# Nucor (NUE.US)

Canonical: https://gigainvestors.com/s/NUE

Analysis as of: 2026-10-16T07:30:44.274Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $254.69 per share; close as of 2026-10-15.

Estimated value: low $183.03 per share, central $207.07 per share, high $239.07 per share. Buy at or below the central value $207.07 per share. Valuation as of 2026-10-16T07:30:44.274Z; scenarios are not confidence intervals.

Expected annual return: 8.6% at the stated quote. About 8.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.47×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.09×

- FY2018: 0.14×

- FY2019: 0.09×

- FY2020: 0.08×

- FY2021: 0.26×

- FY2022: 0.25×

- FY2023: 0.18×

- FY2024: 0.10×

- FY2025: 0.08×

- LTM to Jun 2026: 0.12×

### moat: pass

- ROIC, median of available years: 15.4%

- ROIC, second-lowest year: 12.4%

- Typical minus recent gross margin: 1.1 pp

- Typical gross margin (annual median): 13.0%

- Recent gross margin (lower of latest and 3-year median): 11.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.5%

- ROIC including acquisitions, ten-year median: 10.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 12.4%

- FY2017: 15.9%

- FY2018: 25.1%

- FY2019: 14.1%

- FY2020: 14.9%

- FY2021: 50.6%

- FY2022: 50.7%

- FY2023: 29.2%

- FY2024: 12.7%

- FY2025: 10.0%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.77×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $15B

- Net income, five-year total: $19B

- Return on incremental invested capital: 16.8%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.2 pp

- Working capital / revenue, final three-year average: 20.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 0.77×

- FY2024: 0.10×

- FY2025: 0.22×

- LTM to Jun 2026: 0.99×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 15.9% vs 12.7%

- Per-share earnings: 2.49 to 8.50 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.2%

- Ordinary dilution, 5-year annual growth: -5.3%

- Market cap gain: $19B

- Cumulative retained earnings: $24B

- Diluted shares, 10-year annual growth: -3.2%

- Diluted shares, 5-year annual growth: -5.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 16.6%

- Per-share value change: $6.01

- Per-share value, starting three-year median: $2.49

- Per-share value, ending three-year median: $8.50

- Buybacks concentrated in cheaper years (correlation): 0.81

- Average buyback yield: 3.9%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $5.0B

- Cumulative net income, 10 years: $29B

- ROIC, first three-year median: 15.9%

- ROIC, last three-year median: 12.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.49

- FY2017: $4.11

- FY2018: $7.45

- FY2019: $4.16

- FY2020: $2.37

- FY2021: $23.27

- FY2022: $28.90

- FY2023: $18.07

- FY2024: $8.50

- FY2025: $7.55

### accounting: pass

- Sloan accruals: -4.2%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.85×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.34×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.3%

- FY2017: 1.7%

- FY2018: -0.2%

- FY2019: -8.4%

- FY2020: -9.8%

- FY2021: 2.3%

- FY2022: -7.6%

- FY2023: -7.3%

- FY2024: -5.8%

- FY2025: -4.2%

## Holders

- [Warren Buffett](https://gigainvestors.com/BRK): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Katz](https://gigainvestors.com/MAVFX): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 3.6% a year for ten years · sales +11.1%

Story as of 2026-10-16T09:59:17.310Z; price observation 2026-10-15.

Price needs cash profits to grow 3.6% a year for ten years

- 2025-06-19: Nucor Expects Strong Q2 Earnings on Steel Mills Segment Gains ([finance.yahoo.com](https://finance.yahoo.com/news/nucor-expects-strong-q2-earnings-113700772.html))

- 2025-07-28: Steelmaker Nucor quarterly profit falls on rising raw material costs ([finance.yahoo.com](https://finance.yahoo.com/news/steelmaker-nucor-quarterly-profit-falls-211600416.html))

- 2025-10-28: Nucor's Q3 Earnings and Revenues Top Estimates on Higher Volumes ([finance.yahoo.com](https://finance.yahoo.com/news/nucors-q3-earnings-revenues-top-120900856.html))

- 2026-01-26: Nucor shares drop as fourth quarter earnings miss estimates ([finance.yahoo.com](https://finance.yahoo.com/news/nucor-shares-drop-fourth-quarter-221911548.html))

- 2026-04-28: Nucor Q1 Earnings and Revenues Top on Higher Volumes and Prices ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/nucor-q1-earnings-revenues-top-124800020.html))

- 2026-07-28: Nucor's Q2 Earnings and Revenues Surpass Estimates on Higher Prices ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/nucors-q2-earnings-revenues-surpass-120000283.html))

### Sales · FY2025–2026

sales +11.1%; source https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/nue-20251231.htm; observed 2026-02-25.

- FY2017: $20B 

- FY2018: $25B 

- FY2019: $23B 

- FY2020: $20B 

- FY2021: $36B 

- FY2022: $42B 

- FY2023: $35B 

- FY2024: $31B 

- FY2025: $32B 

- FY2026: $36B 

### Gross margin · FY2025

gross margin 11.9%; source https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/nue-20251231.htm; observed 2026-02-25.

- FY2016: 12.5% 

- FY2017: 12.7% 

- FY2018: 17.1% 

- FY2019: 11.9% 

- FY2020: 11.1% 

- FY2021: 30.2% 

- FY2022: 30.1% 

- FY2023: 22.5% 

- FY2024: 13.3% 

- FY2025: 11.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in steel; annual sales are USD 32.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/nue-20251231.htm (filed 2026-02-25); FY2025: revenue 32494000000; grossProfit 3878000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NUE.US: Nucor Corporation engages in the manufacture and sale of steel and steel products. The company operates in three segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling structural steel products; and bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products. This segment sells its products to steel service centers, fabricators, and manufacturers in the United States, Canada, and Mexico, as well as engages in the steel trading and rebar distribution businesses. The Steel Products segment offers steel joists and joist girders, steel decks, and galvanized torque tubes for use in solar arrays, hollow structural section steel tubing, electrical conduit, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, steel grating and expanded metal, wire and wire mesh, metal building systems, insulated metal panels, steel racking, overhead doors, and utility towers and structures for communications and energy transmission. This segment is also involved in the piling distribution business. The Raw Materials segment produces direct reduced iron (DRI); brokers ferrous and nonferrous metals, pig iron, hot briquetted iron, and DRI; supplies ferro-alloys; processes ferrous and nonferrous scrap metal; and engages in the natural gas production and industrial gas business. This segment sells its ferrous scrap to electric arc furnace steel mills and foundries for manufacturing process; and nonferrous scrap metal to aluminum can producers, secondary aluminum smelters, steel mills and other processors, and consumers of various nonferrous metals. Nucor Corporation was founded in 1905 and is based in Charlotte, North Carolina.

### Why customers stay

Margins ranged from 11.9% to 22.5% during 2023–25; it earns 15.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: grossProfit / revenue = 22.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: grossProfit / revenue = 13.3%.

- Source: https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/nue-20251231.htm (filed 2026-02-25); FY2025: grossProfit / revenue = 11.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on capital observations [[2016,0.12404281415371013],[2017,0.15897336571780682],[2018,0.25131504910854807],[2019,0.1413514569235987],[2020,0.14862920753586148],[2021,0.5060098297574172],[2022,0.5074418651746712],[2023,0.2924747503544088],[2024,0.12650959308574256],[2025,0.10019556751113551]]; median 0.15380128662683415. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Prices fell 2%; sales volumes rose.

- Source: https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/nue-20251231.htm (filed 2026-02-25); [p0] from significant erosion. During periods of weaker or rapidly deteriorating steel market conditions, weak steel demand, low industry utilization rates and the impact of 32 imports create an even more intensified competitive environment and increased pricing pressure. All of those factors, to some degree, impact pricing, which increases the likelihood that Nucor will experience lower gross margins. Although the majority of our steel sales are to spot market customers in North America who place their orders each month based on their business needs and our pricing competitiveness compared to both domestic and global producers and trading companies, we also sell contract tons, most notably in our sheet operations. Approximately 85% of our sheet sales were to contract customers in 2025, with the balance being sold in the spot market at the prevailing prices at the time of sale. Steel contract sales outside of our sheet operations are not significant. The amount of tons sold to contract customers at any given time depends on the overall market conditions at the time, how the end-use customers see the market moving forward and the strategy that Nucor management believes is appropriate to the upcoming period. Nucor management considerations include maintaining an appropriate balance of spot and contract tons based on market projections and appropriately supporting our diversified customer base. The percentage of tons that is placed under contract also depends on the overall market dynamics and customer negotiations. In years of strengthening demand, we typically see an increase in the percentage of sheet sales sold under contract as our customers have an expectation that transaction prices will rapidly rise, and available capacity will quickly be sold out. To mitigate this risk, customers prefer to enter into contracts in orde

[p1] eteriorating steel market conditions, weak steel demand, low industry utilization rates and the impact of 32 imports create an even more intensified competitive environment and increased pricing pressure. All of those factors, to some degree, impact pricing, which increases the likelihood that Nucor will experience lower gross margins. Although the majority of our steel sales are to spot market customers in North America who place their orders each month based on their business needs and our pricing competitiveness compared to both domestic and global producers and trading companies, we also sell contract tons, most notably in our sheet operations. Approximately 85% of our sheet sales were to contract customers in 2025, with the balance being sold in the spot market at the prevailing prices at the time of sale. Steel contract sales outside of our sheet operations are not significant. The amount of tons sold to contract customers at any given time depends on the overall market conditions at the time, how the end-use customers see the market moving forward and the strategy that Nucor management believes is appropriate to the upcoming period. Nucor management considerations include maintaining an appropriate balance of spot and contract tons based on market projections and appropriately supporting our diversified customer base. The percentage of tons that is placed under contract also depends on the overall market dynamics and customer negotiations. In years of strengthening demand, we typically see an increase in the percentage of sheet sales sold under contract as our customers have an expectation that transaction prices will rapidly rise, and available capacity will quickly be sold out. To mitigate this risk, customers prefer to enter into contracts in order to obtain committed volumes of supply from the mills. The vas

[p2] ct pricing, which increases the likelihood that Nucor will experience lower gross margins. Although the majority of our steel sales are to spot market customers in North America who place their orders each month based on their business needs and our pricing competitiveness compared to both domestic and global producers and trading companies, we also sell contract tons, most notably in our sheet operations. Approximately 85% of our sheet sales were to contract customers in 2025, with the balance being sold in the spot market at the prevailing prices at the time of sale. Steel contract sales outside of our sheet operations are not significant. The amount of tons sold to contract customers at any given time depends on the overall market conditions at the time, how the end-use customers see the market moving forward and the strategy that Nucor management believes is appropriate to the upcoming period. Nucor management considerations include maintaining an appropriate balance of spot and contract tons based on market projections and appropriately supporting our diversified customer base. The percentage of tons that is placed under contract also depends on the overall market dynamics and customer negotiations. In years of strengthening demand, we typically see an increase in the percentage of sheet sales sold under contract as our customers have an expectation that transaction prices will rapidly rise, and available capacity will quickly be sold out. To mitigate this risk, customers prefer to enter into contracts in order to obtain committed volumes of supply from the mills. The vast majority of our contracts include a method of adjusting prices on a periodic basis to reflect changes in the market pricing for steel and/or scrap. Market indices for steel generally trend with scrap pricing changes, but, during periods of steel

[p3] c and global producers and trading companies, we also sell contract tons, most notably in our sheet operations. Approximately 85% of our sheet sales were to contract customers in 2025, with the balance being sold in the spot market at the prevailing prices at the time of sale. Steel contract sales outside of our sheet operations are not significant. The amount of tons sold to contract customers at any given time depends on the overall market conditions at the time, how the end-use customers see the market moving forward and the strategy that Nucor management believes is appropriate to the upcoming period. Nucor management considerations include maintaining an appropriate balance of spot and contract tons based on market projections and appropriately supporting our diversified customer base. The percentage of tons that is placed under contract also depends on the overall market dynamics and customer negotiations. In years of strengthening demand, we typically see an increase in the percentage of sheet sales sold under contract as our customers have an expectation that transaction prices will rapidly rise, and available capacity will quickly be sold out. To mitigate this risk, customers prefer to enter into contracts in order to obtain committed volumes of supply from the mills. The vast majority of our contracts include a method of adjusting prices on a periodic basis to reflect changes in the market pricing for steel and/or scrap. Market indices for steel generally trend with scrap pricing changes, but, during periods of steel market weakness, the more intensified competitive steel market environment can cause the sales price indices to decrease resulting in reduced gross margins and profitability. Furthermore, since the selling price adjustments are not immediate, there will always be a timing difference between chang

[p4] iluted share, in 2024. The primary driver of the decrease in earnings in 2025 as compared to 2024 was the decreased profitability of the steel products segment. The steel products segment's earnings decreased in 2025 due to decreased average selling prices and margin compression, particularly at our joist and deck businesses and decreased earnings of our metal buildings systems and rebar fabrication businesses. However, the steel products segment had increased volumes in 2025 compared to 2024, reflecting stabilized demand in the warehouse construction market in 2025 after a pull back in demand in 2024, and growing demand from data center construction. The steel mills segment had increased earnings in 2025 as compared to 2024 due to increased metal margin driven by higher volumes. Backlogs for the steel mills segment at the end of 2025 were at historically high levels. Earnings for the raw materials segment increased in 2025 as compared to 2024 due primarily to the absence of the $83 million impairment charge recorded in 2024 to fully reserve a long-term note receivable. Excluding the prior year impairment charge, the raw materials segment’s earnings increased in 2025 due to the improved performance of our DRI facilities and DJJ’s brokerage operations and insurance recoveries recorded in the fourth quarter of 2025. The following discussion will provide greater quantitative and qualitative analysis of Nucor’s performance in 2025 as compared to 2024. 34 Net Sales Net sales to external customers by segment for the years ended December 31, 2025 and 2024 were as follows (in millions): Year Ended December 31, 2025 2024 % Change Steel mills $ 20,003 $ 18,734 7 % Steel products 10,327 10,085 2 % Raw materials 2,164 1,915 13 % Total net sales to external customers $ 32,494 $ 30,734 6 % Net sales for 2025 increased 6% from the pr

[p5] r 31, 2025 2024 % Change Steel mills $ 20,003 $ 18,734 7 % Steel products 10,327 10,085 2 % Raw materials 2,164 1,915 13 % Total net sales to external customers $ 32,494 $ 30,734 6 % Net sales for 2025 increased 6% from the prior year. Average sales price per ton decreased 2% from $1,241 in 2024 to $1,221 in 2025. Total tons shipped to outside customers increased 7% from 24,767,000 tons in 2024 to 26,615,000 tons in 2025. In the steel mills segment, sales tons for the years ended December 31, 2025 and 2024 were as follows (in thousands): Year Ended December 31, 2025 2024 % Change Outside steel shipments 19,848 18,480 7 % Inside steel shipments 5,423 4,646 17 % Total steel shipments 25,271 23,126 9 % Net sales for the steel mills segment increased 7% in 2025 compared to the prior year due to a 7% increase in volumes. Average sales price per ton in the steel mills segment was $1,008 in 2025, which was similar to $1,013 in 2024. Outside sales tonnage for the steel products segment for the years ended December 31, 2025 and 2024 was as follows (in thousands): Year Ended December 31, 2025 2024 % Change Joist and deck sales 871 712 22 % Rebar fabrication sales 1,179 1,020 16 % Tubular products sales 947 856 11 % Building systems sales 228 238 -4 % Other steel products sales 1,172 1,192 -2 % Total steel products sales 4,397 4,018 9 % Net sales for the steel products segment increased 2% in 2025 from the prior year due to a 9% increase in volumes, partially offset by a 6% decrease in the average sales price per ton, from $2,510 in 2024 to $2,348 in 2025. Net sales for the raw materials segment increased 13% in 2025 from the prior year, primarily due to increased average sales price and volumes at DJJ’s brokerage operations. In 2025, approximately 95% of outside sales for the raw materials segment were from DJJ's brokerage opera

[p6] de steel shipments 19,848 18,480 7 % Inside steel shipments 5,423 4,646 17 % Total steel shipments 25,271 23,126 9 % Net sales for the steel mills segment increased 7% in 2025 compared to the prior year due to a 7% increase in volumes. Average sales price per ton in the steel mills segment was $1,008 in 2025, which was similar to $1,013 in 2024. Outside sales tonnage for the steel products segment for the years ended December 31, 2025 and 2024 was as follows (in thousands): Year Ended December 31, 2025 2024 % Change Joist and deck sales 871 712 22 % Rebar fabrication sales 1,179 1,020 16 % Tubular products sales 947 856 11 % Building systems sales 228 238 -4 % Other steel products sales 1,172 1,192 -2 % Total steel products sales 4,397 4,018 9 % Net sales for the steel products segment increased 2% in 2025 from the prior year due to a 9% increase in volumes, partially offset by a 6% decrease in the average sales price per ton, from $2,510 in 2024 to $2,348 in 2025. Net sales for the raw materials segment increased 13% in 2025 from the prior year, primarily due to increased average sales price and volumes at DJJ’s brokerage operations. In 2025, approximately 95% of outside sales for the raw materials segment were from DJJ's brokerage operations, and approximately 3% of outside sales were from DJJ's scrap processing operations (93% and 4%, respectively, in 2024). Gross Margins In 2025, Nucor recorded gross margins of $3.85 billion (12%), which was a decrease from $4.10 billion (13%) in 2024: 35 • The primary driver of the decrease in gross margins in 2025 as compared to 2024 was the decrease in gross margins in the steel products segment. Gross margins decreased across many businesses within the segment due to decreased average selling prices. The largest decreases were at our joist and deck, building systems, and rebar 

[p7] teel products sales 1,172 1,192 -2 % Total steel products sales 4,397 4,018 9 % Net sales for the steel products segment increased 2% in 2025 from the prior year due to a 9% increase in volumes, partially offset by a 6% decrease in the average sales price per ton, from $2,510 in 2024 to $2,348 in 2025. Net sales for the raw materials segment increased 13% in 2025 from the prior year, primarily due to increased average sales price and volumes at DJJ’s brokerage operations. In 2025, approximately 95% of outside sales for the raw materials segment were from DJJ's brokerage operations, and approximately 3% of outside sales were from DJJ's scrap processing operations (93% and 4%, respectively, in 2024). Gross Margins In 2025, Nucor recorded gross margins of $3.85 billion (12%), which was a decrease from $4.10 billion (13%) in 2024: 35 • The primary driver of the decrease in gross margins in 2025 as compared to 2024 was the decrease in gross margins in the steel products segment. Gross margins decreased across many businesses within the segment due to decreased average selling prices. The largest decreases were at our joist and deck, building systems, and rebar fabrication businesses due to decreased average selling prices and margin compression. • Gross margins in the steel mills segment increased in 2025 compared to 2024 due to the previously mentioned increase in volumes and increased metal margins. The average scrap and scrap substitute cost per gross ton used was $392 in 2025, which was a 1% decrease from $394 in 2024. Scrap prices are driven by the global supply and demand for scrap and other iron-based raw materials used to make steel. Scrap prices are stable as we begin 2026. • Pre-operating and start-up costs of new facilities decreased to approximately $496 million in 2025 as compared to approximately $594 million 

[p8] ease in volumes, partially offset by a 6% decrease in the average sales price per ton, from $2,510 in 2024 to $2,348 in 2025. Net sales for the raw materials segment increased 13% in 2025 from the prior year, primarily due to increased average sales price and volumes at DJJ’s brokerage operations. In 2025, approximately 95% of outside sales for the raw materials segment were from DJJ's brokerage operations, and approximately 3% of outside sales were from DJJ's scrap processing operations (93% and 4%, respectively, in 2024). Gross Margins In 2025, Nucor recorded gross margins of $3.85 billion (12%), which was a decrease from $4.10 billion (13%) in 2024: 35 • The primary driver of the decrease in gross margins in 2025 as compared to 2024 was the decrease in gross margins in the steel products segment. Gross margins decreased across many businesses within the segment due to decreased average selling prices. The largest decreases were at our joist and deck, building systems, and rebar fabrication businesses due to decreased average selling prices and margin compression. • Gross margins in the steel mills segment increased in 2025 compared to 2024 due to the previously mentioned increase in volumes and increased metal margins. The average scrap and scrap substitute cost per gross ton used was $392 in 2025, which was a 1% decrease from $394 in 2024. Scrap prices are driven by the global supply and demand for scrap and other iron-based raw materials used to make steel. Scrap prices are stable as we begin 2026. • Pre-operating and start-up costs of new facilities decreased to approximately $496 million in 2025 as compared to approximately $594 million in 2024. Pre-operating and start-up costs in 2025 and 2024 primarily related to the plate mill in Kentucky, the sheet mill being built in West Virginia, and the melt shop being b

### Where the cash goes

Earns 16.8% on new investment; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2016: growth capex 0; upkeep 604840000; owner earnings 878485000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2017: growth capex 0; upkeep 448555000; owner earnings 1597194000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2018: growth capex 262894000; upkeep 719637000; owner earnings 2360767000. Growth capex / owner earnings = 0.11135957085133773.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2019: growth capex 0; upkeep 1477293000; owner earnings 528503000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2021: growth capex 757426000; upkeep 864563000; owner earnings 6827461000. Growth capex / owner earnings = 0.11093816573979698.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2022: growth capex 886000000; upkeep 1062000000; owner earnings 7607337000. Growth capex / owner earnings = 0.11646651121147913.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: growth capex 0; upkeep 2214000000; owner earnings 3479801000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: growth capex 0; upkeep 3173000000; owner earnings 210000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/nue-20251231.htm (filed 2026-02-25); FY2025: growth capex 589365825.447895; upkeep 2832634174.552105; owner earnings 391365825.44789505. Growth capex / owner earnings = 1.5059205150919877.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Incremental return on capital 0.16827558922132524, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,481083000],[2017,485321000],[2018,485376000],[2019,492062000],[2020,491655000],[2021,483469000],[2022,534000000],[2023,515000000],[2024,522000000],[2025,512000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/nue-20251231.htm (filed 2026-02-25); FY2025: cash repurchases 700000000 USD.

### Are managers owners

Insiders own 1.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NUE.US SharesStats.PercentInsiders = 1.18 percentage points; cache date 2026-10-16.

### What could break it

"Our operations are subject to business interruptions and casualty losses." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/nue-20251231.htm (filed 2026-02-25); Our operations are subject to business interruptions and casualty losses.

### What the price says

The price assumes cash profits grow 3.6% yearly over ten years; actual decline was 2.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Ten-year compound average after fade. Initial solved rate 0.03842823704611842. Price 254.69; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.13158017830915 → FY2025 1.6942243525882903. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $48.85 per share

- 2016-11: $62.19 per share

- 2016-12: $59.52 per share

- 2017-01: $58.09 per share

- 2017-02: $62.57 per share

- 2017-03: $59.72 per share

- 2017-04: $61.33 per share

- 2017-05: $58.10 per share

- 2017-06: $57.87 per share

- 2017-07: $57.67 per share

- 2017-08: $55.11 per share

- 2017-09: $56.04 per share

- 2017-10: $57.83 per share

- 2017-11: $57.50 per share

- 2017-12: $63.58 per share

- 2018-01: $66.96 per share

- 2018-02: $65.40 per share

- 2018-03: $61.09 per share

- 2018-04: $61.62 per share

- 2018-05: $64.19 per share

- 2018-06: $62.50 per share

- 2018-07: $66.93 per share

- 2018-08: $62.50 per share

- 2018-09: $63.45 per share

- 2018-10: $59.12 per share

- 2018-11: $60.41 per share

- 2018-12: $51.81 per share

- 2019-01: $61.24 per share

- 2019-02: $60.57 per share

- 2019-03: $58.35 per share

- 2019-04: $57.07 per share

- 2019-05: $48.00 per share

- 2019-06: $55.10 per share

- 2019-07: $54.38 per share

- 2019-08: $48.98 per share

- 2019-09: $50.91 per share

- 2019-10: $53.85 per share

- 2019-11: $56.36 per share

- 2019-12: $56.28 per share

- 2020-01: $47.49 per share

- 2020-02: $41.35 per share

- 2020-03: $36.02 per share

- 2020-04: $41.19 per share

- 2020-05: $42.26 per share

- 2020-06: $41.41 per share

- 2020-07: $41.95 per share

- 2020-08: $45.46 per share

- 2020-09: $44.86 per share

- 2020-10: $47.76 per share

- 2020-11: $53.70 per share

- 2020-12: $53.19 per share

- 2021-01: $48.73 per share

- 2021-02: $59.82 per share

- 2021-03: $80.27 per share

- 2021-04: $82.26 per share

- 2021-05: $102.54 per share

- 2021-06: $95.93 per share

- 2021-07: $104.02 per share

- 2021-08: $117.56 per share

- 2021-09: $98.49 per share

- 2021-10: $111.65 per share

- 2021-11: $106.26 per share

- 2021-12: $114.15 per share

- 2022-01: $101.40 per share

- 2022-02: $131.62 per share

- 2022-03: $148.65 per share

- 2022-04: $154.78 per share

- 2022-05: $132.46 per share

- 2022-06: $104.41 per share

- 2022-07: $135.80 per share

- 2022-08: $132.94 per share

- 2022-09: $106.99 per share

- 2022-10: $131.38 per share

- 2022-11: $149.95 per share

- 2022-12: $131.81 per share

- 2023-01: $169.02 per share

- 2023-02: $167.44 per share

- 2023-03: $154.47 per share

- 2023-04: $148.18 per share

- 2023-05: $132.06 per share

- 2023-06: $163.98 per share

- 2023-07: $172.09 per share

- 2023-08: $172.10 per share

- 2023-09: $156.35 per share

- 2023-10: $147.79 per share

- 2023-11: $169.97 per share

- 2023-12: $174.04 per share

- 2024-01: $186.93 per share

- 2024-02: $192.30 per share

- 2024-03: $197.90 per share

- 2024-04: $168.53 per share

- 2024-05: $168.85 per share

- 2024-06: $158.08 per share

- 2024-07: $162.94 per share

- 2024-08: $151.91 per share

- 2024-09: $150.34 per share

- 2024-10: $141.84 per share

- 2024-11: $154.69 per share

- 2024-12: $116.71 per share

- 2025-01: $128.43 per share

- 2025-02: $137.47 per share

- 2025-03: $120.34 per share

- 2025-04: $119.37 per share

- 2025-05: $109.36 per share

- 2025-06: $129.54 per share

- 2025-07: $143.07 per share

- 2025-08: $148.73 per share

- 2025-09: $135.43 per share

- 2025-10: $150.05 per share

- 2025-11: $159.49 per share

- 2025-12: $163.11 per share

- 2026-01: $177.72 per share

- 2026-02: $176.88 per share

- 2026-03: $169.10 per share

- 2026-04: $225.29 per share

- 2026-05: $250.00 per share

- 2026-06: $222.75 per share

- 2026-07: $257.29 per share

- 2026-08: $249.64 per share

- 2026-09: $233.75 per share

- 2026-10: $253.80 per share

## Annual estimated value (USD per share)

- FY2016: low $26.07 per share, central $28.86 per share, high $32.57 per share

- FY2017: low $30.55 per share, central $34.50 per share, high $39.77 per share

- FY2018: low $49.95 per share, central $56.72 per share, high $65.43 per share

- FY2019: low $57.30 per share, central $77.48 per share, high $90.10 per share

- FY2020: low $48.06 per share, central $53.49 per share, high $60.71 per share

- FY2021: low $132.85 per share, central $177.37 per share, high $206.71 per share

- FY2022: low $214.74 per share, central $296.58 per share, high $345.51 per share

- FY2023: low $208.78 per share, central $278.88 per share, high $322.66 per share

- FY2024: low $155.97 per share, central $175.44 per share, high $201.35 per share

- FY2025: low $162.99 per share, central $184.25 per share, high $212.53 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:36:28.143Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/nue-20251231.htm); period 2025-12-31, filed 2026-02-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.