Steel Dynamics dividend: pay and cash cover
MyStockButler's October 2026 analysis: Steel Dynamics currently pays an annualized $2.12 per share. In 2025, its $501,509 thousand of free cash flow did not cover $1,192,046 thousand of shareholder payments.
How much does Steel Dynamics pay per share?
Dividends rise in the base case from $2.24 per share to $2.36, then $2.48. The path extends the recent 6% increase from a current annualized rate of $2.12. The bear holds $2.12 before cutting to $1.60, because weak cash generation and project spending could override the record of annual increases. The bull reaches $2.72, requiring stronger earnings and cash conversion.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 7.99 | 9.84 | 14.64 | 20.92 | 15.56 |
| Real free cash flow per share | 2.91 | -0.58 | 10.75 | 18.92 | 5.52 |
| − Dividends paid, per share | 1.96 | 1.81 | 1.62 | 1.28 | 1.03 |
| − Share buybacks, per share | 6.07 | 7.76 | 8.67 | 9.75 | 5.13 |
How much would Steel Dynamics's dividend pay you?
$10,000 invested in Steel Dynamics at its 0.9% dividend yield (our report of October 20, 2026) pays $90.00 in the first year, before tax. If its dividend per share keeps changing 17.5% a year, as it did from 2021 to 2025, and the dividends are reinvested, year 10 pays $451.87, with $2,257.32 received in all.
Before tax. Past dividend growth is not a promise. Information only, not investment advice.
Does Steel Dynamics cover its dividend with cash?
The strongest year was 2022, when free cash flow reached $3,551,501 thousand. Shareholder payments were $2,038,068 thousand. By 2025, free cash flow was $501,509 thousand, while shareholder payments reached $1,192,046 thousand. Across the five years, payments to shareholders exceeded cumulative free cash flow, so SDI also relied on accumulated resources, investments, or financing.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 501,509 | -23,503 | 1,862,023 | 3,551,501 | 1,197,897 |
| − Dividends paid | 291,176 | 282,616 | 271,317 | 237,163 | 212,968 |
| − Share buybacks | 900,870 | 1,212,164 | 1,452,203 | 1,800,905 | 1,060,632 |
| Paid to shareholders | 1,192,046 | 1,494,780 | 1,723,520 | 2,038,068 | 1,273,600 |
| Paid out, % of free cash flow | 237.7% | not meaningful | 92.6% | 57.4% | 106.3% |
What could change Steel Dynamics' dividend?
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| EBITDA | 4,000 (2,800 / 4,800) | 4,100 (2,200 / 5,200) | 4,300 (2,700 / 5,500) |
| Shares (millions) | 140 (141 / 138) | 137 (139 / 135) | 135 (136 / 132) |
| Dividends per share | 2.24 (2.12 / 2.24) | 2.36 (1.60 / 2.48) | 2.48 (1.60 / 2.72) |
| Enterprise value to ebitda | 8.50 (7.00 / 10.00) | 8.50 (6.50 / 10.50) | 9.00 (7.00 / 11.00) |
| Net debt | 2,303 (2,934 / 1,871) | 992 (2,657 / -122) | -707 (1,701 / -715) |
What is Steel Dynamics' dividend yield today?
On October 20, 2026, Steel Dynamics traded at $245.17 a share. Equity value is what shareholders own; enterprise value represents the operating business to shareholders and lenders after considering debt, cash and other claims. The difference between the two is a valuation bridge, not a separately verified net-debt figure, because its contents depend on how those claims are treated.