Pricing Log in Create free account
Monday 2 November 2026 Export MT’s income statement to Excel — free account

ArcelorMittal

MT Basic Materials Steel

ArcelorMittal’s revenue for fiscal 2025 (year ended December 2025) was $61.4 billion, down 1.74% from fiscal 2024.

Revenue
+5.24%
EPS
−61.7%
Free cash flow
−126.6%
Total debt
+5.02%

Quarter to June 2026, against a year earlier

61.33 1.52 +2.54%
Market cap
$45.1B
P/E
25.7×
Fwd P/E
19.6×
Dividend yield
1.43%
F-score
6/9
Altman Z
1.78
Beneish M
−2.41
Dividend safety
45/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.78%

Capital & Financial Ratios $m

Size
Market Cap 45,100.00
Revenue ttm 62,846.00
Net income ttm 1,860.00
Free cash flow ttm (59.00)
Net debt Q 9,523.00
Valuation
P/E 25.66
Forward P/E 19.60
Price / sales 0.74
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.82
Financial health
Current ratio Q 1.43
Debt / equity Q 0.25 (at or below 0.5: strong)
Interest coverage Q 7.76
Growth
Revenue growth Q +5.24% (above 0%: growing)
Operating income growth Q −45.39% (below 0%: shrinking)
EPS, this year −36.94% (below 0%: weak)
EPS, next year A +176.54% (at or above 15%: strong)
Revenue, next year A +9.47%
EPS, past 5 yrs —
EPS, next 5 yrs A +24.66% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.9×, against a ten-year median of 0.5×; over the ten years it ranged from 0.3× in 2022 to 1.1× in 2026.
P/E against its own 10 years 89.27%
10-year low 10-year high
P/S against its own 10 years 94.97%
10-year low 10-year high
P/B against its own 10 years 87.00%
10-year low 10-year high
EV/Sales against its own 10 years 95.08%
10-year low 10-year high

Dividends raised 2 years running

Yield
1.43%
Annual rate
0.88
Payout ratio
37.1%
Growth, 2018–26
+25.1%/yr
  1. 0.10 ’18
  2. 0.20 ’19 +100%
  3. 0.30 ’21 +50%
  4. 0.38 ’22 +27%
  5. 0.63 ’23 +65%
  6. 0.50 ’24 −20%
  7. 0.55 ’25 +10%
  8. 0.60 ’26 +9%
paid Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 7,783 6,484 5,476 4,898
Receivables 3,661 3,375 3,476 4,508
Inventory 18,759 16,501 18,589 19,283
Other — — 37 140
33,240 29,382 30,605 31,992
2023 2024 2025 Q'26
Payables 13,605 12,921 13,008 12,932
ST’ Debt 2,312 2,748 2,739 2,694
Other 588 938 1,058 993
21,769 21,825 22,520 22,395

Compound Annual Growth %

10y 5y 3y
Sales (0.36%) 2.87% (8.41%)
Cash Flow 8.38% 3.33% (22.18%)
Earnings 0.00% 0.00% (30.28%)
Book Value 7.45% 7.04% 0.56%

Earnings Trends EPS, adjusted, against the consensus

Jun 2026 Estimate 1.18 Actual 0.89

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Sep 2025 0.58 0.62 Beat by 0.04
Dec 2025 0.56 0.86 Beat by 0.30
Mar 2026 0.72 0.75 Beat by 0.03
Jun 2026 1.18 0.89 Miss by 0.29
Sep 2026 0.80 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.75 0.89 — — —
’25 1.04 2.34 0.49 0.23 4.11
’24 1.16 0.63 0.37 (0.51) 1.69
’23 1.27 2.20 1.10 (3.57) 1.09
’22 4.27 4.24 1.11 0.30 10.18
’21 1.93 3.46 4.16 3.92 13.49
’20 (1.11) (0.50) (0.21) 1.00 (0.64)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 15,457 16,761 — — —
’25 14,798 15,926 15,657 14,971 61,352
’24 16,282 16,249 15,196 14,714 62,441
’23 18,501 18,606 16,616 14,552 68,275
’22 21,836 22,142 18,975 16,891 79,844
’21 16,193 19,343 20,229 20,806 76,571
’20 14,844 10,976 13,266 14,184 53,270
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (9) 961 — — —
’25 (354) 1,416 751 2,995 4,808
’24 (100) 1,073 1,411 2,468 4,852
’23 949 2,087 1,281 3,328 7,645
’22 2,034 2,554 1,981 3,634 10,203
’21 997 2,312 2,442 4,154 9,905
’20 594 302 1,770 1,416 4,082
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (1,280) (141) — — —
’25 (1,321) 530 (486) 1,848 571
’24 (1,336) 88 360 1,903 1,015
’23 11 1,027 116 2,596 3,750
’22 1,505 1,899 1,197 2,229 6,830
’21 378 1,743 1,767 3,005 6,893
’20 (256) (99) 1,250 748 1,643
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 56,791 68,679 76,033 70,615 53,270 76,571 79,844 68,275 62,441 61,352 62,846 +0.9% 67,161 73,451 74,851 +6.9%
Gross margin, % 11.20 11.36 11.85 2.45 7.76 25.12 15.70 6.94 9.27 7.13 7.27 (4.1) pt
EBT 2,720 5,007 4,981 (1,932) 1,088 18,025 11,255 1,260 2,915 3,602 2,076 +3.2%
EBT margin, % 4.79 7.29 6.55 (2.74) 2.04 23.54 14.10 1.85 4.67 5.87 3.30 +1.1 pt
Net income 1,734 4,575 5,330 (2,391) (578) 15,565 9,538 1,022 1,380 3,243 1,860 +7.2%
Per share, $
Per share, $ Revenue 59.59 67.33 74.91 69.71 46.73 69.30 87.64 81.09 79.24 80.41 82.69 +3.4%
Earnings 1.86 4.48 5.07 (2.42) (0.64) 13.53 10.21 1.09 1.70 4.13 2.39 +9.3%
Cash flow 2.84 4.47 4.13 5.94 3.58 8.96 11.20 9.08 6.16 6.30 6.18 +9.3%
Capex (2.39) (2.76) (3.19) (3.53) (2.14) (2.73) (3.70) (4.63) (4.87) (5.55) (6.26) +9.8%
Free cash flow 0.45 1.71 0.94 2.41 1.44 6.24 7.50 4.45 1.29 0.75 (0.08) +5.8%
Book value 33.92 40.05 43.46 39.96 35.30 46.47 61.02 66.59 65.08 74.10 74.77 +9.1%
Shares, m 953 1,020 1,015 1,013 1,140 1,105 911 842 788 763 761 (2.4%)
Valuation, ×
Valuation, × P/E 15.02 7.59 4.07 0.00 0.00 2.36 2.68 27.40 14.02 11.03 25.66 8.4
P/S 0.38 0.51 0.28 0.25 0.49 0.46 0.30 0.35 0.29 0.57 0.74 0.4
P/B 0.66 0.85 0.48 0.44 0.65 0.69 0.44 0.42 0.36 0.62 0.82 0.6
EV/Sales 0.57 0.65 0.41 0.38 0.61 0.51 0.33 0.39 0.37 0.70 0.89 0.5
EV/FCF 75.83 25.75 32.54 11.09 19.76 5.69 3.88 7.11 22.96 74.79 (951.42) 27.9
Cash, $m
Cash, $m Operating cash flow 2,708 4,563 4,196 6,017 4,082 9,905 10,203 7,645 4,852 4,808 4,698 +6.6%
Capex (2,279) (2,819) (3,240) (3,572) (2,439) (3,012) (3,373) (3,895) (3,837) (4,237) (4,757) +7.1%
Free cash flow 429 1,744 956 2,445 1,643 6,893 6,830 3,750 1,015 571 (59) +3.2%
Balance, $m
Balance, $m Working capital 4,132 5,335 9,020 7,329 5,306 10,772 14,720 11,471 7,557 8,085 9,597 +7.7%
Net debt 11,059 10,142 10,129 9,345 6,359 4,030 2,236 2,898 5,079 7,934 9,523 (3.6%)
Shareholders’ equity 32,325 40,855 44,108 40,483 40,237 51,344 55,590 56,068 51,286 56,536 56,823 +6.4%
Returns, %
Returns, % ROA 2.34 5.69 5.83 (2.74) (0.86) 17.33 10.05 0.98 1.46 3.37 1.83 +1.0 pt
ROIC 5.99 6.66 7.54 (0.79) 2.83 19.16 11.10 2.48 3.67 3.52 2.52 (2.5) pt
ROE 5.94 12.48 12.12 (5.80) (1.82) 32.66 17.40 1.65 2.49 5.85 3.23 (0.1) pt
People
People Employees 198,517 197,108 208,583 191,248 167,743 157,909 154,352 126,756 125,416 125,554 — (5.0%)
Revenue/emp, $m 0.29 0.35 0.36 0.37 0.32 0.48 0.52 0.54 0.50 0.49 — +6.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

ArcelorMittal vs peers in Steel (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
NUE Nucor Corporation $62.1B 21.8× 13.8× +22.95% (above 0%: growing) +94.23% (above 0%: growing) +549.46% (above 0%: growing) 19.56% 15.67% Compare
MT ArcelorMittal $45.1B 25.0× 19.6× +5.24% (above 0%: growing) −61.70% (below 0%: shrinking) −126.60% (below 0%: shrinking) 10.95% 6.29%
STLD Steel Dynamics, Inc. $35.7B 22.6× 14.2× +33.44% (above 0%: growing) +84.58% (above 0%: growing) +2,189.86% (above 0%: growing) 15.74% 11.50% Compare
RS Reliance, Inc. $22.3B 25.2× 16.3× +26.51% (above 0%: growing) +42.57% (above 0%: growing) −45.43% (below 0%: shrinking) 28.09% 9.54% Compare
PKX POSCO Holdings Inc. $15.0B 16.1× — +9.70% (above 0%: growing) +352.74% (above 0%: growing) −156.79% (below 0%: shrinking) 8.62% 4.25% Compare
TX Ternium S.A. $10.4B 14.8× 8.3× +9.97% (above 0%: growing) +59.09% (above 0%: growing) −174.72% (below 0%: shrinking) 21.68% 12.17% Compare
CLF Cleveland-Cliffs Inc. $8.1B — (loss-making) 216× +5.92% (above 0%: growing) n/m +208.96% (above 0%: growing) 2.53% (0.94%) Compare
GGB Gerdau S.A. $5.8B 20.3× — +14.33% (above 0%: growing) +87.50% (above 0%: growing) +171.99% (above 0%: growing) 15.83% 13.05% Compare
SIM Grupo Simec, S.A. de C.V. $4.3B 21.4× 28.5× +29.60% (above 0%: growing) +167.74% (above 0%: growing) +51.13% (above 0%: growing) 24.99% 15.91% Compare
Median of peers $12.7B 21.4× 15.3× +18.64% +87.50% +111.56% 17.70% 11.84%

All 19 Steel stocks →

ArcelorMittal (MT) Latest News

28 Oct

Impact 3 · · Investing.com

26 Oct

Impact 3 · · GlobeNewswire

24 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

22 Oct

Impact 3 · · MT Newswires

21 Oct

Impact 4 · · Zacks

19 Oct

Impact 3 · · manufacturingdive.com

17 Oct

Impact 4 · · Simply Wall St.

15 Oct

Impact 4 · · Investing.com

10 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

7 Oct

Impact 4 · · Simply Wall St.

30 Sep

Impact 4 · · MT Newswires

25 Sep

Impact 4 · · InvestorsHub
Impact 4 · · Benzinga
Impact 4 · · GlobeNewswire
Impact 3 · · Proactive Investors

16 Sep

Impact 3 ·

15 Sep

Impact 4 ·

14 Sep

Impact 4 ·

10 Sep

Impact 3 ·

2 Sep

Impact 3 ·

18 Aug

Impact 3 ·

17 Aug

Impact 4 ·

12 Aug

Impact 4 ·
Impact 4 ·

4 Aug

Impact 3 · · Barchart

3 Aug

Impact 3 · · The Motley Fool transcript
Impact 3 ·
stockrow.com/MT · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com