Steel Dynamics Inc., FCFE calculation

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net income attributable to Steel Dynamics, Inc.	3,214,066)	550,822)	671,103)	1,258,379)	812,741)
Net (income) loss attributable to noncontrolling interests	32,748)	20,006)	6,797)	(2,574)	(6,945)
Net noncash charges	724,135)	479,578)	421,847)	421,097)	213,365)
Changes in certain assets and liabilities	(1,766,813)	(63,374)	296,543)	(261,433)	(279,555)
Net cash provided by operating activities	2,204,136)	987,032)	1,396,290)	1,415,469)	739,606)
Purchases of property, plant and equipment	(1,006,239)	(1,198,055)	(451,945)	(239,390)	(164,935)
Issuance of current and long-term debt	1,516,556)	2,523,356)	1,573,962)	445,607)	620,041)
Repayment of current and long-term debt	(1,522,002)	(2,177,527)	(1,264,152)	(455,491)	(609,914)
Free cash flow to equity (FCFE)	1,192,451)	134,806)	1,254,155)	1,166,195)	584,798)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Steel Dynamics Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Steel Dynamics Inc. FCFE decreased from 2019 to 2020 but then increased from 2020 to 2021 not reaching 2019 level.

Steel Dynamics Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	175,571,409
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	1,192,451)
FCFE per share	6.79
Current share price (P)	98.04
Valuation Ratio
P/FCFE	14.43
Benchmarks
P/FCFE, Competitors¹
Freeport-McMoRan Inc.	—
P/FCFE, Industry
Materials	25.09

Based on: 10-K (reporting date: 2021-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Steel Dynamics Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
No. shares of common stock outstanding¹	191,299,162	211,005,100	213,554,449	224,105,246	236,071,369
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	1,192,451)	134,806)	1,254,155)	1,166,195)	584,798)
FCFE per share³	6.23	0.64	5.87	5.20	2.48
Share price^1, 4	70.58	44.01	26.89	37.95	47.51
Valuation Ratio
P/FCFE⁵	11.32	68.89	4.58	7.29	19.18
Benchmarks
P/FCFE, Competitors⁶
Freeport-McMoRan Inc.	11.90	55.60	—	—	—
P/FCFE, Industry
Materials	18.53	28.92	—	—	—

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 1,192,451,000 ÷ 191,299,162 = 6.23

⁴ Closing price as at the filing date of Steel Dynamics Inc. Annual Report.

⁵ 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= 70.58 ÷ 6.23 = 11.32

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Steel Dynamics Inc. P/FCFE ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.

Steel Dynamics Inc. (NASDAQ:STLD)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical