$STLD, hold 📊 | 6 months thesis

Steel Dynamics, Inc., together with its subsidiaries, operates as a steel producer and metal recycler in the United States. 🎯 FQ3 FY2026 (ends Sep) | reported Oct 19 | Rev $6.5B | GAAP EPS $5.26 vs $5.41 🔴 | GAAP op margin 15.5% 💡 Market is pricing STLD at ~10.7x NTM EPS (~$22.5) versus a 5-year mean of ~10.3x, i.e., it is treating the current $20+ EPS run-rate as a cyclical peak to be faded rather than a two-to-four-quarter plateau. 🏢 Business Quality: 7/10 📊 Valuation: At $241.53: market cap ~$34.6B, TTM EPS $13.52 → 17.9x trailing; NTM EPS ~$22.5 → ~10.7x forward vs 5-year mean ~10.3x (so in line, not cheap); EV... 🔮 Catalyst: Q4 FY2026 earnings (late January 2027) as the aluminum-inflection test, with Q1 FY2027 (late April 2027) confirming the second CASH line ⚖️ Hold, prior Hold stands, a flip to Buy at confidence 6 (<7) was blocked with no material change. 📊 Our read: HOLD. Full analysis → https://stockduty.xyz/s/STLD1026

Steel Dynamics, Inc., together with its subsidiaries, operates as a steel producer and metal recycler in the United States.