Latest Ratios: P/E Ratio 27.8x · EV/EBITDA 17.5x · ROE 13.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $32.0B | $25.1B | $17.8B | $19.8B | $18.0B | $12.8B | $7.8B | $7.5B | $7.1B | $10.4B | $8.7B |
| Enterprise Value | $35.4B | $28.6B | $20.6B | $21.4B | $19.5B | $14.7B | $9.6B | $8.9B | $8.6B | $11.8B | $10.2B |
| P/E Ratio → | 27.75 | 21.21 | 11.59 | 8.07 | 4.67 | 3.99 | 14.24 | 11.20 | 5.61 | 12.84 | 22.81 |
| P/S Ratio | 1.76 | 1.38 | 1.02 | 1.05 | 0.81 | 0.70 | 0.82 | 0.72 | 0.60 | 1.09 | 1.12 |
| P/B Ratio | 3.69 | 2.82 | 1.99 | 2.24 | 2.23 | 2.03 | 1.80 | 1.85 | 1.82 | 3.15 | 3.02 |
| P/FCF | 63.77 | 50.14 | — | 10.62 | 5.08 | 10.71 | — | 7.96 | 6.01 | 18.15 | 13.33 |
| P/OCF | 22.06 | 17.35 | 9.66 | 5.62 | 4.04 | 5.82 | 7.93 | 5.38 | 4.99 | 14.10 | 10.23 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.57 | 1.17 | 1.14 | 0.88 | 0.80 | 1.00 | 0.85 | 0.73 | 1.24 | 1.32 |
| EV / EBITDA | 17.47 | 14.10 | 8.49 | 5.97 | 3.56 | 3.16 | 8.15 | 6.78 | 4.22 | 8.63 | 10.07 |
| EV / EBIT | 24.00 | 18.29 | 10.09 | 6.51 | 3.81 | 3.44 | 11.95 | 8.85 | 4.93 | 11.01 | 14.42 |
| EV / FCF | — | 57.00 | — | 11.52 | 5.48 | 12.26 | — | 9.39 | 7.32 | 20.50 | 15.65 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 13.0% | 13.0% | 16.0% | 21.5% | 27.5% | 29.1% | 14.9% | 14.6% | 19.6% | 16.6% | 17.2% |
| Operating Margin | 8.1% | 8.1% | 11.1% | 16.8% | 22.9% | 23.4% | 8.8% | 9.4% | 14.6% | 11.2% | 9.4% |
| Net Profit Margin | 6.5% | 6.5% | 8.8% | 13.0% | 17.4% | 17.5% | 5.7% | 6.4% | 10.6% | 8.5% | 4.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.3% | 13.3% | 17.3% | 28.9% | 53.6% | 60.3% | 13.1% | 16.9% | 35.0% | 26.2% | 13.7% |
| ROA | 7.6% | 7.6% | 10.3% | 16.9% | 28.9% | 29.5% | 6.3% | 8.4% | 17.3% | 12.2% | 6.1% |
| ROIC | 9.2% | 9.2% | 13.1% | 23.6% | 43.1% | 45.2% | 11.0% | 13.6% | 25.6% | 17.7% | 12.2% |
| ROCE | 10.9% | 10.9% | 15.3% | 25.5% | 45.4% | 47.0% | 11.1% | 14.1% | 27.2% | 18.2% | 12.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.47 | 0.47 | 0.37 | 0.35 | 0.38 | 0.49 | 0.71 | 0.67 | 0.61 | 0.72 | 0.82 |
| Debt / EBITDA | 2.08 | 2.08 | 1.38 | 0.86 | 0.56 | 0.67 | 2.65 | 2.09 | 1.17 | 1.74 | 2.32 |
| Net Debt / Equity | — | 0.39 | 0.31 | 0.19 | 0.18 | 0.29 | 0.40 | 0.33 | 0.40 | 0.41 | 0.52 |
| Net Debt / EBITDA | 1.70 | 1.70 | 1.14 | 0.47 | 0.26 | 0.40 | 1.48 | 1.03 | 0.76 | 0.99 | 1.49 |
| Debt / FCF | — | 6.86 | — | 0.90 | 0.41 | 1.55 | — | 1.43 | 1.32 | 2.35 | 2.31 |
| Interest Coverage | 22.32 | 22.32 | 36.19 | 43.09 | 55.85 | 74.57 | 8.44 | 7.89 | 13.79 | 7.96 | 4.86 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.06 | 3.06 | 2.53 | 2.91 | 3.76 | 3.10 | 3.38 | 4.22 | 3.96 | 4.04 | 4.11 |
| Quick Ratio | 1.29 | 1.29 | 1.08 | 1.67 | 2.22 | 1.51 | 1.92 | 2.55 | 2.13 | 2.29 | 2.32 |
| Cash Ratio | 0.36 | 0.36 | 0.34 | 0.91 | 1.11 | 0.56 | 1.09 | 1.63 | 1.04 | 1.18 | 1.18 |
| Asset Turnover | — | 1.11 | 1.17 | 1.26 | 1.57 | 1.47 | 1.04 | 1.26 | 1.53 | 1.39 | 1.21 |
| Inventory Turnover | 4.23 | 4.23 | 4.73 | 5.10 | 5.16 | 3.69 | 4.43 | 5.29 | 5.11 | 5.24 | 5.05 |
| Days Sales Outstanding | — | 33.79 | 29.49 | 31.23 | 33.71 | 38.00 | 36.95 | 29.45 | 32.23 | 33.25 | 34.25 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.9% | 1.2% | 1.6% | 1.4% | 1.3% | 1.7% | 2.7% | 2.7% | 2.4% | 1.4% | 1.6% |
| Payout Ratio | 24.6% | 24.6% | 18.4% | 11.1% | 6.1% | 6.6% | 38.0% | 29.8% | 13.4% | 17.9% | 35.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.6% | 4.7% | 8.6% | 12.4% | 21.4% | 25.1% | 7.0% | 8.9% | 17.8% | 7.8% | 4.4% |
| FCF Yield | 1.6% | 2.0% | — | 9.4% | 19.7% | 9.3% | — | 12.6% | 16.6% | 5.5% | 7.5% |
| Buyback Yield | 2.8% | 3.6% | 6.8% | 7.3% | 10.0% | 8.3% | 1.4% | 4.6% | 7.4% | 2.4% | 0.3% |
| Total Shareholder Yield | 3.7% | 4.7% | 8.4% | 8.7% | 11.3% | 9.9% | 4.0% | 7.3% | 9.8% | 3.8% | 1.8% |
| Shares Outstanding | — | $148M | $156M | $167M | $185M | $207M | $212M | $221M | $235M | $242M | $245M |
Cyclical margin compression risk
According to current market data, STLD trades at a forward P/E of 15.00, which appears to command a premium over historical averages, suggesting that investors are pricing in the company's superior integration and the potential for long-term margin expansion from its new aluminum and steel capacity investments.
The current EV/EBITDA multiple of 9.10 on a forward basis indicates that the market is willing to pay for the company's lower capital intensity relative to legacy blast-furnace peers. While the P/FCF of 70.92 appears elevated, this likely reflects the temporary impact of heavy capital expenditure cycles rather than a permanent impairment of the firm's underlying earnings power.
Based on reported financial figures, ROIC has trended downward from 5.2% in 2024Q1 to 3.5% in 2026Q1, reflecting the dilutive impact of significant recent capital investments in the Sinton mill and aluminum expansion that have yet to reach full, steady-state profitability in the current demand environment.
The compression in ROE and ROIC suggests that the company is currently in a phase of asset absorption where the capital base is growing faster than the immediate incremental returns. Investors should monitor whether the return profile stabilizes as these new facilities reach nameplate capacity and begin to contribute more meaningfully to operating margins.
As reported in recent quarterly filings, the cash conversion cycle has fluctuated between 77 and 90 days over the last ten quarters, indicating that the company's working capital efficiency remains highly sensitive to inventory management and the timing of scrap procurement relative to finished steel sales.
The DSO of 32 days and DIO of 77 days suggest a relatively stable management of receivables and inventory, though the periodic spikes in the CCC highlight the inherent difficulty in balancing supply chain inputs with volatile end-market demand. This operational friction warrants further investigation into how effectively the company manages its inventory levels during periods of rapid price shifts in the ferrous scrap market.
Based on the company's reported figures, the debt-to-equity ratio of 0.46 in 2026Q1 underscores a fortress-like balance sheet that remains significantly more conservative than the broader industrial sector, providing the firm with substantial financial cushion to navigate cyclical downturns without compromising its long-term strategic capital allocation plans.
The interest coverage ratio of 17.69x demonstrates that the company's debt service obligations are well-covered by current operating income, even during periods of margin volatility. This financial strength appears to be a key differentiator that allows management to continue share repurchases and growth investments even when the broader steel cycle faces headwinds.
The P/E ratio is frequently misapplied to Steel Dynamics, as it obscures the significant non-cash volatility introduced by LIFO inventory accounting and the cyclical nature of the steel industry, which can cause earnings to appear artificially depressed or inflated depending on the direction of raw material price trends.
Analysts should instead prioritize EV/EBITDA or normalized free cash flow metrics to better assess the company's true earning power across the full business cycle. Relying solely on P/E risks misinterpreting the company's valuation during the trough of a cycle, where earnings are suppressed by accounting adjustments rather than a fundamental decline in the business's competitive position.
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Quick answers to the most common questions about buying STLD stock.
Steel Dynamics, Inc.'s current P/E ratio is 27.8x. The historical average is 19.7x. This places it at the 89th percentile of its historical range.
Steel Dynamics, Inc.'s current EV/EBITDA is 17.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.5x.
Steel Dynamics, Inc.'s return on equity (ROE) is 13.3%. The historical average is 18.0%.
Based on historical data, Steel Dynamics, Inc. is trading at a P/E of 27.8x. This is at the 89th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Steel Dynamics, Inc.'s current dividend yield is 0.88% with a payout ratio of 24.6%.
Steel Dynamics, Inc. has 13.0% gross margin and 8.1% operating margin.
Steel Dynamics, Inc.'s Debt/EBITDA ratio is 2.1x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.