Steel Dynamics
Steel Dynamics returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q3 | Sep 30, 2026 | 16.2% | 17.44% | 83.25% | 20.8% | 11.59% | 8.5 pp |
| FY 2026 Q2 | Jun 30, 2026 | 13.09% | 14.4% | 74.36% | 17.58% | 9.84% | 5.4 pp |
| FY 2026 Q1 | Mar 31, 2026 | 11.36% | 12.33% | 23.25% | 15.25% | 8.4% | 3.7 pp |
| FY 2025 Q4 | Dec 31, 2025 | 9.93% | 10.9% | -42.34% | 13.25% | 7.56% | 2.2 pp |
| FY 2025 Q3 | Sep 30, 2025 | 9.52% | 10.4% | -230.13% | 12.47% | 7.13% | 1.8 pp |
| FY 2025 Q2 | Jun 30, 2025 | 8.86% | 9.88% | -108.09% | 11.57% | 6.8% | 1.2 pp |
| FY 2025 Q1 | Mar 31, 2025 | 10.25% | 11.12% | -150.67% | 13.08% | 7.56% | 2.6 pp |
| FY 2024 Q4 | Dec 31, 2024 | 13.96% | 15.32% | -83.24% | 17.27% | 10.3% | 6.3 pp |
| FY 2024 Q3 | Sep 30, 2024 | 15.96% | 17.12% | -59.13% | 19.52% | 11.47% | 8.3 pp |
| FY 2024 Q2 | Jun 30, 2024 | 18.61% | 20.34% | -97.42% | 22.57% | 13.6% | 10.9 pp |
| FY 2024 Q1 | Mar 31, 2024 | 23.05% | 24.41% | -82.86% | 27.54% | 16.4% | 15.3 pp |
| FY 2023 Q4 | Dec 31, 2023 | 24.53% | 25.51% | -154.66% | 28.84% | 16.86% | 16.8 pp |
| FY 2023 Q3 | Sep 30, 2023 | 27.28% | 27.21% | -275.28% | — | 18.45% | 19.6 pp |
| FY 2023 Q2 | Jun 30, 2023 | 30.85% | 31.92% | -223.37% | — | 21.33% | 23.2 pp |
| FY 2023 Q1 | Mar 31, 2023 | 37.69% | 37.94% | -59.85% | — | 25.05% | 30 pp |
| FY 2022 Q4 | Dec 31, 2022 | 45.41% | 45.4% | 44.48% | — | 29.07% | 37.7 pp |
| FY 2022 Q3 | Sep 30, 2022 | 52.47% | 53.85% | 100.47% | — | 33.9% | 44.8 pp |
| FY 2022 Q2 | Jun 30, 2022 | 55.23% | 57.65% | 114.83% | — | 36.21% | 47.5 pp |
| FY 2022 Q1 | Mar 31, 2022 | 53.02% | 53.54% | 138.13% | — | 33.78% | 45.3 pp |
| FY 2021 Q4 | Dec 31, 2021 | 47.76% | 46.98% | 128.59% | — | 29.79% | 40.1 pp |
| FY 2021 Q3 | Sep 30, 2021 | 37.7% | 37% | 95.28% | — | 23.3% | 30 pp |
| FY 2021 Q2 | Jun 30, 2021 | 25.57% | 24.27% | 53.74% | — | 15.16% | 17.9 pp |
| FY 2021 Q1 | Mar 31, 2021 | 15.74% | 14.8% | 18.48% | — | 8.86% | 8 pp |
| FY 2020 Q4 | Dec 31, 2020 | 12.24% | 11.09% | -12.14% | — | 6.51% | 4.5 pp |
| FY 2020 Q3 | Sep 30, 2020 | 11.3% | 10.71% | -99.31% | — | 6.01% | 3.6 pp |
| FY 2020 Q2 | Jun 30, 2020 | 12.39% | 11.8% | — | — | 6.69% | 4.7 pp |
| FY 2020 Q1 | Mar 31, 2020 | 13.74% | 13.68% | — | — | 8.2% | 6 pp |
| FY 2019 Q4 | Dec 31, 2019 | 14.42% | 14.15% | — | — | 8.48% | 6.7 pp |
| FY 2019 Q3 | Sep 30, 2019 | 17.14% | 17.1% | — | — | 10.47% | 9.4 pp |
| FY 2019 Q2 | Jun 30, 2019 | 21.66% | 22.04% | -4.45% | — | 13.92% | 14 pp |
| FY 2019 Q1 | Mar 31, 2019 | 25.78% | 26.08% | 45.35% | — | 16.66% | 18.1 pp |
| FY 2018 Q4 | Dec 31, 2018 | 27.05% | 27.19% | 53.62% | — | 17.25% | 19.4 pp |
| FY 2018 Q3 | Sep 30, 2018 | 28.55% | 24.56% | 80.57% | — | 17.47% | 20.8 pp |
| FY 2018 Q2 | Jun 30, 2018 | 23.96% | 20.98% | 64.42% | — | 14.71% | 16.3 pp |
| FY 2018 Q1 | Mar 31, 2018 | 21.16% | 17.69% | 83.71% | — | 12.18% | 13.5 pp |
| FY 2017 Q4 | Dec 31, 2017 | 20.79% | 18.24% | 177.91% | — | 12.14% | 13.1 pp |
| FY 2017 Q3 | Sep 30, 2017 | 13.83% | 15.6% | 1,905.18% | — | 7.37% | 6.1 pp |
| FY 2017 Q2 | Jun 30, 2017 | 14.13% | 16.03% | — | — | 7.67% | 6.4 pp |
| FY 2017 Q1 | Mar 31, 2017 | 14.15% | 16.13% | — | — | 7.6% | 6.5 pp |
| FY 2016 Q4 | Dec 31, 2016 | 10.67% | 12.8% | — | — | 5.7% | 3 pp |
| FY 2016 Q3 | Sep 30, 2016 | 4.33% | 4.78% | — | — | 1.47% | -3.4 pp |
| FY 2016 Q2 | Jun 30, 2016 | — | 2.3% | — | — | 0.06% | — |
| FY 2016 Q1 | Mar 31, 2016 | — | -0.69% | — | — | -1.69% | — |
| FY 2015 Q4 | Dec 31, 2015 | — | -1.2% | — | — | -2.15% | — |
| FY 2015 Q3 | Sep 30, 2015 | 1.24% | 3.58% | — | — | 0.21% | -6.5 pp |
| FY 2015 Q2 | Jun 30, 2015 | 2.91% | 5% | -18.34% | — | 0.69% | -4.8 pp |
| FY 2015 Q1 | Mar 31, 2015 | 3.91% | 6.12% | -4.29% | — | 1.34% | -3.8 pp |
| FY 2014 Q4 | Dec 31, 2014 | 3.62% | 5.61% | -4.74% | — | 1.38% | -4.1 pp |
| FY 2014 Q3 | Sep 30, 2014 | 6.52% | 8.89% | 4.56% | — | 3.5% | -1.2 pp |
| FY 2014 Q2 | Jun 30, 2014 | 6.37% | 8.56% | — | — | 3.4% | -1.3 pp |
| FY 2014 Q1 | Mar 31, 2014 | 5.4% | 7.35% | -516.33% | — | 2.63% | -2.3 pp |
| FY 2013 Q4 | Dec 31, 2013 | 5.66% | 7.61% | -115.34% | — | 2.78% | -2 pp |
| FY 2013 Q3 | Sep 30, 2013 | 6% | 7.41% | — | — | 2.93% | -1.7 pp |
| FY 2013 Q2 | Jun 30, 2013 | 5.62% | 6.79% | — | — | 2.15% | -2.1 pp |
| FY 2013 Q1 | Mar 31, 2013 | 6.1% | 7.31% | — | — | 2.36% | -1.6 pp |
| FY 2012 Q4 | Dec 31, 2012 | 6.39% | 7.76% | — | — | 2.41% | -1.3 pp |
| FY 2012 Q3 | Sep 30, 2012 | 5.55% | 7.24% | -193.9% | — | 1.92% | -2.1 pp |
| FY 2012 Q2 | Jun 30, 2012 | 5.79% | 8.15% | — | — | 2.47% | -1.9 pp |
| FY 2012 Q1 | Mar 31, 2012 | — | 9.93% | — | — | 3.47% | — |
| FY 2011 Q4 | Dec 31, 2011 | 8.53% | 11.81% | 514.4% | — | 4.59% | 0.8 pp |
| FY 2011 Q3 | Sep 30, 2011 | — | 10.66% | — | — | 4.28% | — |
| FY 2011 Q2 | Jun 30, 2011 | — | 9.97% | — | — | 3.97% | — |
| FY 2011 Q1 | Mar 31, 2011 | — | — | — | — | — | — |
| FY 2010 Q4 | Dec 31, 2010 | — | 7.63% | — | 6.9% | 2.63% | — |
| FY 2010 Q3 | Sep 30, 2010 | — | 8.36% | — | 7.85% | 2.98% | — |
| FY 2010 Q2 | Jun 30, 2010 | — | 10.14% | — | 10.51% | 4.02% | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jun 30, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 19, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · STLD, USD. Latest completed close Oct 27, 2026. Price data retrieved Oct 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.