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Research · S&P 500 · Materials
NUE · Nucor
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5, plus moat evidence
31/60
low-moderate value scoreEarnings & returns
EPS Trend
1/5Diluted EPS: $28.79 (2022), $18.00 (2023), $8.46 (2024), $7.52 (2025). The latest figure is half the 2022 figure or less; the framework scores that as 1.
ROE Trend
4/5ROE (net income / common equity): 41.3% (2022), 21.5% (2023), 9.9% (2024), 8.3% (2025). Median 15.7%, lowest 8.3%; the framework scores a median 15-20% as 4.
ROIC
2/5ROIC of 8.8%: earnings before interest and taxes of $2.74B (pre-tax income $2.57B plus interest expense $170.00M; the 10-K's financial data has no standard operating income figure) divided by $31.10B of capital (total assets $35.10B minus current liabilities $4.00B), fiscal year to Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores 5-10% as 2.
Profit Margins
3/5Net margin of 8.0%; the framework scores 5-10% as 3; gross margin 15.6%, operating margin 15.7%.
Balance sheet & cash
Debt-to-Equity
4/5Debt-to-equity of 0.30; the framework scores 0.3-0.8 as 4 (total debt $7.10B, total cash $2.69B).
Free Cash Flow
1/5Free cash flow (operating cash flow minus capital expenditure): $8.12B (2022), $4.90B (2023), $806.00M (2024), -$188.00M (2025). The latest figure is at or below zero; the framework scores that as 1.
Retained Earnings
5/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $24.75B (2022), $28.76B (2023), $30.27B (2024), $31.50B (2025). It rose every year; the framework scores that as 5.
Valuation models
Graham IV
1/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $12.54 x (8.5 + 2 x 0.0) x (4.4 / 4.5) = $104.22 (EPS CAGR -35.4% floored at 0%; the formula returns a negative value below -4.25% growth). Current price $256.29; price is 145.9% above the model value.
DCF Value
1/5FCF/share = $3.012, stage 1 growth = 0.0% (revenue CAGR -3.3% floored at 0%; the company is valued as if it does not grow rather than extrapolating the decline) for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $11.42, PV of terminal value = $27.52, DCF value = $38.94. Current price $256.29; price is 558.2% above the model value.
Margin of Safety
1/5Graham value $104.22 (price is 145.9% above the model value); DCF value $38.94 (price is 558.2% above the model value).
Price-to-Book
3/5P/B of 2.63; the framework scores 1.5-3.0 as 3.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Above 15% in 4 of 10 years (2016-2025); lowest 5.7%, highest 45.3%.
Gross margin, each year
Between 11.1% and 30.2% over 10 years (a range of 19.1 points).
Competition, in the company’s own words · 10-K filed Feb 25, 2026
We compete in a variety of steel and metal markets, including markets for finished steel products, unfinished steel products and raw materials. These markets are highly competitive with many domestic and foreign firms participating, and, as a result of this highly competitive environment, we find that we primarily compete on price and service. In our steel mills segment, our EAF steel mills face many different forms of competition, including domestic integrated steel producers (who use iron ore converted into liquid form in a blast furnace as their basic raw material instead of scrap steel), other domestic EAF steel mills, steel imports and alternative materials. Large domestic integrated steel producers have the ability to manufacture a variety of products but are often burdened with higher capital and fixed operating costs. EAF-based steel producers, such as Nucor, are more sensitive to increases in scrap prices but tend to have lower capital and fixed operating costs compared with large integrated steel producers. EAF-based steel producers also typically emit fewer GHGs per ton of steel produced than integrated steel producers. Fluctuations in the supply of steel from non-U.S. competitors are a source of significant volatility in our primary markets. In 2025, vigorous enforcement of U.S. trade remedy laws and the full reinstatement of the Section 232 steel tariffs without exemptions or exclusions resulted in a lower volume of steel
The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. For a year whose 10-K financial data has no standard operating income figure, earnings before interest and taxes (pre-tax income plus interest expense) is used. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
5/5Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $9.32B paid out against $13.64B of free cash flow (pass); total debt $6.69B to $7.12B, up 6.4%, 1.7x EBITDA (pass: not up more than 10%); shares outstanding 0.25B to 0.23B, down 9.9% (pass). 4 of 4 tests passed; the framework scores that as 5.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $12.54, g = 0.0%, Y = 4.5
g floored at 0.0% (3-year EPS CAGR was -35.4%; below -4.25% the formula returns a negative value)
IV = $104.22
Current price $256.29 vs Graham value $104.22 — price is 145.9% above the model value.
DCF:
FCF/share = $3.012
Stage 1 growth = 0.0% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Stage 1 g floored at 0.0% (3-year revenue CAGR was -3.3%; the company is valued as if it does not grow rather than extrapolating the decline)
Y1: $3.012 → PV $2.738
Y2: $3.012 → PV $2.489
Y3: $3.012 → PV $2.263
Y4: $3.012 → PV $2.057
Y5: $3.012 → PV $1.870
Stage 1 PV sum = $11.42
Terminal value at end of Y5 = $44.32
PV of terminal value = $27.52
DCF value = $38.94
Current price $256.29 vs DCF value $38.94 — price is 558.2% above the model value.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $256.29. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
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The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.