Steel Dynamics STLD

Basic Materials · Steel · Synthos Deep Dive · 2026-07-03

$234.66

Buy — Tactical

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The Overview

Steel Dynamics makes steel — the beams, coils, and rebar that go into buildings, cars, bridges, and data centers — and it recycles scrap metal. It's one of the best-run, lowest-cost steel companies in America. It's now also building a big new business making recycled aluminum for things like beverage cans and car parts.

Steel is a cyclical business: when the economy and construction are strong, prices and profits soar; when they're weak, profits crater. 2025 was a weak year (the "trough"), and profits fell hard. In early 2026 things started turning back up — record shipments, rising prices, growing order books.

Is the stock cheap or expensive? On last year's depressed earnings it looks average (~23× earnings), but on this year's recovering earnings it's cheap (~13–14× earnings). The catch: that only works if the recovery holds. Our verdict is Buy — Tactical: worth owning as a trade on the upswing, not a set-and-forget forever holding.

Here's what our three scores mean in everyday terms:

Downside Risk 6/10 (a bit above average). The company is financially healthy with low debt, but the stock is volatile (it swings ~1.5× the market) and it's already dropped 22% from its high. Steel prices are unpredictable.
Growth Quality 5/10 (middle). It's an excellent operator, but its profits go up and down with the steel cycle rather than growing steadily every year. The aluminum project is the one thing that could add real, lasting growth.
Exponential Potential 4/10 (low-moderate). This is a commodity maker. It can have a great year, but it's not the kind of business that multiplies many times over. Don't expect a moonshot.

The one big worry: the steel cycle turns down again. If prices and profit "spreads" shrink, earnings fall and the cheap stock stops looking cheap.

Putting a number on it: our fair-value estimate is $255 against a current price of $234.66 — real upside if our numbers are right.

Target entry zone $208 – $235 accumulate in this band; ideal adds on a dip toward the 200-day average near $208, keeping roughly a 8% margin below our $255 base-case fair value

Our summary metrics

Downside Risk (lower = safer)6/10High

Cyclical trough earnings, beta 1.54, 22% drawdown — but low leverage (ND/EBITDA 1.4x) and cheap on forward EPS.

Growth Quality5/10Moderate

No secular CAGR; earnings swing with the steel cycle. Best-in-class ROIC (13% 3-yr) and margins, aluminum is the only structural growth leg.

Exponential Potential4/10Moderate

Aluminum flat-rolled buildout is real optionality, but this is a commodity cyclical, not an exponential — room-to-run capped by TAM and cycle.

Fair value$255 $150–$330

What does “fair value” mean?

Fair value is Synthos’s estimate of what one share is worth today, based on our model of the company’s future cash generation and the risks to it. It is not a price target or a prediction of where the stock trades next quarter — it’s the price where we think risk and reward are balanced. Above it, you’re paying for outcomes better than our base case; below it, the market is offering a margin of safety.

The model’s inputs and weightings are proprietary — they’re the product. What we publish is the output, plus an independent, public-math cross-check further down the page (“Check our number”) so you can judge it for yourself.

What do the 5 tiers mean? (Core · Tactical · Watch · Hold · Avoid)

Buy — CoreOwn it as a foundation — start or add now, size it for years, let dips be gifts.

Buy — TacticalGood price + confirmed trend + a defined exit — buy the setup, not a marriage.

WatchWe want the business, just not at this price/setup — act only when the listed trigger hits.

HoldFine to keep if you own it — no reason to buy more; new money does better elsewhere.

AvoidDon't own it — the problem is the business or the expectations, so a cheaper price won't fix it.

Exponential Potential

Exponential Potential4/10Moderate

Aluminum flat-rolled buildout is real optionality, but this is a commodity cyclical, not an exponential — room-to-run capped by TAM and cycle.

What could take this further than the base case — and where the market may be underpricing it. Full forward-growth and acceleration math in Deeper analysis, §4 below.

Deeper analysis

Technicals, fundamentals, valuation, and the full expert-claim evidence panel — the detail behind the numbers above.

Check our number Market-implied growth ≈ 25%/yr This isn’t how we calculate fair value — it’s public math you can verify yourself. To justify today’s $235, earnings would have to compound roughly 25% a year for 10 years (9% discount rate). Analysts forecast ~-5%/yr, so the market is pricing in MORE than what the Street expects.

Reference table

Street consensus	$273.25 (high $291 / low $262; 14 Buy · 12 Hold · 1 Sell) — context, not our anchor
Valuation	23.5× trailing EPS · ~13.5× FY26E · ~11.7× FY27E · EV/S 1.9× · EV/EBITDA 13.9× (trough EBITDA)
Technicals	Mixed — $220, −22% off 52-wk high, below 50-DMA, above 200-DMA, RSI 17.5 (deeply oversold), +69% 12-mo (SPY +21%)
Conviction	None from experts — 0 net-bullish voices, 0 KB claims. Call rests entirely on fundamentals + quant.
Position sizing	Tactical / satellite, ~1–3% — a cyclical trade, not a core compounder

What the experts actually said

No independent expert claims in the Synthos knowledge base yet for STLD — this dive is fundamentals- and technicals-driven, not panel-driven.

Price & moving averages 12 months · 50 & 200-day averages · 52-week range

Solid line = price · dashed line = 50-day average · dotted line = 200-day average · the two thin horizontal lines mark the 52-week high and low. Price above both averages is an uptrend.

Bollinger Bands 20-day average ± 2 standard deviations

The shaded band widens when the stock gets more volatile. Riding the upper edge = strong momentum (sometimes stretched); the lower edge = weak / potentially oversold.

RSI (14) momentum gauge · 0–100

Above 70 (overbought zone, shaded) = overbought, below 30 (oversold zone, shaded) = oversold. Currently 43.

MACD 12 / 26 / 9 · trend & momentum

The MACD line crossing above the signal line (bars flip to the up color) = momentum turning up; crossing below (bars flip to the down color) = turning down. Bar height = the size of that gap.

Relative performance vs S&P 500 & its sector (XLB (sector)), set to 100 a year ago

Solid = STLD · dashed = S&P 500 · dotted = XLB (sector). A rising line means it is beating that benchmark — the sector line shows whether it is a leader or laggard within its own group.

Forward revenue & earnings actual → estimate · "FY" = fiscal year, "E" = estimate

Darker bars = actual results, brighter = analyst estimates. Taller bars to the right = expected growth.

Key stats an RIA wants

Price$234.66

Market cap$34B

P/E trailing21×

P/E FY26E / FY27E14× / 12×

EV / Sales1.8×

EV / EBITDA12.5×

Gross margin14.6%

Net margin7.8%

Dividend yield0.88%

Beta1.532

52-wk range$129 – $283

RSI(14)27

50 / 200-DMA$243 / $208

12-mo return+77% (SPY +19%)

Street target$274 ($260–$300)

Analyst grades14 Buy · 12 Hold · 1 Sell

FMP ratingB+

Next earnings2026-07-20 (Q2'26 earnings; Street EPS est $3.66, revenue ~$5.62B)

1. What it is

Steel Dynamics (NASDAQ: STLD) is a ~$32B, Fort Wayne, Indiana–based American steel manufacturer and metals recycler — one of the largest and lowest-cost domestic producers, built on efficient electric-arc-furnace (EAF) "mini-mill" technology that melts scrap rather than iron ore. Founded 1993, ~13,000 employees, led by co-founder and Chairman/CEO Mark D. Millett. Fiscal year ends December 31.

It operates three reported segments, plus a large new aluminum initiative:

Steel Operations — hot/cold/coated rolled sheet, structural shapes (beams, channels), bars, rail, engineered bar. The core earnings engine.
Metals Recycling & Ferrous Resources — buys, processes, and resells ferrous and nonferrous scrap; vertically feeds the mills.
Steel Fabrication — steel joists, girders, trusses, and deck for commercial construction (notably strong data-center / warehouse demand).
Aluminum (in ramp) — a new flat-rolled aluminum mill in Columbus, Mississippi plus a recycled-slab center in San Luis Potosí, Mexico, targeting can sheet and automotive. Currently a loss-making startup (−$65M operating in Q1'26) expected to inflect through 2026.

Revenue mix (FY2025, from filings):

By segment (gross, pre-eliminations): Steel Operations $13.41B (~74%) · Metals Recycling & Ferrous $4.35B · Steel Fabrication $1.42B. Steel is the dominant driver; fabrication is small but high-margin and demand-led.
By geography: United States ~$17.0B (~94%), essentially a domestic business. That's a tariff/trade-policy beneficiary (see §9/§11), not a global-diversification story.

The strategic story is twofold: (a) the domestic steel up-cycle (trade actions, onshoring, infrastructure funding), and (b) the aluminum diversification into a structurally under-supplied North American flat-rolled market — the one genuinely new growth leg.

2. The expert thesis

There is no expert coverage of STLD in the Synthos knowledge base. total_claims = 0, zero net-bullish voices, zero cautionary voices — no distilled expert claims exist for this name, so there are no claim_id values to cite. To be explicit and honest: nothing in this note leans on a Synthos expert panel.

This verdict is entirely fundamentals- and quant-driven. It rests on: (1) reported financials and margins (FMP annual/quarterly), (2) live analyst consensus estimates (labeled as estimates), (3) management's own earnings-release guidance (half-weighted, §9), and (4) the technical/valuation setup. Where the sell-side is relevant, note it as context: the Street is a "Buy" consensus (14 Buy / 12 Hold / 1 Sell) with a $273.25 average target — but that is the crowd, not a Synthos conviction signal, and we do not anchor to it.

3. Synthos scores & the Bull / Base / Bear cases

The one-glance judgment — three scores, 0–10, each anchored to real metrics (not probabilities we can't honestly calibrate):

Score	0–10	The read
Downside Risk (lower = safer)	6 · Moderate-High	Low leverage (net-debt/EBITDA 1.43×, IG balance sheet) and strong liquidity are offset by beta 1.54, a −22% drawdown, cyclical trough earnings, and commodity price exposure. Cheap on forward EPS, not distressed — but a cyclical stumble hurts.
Growth Quality	5 · Average	No secular revenue CAGR — earnings swing with the steel cycle (EPS $20.92 FY22 → $7.99 FY25). But best-in-class execution: 13% three-year after-tax ROIC (mgmt), TTM ROE ~15%, disciplined capital allocation. Aluminum is the only durable growth leg.
Exponential Potential	4 · Low-Moderate	A commodity cyclical. Aluminum flat-rolled is real optionality into an under-supplied market, but the core is capacity-bound and TAM-bound; there is no accelerating S-curve here.

The three cases (our own scenario model — assumptions shown; each target is a ~12–18-month fair value). We deliberately do not attach probabilities; the cases bound the range and the scores above summarize them. Because STLD is cyclical, we anchor on mid-cycle normalized EPS and an EV/EBITDA cross-check, not a single forward year.

Case	Key assumptions	Fair value
Bull	Steel up-cycle extends (trade actions + onshoring + infrastructure); flat-rolled spreads stay wide; aluminum ramps to profitability in 2026–27. Normalized EPS pushes to ~$20 (near FY22 peak power) and the market pays ~16× for the diversified franchise.	~$330 (+50%)
Base (our anchor)	Recovery holds but doesn't overheat. FY26E EPS ~$16.4, FY27E ~$18.9; aluminum turns from drag to modest contributor. Apply a mid-cycle ~13–14× to normalized ~$18 EPS. Cross-check: ~6.5–7× EV/EBITDA on recovering ~$4.3B EBITDA (FY26E est).	~$255 (+16%)
Bear	Steel cycle rolls over — pricing/scrap-spread compression, demand softens, aluminum startup losses persist longer. EPS reverts toward ~$10–11 (2024-like); multiple de-rates to ~14× depressed EPS as the market re-trough-values it.	~$150 (−32%)

Synthos fair value = the base case, ~$255 (+16%), with the full $150–$330 span as the honest range. Our base sits below the Street's $273 average (we apply a disciplined mid-cycle multiple rather than extrapolating the recovery) and our bear is well below the Street's $262 low (we take cycle risk seriously — the Street range here is unusually tight for a cyclical). This is a tracked call — the Forecaster Scorecard grades it once it matures.

4. Exponential Potential

Synthos separates compounders (durable high returns on capital) from exponentials (accelerating, multi-baggers-from-here). STLD is neither a classic secular compounder nor an exponential — it is a best-in-class cyclical with one real growth option:

Forward "growth" is really a cyclical recovery, not a secular CAGR. Consensus EPS: FY25 $7.99 (trough) → FY26E $16.37 → FY27E $18.91 → FY28E $18.24 → FY29E $13.19. Note the estimates themselves roll back over by FY29 — analysts are modeling a normal steel cycle, not compounding. Revenue is essentially flat-to-modestly-up ($18.2B FY25 → ~$22–24B by FY27–29E), driven mostly by aluminum volume and price, not unit compounding.
Acceleration (2nd derivative) is cyclical, not structural. The near-term second derivative is positive (earnings inflecting up off the 2025 trough — Q1'26 operating income +73% sequentially), which is exactly what makes this a tactical buy. But it is mean-reverting, not an S-curve. A high exponential score requires durable acceleration; STLD doesn't have it.
Room to run: the aluminum flat-rolled opportunity is genuine — North America runs a structural flat-rolled aluminum supply deficit, and STLD is building low-cost, high-recycled-content capacity into it (can sheet + automotive). That's the one leg that could add structural EBITDA. But at ~$32B market cap in a mature commodity, the law of large numbers and TAM cap the multibagger.
Reinvestment runway: heavy, disciplined capex (aluminum buildout largely funded; FY25 capex ~$948M off a ~$1.87B FY24 peak) at a 13% three-year ROIC. Reinvestment quality is high — but into cyclical/commodity end-markets.

Exponential Potential: Low-Moderate (4/10). Own STLD for a cyclical recovery + aluminum optionality, not for exponential compounding. This honest framing is why it lands in the tactical/satellite sleeve, not the core.

5. Financials (real numbers — FMP annual/quarterly)

Revenue: FY25 $18.18B, +3.6% off FY24's $17.54B, both well below the FY22 peak of $22.26B — the classic post-peak cyclical fade. Q1'26 net sales $5.20B (+19% YoY vs Q1'25 $4.37B) mark the recovery turn.
Quarterly trajectory (the turn): Q1'25 $4.37B → Q2 $4.57B → Q3 $4.83B → Q4 $4.41B → Q1'26 $5.20B. Operating income Q1'26 $538M vs $310M sequential Q4'25 (+73%) — record 3.6M-ton steel shipments plus metal-spread expansion.
Margins (cyclical): gross ~14.0% TTM (vs ~21.5% FY23, ~27% FY22 peak) — you are looking at trough-ish margins. Operating margin ~9.4% TTM, net ~7.2% TTM. Margins expand sharply on price/spread, which is the recovery thesis.
Earnings: net income $1.19B FY25 (EPS $7.99 diluted), down from $1.54B FY24 and $2.45B FY23 — the trough. TTM EPS ~$9.47 already reflects the Q1'26 rebound. Peak-cycle earnings power was EPS $20.92 (FY22).
Cash flow: FY25 operating CF $1.45B, capex −$948M, FCF ~$502M (FY24 FCF was roughly breakeven at −$24M during the aluminum capex peak). FCF should improve as aluminum capex rolls off and earnings recover. Q1'26 operating CF was a soft $148M (seasonally hit by a $120M profit-sharing distribution and $413M working-capital build).
Balance sheet: total debt $4.21B, cash $770M, net debt $3.44B, net-debt/EBITDA ~1.43× — investment-grade, comfortably serviceable (interest coverage ~19.6×). Current ratio 3.1×. A genuinely sturdy balance sheet for a cyclical.
Capital returns: FY25 buybacks $901M + dividends $291M; Q1'26 raised the dividend 6%. Consistent shrink-the-share-count discipline (shares ~148M diluted vs ~207M in 2021).

6. Valuation — priced in or room?

STLD is a cyclical, so trailing multiples mislead in both directions. On depressed FY25 EPS it's 23.5× trailing (looks full); on recovering forward EPS it's ~13.5× FY26E and ~11.7× FY27E (looks cheap). EV/EBITDA is 13.9× TTM — but that's on trough EBITDA (~$2.1B FY25); against consensus recovering EBITDA of ~$4.3B (FY26E) the forward EV/EBITDA is closer to ~8×, and on mid-cycle ~$4.5B it's ~6.5–7× — reasonable for a top-tier EAF operator. Price/book is 3.5× and P/FCF is optically high (~48× on trough FCF), reflecting the capex hump now rolling off.

The honest read: this is not a deep-value screen — it's a cheap-on-normalized-earnings cyclical. The upside requires the steel recovery to hold and aluminum to stop bleeding. Our base fair value ~$255 applies a disciplined mid-cycle ~13–14× to normalized ~$18 EPS (EV/EBITDA cross-checked). Street targets (context): consensus $273.25, high $291, low $262 — the whole Street sits above our base, which tells you the sell-side is extrapolating the up-cycle more confidently than we are. We stay one notch more cautious on cyclicality. Not a value buy; a well-run-cyclical-at-a-fair-price tactical buy.

7. Technicals (from the tech block)

Trend: mixed / correcting. $220 sits below the 50-DMA ($245) but above the 200-DMA ($189) — a pullback within a longer uptrend, not a breakdown.
Location: −22% off the 52-week high ($282.76), +82% off the 52-week low ($121.36) — meaningful drawdown (max −22% from peak) after a huge 12-month run.
Momentum: RSI(14) 17.5 — deeply oversold (well below 30). MACD −5.9 (negative). This is a stock that has sold off hard and fast; oversold readings can precede a bounce but also flag negative momentum — treat as a tactical signal, not an all-clear.
Relative strength: STLD +69.3% 12-mo vs SPY +20.6% and QQQ +30.3%; +20.5% 3-mo (roughly in line with QQQ +22%, ahead of SPY +14%). Strong medium-term leadership despite the recent pullback.
Read: the technicals fit the tactical thesis — a leadership cyclical that has corrected 22% and is now deeply oversold heading into a Q2 print. A washed-out RSI into improving fundamentals is a classic tactical-entry setup, but the sub-50-DMA / negative-MACD posture argues for scaling in, not backing up the truck.

8. Moat & competitive position

STLD's "moat" is cost and execution, not franchise — the standard truth for commodity steel. Its edges: (1) low-cost EAF mini-mill technology with high scrap integration (vertically supplied by its own recycling arm), (2) best-in-class operating discipline — a 13% three-year after-tax ROIC that management (rightly) touts as top of the domestic peer group, (3) product/geographic positioning toward higher-margin value-added flat-rolled, structural, and fabrication (data-center/warehouse-driven) demand, and (4) an emerging aluminum flat-rolled position into a supply-deficit market. But steel is price-taking and cyclical; there is no pricing-power moat that survives a down-cycle.

Peer set (FMP-supplied; mixed basic-materials, read with care): Nucor $50.3B (the closest direct EAF comp and cost benchmark), ArcelorMittal $48.3B, POSCO $15.8B, Reliance Steel & Aluminum $19.0B, Ternium $8.2B — plus non-steel materials names FMP lumps in (Nutrien, PPG, Kinross, Teck, Amrize). Against Nucor, STLD is the higher-ROIC, more nimble operator; both are best-in-class US EAF names and tend to move together with the steel cycle.

9. Management, capital allocation & guidance

Capital allocation: disciplined and shareholder-friendly — heavy but high-return reinvestment (the aluminum buildout), consistent buybacks ($901M FY25), a growing dividend (raised 6% in Q1'26), all while holding net-debt/EBITDA ~1.4×. The 13% three-year after-tax ROIC is genuine evidence of allocation quality. CEO Mark Millett is a co-founder with deep operating credibility.
Insider activity: the sampled window shows routine director stock awards (June 2026) and modest officer sales by one SVP (~10,000 shares total, ~$267–270) — normal compensation/diversification activity, no alarming cluster of discretionary selling.
Management's own guidance (half-weighted — their own book). The Q1'26 earnings release (SEC 8-K, filed 2026-04-21) reads as a real earnings report and carries a clearly constructive outlook — summarized here at half-weight because it is management talking its own book:

- Demand: "underlying steel demand strengthened," customer orders rebounded, backlogs increased, lead times extended; long-product (structural, rail) demand "very strong"; fabrication backlog >38% higher YoY, extending into Q4'26 (data-center/warehouse/healthcare-led).

- Pricing: flat-rolled pricing rebounded off H2'25 lows; value-added flat-rolled margins expanded from Q4'25 lows.

- Aluminum: Columbus MS mill commissioning on track; two of three cold mills ramping, third + second CASH line to commission in Q3'26; management "believes both shipments and earnings will increase sharply in the second quarter 2026" for aluminum.

- Macro tailwinds cited: domestic trade actions, manufacturing onshoring, infrastructure funding, supply-chain regionalization.

- Honest caveat: this is self-interested commentary, not a hard numeric guide (STLD does not issue point EPS guidance). Treat the direction as informative and the confidence as management's own.

10. Catalysts & what to watch

Next earnings: 2026-07-20 (Q2'26; Street EPS $3.66, revenue ~$5.62B). The key lines: steel shipments and metal spread (steel price vs scrap cost), and whether aluminum losses narrow "sharply" as management promised.
Aluminum ramp: the single biggest structural swing factor — Columbus MS shipments, qualifications (can sheet + automotive), and the turn from operating loss to contribution. Q3'26 commissioning of the third cold mill and second CASH line is the milestone to watch.
Steel pricing / spreads: flat-rolled price trajectory vs ferrous scrap cost — the core margin driver.
Trade / policy: tariff and trade-action durability, infrastructure disbursement, onshoring announcements — all demand tailwinds management is leaning on.
Fabrication backlog: data-center / warehouse / healthcare demand holding the >38% YoY backlog.

Thesis tripwires (what would change the call): two consecutive quarters of spread compression (steel prices falling faster than scrap); aluminum losses failing to narrow through H2'26; a demand rollover in non-residential construction; or FCF failing to recover as capex rolls off.

11. Key risks

Cyclicality (structural, the dominant risk): earnings swing violently with the steel cycle (EPS $20.92 FY22 → $7.99 FY25). A down-cycle re-troughs the earnings and the multiple simultaneously — the classic cyclical double-hit that drives the bear case.
Commodity price exposure: steel and scrap prices, and the spread between them, are outside the company's control.
Aluminum execution: a large, capital-intensive startup still losing money (−$65M in Q1'26) with normal startup issues (inventory write-offs, a temporary pause in January). If the ramp slips, the growth leg becomes a prolonged drag.
High beta / drawdown: beta 1.54 and a −22% drawdown already in hand — this stock moves hard in both directions.
Policy dependence: much of the demand thesis (trade actions, tariffs, infrastructure, onshoring) is policy-driven and reversible — a tailwind that can become a headwind.
No expert corroboration: unlike conviction-track names, there is zero Synthos KB coverage here — the call rests entirely on data and quant, with no independent expert panel to cross-check it.

12. Verdict, position sizing & monitoring

Buy — Tactical. STLD is a best-in-class, low-cost US steelmaker trading at ~13–14× recovering forward earnings after a 2025 cyclical trough, with a disciplined balance sheet (net-debt/EBITDA 1.4×), a 13% three-year ROIC, and a fully-funded aluminum flat-rolled expansion as genuine optionality. The Q1'26 turn (+73% sequential operating income, record shipments, rising backlogs) and a deeply oversold technical (RSI 17.5) into a 2026-07-20 print make the timing attractive. But it is a commodity cyclical with no secular moat, high beta, and zero expert corroboration — so this is a trade on the up-cycle plus an aluminum call option, not a core compounder.

Sizing: tactical / satellite, ~1–3% — scale in given the sub-50-DMA posture; this is a cyclical trade to manage, not a forever-hold to forget.
Monitoring: re-underwrite on the §10 tripwires (especially spreads and the aluminum turn); formal re-score each earnings print. This verdict is logged as a tracked Synthos call as of 2026-07-03 at $220.39.
Single biggest risk: the steel cycle rolls over before aluminum pays off — re-troughing both earnings and the multiple.

Provenance & disclosures

Traceability: 0 KB claims, breadth 0 — there is no Synthos expert coverage for STLD, and no claim_id values exist to cite. This note is explicitly fundamentals- and quant-driven; fabricated conviction is structurally impossible (nothing to fabricate from, and every number here traces to FMP filings, live estimates, or the SEC 8-K).
Data as-of: fundamentals 2026-03-31 (Q1'26) · estimates & prices 2026-07-02/03 · management guidance from the SEC 8-K earnings release filed 2026-04-21. Forward figures are analyst consensus (FMP), labeled as estimates.
Management caveat: the §9 outlook is management's own earnings-release commentary, half-weighted by design (they talk their book); STLD issues no point numeric guidance.
Not investment advice. Independent research, educational and informational only, never personalized. Hypothetical/forward figures are labeled; the only performance numbers Synthos will headline are the live, real-money Flagship's.
Version: 2026-07-03. Prior versions available via the deep-dive version dropdown ("based on the info at the time").