Recent News
Aug 14, 2026 — Board declared a third-quarter cash dividend of $0.53 per share, payable to shareholders of record September 30, 2026; Aug 4, 2026 — leadership changes announced with Theresa E. Wagler named President and Chief Executive Officer and an executive chairman role for Mark D. Millett; Aug 7, 2026 — trade court action advanced with steelmakers granted intervention in a CORE duty-related case affecting domestic producers.
Technical Analysis
Directional indicators: ADX at 15.45 indicates no established trend, but DI+ at 26.46 increasing while DI- at 24.87 decreasing signals a short-term bullish directional tilt that supports the view of margin-driven upside.
MACD: MACD sits at -2.16 after a dip-and-reversal and has crossed above its signal line (-2.32), a bullish momentum signal that favors further near-term upside continuation.
MRO: MRO reads 22.8 (positive), implying price sits above the regression target and faces mean-reversion pressure that raises the probability of consolidation or a pullback from current levels.
RSI: RSI at 50.96 with a dip-and-reversal indicates regained positive momentum without overbought extremes, aligning with other indicators that point to measured bullishness rather than an extended rally.
Price vs. averages and cloud: Last close $242.06 trades above the 200-day average ($209.65) and marginally above the 50-day average ($241.94), with the 12-day EMA recovering; Ichimoku Tenkan at $237.62 sits below price while Kijun at $245.69 sits above, implying short-term strength inside a broader range defined by the cloud.
Bands and volatility: Price sits near the upper 1x Bollinger band ($244.94) with 20-day volatility subdued, suggesting rallies may meet overhead resistance and that breakouts require volume confirmation versus immediate follow-through.
Fundamental Analysis
Revenue and profitability: Total revenue $6,091,557,000 with operating income $757,793,000. Operating margin 12.44% (QoQ change +11.6%, YoY change +37.322%) and EBIT margin 11.862% (QoQ +12.982%, YoY +33.626%) reflect material margin expansion supporting the valuation narrative.
Earnings and cash flow: Reported EPS $3.69 versus estimate $3.67, an EPS surprise of +0.545% ($0.02). Net income $534,087,000 and free cash flow $304,094,000 produce a free cash flow yield of 0.907% and a cash conversion ratio of 1.21984, indicating meaningful cash generation relative to reported earnings.
Leverage and liquidity: Total debt $4,182,142,000 with debt-to-equity 0.444 and net debt $3,614,434,000. Interest coverage approximates 18.47x, signaling ample coverage of interest expense given current operating income.
Returns and growth metrics: Return on equity 5.67%, return on assets 3.157%; revenue growth listed at 17.036% with revenue growth YoY shown as 279.929% and revenue growth QoQ -4.912%. Reported earnings growth QoQ -37.941% and earnings growth YoY -17.303%—these period-over-period figures indicate divergent intra-year dynamics that require monitoring across upcoming reports.
Valuation context: P/B at 3.56 sits marginally below the industry peer mean (industry peer mean P/B ~3.60); P/E at 63.30 sits below the industry peer mean P/E ~74.12. Enterprise value metrics show an EVR of 6.10 and enterprise multiple near 41.45. WMDST values the stock as under-valued based on the combination of margin expansion, cash generation, and the firm’s current multiples.
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 | $ 1.9 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 | $ 4.74 | |
| 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: 100.762 mean: 41.563 STLD: 41.446 median: 32.446 low: -29.105 |
|
| 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: 0.453 STLD: 0.244 mean: 0.223 median: 0.179 low: 0.145 |
|
| Debt To Equity | 0.444 | |
| Debt To Equity QoQ | -3.135 % | |
| Debt To Equity YoY | 4.086 % | |
| Debt To Equity IPRWA | high: 1.375 mean: 0.534 STLD: 0.444 median: 0.27 low: 0.263 |
|
| 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: 20.29 mean: 3.599 STLD: 3.561 median: 0.879 low: 0.166 |
|
| 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 mean: 74.119 median: 71.773 STLD: 63.297 low: -53.319 |
|
| 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: 19.721 mean: 6.146 STLD: 5.506 median: 2.874 low: 0.497 |
|
| 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: 0.676 STLD: 0.36 mean: 0.223 median: 0.17 low: 0.09 |
|
| Receivables Turnover | 2.708 | |
| Receivables Turnover Ratio QoQ | -2.74 % | |
| Receivables Turnover Ratio YoY | 1.479 % | |
| Receivables Turnover Ratio IPRWA | high: 3.881 mean: 2.781 STLD: 2.708 median: 2.662 low: 1.401 |
|
| Inventory Turnover | 1.305 | |
| Inventory Turnover Ratio QoQ | 12.366 % | |
| Inventory Turnover Ratio YoY | 5.179 % | |
| Inventory Turnover Ratio IPRWA | high: 1.46 STLD: 1.305 mean: 0.93 median: 0.635 low: 0.586 |
|
| 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: 162.479 median: 90.885 STLD: 85.067 mean: 83.98 low: 23.513 |
|
| 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: 6.123 STLD: 3.183 mean: 2.691 median: 2.327 low: 1.429 |
|
| Quick Ratio | 1.454 | |
| Quick Ratio QoQ | 9.313 % | |
| Quick Ratio YoY | 8.849 % | |
| Quick Ratio IPRWA | high: 2.267 STLD: 1.454 median: 1.144 mean: 1.079 low: 0.567 |
|
| 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: 34.719 STLD: 18.471 mean: 13.167 median: 7.338 low: -2.715 |
|
| 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: 25.129 % STLD: 17.036 % median: 8.436 % mean: 8.419 % low: -9.902 % |
|
| Earnings Growth | 32.734 % | |
| Earnings Growth QoQ | -37.941 % | |
| Earnings Growth YoY | -17.303 % | |
| Earnings Growth IPRWA | high: 45.098 % STLD: 32.734 % mean: 17.671 % median: 16.606 % low: -58.0 % |
|
| MARGINS | ||
| Gross Margin | 15.743 % | |
| Gross Margin QoQ | 7.358 % | |
| Gross Margin YoY | 16.202 % | |
| Gross Margin IPRWA | high: 28.089 % median: 24.566 % mean: 22.814 % STLD: 15.743 % low: 2.526 % |
|
| EBIT Margin | 11.862 % | |
| EBIT Margin QoQ | 12.982 % | |
| EBIT Margin YoY | 33.626 % | |
| EBIT Margin IPRWA | high: 17.191 % STLD: 11.862 % mean: 10.101 % median: 9.676 % low: 0.077 % |
|
| Return On Sales (ROS) | 12.44 % | |
| Return On Sales QoQ | 11.6 % | |
| Return On Sales YoY | 37.322 % | |
| Return On Sales IPRWA | high: 16.977 % STLD: 12.44 % mean: 10.13 % median: 9.538 % low: -0.88 % |
|
| 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: 4.874 % STLD: 0.907 % median: 0.143 % mean: -0.448 % low: -8.15 % |
|
| 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: 232.515 % mean: -19.963 % median: -21.101 % low: -229.846 % |
|
| 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: 4.7 % STLD: 3.157 % mean: 1.513 % median: 0.832 % low: -4.722 % |
|
| 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: 0.08 STLD: 0.057 mean: 0.031 median: 0.012 low: -0.026 |
|
| 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: 6.797 % STLD: 4.128 % mean: 2.164 % median: 1.05 % low: -3.351 % |
|