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Arphra AIPlain-English read on Steel Dynamics, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $18.41B | $22.26B | $18.8B | $17.54B | $18.18B | $22.03B | $22.74B | $23.42B | $23.21B |
| Cost of revenue | $13.05B | $16.14B | $14.75B | $14.74B | $15.81B | $18.09B | $18.38B | $19.38B | $19.4B |
| Gross profit | $5.36B | $6.12B | $4.05B | $2.8B | $2.36B | $3.7B | $3.73B | $4.05B | $3.79B |
| Gross margin | +29.13% | +27.48% | +21.53% | +15.98% | +13.01% | +16.78% | +16.39% | +17.27% | +16.34% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $643.98M | $545.62M | $588.62M | $664.12M | $888.29M | $850.83M | $919.86M | $939.05M | $892.16M |
| Total operating expenses | $1.06B | $1.03B | $894.7M | $859.55M | $888.29M | $1.05B | $1.07B | $1.17B | $1.09B |
| Operating income | $4.3B | $5.09B | $3.15B | $1.94B | $1.48B | $2.62B | $2.65B | $2.77B | $2.84B |
| Operating margin | +23.36% | +22.87% | +16.77% | +11.08% | +8.12% | +11.88% | +11.66% | +11.83% | +12.23% |
| EBITDA | $4.61B | $5.5B | $3.73B | $2.52B | $2.11B | $3.35B | $3.44B | $3.48B | $3.64B |
| EBIT | $4.27B | $5.11B | $3.3B | $2.04B | $1.56B | $2.71B | $2.83B | $2.96B | $2.98B |
| Below the line | |||||||||
| Interest expense | $57.21M | $91.54M | $76.48M | $56.35M | $70.04M | $83.43M | $85.15M | $86.31M | $87.9M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$92.04M | -$70.75M | $67.76M | $39.84M | $16.99M | — | — | — | — |
| Pre-tax income | $4.21B | $5.02B | $3.22B | $1.98B | $1.49B | $2.72B | $2.7B | $2.87B | $2.8B |
| Income tax expense | $962.26M | $1.14B | $751.61M | $432.93M | $305.66M | $571.44M | $591.21M | $623.8M | $608M |
| Earnings | |||||||||
| Net income | $3.21B | $3.86B | $2.45B | $1.54B | $1.19B | $2.13B | $2.19B | $2.27B | $2.23B |
| Net income · continuing ops | $3.25B | $3.88B | $2.47B | $1.55B | $1.19B | $2.11B | $2.2B | $2.21B | $2.19B |
| Net margin | +17.46% | +17.35% | +13.04% | +8.76% | +6.52% | +9.65% | +9.65% | +9.67% | +9.62% |
| EPS · basic | $15.67 | $21.06 | $14.72 | $9.89 | $8.02 | $15.33 | $17.33 | $17.10 | $14.94 |
| EPS · diluted | $15.56 | $20.92 | $14.64 | $9.84 | $7.99 | $15.26 | $17.32 | $17.22 | $14.76 |
| EPS · low estimate | — | — | — | — | — | $13.69 | $16.22 | $14.39 | $12.57 |
| EPS · high estimate | — | — | — | — | — | $18.27 | $18.85 | $22.12 | $16.16 |
| Shares · basic | 205.12M | 183.39M | 166.55M | 155.42M | 147.81M | 146.35M | 148.09M | 148.14M | 147.8M |
| Shares · diluted | 206.62M | 184.62M | 167.43M | 156.14M | 148.4M | 148.59M | 149.59M | 147.75M | 149.71M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 8 | 7 | 6 | 5 |
| Analysts (EPS) | — | — | — | — | — | 9 | 8 | 4 | 2 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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