Steel Dynamics Inc Stock Research

Market Summary

USD106.27+4.52

Market Closed

4.44%

STLD Alerts

Big fall in earnings (Y/Y)

STLD Stock Price

STLD RSI Chart

STLD Valuation

Market Cap

18.4B

Price/Earnings (Trailing)

4.74

Price/Sales (Trailing)

0.83

EV/EBITDA

3.05

Price/Free Cashflow

5.17

STLD Price/Sales (Trailing)

STLD Profitability

EBT Margin

22.56%

Return on Equity

47.72%

Return on Assets

27.4%

Free Cashflow Yield

19.32%

STLD Fundamentals

STLD Revenue

Revenue (TTM)

22.3B

Revenue Y/Y

-9.12%

Revenue Q/Q

-14.6%

STLD Earnings

Earnings (TTM)

3.9B

Earnings Y/Y

-41.68%

Earnings Q/Q

-30.43%

Price Action

52 Week Range

62.44136.46

(Low)(High)

Last 7 days

-23.3%

Last 30 days

-17.8%

Last 90 days

-0.2%

Trailing 12 Months

40.5%

STLD Financial Health

Current Ratio

3.76

Debt/Equity

0.41

Debt/Cashflow

1.02

STLD Investor Care

Dividend Yield

1.28%

Dividend/Share (TTM)

1.36

Buy Backs (1Y)

11.31%

Diluted EPS (TTM)

20.92

Peers (Alternatives to Steel Dynamics)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
SCCO	53.0B	10.0B	-7.68%	4.39%	20	5.27	-8.10%	-22.37%
FCX	51.7B	22.8B	-15.67%	-18.67%	11.53	2.27	-0.28%	-16.51%
NUE	37.7B	41.5B	-13.60%	7.71%	4.95	0.91	13.78%	11.42%
NEM	36.3B	11.9B	-4.53%	-36.64%	-84.62	3.05	-2.51%	-136.79%
STLD	18.4B	22.3B	-17.78%	40.45%	4.74	0.83	20.92%	19.49%
MID-CAP
CLF	9.0B	23.0B	-12.18%	-30.31%	6.57	0.39	37.87%	-4.59%
CMC	5.2B	9.2B	-23.62%	6.50%	4.17	0.57	25.13%	114.13%
X	4.9B	21.1B	-13.46%	-23.24%	1.42	0.22	3.90%	-39.53%
ATI	4.8B	3.8B	-7.55%	37.88%	36.83	1.26	37.01%	442.67%
WOR	2.6B	4.4B	-11.45%	-8.51%	12.02	0.6	7.39%	-49.63%
CRS	2.0B	2.2B	-17.02%	14.69%	-365.19	0.95	38.38%	96.05%
SMALL-CAP
TMST	802.0M	1.3B	-16.56%	-19.49%	3.67	0.55	3.66%	-61.93%
SXC	727.4M	2.0B	-10.05%	5.53%	7.22	0.37	35.47%	132.03%
HAYN	603.6M	523.7M	-13.76%	15.36%	12.53	1.15	43.51%	1103.27%
USAP	78.3M	202.1M	7.24%	-4.27%	-9.69	0.39	29.62%	-965.04%

Financials for Steel Dynamics

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	-2.1%	22,261	22,745	22,182	20,434	18,409
Gross Profit	-11.2%	6,118	6,892	7,028	6,345	5,362
EBITDA	-10.2%	5,497	6,120	6,190	5,505	-
EBITDA Margin	-8.2%	0.25*	0.27*	0.28*	0.27*	-
Earnings Before Taxes	-11.5%	5,021	5,671	5,766	5,100	4,209
EBT Margin	-9.5%	0.23*	0.25*	0.26*	0.25*	-
Interest Expenses	14.4%	92.00	80.00	67.00	57.00	57.00
Net Income	-10.5%	3,879	4,336	4,418	3,915	3,247
Net Income Margin	-8.6%	0.17*	0.19*	0.20*	0.19*	-
Free Cahsflow	8.6%	3,552	3,272	2,433	1,905	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	0.8%	14,160	14,048	13,711	13,057	12,531
Current Assets	-2.2%	7,638	7,813	7,756	7,150	6,901
Cash Equivalents	14.6%	1,628	1,420	1,013	1,195	1,244
Inventory	-7.3%	3,130	3,377	3,647	3,517	3,531
Net PPE	4.4%	5,374	5,147	4,887	4,828	4,751
Goodwill	11.2%	502	452	452	453	454
Liabilities	-0.8%	6,064	6,112	6,162	6,078	6,211
Current Liabilities	-4.6%	2,032	2,131	2,202	2,091	2,227
Long Term Debt	-	3,106	-	-	-	-
LT Debt, Current	149.8%	57.00	23.00	37.00	68.00	97.00
LT Debt, Non Current	0.0%	3,013	3,012	3,011	3,010	3,009
Shareholder's Equity	2.0%	8,130	7,971	7,381	6,750	6,305
Retained Earnings	5.3%	11,376	10,800	9,946	8,801	7,761
Additional Paid-In Capital	-0.6%	1,213	1,220	1,213	1,204	1,219
Shares Outstanding	-2.1%	173	177	183	189	195
Minority Interest	-3.7%	-216	-208	-207	-214	-195

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	10.4%	4,460	4,041	3,176	2,761	2,204
Share Based Compensation	-2.3%	59.00	61.00	58.00	57.00	58.00
Cashflow From Investing	-16.6%	-1,879	-1,611	-1,306	-1,071	-999
Cashflow From Financing	-4.4%	-2,196	-2,104	-1,975	-1,745	-1,329
Dividend Payments	3.5%	237	229	220	211	213
Buy Backs	4.8%	1,801	1,718	1,574	1,450	1,061

Risks for STLD

What is the probability of a big loss on STLD?

71.5%

Probability that Steel Dynamics stock will be more than 20% underwater in next one year

44.2%

Probability that Steel Dynamics stock will be more than 30% underwater in next one year.

32.3%

Probability that Steel Dynamics stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does STLD drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Steel Dynamics was unfortunately bought at previous high price.

Drawdowns

Returns for STLD

Cumulative Returns on STLD

23.6%

10-Year Cumulative Returns

27.5%

7-Year Cumulative Returns

19.4%

5-Year Cumulative Returns

70.6%

3-Year Cumulative Returns

What are the long-term rolling returns for STLD?

FIve years rolling returns for Steel Dynamics.

Annualized Returns

Which funds bought or sold STLD recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-34.15	-23,126,200	224,910,000	0.25%
2023-03-10	MATHER GROUP, LLC.	new	-	244,543	244,543	-%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-6.29	607,000	2,696,000	0.01%
2023-03-01	Regal Investment Advisors LLC	added	2.02	148,438	513,438	0.05%
2023-02-28	Voya Investment Management LLC	added	14.39	3,307,720	9,059,720	0.01%
2023-02-24	SRS Capital Advisors, Inc.	unchanged	-	1,374	5,374	-%
2023-02-24	National Pension Service	reduced	-11.14	6,081,120	32,775,900	0.06%
2023-02-24	NATIXIS	reduced	-59.57	-3,816,300	4,723,700	0.03%
2023-02-22	CVA Family Office, LLC	unchanged	-	3,678	13,678	-%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	reduced	-12.28	1,546,000	8,978,000	0.09%

Latest Funds Activity

Are funds buying STLD calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own STLD

No. of Funds

STLD Alerts

Big fall in earnings (Y/Y)

Steel Dynamics News

Schedule 13G FIlings of Steel Dynamics

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	12.43%	21,822,262	SC 13G/A
Jan 24, 2023	blackrock inc.	9.7%	17,084,445	SC 13G/A
Jan 27, 2022	blackrock inc.	12.6%	25,061,389	SC 13G/A
Jan 26, 2022	blackrock inc.	12.6%	25,061,389	SC 13G/A
Jul 12, 2021	vanguard group inc	10.22%	21,591,653	SC 13G/A
Feb 10, 2021	vanguard group inc	8.91%	18,751,882	SC 13G/A
Jan 27, 2021	blackrock inc.	10.8%	22,664,231	SC 13G/A
Feb 12, 2020	vanguard group inc	9.01%	19,431,445	SC 13G/A
Feb 04, 2020	blackrock inc.	10.4%	22,301,411	SC 13G/A

STLD Fair Value

Steel Dynamics fair value in different scenarios

The table shows the Fair Value estimates for Steel Dynamics for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	335.55 215.75%	501.48 371.89%	791.77 645.06%	1187.98 1017.89%	2119.42 1894.37%
Current Inflation	309.11 190.87%	453.67 326.90%	701.05 559.69%	1036.64 875.48%	1827.22 1619.41%
Very High Inflation	276.34 160.04%	395.70 272.35%	593.82 458.78%	860.48 709.71%	1490.46 1302.52%

Historical Steel Dynamics Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Steel Dynamics

View All Filings

Date Filed	Form Type	Document
Mar 16, 2023	8-K	Current Report
Mar 15, 2023	4	Insider Trading
Mar 15, 2023	4	Insider Trading
Mar 15, 2023	4	Insider Trading
Mar 15, 2023	4	Insider Trading
Mar 15, 2023	4	Insider Trading
Mar 15, 2023	4	Insider Trading
Mar 15, 2023	4	Insider Trading
Mar 01, 2023	4	Insider Trading
Feb 28, 2023	4	Insider Trading

Latest Insider Trading transactions for STLD

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-15	MILLETT MARK D	sold (taxes)	-6,958,490	120	-57,814	chairman and ceo
2023-03-15	Wagler Theresa E	acquired	-	-	47,264	executive vice president & cfo
2023-03-15	SCHNEIDER BARRY	sold (taxes)	-1,955,610	120	-16,248	president and coo
2023-03-15	Graham Christopher A	sold (taxes)	-1,761,830	120	-14,638	senior vice president
2023-03-15	Graham Christopher A	acquired	-	-	33,285	senior vice president
2023-03-15	Pushis Glenn	acquired	-	-	36,946	senior vice president
2023-03-15	Anderson James Stanley	sold (taxes)	-465,071	120	-3,864	senior vice president
2023-03-15	Wagler Theresa E	sold (taxes)	-2,501,800	120	-20,786	executive vice president & cfo
2023-03-15	Pushis Glenn	sold (taxes)	-1,955,610	120	-16,248	senior vice president
2023-03-15	SCHNEIDER BARRY	acquired	-	-	36,946	president and coo

About Steel Dynamics

Mark D. Millett

www.steeldynamics.com

10600

Steel Dynamics, Inc., together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars. The company also engages in turning, polishing, straightening, chamfering, threading, precision saw-cutting, and heat treating of bar products; and cutting to length, straightening, hole punching, shot blasting, welding, galvanizing, and coating of specialty products. Its products are used in construction, automotive, manufacturing, transportation, heavy and agriculture equipment, and pipe and tube markets. This segment sells directly to end-users, steel fabricators, and service centers. The Metals Recycling Operations segment purchases, processes, and resells ferrous and nonferrous scrap metals into reusable forms and grades. Its ferrous products include heavy melting steel, busheling, bundled scrap, shredded scrap, steel turnings, and cast-iron products; and nonferrous products comprise aluminum, brass, copper, stainless steel, and other nonferrous metals. This segment also provides transportation logistics, marketing, brokerage, and scrap management services. The Steel Fabrication Operations segment produces non-residential steel building components, such as steel joists, girders, trusses, and steel deck products. The company also exports its products. Steel Dynamics, Inc. was incorporated in 1993 and is headquartered in Fort Wayne, Indiana.

STLD Income Statement

2022-12-31

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net sales
Unrelated parties	$ 21,469,251	$ 18,376,743	$ 9,587,691
Related parties	791,523	32,107	13,791
Total net sales	22,260,774	18,408,850	9,601,482
Costs of goods sold	16,142,943	13,046,426	8,166,754
Gross profit	6,117,831	5,362,424	1,434,728
Selling, general and administrative expenses	545,621	643,976	477,450
Profit sharing	452,551	388,111	61,728
Amortization of intangible assets	27,837	29,232	28,999
Asset impairment charges			19,409
Operating income	5,091,822	4,301,105	847,142
Interest expense, net of capitalized interest	91,538	57,209	94,877
Other (income) expense, net	(20,785)	34,826	46,787
Income before income taxes	5,021,069	4,209,070	705,478
Income tax expense	1,141,577	962,256	134,650
Net income	3,879,492	3,246,814	570,828
Net income attributable to noncontrolling interests	(16,818)	(32,748)	(20,006)
Net income attributable to Steel Dynamics, Inc.	$ 3,862,674	$ 3,214,066	$ 550,822
Basic earnings per share attributable to Steel Dynamics, Inc. stockholders (in dollars per share)	$ 21.06	$ 15.67	$ 2.61
Weighted average common shares outstanding (in shares)	183,393	205,115	211,140
Diluted earnings per share attributable to Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive (in dollars per share)	$ 20.92	$ 15.56	$ 2.59
Weighted average common shares and share equivalents outstanding (in shares)	184,622	206,615	212,345
Dividends declared per share (in dollars per share)	$ 1.36	$ 1.04	$ 1.00

STLD Balance Sheet

2022-12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and equivalents	$ 1,628,417	$ 1,243,868
Short-term investments	628,215
Accounts receivable, net of allowances for credit losses of $5,678 and $6,161 as of December 31, 2022, and December 31, 2021, respectively	1,976,282	1,911,385
Accounts receivable-related parties	79,769	5,049
Inventories	3,129,964	3,531,130
Other current assets	195,371	209,591
Total current assets	7,638,018	6,901,023
Property, plant and equipment, net	5,373,665	4,751,430
Intangible assets, net	267,507	295,345
Goodwill	502,067	453,835
Other assets	378,727	129,601
Total assets	14,159,984	12,531,234
Current liabilities
Accounts payable	1,007,304	1,266,833
Accounts payable-related parties	9,934	13,722
Income taxes payable	6,520	13,746
Accrued payroll and benefits	610,558	539,812
Accrued expenses	340,646	296,082
Current maturities of long-term debt	57,334	97,174
Total current liabilities	2,032,296	2,227,369
Long-term debt	3,013,241	3,008,702
Deferred income taxes	889,103	854,905
Other liabilities	129,539	120,087
Total liabilities	6,064,179	6,211,063
Commitments and contingencies
Redeemable noncontrolling interests	181,503	211,414
Equity
Common stock voting, $.0025 par value; 900,000,000 shares authorized; 267,762,488 and 267,224,622 shares issued; and 172,936,163 and 194,997,922 shares outstanding, as of December 31, 2022, and December 31, 2021, respectively	650	649
Treasury stock, at cost; 94,826,325 and 72,226,700 shares, as of December 31, 2022, and December 31, 2021, respectively	(4,459,513)	(2,674,267)
Additional paid-in capital	1,212,566	1,218,933
Retained earnings	11,375,765	7,761,417
Accumulated other comprehensive income (loss)	889	(2,091)
Total Steel Dynamics, Inc. equity	8,130,357	6,304,641
Noncontrolling interests	(216,055)	(195,884)
Total equity	7,914,302	6,108,757
Total liabilities and equity	$ 14,159,984	$ 12,531,234