Steel Dynamics Inc.
STLD - Insider Information
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+ FollowMarket Cap$35.67B
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Earnings Call Q3 2026
October 20, 2026 - AI Summary
Q3 performance was strong (but slightly short of guidance)
- Net income $756M / $5.26 diluted EPS; adjusted EBITDA $1.2B; revenues $6.5B.
- Record steel shipments: 3.8M tons and steel operating income ~ $1.0B, up 43% sequentially, helped by + $102/ton realized pricing.
- Cash flow from operations: $846M; liquidity $2.4B.
- *Negative/why short guidance:* missed earlier guidance range due to late Sept FX + aluminum hedging mark-to-market (unrealized adjustment just under $30M).
Steel outlook: demand strong, margins likely supported into Q4/2027
- Steel utilization: domestic industry ~80%, SDI mills ~92%; management credits value-added mix and supply-chain solutions supporting utilization through cycles.
- Flat-rolled environment favorable: lean inventories, elevated lead times, value-add spreads > $230/ton (hot-rolled coil vs value-added products).
- Expectation: with much of portfolio ~80% contract-linked pricing lagging ~2 months, the improved pricing/spreads should benefit Q4 and 2027.
- *Market structure drivers (opportunity):* tight supply conditions (extended mill lead times), low inventories, restrained imports, and planned Q4 outages reducing tons available.
Aluminum ramp: key challenge in Q3 hot-strip mill, now resolved; improved volumes/profitability expected
- Aluminum segment operating losses $26M, 21% better sequentially, but shipments/performance below expectations due to a surface quality issue during ramp.
- Root cause/action: needed a coolant change in the hot-strip mill; troubleshooting + coolant change led to several weeks of lower production and yields.
- *Resolution/progress:* issue “fully resolved”; October operations improved, hot strip running ~75% so far, with goal to reach ~90% by year-end.
- *Forecast:* aluminum volumes/cost structure/profitability should sharply improve in Q4 and continue improving through 2027 as ramp costs subside and yields/scrap content rise.
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$61.03
75.8% downside
Current Fair Value
75.8% downsideOvervalued by 75.8% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $35.67 Billion |
|---|---|
| Enterprise Value | $38.94 Billion |
| Annual dividend | $2.09 |
| Dividend yield | 0.83% |
| Earnings per Share | $8.02 |
| Beta | 1.49 |
| Outstanding Shares | 142,990,000 |
Return
| Return on Equity | 19.91% |
|---|---|
| Return on Assets | 10.99% |
| Return on Invested Capital | 17.90% |
Valuation & Multiples
| P/E Ratio | 18.43 |
|---|---|
| PEG | 21.11 |
| Price to Sales | 1.63 |
| Price to Book Ratio | 3.7 |
| Enterprise Value to Revenue | 1.75 |
| Enterprise Value to EBIT | 14.23 |
| Enterprise Value to Net Income | 19 |
| Total Debt to Enterprise | 0.11 |
| Debt to Equity | 0.43 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 19, 2026
EPS Estimate
$5.48
Consensus analyst estimateRevenue Estimate
$6.43 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 25, 2027
EPS Estimate
$5.90
Consensus analyst estimateRevenue Estimate
$6.36 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 74.58% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.83%▼ 79.67% |
|---|---|
| Total Invested | $1.23B▼ 95.56% |
| Investors Holding | 369▼ 700.00% |
About Steel Dynamics Inc.
CEO: Mark Millett
