STLD STEEL DYNAMICS INC

Overview and Growth

STEEL DYNAMICS INC generated $18.18B of revenue in fiscal 2025, with net income of $1.19B and an operating cash inflow of $1.45B. Revenue of $18.18B sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line expanded 3.6% from $17.54B in fiscal 2024, increasing the company’s operating scale. The company reported diluted EPS of $7.99, adding a shareholder-level measure to the absolute income figures considered below. Against diluted EPS of $9.84 in fiscal 2024, the current result was 18.8% lower. The revenue-to-assets relationship was 1.11x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The first profit layer was $2.39B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross profit represented 13.2% of revenue, showing how much of the top line remained after direct costs. The reported operating result was $1.48B, capturing profitability after direct costs and the operating expenses reflected in the statements. The operating result equaled 8.1% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. After all reported below-operating-line items, the company recorded net income of $1.19B for the fiscal year. Net margin was 6.5%, meaning that this portion of revenue remained as net income after all recognized expenses. Pretax income was $1.49B, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. The pretax margin was 8.2%, relating income before taxes directly to revenue. The reported income-tax provision was $305.66M, the amount recognized between pretax income and the final net-income result. The income-tax provision equaled 20.5% of pretax income, showing the tax burden absorbed by the year’s earnings.

Liquidity and Capital Structure

The company held $16.42B of assets against $7.49B of liabilities and $8.79B of equity, revealing how the asset base was financed. Current assets were $6.48B against $2.12B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. The current ratio was 3.06x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Cash and equivalents totaled $769.88M, identifying the most liquid reported component available within the broader current-asset balance. Cash and equivalents represented 36.3% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Borrowings totaled $4.21B, adding a fixed financing obligation alongside the company’s equity capital. Against book equity, debt measured 0.48x, placing the company’s financial leverage in clear balance-sheet terms. The debt-to-assets relationship was 25.6%, comparing borrowing with the total asset balance. Relative to total assets, liabilities measured 45.6%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 4.7%, comparing reported cash and equivalents with the full positive asset balance.

Cash Flow and Earnings Quality

Cash flow from operations was $1.45B, a reported cash inflow that can be compared directly with net income and capital spending. Against net income, operating cash flow measured 1.22x, showing the relationship between accrual earnings and operating cash. Capital spending was $948.02M, absorbing part of the cash generated from operations before free cash flow. Capital spending absorbed 65.4% of operating cash flow, quantifying the share of cash from operations directed to investment. After capital spending, free cash flow was $501.51M, leaving cash available for debt reduction, shareholder returns, or further investment. Free cash flow represented 2.8% of revenue, linking post-investment cash generation with the company’s operating scale. Measured against total assets, free cash flow represented 3.1%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.