# Nucor Corporation (NUE) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/NUE/thesis · /stocks/NUE/memo

## Financial Snapshot

---
ticker: NUE
step: 04
generated: 2026-05-12
source: quick-research
---

### Nucor Corporation (NUE) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $41.51B | $34.71B | $30.73B | -11.5% |
| Gross Margin | ~30% | ~22.5% | ~13% | -950bp |
| Operating Margin | ~22% | ~16% | ~9.4% | -660bp |
| Net Income | $7.61B | $4.52B | $2.03B | -55% |
| EPS (diluted) | $28.79 | $18.00 | $8.46 | -53% |

*FY2022 was a record-earnings year driven by peak HRC steel prices post-COVID. FY2023–2024 reflect a sharp steel price normalization cycle. FY2025 (actual): revenue ~$32.5B (+5.7%), with FCF near breakeven due to elevated growth capex ($3.4B). Q1 2026 EPS +264% YoY on earnings beat.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$2.8B |
| Free Cash Flow | ~$823M |
| Capital Expenditures | ~$2.0B (growth projects) |
| Cash & Equivalents | ~$4.5B |
| Total Debt | ~$5.5B |

*FY2025 FCF near break-even (~-$190M) due to peak capex spend of $3.4B on four major capacity expansion projects that completed in 2025. Capex drops to ~$2.5B in FY2026 as build cycle ends, unlocking FCF.*

#### Key Ratios (approximate)
- P/E (FY2026E): ~13x on $12.57 consensus EPS | EV/EBITDA: ~8–10x
- Revenue Growth (FY2025): +5.7% | FCF Yield: inflecting sharply positive in 2026
- Dividend: 51+ consecutive years of dividend payments; never cut dividend in company history

#### Growth Profile
Nucor's financials are highly cyclical, tied to steel pricing. From FY2022's record $7.6B net income (peak HRC prices post-COVID), earnings have compressed sharply through FY2024 as steel prices normalized. However, FY2025 marks the trough: four major capital projects (collectively adding ~$500M in incremental annual EBITDA) completed in 2025, and HRC prices stabilized. The FY2026 earnings recovery is expected to be sharp: consensus EPS of $12.57 (+63% YoY) driven by higher realized prices, a 5% increase in planned steel mill shipments, and capex dropping from $3.4B to $2.5B.

#### Forward Estimates
- FY2026 EPS consensus: ~$12.57 (+63% vs. ~$7.71 in FY2025)
- FCF: swing from -$190M (FY2025) to $1.9B (FY2026), growing to $3.3B by FY2027
- $4B share buyback authorization announced; aggressive repurchase expected in FY2026
- 14 of 15 analysts rate Buy/Outperform; mean price target ~$188 (~+15% upside)

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/NUE/fundamental

## Navigation

- Overview: /stocks/NUE
- Financials (this page): /stocks/NUE/financials
- Thesis: /stocks/NUE/thesis
- Investment Memo: /stocks/NUE/memo
- Coverage universe: /stocks