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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: Liabilities and Stockholders’ Equity

Steel Dynamics Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Accounts payable, unrelated parties 10.11 8.21 6.16 6.97 6.91
Accounts payable, related parties 0.11 0.10 0.04 0.18 0.23
Accounts payable 10.22% 8.30% 6.20% 7.15% 7.14%
Income taxes payable 0.11 0.03 0.02 0.10 0.05
Accrued payroll and benefits 4.31 2.18 2.52 3.43 2.86
Accrued interest 0.14 0.21 0.22 0.33 0.37
Accrued expenses 2.22 1.93 2.12 1.90 1.83
Current maturities of long-term debt 0.78 0.94 1.08 0.31 0.42
Current liabilities 17.77% 13.59% 12.16% 13.23% 12.67%
Long-term debt, excluding current maturities 24.01 32.55 31.96 30.54 34.32
Deferred income taxes 6.82 5.79 5.85 5.66 4.46
Other liabilities 0.96 1.15 0.91 0.12 0.32
Noncurrent liabilities 31.79% 39.49% 38.72% 36.31% 39.10%
Total liabilities 49.56% 53.07% 50.88% 49.54% 51.77%
Redeemable noncontrolling interests 1.69 1.71 1.74 1.44 1.62
Common stock voting, $.0025 par value 0.01 0.01 0.01 0.01 0.01
Treasury stock, at cost -21.34 -17.52 -18.43 -15.37 -9.70
Additional paid-in capital 9.73 13.03 14.27 15.06 16.65
Retained earnings 61.94 51.36 53.40 51.38 41.93
Accumulated other comprehensive income (loss) -0.02 0.02 0.00 0.00 0.00
Total Steel Dynamics, Inc. equity 50.31% 46.90% 49.25% 51.08% 48.89%
Noncontrolling interests -1.56 -1.68 -1.87 -2.07 -2.28
Total equity 48.75% 45.22% 47.38% 49.02% 46.60%
Total liabilities and equity 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 capital structure exhibits a stable equilibrium between total liabilities and total equity over the observed five-year period. Total liabilities fluctuated within a narrow range, peaking at 53.07% in 2020 before declining to 49.56% in 2021. Correspondingly, total equity remained relatively consistent, starting at 46.60% in 2017 and ending at 48.75% in 2021, indicating a disciplined approach to maintaining the leverage ratio.

Liability Composition and Trends
Current liabilities remained relatively stable between 12.16% and 13.59% from 2017 to 2020, followed by a notable increase to 17.77% in 2021. This increase is primarily attributed to a rise in accounts payable, which grew from 7.14% in 2017 to 10.22% in 2021, suggesting an increase in short-term operational financing.
Noncurrent liabilities experienced a contraction in 2021, falling to 31.79% from a high of 39.49% in 2020. This trend is driven largely by a significant reduction in long-term debt, excluding current maturities, which dropped to 24.01% in 2021 from a range of 30.54% to 34.32% in the preceding four years.
Equity Dynamics and Shareholder Value
Retained earnings show a consistent and substantial upward trend, increasing from 41.93% of total liabilities and equity in 2017 to 61.94% in 2021. This indicates strong internal capital generation and a high rate of profit reinvestment.
A significant increase in treasury stock is observed, with the negative value expanding from -9.70% in 2017 to -21.34% in 2021. This pattern suggests an aggressive share repurchase strategy, which has served to offset the growth in retained earnings and concentrate equity ownership.
Additional paid-in capital experienced a steady decline throughout the period, moving from 16.65% in 2017 to 9.73% in 2021, reflecting a shift in the composition of equity away from contributed capital toward earned capital.

Overall, the financial profile indicates a strategic transition toward lower long-term debt reliance and an increased reliance on retained earnings to fund operations and shareholder buybacks. The shift in 2021 toward higher current liabilities and lower long-term debt suggests a modification in the maturity profile of the entity's obligations.

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