Steel Dynamics Inc., current enterprise value calculation

Current share price (P)	$98.04
No. shares of common stock outstanding	175,571,409
US$ in thousands
Common equity (market value)¹	17,213,021)
Add: Noncontrolling interests (per books)	(195,884)
Total equity	17,017,137)
Add: Current maturities of long-term debt (per books)	97,174)
Add: Long-term debt, excluding current maturities (per books)	3,008,702)
Total equity and debt	20,123,013)
Less: Cash and equivalents	1,243,868)
Less: Short-term investments	—)
Enterprise value (EV)	18,879,145)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 98.04 × 175,571,409

Steel Dynamics Inc., EV calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Share price^1, 2	$70.58	$44.01	$26.89	$37.95	$47.51
No. shares of common stock outstanding¹	191,299,162	211,005,100	213,554,449	224,105,246	236,071,369
US$ in thousands
Common equity (market value)³	13,501,895)	9,286,334)	5,742,479)	8,504,794)	11,215,751)
Add: Noncontrolling interests (book value)	(195,884)	(155,552)	(154,593)	(159,082)	(156,506)
Total equity	13,306,011)	9,130,782)	5,587,886)	8,345,712)	11,059,245)
Add: Current maturities of long-term debt (book value)	97,174)	86,894)	89,356)	24,234)	28,795)
Add: Long-term debt, excluding current maturities (book value)	3,008,702)	3,015,782)	2,644,988)	2,352,489)	2,353,145)
Total equity and debt	16,411,887)	12,233,458)	8,322,230)	10,722,435)	13,441,185)
Less: Cash and equivalents	1,243,868)	1,368,618)	1,381,460)	828,220)	1,028,649)
Less: Short-term investments	—)	—)	262,174)	228,783)	—)
Enterprise value (EV)	15,168,019)	10,864,840)	6,678,596)	9,665,432)	12,412,536)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Steel Dynamics Inc. Annual Report.

³ 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 70.58 × 191,299,162

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Steel Dynamics Inc. EV increased from 2019 to 2020 and from 2020 to 2021.

Steel Dynamics Inc. (NASDAQ:STLD)

Enterprise Value (EV)