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Steel Dynamics vs Ternium: revenue, profit, margins and growth compared

Steel Dynamics brought in $18.2B of revenue in fiscal 2025, Ternium $15.6B in fiscal 2025. Revenue changed by +3.6% at Steel Dynamics and -11.6% at Ternium on the year before, so Steel Dynamics grew faster. Steel Dynamics kept 6.5% of its revenue as net profit, Ternium 2.7%. Free cash flow was $501.5M at Steel Dynamics and -$345.5M at Ternium.

Side by side, latest fiscal year

STLDTX
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$18.2B$15.6B
Revenue growth+3.6%-11.6%
Net income$1.2B$425.2M
Net margin6.5%2.7%
Free cash flow$501.5M-$345.5M
Free cash flow margin2.8%-2.2%
Earnings per share (diluted)$7.99$0.22
Cash$769.9M$1.5B
Debt$4.2B$2.4B
Price to earnings29.2n/a
Market value$33.5B$10.9B
Dividend yield0.86%n/a
Rank by revenue in sector#33 of 451 · Industrials#41 of 451 · Industrials

Over the years

Revenue
STLD FY2018: $11.8BSTLD FY2019: $10.5BSTLD FY2020: $9.6BSTLD FY2021: $18.4BSTLD FY2022: $22.3BSTLD FY2023: $18.8BSTLD FY2024: $17.5BSTLD FY2025: $18.2BTX FY2018: $11.5BTX FY2019: $10.2BTX FY2020: $8.7BTX FY2021: $16.1BTX FY2022: $16.4BTX FY2023: $17.6BTX FY2024: $17.6BTX FY2025: $15.6BFY18FY19FY20FY21FY22FY23FY24FY25
STLD $18.2BTX $15.6B
Net income
STLD FY2018: $1.3BSTLD FY2019: $671.1MSTLD FY2020: $550.8MSTLD FY2021: $3.2BSTLD FY2022: $3.9BSTLD FY2023: $2.5BSTLD FY2024: $1.5BSTLD FY2025: $1.2BTX FY2018: $1.5BTX FY2019: $564.3MTX FY2020: $778.5MTX FY2021: $3.8BTX FY2022: $1.8BTX FY2023: $676MTX FY2024: -$53.7MTX FY2025: $425.2MFY18FY19FY20FY21FY22FY23FY24FY25
STLD $1.2BTX $425.2M
Net margin
STLD FY2018: 10.6%STLD FY2019: 6.4%STLD FY2020: 5.7%STLD FY2021: 17.5%STLD FY2022: 17.4%STLD FY2023: 13.0%STLD FY2024: 8.8%STLD FY2025: 6.5%TX FY2018: 13.2%TX FY2019: 5.5%TX FY2020: 8.9%TX FY2021: 23.8%TX FY2022: 10.8%TX FY2023: 3.8%TX FY2024: -0.3%TX FY2025: 2.7%FY18FY19FY20FY21FY22FY23FY24FY25
STLD 6.5%TX 2.7%
Revenue growth
STLD FY2019: -11.5%STLD FY2020: -8.3%STLD FY2021: +91.7%STLD FY2022: +20.9%STLD FY2023: -15.6%STLD FY2024: -6.7%STLD FY2025: +3.6%TX FY2019: -11.0%TX FY2020: -14.3%TX FY2021: +84.2%TX FY2022: +2.0%TX FY2023: +7.3%TX FY2024: +0.2%TX FY2025: -11.6%FY19FY20FY21FY22FY23FY24FY25
STLD +3.6%TX -11.6%
Free cash flow
STLD FY2018: $1.2BSTLD FY2019: $944.3MSTLD FY2020: -$211MSTLD FY2021: $1.2BSTLD FY2022: $3.6BSTLD FY2023: $1.9BSTLD FY2024: -$23.5MSTLD FY2025: $501.5MTX FY2018: $1.2BTX FY2019: $595.4MTX FY2020: $1.2BTX FY2021: $2.2BTX FY2022: $2.2BTX FY2023: $1.3BTX FY2024: $85MTX FY2025: -$345.5MFY18FY19FY20FY21FY22FY23FY24FY25
STLD $501.5MTX -$345.5M

Fiscal years as each company reports them; the two may end in different months.

Questions about Steel Dynamics and Ternium

Which is bigger by revenue, Steel Dynamics or Ternium?

Steel Dynamics is bigger by revenue: $18.2B in fiscal 2025, against $15.6B for Ternium in fiscal 2025.

Which keeps more of its revenue as profit, Steel Dynamics or Ternium?

Steel Dynamics had a net margin of 6.5% in fiscal 2025; Ternium had 2.7% in fiscal 2025.

Which grew revenue faster, Steel Dynamics or Ternium?

In their latest fiscal years revenue changed by +3.6% at Steel Dynamics and -11.6% at Ternium.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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