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STLD
ACCE-researched

Steel Dynamics Inc. (STLD) fair value

Basic Materials · Steel · NASDAQ · United States
$241.53+0.68%
Market cap $34.4BNext earnings 2026-10-19Updated Oct 22, 2026
Our verdict
Trades 43% above our fair value
Price
$241.53
Model fair valueConfidence: good
$169
Model range
$107 to $234
Fair value $169
Price $242
4 models fit Steel Dynamics Inc. and they partly agree: 2 of 4 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)Silver69
Valued as a cyclical company: P/E comparison, EV/EBITDA comparison, Discounted cash flow, and Graham number.
ACCE opinionSteel Dynamics Inc. (STLD)
Fair value (4 models)
$169
ACCE price target
$256
Rating
Overvalued
Horizon
12 months
Fair value published on 21 Oct 2026, 11:06 CEST; previously $170 since 20 Oct 2026, 14:06 CEST.
ACCE price target published on 20 Oct 2026, 02:20 CEST; previously $215 since 21 Sept 2026, 00:00 CEST.
Rating published on 19 Oct 2026, 17:05 CEST.
Price used: $242 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Full methodology
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
43.1% above
-30.1% to fair value
ACCE score
77
out of 100
Analysts
64% buy
14 covering
P/E
17.7x
forward 10.0x
1-year return
+60.3%
Dividend yield
0.84%

Steel Dynamics Inc. in four questions

Plain answers, details below
Free accounts get 5 full stock pages a month, including the four answers.
OverviewAsk ACCEValuationQualityAnalystsSmart MoneyCompareNews and Record

Overview

ACCE thesis

Steel Dynamics runs electric arc furnace mills that make flat-rolled steel, structural and rail products, and steel recycling operations, so its input is largely scrap rather than iron ore and coking coal. That scrap-based model is the core of the franchise: it sits lower on the cost curve than integrated blast furnace producers and has been able to keep its pricing close to import parity when domestic demand is firm. Revenue growth of 34.8% and a 20.8% ROE show how sharply earnings have swung with steel pricing, so the cycle is the main thing to underwrite. The stock trades at 11.2 times forward earnings against 17.7 times trailing, which tells you the market expects profits to decline from current levels, so the question for a PM is whether the cycle has peaked or whether the forward multiple is pricing in too much normalization. With a 15.5% operating margin and a 79/100 score, it merits a deeper look focused on realized steel spreads and scrap costs over the next few quarters.

AI-assisted·How I use AIWritten Oct 23, 2026
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
  • moderate
    Valuation stretched on fair value
    Price trades 43.1% above the model fair value of $168.82, though forward P/E of 11.6 and FCF of $502M suggest the gap rests on earnings durability.
  • moderate
    Latest quarter missed estimates
    Q4 2026 EPS came in 3.0% below consensus, the one soft data point against 33.4% revenue growth and 83.6% earnings growth.

AI research notes

AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
  • Revenue grew 33.4% year over year, well above the 13.6% five-year average pace for the company.
  • The share count fell 5.0% in the last fiscal year, so each remaining share claims a bigger slice of earnings.
Why it could disappoint
  • The stock trades 43.1% above the model fair value of $168.82, and all four valuation models sit in that consensus.
  • Free cash flow of $502M against a free cash flow yield of only 1.4% leaves little cushion while capex keeps running.
  • Earnings per share missed expectations by 3.0%, with 5.26 reported against 5.42 expected, after revenue rose 33.4%.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.

Walk me through this stock

Plain-English pros, cons, and what to watch. Pro feature.

PRO

Ask ACCE

Valuation

INVESTOR
Where STLD's valuation models land
Price
$241.53
Model fair value
$169
Model range
$107 to $234
Fair value $169
Price $242
The price is above the whole model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
Graham number
P/E comparison
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See what each model says, the assumptions behind it, the bad, normal and good cases, and why the fair value changed.

Quality

INVESTOR
Quality and conviction INVESTOR FEATURE

The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.

  • +A plain reason under every score
  • +Conviction breakdown and growth / value / quality / momentum scores
  • +Score history: how each score moved over time

Analysts

Wall Street consensus

Bullish64% buy · 14 covering analysts
● Strong buy 7● Buy 2● Hold 4● Sell 0● Strong sell 1
Analyst intelligence INVESTOR FEATURE

The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.

  • +Price-target low / average / high vs the current price, with implied upside
  • +Forward revenue and EPS consensus by fiscal year
  • +ACCE fair-value models lined up against the Street

Smart Money

PRO

In one line

Trades are only made public after a delay. We show the delay so you know how old the news is.

Company insiders
No trades filed
Last 90 days
Congress
No trades filed
Last 180 days
Average delay
No trades filed
From trade to public filing
Do politicians beat the market? Our backtest →
Smart money tracking PRO FEATURE

Follow the informed money: 13F position changes, insider and Congress trades, and 13D activist filings.

  • +Quarter-over-quarter institutional position changes
  • +Every insider and Congress trade, with how late it was disclosed
  • +Active 13D activist filings and top holders

Compare

Where it sits vs peers

News and Record

Press releases mentioning this company

Recent performance

1 week
+0.4%
1 month
+3.1%
3 months
-2.3%
6 months
+6.5%
YTD
+42.5%
1 year
+60.3%

SEC filings

Recent ACCE blog coverage

  • $STLD Earnings: EPS Nearly Doubles in Quarter Reported Apr 20
    Steel Dynamics $STLD posted EPS of $2.78 vs $1.44 a year ago, a 93.1% jump. Revenue grew 19.1% YoY. ACCE score sits at 75 with Momentum at 97.
    2026-07-20

Recommendation history, last 12 months

DateTypeNewPreviousPrice
21 Oct 2026, 11:06 CESTFair value$167$170$244
20 Oct 2026, 14:06 CESTFair value$170$168$245
20 Oct 2026, 02:20 CESTACCE price target$256$215$245
19 Oct 2026, 17:05 CESTFair value$168$208$241
19 Oct 2026, 17:05 CESTRatingOvervaluedfirst publication$241
16 Oct 2026, 00:00 CESTFair value$208$210$243
11 Oct 2026, 00:00 CESTFair value$210$275$238
7 Oct 2026, 00:00 CESTFair value$275$267$241
5 Oct 2026, 00:00 CESTFair value$267$262$232
1 Oct 2026, 00:00 CESTFair value$262$270$222

This analysis is not personalised investment advice and does not take your situation, objectives or risk tolerance into account. ACCE Investments is not an authorised investment firm.

Investing in shares carries a risk of losing capital. The value of an investment can go down as well as up.

Valuation horizon: 12 months from the publication date.

Conflicts of interest. ACCE Investments is operated by Adrien Chantreuil, who may hold personal positions in the securities analysed. Positions are declared on each security. ACCE receives no payment from the companies analysed or from any intermediary for this analysis.

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Snapshot

Growth100Value63Quality69Momentum77Total77
Valuation
Trailing P/E
17.7x
Forward P/E
10.0x
PEG
10.91
P/B
3.57x
EV / Revenue
1.8x
Book value/sh
$68.83
Enterprise value
$37.2B
Profitability
ROE
20.8%
FCF yield
1.41%
ROIC
7.4%
Health and risk
Debt / equity
0.47
Dividend yield
0.84%
Beta
1.49

Price

+57.9% · 1Y

Ask anything about STLD

Answered from Steel Dynamics Inc. fundamentals + recent valuations. Every number shows its source and date.

This stock Peer Peer median weaker → stronger
P/Ebetter than 67% of peers
low 11.7x17.7xhigh 26.6x
ROEbetter than 80% of peers
low 3%21%high 27%
Div yieldbetter than 17% of peers
low 0.6%0.8%high 3.6%

Peers

Prices Oct 23, 2026
CompanyPriceFair valuevs fair valueP/EROEQualityScore
STLD Steel Dynamics Inc.$241.53$16943% above17.7x20.8%6977
JSWSTEEL.NS JSW Steel Limited₹1220.00--11.7x27.3%8067
MT.AS ArcelorMittal€53.92€587% below26.3x3.3%4352
MT Arcelor Mittal NY Registry Shares NEW$60.18$612% below25.4x3.3%4352
MTS.MC ArcelorMittal€53.90€6010% below26.6x3.3%4352
TATASTEEL.NS Tata Steel Limited₹172.33--18.9x-6057
5401.T Nippon Steel Corporation¥667.80--12.5x5.5%3974

Sector report card

Where STLD ranks against its sector peers on each metric.

Computing percentiles…
  • PR Newswire•Oct 20, 2026
    Reminder: Steel Dynamics Announces Third Quarter 2026 Earnings Conference Call and Webcast
  • PR Newswire•Oct 12, 2026
    /C O R R E C T I O N - Steel Dynamics, Inc./
  • PR Newswire•Sep 17, 2026
    Steel Dynamics Provides Third Quarter 2026 Earnings Guidance
2 more press releases · full archive on Investor+.INVESTOR
40 filings
October 2026
Oct 20
8-KCurrent reportPeriod 2026-10-19
View on SEC →
Oct 19
8-KCurrent reportPeriod 2026-10-19
View on SEC →
Oct 9
Form 4Insider transactionPeriod 2026-10-09
View on SEC →
37 more filings + AI summaries on Investor+.INVESTOR