Stock Analysis on Net

Steel Dynamics Inc. (NASDAQ:STLD)

This company has been moved to the archive! The financial data has not been updated since October 26, 2022.

Analysis of Solvency Ratios 
Quarterly Data

Microsoft Excel

Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.


Solvency Ratios (Summary)

Steel Dynamics Inc., solvency ratios (quarterly data)

Microsoft Excel
Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Debt Ratios
Debt to equity 0.38 0.40 0.44 0.49 0.55 0.62 0.66 0.71 0.65 0.65 0.66 0.67 0.60 0.60 0.61 0.60 0.59 0.63 0.68 0.71 0.82 0.77 0.78
Debt to capital 0.28 0.29 0.31 0.33 0.35 0.38 0.40 0.42 0.39 0.40 0.40 0.40 0.38 0.37 0.38 0.38 0.37 0.39 0.41 0.42 0.45 0.44 0.44
Debt to assets 0.22 0.22 0.24 0.25 0.27 0.29 0.31 0.33 0.32 0.32 0.33 0.33 0.31 0.31 0.31 0.31 0.30 0.32 0.34 0.35 0.36 0.36 0.35
Financial leverage 1.76 1.81 1.87 1.99 2.06 2.13 2.14 2.13 2.05 2.04 2.03 2.03 1.96 1.93 1.96 1.96 1.93 2.00 2.01 2.05 2.24 2.16 2.21
Coverage Ratios
Interest coverage 71.87 86.57 91.09 74.57 47.42 26.96 13.17 8.44 6.93 6.89 7.91 7.89 9.44 11.84 13.64 13.79 12.31 9.98 8.01 7.96

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Steel Dynamics Inc. debt to equity ratio improved from Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Steel Dynamics Inc. debt to capital ratio improved from Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Steel Dynamics Inc. debt to assets ratio improved from Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Steel Dynamics Inc. financial leverage ratio decreased from Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Steel Dynamics Inc. interest coverage ratio deteriorated from Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.

Debt to Equity

Steel Dynamics Inc., debt to equity calculation (quarterly data)

Microsoft Excel
Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in thousands)
Current maturities of long-term debt 22,951 37,130 68,390 97,174 55,056 93,505 81,226 86,894 82,229 73,926 70,106 89,356 82,150 72,131 80,958 24,234 14,776 18,266 9,646 28,795 182,661 19,971 2,965
Long-term debt, excluding current maturities 3,012,120 3,011,116 3,010,109 3,008,702 3,019,175 3,016,486 3,016,200 3,015,782 2,636,615 2,636,722 2,646,012 2,644,988 2,355,243 2,355,917 2,354,427 2,352,489 2,351,979 2,352,127 2,353,703 2,353,145 2,351,483 2,354,337 2,353,744
Total debt 3,035,071 3,048,246 3,078,499 3,105,876 3,074,231 3,109,991 3,097,426 3,102,676 2,718,844 2,710,648 2,716,118 2,734,344 2,437,393 2,428,048 2,435,385 2,376,723 2,366,755 2,370,393 2,363,349 2,381,940 2,534,144 2,374,308 2,356,709
 
Total Steel Dynamics, Inc. equity 7,971,156 7,588,348 6,964,354 6,304,641 5,607,926 5,020,114 4,728,792 4,345,164 4,201,183 4,145,250 4,113,526 4,075,834 4,056,641 4,064,490 4,008,111 3,935,071 4,033,768 3,746,981 3,470,719 3,351,574 3,104,725 3,080,939 3,035,179
Solvency Ratio
Debt to equity1 0.38 0.40 0.44 0.49 0.55 0.62 0.66 0.71 0.65 0.65 0.66 0.67 0.60 0.60 0.61 0.60 0.59 0.63 0.68 0.71 0.82 0.77 0.78
Benchmarks
Debt to Equity, Competitors2
Freeport-McMoRan Inc. 0.71 0.74 0.65 0.68 0.72 0.81 0.90 0.95 1.09 1.11 1.14 1.06 1.05 1.02 1.01

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q3 2022 Calculation
Debt to equity = Total debt ÷ Total Steel Dynamics, Inc. equity
= 3,035,071 ÷ 7,971,156 = 0.38

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Steel Dynamics Inc. debt to equity ratio improved from Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.

Debt to Capital

Steel Dynamics Inc., debt to capital calculation (quarterly data)

Microsoft Excel
Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in thousands)
Current maturities of long-term debt 22,951 37,130 68,390 97,174 55,056 93,505 81,226 86,894 82,229 73,926 70,106 89,356 82,150 72,131 80,958 24,234 14,776 18,266 9,646 28,795 182,661 19,971 2,965
Long-term debt, excluding current maturities 3,012,120 3,011,116 3,010,109 3,008,702 3,019,175 3,016,486 3,016,200 3,015,782 2,636,615 2,636,722 2,646,012 2,644,988 2,355,243 2,355,917 2,354,427 2,352,489 2,351,979 2,352,127 2,353,703 2,353,145 2,351,483 2,354,337 2,353,744
Total debt 3,035,071 3,048,246 3,078,499 3,105,876 3,074,231 3,109,991 3,097,426 3,102,676 2,718,844 2,710,648 2,716,118 2,734,344 2,437,393 2,428,048 2,435,385 2,376,723 2,366,755 2,370,393 2,363,349 2,381,940 2,534,144 2,374,308 2,356,709
Total Steel Dynamics, Inc. equity 7,971,156 7,588,348 6,964,354 6,304,641 5,607,926 5,020,114 4,728,792 4,345,164 4,201,183 4,145,250 4,113,526 4,075,834 4,056,641 4,064,490 4,008,111 3,935,071 4,033,768 3,746,981 3,470,719 3,351,574 3,104,725 3,080,939 3,035,179
Total capital 11,006,227 10,636,594 10,042,853 9,410,517 8,682,157 8,130,105 7,826,218 7,447,840 6,920,027 6,855,898 6,829,644 6,810,178 6,494,034 6,492,538 6,443,496 6,311,794 6,400,523 6,117,374 5,834,068 5,733,514 5,638,869 5,455,247 5,391,888
Solvency Ratio
Debt to capital1 0.28 0.29 0.31 0.33 0.35 0.38 0.40 0.42 0.39 0.40 0.40 0.40 0.38 0.37 0.38 0.38 0.37 0.39 0.41 0.42 0.45 0.44 0.44
Benchmarks
Debt to Capital, Competitors2
Freeport-McMoRan Inc. 0.42 0.43 0.39 0.40 0.42 0.45 0.47 0.49 0.52 0.53 0.53 0.51 0.51 0.51 0.50

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q3 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 3,035,071 ÷ 11,006,227 = 0.28

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Steel Dynamics Inc. debt to capital ratio improved from Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.

Debt to Assets

Steel Dynamics Inc., debt to assets calculation (quarterly data)

Microsoft Excel
Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in thousands)
Current maturities of long-term debt 22,951 37,130 68,390 97,174 55,056 93,505 81,226 86,894 82,229 73,926 70,106 89,356 82,150 72,131 80,958 24,234 14,776 18,266 9,646 28,795 182,661 19,971 2,965
Long-term debt, excluding current maturities 3,012,120 3,011,116 3,010,109 3,008,702 3,019,175 3,016,486 3,016,200 3,015,782 2,636,615 2,636,722 2,646,012 2,644,988 2,355,243 2,355,917 2,354,427 2,352,489 2,351,979 2,352,127 2,353,703 2,353,145 2,351,483 2,354,337 2,353,744
Total debt 3,035,071 3,048,246 3,078,499 3,105,876 3,074,231 3,109,991 3,097,426 3,102,676 2,718,844 2,710,648 2,716,118 2,734,344 2,437,393 2,428,048 2,435,385 2,376,723 2,366,755 2,370,393 2,363,349 2,381,940 2,534,144 2,374,308 2,356,709
 
Total assets 14,047,698 13,711,214 13,056,637 12,531,234 11,535,985 10,687,331 10,127,896 9,265,562 8,617,556 8,468,341 8,344,923 8,275,765 7,943,247 7,857,914 7,857,233 7,703,563 7,798,368 7,504,521 6,972,813 6,855,732 6,960,737 6,670,130 6,704,035
Solvency Ratio
Debt to assets1 0.22 0.22 0.24 0.25 0.27 0.29 0.31 0.33 0.32 0.32 0.33 0.33 0.31 0.31 0.31 0.31 0.30 0.32 0.34 0.35 0.36 0.36 0.35
Benchmarks
Debt to Assets, Competitors2
Freeport-McMoRan Inc. 0.21 0.22 0.20 0.20 0.21 0.21 0.22 0.23 0.24 0.25 0.25 0.24 0.24 0.24 0.24

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q3 2022 Calculation
Debt to assets = Total debt ÷ Total assets
= 3,035,071 ÷ 14,047,698 = 0.22

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Steel Dynamics Inc. debt to assets ratio improved from Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.

Financial Leverage

Steel Dynamics Inc., financial leverage calculation (quarterly data)

Microsoft Excel
Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in thousands)
Total assets 14,047,698 13,711,214 13,056,637 12,531,234 11,535,985 10,687,331 10,127,896 9,265,562 8,617,556 8,468,341 8,344,923 8,275,765 7,943,247 7,857,914 7,857,233 7,703,563 7,798,368 7,504,521 6,972,813 6,855,732 6,960,737 6,670,130 6,704,035
Total Steel Dynamics, Inc. equity 7,971,156 7,588,348 6,964,354 6,304,641 5,607,926 5,020,114 4,728,792 4,345,164 4,201,183 4,145,250 4,113,526 4,075,834 4,056,641 4,064,490 4,008,111 3,935,071 4,033,768 3,746,981 3,470,719 3,351,574 3,104,725 3,080,939 3,035,179
Solvency Ratio
Financial leverage1 1.76 1.81 1.87 1.99 2.06 2.13 2.14 2.13 2.05 2.04 2.03 2.03 1.96 1.93 1.96 1.96 1.93 2.00 2.01 2.05 2.24 2.16 2.21
Benchmarks
Financial Leverage, Competitors2
Freeport-McMoRan Inc. 3.34 3.37 3.28 3.44 3.51 3.78 4.00 4.14 4.45 4.49 4.54 4.39 4.34 4.23 4.20

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q3 2022 Calculation
Financial leverage = Total assets ÷ Total Steel Dynamics, Inc. equity
= 14,047,698 ÷ 7,971,156 = 1.76

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Steel Dynamics Inc. financial leverage ratio decreased from Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.

Interest Coverage

Steel Dynamics Inc., interest coverage calculation (quarterly data)

Microsoft Excel
Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in thousands)
Net income attributable to Steel Dynamics, Inc. 914,325 1,209,554 1,103,931 1,090,505 990,763 702,291 430,507 187,843 100,143 75,496 187,340 121,425 151,048 194,302 204,328 270,004 398,375 362,449 227,551 304,733 153,258 153,933 200,817
Add: Net income attributable to noncontrolling interest 4,150 5,098 3,423 5,192 9,396 9,912 8,248 9,107 4,134 3,269 3,496 2,294 1,560 2,444 499 (152) (469) 123 (2,076) (1,562) (2,246) (986) (2,151)
Add: Income tax expense 289,997 381,765 350,376 313,151 302,406 218,595 128,104 23,867 29,083 24,280 57,420 26,344 48,643 60,214 62,236 71,433 109,209 112,838 70,489 (141,819) 83,300 82,372 105,586
Add: Interest expense, net of capitalized interest 25,347 25,667 16,669 12,338 12,704 14,898 17,269 20,206 18,950 27,702 28,019 32,322 31,339 32,321 31,122 31,652 31,560 31,512 31,896 32,380 34,177 33,869 33,973
Earnings before interest and tax (EBIT) 1,233,819 1,622,084 1,474,399 1,421,186 1,315,269 945,696 584,128 241,023 152,310 130,747 276,275 182,385 232,590 289,281 298,185 372,937 538,675 506,922 327,860 193,732 268,489 269,188 338,225
Solvency Ratio
Interest coverage1 71.87 86.57 91.09 74.57 47.42 26.96 13.17 8.44 6.93 6.89 7.91 7.89 9.44 11.84 13.64 13.79 12.31 9.98 8.01 7.96
Benchmarks
Interest Coverage, Competitors2
Freeport-McMoRan Inc. 13.11 15.65 16.40 13.73 11.72 9.52 7.19 4.03 2.22 0.72 0.22 1.51

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q3 2022 Calculation
Interest coverage = (EBITQ3 2022 + EBITQ2 2022 + EBITQ1 2022 + EBITQ4 2021) ÷ (Interest expenseQ3 2022 + Interest expenseQ2 2022 + Interest expenseQ1 2022 + Interest expenseQ4 2021)
= (1,233,819 + 1,622,084 + 1,474,399 + 1,421,186) ÷ (25,347 + 25,667 + 16,669 + 12,338) = 71.87

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Steel Dynamics Inc. interest coverage ratio deteriorated from Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.