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Steel DynamicsMIL:1STLD 65 Graham Number is €95.16 as of Mar. 2026, which is 100% below its 10-year median of 1.05. GuruFocus rates MIL:1STLD with a GF Score™ of 65/100 and a GF Value™ of €141.18 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 423 Steel companies, Steel Dynamics ranks worse than 84.4% on this metric.
Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
As of today (2026-07-21), the stock price of Steel Dynamics is €204.60. Steel Dynamics's graham number for the quarter that ended in Mar. 2026 was €95.16. Therefore, Steel Dynamics's Price to Graham Number ratio for today is 2.15.
The historical rank and industry rank for Steel Dynamics's Graham Number or its related term are showing as below:
MIL:1STLD'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.47 Med: 1.05 Max: 2.08
Current: 2.08
During the past 13 years, the highest Price to Graham Number ratio of Steel Dynamics was 2.08. The lowest was 0.47. And the median was 1.05.
MIL:1STLD's Price-to-Graham-Number is ranked worse than 84.4% of 423
companies
in the Steel industry
Industry Median: 0.94
vs MIL:1STLD: 2.08
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Steel Dynamics (MIL:1STLD) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
Steel Dynamics's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
204.60
/
95.16
=
2.15
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
Steel Dynamics Graham Number Related Terms
Steel Dynamics Graham Number Historical Data
* Premium members only.
The historical data trend for Steel Dynamics's Graham Number can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
MIL:1STLD vs RS, NUE, TX: Graham Number Comparison
For the Steel subindustry, Steel Dynamics's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Steel Dynamics Price-to-Graham-Number vs Steel Industry
For the Steel industry and Basic Materials sector, Steel Dynamics's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Steel Dynamics's Price-to-Graham-Number falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Steel Dynamics (MIL:1STLD) has a Graham Number of €95.16 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Steel Dynamics and its competitors. This is 8963% above median its historical median of 1.05. Over the past decade, Steel Dynamics' Graham Number has ranged from 0.47 to 2.08. According to the industry distribution chart, Steel Dynamics ranks #357 out of 423 companies in the Steel industry, placing it in the top 84.4%.
Is Steel Dynamics' Graham Number too high?
Steel Dynamics' current Graham Number of €95.16 is 8963% above median its 10-year median of 1.05. Over the past 10 years, this metric has ranged from a low of 0.47 to a high of 2.08. Based on the distribution chart, Steel Dynamics ranks #357 out of 423 companies in the Steel industry, which is in the bottom quartile relative to peers. Overall, Steel Dynamics has a GF Score™ of 65/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Steel Dynamics' Graham Number compare to RS and NUE?
According to the Steel industry distribution chart, Steel Dynamics ranks #357 out of 423 companies for Graham Number. This places Steel Dynamics in the lower half of its industry. The industry median Graham Number is 0.94. Historically, Steel Dynamics' own Graham Number has ranged from 0.47 to 2.08 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Graham Number for a Steel company?
The median Graham Number among Steel companies is 0.94, based on 423 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on Steel Dynamics and its competitors. For the Steel industry, the median Graham Number is 0.94 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Steel Dynamics's current Graham Number is €95.16, which is 8963% above median its own 10-year median of 1.05. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Steel Dynamics stock overvalued right now?
Based on GuruFocus' analysis, Steel Dynamics (MIL:1STLD) is currently considered Significantly Overvalued. The stock's GF Value™ is €141.18, compared to a current price of €204.60 — trading 44.9% above its estimated fair value. The current Graham Number is €95.16, which is 8963% above median its 10-year median of 1.05. Steel Dynamics' overall GF Score™ is 65/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Graham Number calculated?
Graham Number is calculated from a company's financial statements. For Steel Dynamics (MIL:1STLD), the current Graham Number is €95.16 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Steel Dynamics (MIL:1STLD) Overvalued in 2026?
Based on GuruFocus' analysis, Steel Dynamics stock appears to be overvalued.
The current stock price of €204.60 is trading 44.9% above its estimated GF Value™ of €141.18.
GuruFocus considers Steel Dynamics to be Significantly Overvalued.
Key valuation signals for MIL:1STLD:
Graham Number: €95.16 (8963% above median its 10-year median of 1.05)
GF Value™: €141.18 vs. price of €204.60 (44.9% above fair value)
No single metric tells the full story. See the MIL:1STLD stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Steel Dynamics Inc operates as a domestic steel producer and metal recycler in the United States. The company's product portfolio comprises hot rolled sheet, hot rolled plate, painted sheet products, cold rolled sheet, and others. Its reportable segments are steel operations, metals recycling operations, steel fabrication operations, and aluminum operations. Maximum revenue is generated from its steel operations segment, which consists of manufacturing various steel products and numerous coating operations. Its primary sources of revenue are currently from the manufacture and sale of steel products, the processing and sale of recycled ferrous and nonferrous metals, and the fabrication and sale of steel joists and deck products.
65GF Score
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