NYSE · Basic Materials

Nucor Corporation

NUE · Steel

$261.28

▲ 3.99 (1.55%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

N/A⤢

Fin. Health

B⤢

Years to Pay Off Debt 9.6 yrs

Working Capital vs Long-Term Debt $1.0B

Working Capital $7.9B

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 2.71x

Cash Flow

C⤢

Free Cash Flow $225M

CapEx % of Net Income 89.0%

Owner Earnings $1.8B

Financial Health

Years to Pay Off Debt 9.6 yrs

Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.

Working Capital vs Long-Term Debt $1.0B

Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.

Working Capital $7.9B

Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.

Cash Flow

Free Cash Flow $225M

Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.

CapEx % of Net Income 89.0%

Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.

Owner Earnings $1.8B

Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.

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

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.

Market Data

Market Cap N/A

Enterprise Value $64.3B

P/E (TTM) 20.85

Dividend Yield 0.87%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin N/A

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 $261.28.

The business passes only 2 of 5 of Graham's defensive criteria — well below his required standard.

At $261.28, the stock trades at a 150% premium to its Graham Number of $104.51. 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: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

Showing Key Metrics

Income Highlights

Metric	Q2 2026	Q4 2025
Gross Profit %	N/A•	11.2%
Operating Margin %	N/A•	6.9%
Net Income %	N/A•	4.9%
Diluted EPS	5.04▲	1.64

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$35.6B	$35.1B	N/A
Total Debt	$7.1B▲	$7.1B•	N/A
Working Capital	$7.9B▲	$7.8B•	N/A
Years to Pay Debt	9.59	18.84	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	$225M▲	-$3M•	N/A
Owner Earnings	$1.8B	$1.6B	N/A
CapEx % of Net Income	89.0%	212.2%	N/A

Income Statement

	2026	2025
Tax Effect Of Unusual Items		-4,204
Tax Rate For Calcs		0
Normalized EBITDA		939,000
Total Unusual Items		-27,000
Total Unusual Items Excluding Goodwill		-27,000
Net Income From Continuing Operation Net Minority Interest		378,000
Reconciled Depreciation		379,000
Reconciled Cost Of Revenue		6,825,000
EBITDA		912,000
EBIT		533,000
Net Interest Income		-11,000
Interest Expense		32,000
Interest Income		21,000
Normalized Income		400,796
Net Income From Continuing And Discontinued Operation		378,000
Total Expenses		7,159,000
Diluted Average Shares	228,500	229,600
Basic Average Shares	228,200	229,300
Diluted EPS	0	0
Basic EPS	0	0
Diluted NI Availto Com Stockholders		377,000
Net Income Common Stockholders		376,000
Otherunder Preferred Stock Dividend		2,000
Net Income		378,000
Minority Interests		-45,000
Net Income Including Noncontrolling Interests		423,000
Net Income Continuous Operations		423,000
Tax Provision		78,000
Pretax Income		501,000
Other Income Expense		-16,000
Special Income Charges		-27,000
Write Off		27,000
Earnings From Equity Interest		11,000
Net Non Operating Interest Income Expense		-11,000
Interest Expense Non Operating		32,000
Interest Income Non Operating		21,000
Operating Income		528,000
Operating Expense		334,000
Selling General And Administration		334,000
Gross Profit		862,000
Cost Of Revenue		6,825,000
Total Revenue		7,687,000
Operating Revenue		7,687,000

Balance Sheet

	2026	2025	2024
Treasury Shares Number	152,400	151,900
Ordinary Shares Number	227,741	228,335
Share Issued	380,141	380,235
Net Debt	4,898,000	4,603,000
Total Debt	7,124,000	7,121,000
Tangible Book Value	14,341,000	13,759,000
Invested Capital	28,577,000	27,799,000
Working Capital	7,921,000	7,761,000
Net Tangible Assets	14,341,000	13,759,000
Capital Lease Obligations		258,000	191,000
Common Stock Equity	21,453,000	20,936,000
Total Capitalization	28,330,000	27,611,000
Total Equity Gross Minority Interest	22,548,000	22,124,000
Minority Interest	1,095,000	1,188,000
Stockholders Equity	21,453,000	20,936,000
Gains Losses Not Affecting Retained Earnings	-206,000	-194,000
Other Equity Adjustments	-206,000	-194,000
Treasury Stock	12,885,000	12,779,000
Retained Earnings	32,118,000	31,504,000
Additional Paid In Capital	2,274,000	2,253,000
Capital Stock	152,000	152,000
Common Stock	152,000	152,000
Total Liabilities Net Minority Interest	13,087,000	12,980,000
Total Non Current Liabilities Net Minority Interest	8,920,000	8,976,000
Other Non Current Liabilities	2,043,000	2,067,000
Long Term Debt And Capital Lease Obligation	6,877,000	6,909,000
Long Term Capital Lease Obligation		234,000	174,000
Long Term Debt	6,877,000	6,675,000
Current Liabilities	4,167,000	4,004,000
Current Debt And Capital Lease Obligation	247,000	212,000
Current Capital Lease Obligation		24,000	17,000
Current Debt	247,000	188,000
Other Current Borrowings		188,000	1,250,000
Payables And Accrued Expenses	3,920,000	3,792,000
Current Accrued Expenses	1,811,000	1,902,000
Payables	2,109,000	1,890,000
Accounts Payable	2,109,000	1,890,000
Total Assets	35,635,000	35,104,000
Total Non Current Assets	23,547,000	23,339,000
Other Non Current Assets	839,000	856,000
Goodwill And Other Intangible Assets	7,112,000	7,177,000
Other Intangible Assets	2,817,000	2,880,000
Goodwill	4,295,000	4,297,000
Net PPE	15,596,000	15,306,000
Accumulated Depreciation	-13,640,000	-13,378,000	-12,622,000
Gross PPE	29,236,000	28,684,000	25,865,000
Construction In Progress		4,572,000	3,758,000
Machinery Furniture Equipment		18,770,000	17,431,000
Buildings And Improvements		3,280,000	2,764,000
Land And Improvements		1,407,000	1,257,000
Current Assets	12,088,000	11,765,000
Other Current Assets	396,000	499,000
Inventory	5,644,000	5,462,000
Receivables	3,567,000	3,105,000
Accounts Receivable	3,567,000	3,105,000
Allowance For Doubtful Accounts Receivable		-81,000	-115,000
Gross Accounts Receivable		3,186,000	2,790,000
Cash Cash Equivalents And Short Term Investments	2,481,000	2,699,000
Other Short Term Investments	255,000	439,000
Cash And Cash Equivalents	2,226,000	2,260,000

Cash Flow

	2026	2025	2024
Free Cash Flow	225,000	-3,000
Repurchase Of Capital Stock	-125,000	-100,000
Repayment Of Debt	-4,000	-3,000
Issuance Of Debt	0	220,000
Capital Expenditure	-661,000	-802,000
End Cash Position	2,226,000	2,260,000
Beginning Cash Position	2,260,000	2,221,000
Effect Of Exchange Rate Changes	-2,000	3,000
Changes In Cash	-32,000	36,000
Financing Cash Flow	-472,000	-46,000
Cash Flow From Continuing Financing Activities	-472,000	-46,000
Net Other Financing Charges	-230,000	-27,000
Proceeds From Stock Option Exercised	4,000	4,000
Cash Dividends Paid	-129,000	-127,000
Common Stock Dividend Paid	-129,000	-127,000
Net Common Stock Issuance	-125,000	-100,000
Common Stock Payments	-125,000	-100,000
Net Issuance Payments Of Debt	8,000	204,000
Net Short Term Debt Issuance	12,000	-13,000
Net Long Term Debt Issuance	-4,000	217,000
Long Term Debt Payments	-4,000	-3,000
Long Term Debt Issuance	0	220,000
Investing Cash Flow	-446,000	-717,000
Cash Flow From Continuing Investing Activities	-446,000	-717,000
Net Other Investing Changes	18,000	-5,000
Net Investment Purchase And Sale	185,000	89,000
Sale Of Investment	326,000	202,000
Purchase Of Investment	-141,000	-113,000
Net Business Purchase And Sale	-2,000	-2,000
Sale Of Business		0	-438
Purchase Of Business	-2,000	-2,000
Net PPE Purchase And Sale	14,000	3,000
Sale Of PPE	14,000	3,000
Capital Expenditure Reported	-661,000	-802,000
Operating Cash Flow	886,000	799,000
Cash Flow From Continuing Operating Activities	886,000	799,000
Dividend Received Cfo	6,000	40,000
Change In Working Capital	-378,000	-249,000
Change In Other Working Capital	210,000	-130,000
Change In Payables And Accrued Expense	58,000	-234,000
Change In Accrued Expense	-168,000	-18,000
Change In Payable	226,000	-216,000
Change In Account Payable	226,000	-216,000
Change In Inventory	-183,000	-71,000
Change In Receivables	-463,000	186,000
Changes In Account Receivables	-463,000	186,000
Stock Based Compensation	30,000	31,000
Asset Impairment Charge	15,000
Deferred Tax	-34,000	159,000
Deferred Income Tax	-34,000	159,000
Depreciation Amortization Depletion	384,000	379,000
Depreciation And Amortization	384,000	379,000
Amortization Cash Flow	63,000	63,000
Amortization Of Intangibles	63,000	63,000
Depreciation	321,000	316,000
Operating Gains Losses	-7,000	36,000
Earnings Losses From Equity Investments	-7,000	-11,000
Net Income From Continuing Operations	870,000	423,000

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

✅ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

2.90x current ratio

vs ≥ 2.0x

✅ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

$225M

vs Positive

Operating Cash Flow

$886M

Latest quarter · Buffett's cash reality check

ROIC

nan%

Based on latest annual operating income

Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.

Market Cap / Net Assets

2.6x

Net Assets: $22.5B

Asset Context — Steel

Asset-heavy businesses (energy, industrials, utilities, REITs) have physical assets with real replacement value — book value and Net Assets are more meaningful here than for technology or consumer brand companies. A low Market Cap / Net Assets ratio may indicate genuine undervaluation.

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

2.08%

Low — management has little skin in the game

Share Buybacks (Latest Year)

$700M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+0.0% YoY

Debt is roughly stable

Leadership Team

Leon Topalian

Chairman of the Board & CEO

Age 57

Pay: $4,050,198

Stephen Laxton

President & COO

Age 54

Pay: $2,840,145

Rex Query

Executive Vice President of Strategy

Age 59

Pay: $2,510,530

John Sullivan

Executive VP, CFO & Treasurer

Age 51

Douglas Wilner

President of Corporate Legal Affairs & General Counsel

Top Institutional Holders

Institution	% Owned	Shares
State Farm Mutual Automobile Insurance Co	10.63%	24,206,873
Blackrock Inc.	8.46%	19,260,020
Vanguard Capital Management LLC	6.35%	14,466,444
State Street Corporation	5.38%	12,243,259
Vanguard Portfolio Management LLC	5.15%	11,736,865
Geode Capital Management, LLC	2.71%	6,167,880
Berkshire Hathaway, Inc	1.72%	3,907,075
Morgan Stanley	1.68%	3,830,507

Risk Analysis

Beta (Market Risk)

1.89

High volatility — moves more than the market

Short Interest

2.3% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.31x

Conservative balance sheet — low financial risk

Current Ratio

2.51x

Strong liquidity — Graham approved

52-Week Price Range

Low: $131.32 Current: $261.28 High: $270.90

Currently at 93% of 52-week range

Nucor Corporation

Metric Explanations

Full Graham Analysis

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Quarterly Health Checks

Operating Cash Flow

ROIC

Market Cap / Net Assets

Peers & Industry

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis