Stock Analysis on Net
Stock Analysis on Net

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 
Quarterly Data

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

Microsoft Excel
Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Accounts payable, unrelated parties 8.21 9.96 9.21 10.11 10.48 10.92 10.99 8.21 8.16 8.23 7.22 6.16 6.53 6.57 7.41 6.97 7.63 8.76 7.81 6.91 7.36 7.01 7.68
Accounts payable, related parties 0.08 0.11 0.09 0.11 0.10 0.15 0.21 0.10 0.15 0.06 0.11 0.04 0.12 0.12 0.12 0.18 0.20 0.24 0.26 0.23 0.24 0.25 0.24
Accounts payable 8.29% 10.07% 9.29% 10.22% 10.58% 11.07% 11.20% 8.30% 8.30% 8.29% 7.34% 6.20% 6.66% 6.68% 7.53% 7.15% 7.84% 9.01% 8.07% 7.14% 7.60% 7.26% 7.92%
Income taxes payable 0.29 0.27 1.76 0.11 0.69 0.75 0.52 0.03 0.01 0.30 0.21 0.02 0.03 0.04 0.34 0.10 0.14 0.51 0.21 0.05 0.08 0.08 1.20
Accrued payroll and benefits 3.88 3.13 2.11 4.31 3.52 2.58 1.80 2.18 2.06 1.75 1.49 2.52 2.29 1.89 1.46 3.43 2.94 2.27 1.62 2.86 2.46 2.07 1.59
Accrued interest 0.24 0.13 0.26 0.14 0.29 0.16 0.33 0.21 0.32 0.14 0.48 0.22 0.60 0.32 0.61 0.33 0.62 0.34 0.69 0.37 0.71 0.44 0.76
Accrued expenses 2.30 2.19 2.07 2.22 2.24 1.88 1.74 1.93 1.99 1.82 2.01 2.12 2.05 1.92 1.80 1.90 1.75 1.74 1.62 1.83 1.85 1.77 1.63
Current maturities of long-term debt 0.16 0.27 0.52 0.78 0.48 0.87 0.80 0.94 0.95 0.87 0.84 1.08 1.03 0.92 1.03 0.31 0.19 0.24 0.14 0.42 2.62 0.30 0.04
Current liabilities 15.17% 16.06% 16.01% 17.77% 17.81% 17.33% 16.40% 13.59% 13.64% 13.17% 12.36% 12.16% 12.66% 11.78% 12.77% 13.23% 13.46% 14.11% 12.34% 12.67% 15.32% 11.93% 13.15%
Long-term debt, excluding current maturities 21.44 21.96 23.05 24.01 26.17 28.22 29.78 32.55 30.60 31.14 31.71 31.96 29.65 29.98 29.97 30.54 30.16 31.34 33.76 34.32 33.78 35.30 35.11
Deferred income taxes 6.10 6.22 6.56 6.82 6.26 6.10 5.95 5.79 5.95 5.94 5.86 5.85 5.89 5.83 5.69 5.66 5.11 5.01 4.51 4.46 6.63 6.89 6.78
Other liabilities 0.80 0.70 0.93 0.96 1.02 1.27 1.12 1.15 1.09 0.86 0.86 0.91 0.88 0.89 0.80 0.12 0.15 0.24 0.29 0.32 0.29 0.31 0.29
Noncurrent liabilities 28.34% 28.88% 30.54% 31.79% 33.45% 35.60% 36.84% 39.49% 37.63% 37.94% 38.43% 38.72% 36.43% 36.70% 36.46% 36.31% 35.43% 36.59% 38.56% 39.10% 40.70% 42.50% 42.18%
Total liabilities 43.51% 44.94% 46.55% 49.56% 51.26% 52.93% 53.25% 53.07% 51.28% 51.11% 50.80% 50.88% 49.08% 48.48% 49.23% 49.54% 48.89% 50.70% 50.90% 51.77% 56.02% 54.43% 55.33%
Redeemable noncontrolling interests 1.23 1.23 1.75 1.69 1.62 1.65 1.62 1.71 1.80 1.80 1.81 1.74 1.81 1.78 1.78 1.44 1.43 1.48 1.60 1.62 1.60 1.67 1.66
Common stock voting, $.0025 par value 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Treasury stock, at cost -28.81 -26.01 -23.36 -21.34 -20.32 -18.78 -15.94 -17.52 -18.84 -19.18 -19.47 -18.43 -18.49 -17.23 -16.06 -15.37 -10.95 -10.38 -10.48 -9.70 -9.34 -8.26 -7.09
Additional paid-in capital 8.68 8.85 9.22 9.73 10.57 11.33 11.88 13.03 13.93 14.07 14.19 14.27 14.80 14.86 14.77 15.06 14.83 15.32 16.39 16.65 16.48 17.11 16.94
Retained earnings 76.88 72.54 67.41 61.94 58.27 54.11 50.70 51.36 53.66 54.04 54.57 53.40 54.76 54.09 52.30 51.38 47.84 44.99 43.85 41.93 37.45 37.34 35.41
Accumulated other comprehensive income (loss) -0.02 -0.04 0.07 -0.02 0.09 0.30 0.06 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Steel Dynamics, Inc. equity 56.74% 55.34% 53.34% 50.31% 48.61% 46.97% 46.69% 46.90% 48.75% 48.95% 49.29% 49.25% 51.07% 51.72% 51.01% 51.08% 51.73% 49.93% 49.78% 48.89% 44.60% 46.19% 45.27%
Noncontrolling interests -1.48 -1.52 -1.64 -1.56 -1.49 -1.55 -1.55 -1.68 -1.83 -1.86 -1.90 -1.87 -1.96 -1.99 -2.02 -2.07 -2.04 -2.11 -2.27 -2.28 -2.23 -2.29 -2.26
Total equity 55.26% 53.83% 51.70% 48.75% 47.12% 45.42% 45.14% 45.22% 46.92% 47.09% 47.39% 47.38% 49.11% 49.74% 48.99% 49.02% 49.69% 47.82% 47.50% 46.60% 42.38% 43.90% 43.01%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

Accounts payable
The proportion of accounts payable relative to total liabilities and equity fluctuated between 6% and 11% over the period. Beginning near 8% in early 2017, it generally trended upward, peaking around 11.2% in the first half of 2021. Thereafter, it declined somewhat but remained elevated compared to earlier years, indicating an increased reliance on payables over time.
Income taxes payable
Income taxes payable consistently represented a small portion of total liabilities and equity, mostly below 1%. However, sporadic spikes occurred, notably reaching 1.76% by March 2022, suggesting occasional fluctuations in current tax obligations.
Accrued liabilities
Accrued payroll and benefits displayed variability, ranging from approximately 1.5% to 4.3%, with a notable increase in the last quarters of 2021 (up to 4.31%). Accrued interest remained under 1% throughout, generally declining in later periods. Accrued expenses hovered near 2% with slight uptrends in later years, pointing to stable yet gradually increasing operating accruals.
Debt obligations
Current maturities of long-term debt generally accounted for less than 1% of total liabilities and equity, showing some volatility but no clear long-term trend. Long-term debt excluding current maturities trended downward from around 35% in 2017 to about 21% by late 2022, indicating a consistent reduction in long-term debt levels relative to total capital structure.
Deferred income taxes and other liabilities
Deferred income taxes as a percentage remained relatively stable in the range of 4.5% to 7%, showing minor increases towards 2021 before a slight decline in 2022. Other liabilities were minimal, under 1%, with a slight increase in mid-2020 and stabilizing thereafter.
Total liabilities
Total liabilities decreased steadily from a peak of over 55% in 2017 to roughly 44% by the end of 2022, reflecting a gradual deleveraging or rebalancing of the capital structure towards equity.
Equity components

Treasury stock increased in absolute negative magnitude over the period, rising from around -7% to nearly -29%, implying significant share repurchases or holdings of treasury shares, which contributed to capital structure changes.

Additional paid-in capital showed a declining trend from approximately 17% in 2017 to under 9% by late 2022, suggesting limited new equity injections or dilution.

Retained earnings consistently increased from about 35% to nearly 77%, indicating substantial accumulated profits contributing to equity growth over time.

Total equity rose from roughly 43% to 55%, driven primarily by increased retained earnings despite the growing treasury stock deduction.

Overall capital structure
The data reveals a shift toward a stronger equity base supported by growing retained earnings and a reduction in long-term debt. The rising treasury stock balances suggest active share repurchase programs. Current liabilities remained relatively stable, while total liabilities decreased as a portion of the total capital base. The company appears to have maintained a conservative stance on debt while strengthening equity over the analyzed period.