Steel Dynamics, Inc. (STLD) Balance Sheet
STLD balance sheet, 2025
December 31, 2025 · U.S. dollars$16.41B assets = $7.48B liabilities + $8.93B equity
Both columns are drawn to the same scale: what STLD owns equals what it owes plus shareholders’ equity. Hover a block for its value.
STLD financial health
Descriptive bands, not a rating. Fiscal 2025.
STLD balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $6.42B2016 | $16.41B2025 | +11.0%/yr | |
| Total liabilities | $3.54B2016 | $7.48B2025 | +8.7%/yr | |
| Shareholders’ equity | $2.93B2016 | $8.96B2025 | +13.2%/yr | |
| Cash & short-term investments | $841.5M2016 | $769.9M2025 | −1.0%/yr | |
| Total debt | $2.36B2016 | $4.21B2025 | +6.7%/yr | |
| Net cash (debt) | −$1.52B2016 | −$3.44B2025 | −$1.9B | |
| Working capital | $2.22B2016 | $4.36B2025 | +$2.1B | |
| Book value per share | $11.932016 | $60.362025 | +19.7%/yr | |
| Current ratio | 4.112016 | 3.062025 | −1.05 | |
| Debt / equity | 0.812016 | 0.472025 | −0.34 | |
| Shares outstanding | 245.3M2016 | 148.4M2025 | −5.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
STLD assets
STLD liabilities and equity
STLD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
STLD balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $769.9M | $737.3M | $2.12B | $2.26B | $1.24B | $1.37B | $1.64B | $1.06B | $1.03B | $841.5M |
| Cash & equivalents | $769.9M | $589.5M | $1.40B | $1.63B | $1.24B | $1.37B | $1.38B | $828.2M | $1.03B | $841.5M |
| Short-term investments | $0 | $147.8M | $721.2M | $628.2M | $351,005 | $0 | $262.2M | $228.8M | $0 | $0 |
| Receivables | $1.68B | $1.42B | $1.61B | $2.06B | $1.92B | $971.9M | $844.3M | $1.04B | $868.8M | $729.8M |
| Inventory | $3.74B | $3.11B | $2.89B | $3.13B | $3.53B | $1.84B | $1.69B | $1.86B | $1.52B | $1.28B |
| Other current assets | $293.1M | $163.1M | $162.8M | $195.4M | $209.6M | $74.4M | $76.0M | $72.7M | $91.5M | $83.2M |
| Total current assets | $6.48B | $5.43B | $6.79B | $7.64B | $6.90B | $4.26B | $4.25B | $4.03B | $3.51B | $2.93B |
| Property, plant & equipment (net) | $8.57B | $8.12B | $6.73B | $5.37B | $4.75B | $4.11B | $3.14B | $2.95B | $2.68B | $2.79B |
| Goodwill & intangible assets | $808.8M | $704.7M | $735.2M | $769.6M | $749.2M | $781.8M | $780.8M | $700.0M | $643.8M | $677.3M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $550.5M | $681.2M | $651.1M | $378.7M | $129.6M | $119.7M | $106.0M | $25.2M | $27.7M | $29.5M |
| Total assets | $16.41B | $14.94B | $14.91B | $14.16B | $12.53B | $9.27B | $8.28B | $7.70B | $6.86B | $6.42B |
| Liabilities | ||||||||||
| Accounts payable | $1.23B | $979.9M | $1.09B | $1.02B | $1.28B | $769.5M | $513.3M | $550.8M | $489.4M | $395.2M |
| Short-term debt | $34.7M | $446.9M | $460.0M | $57.3M | $97.2M | $86.9M | $89.4M | $24.2M | $28.8M | $3.6M |
| Deferred revenue | — | — | −$5.5M | — | — | $536.3M | — | — | — | — |
| Total current liabilities | $2.12B | $2.15B | $2.33B | $2.03B | $2.23B | $1.26B | $1.01B | $1.02B | $868.5M | $712.8M |
| Long-term debt | $4.18B | $2.80B | $2.61B | $3.01B | $3.01B | $3.02B | $2.64B | $2.35B | $2.35B | $2.35B |
| Other long-term liabilities | $1.18B | $1.04B | $1.13B | $1.02B | $975.0M | $642.8M | $559.2M | $444.7M | $327.8M | $469.0M |
| Total liabilities | $7.48B | $5.99B | $6.07B | $6.06B | $6.21B | $4.92B | $4.21B | $3.82B | $3.55B | $3.54B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $653,000 | $652,000 | $651,000 | $650,000 | $649,000 | $648,000 | $646,000 | $645,000 | $1.14B | $1.13B |
| Retained earnings (deficit) | $15.69B | $14.80B | $13.55B | $11.38B | $7.76B | $4.76B | $4.42B | $3.96B | $2.87B | $2.21B |
| Treasury stock | — | — | — | — | −$2.67B | −$1.62B | −$1.53B | −$1.18B | −$665.3M | −$416.8M |
| Accumulated other comprehensive income | −$598,000 | — | $421,000 | $889,000 | −$2.1M | $1.9M | −$7,000 | $301,000 | −$2.49B | −$2.28B |
| Minority interest | −$26.8M | $11.0M | −$27.1M | −$34.6M | −$195.9M | −$155.6M | −$154.6M | −$159.1M | −$156.5M | −$149.6M |
| Total shareholders' equity | $8.96B | $8.93B | $8.87B | $8.13B | $6.30B | $4.35B | $4.08B | $3.94B | $3.35B | $2.93B |
| Key figures | ||||||||||
| Total debt | $4.21B | $3.35B | $3.07B | $3.07B | $3.11B | $3.10B | $2.73B | $2.38B | $2.38B | $2.36B |
| Net cash (debt) | −$3.44B | −$2.61B | −$949.0M | −$813.9M | −$1.86B | −$1.73B | −$1.09B | −$1.32B | −$1.35B | −$1.52B |
| Working capital | $4.36B | $3.28B | $4.46B | $5.61B | $4.67B | $3.00B | $3.25B | $3.01B | $2.64B | $2.22B |
| Tangible book value | $8.15B | $8.23B | $8.13B | $7.36B | $5.56B | $3.56B | $3.30B | $3.24B | $2.71B | $2.25B |
| Book value per share | $60.36 | $57.22 | $52.96 | $44.04 | $30.51 | $20.46 | $18.46 | $16.73 | $13.86 | $11.93 |
| Shares outstanding | 148.4M | 156.1M | 167.4M | 184.6M | 206.6M | 212.3M | 220.7M | 235.2M | 241.8M | 245.3M |
| Current ratio | 3.06 | 2.53 | 2.91 | 3.76 | 3.10 | 3.38 | 4.22 | 3.96 | 4.04 | 4.11 |
| Quick ratio | 1.16 | 1.00 | 1.60 | 2.12 | 1.42 | 1.86 | 2.47 | 2.06 | 2.18 | 2.20 |
| Debt / equity | 0.47 | 0.37 | 0.35 | 0.38 | 0.49 | 0.71 | 0.67 | 0.60 | 0.71 | 0.81 |
| Equity / assets | 54.6% | 59.8% | 59.5% | 57.4% | 50.3% | 46.9% | 49.3% | 51.1% | 48.9% | 45.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $567.7M | $556.5M | $769.9M | $770.4M | $497.6M | $1.21B | $737.3M | $1.66B | $1.25B | $1.69B | $2.12B | $2.27B |
| Cash & equivalents | $567.7M | $556.5M | $769.9M | $770.4M | $458.0M | $1.19B | $589.5M | $1.02B | $830.0M | $1.04B | $1.40B | $1.77B |
| Short-term investments | — | — | $0 | $0 | $39.6M | $19.6M | $147.8M | $645.3M | $418.4M | $653.3M | $721.2M | $500.8M |
| Receivables | $2.44B | $2.06B | $1.68B | $1.76B | $1.70B | $1.72B | $1.42B | $1.56B | $1.78B | $1.74B | $1.61B | $1.88B |
| Inventory | $3.96B | $3.91B | $3.74B | $3.20B | $3.26B | $3.10B | $3.11B | $3.04B | $3.07B | $3.03B | $2.89B | $2.94B |
| Other current assets | $314.8M | $274.1M | $293.1M | $351.4M | $231.1M | $190.3M | $163.1M | $173.2M | $141.6M | $138.6M | $162.8M | $138.6M |
| Total current assets | $7.28B | $6.80B | $6.48B | $6.08B | $5.69B | $6.22B | $5.43B | $6.44B | $6.24B | $6.60B | $6.79B | $7.23B |
| Property, plant & equipment (net) | $8.49B | $8.55B | $8.57B | $8.49B | $8.47B | $8.32B | $8.12B | $7.83B | $7.43B | $7.06B | $6.73B | $6.31B |
| Goodwill & intangible assets | $793.2M | $801.0M | $808.8M | $684.0M | $690.9M | $697.8M | $704.7M | $712.3M | $719.9M | $727.6M | $735.2M | $743.3M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $547.4M | $574.2M | $550.5M | $708.1M | $701.7M | $693.3M | $681.2M | $678.1M | $668.8M | $637.8M | $651.1M | $643.7M |
| Total assets | $17.11B | $16.72B | $16.41B | $15.97B | $15.55B | $15.93B | $14.94B | $15.66B | $15.06B | $15.03B | $14.91B | $14.93B |
| Liabilities | ||||||||||||
| Accounts payable | $1.48B | $1.38B | $1.23B | $1.21B | $1.23B | $1.26B | $979.9M | $1.08B | $1.21B | $1.18B | $1.09B | $1.06B |
| Short-term debt | $1.3M | $22.1M | $34.7M | $1.4M | $1.5M | $418.9M | $427.0M | $882.0M | $815.6M | $425.7M | $460.0M | $86.1M |
| Deferred revenue | — | — | — | — | — | — | — | $6.2M | $6.1M | $150.1M | $5.5M | $30.3M |
| Total current liabilities | $2.29B | $2.17B | $2.12B | $1.96B | $1.82B | $2.27B | $2.15B | $2.69B | $2.66B | $2.30B | $2.33B | $1.92B |
| Long-term debt | $4.18B | $4.18B | $4.18B | $3.78B | $3.78B | $3.78B | $2.80B | $2.80B | $2.21B | $2.61B | $2.61B | $3.01B |
| Other long-term liabilities | $1.28B | $1.24B | $1.18B | $1.26B | $1.11B | $1.05B | $1.04B | $1.09B | $1.07B | $1.07B | $1.13B | $1.14B |
| Total liabilities | $7.75B | $7.59B | $7.48B | $6.99B | $6.70B | $7.10B | $5.99B | $6.58B | $5.94B | $5.98B | $6.07B | $6.07B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $653,000 | $653,000 | $653,000 | $652,000 | $652,000 | $652,000 | $652,000 | $651,000 | $651,000 | $651,000 | $651,000 | $650,000 |
| Retained earnings (deficit) | $16.47B | $16.02B | $15.69B | $15.50B | $15.17B | $14.94B | $14.80B | $14.66B | $14.41B | $14.06B | $13.55B | $13.19B |
| Accumulated other comprehensive income | $3.2M | −$858,000 | −$598,000 | −$1.3M | $1.2M | — | — | −$445,000 | −$1.4M | −$13,000 | $421,000 | −$494,000 |
| Minority interest | −$56.5M | −$31.5M | −$26.8M | −$24.8M | −$20.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $9.42B | $9.16B | $8.96B | $9.00B | $8.86B | $8.82B | $8.93B | $9.08B | $9.13B | $9.07B | $8.87B | $8.89B |
| Key figures | ||||||||||||
| Total debt | $4.18B | $4.20B | $4.21B | $3.78B | $3.78B | $4.20B | $3.23B | $3.68B | $3.03B | $3.04B | $3.07B | $3.10B |
| Net cash (debt) | −$3.61B | −$3.64B | −$3.44B | −$3.01B | −$3.28B | −$2.99B | −$2.49B | −$2.02B | −$1.78B | −$1.35B | −$949.0M | −$828.8M |
| Working capital | $4.99B | $4.62B | $4.36B | $4.12B | $3.87B | $3.95B | $3.28B | $3.75B | $3.58B | $4.30B | $4.46B | $5.31B |
| Tangible book value | $8.63B | $8.36B | $8.15B | $8.31B | $8.17B | $8.13B | $8.23B | $8.37B | $8.41B | $8.34B | $8.13B | $8.15B |
| Book value per share | $65.23 | $63.29 | $61.25 | $60.94 | $59.36 | $58.73 | $58.47 | $58.02 | $57.94 | $56.93 | $54.64 | $53.54 |
| Shares outstanding | 144.4M | 144.8M | 146.2M | 147.6M | 149.3M | 150.3M | 152.8M | 156.5M | 157.6M | 159.4M | 162.3M | 166.1M |
| Current ratio | 3.18 | 3.13 | 3.06 | 3.11 | 3.13 | 2.74 | 2.53 | 2.39 | 2.35 | 2.87 | 2.91 | 3.77 |
| Quick ratio | 1.32 | 1.20 | 1.16 | 1.29 | 1.21 | 1.29 | 1.00 | 1.20 | 1.14 | 1.49 | 1.60 | 2.16 |
| Debt / equity | 0.44 | 0.46 | 0.47 | 0.42 | 0.43 | 0.48 | 0.36 | 0.41 | 0.33 | 0.33 | 0.35 | 0.35 |
| Equity / assets | 55.0% | 54.8% | 54.6% | 56.3% | 57.0% | 55.4% | 59.8% | 58.0% | 60.6% | 60.4% | 59.5% | 59.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
STLD financial position
At the end of fiscal 2025 (December 31, 2025), Steel Dynamics had total assets of $16.4 billion (up 9.9% from a year earlier), total liabilities of $7.5 billion and shareholders' equity of $9.0 billion. It held $769.9 million in cash and short-term investments against $4.2 billion of debt, net debt of $3.4 billion. Its current ratio was 3.06. In the latest quarter (ended June 30, 2026) total assets were $17.1 billion and equity $9.4 billion.
Related: STLD income statement, STLD cash flow statement, STLD key metrics. See the STLD stock overview for the latest quote and news.
STLD balance sheet FAQ
What are Steel Dynamics's total assets?
Steel Dynamics reported total assets of $16.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $14.9 billion a year earlier.
How much debt does Steel Dynamics have?
Steel Dynamics had $4.2 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.47.
How much cash does Steel Dynamics have?
Steel Dynamics held $769.9 million in cash and short-term investments at the end of fiscal 2025; with $4.2 billion of debt that is net debt of $3.4 billion.
What is Steel Dynamics's book value?
Steel Dynamics's shareholders' equity (book value) was $9.0 billion at the end of fiscal 2025, or $60.36 per share.
What is Steel Dynamics's current ratio?
Steel Dynamics had current assets of $6.5 billion and current liabilities of $2.1 billion, a current ratio of 3.06 (it can cover its short-term obligations).
How much goodwill does Steel Dynamics have?
Steel Dynamics carried $808.8 million of goodwill and intangible assets, 4.9% of total assets, at the end of fiscal 2025.