NYSE · Basic Materials

Nucor Corporation

NUE · Steel

$225.20

▼ -0.84 (-0.37%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Nucor Corporation at $225.20.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability F

Gross Profit Margin 11.9%

Operating Margin 8.2%

Net Income Margin 5.4%

Fin. Health B

Years to Pay Off Debt 4.1 yrs

Working Capital vs Long-Term Debt $1.1B

Working Capital $7.8B

Valuation F

Margin of Safety 0.0%

Price-to-Book 2.45x

Cash Flow F

Free Cash Flow -$188M

CapEx % of Net Income 196.2%

Owner Earnings $6.6B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $51.3B

Enterprise Value $57.5B

P/E (TTM) 22.34

Dividend Yield 0.98%

Exchange NYSE

Key Margins

Gross Profit 11.9%

Operating Margin 8.2%

Net Margin 5.4%

Company Info

Sector Basic Materials

Industry Steel

Employees 33000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Nucor Corporation at $225.20.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $225.20, the stock trades at a 81% premium to its Graham Number of $124.72. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Nucor Corporation

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.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	11.9% ▼	13.3%	22.5%	30.1%	N/A
Operating Margin %	8.2% ▼	9.7%	17.9%	25.3%	N/A
Net Income %	5.4% ▼	6.6%	13.0%	18.3%	N/A
Diluted EPS	7.52 ▼	8.46	18.00	28.79	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$35.1B	$33.9B	$35.3B	$32.5B	N/A
Total Debt	$7.1B ↑	$7.0B	$6.8B	$6.7B	N/A
Working Capital	$7.8B ▲	$7.5B	$11.8B	$10.4B	N/A
Years to Pay Debt	4.08	3.43	1.51	0.88	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022
Free Cash Flow	-$188M ▼	$806M	$4.9B	$8.1B
Owner Earnings	$6.6B	$6.6B	$7.9B	$10.6B
CapEx % of Net Income	196.2%	156.5%	48.9%	25.6%

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-13,829	-27,523	0	-21,553
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	4,285,000	4,623,000	7,688,000	11,670,000
Total Unusual Items	-67,000	-137,000	0	-102,000
Total Unusual Items Excluding Goodwill	-67,000	-137,000	0	-102,000
Net Income From Continuing Operation Net Minority Interest	1,744,000	2,027,000	4,525,000	7,607,000
Reconciled Depreciation	1,480,000	1,356,000	1,169,000	1,062,000
Reconciled Cost Of Revenue	28,616,000	26,632,000	26,899,000	29,009,000
EBITDA	4,218,000	4,486,000	7,688,000	11,568,000
EBIT	2,738,000	3,130,000	6,519,000	10,506,000
Net Interest Income	-59,000	30,000	30,000	-170,000
Interest Expense	170,000	228,000	246,000	218,911
Interest Income	111,000	258,000	276,000	48,695
Normalized Income	1,797,171	2,136,477	4,525,000	7,687,447
Net Income From Continuing And Discontinued Operation	1,744,000	2,027,000	4,525,000	7,607,000
Total Expenses	29,835,000	27,755,000	28,484,000	31,006,000
Diluted Average Shares	230,900	238,500	250,412	263,176
Basic Average Shares	230,700	238,300	249,773	262,348
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	1,737,000	2,018,000	4,508,000	7,607,000
Average Dilution Earnings			49	115	121
Net Income Common Stockholders	1,737,000	2,018,000	4,508,000	7,607,000
Otherunder Preferred Stock Dividend	7,000	9,000	17,000	31,172
Net Income	1,744,000	2,027,000	4,525,000	7,607,000
Minority Interests	-294,000	-292,000	-388,000	-472,000
Net Income Including Noncontrolling Interests	2,038,000	2,319,000	4,913,000	8,079,000
Net Income Continuous Operations	2,038,000	2,319,000	4,913,000	8,079,000
Tax Provision	530,000	583,000	1,360,000	2,166,000
Pretax Income	2,568,000	2,902,000	6,273,000	10,245,000
Other Income Expense	-32,000	-107,000	13,000	-91,000
Special Income Charges	-67,000	-137,000	0	-102,000
Write Off	67,000	137,000	0	102,000
Impairment Of Capital Assets			0	101,756	62,161
Earnings From Equity Interest	35,000	30,000	13,000	11,000
Net Non Operating Interest Income Expense	-59,000	30,000	30,000	-170,000
Total Other Finance Cost				170,000
Interest Expense Non Operating	170,000	228,000	246,000	218,911
Interest Income Non Operating	111,000	258,000	276,000	48,695
Operating Income	2,659,000	2,979,000	6,230,000	10,506,000
Operating Expense	1,219,000	1,123,000	1,585,000	1,997,000
Selling General And Administration	1,219,000	1,123,000	1,585,000	1,997,000
Gross Profit	3,878,000	4,102,000	7,815,000	12,503,000
Cost Of Revenue	28,616,000	26,632,000	26,899,000	29,009,000
Total Revenue	32,494,000	30,734,000	34,714,000	41,512,000
Operating Revenue	32,494,000	30,734,000	34,714,000	41,512,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	151,900	147,400	135,252	126,661
Ordinary Shares Number	228,335	232,800	244,902	253,493
Share Issued	380,235	380,200	380,154	380,154
Net Debt	4,603,000	3,201,000	256,000	2,203,530
Total Debt	7,121,000	6,950,000	6,842,000	6,691,350
Tangible Book Value	13,759,000	12,872,000	13,863,000	11,172,369
Invested Capital	27,799,000	27,053,000	27,579,000	24,899,076
Working Capital	7,761,000	7,498,000	11,791,000	10,361,940
Net Tangible Assets	13,759,000	12,872,000	13,863,000	11,172,369
Capital Lease Obligations	258,000	191,000	203,000	206,968
Common Stock Equity	20,936,000	20,294,000	20,940,000	18,414,694
Total Capitalization	27,611,000	25,803,000	27,400,000	24,839,995
Total Equity Gross Minority Interest	22,124,000	21,417,000	22,123,000	19,569,906
Minority Interest	1,188,000	1,123,000	1,183,000	1,155,212
Stockholders Equity	20,936,000	20,294,000	20,940,000	18,414,694
Gains Losses Not Affecting Retained Earnings	-194,000	-208,000	-162,000	-137,517
Other Equity Adjustments	-194,000	-208,000	-162,000	-137,517
Treasury Stock	12,779,000	12,144,000	9,988,000	8,498,243
Retained Earnings	31,504,000	30,271,000	28,762,000	24,754,873
Additional Paid In Capital	2,253,000	2,223,000	2,176,000	2,143,520
Capital Stock	152,000	152,000	152,000	152,061
Common Stock	152,000	152,000	152,000	152,061
Total Liabilities Net Minority Interest	12,980,000	12,523,000	13,217,000	12,909,304
Total Non Current Liabilities Net Minority Interest	8,976,000	7,546,000	8,622,000	8,579,560
Other Non Current Liabilities	2,067,000	1,863,000	1,973,000	1,965,873
Non Current Deferred Liabilities				1,965,873	1,100,455
Long Term Debt And Capital Lease Obligation	6,909,000	5,683,000	6,649,000	6,613,687
Long Term Capital Lease Obligation	234,000	174,000	189,000	188,386
Long Term Debt	6,675,000	5,509,000	6,460,000	6,425,301
Current Liabilities	4,004,000	4,977,000	4,595,000	4,329,744
Current Debt And Capital Lease Obligation	212,000	1,267,000	193,000	77,663
Current Capital Lease Obligation	24,000	17,000	14,000	18,582
Current Debt	188,000	1,250,000	179,000	59,081
Other Current Borrowings	188,000	1,250,000	179,000	59,081
Payables And Accrued Expenses	3,792,000	3,710,000	4,402,000	4,252,081
Current Accrued Expenses	1,902,000	1,878,000	2,382,000	2,602,558
Payables	1,890,000	1,832,000	2,020,000	1,649,523
Other Payable				163,600	143,800
Dividends Payable				130,500	137,600
Accounts Payable	1,890,000	1,832,000	2,020,000	1,649,523
Total Assets	35,104,000	33,940,000	35,340,000	32,479,210
Total Non Current Assets	23,339,000	21,465,000	18,954,000	17,787,526
Other Non Current Assets	856,000	800,000	827,000	928,281
Goodwill And Other Intangible Assets	7,177,000	7,422,000	7,077,000	7,242,325
Other Intangible Assets	2,880,000	3,134,000	3,108,000	3,322,265
Goodwill	4,297,000	4,288,000	3,969,000	3,920,060
Net PPE	15,306,000	13,243,000	11,050,000	9,616,920
Accumulated Depreciation	-13,378,000	-12,622,000	-11,789,000	-11,115,127
Gross PPE	28,684,000	25,865,000	22,839,000	20,732,047
Leases				96,000	96,000
Construction In Progress	4,572,000	3,758,000	2,122,000	1,815,638
Other Properties				558,486	558,336
Machinery Furniture Equipment	18,770,000	17,431,000	16,328,000	15,125,653
Buildings And Improvements	3,280,000	2,764,000	2,551,000	2,230,672
Land And Improvements	1,407,000	1,257,000	1,183,000	905,598
Current Assets	11,765,000	12,475,000	16,386,000	14,691,684
Other Current Assets	499,000	555,000	725,000	789,325
Inventory	5,462,000	5,106,000	5,578,000	5,453,531
Receivables	3,105,000	2,675,000	2,953,000	3,591,030
Accounts Receivable	3,105,000	2,675,000	2,953,000	3,591,030
Allowance For Doubtful Accounts Receivable	-81,000	-115,000	-127,000	-200,200
Gross Accounts Receivable	3,186,000	2,790,000	3,080,000	3,791,230
Cash Cash Equivalents And Short Term Investments	2,699,000	4,139,000	7,130,000	4,857,798
Other Short Term Investments	439,000	581,000	747,000	576,946
Cash And Cash Equivalents	2,260,000	3,558,000	6,383,000	4,280,852

Cash Flow

	2025	2024	2023	2022
Free Cash Flow	-188,000	806,000	4,898,000	8,124,000
Repurchase Of Capital Stock	-700,000	-2,217,000	-1,554,000	-2,763,000
Repayment Of Debt	-1,015,000	-10,000	-10,000	-1,111,000
Issuance Of Debt	1,217,000	0	0	2,092,000
Capital Expenditure	-3,422,000	-3,173,000	-2,214,000	-1,948,000
End Cash Position	2,260,000	3,558,000	6,387,000	4,361,000
Beginning Cash Position	3,558,000	6,387,000	4,361,000	2,509,000
Effect Of Exchange Rate Changes	9,000	-16,000	3,000	-6,000
Changes In Cash	-1,307,000	-2,813,000	2,023,000	1,858,000
Financing Cash Flow	-1,315,000	-3,058,000	-2,593,000	-2,511,000
Cash Flow From Continuing Financing Activities	-1,315,000	-3,058,000	-2,593,000	-2,511,000
Net Other Financing Charges	-208,000	-418,000	-501,000	-159,000
Proceeds From Stock Option Exercised	5,000	4,000	12,000	23,000
Cash Dividends Paid	-512,000	-522,000	-515,000	-534,000
Common Stock Dividend Paid	-512,000	-522,000	-515,000	-534,000
Net Common Stock Issuance	-700,000	-2,217,000	-1,554,000	-2,763,000
Common Stock Payments	-700,000	-2,217,000	-1,554,000	-2,763,000
Net Issuance Payments Of Debt	100,000	95,000	-35,000	922,000
Net Short Term Debt Issuance	-102,000	105,000	-25,000	-59,000
Net Long Term Debt Issuance	202,000	-10,000	-10,000	981,000
Long Term Debt Payments	-1,015,000	-10,000	-10,000	-1,111,000
Long Term Debt Issuance	1,217,000	0	0	2,092,000
Investing Cash Flow	-3,226,000	-3,734,000	-2,496,000	-5,703,000
Cash Flow From Continuing Investing Activities	-3,226,000	-3,734,000	-2,496,000	-5,703,000
Net Other Investing Changes	-1,000	-12,000	-36,000	-10,000
Net Investment Purchase And Sale	155,000	191,000	-155,000	-324,000
Sale Of Investment	1,140,000	1,487,000	1,317,000	590,000
Purchase Of Investment	-985,000	-1,296,000	-1,472,000	-914,000
Net Business Purchase And Sale	-3,000	-757,000	-106,000	-3,453,000
Sale Of Business	0	1,000	0	100,000
Purchase Of Business	-3,000	-758,000	-106,000	-3,553,000
Net PPE Purchase And Sale	45,000	17,000	15,000	32,000
Sale Of PPE	45,000	17,000	15,000	32,000
Capital Expenditure Reported	-3,422,000	-3,173,000	-2,214,000	-1,948,000
Operating Cash Flow	3,234,000	3,979,000	7,112,000	10,072,000
Cash Flow From Continuing Operating Activities	3,234,000	3,979,000	7,112,000	10,072,000
Dividend Received Cfo	46,000	25,000	34,000	57,000
Change In Working Capital	-636,000	156,000	858,000	693,000
Change In Other Working Capital	76,000	25,000	199,000	-429,000
Change In Payables And Accrued Expense	82,000	-706,000	70,000	-341,000
Change In Accrued Expense	2,000	-385,000	-291,000	155,000
Change In Payable	80,000	-321,000	361,000	-496,000
Change In Account Payable	80,000	-321,000	361,000	-496,000
Change In Inventory	-366,000	518,000	-75,000	962,000
Change In Receivables	-428,000	319,000	664,000	501,000
Changes In Account Receivables	-428,000	319,000	664,000	501,000
Stock Based Compensation	133,000	132,000	130,000	137,000
Deferred Tax	161,000	-116,000	21,000	-47,000
Deferred Income Tax	161,000	-116,000	21,000	-47,000
Depreciation Amortization Depletion	1,480,000	1,356,000	1,169,000	1,062,000
Depreciation And Amortization	1,480,000	1,356,000	1,169,000	1,062,000
Amortization Cash Flow	254,000	262,000	238,000	235,000
Amortization Of Intangibles	254,000	262,000	238,000	235,000
Depreciation	1,226,000	1,094,000	931,000	827,000
Operating Gains Losses	12,000	107,000	-13,000	91,000
Earnings Losses From Equity Investments	-35,000	-30,000	-13,000	-11,000
Net Income From Continuing Operations	2,038,000	2,319,000	4,913,000	8,079,000

These metrics estimate what Nucor Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$124.72

Margin of Safety

Market Cap ÷ Company Value

1.25

P/B Ratio

2.45

Warren's Owner Earnings

$6.6B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$32.5B

vs > $1.5B revenue

✅ Strong Financial Condition

2.94x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.98%

vs Uninterrupted dividends

❌ Earnings Growth

-73.9% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

22.3x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.45x P/B (P/E×P/B: 54.7)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-5.34

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$129.73

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022
Capital Expenditure % of Net Income	196.2%	156.5%	48.9%	25.6%
Repurchase of Capital Stock	-$700M	-$2.2B	-$1.6B	-$2.8B
Free Cash Flow	-$188M ▼	$806M ▼	$4.9B ▼	$8.1B •
Warren's Owner Earnings	$6.6B	$6.6B	$7.9B	$10.6B

Peers & Industry

No auto-detected peers for Steel. You can manually compare NUE against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

3.20%

Moderate — some alignment with shareholders

Return on Equity (ROE)

8.3%

Adequate — returns are moderate

Return on Assets (ROA)

5.0%

Fair — average asset utilization

Share Buybacks (Latest Year)

$700M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+2.5% YoY

Debt is roughly stable

Leadership Team

Leon Topalian

Chairman of the Board & CEO

Age 57

Pay: $4,050,198

0.232% of net income

Stephen Laxton

President & COO

Age 54

Pay: $2,840,145

0.163% of net income

Rex Query

Executive Vice President of Strategy

Age 59

Pay: $2,510,530

0.144% of net income

David Sumoski

Executive Vice President

Age 58

Pay: $2,214,859

0.127% of net income

Daniel Needham

Executive Vice President of Commercial

Age 59

Pay: $2,440,529

0.140% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	12.48%	28,407,540
State Farm Mutual Automobile Insurance Co	10.68%	24,318,893
Blackrock Inc.	8.25%	18,773,495
State Street Corporation	5.30%	12,069,366
Berkshire Hathaway, Inc	2.81%	6,407,749
Geode Capital Management, LLC	2.59%	5,902,758
Morgan Stanley	1.69%	3,853,205
NORGES BANK	1.64%	3,733,688

Risk Analysis

Beta (Market Risk)

1.88

High volatility — moves more than the market

Short Interest

2.6% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.32x

Conservative balance sheet — low financial risk

Current Ratio

2.90x

Strong liquidity — Graham approved

52-Week Price Range

Low: $106.21 Current: $225.20 High: $227.96

Currently at 98% of 52-week range

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