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Steel DynamicsMIL:1STLD 65 ROC (Joel Greenblatt) % is 17.71% as of Mar. 2026, which is 23% below its 10-year median of 22.89. 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 632 Steel companies, Steel Dynamics ranks better than 75.32% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Steel Dynamics's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 17.71%.
The historical rank and industry rank for Steel Dynamics's ROC (Joel Greenblatt) % or its related term are showing as below:
MIL:1STLD'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 13.43 Med: 22.89 Max: 60.51
Current: 15.14
During the past 13 years, Steel Dynamics's highest ROC (Joel Greenblatt) % was 60.51%. The lowest was 13.43%. And the median was 22.89%.
MIL:1STLD's ROC (Joel Greenblatt) % is ranked better than 75.32% of 632
companies
in the Steel industry
Industry Median: 7.095
vs MIL:1STLD: 15.14
Steel Dynamics's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -11.90% per year.
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
Steel Dynamics ROC (Joel Greenblatt) % Related Terms
Steel Dynamics ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Steel Dynamics's ROC (Joel Greenblatt) % 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: ROC (Joel Greenblatt) % Comparison
For the Steel subindustry, Steel Dynamics's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % vs Steel Industry
For the Steel industry and Basic Materials sector, Steel Dynamics's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Steel Dynamics's ROC (Joel Greenblatt) % falls into.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.
* 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.
What does a ROC (Joel Greenblatt) % of 17.71% mean?
Steel Dynamics (MIL:1STLD) has a ROC (Joel Greenblatt) % of 17.71% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Steel Dynamics and its competitors. This is 23% below median its historical median of 22.89. Over the past decade, Steel Dynamics' ROC (Joel Greenblatt) % has ranged from 13.43 to 60.51. According to the industry distribution chart, Steel Dynamics ranks #156 out of 632 companies in the Steel industry, placing it in the top 24.7%.
Is Steel Dynamics' ROC (Joel Greenblatt) % too high?
Steel Dynamics' current ROC (Joel Greenblatt) % of 17.71% is 23% below median its 10-year median of 22.89. Over the past 10 years, this metric has ranged from a low of 13.43 to a high of 60.51. The Steel industry median ROC (Joel Greenblatt) % is 7.10. Steel Dynamics' value of 17.71% is 149.6% above this industry median. Based on the distribution chart, Steel Dynamics ranks #156 out of 632 companies in the Steel industry, which is in the top quartile — a strong position 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' ROC (Joel Greenblatt) % compare to RS and NUE?
According to the Steel industry distribution chart, Steel Dynamics ranks #156 out of 632 companies for ROC (Joel Greenblatt) %. This places Steel Dynamics in the top 25% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 7.10. Steel Dynamics' value of 17.71% is 149.6% above this benchmark. Historically, Steel Dynamics' own ROC (Joel Greenblatt) % has ranged from 13.43 to 60.51 over the past decade. While the company's 10-year median is 22.89 vs. the industry median of 7.10, Steel Dynamics has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROC (Joel Greenblatt) % for a Steel company?
The median ROC (Joel Greenblatt) % among Steel companies is 7.10, based on 632 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Steel Dynamics's current ROC (Joel Greenblatt) % of 17.71% is 149.6% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Steel Dynamics and its competitors. For the Steel industry, the median ROC (Joel Greenblatt) % is 7.10 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Steel Dynamics's current ROC (Joel Greenblatt) % is 17.71%, which is 23% below median its own 10-year median of 22.89. 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 ROC (Joel Greenblatt) % is 17.71%, which is 23% below median its 10-year median of 22.89 and 149.6% above the Steel industry median of 7.10. 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 ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Steel Dynamics (MIL:1STLD), the current ROC (Joel Greenblatt) % is 17.71% 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:
ROC (Joel Greenblatt) %: 17.71% (23% below median its 10-year median of 22.89)
GF Value™: €141.18 vs. price of €204.60 (44.9% above fair value)
Industry Position: 149.6% above the Steel median (#156 of 632)
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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