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Steel Dynamics, Inc. is a leading industrial metals solutions company, with facilities located throughout the United States and Mexico. The company operates a circular manufacturing model, producing high-quality, lower-carbon-emission products with recycled scrap as the primary input.
$229.82
+$0.55 (+0.24%)
Price from 30 days ago
Operating margin is thin at 8.12%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 3.6%, steady but not accelerating. Margins contracted 3.0pp, which offsets some of the top-line progress.
ROIC dropped from 12.41% to 9.14%, capital efficiency is deteriorating. Net debt of $3.61B represents 7.2x FCF, leverage limits flexibility.
24.6x earnings, 50.2x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$19.01B
▲ +3.6% YoY
Net Income (TTM)
$1.37B
▼ -22.9% YoY
Op. Margin
9.15%
▼ -3.0pp YoY
ROIC
10.61%
▼ -3.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$665M
▲ +2233.8% YoY
Op. Cash Flow (TTM)
$1.45B
▼ -21.4% YoY
Net Debt
$3.64B
Cash & Equiv.
$557M
5Y CAGR: +13.6%
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