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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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Calculation
Debt to equity | = | Long-term debt, including current maturities1 | ÷ | Total Steel Dynamics, Inc. equity1 | |
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Dec 31, 2021 | = | ÷ | |||
Dec 31, 2020 | = | ÷ | |||
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Dec 31, 2005 | = | ÷ |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in thousands
- Long-term Debt
- The long-term debt, including current maturities, displayed significant fluctuations over the period analyzed. Initially, it remained relatively stable around 440 million US$ until 2006, after which there was a sharp increase peaking at approximately 2.65 billion US$ in 2008. Subsequently, a declining trend is noticeable until 2012, followed by a period of variability. From 2013 onward, the debt generally increased again, reaching its highest level of over 3.1 billion US$ in 2021, indicating a trend towards increased leverage in recent years.
- Equity
- Equity showed a strong upward trajectory throughout the period. Starting near 880 million US$ in 2005, it steadily increased every year, surpassing 6.3 billion US$ by 2021. This consistent equity growth reflects ongoing accumulation of retained earnings or capital contributions, and signals increasing net worth and financial strength over time.
- Debt to Equity Ratio
- The debt to equity ratio exhibited substantial volatility. It started at 0.5 in 2005, declined to 0.36 in 2006, but then sharply rose above 1.3 and 1.6 in 2007 and 2008 respectively, corresponding with the surge in debt during those years. From 2009 forward, a general downward trend is observed, with ratios generally falling below 1.0 and reaching a low of 0.49 in 2021. This indicates a strategic reduction in financial leverage relative to equity, especially in later years, suggesting improved balance sheet stability and lower risk exposure.
- Overall Trends and Insights
- The data reveal a pattern of aggressive debt accumulation around the late 2000s, followed by debt reduction and controlled leverage in the following decade. Meanwhile, equity grew steadily over the entire period, resulting in improved equity base and lower relative debt levels post-2012. The decreasing debt to equity ratio in recent years indicates a conservative financial approach with emphasis on strengthening the equity base and maintaining manageable debt levels. The increase in both debt and equity in the final years suggests expansion activities financed through a balanced mix of debt and equity, highlighting an ongoing focus on financial growth and stability.
Comparison to Competitors
Steel Dynamics Inc. | Freeport-McMoRan Inc. | |
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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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Materials)
Steel Dynamics Inc. | Materials | |
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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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).