Explain this page
Arphra AIPlain-English read on Steel Dynamics, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +29.13% | +27.48% | +21.53% | +15.98% | +13.01% | +16.78% | +16.39% | +17.27% | +16.34% |
| Operating margin | +23.36% | +22.87% | +16.77% | +11.08% | +8.12% | +11.88% | +11.66% | +11.83% | +12.23% |
| EBITDA margin | +25.06% | +24.69% | +19.86% | +14.36% | +11.63% | +15.20% | +15.14% | +14.85% | +15.68% |
| EBIT margin | +23.18% | +22.97% | +17.53% | +11.63% | +8.60% | +12.31% | +12.44% | +12.63% | +12.84% |
| Pre-tax margin | +22.86% | +22.56% | +17.13% | +11.30% | +8.21% | +12.35% | +11.89% | +12.25% | +12.04% |
| Net margin | +17.46% | +17.35% | +13.04% | +8.76% | +6.52% | +9.65% | +9.65% | +9.67% | +9.62% |
| Cost structure | |||||||||
| Cost of revenue / sales | +70.87% | +72.52% | +78.47% | +84.02% | +86.99% | +82.11% | +80.86% | +82.73% | +83.59% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +3.50% | +2.45% | +3.13% | +3.79% | +4.89% | +3.86% | +4.05% | +4.01% | +3.84% |
| Effective tax rate | +22.86% | +22.74% | +23.35% | +21.83% | +20.47% | +21.01% | +21.87% | +21.74% | +21.75% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +50.85% | +47.71% | +27.73% | +17.18% | +13.28% | +19.58% | +19.52% | +19.54% | +19.17% |
| Return on assets (ROA) | +25.65% | +27.28% | +16.44% | +10.29% | +7.22% | +11.65% | +11.34% | +11.33% | +11.32% |
| Return on capital (ROC) | +45.63% | +45.60% | +26.46% | +15.81% | +11.23% | +17.14% | +16.78% | +17.11% | +17.40% |
| Return on invested capital (ROIC) | +34.10% | +34.59% | +20.58% | +12.51% | +9.02% | +13.92% | +13.88% | +14.00% | +13.69% |
| Asset turnover | +146.90% | +157.21% | +126.07% | +117.44% | +110.75% | +120.71% | +117.52% | +117.11% | +117.72% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +17.46% | +17.35% | +13.04% | +8.76% | +6.52% | +9.65% | +9.65% | +9.67% | +9.62% |
| Asset turnover (× revenue / assets) | +146.90% | +157.21% | +126.07% | +117.44% | +110.75% | +120.71% | +117.52% | +117.11% | +117.72% |
| Equity multiplier (× assets / equity) | +198.27% | +174.91% | +168.66% | +166.96% | +183.79% | +168.10% | +172.21% | +172.50% | +169.32% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 1.47 | 1.57 | 1.26 | 1.17 | 1.11 | 1.21 | 1.18 | 1.17 | 1.18 |
| Fixed-asset turnover | 3.87 | 4.14 | 2.79 | 2.16 | 2.12 | — | — | — | — |
| Inventory turnover | 3.69 | 5.16 | 5.10 | 4.73 | 4.23 | — | — | — | — |
| Receivables turnover | 9.61 | 10.83 | 11.69 | 12.38 | 10.80 | — | — | — | — |
| Payables turnover | 10.19 | 15.87 | 13.55 | 15.04 | 12.84 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 38.00 | 33.71 | 31.23 | 29.49 | 33.79 | — | — | — | — |
| Days inventory outstanding (DIO) | 98.79 | 70.77 | 71.63 | 77.12 | 86.30 | — | — | — | — |
| Days payables outstanding (DPO) | 35.83 | 23.00 | 26.93 | 24.27 | 28.42 | — | — | — | — |
| Cash conversion cycle | 100.96 | 81.48 | 75.93 | 82.34 | 91.66 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 0.69 | 1.15 | 1.44 | 1.20 | 1.22 | 1.27 | 1.27 | 1.26 | 1.27 |
| FCF / Net income | 0.37 | 0.92 | 0.76 | -0.02 | 0.42 | 0.42 | 0.43 | 0.44 | 0.44 |
| FCF margin | +6.51% | +15.95% | +9.91% | -0.13% | +2.76% | +4.06% | +4.10% | +4.24% | +4.19% |
| OCF margin | +11.97% | +20.04% | +18.73% | +10.52% | +7.97% | +12.26% | +12.29% | +12.17% | +12.19% |
| CapEx / Revenue | +5.47% | +4.08% | +8.82% | +10.65% | +5.22% | +8.03% | +8.05% | +8.02% | +8.01% |
| CapEx / D&A | 2.89 | 2.37 | 3.79 | 3.90 | 1.72 | — | — | — | — |
| Stock-based comp / Revenue | +0.31% | +0.27% | +0.33% | +0.38% | 0.00% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 15.56 | 20.92 | 14.64 | 9.84 | 7.99 | 15.26 | 17.32 | 17.22 | 14.76 |
| EPS · basic | 15.67 | 21.06 | 14.72 | 9.89 | 8.02 | 15.33 | 17.33 | 17.10 | 14.94 |
| Book value / share | 30.59 | 43.85 | 52.80 | 57.29 | 60.18 | 73.07 | 75.10 | 78.46 | 77.78 |
| Tangible BV / share | 26.96 | 39.68 | 48.40 | 52.78 | 54.73 | 73.07 | 75.10 | 78.46 | 77.78 |
| Sales / share | 89.10 | 120.57 | 112.26 | 112.34 | 122.48 | 148.27 | 151.99 | 158.50 | 155.04 |
| Operating CF / share | 10.67 | 24.16 | 21.02 | 11.81 | 9.77 | 18.17 | 18.68 | 19.28 | 18.90 |
| Free cash flow / share | 5.80 | 19.24 | 11.12 | -0.15 | 3.38 | 6.02 | 6.24 | 6.72 | 6.50 |
| Dividends / share | 1.03 | 1.28 | 1.62 | 1.81 | 1.96 | 2.24 | 2.42 | 2.45 | 2.37 |
| Payout ratio | +6.63% | +6.14% | +11.07% | +18.39% | +24.56% | +15.63% | +16.51% | +15.99% | +15.92% |
| Retention ratio | +93.37% | +93.86% | +88.93% | +81.61% | +75.44% | +84.37% | +83.49% | +84.01% | +84.08% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +20.92% | -15.57% | -6.68% | +3.63% | +21.21% | +3.19% | +3.01% | -0.89% | +2.94% |
| Gross profit · YoY | — | +14.09% | -33.87% | -30.73% | -15.64% | +56.38% | +0.79% | +8.56% | -6.23% | -4.23% |
| Profit | ||||||||||
| Operating income · YoY | — | +18.38% | -38.11% | -38.34% | -24.04% | +77.35% | +1.27% | +4.48% | +2.47% | -5.06% |
| EBITDA · YoY | — | +19.14% | -32.08% | -32.55% | -16.03% | +58.37% | +2.79% | +1.03% | +4.68% | -2.92% |
| Net income · YoY | — | +20.18% | -36.55% | -37.28% | -22.87% | +79.28% | +3.18% | +3.30% | -1.44% | -4.45% |
| Operating | ||||||||||
| EBIT · YoY | — | +19.84% | -35.54% | -38.12% | -23.35% | +73.58% | +4.25% | +4.56% | +0.80% | -4.38% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +34.45% | -30.02% | -32.79% | -18.80% | +91.01% | +13.48% | -0.58% | -14.29% | -0.66% |
| EPS · basic · YoY | — | +34.40% | -30.10% | -32.81% | -18.91% | +91.09% | +13.08% | -1.33% | -12.62% | -0.59% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $3.11B | $3.07B | $3.07B | $3.35B | $4.21B | $4.42B | $4.56B | $4.59B | $4.67B |
| Net debt | $1.86B | $1.44B | $1.67B | $2.76B | $3.44B | $3.31B | $3.44B | $3.4B | $3.51B |
| Net debt / EBITDA | 0.40 | 0.26 | 0.45 | 1.09 | 1.63 | 0.99 | 1.00 | 0.98 | 0.96 |
| Debt / equity | 0.49 | 0.38 | 0.35 | 0.37 | 0.47 | 0.41 | 0.41 | 0.40 | 0.40 |
| Debt / assets | +24.79% | +21.68% | +20.60% | +22.40% | +25.66% | +24.19% | +23.58% | +22.96% | +23.66% |
| Equity / assets | +50.44% | +57.17% | +59.29% | +59.89% | +54.41% | +59.49% | +58.07% | +57.97% | +59.06% |
| Coverage | |||||||||
| EBITDA / interest expense | 80.65 | 60.05 | 48.81 | 44.69 | 30.19 | 40.14 | 40.42 | 40.29 | 41.42 |
| Operating income / interest | 75.18 | 55.63 | 41.20 | 34.48 | 21.07 | 31.37 | 31.13 | 32.09 | 32.29 |
| Interest expense | $57.21M | $91.54M | $76.48M | $56.35M | $70.04M | $83.43M | $85.15M | $86.31M | $87.9M |
| Liquidity | |||||||||
| Current ratio | 3.10 | 3.76 | 2.91 | 2.53 | 3.06 | — | — | — | — |
| Quick ratio | 1.42 | 2.12 | 1.60 | 1.00 | 1.16 | — | — | — | — |
| Cash ratio | 0.56 | 0.80 | 0.60 | 0.27 | 0.36 | — | — | — | — |
| Working capital | $4.67B | $5.61B | $4.46B | $3.28B | $4.36B | — | — | — | — |
| Working capital / revenue | +25.39% | +25.18% | +23.71% | +18.70% | +24.00% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).