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Side-by-side financial comparison of Dow Inc. (DOW) and Steel Dynamics (STLD), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Dow Inc. is the larger business by last-quarter revenue ($9.5B vs $4.4B, roughly 2.1× Steel Dynamics). On growth, Steel Dynamics posted the faster year-over-year revenue change (14.0% vs -9.3%). Over the past eight quarters, Steel Dynamics's revenue compounded faster (-3.0% CAGR vs -6.9%).
The Dow Chemical Company is an American multinational corporation headquartered in Midland, Michigan, United States. The company was among the three largest chemical producers in the world in 2021. It is the operating subsidiary of Dow Inc., a publicly traded holding company incorporated under Delaware law.
Steel Dynamics, Inc. (SDI) is an American steel producer based in Fort Wayne, Indiana. With a production capacity of 13 million tons of steel, the company is the third largest producer of carbon steel products in the United States. It is among the most profitable American steel companies in terms of profit margins and operating margin per ton. Based on its 2021 revenue, the company ranked 196th on the 2022 edition of the Fortune 500.
DOW vs STLD — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $9.5B | $4.4B |
| Net Profit | — | $266.0M |
| Gross Margin | 5.8% | 12.0% |
| Operating Margin | — | 7.0% |
| Net Margin | — | 6.0% |
| Revenue YoY | -9.3% | 14.0% |
| Net Profit YoY | — | 28.3% |
| EPS (diluted) | $-2.16 | $1.80 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q1 26 | $9.5B | — | ||
| Q4 25 | $9.5B | $4.4B | ||
| Q3 25 | $10.0B | $4.8B | ||
| Q2 25 | $10.1B | $4.6B | ||
| Q1 25 | $10.4B | $4.4B | ||
| Q4 24 | $10.4B | $3.9B | ||
| Q3 24 | $10.9B | $4.3B | ||
| Q2 24 | $10.9B | $4.6B |
| Q1 26 | — | — | ||
| Q4 25 | $-1.5B | $266.0M | ||
| Q3 25 | $62.0M | $403.7M | ||
| Q2 25 | $-835.0M | $298.7M | ||
| Q1 25 | $-307.0M | $217.2M | ||
| Q4 24 | $-35.0M | $207.3M | ||
| Q3 24 | $214.0M | $317.8M | ||
| Q2 24 | $439.0M | $428.0M |
| Q1 26 | 5.8% | — | ||
| Q4 25 | 5.8% | 12.0% | ||
| Q3 25 | 7.3% | 15.7% | ||
| Q2 25 | 5.8% | 13.5% | ||
| Q1 25 | 6.4% | 11.1% | ||
| Q4 24 | 9.0% | 11.4% | ||
| Q3 24 | 9.8% | 13.9% | ||
| Q2 24 | 12.1% | 16.7% |
| Q1 26 | — | — | ||
| Q4 25 | -16.4% | 7.0% | ||
| Q3 25 | 0.7% | 10.5% | ||
| Q2 25 | -6.5% | 8.4% | ||
| Q1 25 | -3.6% | 6.3% | ||
| Q4 24 | 2.1% | 6.1% | ||
| Q3 24 | 3.0% | 9.1% | ||
| Q2 24 | 5.6% | 12.1% |
| Q1 26 | — | — | ||
| Q4 25 | -15.6% | 6.0% | ||
| Q3 25 | 0.6% | 8.4% | ||
| Q2 25 | -8.3% | 6.5% | ||
| Q1 25 | -2.9% | 5.0% | ||
| Q4 24 | -0.3% | 5.4% | ||
| Q3 24 | 2.0% | 7.3% | ||
| Q2 24 | 4.0% | 9.2% |
| Q1 26 | $-2.16 | — | ||
| Q4 25 | $-2.16 | $1.80 | ||
| Q3 25 | $0.08 | $2.74 | ||
| Q2 25 | $-1.18 | $2.01 | ||
| Q1 25 | $-0.44 | $1.44 | ||
| Q4 24 | $-0.08 | $1.40 | ||
| Q3 24 | $0.30 | $2.05 | ||
| Q2 24 | $0.62 | $2.72 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.8B | $769.9M |
| Total DebtLower is stronger | $17.8B | $4.2B |
| Stockholders' EquityBook value | $16.0B | $9.0B |
| Total Assets | $58.5B | $16.4B |
| Debt / EquityLower = less leverage | 1.12× | 0.47× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q1 26 | $3.8B | — | ||
| Q4 25 | $3.8B | $769.9M | ||
| Q3 25 | $4.6B | $770.4M | ||
| Q2 25 | $2.4B | $497.6M | ||
| Q1 25 | $1.5B | $1.2B | ||
| Q4 24 | $2.2B | $737.3M | ||
| Q3 24 | $2.9B | $1.7B | ||
| Q2 24 | $3.3B | $1.2B |
| Q1 26 | $17.8B | — | ||
| Q4 25 | $17.8B | $4.2B | ||
| Q3 25 | $17.7B | $3.8B | ||
| Q2 25 | $16.2B | $3.8B | ||
| Q1 25 | $15.9B | $4.2B | ||
| Q4 24 | $15.7B | $3.2B | ||
| Q3 24 | $16.2B | $3.7B | ||
| Q2 24 | $16.0B | $3.1B |
| Q1 26 | $16.0B | — | ||
| Q4 25 | $16.0B | $9.0B | ||
| Q3 25 | $17.5B | $9.0B | ||
| Q2 25 | $17.2B | $8.9B | ||
| Q1 25 | $16.8B | $8.8B | ||
| Q4 24 | $17.4B | $8.9B | ||
| Q3 24 | $18.3B | $9.1B | ||
| Q2 24 | $18.3B | $9.1B |
| Q1 26 | $58.5B | — | ||
| Q4 25 | $58.5B | $16.4B | ||
| Q3 25 | $61.0B | $16.0B | ||
| Q2 25 | $59.0B | $15.5B | ||
| Q1 25 | $57.5B | $15.9B | ||
| Q4 24 | $57.3B | $14.9B | ||
| Q3 24 | $59.4B | $15.7B | ||
| Q2 24 | $58.5B | $15.1B |
| Q1 26 | 1.12× | — | ||
| Q4 25 | 1.12× | 0.47× | ||
| Q3 25 | 1.01× | 0.42× | ||
| Q2 25 | 0.94× | 0.43× | ||
| Q1 25 | 0.95× | 0.48× | ||
| Q4 24 | 0.91× | 0.36× | ||
| Q3 24 | 0.88× | 0.41× | ||
| Q2 24 | 0.87× | 0.34× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $272.7M |
| Free Cash FlowOCF − Capex | — | $84.2M |
| FCF MarginFCF / Revenue | — | 1.9% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | — | 4.3% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | 1.03× |
| TTM Free Cash FlowTrailing 4 quarters | — | $501.5M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q1 26 | — | — | ||
| Q4 25 | $284.0M | $272.7M | ||
| Q3 25 | $1.1B | $722.6M | ||
| Q2 25 | $-470.0M | $301.6M | ||
| Q1 25 | $91.0M | $152.6M | ||
| Q4 24 | $814.0M | $346.9M | ||
| Q3 24 | $800.0M | $759.9M | ||
| Q2 24 | $836.0M | $382.6M |
| Q1 26 | — | — | ||
| Q4 25 | $-284.0M | $84.2M | ||
| Q3 25 | $563.0M | $556.9M | ||
| Q2 25 | $-1.1B | $13.3M | ||
| Q1 25 | $-594.0M | $-152.9M | ||
| Q4 24 | $47.0M | $-106.3M | ||
| Q3 24 | $64.0M | $138.5M | ||
| Q2 24 | $113.0M | $-36.6M |
| Q1 26 | — | — | ||
| Q4 25 | -3.0% | 1.9% | ||
| Q3 25 | 5.6% | 11.5% | ||
| Q2 25 | -11.2% | 0.3% | ||
| Q1 25 | -5.7% | -3.5% | ||
| Q4 24 | 0.5% | -2.7% | ||
| Q3 24 | 0.6% | 3.2% | ||
| Q2 24 | 1.0% | -0.8% |
| Q1 26 | — | — | ||
| Q4 25 | 6.0% | 4.3% | ||
| Q3 25 | 5.7% | 3.4% | ||
| Q2 25 | 6.6% | 6.3% | ||
| Q1 25 | 6.6% | 7.0% | ||
| Q4 24 | 7.4% | 11.7% | ||
| Q3 24 | 6.8% | 14.3% | ||
| Q2 24 | 6.6% | 9.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.03× | ||
| Q3 25 | 18.18× | 1.79× | ||
| Q2 25 | — | 1.01× | ||
| Q1 25 | — | 0.70× | ||
| Q4 24 | — | 1.67× | ||
| Q3 24 | 3.74× | 2.39× | ||
| Q2 24 | 1.90× | 0.89× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
DOW
Segment breakdown not available.
STLD
| Steel Operations | $3.1B | 69% |
| Other | $442.1M | 10% |
| Steel Fabrication Operations | $347.2M | 8% |
| Metals Recycling Operations | $321.8M | 7% |
| Aluminum Operations | $157.2M | 4% |
| Related Party | $93.2M | 2% |
