Data center and AI demandmixed · 1 filings
“Demand was largely driven by the commercial, data center, manufacturing, warehouse, and healthcare sectors.”10-K · Feb 27, 2026 ↗
Steel Dynamics, Inc.
STLD
Market read
Steel Dynamics, Inc.'s current read is isolated; its market group is not confirming.
The latest filing is mixed. 0 of 2 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
What changed
- Revenue increased 19.1% versus the comparable filing period.
- Operating cash flow covered only 0.37x net income.
Company+1.2% todayVolume comparison unavailable
Market group0 of 2 activeSteel Producers · unavailable
Disclosed network0 of 2 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- STLD's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if STLD's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing is mixed. 0 of 2 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 19.1% versus the comparable filing period.
- Operating margin improved 4.0 percentage points.
- Net income increased 85.8% versus the comparable filing period.
Evidence that challenges
- Operating cash flow covered only 0.37x net income.
What would clarify the read
- STLD's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations602
Usable filing statements54
Verified relationships2
Evidence supporting the case
- Operating cash flow covered net income at 1.22x in the latest annual period.
Evidence challenging the case
- Operating margin changed -3.0 percentage points in the latest annual period.
- Net margin changed -2.2 percentage points in the latest annual period.
Questions before a position
No credible peer-relative valuation comparison is available yet.
Longer-term price context
Price as of Sep 11, 2026
239.856m+37.0%12m+80.7%24m+116.0%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$18.4B+92.0%$15.56-2.7%
2022-12-31$22.3B+20.9%$20.92-10.6%
2023-12-31$18.8B-15.6%$14.64-9.3%
2024-12-31$17.5B-6.7%$9.84-6.7%
2025-12-31$18.2B+3.6%$7.99-5.0%
What management says matters
Persistent and emerging business drivers
Demand and volumemixed · 1 filings
“Demand was largely driven by the commercial, data center, manufacturing, warehouse, and healthcare sectors.”10-K · Feb 27, 2026 ↗
Foreign exchangenegative · 1 filings
“Net other income was $22.4 million in the second quarter of 2025, compared to $18.7 million in the second quarter of 2024, an increase of $3.7 million due primarily to the impact of foreign currency exchange rate gains of $7.1 million in 2025 compared to loss…”10-Q · Aug 11, 2025 ↗
Input and raw-material costsnegative · 1 filings
“Our metallic raw material cost consumed in our steel mills was unchanged on a per net ton basis in 2025 compared to 2024, consistent with overall steady domestic scrap pricing noted below in the metals recycling operations segment discussion.”10-K · Feb 27, 2026 ↗
Valuation discipline
Peer-relative valuation withheld
Jodie found no industry-matched filing peers suitable for a valuation comparison. It will not substitute broader financial-sector names.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
239.85+1.2% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for STLD. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
The latest filing presents a mixed picture
10-Q filed 2026-04-27 against the comparable filing from 2025-05-12.
OperationsconstructiveEvidence score +4
liquiditycautiousEvidence score -1
valuationpremium
What improved
- Revenue increased 19.1% versus the comparable filing period.
- Operating margin improved 4.0 percentage points.
- Net income increased 85.8% versus the comparable filing period.
What weakened
- Operating cash flow covered only 0.37x net income.
Filing receipts
“Selling, general and administrative expenses of $175.2 million during the first quarter of 2026 decreased 4% from $181.8 million during the first quarter of 2025 primarily due to certain payroll and benefits expense reported within this category during construction and startup of the aluminum flat rolled products mill during the first quarter of 2025 now being reported in cost of goods sold in the first quarter of 2026, consistent with the commencement of production.”
“Net other income was $8.5 million in the first quarter of 2026, compared to $17.6 million in the first quarter of 2025, a decrease of $9.2 million due primarily to decreased interest income from lower invested cash balances during 2026 and decreased income from equity method investments, primarily due to the acquisition of NPS in the fourth quarter of 2025.”
“The increase in working capital included a $373.8 million increase in accounts receivable consistent with increased sales prices and volumes, a $169.6 million increase in inventories consistent with the startup of our recycled aluminum flat rolled products mill, and a $163.0 million decrease in accrued expenses primarily related to the $120.1 million payment of our annual companywide profit sharing funding, partially offset by a $148.1 million increase in accounts payable consistent with increased scrap prices for our metals recycling operations.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind STLD
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depended on by
ATKRAtkore Inc.supplierNov 26, 2025 ▾
“Our primary suppliers of steel are Cleveland-Cliffs, Steel Dynamics and Nucor; our primary suppliers of copper are AmRod, SDI LaFarga and Nexans; and our primary suppliers of PVC resin are Westlake, Formosa and Oxy Vinyls; and our primary suppliers of HDPE re…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 1 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
STLD is currently a Early Follower in the organic co-movement group Steel Producers. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 1 filing-linked name are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.