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Steel Dynamics
Wyniki II kw. 2026 vs I kw. 2026 · poprzedni kwartał · opublikowano 21 lip 2026 i 21 kwi 2026
Net income up 33.5% on the previous quarter. Management sounded cautious, in its script and in answers to analysts.
1 · Liczby
+33,5%
Zysk netto vs I kw. 2026
Podano perspektywy
Zysk netto 534,1 mln vs 400,1 mln
Przychody +17,0%
Against the same quarter last year (II kw. 2025) it is +78.8%, so it is not just seasonal.
Dlaczego Net income rose compared to the previous quarter, driven by higher realized steel pricing and record steel shipments.
2 · Jak mówił zarząd
Ostrożny
Less upbeat than 96% of company calls
Answers to analysts: upbeat, in line with the script.
Last call it was different: the answers were more upbeat than the script.
3 · Co się wyróżniło
Główny temat
The company's capital allocation strategy prioritizes high-return growth opportunities to reflect the strength of its capital foundation and cash…
Między wierszami
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Prognoza
Volumes and profitability from the aluminum rolling mill are expected to increase sharply in the second half of 2026 and into 2027 as the third cold mill is brought online.
Cytat ze źródła
“We expect volumes and profitability from the aluminum rolling mill to increase sharply in the second half of 2026 and into 2027 as the third cold mill is brought...”
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Prognoza
The company expects assets to generate meaningful earnings and related cash flow as they continue to ramp and mature.
Cytat ze źródła
“As these assets continue to ramp and mature, we expect them to generate meaningful earnings and related cash flow.”
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Liczba
Quarter 2026 revenues reached $6.1 billion and operating income was $700 million, which were higher than the sequential first quarter results.
Cytat ze źródła
“Second quarter 2026 revenues were $6.1 billion, and operating income was $700 million, higher than sequential first quarter results, driven...”
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Słabnie
The company paused working capital growth for new operations in the first quarter to prioritize business growth, dividend consistency, and its share repurchase program.
Cytat ze źródła
“We did take a bit of a pause in the first quarter related to working capital growth for the new... ...perspective, we are focused on consistently doing what we have been doing: growing the business as our priority, complemented by a progressively positive dividend profile and our share repurchase program, which we are still engaging in.”
Wycena
Odwrócony DCF. Wolne przepływy pieniężne z ostatniego pełnego roku obrotowego (2025-12-31), powiększane przez 10 lat, zdyskontowane, plus wartość rezydualna. „Wzrost implikowany” to tempo, które zakłada obecna cena.
Aktualna cena
$241.04
zamknięcie z 2026-10-05
Rynek zakłada wzrost o iRoczny wzrost wolnych przepływów pieniężnych przez następne 10 lat, który zakłada dzisiejsza cena akcji. Jeśli uważasz, że spółka będzie rosła szybciej, akcja jest w tym modelu tania; wolniej — droga.
+26,0% przez 10 lat
Wartość godziwa / akcję
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Cena vs wartość godziwa
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Cena vs cena zakupu
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Ton
Jak optymistyczny był język w porównaniu z innymi spółkamiiTon to liczba pozytywnych słów finansowych minus liczba negatywnych, skorygowana o długość tekstu. Zarządy zwykle mówią pozytywnie, więc etykiety porównują każdą konferencję z ostatnimi konferencjami wszystkich spółek: „typowy” to środkowa trzecia, „bardzo optymistyczny” to najlepsze 10%, „ostrożny” to najsłabsze 10%.. Kropka: II kw. 2026. Pierścień: I kw. 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Zdania, które wpłynęły na ton
“As decarbonization initiatives accelerate, the resulting increase in cost structures across the world will materially steepen the global cost curve, enhancing Steel Dynamics' competitive position and driving opportunities for market...”
“We have invested strategically to successfully achieve significant scale, high-margin product and market diversification, efficient and unique customer supply chains, and synergistic operating platforms to optimize market opportunities throughout economic...”
“Given the step function increase in cash generation that we're going to see from these new assets with the growth opportunities that the team has identified going forward, it's nothing...”
Liczby
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Pozycja | II kw. 2026period end 2026-06-30 | I kw. 2026period end 2026-03-31 | Zmiana | II kw. 2025 | r/r |
|---|---|---|---|---|---|
| Przychody | 6,09 mld | 5,20 mld | +17,0% | 4,57 mld | +33,4% |
| Zysk brutto ze sprzedaży | 959,0 mln | 763,2 mln | +25,6% | 618,5 mln | +55,1% |
| Zysk operacyjny | 700,5 mln | 538,0 mln | +30,2% | 382,9 mln | +83,0% |
| Zysk netto | 534,1 mln | 400,1 mln | +33,5% | 298,7 mln | +78,8% |
| Zysk na akcję | 3,69 | 2,78 | +32,7% | 2,01 | +83,6% |
Tematy
Najczęściej omawiane teraz
- Over the past several years, Steel Dynamics has invested more than $5 billion in three transformative organic growth initiatives: its…
- The increase was driven by commercial planning, accelerating institutional activity led by healthcare.
- Steel Dynamics' metals recycling operations performed well during the quarter, benefiting from increased scrap availability and higher…
- Steel Dynamics' steel fabrication platform provides meaningful support for its steel mills, particularly critical in softer demand…
- This higher through-cycle utilization is a key competitive advantage supporting Steel Dynamics' strong and growing cash generation and…
Zniknęło od I kw. 2026
- Słabnie Steel Dynamics only use pig iron at its flat rolled mills.
- Zniknęło Prices go up, but Steel Dynamics keeps finding better ways to minimize impact.
- Słabnie The North American geographic footprint of Steel Dynamics' metals recycling platform provides strategic competitive advantage for both its…
- Słabnie Steel Dynamics has continually invested strategically to provide scale of business, product and market diversification, unique customer…