Steel Dynamics, Inc. (STLD) Margin Analysis

Steel Dynamics, Inc.

STLD (NASDAQ)

(%)

Models
Steel Dynamics, Inc. Margin Analysis

# --- Years and Quarters
assumptions.set({
    "timeseries": "annual",
    "data": {
        "#years": """
            4
        """,
        "#quarters": """
            8
        """,
    },
    "titles": {
        "#years": "Years",
        "#quarters": "Quarters",
    },
    "properties": {
        "width": "responsive",
        "title": "Years and Quarters",
        "id": "component-1",
        "bindTo": None
    },
    "descriptions": {
        "#years": r"""
The number of historical years used to render the annual chart and tables.
        """,
        "#quarters": r"""
The number of historical quarters used to render the quarterly chart and tables.
        """,
    }
})

# Render description block
model.render_description({
    "data": r"""
## Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.
""",
    "properties": {
        "width": "responsive"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Annual Section

The annual section uses annual data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

# --- Income Statement Margins
data.compute({
    "user:%revenueGrowthRate": """
        ( income:revenue / income:revenue:-1 ) - 1
    """,
    "user:%grossMargin": """
        income:grossProfit / income:revenue
    """,
    "user:%operatingMargin": """
        income:operatingIncome / income:revenue
    """,
    "user:%netMargin": """
        income:netIncome / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

# --- Cash Flow Statement Margins
data.compute({
    "user:%cashFromOperatingActivitiesMargin": """
        flow:netCashProvidedByOperatingActivities / income:revenue
    """,
    "user:%freeCashFlowMargin": """
        flow:freeCashFlow / income:revenue
    """,
    "user:%depreciationAndAmortizationMargin": """
        flow:depreciationAndAmortization / income:revenue
    """,
    "user:%capitalExpenditureMargin": """
        flow:capitalExpenditure / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "annual",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Annual Chart",
        "include_ltm": False,
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "quarterly",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Quarterly Chart",
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

Years and Quarters

Years Years The number of historical years used to render the annual chart and tables.	#
Quarters Quarters The number of historical quarters used to render the quarterly chart and tables.	#

Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.

Annual Section

The annual section uses annual data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	LTM Mar 09	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	18,177	18,177	17,540	18,795	22,261
Revenue Growth Rate	0%	3.63%	-6.68%	-15.57%	20.92%
Cost of Revenue	15,792	15,812	14,738	14,749	16,143
Gross Profit	2,385	2,364	2,803	4,046	6,118
Gross Margin	13.12%	13.01%	15.98%	21.53%	27.48%
Operating Income	1,476	1,476	1,943	3,151	5,092
Operating Margin	8.12%	8.12%	11.08%	16.77%	22.87%
Net Income	1,186	1,186	1,537	2,451	3,863
Net Margin	6.52%	6.52%	8.76%	13.04%	17.35%

Cash Flow Statement Margins

Monetary values in USD amounts except #	LTM Mar 09	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	18,177	18,177	17,540	18,795	22,261
Cash from Operating Activities	1,450	1,450	1,845	3,520	4,460
Cash from Operating Activities Margin	7.98%	7.98%	10.52%	18.73%	20.04%
Free Cash Flow	501.5	501.5	-23.5	1,862	3,552
Free Cash Flow Margin	2.76%	2.76%	-0.134%	9.91%	15.95%
Depreciation and Amortization	551.4	551.4	478.9	437.8	384.2
Depreciation and Amortization Margin	3.03%	3.03%	2.73%	2.33%	1.73%
Capital Expenditure	-948	-948	-1,868	-1,658	-908.9
Capital Expenditure Margin	-5.22%	-5.22%	-10.65%	-8.82%	-4.08%

Annual Chart

Monetary values in USD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Annual Chart", "timeseries": "annual", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 27.48}, {"l": "2023", "x": "2023-12-31", "y": 21.53}, {"l": "2024", "x": "2024-12-31", "y": 15.98}, {"l": "2025", "x": "2025-12-31", "y": 13.01}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 22.87}, {"l": "2023", "x": "2023-12-31", "y": 16.77}, {"l": "2024", "x": "2024-12-31", "y": 11.08}, {"l": "2025", "x": "2025-12-31", "y": 8.12}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 17.35}, {"l": "2023", "x": "2023-12-31", "y": 13.04}, {"l": "2024", "x": "2024-12-31", "y": 8.76}, {"l": "2025", "x": "2025-12-31", "y": 6.52}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 15.95}, {"l": "2023", "x": "2023-12-31", "y": 9.91}, {"l": "2024", "x": "2024-12-31", "y": -0.134}, {"l": "2025", "x": "2025-12-31", "y": 2.76}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}

Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	4,414	4,828	4,565	4,369	3,872	4,342
Revenue Growth Rate	-8.58%	5.76%	4.48%	12.84%	-10.81%
Cost of Revenue	3,892	4,070	3,947	3,883	3,430	3,736
Gross Profit	522.1	757.9	618.5	486.5	441.7	605.2
Gross Margin	11.83%	15.7%	13.55%	11.14%	11.41%	13.94%
Operating Income	310.2	507.8	382.9	275.1	237.5	395.4
Operating Margin	7.03%	10.52%	8.39%	6.3%	6.13%	9.11%
Net Income	266	403.7	298.7	217.2	207.3	317.8
Net Margin	6.03%	8.36%	6.54%	4.97%	5.35%	7.32%

Cash Flow Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	4,414	4,828	4,565	4,369	3,872	4,342
Cash from Operating Activities	272.7	722.6	301.6	152.6	346.9	759.9
Cash from Operating Activities Margin	6.18%	14.97%	6.61%	3.49%	8.96%	17.5%
Free Cash Flow	84.22	556.9	13.28	-152.9	-106.3	138.5
Free Cash Flow Margin	1.91%	11.53%	0.291%	-3.5%	-2.74%	3.19%
Depreciation and Amortization	146.3	138.5	132.9	133.8	125.5	121.1
Depreciation and Amortization Margin	3.31%	2.87%	2.91%	3.06%	3.24%	2.79%
Capital Expenditure	-188.5	-165.7	-288.3	-305.5	-453.2	-621.4
Capital Expenditure Margin	-4.27%	-3.43%	-6.32%	-6.99%	-11.7%	-14.31%

Quarterly Chart

Monetary values in USD

{"sectionId": "section-chart-2", "sectionType": "chart", "title": "Quarterly Chart", "timeseries": "quarterly", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 13.94}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 11.41}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 11.14}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 13.55}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 15.7}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 11.83}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 9.11}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 6.13}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 6.3}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 8.39}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 10.52}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 7.03}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 7.32}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 5.35}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 4.97}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 6.54}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 8.36}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 6.03}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 3.19}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": -2.75}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": -3.5}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 0.291}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 11.53}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 1.91}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}