Enterprise Value (EV)
Current Enterprise Value (EV)
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) |
Based on: 10-K (reporting date: 2021-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 98.04 × 175,571,409
Historical Enterprise Value (EV)
Steel Dynamics Inc., EV calculation
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).
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
- Common Equity (Market Value)
- The common equity experienced a notable decline from approximately $11.2 billion in 2017 to about $5.7 billion in 2019, indicating a substantial decrease over this two-year period. Subsequently, it reversed course, rising to around $9.3 billion in 2020 and further increasing to approximately $13.5 billion in 2021, surpassing the initial 2017 level.
- Total Equity
- Total equity followed a pattern similar to common equity, starting at roughly $11.1 billion in 2017, decreasing steadily to $5.6 billion by 2019, and then recovering strongly to $9.1 billion in 2020 and $13.3 billion in 2021. This parallel movement suggests that the company’s overall equity base reflected the fluctuations seen in the market value of common equity during the period.
- Total Equity and Debt
- Total equity and debt declined from approximately $13.4 billion in 2017 to $8.3 billion in 2019. Beginning in 2020, there was a strong recovery to about $12.2 billion, followed by continued growth to $16.4 billion in 2021. The upward trend in recent years indicates an increase in the company’s financing through a combination of equity and debt.
- Enterprise Value (EV)
- The enterprise value closely mirrors the trajectory of total equity and debt. It decreased from about $12.4 billion in 2017 to $6.7 billion in 2019, followed by a recovery to $10.9 billion in 2020 and further growth to nearly $15.2 billion in 2021. This pattern reflects the overall changes in the market valuation of the company’s business operations, coinciding with earlier declines and subsequent growth phases.
- Summary of Trends
- The data reveals a consistent decline across all measured financial values from 2017 through 2019, signaling significant contraction or market valuation decline during this interval. Starting in 2020, all figures demonstrate a clear and robust recovery, with values in 2021 exceeding those at the beginning of the observed period. The concurrent movement of common equity, total equity, total equity and debt, and enterprise value indicates correlated shifts in the company’s financial structure, capital market perceptions, and overall valuation. This recovery phase suggests improved performance, increased investor confidence, or favorable market conditions impacting the company in the latter years.