Is Steel Dynamics, Inc. overvalued or undervalued?

As of 17 October 2025, the valuation grade for Steel Dynamics, Inc. moved from very expensive to fair. The company appears to be fairly valued based on its current metrics. Key ratios include a P/E ratio of 24, an EV to EBITDA of 16.16, and a Price to Book Value of 3.26. In comparison, Nucor Corp. has a P/E of 27.41 and an EV to EBITDA of 14.03, while Reliance, Inc. shows a P/E of 20.82 and an EV to EBITDA of 13.07.
In terms of recent performance, Steel Dynamics has outperformed the S&P 500 on a year-to-date basis, returning 25.14% compared to the S&P 500's 13.30%. This strong performance, coupled with its fair valuation, suggests that the stock is positioned well within its industry.