Background: Detailed subgroup incidence rates for steatotic liver disease (SLD)-related hepatocellular carcinoma (HCC) are critical to inform practice and public health interventions but remain sparse. We aimed to fill in this gap. Methods and findings: In a retrospective cohort study of adults with SLD from the United States (US) Merative Marketscan Research Databases (1/2007 to 12/2021), we estimated HCC incidence stratified by sex, age, cirrhosis, diabetes mellitus (DM), and a combination of all these 4 factors. We excluded patients with significant alcohol use and chronic viral hepatitis. We analyzed data from 741,816 patients with SLD (mean age 51.5 ± 12.8 years, 46% male, 14.7% cirrhosis). During a 2,410,166 person-years (PY) follow-up, 1,740 patients developed HCC. The overall HCC incidence yielded 0.72 per 1,000 PY (95% confidence interval [CI, 0.68, 0.75]). The incidence was higher in males (0.95, 95% CI [0.89, 1.01]) compared to females (0.52, 95% CI [0.48, 0.56]) (p < 0.001). For those with cirrhosis, the incidence was significantly higher at 4.29 (95% CI [4.06, 4.51]) compared to those without cirrhosis (0.14, 95% CI [0.13, 0.16]) (p < 0.001). Additionally, the incidence was higher in patients with DM (1.19, 95% CI [1.12, 1.26]) compared to those without DM (0.41, 95% CI [0.38, 0.44]) (p < 0.001). Chronic kidney disease (CKD) was also associated with a higher HCC incidence of 2.20 (95% CI [2.00, 2.41]) compared to those without CKD (0.58, 95% CI [0.55, 0.62]) (p < 0.001). Similarly, individuals with cardiovascular disease (CVD) had a higher HCC incidence of 1.89 (95% CI [1.75, 2.03]) compared to those without CVD (0.51, 95% CI [0.48, 0.54]) (p < 0.001). Finally, the incidence of HCC was significantly higher in patients with non-liver cancer (3.90, 95% CI [3.67, 4.12]) compared to those without other cancers (0.29, 95% CI [0.26, 0.31]) (p < 0.001). On further stratification, HCC incidence incrementally rose by 10-year age intervals, male sex, cirrhosis, and DM, reaching 19.06 (95% CI [16.10, 22.01]) and 8.44 (95% CI [6.78, 10.10]) in males and females, respectively, but only 0.04 for non-diabetic, noncirrhotic aged <40 years patients in both sexes. The main limitation of this methodology is the potential misclassification of the International Classification of Diseases (ICD) codes inherent in claims database studies. Conclusions: This nationwide study provided robust granular estimates for SLD-related HCC incidence stratified by several key risk factors. In addition to cirrhosis, future surveillance strategies, prevention, public health initiatives, and future research models should also take into account the impact of sex, age, and DM. Rongtao Lai and team estimate hepatocellular carcinoma incidence stratified by a combination of age, sex, cirrhosis, diabetes, and other comorbidities as derived from data of ~750,000 real-world patients with steatotic liver disease. Author summary: Why was this study done?: Hepatocellular carcinoma (HCC) risk among people with steatotic liver disease (SLD) varies greatly by factors such as age, sex, and comorbidities such as diabetes, cardiovascular disease (CVD), chronic kidney disease (CKD), and liver disease severity. There is a lack of precise and detailed subgroup data regarding HCC incidence in people with SLD. This study aims to address this knowledge gap. What did the researchers do and find?: Using real-world population data from US patients with commercial insurance, the current study provides precise HCC incidence rate estimates by such factors to inform precision medicine. The overall incidence rate of HCC in individuals with SLD was 0.72 per 1,000 people-years. Patients aged >70 years with cirrhosis and diabetes had the highest HCC incidence. Those aged <40 years without cirrhosis or diabetes aged <40 years had the lowest HCC incidence. What do these findings mean?: These findings indicate that precise subgroup estimates help facilitate surveillance and prevention strategies, enrich the decision-making process for cost-effective healthcare, and provide robust evidence to inform future practice guidelines as well as public health policy. The main limitation of the study is that it did not evaluate HCC incidence in uninsured/underinsured populations. [ABSTRACT FROM AUTHOR]