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Steel Dynamics Inc. (NASDAQ:STLD)

This company has been moved to the archive! The financial data has not been updated since October 26, 2022.

Common-Size Balance Sheet: Assets

Steel Dynamics Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Cash and equivalents 9.93 14.77 16.69 10.75 15.00
Short-term investments 0.00 0.00 3.17 2.97 0.00
Accounts receivable, unrelated parties 15.25 10.45 10.17 13.50 12.35
Accounts receivable, related parties 0.04 0.04 0.04 0.05 0.33
Accounts receivable, net of allowances for credit losses 15.29% 10.49% 10.20% 13.55% 12.67%
Inventories 28.18 19.90 20.41 24.13 22.16
Other current assets 1.67 0.80 0.92 0.94 1.33
Current assets 55.07% 45.96% 51.39% 52.35% 51.17%
Property, plant and equipment, net 37.92 44.31 37.89 38.24 39.03
Intangible assets, net 2.36 3.50 3.96 3.51 3.75
Goodwill 3.62 4.93 5.47 5.58 5.64
Other assets 1.03 1.29 1.28 0.33 0.40
Noncurrent assets 44.93% 54.04% 48.61% 47.65% 48.83%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The asset composition reflects a shift toward higher working capital requirements by the end of the analyzed period, characterized by a fluctuating balance between current and noncurrent assets. While the entity maintained a relatively stable structure for several years, a notable reallocation occurred in 2021, where current assets reached their highest proportion of the total asset base.

Liquidity and Cash Position
Cash and equivalents exhibited significant volatility, starting at 15.00% in 2017, peaking at 16.69% in 2019, and declining to a period low of 9.93% by 2021. Short-term investments were only utilized as a measurable component of total assets in 2018 and 2019, contributing approximately 3% each year before disappearing from the balance sheet in subsequent periods.
Working Capital Trends
A substantial increase in the relative weight of operational assets is observed in 2021. Inventories rose sharply to 28.18% of total assets, compared to a range of 19.90% to 24.13% in previous years. Similarly, net accounts receivable climbed to 15.29% in 2021, up from a low of 10.17% in 2019. These factors drove the total current assets to 55.07% by the end of the period.
Fixed Asset Allocation
Property, plant, and equipment, net, remained largely stable around 38% of total assets, with the exception of 2020, where it surged to 44.31%. This temporary increase coincided with the peak of total noncurrent assets, which reached 54.04% in 2020 before receding to 44.93% in 2021.
Intangibles and Goodwill
A consistent downward trend is evident in the proportion of assets attributed to intangibles and goodwill. Intangible assets, net, decreased from 3.75% in 2017 to 2.36% in 2021. Goodwill followed a similar trajectory, declining from 5.64% to 3.62% over the five-year period, indicating that these components are becoming a smaller fraction of the overall asset base.

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