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Buy Day today: Good (62) Broad market participation · no major macro event
NUE

Nucor Corp

Basic Materials · Steel · listed since 1983

265.10$ +1.7% vs. previous close Closing price · As of: Sep 17, 2026
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Assessment

Our Rating

A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.

Quality confirmed Delays disclosed openly

Business model, numbers and balance sheet hold up to our review. Whether the current price supports an entry is a separate question — it hangs on the price, not on the company.

Why this colour

Whoever holds the stock holds a superbly financed market leader with the longest dividend-increase streak in American industry and only has to stomach the cycle swings that come with the breed. Whoever buys new is betting that tariffs, data center demand and the West Virginia mill will set the next earnings peak higher than the current valuation (trailing P/E near 24, near the all-time high, data as of mid-July 2026) already assumes — with only a 0.9 percent running yield as a cushion. Whoever waits checks three lines in every quarterly report (10-Q): sales price per ton and metal margin, imports' share of the U.S. market, and the progress of the West Virginia ramp-up. The decision is yours.

What the thesis turns on

Assessment: Opportunities & Risks

Nucor is proof that Dividend Kingship and cyclicality are no contradiction: the base dividend has risen every year since 1973 because, at roughly 29 percent of 2025 earnings, it is deliberately kept small — while earnings per share fell 74 percent in three years and then quadrupled in a single quarter in early 2026. Against that stand a fortress balance sheet with A ratings, a capex supercycle around the $4 billion West Virginia mill, and a valuation that already largely pays for the comeback after a 47 percent year-to-date gain. Whoever buys here buys the discipline — and carries the cycle. Not investment advice.

Dividend discipline

Base dividend raised every year since 1973, 212th consecutive quarterly dividend (February 2026), a 2025 payout ratio of only about 29 percent, and a commitment to return at least 40 percent of net earnings including buybacks — the streak is armored against steel troughs by a low ratio and balance-sheet strength (10-K 2025).

Balance sheet & credit

Funded debt to capital of 24.4 percent (end of 2025), current ratio of 2.9, $2.48 billion in cash and short-term investments (April 4, 2026), Altman Z near 10, the highest ratings of any North American steel producer (A-/A3/A-) — though the cash pile has nearly halved since the end of 2024 ($4.14 billion) under the capex supercycle.

Cyclicality & earnings quality

Earnings per share fell from $28.79 (2022) to $7.52 (2025) and revenue from $41.5 billion to $30.7 billion (2024) before 2025/Q1 2026 turned — Nucor's results hang on metal margin and steel prices it does not control; the OECD puts global overcapacity at eight times U.S. production.

Comeback momentum

Q1 2026: revenue up 21 percent to $9.5 billion, net earnings of $743 million ($3.23 per share) after $156 million a year earlier, record shipments, 86 percent utilization, $886 million in operating cash flow, historically high backlogs (10-Q as of 04/04/2026, 10-K 2025).

Policy dependence of the margin

Imports' share of the U.S. finished steel market fell from over 22 to about 15 percent (Q1 2025 → Q1 2026) on Section 232 tariffs and trade cases — a real tailwind, but one that depends on political decisions that can change; China is shifting capacity to third countries to circumvent tariffs (10-K 2025, 10-Q).

Valuation after the jump

Trailing P/E near 24 (near 15 on 2026 estimates), price-to-book near 2.6, up 47 percent year to date and only about 10 percent below the all-time high (data as of mid-July 2026) — much of the comeback is priced in; a dividend yield of roughly 0.9 percent does not support the valuation.

Worth Noting

NUE reached the research list through the in-house Dividend Aristocrats scanner: rank 2 of the U.S. selection (as of July 18, 2026); simultaneous hits in "Martin Zweig: growth with discipline" and "Altman-Z: fortress balance sheet" — quality and balance-sheet strength confirm each other across scanners.

On counting the streak: the annual report (10-K) for 2025 states "increased its base cash dividend every year since the Company began paying dividends in 1973"; our scanner carries Nucor with 51 years of increases (curated list, as of June 2026). The dividend yield of roughly 0.9 percent refers to the $2.24 annual run rate at a share price around $249 (data as of mid-July 2026).

Scanner metrics (P/E, P/S, Piotroski, Altman Z) use trailing twelve-month figures; the Q1 2026 earnings jump is included, the remaining 2026 quarters naturally are not. Analyses are evergreen; daily prices are not a buy argument.

Stock Watch

This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at NUE since then.

Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.

Price history

Chart

Interactive price chart (TradingView).

52-week range: 131.80 $ to 274.70 $ · Last price: 265.10 $ (As of: September 17, 2026)

Key figures

Key figures at a glance

Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.

Basics

Market Cap ?The value of the entire company on the market: share price times total shares outstanding. 61.9$B
Shares Outstanding ?Total number of shares issued. Price times share count gives market cap. 227m
Float ?Share of stock freely tradable on the market — not locked up in the hands of founders, insiders, or major shareholders. 98.5%
Beta ?Volatility versus the overall market: 1 = moves like the market, 2 = twice as much, under 1 = calmer than the market. 1.9

Performance

Perf. 1M ?Price performance over the last month. -8.30%
Perf. 3M ?Price performance over the last 3 months. 40.40%
Perf. 6M ?Price performance over the last 6 months. 39.10%
YTD Performance (%) ?Price performance since the start of the year (Year to Date). 47.40%
52-Week-High Distance ?How far the price sits below its highest point over the last 52 weeks. 0% means the stock is at its year high. -8.1%
Perf. 1Y ?Price performance over the last 12 months. 88.16%
Perf. 3Y ?Price performance over the last 3 years. 78.09%
Perf. 5Y ?Price performance over the last 5 years. 172.28%
Perf. 10Y ?Price performance over the last 10 years. 620.25%
Perf. Since Inception ?Price performance since the first available trading day (03/17/1980) — with a complete history, that is since the IPO. 75,481.53%

Technical Indicators

MA 38 Days ?Moving average of the last 38 trading days: the smoothed price path. A price above it signals short-term strength. 259.80$
MA 50 Days ?Moving average of the last 50 trading days — the most widely watched medium-term trend line. 253.80$
MA 200 Days ?Moving average of the last 200 trading days — the dividing line between a long-term uptrend and downtrend. 210.20$
RSI (14) ?Relative Strength Index over 14 days, scale 0 to 100: above 70 counts as overbought, below 30 as oversold. A hint on timing, not a verdict on the company. 58.4
Volatility 30 Days ?Price swings over the last 30 trading days, annualized. The higher the value, the more the price fluctuates. 31.1%
Volatility 250 Days ?Price swings over the last 250 trading days (roughly one market year), annualized. 31.1%

Calculated from the price history · as of 09/18/2026

Valuation

P/E ?Price-to-earnings ratio: how many years of profit does the stock cost? The lower, the cheaper the valuation. No earnings means no P/E. 25.5
Forward P/E ?P/E based on expected earnings for the next 12 months instead of past earnings — analysts' bet on the future. 13.4
PEG ?P/E divided by expected earnings growth: puts valuation in relation to growth. Around 1 is considered fair, well above that is pricey. 5.2
P/B ?Price-to-book ratio: market value relative to book equity. 2.7
P/S ?Price-to-sales ratio: market value divided by annual sales. Important for companies that aren't (yet) profitable. 1.7
EV/EBITDA ?Enterprise value including debt (EV) relative to operating profit before depreciation and amortization (EBITDA) — more comparable than P/E because debt counts too. Extreme values arise when EBITDA is near zero. 11.0
Price/FCF ?Market value divided by free cash flow: how many years of freely available cash does the stock cost? More honest than P/E because cash flow is harder to dress up. 39.1

Profitability

Gross Margin ?Gross margin: what's left of sales after only direct production costs are deducted — the product's pricing power. 15.6%
EBIT Margin ?EBIT margin: operating profit as a percentage of sales — the earning power of the core business before interest and taxes. 11.8%
Net Margin ?Net margin: what's left of sales as profit after ALL costs, interest, and taxes. 8.0%
Return on Equity ?Return on equity: how much profit does the company generate per year on shareholders' equity? 12.3%
Return on Assets ?Return on assets: how much profit the company generates from its total assets (equity and debt combined). 7.3%

Balance Sheet & Safety

Equity Ratio ?Equity ratio: equity as a share of total assets. The higher, the more resilient the balance sheet. 60.2%
Debt/Equity ?Leverage ratio: financial debt divided by equity. Under 1 is generally seen as solid; negative values mean negative equity. 0.4
Altman Z″ ?Edward Altman's bankruptcy early-warning score. We use the Z″ variant, built from four balance-sheet ratios — it is designed for service companies and non-manufacturers and uses book value instead of market value. On that scale: below 1.1 = danger zone, 2.6 and up = safe zone, in between a grey area. Because the classic Altman Z is calculated differently, the two numbers are not directly comparable. The formula does not fit banks, insurers, or real-estate stocks. 10.03
Piotroski ?Balance-sheet health check by Joseph Piotroski: 9 yes/no criteria on profit, cash flow, leverage, and efficiency. 7+ is very solid, under 3 is a red flag. very solid 9 out of 9

Growth

Sales Growth Last Quarter ?Sales growth in the most recently reported quarter versus the same quarter a year ago (YoY). 21.30%
EPS Growth Last Quarter ?Growth in earnings per share in the most recently reported quarter versus the same quarter a year ago (YoY). 382.10%
Sales Growth (Year) ?Sales growth in the last fiscal year versus the year before. 5.73%
Forward Sales Growth ?Sales growth analysts expect over the next 12 months — an estimate, not a guarantee. 1.87%
Forward EPS Growth ?Earnings-per-share growth analysts expect over the next 12 months — an estimate, not a guarantee. -0.20%

Dividend

Dividend Yield ?Annual dividend divided by the current price: what percentage of your investment comes back as a payout each year. 0.86%
Dividend Per Share (TTM) ?Sum of dividends paid per share over the last 12 months. 2.23$
Payout Ratio ?Share of profit paid out as dividends. Over 100% means the company is paying out more than it earns — not sustainable long-term. 17.9%
Years Without a Cut ?How many years in a row the dividend hasn't been cut — a measure of reliability. 16Years
Increase Streak ?How many years in a row the dividend has been raised — the gold standard for dividend payers. 16Years

Quality & Screener

Stage ?Weinstein phases 1 through 4: 1 = basing, 2 = uptrend (the only buy phase), 3 = topping, 4 = downtrend. Measured against the 30-week line. 2
RS Rating ?Relative strength from 1 to 99: an RS of 95 means the stock has outperformed 95% of all stocks. 89
EPS Rating ?Earnings growth rating from 1 to 99 versus all stocks — high values mean above-average earnings growth. Top 10% 94
Fundamental Rating ?Our own Fundamental Rating: 0 to 100 points with an A+ to F grade. 50 points is the average across the universe, 100 the best possible score. It scores growth, earnings surprises, analyst estimates, margins, cash flow, and balance-sheet safety — every stock percentile-ranked against all others. Grades: A+ from 95, A from 75, B from 55, C from 45, D from 25, E from 5, F below. B (70 out of 100)

Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.

Comparison

Industry comparison

The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.

Industry: Steel

Industry comparison
Company Market cap ($B) P/E EV/EBITDA Gross Margin % EBIT Margin % Sales Growth (Year) % Perf. 1Y %
Nucor Corp NUE 61.9 25.5 11.0 15.6 11.8 5.7 88.2
ArcelorMittal SA MT 56.7 31.7 10.7 9.0 6.3 -1.7 113.5
Steel Dynamics Inc STLD 36.5 25.8 13.5 14.6 10.3 3.6 72.6
Reliance Steel & Aluminum Co RS 20.5 24.8 13.1 28.3 9.1 3.3 40.9
Ternium SA TX 11.4 16.2 5.6 17.7 12.2 -11.6 69.9
Cleveland-Cliffs Inc CLF 7.8 29.7 -1.1 -2.9 -3.0 13.0
Worthington Steel Inc WS 1.7 16.1 11.7 -9.8 3.9
Northwest Pipe Company NWPX 1.0 24.1 12.4 20.9 9.2 6.8 98.8
Metallus, Inc MTUS 0.8 270.2 10.3 8.2 6.9 17.7
Median of companies shown 11.4 25.5 12.4 14.6 9.2 3.3 69.9

Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →

Fiscal years

Annual Figures

Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.

Revenue, operating income and net income per fiscal year $M

Revenue Operating income Net income

2016 · Revenue: 16,208 $M 2016 · Operating income: 1,429 $M 2016 · Net income: 796 $M 2017 · Revenue: 20,252 $M 2017 · Operating income: 1,882 $M 2017 · Net income: 1,319 $M 2018 · Revenue: 25,067 $M 2018 · Operating income: 3,435 $M 2018 · Net income: 2,361 $M 2019 · Revenue: 22,589 $M 2019 · Operating income: 1,968 $M 2019 · Net income: 1,271 $M 2020 · Revenue: 20,140 $M 2020 · Operating income: 1,650 $M 2020 · Net income: 721 $M 2021 · Revenue: 36,484 $M 2021 · Operating income: 9,319 $M 2021 · Net income: 6,827 $M 2022 · Revenue: 41,512 $M 2022 · Operating income: 10,506 $M 2022 · Net income: 7,607 $M 2023 · Revenue: 34,714 $M 2023 · Operating income: 6,230 $M 2023 · Net income: 4,525 $M 2024 · Revenue: 30,734 $M 2024 · Operating income: 2,979 $M 2024 · Net income: 2,027 $M 2025 · Revenue: 32,494 $M 2025 · Operating income: 2,659 $M 2025 · Net income: 1,744 $M
2016201720182019202020212022202320242025
Annual Figures
Fiscal Year Revenue ($M) EBIT ($M) Net Income ($M) EPS ($) Operating Cash Flow ($M) Equity ($M) Total Assets ($M)
2016 16,208 1,429 796 2.49 1,750 7,880 15,224
2017 20,252 1,882 1,319 4.11 1,055 8,739 15,841
2018 25,067 3,435 2,361 7.45 2,394 9,792 17,921
2019 22,589 1,968 1,271 4.16 2,809 10,358 18,345
2020 20,140 1,650 721 2.38 2,697 10,789 20,125
2021 36,484 9,319 6,827 23.27 6,231 14,016 25,823
2022 41,512 10,506 7,607 28.91 10,072 18,415 32,479
2023 34,714 6,230 4,525 18.07 7,112 20,940 35,340
2024 30,734 2,979 2,027 8.50 3,979 20,294 33,940
2025 32,494 2,659 1,744 7.55 3,234 20,936 35,104

Quarters

Quarterly Figures

Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.

Revenue & Profit

Cash Flow

Balance Sheet

Margins

Per Share

Click the chart or tab into it, then use ← and → to step through the periods.

None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.

These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.

The figures could not be loaded right now.

Sales Per Quarter ($M)
2024: Q4 · 7,075.6 $M Q4 2025: Q1 · 7,830.0 $M Q1 2025: Q2 · 8,456.0 $M Q2 2025: Q3 · 8,521.0 $M Q3 2025: Q4 · 7,687.0 $M Q4 2026: Q1 · 9,496.0 $M Q1 2026: Q2 · 10,397.0 $M Q2

Source: fundamental data

Quarterly Figures
Quarter EPS (Earnings Per Share) EPS YoY (%) Sales ($M) Sales YoY (%) Net Margin (%) OCF ($M) FCF ($M)
2024: Q4 1.23 -61.40 7,076 -8.20 4.10 733 -146
2025: Q1 0.67 -80.70 7,830 -3.80 2.00 364 -495
2025: Q2 2.61 -2.80 8,456 4.70 7.10 732 -222
2025: Q3 2.62 148.50 8,521 14.50 7.10 1,339 532
2025: Q4 1.65 34.40 7,687 8.60 4.90 799 -3
2026: Q1 3.24 383.80 9,496 21.30 7.80 886 225
2026: Q2 5.04 93.10 10,397 23.00 11.10 1,400 829

What Do These Terms Mean?

EPS (Earnings Per Share):
Quarterly profit divided by the total share count — how much of the profit works out to a single share.
YoY (Year over Year):
Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
Sales:
All revenue for the quarter, before any costs are deducted — the top line of the income statement.
Net Margin:
What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
OCF (Operating Cash Flow):
The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
FCF (Free Cash Flow):
Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.

Compare with other stocks →

Screening

Appears in These Scanners

This stock currently matches 7 of our scanner strategies — each hit links to the scanner.

Best Hits

Growth

Quality & Balance Sheet

Aktien.Guide

Research

Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners

Outlook

Analysts & Price Target

Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.

Consensus Sell 1 = Strong buy … 5 = Strong sell
Analyst Ratings 15
Price Target (average) 283.75$
Distance to price 7.0% The price target sits 7.0% above the current price.

Distribution of Recommendations

Strong Buy 5
Buy 5
Hold 5
Sell 0
Strong Sell 0

Estimates by Fiscal Year

Estimates by Fiscal Year
Fiscal Year EPS Estimate ($) EPS Range ($) Revenue Estimate ($M) Expected Growth Analysts
12/31/2026 19.08 17.48 – 22.46 40,365 147.4% 10
12/31/2027 19.54 15.69 – 22.23 40,764 2.4% 11

Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.

Valuation

What is priced in?

Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.

Today’s market value implies roughly 16.8% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).

What is priced in?
Free cash flow (last twelve months) $1.58B
Market cap $61.86B
Free cash flow in year ten $7.49B
Terminal value as a share of market value 63.8%

It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.

A simplified model calculation — not a forecast and not a recommendation.

AI classification

AI Rating

Neutral

Geprüft am 18.07.2026 gegen die beiden jüngsten Geschäftsberichte (10-K 2025, eingereicht 25.02.2026, und 10-K 2024, eingereicht 27.02.2025) sowie die vier jüngsten Quartalsberichte (10-Q, eingereicht 13.05.2026, 12.11.2025, 13.08.2025 und 14.05.2025): In keinem der sechs ausgewerteten SEC-Filings von Nucor findet sich auch nur eine einzige Erwähnung von „artificial intelligence“, „machine learning“, „generative“, „LLM“ oder „AI“ — weder als Umsatzquelle noch als operativer Einsatz noch als Geschäftsrisiko. Ergänzend geprüft wurde das aktuelle Proxy Statement (DEF 14A vom 27.03.2026); dort ist der einzige „AI“-Treffer der Firmenname „Tempus AI, Inc.“ als anderweitiges Board-Mandat einer Direktorin, also ohne jeden Bezug zu Nucors Geschäft. Der Stahlhersteller berichtet über Stahl-Überkapazitäten, Handelspolitik, Rechenzentrums-Baustahl-Nachfrage und einen Cybervorfall, führt aber nichts davon auf KI zurück — dokumentierter Negativ-Befund, daher „neutral“.

View the full file — quotes, sources, reviewed filings

Filings Reviewed: 10-Q 2026-05-13 · 10-Q 2025-11-12 · 10-Q 2025-08-13 · 10-Q 2025-05-14 · 10-K 2026-02-25 · 10-K 2025-02-27

Rated on July 18, 2026 · How the Rating Is Built

Earnings calls

What the Earnings Calls Reveal

Nucor executes well operationally and has beaten its own quarterly guidance in every instance documented on the calls since late 2024. Comparing the ten calls from 2024-Q1 through 2026-Q2 does show repeatedly slipping deadlines and one withdrawn volume target — but in the two biggest cases (the Brandenburg volume target and the Pacific Northwest rebar project) management itself announced and explained the change in its prepared remarks rather than burying it. Two items remain worth tracking: the Expand Beyond target of over 450 million dollars of 2025 EBITDA, which was never reconciled, and the Indiana towers plant, whose completion slid by roughly a year across five calls while always being presented as on schedule. The rhetoric has also grown noticeably more promotional since 2025.

Unremarkable Delays disclosed openly 10 calls reviewed, 2024-Q1 through 2026-Q2 · As of August 2, 2026

Brandenburg: volume target withdrawn after one quarter, openly and with reasons

On the 2024-Q1 call, management confirmed roughly 500,000 tons of 2024 shipments for the Brandenburg plate mill — after 50,000 tons in Q1, with volumes slated to double each following quarter. Just one quarter later, about 60,000 tons shipped instead of the implied roughly 100,000. The target was not dropped quietly: on the 2024-Q2 call the CEO explicitly withdrew it in his prepared remarks, citing softer market conditions, elevated plate imports and a focus on capabilities rather than volume. The capability framing was not a retroactive reinterpretation either — it was already used on the 2024-Q1 call ('it continues to be a capability story'). From 2025 the mill delivered strongly, exceeding 230,000 tons per quarter by 2026-Q2.

Brandenburg: EBITDA deadline pushed back half a year, definition moved too

In 2024-Q2, management set the goal that Brandenburg would be EBITDA positive by year-end 2024 and reach full run-rate capability in 2024. In 2024-Q3 the CEO said the mill had already achieved positive EBITDA; the responsible executive clarified in the same call that the commitment had been an EBITDA breakeven run rate by year-end, which they had already reached in September on a melt, cast and rolling basis. On the 2024-Q4 call the deadline then read 'consistent EBITDA positive results by the middle of 2025'. Reported on a quarterly basis, that first happened in 2025-Q2 — roughly half a year after the original date, with the yardstick shifting from 'run rate' to 'consistent' alongside the date. The revised deadline was kept.

Pacific Northwest rebar mill: pause and cancellation both self-disclosed, rationale changed

On the 2024-Q4 call, the CEO acknowledged under questioning a pause at the announced Pacific Northwest rebar micro mill and stressed this was not a market concern but a matter of capital-execution timing. Nine months later management dropped the project of its own accord in the prepared remarks of the 2025-Q3 call — arguing the existing footprint already covers the western U.S. and Canada with cost and supply-chain advantages. Both steps were therefore openly communicated; the only criticism that stands is that the rationale shifted between pause and cancellation. No date or investment figure for the project had ever been given on the calls.

The 450 million Expand Beyond target was never reconciled

In 2024-Q4, management projected over 450 million dollars of 2025 EBITDA for the Expand Beyond platforms (doors, racking, insulated panels), and roughly 450 million in 2025-Q1. When an analyst asked directly in 2025-Q3 whether that was achievable, the CFO said the business was doing fine and hitting its clip, then pointed to the long-term run rate of 700 million dollars instead of confirming the annual figure; on the 2025-Q4 year-end call the 450 million target did not appear at all. A similar looseness showed up in a market estimate: incremental demand from US stimulus programs drifted from 5 to 8 million tons annually (2024-Q1) to a recalled 3 to 5 million tons (2024-Q3) — though there the CEO volunteered that they were running below it.

Timelines slip yet always count as on schedule

The Indiana towers plant was slated for 2025 per the 2024-Q2 and 2024-Q4 calls, then moved to the first quarter of 2026 in 2025-Q1, to spring 2026 in 2025-Q2, to mid-2026 in 2025-Q3, and to full operations in the third quarter of 2026 in 2026-Q1 — each step presented as on schedule, though the new date was always stated. The Lexington micro mill likewise missed the commissioning promised for the first quarter of 2025 on the 2024-Q2 call: the first billet ran in April 2025, the first heat in June/July 2025, commercial shipments from Q3 2025 — without the slip being acknowledged. Its sister project in Alabama, by contrast, started up in 2025 as announced, and the flagship West Virginia project stayed on time and on budget across all ten calls; commissioning was underway as announced in 2026-Q2.

Counterpoint: guidance beats and kept promises, but escalating rhetoric

Nucor delivers reliably: its own mid-quarter guidance was beaten in every instance quantified on the calls — 2024-Q4 (0.62 dollars per share above midpoint), 2025-Q3 (about 0.50), 2026-Q1 (about 0.50) and 2026-Q2 (0.29); the only documented miss dates from 2024-Q1 (roughly 4 percent below midpoint). The 2025-Q3 commitment to make Lexington and Kingman EBITDA positive by the first quarter of 2026 was met in March 2026 per the 2026-Q1 call, as was the Crawfordsville deadline. In parallel, however, the language escalates: from 2025-Q3 the CEO speaks of a tsunami of earnings power, and in 2026-Q1 he references the share price and declares the company is just getting warmed up — raising the 2026 volume outlook in the same call's Q&A from above 5 percent toward double digits, which 2026-Q2 confirmed. The solid delivery record should be kept separate from the increasingly promotional tone.

Management promises

  • 2024-Q1 — Brandenburg to ship roughly 500,000 tons in 2024 (Q1: 50,000, then doubling each quarter). Explicitly withdrawn by the CEO in his prepared remarks as early as 2024-Q2; about 60,000 tons shipped instead of roughly 100,000. The withdrawal was justified by market conditions, import pressure and the focus on capabilities over volume already stated in 2024-Q1. broken
  • 2024-Q2 — Brandenburg to reach full run-rate capability and become EBITDA positive by year-end 2024. Per the responsible executive, the EBITDA breakeven run rate was reached on a melt, cast and rolling basis as early as September 2024; on a reported quarterly basis the mill only turned EBITDA positive in 2025-Q2, after the deadline was recast in 2024-Q4 as 'consistently positive by mid-2025'. broken
  • 2024-Q4 — Brandenburg to achieve consistent EBITDA positive results by mid-2025. Achieved in 2025-Q2 and confirmed in 2025-Q3 and 2026-Q2 with record shipments and record earnings — the revised deadline was kept. kept
  • 2024-Q4 — The Alabama and Indiana towers and structures plants both start up in 2025. Alabama started up in 2025 as announced (pole production and galvanizing from the third quarter). Indiana, by contrast, slid step by step across five calls to full operations in the third quarter of 2026 — each new date was stated, but presented as on schedule. broken
  • 2024-Q4 — The three Expand Beyond platforms to generate over 450 million dollars of EBITDA in 2025. Asked directly in 2025-Q3, the CFO called the business on track but pointed to the long-term 700 million dollar goal rather than the annual figure; it was never reported again on the 2025-Q4 year-end call or thereafter. open
  • 2025-Q3 — The new Lexington (North Carolina) and Kingman (Arizona) mills to be EBITDA positive by the first quarter of 2026. Per the 2026-Q1 call, both mills were EBITDA positive in March 2026 — delivered on schedule. kept
  • 2024-Q4 — The Crawfordsville galvanizing and coating complex to start operating by late 2025. The first coil ran through the new line in 2025-Q3 and it was EBITDA positive by 2026-Q1; only the paint line follows later in 2026. kept
  • 2024-Q2 — The West Virginia sheet mill to be completed by the end of 2026, then begin its ramp-up. Reaffirmed on every call since; per 2026-Q2, commissioning of the melt shop and galv lines is on time and on budget — the real test is the 2027 ramp with roughly 50 percent utilization targeted by end of 2027. open

Based on public earnings call transcripts. Reviewed: 10 transcripts 2024-Q1 through 2026-Q2.

Growth

Growth Score

Ten checks against the annual reports — each one passed counts a point.

3 of 10 Weak growth
  • Revenue grows by more than 15% a year over three years -7.8%
  • More than 10% revenue growth is expected for the coming year 1.9%
  • Share count grows by less than 3% a year -4.3%
  • Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 5.2%
  • Gross margin at 40% or higher and without meaningful erosion 11.9%
  • Goodwill from acquisitions does not grow faster than revenue 12.2%
  • Net debt below twice EBITDA 1.1 x EBITDA
  • Operating cash flow covers the profits of the last three years 6,029 m
  • Return on capital at 15% or higher, or up versus two years ago 8.6%
  • Insiders hold at least 10% or are net buyers 2.1%

A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail

Quality check

AAQS

7/10

The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).

  • Sales growth 10Y > 5% 8.0%
  • Exp. sales growth 3Y > 5% 12.0%
  • EBIT growth 10Y > 5% 7.1%
  • Exp. EBIT growth 3Y > 5% 60.8%
  • Net debt < 4x EBIT 1.7x
  • EBIT positive, 10Y straight 10
  • Max. EBIT decline < 50% 74.7%
  • Return on equity > 15% 12.7%
  • ROCE > 15% 8.5%
  • Expected return > 10% 60.3%

View stocks with the full AAQS score · Read the methodology at AlleAktien

Source: fundamental data

Insiders

Insider Transactions

Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.

Insider Transactions
Date Person Role Type Shares Price Value
Aug 17, 2026 Topalian Leon J Chair and CEO Other 1,800 0.00
Aug 14, 2026 Topalian Leon J Chair and CEO Sell 102 269.29 27,468
Aug 14, 2026 Topalian Leon J Chair and CEO Sell 25,898 268.52 6,954,079
Aug 14, 2026 Topalian Leon J Chair and CEO Other 26,000 42.46 1,103,960
Aug 14, 2026 Behr Allen C Executive Vice President Sell 2,612 274.42 716,774
Aug 14, 2026 Behr Allen C Executive Vice President Sell 5,127 274.00 1,404,804
Aug 14, 2026 Behr Allen C Executive Vice President Other 7,739 110.74 857,017
Aug 3, 2026 Batterbee Thomas J. Executive Vice President Sell 4,000 261.02 1,044,062
Jul 30, 2026 Laxton Stephen D President and COO Sell 3,968 256.96 1,019,617
Jul 30, 2026 Laxton Stephen D President and COO Other 2,409 0.00

View all insider transactions →

The company

About the Company

Nucor Corporation fertigt und verkauft Stahl und Stahlprodukte. Das Unternehmen ist in drei Segmenten tätig: Steel Mills, Steel Products und Raw Materials.

Employees
33,000
Headquarters
Charlotte, NC
Address
1915 Rexford Road, 28211 Charlotte, United States
Phone
704 366 7000
Website
nucor.com
IPO Date
09/01/1983
ISIN
US6703461052
Stock Split
2:1 on 06/01/2006
Stock Split
2:1 on 10/18/2004
Stock Split
2:1 on 09/20/1993

Management

Management
Name Title Birth Year
Leon J. Topalian Chairman of the Board & CEO 1968
Stephen D. Laxton President & COO 1971
K. Rex Query Executive Vice President of Strategy 1966
John L. Sullivan Executive VP, CFO & Treasurer 1974
Chris Jacobi Director of Investor Relations
Douglas R. Wilner President of Corporate Legal Affairs & General Counsel
Elizabeth Bledsoe President of Human Resources & Talent 1973
D. Chad Utermark Executive Vice President of New Markets & Innovation 1969
Gregory J. Murphy Executive VP & Advisor 1964
Allen C. Behr Executive Vice President of Raw Materials 1975

Executives per the latest required filings; titles kept in their original language. Source: fundamental data.

Filings

Company Filings (8-K)

An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).

  • 07/27/2026 NUCOR CORP (NUE): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗

Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)

Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.

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