 19.12% over the last month, surpassing the Basic Materials sector's loss of 6.25% and the S&P 500's loss of 0.23%.
Investors will be eagerly watching for the performance of Steel Dynamics in its upcoming earnings disclosure. The company is expected to report EPS of $4.14, up 105.97% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $5.54 billion, up 21.4% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $15.32 per share and revenue of $21.84 billion, indicating changes of +91.74% and +20.17%, respectively, compared to the previous year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Steel Dynamics. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 3.67% upward. Steel Dynamics currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Steel Dynamics has a Forward P/E ratio of 18.25 right now. This valuation marks a premium compared to its industry average Forward P/E of 14.73.
One should further note that STLD currently holds a PEG ratio of 0.57. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. As the market closed yesterday, the Steel - Producers industry was having an average PEG ratio of 0.52.
The Steel - Producers industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 70, finds itself in the top 29% echelons of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
Is Steel Dynamics (STLD) Overvalued After Q1 2026? EPS $2.78 vs $2.82 Est. (Miss); Revenue $5.20B vs $5.10B Est. (Beat) -- GF Score 91/100, 57.0% Overvalued Record steel shipments and margin expansion; aluminum ramp progresses; dividend lifted
On April 21, 2026, Steel Dynamics Inc STLD released its 8-K filing detailing first quarter 2026 results. The company reported net sales of $5.2 billion and net income attributable to the company of $403 million, or $2.78 per diluted share, for the quarter ended March 31, 2026 (press release dated April 20, 2026). Steel Dynamics Inc (STLD) operates as a domestic steel producer and metal recycler in the United States, with segments spanning steel operations, metals recycling, steel fabrication, and aluminum operations. Its primary revenues currently derive from the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products.
Quarter Snapshot and Business Context First quarter diluted EPS was $2.78, below the $2.82 estimate. First quarter revenue was $5.20 billion, above the $5.10 billion estimate.
Results improved markedly versus recent periods. Diluted EPS was $2.78 in Q1 2026. Diluted EPS was $1.82 in Q4 2025. Diluted EPS was $1.44 in Q1 2025. Net sales were $5.20 billion in Q1 2026. Net sales were $4.41 billion in Q4 2025. Net sales were $4.37 billion in Q1 2025.
“The teams executed well, delivering a strong first quarter 2026 performance across all of our platforms, with operating income increasing $228 million, or 73 percent.”“Underlying steel demand strengthened during the first quarter 2026, as customer orders rebounded and backlogs increased across our steel and steel fabrication operations.”Performance Drivers and Challenges Record steel shipments of 3.6 million tons and higher average selling prices drove broad-based improvement. Steel operations operating income was $557 million, up 73% sequentially, supported by metal spread expansion as selling prices rose more than scrap costs. The average external product selling price increased $86 sequentially to $1,193 per ton. The average ferrous scrap cost per ton melted increased $22 sequentially to $396 per ton.
Metals recycling operating income increased 155% sequentially to $47 million on higher ferrous and nonferrous values, though shipments were modestly lower due to winter weather effects on scrap flows. Steel fabrication operating income was $90 million, steady sequentially, as higher shipments were offset by spread compression from increased raw material inputs. A notable headwind was the aluminum platform’s startup losses: aluminum operations posted a $65 million operating loss, $17 million higher than Q4 2025, as commissioning and initial ramp incurred higher costs and an inventory write-off early in the quarter. Management reported improved execution as the quarter progressed, while shipments of aluminum flat rolled finished product increased to 22,500 metric tons from 14,600 metric tons in Q4 2025.
“The aluminum team is continuing with the successful commissioning and startup of our Columbus, Mississippi aluminum flat rolled products mill.”Financial Highlights and Key Metrics Operating income was $538 million, up from $310 million in Q4 2025 and $275 million in Q1 2025, reflecting stronger steel pricing and record volumes. Adjusted EBITDA was $700 million, underscoring cash generation capacity in a rising price environment for flat-rolled steel. The company cited a three-year after-tax return-on-invested capital of 13%, reinforcing capital efficiency and discipline amid expansion.
Cash flow from operations was $148 million, reflecting a $120 million annual companywide retirement profit-sharing distribution and a $413 million working capital build as pricing and demand improved and aluminum ramped. Liquidity remained strong at $2.0 billion as of March 31, 2026. The quarterly cash dividend was increased by six percent to $0.53 per share, continuing a record of shareholder returns alongside $115 million of share repurchases during the quarter.
Metric Q1 2026 Q4 2025 Q1 2025 Net sales $5,204,858,000 $4,414,048,000 $4,369,195,000 Operating income $538,004,000 $310,230,000 $275,144,000 Net income attributable to Steel Dynamics Inc $403,436,000 $266,033,000 $217,151,000 Diluted EPS $2.78 $1.82 $1.44 Cash flow from operations $148,316,000 n/a $152,603,000 Adjusted EBITDA $700,000,000 n/a n/a Record steel shipments 3.6 million tons n/a n/aIncome Statement, Balance Sheet, and Cash Flow Details Income statement: Gross profit was $763 million. Gross profit was $529 million in Q4 2025. Gross profit was $487 million in Q1 2025. Interest expense rose to $33 million from $27 million in Q4 2025 and $12 million in Q1 2025. The dividend per share increased to $0.53 from $0.50 in both Q1 2025 and Q4 2025.
Balance sheet: Total assets were $16.72 billion as of March 31, 2026. Total assets were $16.42 billion as of December 31, 2025. Cash and equivalents were $557 million, compared with $770 million at year-end. Accounts receivable increased to $2.06 billion from $1.68 billion. Inventories increased to $3.91 billion from $3.74 billion. Long-term debt was $4.18 billion, essentially unchanged from $4.18 billion. Total equity rose to $8.99 billion from $8.79 billion.
Cash flow: Net cash provided by operating activities was $148 million, modestly below $153 million in Q1 2025. Capital expenditures were $138 million. Dividends paid were $72 million. Share repurchases were $115 million. Net cash used in financing activities was $223 million, reflecting modest net debt paydown, dividends, and buybacks.
Why It Matters for Steel Dynamics Inc STLD and the Industry For a steel producer, record shipments combined with metal spread expansion are central to earnings resilience. The improvement in flat-rolled pricing and extended lead times signal healthier end-market demand and capacity utilization. Segment breadth—steelmaking, recycling, fabrication, and now aluminum—helps balance cyclicality and can stabilize margins when one area experiences pressure.
The aluminum startup is strategically significant but currently dilutive. Early-stage commissioning tends to be cost-intensive, which can weigh on consolidated margins, cash conversion, and reported earnings until volumes and yields normalize. Higher interest expense year over year indicates a rising cost of capital backdrop, which increases the importance of disciplined working capital management and high-return projects.
Analysis Steel Dynamics Inc STLD outpaced revenue expectations on stronger pricing and volumes, while EPS modestly trailed consensus due to mix, commissioning costs, and higher interest expense. Sequential momentum was pronounced across steelmaking and recycling, with fabrication holding steady and a growing order backlog. The increase in working capital and aluminum ramp costs constrained near-term cash flow, but liquidity remained robust at $2.0 billion.
Key operating metrics such as record shipments, higher realized prices, and expanded value-added flat-rolled margins support the quality of the quarter’s uplift. The aluminum platform adds a meaningful adjacent growth avenue, although near-term losses from commissioning are a tangible headwind. Overall, diversified exposure and cost-efficient EAF-based operations continue to underpin returns, evidenced by the reported three-year after-tax ROIC of 13%.
GuruFocus Valuation Check Based on GuruFocus data, the stock appears overvalued relative to its GF Value. The GF Value is $143.59, while the current price is $225.47, implying the shares trade about 57.0% above the estimated fair value.
The GF Score is 91/100, which is categorized as strong and reflects a favorable composite of fundamentals and momentum. Profitability ranks at 9/10, indicating robust margin and return characteristics for the business. Growth ranks at 8/10, suggesting solid expansion potential supported by the company’s diversified platform. Financial Strength is 7/10, pointing to a generally healthy balance sheet and cash generation profile. Predictability is 3 stars, implying moderate consistency in operating performance. The Moat Score of 5/10 suggests a mid-level competitive advantage within a cyclical, capital-intensive industry.
Insider Activity shows no insider transactions in the last three months, which provides no incremental bullish or cautionary signal at this time. For a deeper dive, visit the Steel Dynamics Inc stock page on GuruFocus.
Explore the complete 8-K earnings release (here) from Steel Dynamics Inc for further details.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
On April 21, 2026, Steel Dynamics Inc STLD shares rose 5.2% today, bringing the current price to $220.21. The stock has experienced significant price movement over the past year, with a 52-week range between $112.72 and $225.84.
GF Value™ verdict: Current price is $220.21 compared to a GF Value™ of $143.59, indicating the stock is 53.4% overvalued.GF Score™ of 91/100, suggesting a strong overall performance relative to its peers.Most notable signal: Momentum Rank of 10/10, indicating strong upward price movement. Is STLD Overvalued or Undervalued? Steel Dynamics Inc STLD is currently trading at $220.21, which is significantly above its GF Value™ of $143.59. This represents a 53.4% overvaluation, suggesting that investors may be paying a premium for the stock relative to its intrinsic value. The GF Valuation label indicates that STLD is significantly overvalued, which poses a risk to potential investors. If the stock price were to revert to its GF Value™, a substantial decline may occur, resulting in potential losses for those purchasing at these elevated levels.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given the current price relative to GF Value™, there is a notable margin of safety for those considering a position in STLD, as the stock may not sustain its current valuation levels in the long term.
How Does STLD's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 27.5x 8.9x (5-Year Median) Forward P/E 16.3x - The current P/E (TTM) of 27.5x is 209% above its 5-year median P/E of 8.9x, indicating that STLD is trading at a significantly higher multiple than its historical average. The forward P/E of 16.3x also suggests that the market has high expectations for future earnings growth. This P/E analysis aligns with the GF Value™ verdict, confirming that STLD is overvalued based on its historical valuation metrics.
What Does STLD's GF Score™ Tell Us? Metric Rating GF Score™ 91 Financial Strength 7/10 Profitability 9/10 Growth 8/10 Valuation 5/10 Momentum 10/10 The GF Score™ of 91/100 indicates that STLD performs well across multiple dimensions. The strongest areas are Profitability (9/10) and Momentum (10/10), reflecting the company’s robust earnings and significant price appreciation. However, the Valuation rank of 5/10 highlights that while the stock may have strong operational metrics, its current price does not reflect a favorable valuation relative to its historical context.
What Are Insiders Doing with STLD Stock? There have been no insider transactions in the last three months, indicating that company executives and insiders are not currently buying or selling shares. This lack of activity may suggest a neutral sentiment among insiders regarding the stock's current valuation, or it may indicate a wait-and-see approach concerning the stock's future performance.
What This Means for Investors Based on the analysis of GF Value™, Steel Dynamics Inc STLD is considered overvalued at its current price of $220.21. Investors may need to exercise caution, as the significant premium over intrinsic value could lead to price corrections in the future.
For the complete analysis, visit the Steel Dynamics Inc STLD stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is STLD's GF Score™?
STLD has a GF Score™ of 91/100, indicating a strong overall performance relative to its peers and suggesting potential for higher long-term returns.
Is STLD overvalued or undervalued?
STLD is currently overvalued based on its GF Value™ of $143.59, which suggests that the stock price is significantly higher than its intrinsic value.
What is STLD's P/E ratio?
STLD's P/E (TTM) is 27.5x, which is significantly above its 5-year median of 8.9x, indicating that the stock is trading at a much higher valuation than its historical average.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
AGP Franklin LLC acquired a new stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 6,048 shares of the basic materials company’s stock, valued at approximately $1,025,000.
Several other hedge funds also recently bought and sold shares of STLD. Cornerstone Planning Group LLC increased its stake in Steel Dynamics by 1,636.4% in the 3rd quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company’s stock worth $27,000 after buying an additional 180 shares during the period. Sound Income Strategies LLC raised its stake in shares of Steel Dynamics by 1,500.0% during the fourth quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock valued at $28,000 after acquiring an additional 150 shares in the last quarter. Covestor Ltd boosted its holdings in shares of Steel Dynamics by 44.3% in the third quarter. Covestor Ltd now owns 303 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 93 shares during the period. Nvest Wealth Strategies Inc. purchased a new stake in shares of Steel Dynamics in the fourth quarter valued at approximately $42,000. Finally, CNB Bank bought a new position in Steel Dynamics in the third quarter worth approximately $43,000. Institutional investors own 82.41% of the company’s stock.
Analyst Upgrades and Downgrades A number of brokerages have weighed in on STLD. Morgan Stanley reaffirmed an “underperform” rating and set a $190.00 target price on shares of Steel Dynamics in a research report on Tuesday, March 17th. BMO Capital Markets raised their price target on Steel Dynamics from $195.00 to $240.00 and gave the company an “outperform” rating in a research note on Wednesday. Wells Fargo & Company lifted their price objective on Steel Dynamics from $207.00 to $235.00 and gave the company an “overweight” rating in a report on Wednesday. Wall Street Zen raised shares of Steel Dynamics from a “hold” rating to a “buy” rating in a research note on Saturday, April 18th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Steel Dynamics in a report on Monday, December 29th. Five research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $210.33.
Read Our Latest Research Report on Steel Dynamics
Steel Dynamics Stock Down 1.1% Shares of NASDAQ STLD opened at $225.05 on Friday. The company has a current ratio of 3.13, a quick ratio of 1.29 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $32.57 billion, a PE ratio of 24.07, a price-to-earnings-growth ratio of 0.58 and a beta of 1.39. The stock’s fifty day simple moving average is $187.15 and its two-hundred day simple moving average is $173.92. Steel Dynamics, Inc. has a 12-month low of $119.89 and a 12-month high of $229.00.
Steel Dynamics (NASDAQ:STLD – Get Free Report) last released its quarterly earnings results on Wednesday, April 22nd. The basic materials company reported $2.78 EPS for the quarter, missing the consensus estimate of $2.79 by ($0.01). The company had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.39 billion. Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The company’s revenue was up 19.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.44 earnings per share. As a group, analysts expect that Steel Dynamics, Inc. will post 14.41 EPS for the current fiscal year.
Steel Dynamics Increases Dividend The company also recently announced a quarterly dividend, which was paid on Friday, April 10th. Shareholders of record on Tuesday, March 31st were issued a $0.53 dividend. This is a boost from Steel Dynamics’s previous quarterly dividend of $0.50. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Tuesday, March 31st. Steel Dynamics’s dividend payout ratio is presently 22.67%.
Steel Dynamics News Roundup Here are the key news stories impacting Steel Dynamics this week:
Positive Sentiment: Q1 operational strength — management reported record steel shipments, rising Q1 profit and a positive outlook that helped the name hit all-time highs. Steel Dynamics surges to all-time high Positive Sentiment: Multiple analyst upgrades/price-target raises — Citi, BMO, KeyCorp, Wells Fargo and others raised targets and reiterated buy/overweight ratings, providing fresh buy-side momentum. Analyst price target coverage (Benzinga) Positive Sentiment: Strong quantitative score — the stock was noted as joining an elite group with a 95-plus composite rating, which can attract momentum and quant funds. Composite rating article Neutral Sentiment: Context on tariffs and sector divergence — domestic tariffs lifted demand industrywide, but peers showed varied earnings outcomes, underscoring company-specific drivers matter. Tariffs and earnings comparison Neutral Sentiment: Analyst disagreement/coverage notes — some outlets highlight mixed analyst views on materials names including STLD, so differing price targets reflect forecast variability. Analysts conflicted (Globe & Mail) Neutral Sentiment: Earnings-call transparency — the full Q1 transcript provides nuance (record shipments but some aluminum-related drag and other details investors are parsing). Q1 earnings call transcript Negative Sentiment: Small execution/earnings miss — revenue came in below consensus and EPS missed by a cent, plus management flagged aluminum drag; these factors likely pressured the stock despite upgrades. Q1 highlights / earnings write-up About Steel Dynamics (Free Report)
Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.
The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.
Further Reading Five stocks we like better than Steel Dynamics Want to see what other hedge funds are holding STLD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Steel Dynamics, Inc. (NASDAQ:STLD – Free Report).
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Steel Dynamics (STLD +1.44%) kicked off earnings season in the steel sector with a bang. The company reported record shipments, driven by high mill utilization rates. Investors took note and drove shares higher.
As of early Friday trading, Steel Dynamics (SDI) stock had jumped 10.6% this week, according to data provided by S&P Global Market Intelligence. That's quite a move for a stodgy steel stock.
Image source: Getty Images.
Momentum in steel SDI's record shipments led to an 84% increase in net income compared with last year. CEO Mark Millett noted, "The improvement in earnings was driven by record steel shipments combined with higher steel prices." Demand remains strong even amid strong pricing. Yet not every steel company is taking advantage of this environment.
Cleveland-Cliffs also reported earnings this week, but its CEO, Lourenco Goncalves, said that his company faced unfavorable pricing due to lags from contract business, and high energy prices also impacted the quarter.
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Another big domestic player will report earnings next week. Nucor should mirror SDI's view on demand, pricing, and the strength of its order book. Those trends are supported by steel trade actions, manufacturing growth, and infrastructure initiatives. If Nucor instead highlights headwinds, investors can expect even more capital to flow into SDI stock.
Howard Smith has positions in Nucor and has the following options: short June 2026 $200 calls on Nucor, short May 2026 $190 calls on Nucor, and short May 2026 $230 calls on Nucor. The Motley Fool recommends Steel Dynamics. The Motley Fool has a disclosure policy.
AEGON ASSET MANAGEMENT UK Plc increased its stake in Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) by 3.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 279,893 shares of the basic materials company’s stock after purchasing an additional 10,358 shares during the period. AEGON ASSET MANAGEMENT UK Plc owned approximately 0.19% of Steel Dynamics worth $47,415,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of the stock. Cornerstone Planning Group LLC lifted its position in Steel Dynamics by 1,636.4% in the 3rd quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company’s stock worth $27,000 after buying an additional 180 shares during the last quarter. Sound Income Strategies LLC lifted its position in Steel Dynamics by 1,500.0% in the 4th quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock worth $28,000 after buying an additional 150 shares during the last quarter. Covestor Ltd lifted its position in Steel Dynamics by 44.3% in the 3rd quarter. Covestor Ltd now owns 303 shares of the basic materials company’s stock worth $42,000 after buying an additional 93 shares during the last quarter. Nvest Wealth Strategies Inc. bought a new stake in Steel Dynamics in the 4th quarter worth approximately $42,000. Finally, CNB Bank bought a new stake in Steel Dynamics in the 3rd quarter worth approximately $43,000. 82.41% of the stock is currently owned by institutional investors.
Steel Dynamics Stock Performance Shares of STLD stock opened at $226.79 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.29 and a current ratio of 3.13. Steel Dynamics, Inc. has a fifty-two week low of $119.89 and a fifty-two week high of $229.00. The stock has a 50 day moving average price of $187.85 and a two-hundred day moving average price of $174.73. The company has a market capitalization of $32.82 billion, a P/E ratio of 24.26, a PEG ratio of 0.57 and a beta of 1.39.
Steel Dynamics (NASDAQ:STLD – Get Free Report) last announced its quarterly earnings data on Wednesday, April 22nd. The basic materials company reported $2.78 earnings per share for the quarter, missing the consensus estimate of $2.79 by ($0.01). Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The company had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.39 billion. During the same quarter in the previous year, the firm posted $1.44 EPS. The business’s revenue for the quarter was up 19.1% compared to the same quarter last year. Analysts expect that Steel Dynamics, Inc. will post 14.35 earnings per share for the current year.
Steel Dynamics Increases Dividend The business also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Shareholders of record on Tuesday, March 31st were given a $0.53 dividend. The ex-dividend date was Tuesday, March 31st. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.50. This represents a $2.12 annualized dividend and a yield of 0.9%. Steel Dynamics’s dividend payout ratio is presently 22.67%.
Analyst Ratings Changes STLD has been the subject of a number of recent research reports. Weiss Ratings restated a “hold (c+)” rating on shares of Steel Dynamics in a research report on Monday, December 29th. Citigroup boosted their target price on Steel Dynamics from $180.00 to $255.00 and gave the stock a “buy” rating in a research report on Wednesday. Wells Fargo & Company boosted their target price on Steel Dynamics from $207.00 to $235.00 and gave the stock an “overweight” rating in a research report on Wednesday. Wall Street Zen upgraded Steel Dynamics from a “hold” rating to a “buy” rating in a research report on Saturday, April 18th. Finally, BMO Capital Markets boosted their target price on Steel Dynamics from $195.00 to $240.00 and gave the stock an “outperform” rating in a research report on Wednesday. Five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $210.33.
Read Our Latest Research Report on Steel Dynamics
Trending Headlines about Steel Dynamics Here are the key news stories impacting Steel Dynamics this week:
Positive Sentiment: Analysts lifted price targets and reiterated bullish views, supporting upside expectations — Citi raised its target to $255, KeyCorp to $241, BMO and Wells Fargo issued supportive notes. These upgrades increase buy-side conviction and likely helped buying interest. Citigroup Raises Steel Dynamics (NASDAQ:STLD) Price Target to $255.00 KeyCorp Raises Steel Dynamics (NASDAQ:STLD) Price Target to $241.00 BMO Capital Markets Forecasts Strong Price Appreciation for Steel Dynamics (NASDAQ:STLD) Stock Wells Fargo Raises Steel Dynamics (STLD) Price Target to $207, Stays Bullish on Steel Positive Sentiment: Strong Q1 results and management commentary — outlets report record shipments, rising Q1 profit and a positive outlook that analysts are rewarding; this fundamental beat/guide-up dynamic is a direct catalyst for buying. Steel Dynamics surges to all-time high on rising Q1 profit, positive outlook Steel Dynamics Inc (STLD) Q1 2026 Earnings Call Highlights: Record Shipments and Robust … Positive Sentiment: Market recognition and momentum — coverage notes STLD joining an “elite” list with a 95+ composite rating and commentary (e.g., The Motley Fool) highlighting why the stock has spiked, reinforcing momentum trading. Steel Dynamics joins elite list of stocks with 95-plus composite rating Here’s Why Steel Dynamics Stock Spiked This Week and How That Could Continue Neutral Sentiment: Short-interest data is anomalous/zero in the latest report (shows 0 shares / 0 days), which appears to be a reporting artifact rather than a market driver — not meaningful until clarified by exchanges or the data provider. Neutral Sentiment: Macro/sector context: coverage on tariffs and how domestic steel demand is reshaping winners and losers provides background but is not a firm-specific catalyst today. Tariffs Rose: 1 Steelmaker Thrived, 1 Still Struggles Negative Sentiment: Insider selling by senior executives — SVP Miguel Alvarez sold 4,825 shares (~$1.09M) and Director Kenneth Cornew sold 5,000 shares (~$1.12M) last week; while often routine, these disclosures can introduce short-term selling pressure or concern for some investors. Miguel Alvarez Form 4 Kenneth W. Cornew Form 4 Insider Activity at Steel Dynamics In other Steel Dynamics news, SVP Miguel Alvarez sold 4,825 shares of the business’s stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $225.58, for a total value of $1,088,423.50. Following the completion of the sale, the senior vice president owned 122,257 shares in the company, valued at approximately $27,578,734.06. The trade was a 3.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kenneth W. Cornew sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $224.87, for a total value of $1,124,350.00. Following the transaction, the director owned 31,299 shares of the company’s stock, valued at approximately $7,038,206.13. This represents a 13.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 6.60% of the company’s stock.
Steel Dynamics Company Profile (Free Report)
Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.
The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.
See Also Five stocks we like better than Steel Dynamics Want to see what other hedge funds are holding STLD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Steel Dynamics, Inc. (NASDAQ:STLD – Free Report).
Receive News & Ratings for Steel Dynamics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Steel Dynamics and related companies with MarketBeat.com's FREE daily email newsletter.
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Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced that the company's board of directors declared a second quarter cash dividend of $0.53 per common share. The dividend is payable to shareholders of record at the close of business on June 30, 2026 and is payable on or about July 10, 2026.
About Steel Dynamics, Inc.
Steel Dynamics is a leading industrial metals solutions company, with facilities located throughout the United States, and in Mexico. The company operates using a circular manufacturing model, producing lower-carbon-emission, quality products with recycled scrap as the primary input. Steel Dynamics is one of the largest domestic steel producers and metal recyclers in North America, combined with a meaningful downstream steel fabrication platform. The company has also recently added aluminum operations, further diversifying its product offerings to supply aluminum flat rolled products with higher recycled content to the countercyclical sustainable beverage can industry, in addition to the automotive and industrial sectors. Steel Dynamics is committed to operating with the highest integrity and to being the safest, most efficient producer of high-quality, broadly diversified, value-added metal products.
As per the recent news, Digi Power X, on Friday, announced the upsizing of its at-the-market offering program.
Cramer recommended buying Steel Dynamics (NASDAQ:STLD), saying it is a “great” company.
Lending support to his choice, Steel Dynamics, on April 20, reported better-than-expected first-quarter sales results.
On the earnings front, ASML, on April 15, reported its first-quarter results ahead of expectations and raised its guidance for 2026.
Bloom Energy Corporation (NYSE:BE) is a buy, Cramer said.
Supporting his view, Bloom Energy reported better-than-expected first-quarter financial results on April 28 and raised its FY26 guidance above estimates.
Cramer said he likes Amphenol (NYSE:APH). “I think you got a good one. It's actually come down a little. I thought it was never going to come in,” he added.
Amphenol, on April 29, reported better-than-expected first-quarter financial results and issued second-quarter adjusted EPS guidance above estimates.
Price Action:
Digi Power X shares gained 7.1% to settle at $6.63 on Friday. Steel Dynamics shares rose 0.9% to close at $235.10. Amphenol shares fell 6.3% to settle at $128.03 during the session. ASML shares jumped 5% to close at $1,592.02. Bloom Energy shares gained 0.9% to settle at $261.03 on Friday. Photo via Shutterstock
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Stock to Watch: Steel Dynamics (STLD - Free Report) Based in Fort Wayne, IN, Steel Dynamics, Inc. is among the leading steel producers and metal recyclers in the United States. It is one of the most diversified steel companies in United States with a vast range of specialty products. The company makes and markets steel products, processes and sells recycled ferrous and nonferrous metals, and fabricates and sells steel joist and decking products in the United States and internationally.
STLD is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
Momentum investors should take note of this Basic Materials stock. STLD has a Momentum Style Score of A, and shares are up 19.2% over the past four weeks.
For fiscal 2026, two analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.53 to $14.77 per share. STLD boasts an average earnings surprise of +1.6%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, STLD should be on investors' short list.
It has been about a month since the last earnings report for Steel Dynamics (STLD - Free Report) . Shares have added about 1.4% in that time frame, underperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Steel Dynamics due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.
Steel Dynamics’ Q1 Earnings Miss, Revenues Top EstimatesSteel Dynamics reported first-quarter 2026 earnings of $2.78 per share, up from $1.44 in the year-ago quarter. The bottom line missed the Zacks Consensus Estimate of $2.79.
Net sales in the first quarter were up around 19.1% year over year to $5,204.9 million. The metric surpassed the Zacks Consensus Estimate of $5,098.6 million.
Segment HighlightsNet sales for steel operations were $3,539 million in the reported quarter, up around 15.4% year over year. The company registered steel shipments of roughly 3.64 million tons in the quarter, topping the consensus estimate of 3.54 million tons.
Steel operations reported an average external product selling price of $1,193 per ton, up from $998 in the year-ago quarter and from $1,107 in the previous quarter. The figure beat the consensus estimate of $1,160 per ton.
Net sales of Metal’s recycling operations were $593 million in the quarter under review, up around 11% from the year-ago quarter. Steel Dynamics registered ferrous shipments of around 1.47 million gross tons in the quarter, up roughly 1.44% year over year. The figure outpaced the consensus of 1.46 million gross tons.
The company's steel fabrication operations reported sales of around $355 million, up roughly 1% year over year. Steel Dynamics recorded steel fabrication shipments of 143,442 tons in the quarter, up around 5.8% year over year. The figure missed the consensus estimate of 148,000 tons.
Financial PositionSteel Dynamics ended the quarter with cash and cash equivalents of $556.5 million, down around 54% year over year. Long-term debt was $4,178.7 million, up roughly 10.6%.
The company generated cash flow from operations of $148.3 million in the reported quarter, down around 3.1% year over year.
OutlookThe company remains optimistic that domestic steel and aluminum demand will stay strong through 2026 and beyond, supported by improving customer sentiment, higher order activity and better pricing, along with growing demand for low-carbon, domestically produced materials. It highlighted steady progress in commissioning key aluminum facilities, with the third cold mill expected to be commissioned by the third quarter of 2026. The company also emphasized that its growth strategy is centered on sustainability, operational efficiency and expanding into high-recycled-content aluminum to capture rising demand across packaging, automotive and industrial markets, supporting long-term value creation.
How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a upward trend in estimates revision.
VGM ScoresCurrently, Steel Dynamics has a average Growth Score of C, however its Momentum Score is doing a bit better with a B. Charting a somewhat similar path, the stock was allocated a score of C on the value side, putting it in the middle 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Steel Dynamics has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
On May 22, 2026, Steel Dynamics Inc STLD shares rose 3.6% to a current price of $240.03. Over the past month, shares have risen by 5.5%, while year-to-date performance shows an impressive gain of 42.1%. The stock has traded between $119.89 and $243.73 over the past 52 weeks.
GF Value™ verdict: Current price is $240.03 vs GF Value™ of $152.34, indicating a 57.6% overvaluation.GF Score™: 89/100, suggesting a strong overall performance.Most notable signal: Insider activity shows that insiders sold $4.9M worth of shares in the last three months, with no buying reported. Is STLD Overvalued or Undervalued? Based on the GF Value™, Steel Dynamics Inc STLD is currently significantly overvalued, with a market price of $240.03 compared to its GF Value™ of $152.34. This represents a substantial margin of safety that potential investors may want to consider before making any decisions. The GF Valuation label indicates that the stock is not only overvalued but also carries a higher risk of price correction in the near term.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given the current price, investors should be cautious as the stock may not provide the same value if the market adjusts to align more closely with the GF Value™ estimate.
How Does STLD's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 25.7x 8.9x (5-Year Median) Forward P/E 16.1x - The current P/E (TTM) of 25.7x is 189% above its 5-year median of 8.9x, indicating that STLD is trading at a significantly higher valuation compared to its historical averages. This analysis aligns with the GF Value™ verdict, reinforcing the view that the stock is overvalued at its current price level.
What Does STLD's GF Score™ Tell Us? Metric Rating GF Score™ 89/100 Financial Strength 7/10 Profitability 9/10 Growth 9/10 Valuation 3/10 Momentum 9/10 The GF Score™ of 89/100 reflects a strong overall performance for Steel Dynamics Inc. The highest ratings in Profitability and Growth (both 9/10) indicate robust financial health and the potential for future earnings growth. However, the low Valuation rank of 3/10 signals that despite strong operational metrics, the stock is currently overvalued, which could be a concern for long-term investors.
What Are Insiders Doing with STLD Stock? Recent insider activity reveals that insiders sold $4.9M worth of shares in the last three months, with no recorded buying during this period. This pattern of selling might suggest that those with the most intimate knowledge of the company’s operations do not anticipate further upside in the stock price in the near term, which could be a red flag for potential investors.
What This Means for Investors In conclusion, Steel Dynamics Inc STLD appears to be overvalued based on its GF Value™ of $152.34 compared to the current market price of $240.03. The significant overvaluation, coupled with insider selling, indicates a potential risk for investors looking to enter or hold this stock at its current levels.
For the complete analysis, visit the Steel Dynamics Inc STLD stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is STLD's GF Score™?
STLD has a GF Score™ of 89/100, indicating a strong overall performance and potential for higher long-term returns.
Is STLD overvalued or undervalued?
STLD is considered overvalued with a current price of $240.03 compared to a GF Value™ of $152.34, suggesting a significant risk of price correction.
What is STLD's P/E ratio?
STLD's P/E (TTM) is 25.7x, which is significantly above its 5-year median of 8.9x, reinforcing its overvalued status.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
On May 27, 2026, Steel Dynamics Inc STLD shares rose 3.0%, bringing the current price to $258.22. The stock has experienced a remarkable performance over the past year, climbing from a 52-week low of $119.89 to nearly its 52-week high of $259.91.
GF Value™ verdict: Current price is $258.22, which is 69.0% above the GF Value™ of $152.83. GF Score™: 88/100, indicating a strong overall performance. Most notable signal: Insiders sold $4.9M in the last 3 months, indicating potential caution. Is STLD Overvalued or Undervalued? Steel Dynamics Inc is currently trading at $258.22, which represents a significant premium over its GF Value™ of $152.83. This 69.0% overvaluation suggests that the stock may not provide an adequate margin of safety for potential investors. The GF Valuation label indicates that STLD is significantly overvalued at this price point, raising concerns about the sustainability of its current valuation levels. Investors should consider the risks associated with buying into a stock that is priced so far above its intrinsic value.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. With the current price significantly exceeding the GF Value™, investors may want to exercise caution as the stock could be vulnerable to corrections if market conditions change or if company performance does not meet elevated expectations.
How Does STLD's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 27.6x 8.9x Forward P/E 17.1x N/A The current P/E (TTM) of 27.6x is 211% above its 5-year median P/E of 8.9x. This analysis indicates that STLD is trading significantly above its historical valuation metrics, which aligns with the GF Value™ verdict that it is overvalued. The elevated P/E ratio further supports the notion that the stock price may not be sustainable at its current level.
What Does STLD's GF Score™ Tell Us? Metric Rating GF Score™ 88 Financial Strength 7/10 Profitability 9/10 Growth 9/10 Valuation 3/10 Momentum 9/10 The GF Score™ of 88/100 suggests that Steel Dynamics Inc has strong potential for long-term returns. The company excels in Profitability (9/10) and Growth (9/10), indicating robust operational performance and growth prospects. However, the Valuation score of 3/10 highlights the significant concern regarding its current overvaluation, signaling that while STLD may be fundamentally strong in terms of growth and profitability, its price does not reflect this strength appropriately.
What Are Insiders Doing with STLD Stock? Recent insider activity for Steel Dynamics Inc indicates that insiders have sold a total of $4.9 million in shares over the last three months, with no reported buying. This pattern of selling may suggest that insiders lack confidence in the current valuation levels or anticipate future challenges for the company. Such selling could be a signal to potential investors to proceed with caution.
What This Means for Investors Based on the current assessment, Steel Dynamics Inc STLD is overvalued, with its price significantly exceeding the GF Value™. Prospective investors should carefully consider this valuation perspective, as the elevated price may not be sustainable without corresponding growth or performance improvements.
For the complete analysis, visit the Steel Dynamics Inc STLD stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is STLD's GF Score™?
STLD's GF Score™ is 88/100, indicating a strong overall performance and potential for long-term returns.
Is STLD overvalued or undervalued?
STLD is currently overvalued, with its market price exceeding the GF Value™ by 69.0%.
What is STLD's P/E ratio?
STLD's P/E (TTM) is 27.6x, which is significantly above its 5-year median P/E of 8.9x, reinforcing the notion that the stock is overvalued.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
On June 02, 2026, Steel Dynamics Inc STLD shares rose 3.8% to a current price of $271.41. Over the past year, the stock has experienced significant growth, with a 102.7% increase. The stock has ranged from a 52-week low of $119.89 to a high of $273.55.
GF Value™ verdict: STLD is currently priced at $271.41, which is 76.8% above its GF Value™ of $153.51.GF Score™ of 88/100 indicates a strong performance relative to its peers.Notable signal: Insiders have sold $4.9 million worth of stock in the last three months, with no buying activity reported. Is STLD Overvalued or Undervalued? Steel Dynamics Inc's current price of $271.41 significantly exceeds its GF Value™ of $153.51, suggesting that the stock is overvalued by approximately 76.8%. This substantial overvaluation indicates a lack of margin of safety for potential investors. The GF Valuation label categorizes STLD as significantly overvalued, highlighting the risks associated with investing at such elevated price levels. Should the market correct itself or if earnings do not meet optimistic projections, the stock could face downward pressure.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given the disconnect between the current stock price and the intrinsic value estimate, caution is warranted for those considering entering into a position in STLD.
How Does STLD's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 29.0x 8.9x Forward P/E 18.0x N/A The current P/E (TTM) of 29.0x is significantly above its 5-year median P/E of 8.9x, indicating that the stock is trading at a much higher valuation than its historical average. Furthermore, the current P/E is 227% above its 5-year median, which aligns with the GF Value™ verdict of being overvalued. This analysis reinforces the caution surrounding STLD's present valuation level.
What Does STLD's GF Score™ Tell Us? Metric Rating GF Score™ 88/100 Financial Strength 7/10 Profitability 9/10 Growth 9/10 Valuation 3/10 Momentum 9/10 Steel Dynamics Inc's GF Score™ of 88/100 reflects a strong overall performance, particularly in the areas of Profitability (9/10), Growth (9/10), and Momentum (9/10). However, the Valuation rank of 3/10 indicates a significant concern regarding the stock's current price relative to its intrinsic value, highlighting that while the company may be performing well operationally, its stock price is not justified by its fundamentals.
What Are Insiders Doing with STLD Stock? In recent months, insiders at Steel Dynamics have sold a total of $4.9 million in stock, with no reported buying activity. This trend of selling may suggest a lack of confidence among insiders regarding the stock's current price level or future performance. Such actions can be interpreted as a potential warning sign for outside investors, especially in light of the stock's significant overvaluation as indicated by the GF Value™ assessment.
What This Means for Investors Based on the GF Value™ assessment, Steel Dynamics Inc STLD is deemed overvalued at its current price of $271.41, which is significantly above the estimated fair value of $153.51. This situation calls for caution, as the likelihood of a price correction exists if earnings do not meet market expectations or if broader market conditions change.
For the complete analysis, visit the Steel Dynamics Inc STLD stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is STLD's GF Score™?
STLD has a GF Score™ of 88/100, indicating a strong performance relative to its peers and suggesting the potential for higher long-term returns.
Is STLD overvalued or undervalued?
STLD is considered overvalued, with a current price of $271.41 that is 76.8% above its GF Value™ of $153.51.
What is STLD's P/E ratio?
STLD's P/E (TTM) is currently 29.0x, which is significantly above its historical 5-year median P/E of 8.9x, indicating a high valuation relative to its past performance.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Steel Dynamics (STLD - Free Report) closed at $275.13 in the latest trading session, marking a +1.37% move from the prior day. The stock's performance was ahead of the S&P 500's daily loss of 0.74%. Meanwhile, the Dow lost 1.21%, and the Nasdaq, a tech-heavy index, lost 0.89%.
The steel producer and metals recycler's shares have seen an increase of 14.3% over the last month, surpassing the Basic Materials sector's gain of 5.01% and the S&P 500's gain of 5.39%.
Analysts and investors alike will be keeping a close eye on the performance of Steel Dynamics in its upcoming earnings disclosure. On that day, Steel Dynamics is projected to report earnings of $4.14 per share, which would represent year-over-year growth of 105.97%. Our most recent consensus estimate is calling for quarterly revenue of $5.5 billion, up 20.55% from the year-ago period.
STLD's full-year Zacks Consensus Estimates are calling for earnings of $14.77 per share and revenue of $21.4 billion. These results would represent year-over-year changes of +84.86% and +17.73%, respectively.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Steel Dynamics. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. At present, Steel Dynamics boasts a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Steel Dynamics has a Forward P/E ratio of 18.37 right now. This expresses a premium compared to the average Forward P/E of 16.02 of its industry.
It's also important to note that STLD currently trades at a PEG ratio of 0.58. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The average PEG ratio for the Steel - Producers industry stood at 0.58 at the close of the market yesterday.
The Steel - Producers industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 77, this industry ranks in the top 32% of all industries, numbering over 250.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?
Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Steel Dynamics (STLD - Free Report) .
Steel Dynamics currently has an average brokerage recommendation (ABR) of 1.67, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 12 brokerage firms. An ABR of 1.67 approximates between Strong Buy and Buy.
Of the 12 recommendations that derive the current ABR, eight are Strong Buy, representing 66.7% of all recommendations.
Brokerage Recommendation Trends for STLD
Check price target & stock forecast for Steel Dynamics here>>>
The ABR suggests buying Steel Dynamics, but making an investment decision solely on the basis of this information might not be a good idea. According to several studies, brokerage recommendations have little to no success guiding investors to choose stocks with the most potential for price appreciation.
Do you wonder why? As a result of the vested interest of brokerage firms in a stock they cover, their analysts tend to rate it with a strong positive bias. According to our research, brokerage firms assign five "Strong Buy" recommendations for every "Strong Sell" recommendation.
In other words, their interests aren't always aligned with retail investors, rarely indicating where the price of a stock could actually be heading. Therefore, the best use of this information could be validating your own research or an indicator that has proven to be highly successful in predicting a stock's price movement.
Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision.
ABR Should Not Be Confused With Zacks RankAlthough both Zacks Rank and ABR are displayed in a range of 1--5, they are different measures altogether.
Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.
Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.
On the other hand, earnings estimate revisions are at the core of the Zacks Rank. And empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
In addition, the different Zacks Rank grades are applied proportionately to all stocks for which brokerage analysts provide current-year earnings estimates. In other words, this tool always maintains a balance among its five ranks.
There is also a key difference between the ABR and Zacks Rank when it comes to freshness. When you look at the ABR, it may not be up-to-date. Nonetheless, since brokerage analysts constantly revise their earnings estimates to reflect changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in predicting future stock prices.
Is STLD Worth Investing In?In terms of earnings estimate revisions for Steel Dynamics, the Zacks Consensus Estimate for the current year has remained unchanged over the past month at $14.77.
Analysts' steady views regarding the company's earnings prospects, as indicated by an unchanged consensus estimate, could be a legitimate reason for the stock to perform in line with the broader market in the near term.
The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Steel Dynamics. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
It may therefore be prudent to be a little cautious with the Buy-equivalent ABR for Steel Dynamics.
Investors interested in stocks from the Steel - Producers sector have probably already heard of Usinas Siderurgicas de Minas Gerais SA (USNZY) and Steel Dynamics (STLD). But which of these two stocks is more attractive to value investors?
It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.
Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.
It also includes access to the Zacks Style Scores.
What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.
Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.
Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.
VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +24% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.
That's where the Style Scores come in.
To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.
As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.
A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Steel Dynamics (STLD - Free Report) Based in Fort Wayne, IN, Steel Dynamics, Inc. is among the leading steel producers and metal recyclers in the United States. It is one of the most diversified steel companies in United States with a vast range of specialty products. The company makes and markets steel products, processes and sells recycled ferrous and nonferrous metals, and fabricates and sells steel joist and decking products in the United States and internationally.
STLD is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
Momentum investors should take note of this Basic Materials stock. STLD has a Momentum Style Score of A, and shares are up 19.1% over the past four weeks.
For fiscal 2026, four analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $1.70 to $15.32 per share. STLD boasts an average earnings surprise of +1.6%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, STLD should be on investors' short list.
