ArcelorMittal faces disruptions in Ukraine operations that narrow its valuation case. Ukraine disruptions affect ArcelorMittal steel production and valuation outlook.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡‡‡ |
|
| 2027 | ‡‡‡‡‡ |
|
| 2026 | 0.60 |
—
—
—
—
|
| 2025 | 0.55 |
—
—
|
| 2024 | 0.50 |
—
—
|
| 2023 | 0.63 |
—
—
—
|
| 2022 | 0.38 |
—
|
| 2021 | 0.30 |
—
|
| 2019 | 0.20 |
—
|
| 2018 | 0.10 |
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 7,783.00 | 6,484.00 | 5,476.00 | 4,898.00 |
| Receivables | 3,661.00 | 3,375.00 | 3,476.00 | 4,508.00 |
| Inventory | 18,759.00 | 16,501.00 | 18,589.00 | 19,283.00 |
| Other | — | — | 37.00 | 140.00 |
| 33,240.00 | 29,382.00 | 30,605.00 | 31,992.00 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 13,605.00 | 12,921.00 | 13,008.00 | 12,932.00 |
| ST’ Debt | 2,312.00 | 2,748.00 | 2,739.00 | 2,694.00 |
| Other | 588.00 | 938.00 | 1,058.00 | 993.00 |
| 21,769.00 | 21,825.00 | 22,520.00 | 22,395.00 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 15,457.00 | 16,761.00 | — | — |
—
|
| ’25 | 14,798.00 | 15,926.00 | 15,657.00 | 14,971.00 |
61,352.00
|
| ’24 | 16,282.00 | 16,249.00 | 15,196.00 | 14,714.00 |
62,441.00
|
| ’23 | 18,501.00 | 18,606.00 | 16,616.00 | 14,552.00 |
68,275.00
|
| ’22 | 21,836.00 | 22,142.00 | 18,975.00 | 16,891.00 |
79,844.00
|
| ’21 | 16,193.00 | 19,343.00 | 20,229.00 | 20,806.00 |
76,571.00
|
| ’20 | 14,844.00 | 10,976.00 | 13,266.00 | 14,184.00 |
53,270.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (9.00) | 961.00 | — | — |
—
|
| ’25 | (354.00) | 1,416.00 | 751.00 | 2,995.00 |
4,808.00
|
| ’24 | (100.00) | 1,073.00 | 1,411.00 | 2,468.00 |
4,852.00
|
| ’23 | 949.00 | 2,087.00 | 1,281.00 | 3,328.00 |
7,645.00
|
| ’22 | 2,034.00 | 2,554.00 | 1,981.00 | 3,634.00 |
10,203.00
|
| ’21 | 997.00 | 2,312.00 | 2,442.00 | 4,154.00 |
9,905.00
|
| ’20 | 594.00 | 302.00 | 1,770.00 | 1,416.00 |
4,082.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (1,280.00) | (141.00) | — | — |
—
|
| ’25 | (1,321.00) | 530.00 | (486.00) | 1,848.00 |
571.00
|
| ’24 | (1,336.00) | 88.00 | 360.00 | 1,903.00 |
1,015.00
|
| ’23 | 11.00 | 1,027.00 | 116.00 | 2,596.00 |
3,750.00
|
| ’22 | 1,505.00 | 1,899.00 | 1,197.00 | 2,229.00 |
6,830.00
|
| ’21 | 378.00 | 1,743.00 | 1,767.00 | 3,005.00 |
6,893.00
|
| ’20 | (256.00) | (99.00) | 1,250.00 | 748.00 |
1,643.00
|
| 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)
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 19.25 | 21.30 | 20.52 | 21.59 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 37.87 | 32.49 | 28.95 | 46.60 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 154,352 | 126,756 | 125,416 | 125,554 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.52 | 0.54 | 0.50 | 0.49 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 79,844.00 | 68,275.00 | 62,441.00 | 61,352.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 15.70% | 6.94% | 9.27% | 7.13% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11,255.00 | 1,260.00 | 2,915.00 | 3,602.00 | ‡‡‡‡‡ | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 14.10% | 1.85% | 4.67% | 5.87% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 9,538.00 | 1,022.00 | 1,380.00 | 3,243.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,580.00 | 2,675.00 | 2,632.00 | 2,945.00 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 87.64 | 81.09 | 79.24 | 80.41 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10.21 | 1.09 | 1.70 | 4.13 | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11.20 | 9.08 | 6.16 | 6.30 | ‡‡‡‡ | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3.70) | (4.63) | (4.87) | (5.55) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.50 | 4.45 | 1.29 | 0.75 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 61.02 | 66.59 | 65.08 | 74.10 | ‡‡‡‡‡ | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 911.00 | 842.00 | 788.00 | 763.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 2.68 | 27.40 | 14.02 | 11.03 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.30 | 0.35 | 0.29 | 0.57 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.44 | 0.42 | 0.36 | 0.62 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.33 | 0.39 | 0.37 | 0.70 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.88 | 7.11 | 22.96 | 74.79 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10,203.00 | 7,645.00 | 4,852.00 | 4,808.00 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3,373.00) | (3,895.00) | (3,837.00) | (4,237.00) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6,830.00 | 3,750.00 | 1,015.00 | 571.00 | ‡‡‡‡‡ | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 14,720.00 | 11,471.00 | 7,557.00 | 8,085.00 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11,650.00 | 10,681.00 | 11,563.00 | 13,410.00 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,236.00 | 2,898.00 | 5,079.00 | 7,934.00 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 55,590.00 | 56,068.00 | 51,286.00 | 56,536.00 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10.05% | 0.98% | 1.46% | 3.37% | ‡‡‡‡‡ | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11.10% | 2.48% | 3.67% | 3.52% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 17.40% | 1.65% | 2.49% | 5.85% | ‡‡‡‡‡ | — | — |
ROE
|
ArcelorMittal (MT), the world’s top integrated steel and mining giant, stands at the cusp of a powerful resurgence, leveraging its global footprint across high-growth markets like Brazil, India, and Kazakhstan amid cyclical recovery and green steel innovation. After navigating commodity volatility—from pandemic lows to 2022’s Ukraine-fueled price boom—revenue peaked at $79.8 billion before dipping to $62.4 billion in 2024, yet record productivity ($538,000 per employee) underscores operational resilience. Analysts forecast a sharp rebound, with sales climbing to $70.1 billion by 2027 and earnings doubling to $3.2 billion in 2025, accelerating further on infrastructure demand and cost advantages from mining assets.
A fortress balance sheet bolsters this outlook: equity up 68% to $51.3 billion, manageable net debt under 10% of equity, and disciplined capex targeting electric arc furnaces and hydrogen steelmaking, including key moves like the Essar Steel acquisition and Ilva turnaround. Valuations scream undervaluation—PE at 9.4x forward by 2027 on 290% EPS growth, PS at 0.29x, and PB at 0.36x—trading at a peer discount despite ROIC stabilization and positive FCF.
Catalysts abound: U.S. infrastructure, India’s boom, Brazil’s Vega restart, and low-carbon R&D positioning MT for premiums under EU CBAM and net-zero mandates. With 15% EBITDA CAGR projected and asymmetric upside (high targets implying 20% gains), MT offers high-conviction appeal for reindustrialization plays—read the full analysis for the complete breakdown.
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