Nucor Corp (NUE)

Return on total capital

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	6,130,720	6,600,450	7,342,090	8,745,130	9,991,450	11,430,430	11,974,720	10,585,630	9,069,060	6,339,070	3,825,064	2,021,878	887,593	848,385	947,405	1,302,552	1,840,398	2,534,909	3,070,065	3,437,864
Long-term debt	US$ in thousands	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	4,234,310	4,233,790
Total stockholders’ equity	US$ in thousands	20,940,600	20,465,700	19,953,700	19,017,400	18,414,700	17,708,500	16,808,600	15,204,600	14,016,400	13,422,500	12,254,000	11,447,200	10,788,700	10,302,400	10,194,800	10,168,200	10,357,900	10,449,000	10,300,700	10,114,200
Return on total capital		29.28%	32.25%	36.80%	45.98%	54.26%	64.55%	71.24%	69.62%	64.70%	47.23%	31.21%	17.66%	8.23%	8.23%	9.29%	12.81%	17.77%	24.26%	21.12%	23.96%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $6,130,720K ÷ ($—K + $20,940,600K)
= 29.28%

Nucor Corp.'s return on total capital has shown a consistent downward trend throughout the quarters provided. Starting at 51.58% in Q2 2022, it has gradually decreased to 22.47% in Q4 2023. This decline may indicate a reduction in the company's efficiency in generating profits with the capital invested. However, it is crucial to consider the industry benchmarks and the company's specific circumstances before drawing definitive conclusions. Further analysis of the underlying factors influencing this trend, such as changes in operating performance, capital structure, or market conditions, would be necessary to gain a deeper understanding of Nucor Corp.'s return on total capital.