Question 1

What is Steel Dynamics's P/FCF ratio?

Accepted Answer

Steel Dynamics (STLD) P/FCF ratio is 36.1× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Steel Dynamics?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Steel Dynamics specifically, the relevant sector benchmark is the current sector median of 25.9×.

Question 5

Is Steel Dynamics's P/FCF ratio high or low?

Accepted Answer

Steel Dynamics's P/FCF ratio of 36.1× is above its own 5-year average of 21.3× and above the sector median of 25.9×. That places the current reading at the 75th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Steel Dynamics's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Steel Dynamics (STLD) P/FCF ratio has ranged from a low of 4.2× in 2009 to a high of 207.8× in 2010. The 5-year average is 21.3× and the 5-year median is 10.2×.

Question 7

What was Steel Dynamics's P/FCF ratio in 2025?

Accepted Answer

Steel Dynamics (STLD) P/FCF ratio at the end of 2025 was 49.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Steel Dynamics's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$24.7B	$502M	49.2×	—	Dec 31, 2025
2024	$17.3B	-$23.5M	—	—	Dec 31, 2024
2023	$19.1B	$1.86B	10.2×	+5.4×	Dec 31, 2023
2022	$17.1B	$3.55B	4.8×	-5.4×	Dec 31, 2022
2021	$12.2B	$1.2B	10.2×	—	Dec 31, 2021
2020	$7.76B	-$211M	—	—	Dec 31, 2020
2019	$7.32B	$944M	7.8×	+1.9×	Dec 31, 2019
2018	$6.89B	$1.18B	5.9×	-11.9×	Dec 31, 2018
2017	$10.2B	$575M	17.8×	+4.5×	Dec 31, 2017
2016	$8.67B	$652M	13.3×	+8.6×	Dec 31, 2016
2015	$4.31B	$924M	4.7×	-4.7×	Dec 31, 2015
2014	$4.75B	$506M	9.4×	-25.3×	Dec 31, 2014
2013	$4.34B	$125M	34.7×	+21.1×	Dec 31, 2013
2012	$3.01B	$223M	13.5×	+4.5×	Dec 31, 2012
2011	$2.88B	$319M	9.0×	-101.7×	Dec 31, 2011
2010	$3.98B	$35.9M	110.7×	+77.9×	Dec 31, 2010
2009	$3.82B	$116M	32.8×	+27.2×	Dec 31, 2009
2008	$2.03B	$363M	5.6×	-162.6×	Dec 31, 2008
2007	$5.55B	$33M	168.2×	+157.3×	Dec 31, 2007
2006	$3B	$276M	10.9×	+4.7×	Dec 31, 2006
2005	$1.53B	$247M	6.2×	-6.2×	Dec 31, 2005
2004	$1.81B	$146M	12.4×	—	Dec 31, 2004
2003	$1.11B	-$9.66M	—	—	Dec 31, 2003
2002	$573M	-$27.6M	—	—	Dec 31, 2002


Solstice Advanced Materials (SOLS)	93.8×
Nucor (NUE)	74.2×
Air Products and Chemicals (APD)	58.4×
International Flavors & Fragrances (IFF)	46.7×
Linde (LIN)	45.1×
Ecolab (ECL)	40.1×
Albemarle (ALB)	36.7×
International Paper (IP)	35.2×
Martin Marietta Materials (MLM)	34.3×
Vulcan Materials (VMC)	32.2×
Corteva (CTVA)	27.5×
Sherwin-Williams (SHW)	27.1×
H.B. Fuller (FUL)	24.8×
CRH (CRH)	24.4×
Agnico Eagle Mines (AEM)	22.3×
PPG Industries (PPG)	19.5×
Eastman Chemical (EMN)	17.5×
DuPont de Nemours (DD)	17.0×
Avient (AVNT)	16.2×
Freeport-McMoRan (FCX)	13.6×
CF Industries Holdings (CF)	12.4×
Builders FirstSource (BLDR)	10.5×
Newmont (NEM)	9.6×
LyondellBasell (LYB)	9.3×
Ashland (ASH)	7.6×

P/FCF Ratio for Steel Dynamics (STLD) 2004-2026

P/FCF Ratio daily chart for Steel Dynamics (STLD)

Historical P/FCF Ratio for Steel Dynamics (STLD) from 2002 to 2025

About P/FCF Ratio at Steel Dynamics (STLD)

Steel Dynamics P/FCF Ratio by Year

Steel Dynamics P/FCF Ratio 2025: 49.2×

Steel Dynamics P/FCF Ratio 2023: 10.2×

Steel Dynamics P/FCF Ratio 2022: 4.8×

Steel Dynamics P/FCF Ratio 2021: 10.2×

Steel Dynamics P/FCF Ratio 2019: 7.8×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Steel Dynamics (STLD) Key Financials