Steel Dynamics Inc. (STLD) intrinsic value & 10-year financials
Steel Dynamics Inc. (STLD) has a Graham intrinsic value of $265.39 per share. At $240.54 on Oct 17, 2026, the stock trades 9% below that value. Over the last 10 fiscal years revenue grew 10.2% a year to $18.2B, with an average return on invested capital of 21.9%.
- Graham intrinsic value
- $265.39
- Share price (Oct 17, 2026)
- $240.54
- Price vs Graham value
- 9% below
- Market cap
- $35.7B
- Revenue (FY2025)
- $18.2B
- Revenue growth (10-yr CAGR)
- 10.2%
- ROIC (10-yr avg)
- 21.9%
- Free cash flow (FY2025)
- $501.5M
STLD 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $18.2B | $1.2B | $7.99 | $501.5M | 8.1% | 9.7% |
| FY2024 | $17.5B | $1.5B | $9.84 | -$23.5M | 11.1% | 13.6% |
| FY2023 | $18.8B | $2.5B | $14.64 | $1.9B | 16.8% | 23.8% |
| FY2022 | $21.5B | $3.9B | $20.92 | $3.6B | 23.7% | 43.9% |
| FY2021 | $18.4B | $3.2B | $15.56 | $1.2B | 23.4% | 46.0% |
| FY2020 | $9.6B | $570.8M | $2.59 | -$211.0M | 8.8% | 11.8% |
| FY2019 | $10.5B | $677.9M | $3.04 | $944.3M | 9.4% | 13.9% |
| FY2018 | $11.8B | $1.3B | $5.35 | $1.2B | 14.6% | 26.2% |
| FY2017 | $9.4B | $805.8M | $3.36 | $574.5M | 11.4% | 20.1% |
| FY2016 | $7.6B | $360.0M | $1.56 | $654.6M | 9.6% | 10.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Steel Dynamics is a consistent compounder, expanding top-line revenue at 10.2% annually over the past decade.
Steel Dynamics has earned high returns on invested capital, averaging 21.9% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Steel Dynamics shows that management has aggressively returned capital to shareholders by retiring 39.5% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Steel Dynamics is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $265.39 per share.