---
title: Steel Dynamics (STLD) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/stld
ticker: STLD
as_of: 2026-10-17
sector: Basic Materials
industry: Steel
---
# Steel Dynamics (STLD)

Steel Dynamics (STLD) closed at $240.54 on Oct 16, 2026, overvalued by 10% vs its model value of $219.26 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $240.54 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $219.26 |
| Price vs model | overvalued by 10% vs model |
| Range of that model | $156.27 – $367.49 |
| Market value | $34.5B |
| P/E (fiscal 2025) | 30.1 |
| Net margin (fiscal 2025) | 6.5% |
| Free cash flow (fiscal 2025) | $501.5M |
| Dividend yield (trailing twelve months) | 0.87% |
| Beta | 1.49 |
| Cost of capital (WACC) | 9.87% |
| Business classification | Cyclical (Revenue declining (~-2% recent), Moderate margins (7% net margin), Highly cyclical earnings) |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 0.87% |
| Dividends per share, last 12 months | $2.09 |
| Dividends / free cash flow (fiscal 2025) | 58.1% |
| Raised | 13 years in a row |
| Growth over 5 years | 15.2% a year |
| Latest payment | $0.53, ex-date Sep 30, 2026, paid Oct 9, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Sep 29, 2021 | $1.03 |
| To Sep 29, 2022 | $1.28 |
| To Sep 28, 2023 | $1.62 |
| To Sep 30, 2024 | $1.81 |
| To Sep 30, 2025 | $1.96 |
| Trailing twelve months (to Sep 30, 2026) | $2.09 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $219.26 | $156.27 | $367.49 |
| DCF · Perpetuity growth · 10y | cross check | $216.55 | $160.00 | $345.98 |
| DCF · EBITDA exit · 5y | cross check | $282.10 | $170.24 | $414.22 |
| DCF · EBITDA exit · 10y | cross check | $257.58 | $167.91 | $378.13 |
| P/E · peers | cross check | $123.80 | $91.05 | $465.34 |
| P/E · own history | cross check | $112.94 | $67.65 | $186.44 |
| PEG | sanity check | $304.92 | $304.92 | $304.92 |
| EV/EBITDA · peers | cross check | $108.40 | $65.19 | $482.58 |
| EV/Revenue · peers | cross check | $47.08 | $12.72 | $92.34 |
| Earnings power value | cross check | $61.45 | $50.28 | $76.63 |
| Dividend discount | cross check | $27.42 | $20.21 | $39.80 |

## Insider activity (SEC Form 4)

No open-market insider buys or sales filed in the past 90 days.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 9, 2026 | Sierra Luis Manuel | Director | Grant / award | 7 | $0 |
| Oct 9, 2026 | Seaman Bradley S | Director | Grant / award | 105 | $0 |
| Oct 9, 2026 | Hamann Jennifer L | Director | Grant / award | 18 | $0 |
| Oct 9, 2026 | DOLAN TRACI M | Director | Grant / award | 97 | $0 |
| Oct 9, 2026 | Cornew Kenneth W. | Director | Grant / award | 2 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Sep 18, 2026 | 8-K | 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1022671/000110465926108777/tm2625690d1_8k.htm |
| Aug 18, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers | https://www.sec.gov/Archives/edgar/data/1022671/000110465926098390/tm2623531d1_8ka.htm |
| Aug 14, 2026 | 8-K | 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1022671/000110465926096861/tm2623292d1_8k.htm |
| Aug 4, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1022671/000110465926090129/tm2622182d1_8k.htm |
| Jul 28, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1022671/000110465926087414/stld-20260630x10q.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Bridgewater | 2026-06-30 | 378,490 | $86.8M |

1 tracked managers in all.

## About

Steel Dynamics, Inc. is a prominent American steel manufacturer and metal recycling enterprise, conducting its operations through three distinct business divisions. The Steel Operations segment is responsible for producing a broad range of steel products, including hot, cold, and coated rolled steel, various structural shapes like beams, channels, and angles, flat and reinforcing bars, and a diverse selection of rail and engineered steel bar products. This segment also provides specialized processing services for both bar products (such as turning, polishing, and heat treating) and specialty items (including cutting, welding, and galvanizing). Its offerings cater to numerous industries, such as construction, automotive, manufacturing, transportation, heavy and agricultural equipment, and pipe and tube production. Sales are channeled directly to end-users, steel fabricators, and service c…

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Source: https://sweetvaluelab.com/stocks/stld (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.