Analysis of Inventory
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Steel Dynamics Inc. pages available for free this week:
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Current Ratio since 2005
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Inventory Disclosure
Steel Dynamics Inc., balance sheet: inventory
US$ in thousands
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Raw materials | |||||||||||
| Supplies | |||||||||||
| Work in progress | |||||||||||
| Finished goods | |||||||||||
| Inventories |
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).
- Raw Materials
- Raw materials exhibited fluctuations over the five-year period, with an initial increase from 675,715 thousand US dollars in 2017 to 810,766 thousand in 2018, followed by a decline to 686,831 thousand in 2019. Subsequent years saw a recovery and substantial growth, reaching 790,324 thousand in 2020 and sharply rising to 1,870,300 thousand in 2021. This latter increase signals a significant buildup in raw material assets.
- Supplies
- Supplies showed a consistent upward trend, increasing steadily from 374,515 thousand US dollars in 2017 to 552,616 thousand in 2021. The growth in supplies was moderate but continuous, indicating possibly a strategic increase in operational inputs or better stock management.
- Work in Progress
- Work in progress inventory displayed volatility, rising from 128,565 thousand US dollars in 2017 to a peak of 195,224 thousand in 2018, then falling to 154,669 thousand in 2019. It slightly increased again in 2020 to 162,843 thousand before nearly doubling to 402,207 thousand in 2021. The significant rise in 2021 may reflect increased production activity or delays in completing goods.
- Finished Goods
- Finished goods inventory increased overall from 340,552 thousand US dollars in 2017 to 706,007 thousand in 2021, despite some volatility. There was an increase in 2018, a decline by 2019, and then steady growth through 2020 and a substantial jump in 2021. The rise could suggest an accumulation of stock possibly due to stronger production or slower sales.
- Total Inventories
- Total inventories mirrored the movements of individual components, growing from 1,519,347 thousand US dollars in 2017 to 3,531,130 thousand in 2021. After a general increase interrupted by a minor downturn in 2019, inventories surged significantly in 2021. This pronounced increase signals a considerable accumulation of inventory assets in the final year, which could be reflective of supply chain strategies, demand anticipation, or operational adjustments.