STLD
STEEL DYNAMICS INCEvidence as of 2026-09-03The desk's Snapshot
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Overview · STEEL DYNAMICS INC
Steel Dynamics, Inc., together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinfo…
Management team
- Mr. Chad Bickford · Vice President of Steel Fabrication GroupFind on LinkedIn
- Mr. Richard A. Poinsatte CPA · Senior VP & TreasurerFind on LinkedIn
- Mr. Richard A. Poinsatte C.P.A. · Senior VP & TreasurerFind on LinkedIn
- Mr. Christopher A. Graham · Senior Vice President of Flat Roll Steel GroupFind on LinkedIn
Start free to see the full management team.
Links open LinkedIn searches, not verified profiles. Team data from our market-data vendor's company profile.
Moneyta sentiment
Where the published evidence leans after the desk debated it, not a rating or a recommendation.
+0.3 on a −2 to +2 scale (was +0.4 before the debate changed the read).
What builds the score
Solid bars are analyst rubric scores; faded bars are computed directly from data. Claims dropped in debate count for nothing; weakened claims count at half weight.
Editor's note
Written after the debate settled. The rest of the page is the evidence behind it.
The evidence balance is Mixed (+ 0.3 of a possible + 2; was + 0.4 before debate) with high confidence. Revenue from contracts rose quarter‑over‑quarter from $ 5,204,858,000 in Q1 2026 (fiscal quarter ended 2026-04-22) to $ 6,091,557,000 in Q2 2026 (fiscal quarter ended 2026-07-23). Gross profit increased from $ 763,223,000 to $ 958,974,000 across the same quarters, which implies reported gross margin expansion (about 14.66% in Q1 2026 versus 15.74% in Q2 2026), and operating income rose from $ 538,004,000 to $ 700,479,000 (operating margin about 10.34% to 11.50%).
Net income and diluted EPS also increased quarter‑over‑quarter (net income $ 403,436,000 to $ 534,087,000; diluted EPS $ 2.78 to $ 3.69). Balance-sheet and capital-return evidence is consistent with modest leverage stability (long‑term debt roughly $ 4,200,000,000) alongside rising stockholders’ equity ($ 8,957,182,000 to $ 9,419,532,000) and active repurchases ($ 115,087,000 in Q1 2026 and $ 200,288,000 in Q2 2026) that reduced diluted shares outstanding to about 143,328,088 as of 2026-07-23. Market signals are mixed: strong 12‑to‑1 momentum (+ 119.2%), elevated short‑term volatility (30‑day annualized + 43.4%), momentum over 6 months + 28.4% but 3‑month momentum − 9.8%, price above the 50‑ and 200‑day SMAs, and valuation multiples that imply relatively high implied FCF growth (implied_growth 0.2712, P/FCF TTM 40.48, P/E TTM 22.07, EV/EBITDA TTM 14.31).
How this note was made
every stage ran before the note was writtenAnalyst desk
Mercer, Oakes, Nash, Ellis, Yates, Talbot and Archer. The desk: named AI agents, not people. Each reads one slice of the evidence and nothing else (no outside knowledge, no browsing), so every finding traces to a source you can open.
Reads the XBRL figures companies file with the SEC (revenue, margins, income, debt and share count, quarter by quarter) and reports which way the trend is running.
Revenue from contracts rose quarter-over-quarter from $5,204,858,000 in fiscal Q1 2026 (2026-01-01 to 2026-03-31, 3mo) to $6,091,557,000 in fiscal Q2 2026 (2026-04-01 to 2026-06-30, 3mo).
XBRL companyfacts · 0001104659-26-049415Gross profit increased from $763,223,000 in fiscal Q1 2026 (2026-01-01 to 2026-03-31, 3mo) to $958,974,000 in fiscal Q2 2026 (2026-04-01 to 2026-06-30, 3mo), implying gross margin expansion (14.66% in Q1 vs 15.74% in Q2 using the reported revenue figures).
XBRL companyfacts · 0001104659-26-049415Reads the filings themselves, above all the year-over-year diff of Item 1A risk factors: which risks a company added, dropped or quietly reworded since its last annual report.
Which filings the desk reads
The desk reads the annual 10-K in full: its risk factors, and how they changed since last year. Quarterly 10-Qs and event filings (8-Ks, insider Form 4s) are listed for context but not read line by line: the 10-K is where the material risk disclosures live. A brand-new company, or one we have only just begun tracking, may have no annual report on file yet; its risk analysis fills in once that lands.
At a meeting held on August 12, 2026, the Compensation Committee approved one-time transition awards for two executives.
8-K/A filed 2026-08-18Barry Schneider and Christopher Graham will each be granted restricted stock units on December 15, 2026 in the amount of $2,000,000, with half of such restricted stock units vesting on December 15, 2028 and the remaining half vesting on December 15, 2029, each grant being subject to such person being currently employed by the Company.
8-K/A filed 2026-08-18Reads the signal panel above (momentum, volatility, drawdown, relative strength and beta) and ranks each against the whole research universe rather than judging it in isolation.
Momentum over the 12-1 window is +119.2% and ranks in the 94th percentile of the 547-stock research universe.
Moneyta signal set · 2026-09-02weakened in debateMomentum over 6 months is +28.4% and ranks in the 87th percentile of the 547-stock research universe, while 3-month momentum is -9.8%.
Moneyta signal set · 2026-09-02Reads which funds hold the name and at what weight, plus insider Form 4 filings, to show the exposure you may already carry through index funds.
As of 2026-09-02 the ETF iShares Core S&P 500 ETF (IVV) held STLD at 0.05% of the fund.
ETF constituents · market dataA Form 4 filing for STLD exists with the 4 filed 14 August 2026 and filed date 2026-08-14; the parsed record shows parse_status 'skipped' and no primary_doc_url in the provided evidence.
Form 4 × 1 (90d window not enforced here)Reads recent headlines that are genuinely about this company, ignoring rating chatter and market-wide stories. Findings argue in the debate but never move the sentiment score.
Several outlets note company-specific positive news: Simply Wall St reported a third-quarter cash dividend of US$0.53 per share payable on or about October 9, 2026 and linked that affirmation to share gains of about 7.7% in coverage dated 28 August 2026.
News · simplywall.st · 2026-08-28Multiple independent outlets published valuation- and performance-focused pieces that present Steel Dynamics as attractively valued or having produced strong returns, including Simply Wall St (26–27 August 2026) and GuruFocus (2 September 2026).
News · simplywall.st · 2026-08-27Reads parsed Forms 3/4/5: who bought or sold, at what size, and whether a 10b5-1 plan was involved. Flags clustered open-market officer buying; treats plan sales as routine and never counts a fund or 10%-holder as an officer.
On 2026-08-13, Hamann Jennifer L (Director) reported an acquisition of 72 shares, action code A, with reported value "$0" in the filing.
Form 4 · Hamann Jennifer L (Director) · $0 code A · 2026-08-13The filing for the 2026-08-13 transaction does not indicate a trading plan (the trading_plan field is null in the evidence).
Form 4 · Hamann Jennifer L (Director) · $0 code A · 2026-08-13Reads the implied-expectations math built from the company's own filings (the growth rate today's price would justify, and the multiples beside it) and argues whether the market's bar looks high or low for this business. Never turns the math into a target.
The valuation input labeled implied_growth is 0.2712 (27.12%), i.e., the FCF growth rate today's price would justify under the stated discount and terminal assumptions.
Valuation inputs · SEC XBRL + stored EOD closePrice-to-free-cash-flow (P/FCF, trailing twelve months) is 40.48, implying the market price equals about 40.5 times the TTM free cash flow per share.
Valuation inputs · SEC XBRL + stored EOD closeDebate and risk review
A bull and a bear contest the claims and the chair rules on each; the risk review stress-tests what survived.
A bull and a bear argue the analysts' claims across two rounds, then a chair rules on each one. Only what survives feeds the score. The argument is shown, not hidden, so you can judge the reasoning yourself.
The provided operational and profitability claims together show clear quarter-over-quarter improvement in top-line and profits (fundamentals-0 through fundamentals-3), accompanied by share count reduction and meaningful repurchases (fundamentals-4) that amplify EPS and FCF per-share metrics. Market signals show strong momentum and relative strength versus the market over 6–12 months and price sitting above key moving averages (market-0, market-1, market-2, market-5), consistent with investor appetite for recent performance. Balance-sheet evidence shows long-term debt essentially steady while equity has risen (fundamentals-5), and EV/EBITDA sits at a moderate multiple relative to some valuation benchmarks (valuation-2), which together with improving margins may support valuation reappraisal. In response to valuation and volatility concerns (valuation-0, valuation-1, market-3), the earnings and cash-flow base (fundamentals-3 and valuation-2) plus active buybacks (fundamentals-4) provide tangible drivers that can justify higher per-share cash-flow metrics without invoking market-wide factors. These points jointly support a favorable read based on the company-specific operational and capital-return evidence supplied.
Chair's verdict, claim by claim
Fragility · computed, not argued
balanced0.35
33 surviving claims rest on 14 distinct sources; the heaviest analyst carries 18% of them, and 97% of what the desk raised survived the debate.
The evidence set is moderately broad (14 distinct sources) but a sizable share of the surviving claims cluster on a few high-importance items and a single analyst/source carries nearly one-fifth of the weight — that raises concentration risk in the read. Also, 97% survivorship through debate means most assertions were unchallenged internally, which increases confidence in the surface consistency but also implies limited counter-evidence was introduced; treat the read as informational but dependent on a relatively small set of confirmatory documents.
Peer context · computed, not argued
12-1 momentum ranks 1st of 2 in Steel (as of 2026-09-02).
6-month relative strength ranks 2nd of 2 in Steel (as of 2026-09-02).
90-day volatility ranks 1st of 2 in Steel (as of 2026-09-02).
dividend yield ranks 2nd of 2 in Steel (as of 2026-09-02).
Disconfirming evidence · base rates · falsifiers
Context
Outside consensus, and where this name already sits in your own portfolio.
Third-party consensus shown for context. It never enters Moneyta sentiment. When the two diverge, the debate above is where the why lives.
What this was built from
Every figure on this page traces to one of these. The desk reads only what is listed here (no outside knowledge, no browsing), and each card shows who read it and what it contributed to the score.
11 filings· 1 cited
SEC XBRL filings
Quarterly figures as filed with the SEC, read straight from EDGAR's structured data, not retyped or estimated.
Read by Mercer+0.8 to the score
4 documents· 2 cited
SEC filing documents
The filings themselves, including the year-over-year comparison of Item 1A risk factors.
Read by Oakes+0.0 to the score
1 signal set
Moneyta signal set
Computed from our own end-of-day price history and ranked against the whole research universe. No AI involved.
Read by Nash+0.4 to the score
2 holdings records
Fund holdings
Which funds hold this name and at what weight, plus insider Form 4 filings.
Read by Ellis+0.0 to the score
8 headlines· 2 cited
News coverage
Recent headlines about this company, rating chatter excluded and nothing published after the report date.
Read by Yatesnothing survived
1 filing
Insider filings
Parsed Forms 3/4/5 from EDGAR: named insiders, share counts, prices, and 10b5-1 plan state, with stated and inferred flags kept apart.
Read by Talbot+0.5 to the score
1 computation
Valuation inputs
TTM cash-flow figures from the company's own XBRL filings, priced with the stored closing price. Implied growth and multiples only; no fair-value dollar figure reaches the desk, by design.
Read by Archercontext only
1 record· 0 cited
Company profile
Sector, industry and company details.
1 record· 0 cited
Analyst consensus
Third-party consensus, shown for context only; it never enters Moneyta sentiment.
Read means we pulled and handed it to an analyst; cited means a claim on this page points at it. Reading twelve quarters to state one trend is normal; the gap is shown rather than hidden.
Written by AI, checked against sources
The analysts, the bull–bear debate and the editor's note are AI agents reading only the evidence listed on this page. They can misread a filing or a headline, which is why every claim cites a source you can open and check yourself. The sentiment score is arithmetic over the claims that survived the debate, not a language model's opinion.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations. Past patterns do not indicate future results.
The full terminal on STLD Gold
Who holds it, who's buying, what the Street thinks: live behind the lock, updated as filings land.
Institutional holders
Net institutional flow, Q/Q
Largest holder position
Insider buys, 90 days
Clustered insider value
Street target range
The real figures are for members. Educational analysis, not advice.
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