RS vs STLD: Reliance Steel & Aluminum and Steel Dynamics compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Steel Dynamics is the larger company, worth $33.3B, about 1.7 times Reliance Steel & Aluminum.
- Steel Dynamics grew revenue faster over the last year (+33.4% vs +15.5%).
- Steel Dynamics keeps more of each dollar of revenue as operating profit (10.0% vs 7.5%).
- On earnings, Steel Dynamics is the cheaper stock (24.7x vs 25.4x).
- Steel Dynamics's price assumes faster free cash flow growth: about 21% a year, against 14% for Reliance Steel & Aluminum (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | RS | STLD |
|---|---|---|
| Market cap | $19.9B | $33.3B |
| Share price | $402.45 | $238.38 |
| Revenue (last fiscal year) | $14.3B | $18.2B |
| Free cash flow (last fiscal year) | $502M | $502M |
| Revenue growth, last year | +15.5% | +33.4% |
| Revenue growth per year, last 5 fiscal years | +0.4% | -0.3% |
| Operating margin | 7.5% | 10.0% |
| Net margin | 5.4% | 7.8% |
| Return on equity | 11.3% | 17.1% |
| P/E (trailing) | 25.4x | 24.7x |
| Price / free cash flow | 39.6x | 66.3x |
| EV / EBITDA | 16.0x | 13.7x |
| FCF growth the price implies | 13.9% | 20.8% |
| Dividend yield | 1.2% | 0.87% |
| Debt / equity | 0.52x | 0.82x |
| Fundamental grade | C | B |
| Superinvestors holding it | 4 | 2 |
| Insider purchases, last 12 months | 0 | 1 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Reliance Steel & Aluminum
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $14.1B | $563M | 13.8% |
| 2022 | $17.0B | $1.8B | 14.7% |
| 2023 | $14.8B | $1.2B | 11.7% |
| 2024 | $13.8B | $999M | 8.4% |
| 2025 | $14.3B | $502M | 7.1% |
Steel Dynamics
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $18.4B | $1.2B | 23.4% |
| 2022 | $22.3B | $3.6B | 22.9% |
| 2023 | $18.8B | $1.9B | 16.8% |
| 2024 | $17.5B | -$24M | 11.1% |
| 2025 | $18.2B | $502M | 8.1% |
Where the revenue comes from
Reliance Steel & Aluminum · by products, 2025
Carbon steel$7.9B55%
Aluminum$2.5B17%
Stainless steel$1.9B14%
Toll processing and logistics$647M5%
Alloy$641M4%
Copper and brass$377M3%
Steel Dynamics · by regions, 2025
U.S.$17.0B94%
Non-U.S.$1.2B6%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open RS in InvestinglyQuestions
Which is bigger, Reliance Steel & Aluminum or Steel Dynamics?
Steel Dynamics (STLD), at $33.3B against $19.9B.
Is RS or STLD cheaper?
By trailing P/E, Steel Dynamics (24.7x) is cheaper than Reliance Steel & Aluminum (25.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, RS or STLD?
Steel Dynamics: revenue grew +33.4% over the last year, against +15.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.