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olivLaw · US equity research

Nucor Corporation NUE

Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) · SIC 3312 · Vertical: Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) (SIC 3312)

267.91USD−2.05% · 1 dayClose 04 Nov 2026

Nucor Corporation is North America's largest recycler and produces steel mainly from scrap. Net sales to external customers were 32.494 billion USD in fiscal 2025, with consolidated net earnings of 1.74 billion USD. In the third quarter of 2026 net earnings attributable to Nucor stockholders were 1.32 billion USD.

At the close of 04 Nov 2026, Nucor Corporation (NUE) stock was 267.91 USD (−2.05% on the day), with market capitalisation 60.8 bn USD, P/E 35.6 on diluted EPS of 7.52 USD over the last 12 months, dividend yield 0.82%, beta 1.14, 52-week range 142.66–277.65 USD. Latest reported quarter (Q4 2025): revenue of 7.7 bn USD (+8.6% YoY), net income of 378.0 m USD (+31.7% YoY), diluted EPS 1.65 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
60.8 bn USD
shares as of 04 Jul 2026
P/E (TTM)
35.6
Diluted EPS TTM 7.52 · TTM to 31 Dec 2025
E/P (TTM)
2.81%
TTM to 31 Dec 2025
Dividend yield
0.82%
DPS 12m 2.21
Beta (2y)
1.14
Volatility (1y) 31%
52-week range
142.66277.65

Price history

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Technical reading

RSI (14)
56.6
strong (55–70)
Bollinger (20, 2)
244.00 – 280.13
in the upper half of the band · %B 0.66 · band width 13.8%
SMA 50 / 200
255.46 / 225.47
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
5.87 / 4.78
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+6.6%−1.1%+7.7 pp—
3 months−2.5%−0.5%−2.0 pp—
6 months+14.4%+4.4%+10.0 pp—
Year to date+64.3%+12.3%+51.9 pp—
1 year+85.7%+13.5%+72.1 pp+7.2%
3 years+75.9%+76.4%−0.5 pp+13.6%
5 years+138.8%+63.7%+75.1 pp—
Max drawdown (1y)
−18.4%
11 Feb 2026 → 20 Mar 2026
Max drawdown (5y)
−48.6%
05 Apr 2024 → 04 Apr 2025
Compound annual growth (5y)
+19.0%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q4 2025 · 31 Dec 2025

Revenue
7.7 bn USD
+8.6% YoY
Net income
378.0 m USD
+31.7% YoY
Diluted EPS
1.65
+34.9% YoY
net / operating
4.9% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Revenue8.1 bn8.1 bn7.4 bn7.1 bn7.8 bn8.5 bn8.5 bn7.7 bn
Cost of revenue6.6 bn6.9 bn6.7 bn6.4 bn7.2 bn7.2 bn7.3 bn6.8 bn
Gross profit1.5 bn1.2 bn758.0 m627.0 m————
SG&A345.0 m294.0 m244.0 m240.0 m281.0 m304.0 m300.0 m334.0 m
Interest expense43.0 m67.0 m65.0 m52.0 m51.0 m49.0 m38.0 m32.0 m
Pre-tax income1.2 bn898.0 m389.0 m390.0 m285.0 m899.0 m883.0 m501.0 m
Income tax266.0 m186.0 m86.0 m45.0 m59.0 m193.0 m200.0 m78.0 m
Net income845.0 m645.0 m250.0 m287.0 m156.0 m603.0 m607.0 m378.0 m
Diluted EPS3.462.681.051.220.672.602.631.65 ≈
Operating cash flow460.0 m1.5 bn ≈1.3 bn ≈733.0 m364.0 m732.0 m ≈1.3 bn ≈799.0 m
Capex670.0 m801.0 m ≈823.0 m ≈879.0 m859.0 m954.0 m ≈807.0 m ≈802.0 m
Dividends paid134.0 m130.0 m ≈130.0 m ≈128.0 m129.0 m129.0 m ≈127.0 m ≈127.0 m
Share repurchases1.0 bn500.0 m ≈400.0 m ≈316.0 m300.0 m200.0 m ≈100.0 m ≈100.0 m

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 93 percentile of its own 41-quarter history (min 3.2, median 13.8, max 167.9; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue25.1 bn22.6 bn20.1 bn36.5 bn41.5 bn34.7 bn30.7 bn32.5 bn
Revenue YoY+23.8%−9.9%−10.8%+81.2%+13.8%−16.4%−11.5%+5.7%
Net income2.4 bn1.3 bn721.5 m6.8 bn7.6 bn4.5 bn2.0 bn1.7 bn
Net income YoY+79.0%−46.2%−43.2%+846.3%+11.4%−40.5%−55.2%−14.0%
Diluted EPS7.424.142.3623.1628.7918.008.467.52
Diluted EPS YoY+81.0%−44.2%−43.0%+881.4%+24.3%−37.5%−53.0%−11.1%
net %9.4%5.6%3.6%18.7%18.3%13.0%6.6%5.4%
Free cash flow1.4 bn1.3 bn1.2 bn4.6 bn8.1 bn4.9 bn806.0 m-188.0 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
2.3 bn USD
Financial debt
122.0 m USD
Net debt
-2.1 bn USD
Equity
22.1 bn USD
Total assets
35.1 bn USD
Debt / equity
0.01x
Current ratio
2.94x
ROE
8.0%
ROA
5.1%
FCF margin
-0.6%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
34.7 bn
2024
30.7 bn
2025
32.5 bn

SEC (XBRL)· 25 Feb 2026verified

Cost of revenue
2023
26.9 bn
2024
26.6 bn
2025
28.6 bn

SEC (XBRL)· 25 Feb 2026verified

Gross profit
2023
7.8 bn ≈
2024
4.1 bn ≈
2025
3.9 bn ≈

SEC (XBRL)· 25 Feb 2026derived

SG&A
2023
1.6 bn
2024
1.1 bn
2025
1.2 bn

SEC (XBRL)· 25 Feb 2026verified

Interest expense
2023
246.0 m
2024
228.0 m
2025
170.0 m

SEC (XBRL)· 25 Feb 2026verified

Pre-tax income
2023
6.3 bn
2024
2.9 bn
2025
2.6 bn

SEC (XBRL)· 25 Feb 2026verified

Income tax
2023
1.4 bn
2024
583.0 m
2025
530.0 m

SEC (XBRL)· 25 Feb 2026verified

Net income
2023
4.5 bn
2024
2.0 bn
2025
1.7 bn

SEC (XBRL)· 25 Feb 2026verified

Diluted EPS
2023
18.00
2024
8.46
2025
7.52

SEC (XBRL)· 25 Feb 2026verified

Weighted average diluted shares
2023
250.4 m
2024
238.5 m
2025
231.0 m

SEC (XBRL)· 25 Feb 2026verified

Dividend per share
2023
2.07
2024
2.17
2025
2.21

SEC (XBRL)· 25 Feb 2026verified

Balance sheet · USD

Cash
2023
6.4 bn
2024
3.6 bn
2025
2.3 bn

SEC (XBRL)· 25 Feb 2026verified

Receivables
2023
3.0 bn
2024
2.7 bn
2025
3.1 bn

SEC (XBRL)· 25 Feb 2026verified

Inventories
2023
5.6 bn
2024
5.1 bn
2025
5.5 bn

SEC (XBRL)· 25 Feb 2026verified

Current assets
2023
16.4 bn
2024
12.5 bn
2025
11.8 bn

SEC (XBRL)· 25 Feb 2026verified

Property, plant & equipment, net
2023
11.1 bn
2024
13.2 bn
2025
15.3 bn

SEC (XBRL)· 25 Feb 2026verified

Goodwill
2023
4.0 bn
2024
4.3 bn
2025
4.3 bn

SEC (XBRL)· 25 Feb 2026verified

Intangibles (excl. goodwill)
2023
3.1 bn
2024
3.1 bn
2025
2.9 bn

SEC (XBRL)· 25 Feb 2026verified

Total assets
2023
35.3 bn
2024
33.9 bn
2025
35.1 bn

SEC (XBRL)· 25 Feb 2026verified

Accounts payable
2023
2.0 bn
2024
1.8 bn
2025
1.9 bn

SEC (XBRL)· 25 Feb 2026verified

Short-term debt
2023
119.0 m
2024
225.0 m
2025
122.0 m

SEC (XBRL)· 25 Feb 2026verified

Current liabilities
2023
4.6 bn
2024
5.0 bn
2025
4.0 bn

SEC (XBRL)· 25 Feb 2026verified

Total liabilities
2023
13.2 bn
2024
12.5 bn
2025
13.0 bn

SEC (XBRL)· 25 Feb 2026verified

Equity
2023
22.1 bn
2024
21.4 bn
2025
22.1 bn

SEC (XBRL)· 25 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
7.1 bn
2024
4.0 bn
2025
3.2 bn

SEC (XBRL)· 25 Feb 2026verified

Capex
2023
2.2 bn
2024
3.2 bn
2025
3.4 bn

SEC (XBRL)· 25 Feb 2026verified

Free cash flow
2023
4.9 bn ≈
2024
806.0 m ≈
2025
-188.0 m ≈

SEC (XBRL)· 25 Feb 2026derived

Investing cash flow
2023
-2.5 bn
2024
-3.7 bn
2025
-3.2 bn

SEC (XBRL)· 25 Feb 2026verified

Financing cash flow
2023
-2.6 bn
2024
-3.1 bn
2025
-1.3 bn

SEC (XBRL)· 25 Feb 2026verified

Dividends paid
2023
515.0 m
2024
522.0 m
2025
512.0 m

SEC (XBRL)· 25 Feb 2026verified

Share repurchases
2023
1.6 bn
2024
2.2 bn
2025
700.0 m

SEC (XBRL)· 25 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
5.7%
computed by olivLawFY 2025
Revenue CAGR 3Y
-7.8%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
10.0%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
-14.0%
computed by olivLawFY 2025
Net income CAGR 3Y
-38.8%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
19.3%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
-11.1%
computed by olivLawFY 2025
EPS CAGR 3Y
-36.1%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
26.1%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
-123.3%
computed by olivLawFY 2025

Profitability

Gross margin
11.9%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
5.4%
computed by olivLawFY 2025
FCF margin
-0.6%
computed by olivLawFY 2025

Returns

ROE
8.2%
computed by olivLawFY 2025 · balance sheet at 04 Jul 2026
ROA
4.9%
computed by olivLawFY 2025 · balance sheet at 04 Jul 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
29.4%
computed by olivLawFY 2025
Payout ratio (FCF)
unavailable
the base of the ratio is not positive

Balance sheet

Net debt
-2.3 bn USD
computed by olivLawbalance sheet at 04 Jul 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.0x
computed by olivLawbalance sheet at 04 Jul 2026
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
2.5x
computed by olivLawbalance sheet at 04 Jul 2026
Quick ratio
1.4x
computed by olivLawbalance sheet at 04 Jul 2026
Cash ratio
0.5x
computed by olivLawbalance sheet at 04 Jul 2026

Cash

Operating cash flow
3.2 bn USD
computed by olivLawFY 2025
Capital expenditure
3.4 bn USD
computed by olivLawFY 2025
Free cash flow
-188.0 m USD
computed by olivLawFY 2025
FCF conversion
-10.8%
computed by olivLawFY 2025
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
42 days
computed by olivLawFY 2025 · balance sheet at 04 Jul 2026
Days inventory outstanding
73 days
computed by olivLawFY 2025 · balance sheet at 04 Jul 2026
Days payables outstanding
29 days
computed by olivLawFY 2025 · balance sheet at 04 Jul 2026
Cash conversion cycle
86 days
computed by olivLawFY 2025 · balance sheet at 04 Jul 2026

Market and valuation

Market capitalisation
60.8 bn USD
computed by olivLawbalance sheet at 04 Jul 2026
Enterprise value
58.4 bn USD
computed by olivLawbalance sheet at 04 Jul 2026
Market cap / net income TTM
34.9x
computed by olivLawFY 2025
P/E (TTM)
35.6x
computed by olivLawFY 2025
Earnings yield
2.8%
computed by olivLawFY 2025
P/B
2.7x
computed by olivLawbalance sheet at 04 Jul 2026
P/S
1.9x
computed by olivLawFY 2025 · balance sheet at 04 Jul 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
1.8x
computed by olivLawFY 2025 · balance sheet at 04 Jul 2026
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-0.3%
computed by olivLawFY 2025 · balance sheet at 04 Jul 2026
Dividend yield
0.8%
computed by olivLawFY 2025
Shareholder yield (distributions)
2.0%
computed by olivLawFY 2025 · balance sheet at 04 Jul 2026

Risk

Altman Z
unavailable
input data missing

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 58.3% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

267.91 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 60.8 bn USD

Key indicators

Market capitalisation
60.8 bn USD
computed by olivLawbalance sheet at 04 Jul 2026
P/E (TTM)
35.6x
computed by olivLawFY 2025
P/B
2.7x
computed by olivLawbalance sheet at 04 Jul 2026
EV/EBITDA
unavailable
input data missing
ROE
8.2%
computed by olivLawFY 2025 · balance sheet at 04 Jul 2026
Net margin
5.4%
computed by olivLawFY 2025
Revenue growth (YoY)
5.7%
computed by olivLawFY 2025
Dividend yield
0.8%
computed by olivLawFY 2025

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 04 Jul 2026
Latest balance sheet date: 04 Jul 2026
Share count (cover of the latest filing), as of: 04 Jul 2026
Source: SEC (XBRL)published 12 Aug 2026
verified 2854derived 187

Score by group

58% · Insufficient data

Estimated value range

Low
72.64
USD per share
Mid
96.21
USD per share
High
129.59
USD per share
Price: 267.91 USD
The price is above the range
Potential to the central value: -64.1% (value / price − 1)
Margin of safety: -178.5% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 29.04 – 220.13 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · the base of the ratio is not positive
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E116.23 – 220.13 (Mid 159.11)
    6 companies used · median multiple 21.2x · quartiles 15.5x – 29.3x
    CMC, CRS, MT, MTUS, STLD, TS
  • Dividend discount (DDM)29.04 – 39.06 (Mid 33.31)
Multiple comparisons use the SIC vertical: Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) (SIC 3312)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 58.3% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality5.4%58 (vs peers)11%
FCF conversion · Quality-10.8%0 (on a fixed band)11%
Revenue CAGR 3Y · Growth-7.8%0 (on a fixed band)14%
EPS CAGR 3Y · Growth-36.1%0 (on a fixed band)14%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet2.5x100 (on a fixed band)7%
P/E (TTM) · Valuation35.6x14 (vs peers)18%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-0.3%0 (on a fixed band)14%
Shareholder yield (distributions) · Returns2.0%28 (on a fixed band)11%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth0/100 · 2/2 factors with a value
  • Quality29/100 · 2/3 factors with a value
  • Returns· partial28/100 · 1/2 factors with a value
  • Valuation8/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

NUCOR CORP (NUE). Latest full fiscal year: 2025; data up to 2026-07-04.

Figures computed from the financial statements: revenue 32.5 bn USD in 2025; YoY growth 5.7%; net margin 5.4%; ROE 8.2%.

The estimated value range is 72.64–129.59 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 96.21 USD, the price of 267.91 USD leaves a potential of -64.1% (value / price − 1) and a margin of safety of -178.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 2.5x

What contradicts it

  • FCF conversion: -10.8%
  • Revenue CAGR 3Y: -7.8%
  • EPS CAGR 3Y: -36.1%
  • P/E (TTM): 35.6x
  • FCF yield: -0.3%
  • Shareholder yield (distributions): 2.0%
  • The price is above the estimated value range
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).

Versus the vertical median

Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) (SIC 3312) · same industry (4-digit SIC) · compared with 12 companies

The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.

Multiples and returns vs the median

P/E
35.6x
vertical median 24.6x
above median (+44.9%)
EV/EBITDA
—
vertical median 9.8x
P/S
1.9x
vertical median 0.7x
above median (+149.6%)
P/B
2.7x
vertical median 1.5x
above median (+88.7%)
ROE
8.2%
vertical median 4.8%
above median (+70.3%)
Net margin
5.4%
vertical median 3.9%
above median (+36.5%)
EBIT margin
—
vertical median 4.5%
Revenue YoY
5.7%
vertical median -3.0%
above median
Net debt/EBITDA
—
vertical median 1.3x
Dividend yield
0.8%
vertical median 0.6%
above median (+41.3%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
TXTernium S.A.97.5 bn221.13.6%2.7%−11.6%+32% / +23%
NUENucor Corp60.8 bn35.68.2%5.4%+5.7%+86% / +76%
TSTenaris SA60.6 bn31.411.6%16.1%−4.3%+41% / +63%
MTArcelorMittal46.0 bn14.76.1%5.1%−1.7%+40% / +140%
STLDSteel Dynamics, Inc.34.1 bn17.720.8%8.8%+3.6%+43% / +102%
CRSCarpenter Technology Corporation13.8 bn24.627.8%17.9%+8.6%−12% / +294%
CMCCommercial Metals Company6.8 bn10.614.8%7.0%+20.5%−2% / +37%
SXCSuncoke Energy, Inc.823.3 m—-8.5%-2.9%−5.1%+49% / +4%
MTUSMetallus Inc.650.2 m30.83.4%1.9%+6.9%−7% / −22%
TWITitan International, Inc.303.7 m—-22.9%-5.7%−0.9%−42% / −64%
ASTLAlgoma Steel Group Inc.——-98.5%-47.2%−25.4%+17% / −41%
SIMGRUPO SIMEC, S.A.B. de C.V.——19.2%31.2%−18.2%−8% / −15%
PKXPosco Holdings Inc.——2.1%1.5%−4.7%−8% / −48%

1- and 3-year price returns: for NUE from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
146.42
Total return -45% · Per year -45%
260.17
Total return -2% · Per year -2%
393.67
Total return 48% · Per year 48%
3 years
116.26
Total return -55% · Per year -23%
234.80
Total return -10% · Per year -3%
393.67
Total return 50% · Per year 14%
5 years
92.32
Total return -63% · Per year -18%
211.91
Total return -17% · Per year -4%
393.67
Total return 52% · Per year 9%
What moves the 3-year price the most
  • Exit P/E± 58.70
  • Net margin± 41.09
  • Annual revenue growth± 37.11
  • Annual dilution± 3.45

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Nucor Corporation is North America's largest recycler and produces steel mainly from scrap 1. Net sales to external customers were 32.494 billion USD in fiscal 2025 1, with consolidated net earnings of 1.74 billion USD 1. In the third quarter of 2026 net earnings attributable to Nucor stockholders were 1.32 billion USD 3.

SWOT

Strengths

  • The company has a diversified mix of markets and products, backed by a strong balance sheet and high credit ratings 13.
  • Vertical integration in raw materials through DRI and DJJ brokerage gives flexibility on costs 1.
  • Electric arc furnaces allow production to be adjusted quickly to demand 1.

Weaknesses

  • Margins in the steel products segment fell in 2025 due to lower selling prices and cost pressure 1.
  • Electricity and natural gas costs are volatile and not always easy to pass on to customers 1.
  • Scrap prices, the main raw material, are volatile and can compress margins 1.

Opportunities

  • Capacity expansion and new galvanizing lines could strengthen positions in attractive markets 3.
  • Demand from data centers and higher value-added products could raise revenue 1.
  • Trade policies limiting imports could support prices in the US market 2.

Threats

  • Global overcapacity and subsidized exports can pressure prices 1.
  • Greenhouse gas regulation could raise energy and compliance costs 1.
  • A slowdown in nonresidential construction could reduce demand for several products 1.

Risks

  • Overcapacity and importshigh

    Excess global capacity and low-priced exports can pressure US prices 1.

  • Raw material volatilityhigh

    Scrap and substitute prices can rise quickly and may not be fully passed on to customers 1.

  • Energy costsmedium

    Electricity and natural gas are volatile, and increases can affect margins 1.

  • Environmental regulationmedium

    Compliance costs and greenhouse gas rules could increase expenses 1.

  • Industry cyclicalitymedium

    An economic or nonresidential construction slowdown could reduce sales 1.

Investment thesis

What would need to be true (bull case)

  • If demand from infrastructure and data centers holds, higher value-added segments could support growth 13.
  • Capacity additions, including new West Virginia and Berkeley operations, could extend market position 3.
  • A strong balance sheet and cash generation could allow continued capital returns to shareholders 3.

What would break the thesis

  • If global overcapacity and subsidized imports persist, margins could stay under pressure 1.
  • A decline in nonresidential construction could weigh on the steel products segment 1.
  • If scrap prices rise faster than selling prices, margins could narrow 1.

What to watch

  • Steel products segment margin trendQ4 2026
  • Steel mills pricing and volumes against guidanceQ4 2026
  • Capacity ramp at West Virginia and Berkeley sites2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Nucor manufactures steel and steel products mainly in North America, with operations in the United States, Canada and Mexico 1. The company reports three segments: steel mills, steel products and raw materials 1. The steel mills segment is the largest, representing 62% of external sales in 2025 1.

The steel products segment includes joists, steel deck, tubular products, metal buildings and insulated panels, serving mainly nonresidential construction and infrastructure 1. Its Expand Beyond strategy has broadened the offer toward higher value-added products 1.

The raw materials segment includes DJJ, a scrap broker and processor, and DRI facilities that reduce reliance on purchased inputs 12. In the third quarter of 2026 net sales were 11.25 billion USD 3.

Segments

Steel mills

Produces sheet, plate, structural and bar steel mainly from electric arc furnaces 1. It is the largest segment and sales rose considerably in the first half of 2026 compared with the prior year 2.

Steel products

Includes joists, deck, tubing, metal buildings and insulated panels, with a significant part serving nonresidential construction and data centers 1. Its margins were under pressure in 2025 from lower selling prices 1.

Raw materials

Includes DJJ scrap brokerage and DRI facilities in Trinidad and Louisiana 1. Earnings rose in 2025, mainly because a 2024 impairment did not recur 1.

Trends

  • Global overcapacityheadwind

    Excess capacity, particularly in China, can push export prices down and affect US prices 1.

  • Data center and infrastructure demandtailwind

    Demand from data centers and infrastructure has grown, favorably affecting racking and structures 1.

  • Construction cyclicalitymixed

    Automotive and residential construction were softer in 2025; if nonresidential construction slows, revenue could decline 1.

Competitive position

Nucor competes with other steel producers, imports and alternative materials such as concrete, aluminum and composites 1. Competition centers on price, quality and service 1.

The company describes itself as North America's most diversified steel producer, which may cushion pressure in any single market 1. Variable costs and a pay-for-performance system help it adapt in downturns 1.

  • Other North American steel producers

    Competitors in sheet, bar and structural markets, referenced generically in the sources 1.

  • Foreign steel exporters to the US

    Imports, especially from subsidized economies, put pressure on prices 1.

  • Alternative material suppliers

    Concrete, aluminum and composites can substitute for steel in some uses 1.

  • Scrap brokers and processors

    Competition for scrap supply can influence raw material costs 1.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Nucor Corporation · 25 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-07-04 · SEC / Nucor Corporation · 12 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Nucor Corporation · 26 Oct 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.