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Steel Dynamics vs Carpenter Technology: STLD and CRS compared
Steel Dynamics is the larger company: $6.5B of revenue in its latest quarter (Q3 2026) against $798M for Carpenter Technology (Q1 FY27). Steel Dynamics is growing faster (+35% against +9% a year earlier). Carpenter Technology is more profitable, with an operating margin of 24.6% against 15.5%.
Where the money goes: STLD and CRS
Steel Dynamics (STLD) · Q3 2026
Steel Dynamics, Q3 2026: revenue $6.5B (+35% year over year), operating margin 15.5%, net earnings $756M, operating cash flow $846M. The chart follows the revenue to costs, profit and cash.
Carpenter Technology (CRS) · Q1 FY27
Carpenter Technology, Q1 FY27: revenue $798M (+9% year over year), operating margin 24.6%, net earnings $162M, operating cash flow $52.8M. The chart follows the revenue to costs, profit and cash.
| Steel Dynamics (STLD) | Carpenter Technology (CRS) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q1 FY27 |
| Revenue | $6.5B | $798M |
| Revenue growth, Y/Y | +35% | +9% |
| Gross margin | 19.7% | 32.1% |
| Operating margin | 15.5% | 24.6% |
| Net earnings | $756M | $162M |
| Net margin | 11.6% | 20.4% |
| Operating cash flow | $846M | $52.8M |
| Free cash flow | $696M | — |
| Market value | $31.9B | $13.9B |
| P/E | 16.4× | 24.5× |
| Analysts’ mean target | $272.68 | $438.00 |
Where the revenue comes from
Carpenter Technology
- Aerospace and Defense: $535M (67%)
- Industrial and Consumer: $103M (13%)
- Medical: $65.5M (8%)
- Energy: $46.5M (6%)
Questions
Which is bigger, Steel Dynamics or Carpenter Technology?
Steel Dynamics is the larger company: $6.5B of revenue in its latest quarter (Q3 2026) against $798M for Carpenter Technology (Q1 FY27).
Is Steel Dynamics or Carpenter Technology growing faster?
Steel Dynamics is growing faster (+35% against +9% a year earlier).
Which is more profitable, Steel Dynamics or Carpenter Technology?
Carpenter Technology is more profitable, with an operating margin of 24.6% against 15.5%.
More: Steel Dynamics earnings · how Steel Dynamics makes money · Carpenter Technology earnings · how Carpenter Technology makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 23, 2026; 10-Q filed Oct 22, 2026). Fiscal quarters can end on different dates. Not investment advice.