Correction, 18 September 2026: an earlier version of this post described Apr 20 as the end of the quarter. It is the date the results were reported.
What changed
$STLD (Steel Dynamics Inc.) reported results on April 20, 2026, and the headline numbers are hard to ignore. EPS came in at $2.78, up from $1.44 in the same period a year earlier — a 93.1% year-over-year increase. Quarterly revenue grew 19.1% over the same stretch.
We do not have guidance commentary from management to include here, so this recap focuses on what the reported figures and current fundamentals show.
Get the ACCE weekly digest
Index returns, picks recap, score movers - every Sunday. No fluff.
What it means
The earnings acceleration is the standout data point. Nearly doubling EPS while growing revenue by roughly one-fifth suggests Steel Dynamics expanded margins meaningfully, not just the top line. Net margin currently sits at 7.2% and ROE at 15.3%, both figures that reflect a business generating real returns on its capital base.
The ACCE score for $STLD is 75 out of 100. The breakdown tells a specific story: Momentum scores 97, Growth scores 88, Value scores 59, and Quality scores 56. The Momentum reading is the highest of the four, consistent with a stock that has returned 79.2% over the past year. The lower Value and Quality scores are worth watching — a trailing P/E of 25.3 against a forward P/E of 14.7 implies the market expects earnings to keep climbing, and any slowdown in that trajectory would pressure the valuation case.
The six-model fair value estimate sits at $255.44, representing an 8.7% premium to the current price of $235.05. The analyst consensus target is $271.33. Neither figure is a guarantee of price movement, but both land above the current quote, which at least suggests the market has not fully priced in the earnings improvement.
FCF yield is 1.5% and the dividend yield is 0.9% — modest income contributions, but the primary investment case here is clearly earnings growth rather than yield. Earnings quality is flagged as strong in the underlying data.
ACCE scores thousands of stocks across valuation models matched to each company, with fair value, conviction and the full thesis on every name. Start free, no card required.
