Recent News
Aug. 4, 2026 — Board announced a CEO succession plan naming Theresa E. Wagler as President and Chief Executive Officer effective Jan. 1, 2027, with Mark D. Millett transitioning to Executive Chairman; several senior leadership reorganizations take effect Sept. 1, 2026. The board declared a $0.53 per-share cash dividend with record date June 30, 2026 and payment on or about July 10, 2026. Multiple Form 8‑K and 10‑Q filings followed the quarter, and public Form 4 activity showed concentrated insider transactions in mid‑summer.
Technical Analysis
ADX at 11.37 indicates no established directional trend; the market lacks strong trend strength and favors range-bound behavior in the near term.
DI+ sits at 25.11 and DI‑ at 23.12, with both directional indicators decreasing; the marginally higher DI+ amid a decreasing DI+ trend signals weakening bullish pressure rather than an accelerating bid.
MACD reads -1.88 versus a -2.04 signal line; the MACD currently sits just above its signal line (a brief bullish cross), but the MACD trend registers a peak‑and‑reversal, which signals bearish momentum dominance in recent sessions.
MRO equals 15.13 and is positive, indicating the current price sits above the model target and carries measurable downside pressure from a momentum/regression perspective.
RSI at 49.87 and decreasing shows momentum fading from neutral territory toward the downside; momentum indicators no longer support an immediate breakout thesis.
Price behavior relative to moving averages: last close $238.23 sits above the 200‑day average ($212.48) but below the 50‑day average ($243.20). The 12‑day EMA shows a peak‑and‑reversal and the 20‑day average ($238.77) aligns with current price, pointing to short‑term resistance near the $240–$244 band.
Bollinger bands place one‑sigma resistance at $243.74 and one‑sigma support at $233.80; current price sits near the middle of the band set. Ichimoku midlines (Tenkan $240.46, Kijun $244.51, Senkou A $247.96, Senkou B $252.22) cluster above price and mark the $244–$252 area as layered resistance. SuperTrend lower support sits at $227.63 and provides a defined short‑term floor.
Fundamental Analysis
Revenue reached $6,091,557,000 for the period ending 2026‑06‑30 with YoY revenue growth reported at 279.93% and a point estimate revenue growth of 17.04% (reported). Net income from continuing operations totaled $530,785,000 and EPS came in at $3.69 versus an estimate of $3.67, producing an EPS surprise of +0.545% (beat of $0.02). Adjusted EBITDA measured $896,506,000 and EBIT totaled $722,584,000. The company highlighted record shipments and operational progress in recent public filings.
Margins and cash flow: EBIT margin equals 11.86%, improving QoQ by 12.98% and YoY by 33.63% as reported. Gross margin stands at 15.74% and operating margin at 12.44%, both showing sequential and yearly improvement. Free cash flow measured $304,094,000, representing a free cash flow yield of ~0.91%; free cash flow growth shows a YoY contraction of -27.15% in the supplied series while sequential changes indicate volatility in cash conversion.
Balance sheet and leverage: total debt $4,182,142,000 with net debt roughly $3,614,434,000; debt/EBITDA equals 4.66 and debt/equity equals 0.444. Interest coverage stands at 18.47x, indicating ample earnings buffer against interest expense. Liquidity metrics include cash and short‑term investments $567,708,000, current ratio 3.18, and quick ratio 1.45.
Returns and efficiency: return on equity registers 5.67% with a YoY lift of ~68.25%; return on assets 3.16% rose materially year over year. Asset turnover equals 0.36 and improved QoQ and YoY in the supplied data. Book value per share sits at $65.59 and shares outstanding total 143,610,058.
Relative to peers where industry peer mean figures exist: EBIT margin (11.86%) sits below the industry peer mean (40.33%); P/B ratio at 3.56 sits slightly above the industry peer mean of 3.26; P/E approximately 63.30 sits below the industry peer mean of 76.88. The enterprise multiple near 41.45 sits marginally below the industry peer mean of 42.32. The current valuation as determined by WMDST: fair‑valued.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-07-20 |
| NEXT REPORT DATE: | 2026-10-19 |
| CASH FLOW | Begin Period Cash Flow | $ 561.8 M |
| Operating Cash Flow | $ 427.9 M | |
| Capital Expenditures | $ -123.84 M | |
| Change In Working Capital | $ -335.34 M | |
| Dividends Paid | $ -76.56 M | |
| Cash Flow Delta | $ 11.2 M | |
| End Period Cash Flow | $ 573.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 6.1 B | |
| Forward Revenue | $ 2.0 B | |
| COSTS | ||
| Cost Of Revenue | $ 5.1 B | |
| Depreciation | $ 166.2 M | |
| Depreciation and Amortization | $ 173.9 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 5.3 B | |
| PROFITABILITY | ||
| Gross Profit | $ 959.0 M | |
| EBITDA | $ 896.5 M | |
| EBIT | $ 722.6 M | |
| Operating Income | $ 757.8 M | |
| Interest Income | — | |
| Interest Expense | $ 39.1 M | |
| Net Interest Income | $ -39.12 M | |
| Income Before Tax | $ 683.5 M | |
| Tax Provision | $ 152.7 M | |
| Tax Rate | 22.3 % | |
| Net Income | $ 534.1 M | |
| Net Income From Continuing Operations | $ 530.8 M | |
| EARNINGS | ||
| EPS Estimate | $ 3.67 | |
| EPS Actual | $ 3.69 | |
| EPS Difference | $ 0.02 | |
| EPS Surprise | 0.545 % | |
| Forward EPS | $ 4.89 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 17.1 B | |
| Intangible Assets | $ 793.2 M | |
| Net Tangible Assets | $ 8.6 B | |
| Total Current Assets | $ 7.3 B | |
| Cash and Short-Term Investments | $ 567.7 M | |
| Cash | $ 567.7 M | |
| Net Receivables | $ 2.4 B | |
| Inventory | $ 4.0 B | |
| Long-Term Investments | $ 547.4 M | |
| LIABILITIES | ||
| Accounts Payable | $ 1.5 B | |
| Short-Term Debt | $ 1.3 M | |
| Total Current Liabilities | $ 2.3 B | |
| Net Debt | $ 3.6 B | |
| Total Debt | $ 4.2 B | |
| Total Liabilities | $ 7.8 B | |
| EQUITY | ||
| Total Equity | $ 9.4 B | |
| Retained Earnings | $ 16.5 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 65.59 | |
| Shares Outstanding | 143.610 M | |
| Revenue Per-Share | $ 42.42 | |
| VALUATION | Market Capitalization | $ 33.5 B |
| Enterprise Value | $ 37.2 B | |
| Enterprise Multiple | 41.446 | |
| Enterprise Multiple QoQ | -2.131 % | |
| Enterprise Multiple YoY | -0.052 % | |
| Enterprise Multiple IPRWA | high: 207.032 mean: 42.316 STLD: 41.446 median: 37.643 low: -159.463 |
|
| EV/R | 6.1 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.817 | |
| Asset To Liability | 2.208 | |
| Debt To Capital | 0.307 | |
| Debt To Assets | 0.244 | |
| Debt To Assets QoQ | -2.73 % | |
| Debt To Assets YoY | 0.498 % | |
| Debt To Assets IPRWA | high: 0.561 STLD: 0.244 median: 0.171 mean: 0.154 low: 0.001 |
|
| Debt To Equity | 0.444 | |
| Debt To Equity QoQ | -3.135 % | |
| Debt To Equity YoY | 4.086 % | |
| Debt To Equity IPRWA | high: 1.375 STLD: 0.444 mean: 0.335 median: 0.302 low: 0.001 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.561 | |
| Price To Book QoQ | 24.36 % | |
| Price To Book YoY | 65.858 % | |
| Price To Book IPRWA | high: 11.776 STLD: 3.561 mean: 3.259 median: 2.859 low: 0.004 |
|
| Price To Earnings (P/E) | 63.297 | |
| Price To Earnings QoQ | -3.146 % | |
| Price To Earnings YoY | -2.19 % | |
| Price To Earnings IPRWA | high: 163.72 median: 82.305 mean: 76.882 STLD: 63.297 low: -237.383 |
|
| PE/G Ratio | 1.934 | |
| Price To Sales (P/S) | 5.506 | |
| Price To Sales QoQ | 9.211 % | |
| Price To Sales YoY | 32.086 % | |
| Price To Sales IPRWA | high: 132.249 mean: 25.737 median: 19.721 STLD: 5.506 low: 0.0 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 50.062 | |
| Forward PE/G | 1.529 | |
| Forward P/S | 17.368 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.892 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.36 | |
| Asset Turnover Ratio QoQ | 14.638 % | |
| Asset Turnover Ratio YoY | 24.152 % | |
| Asset Turnover Ratio IPRWA | high: 0.421 STLD: 0.36 mean: 0.137 median: 0.111 low: 0.001 |
|
| Receivables Turnover | 2.708 | |
| Receivables Turnover Ratio QoQ | -2.74 % | |
| Receivables Turnover Ratio YoY | 1.479 % | |
| Receivables Turnover Ratio IPRWA | high: 14.224 mean: 4.728 median: 3.183 STLD: 2.708 low: 0.33 |
|
| Inventory Turnover | 1.305 | |
| Inventory Turnover Ratio QoQ | 12.366 % | |
| Inventory Turnover Ratio YoY | 5.179 % | |
| Inventory Turnover Ratio IPRWA | high: 3.007 STLD: 1.305 mean: 0.94 median: 0.86 low: 0.337 |
|
| Days Sales Outstanding (DSO) | 33.7 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 85.067 | |
| Cash Conversion Cycle Days QoQ | -7.455 % | |
| Cash Conversion Cycle Days YoY | 6.689 % | |
| Cash Conversion Cycle Days IPRWA | high: 270.86 STLD: 85.067 median: 74.431 mean: 60.13 low: -247.679 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.22 | |
| CapEx To Revenue | -0.02 | |
| CapEx To Depreciation | -0.745 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 13.6 B | |
| Net Invested Capital | $ 13.6 B | |
| Invested Capital | $ 13.6 B | |
| Net Tangible Assets | $ 8.6 B | |
| Net Working Capital | $ 5.0 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.248 | |
| Current Ratio | 3.183 | |
| Current Ratio QoQ | 1.689 % | |
| Current Ratio YoY | 1.757 % | |
| Current Ratio IPRWA | high: 14.206 STLD: 3.183 mean: 2.73 median: 2.066 low: 0.343 |
|
| Quick Ratio | 1.454 | |
| Quick Ratio QoQ | 9.313 % | |
| Quick Ratio YoY | 8.849 % | |
| Quick Ratio IPRWA | high: 11.663 mean: 2.003 STLD: 1.454 median: 1.144 low: 0.255 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 4.665 | |
| Cost Of Debt | 0.616 % | |
| Interest Coverage Ratio | 18.471 | |
| Interest Coverage Ratio QoQ | 12.36 % | |
| Interest Coverage Ratio YoY | -20.778 % | |
| Interest Coverage Ratio IPRWA | high: 98.656 median: 21.316 STLD: 18.471 mean: 17.698 low: -83.043 |
|
| Operating Cash Flow Ratio | 0.165 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 29.41 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 6.977 | |
| Dividend Payout Ratio | 0.143 | |
| Dividend Rate | $ 0.53 | |
| Dividend Yield | 0.002 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.352 % | |
| Revenue Growth | 17.036 % | |
| Revenue Growth QoQ | -4.912 % | |
| Revenue Growth YoY | 279.929 % | |
| Revenue Growth IPRWA | high: 39.419 % STLD: 17.036 % median: 3.076 % mean: 0.858 % low: -53.525 % |
|
| Earnings Growth | 32.734 % | |
| Earnings Growth QoQ | -37.941 % | |
| Earnings Growth YoY | -17.303 % | |
| Earnings Growth IPRWA | high: 140.0 % STLD: 32.734 % median: 11.628 % mean: 2.918 % low: -162.963 % |
|
| MARGINS | ||
| Gross Margin | 15.743 % | |
| Gross Margin QoQ | 7.358 % | |
| Gross Margin YoY | 16.202 % | |
| Gross Margin IPRWA | high: 77.638 % mean: 46.286 % median: 40.658 % STLD: 15.743 % low: 0.755 % |
|
| EBIT Margin | 11.862 % | |
| EBIT Margin QoQ | 12.982 % | |
| EBIT Margin YoY | 33.626 % | |
| EBIT Margin IPRWA | high: 121.894 % mean: 40.33 % median: 35.501 % STLD: 11.862 % low: -88.08 % |
|
| Return On Sales (ROS) | 12.44 % | |
| Return On Sales QoQ | 11.6 % | |
| Return On Sales YoY | 37.322 % | |
| Return On Sales IPRWA | high: 100.0 % mean: 38.095 % median: 28.24 % STLD: 12.44 % low: -16.224 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 304.1 M | |
| Free Cash Flow Yield | 0.907 % | |
| Free Cash Flow Yield QoQ | 2225.641 % | |
| Free Cash Flow Yield YoY | 1195.714 % | |
| Free Cash Flow Yield IPRWA | high: 5.024 % median: 1.053 % STLD: 0.907 % mean: 0.014 % low: -14.153 % |
|
| Free Cash Growth | 2841.801 % | |
| Free Cash Growth QoQ | -3339.406 % | |
| Free Cash Growth YoY | -2714.713 % | |
| Free Cash Growth IPRWA | STLD: 2841.801 % high: 190.698 % median: 24.199 % mean: 8.017 % low: -398.55 % |
|
| Free Cash To Net Income | 0.569 | |
| Cash Flow Margin | 6.207 % | |
| Cash Flow To Earnings | 0.708 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 3.157 % | |
| Return On Assets QoQ | 29.651 % | |
| Return On Assets YoY | 66.333 % | |
| Return On Assets IPRWA | high: 10.518 % STLD: 3.157 % mean: 2.788 % median: 2.752 % low: -12.373 % |
|
| Return On Capital Employed (ROCE) | 4.874 % | |
| Return On Equity (ROE) | 0.057 | |
| Return On Equity QoQ | 28.805 % | |
| Return On Equity YoY | 68.249 % | |
| Return On Equity IPRWA | high: 0.195 STLD: 0.057 median: 0.049 mean: 0.043 low: -0.216 |
|
| DuPont ROE | 5.748 % | |
| Return On Invested Capital (ROIC) | 4.128 % | |
| Return On Invested Capital QoQ | 29.526 % | |
| Return On Invested Capital YoY | 65.783 % | |
| Return On Invested Capital IPRWA | high: 13.512 % median: 4.581 % STLD: 4.128 % mean: 4.094 % low: -5.244 % |
|